Full text of Survey of Current Business : June 1939

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JUNE 1939

SURVEY
OF

CURRENT BUSINESS

UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU, OF FOREIGN AND DOMESTIC COMMERCE
WASHIKGTON



V O L U M E 19

NUMBER

6

IN 1938
totaled 64 billion dollars—nearly $500 on the
average for each man, woman, and child in the
United States . . . Decrease of 8 billion dollars,
11 percent, from recovery high of 1937 . . . Average annual income for 1929-38 decade slightly
less than 60 billion dollars . . . Manufacturing,
mining, and agriculture accounted for threefourths of the decline in 1938 . . . Share of employees in total income paid out at new high of
67.8 percent . . . Dividends off one-third in 1938
. . . Average annual earnings for full-time workers practically unchanged from 1937 level . . .
These and other facts on national income are presented in the special article, "National Income in
1938 at 64 Billion Dollars," beginning on page 10
of this issue.

The Bureau of Foreign and Domestic Commerce has recently released the
results of a study of income payments, by States, for the period 1929 to 1937,
inclusive. In addition to the State totals, estimates are provided by types of
payments for each State.
Copies of this report, while limited supply lasts, may be obtained through
any of the Bureau of Foreign and Domestic Commerce district offices or
from the Washington office. Copies are NOT available from the Government
Printing Office.



Number 6

Volume 19
UNITED STATES DEPARTMENT OF COMMERCE
HARRY L. HOPKINS,

Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
F. H. RAWLS, Acting

Director

SURVEY OF
CURRENT BUSINESS
JUNE 19 3 9
A publication of the

DIVISION OF BUSINESS REVIEW
M. JOSEPH MEEHAN, Chief

TABLE OF CONTENTS
SUMMARIES

CHARTS—Continued

Page
Business situation summarized.

3

Domestic trade

5

Employment

6

Page
Figure 4.—Percentage distribution of income paid out, by type of
payment, 1929-38

15

Finance
Foreign trade

STATISTICAL DATA

Construction and real e s t a t e . . . .
New or revised series:
SPECIAL ARTICLE

Table 29. Wheat stocks in the United States, 1923-39

National income in 1938 at 64 billion dollars

10

CHARTS

17

Table 30. Construction costs—standard six-room frame house...

17

Table 31. Shipments of floor and wall tile, 1935-39

18

Table 32. Electrical products—orders received and billed sales,
Figure 1.— Monthly business indicators, 1929-39
Figure 2.—Exports of aircraft
1929-39

and of metal-working
'.'

2
machinery,

Figure 3.—Industrial origin of the national income, 1929-38

1934-39

18

Table 33. Hog-corn ratio, 1913-39
3
10

18

Monthly business statistics
General index

19
Inside back cover

Subscription price of the monthly and weekly issues of the SURVEY or CURRENT BUSINESS is #2 a year. Single copy price: Monthly, 15 cents; weekly, 5 cents.
Foreign subscriptions, 33.50. Price of the 1938 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
150150—30
1
1




SURVEY OF CURRENT BUSINESS

June 1939

Monthly Business Indicators, 1929-39
INDUSTRIAL PRODUCTION

INCOME PAYMENTS AND CASH FARM INCOME

140

120

MONTHLY INCOME PAYMENTS (1929=100)
CASH FARM INCOME (l924~1929=100)

110
100
90
80
70
60
-CASH INCOME FROM FARM MARKETINGS
^EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS)*

1929

1930 1931 1932 1933

1934 1935 1936

1937 1938 1939

1929

1930

1931 1932 1933 1934 1935

CONSTRUCTION CONTRACTS AWARDED**

50
40

1936 1937 1938 1939

FOREIGN TRADE *

20
1929

1930

1931 1932 1933

1934 1935 1936

1937 1938 1939

FACTORY EMPLOYMENT AND PAYROLLS
140

1929

1930

1931 1932 1933 1934 1935

1936

1937 1938 1939

WHOLESALE PRICES AND COST OF LIVING
110

(1923-25 =100)

(l923~25s 100)

100

120
y

100

M-CO

zNT-^
FACTORY EMPLOYMl
(ADJUSTED)
^

\

80

\

60

V

40

ST OF LIVING

90

N

80
70

1

^FACTORY PAYROLLS
(UNADJUSTED)

WHOLESALE

PRICES

60

1
50

20

0

1929

1930 1931 1932 1933

1934 1935 1936

1937 1938 1939

1929 1930 1931 1932 1933 1934 1935 1936

RETAIL SALES *
I/b

AUTOMOBILE SALES (1929~31=1OO)
DEPARTMENT STORE SALES (1923-25=100)

STOCK PRICES
350

I

150

I

A
125
-DEPAR

100
75
50
25

4

s f

-STORE: SALE

\l
\

V

1937 1938 1939

300

I
-350

INDUSTRIAL COMPANIES

250
200

M

150
100

\
1EW PASSENGi

50

r

OMOBJLE SA

0

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

* AFYIIISTFn FHR SFASONAl VARIATION

0
1929 1930

1931 1932 1933 1934

1935

1936

• THRFF-MONTH MOVING AVFRAGF

1937 1938 1939

nn

SURVEY OF CURRENT BUSINESS

June 1939

Business Situation Summarized
NDUSTRIAL activity during the first half of May
Imonth.
declined, extending the movement of the preceding
Production was accelerated during the latter
part of the month, as the termination of the industrial
dispute in bituminous mines removed this retarding
influence and sales volumes in some industries required
an increase in operating schedules. For the month of
May, aggregate production of factories and mines averaged about the same as in April. Construction operations and ancillary activities moved forward, with the
volume of new contracts continuing at a relatively
favorable rate. Consumer commitments for new housing and other durable commodities have not been importantly retarded by recent developments at home and
abroad. Retail trade volumes for May indicate that
consumer purchasing continues to be in general well
sustained; the monthly sales totals were considerably
above those in May of last year when sales touched a
low for the 1937-38 recession.
Quotations of corporate securities moved narrowly
during May, and price averages were somewhat above
the April lows. Prices of several raw materials were
higher than in April, but a definite trend in commodity
prices was not evident. Wheat prices moved upward
on indications of unfavorable growing conditions in certain areas. The general wholesale price index remained
close to the April average, according to the weekly
reports of the Bureau of Labor Statistics.
Mining operations in the major bituminous coal fields
were resumed in mid-May, after settlement of the labor
dispute which had reduced production subsequent to the
end of March. Output of bituminous coal, which had
averaged about 2 million tons in the first 2 weeks of
May, advanced to 6 million tons in the fourth week of
the month. The movement of freight over the railroads
increased with the resumption of mining operations.
The volume of traffic, other than coal, was sustained
during April and May. Loadings of miscellaneous
freight, the most significant classification for measuring
the volume of primary distribution, were around 15 percent larger during May than a year earlier. Equipment purchasing by the roads remains in relatively low
volume, although unfilled orders in the hands of manufacturers are higher than a year ago.
The decline in steel-mill operations was arrested in
the latter part of May, ingot output rising from 46 percent of capacity at mid-month to about 50 percent by
the end of the period. Average daily output for the
month was, however, about 7 percent below the April
figure, a more-than-seasonal recession. Large orders
by leading consumers, covering both present and future
needs, were placed around the middle of the month



wiien prices of light rolled products such as sheets and
strip were reduced substantially.
Automobile manufacturers curtailed assemblies during May. Production made a contraseasonal gain in
the week of May 20 on the basis of the sales trend, but
output was reduced subsequently by the labor dispute
which interrupted the flow of bodies. Final sales reports for April reveal that retail deliveries of new
passenger cars were at the same daily rate as in March,
and were about one-third larger than a year ago. Partial reports for May indicate that sales for the month
also made a relatively good showing, although deliveries, seasonally corrected, have not been so high as
in March. Production of plate glass has declined substantially since March.
MILLIONS OF DOLLARS
I2 I
I

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

Production of nondurable goods has slackened.
Silk mills have curtailed operations and cotton-mill
activity has been slowed. Shoe production declined in
April and the output dropped below that in April of
last year. This is an exception to the general situation
in these industries, however, as the aggregate output
of nondurable goods was about 15 percent greater in
April than in the corresponding month a year ago.
The downward adjustment in output of the nondurable goods lines has come after about 9 months of
active operations in these lines. The Federal Reserve
index of production in the textile industry fell from 110
(1923-25 = 100) in March to 97 for April, and at this,
figure was lower than at any time since last July..
Operations in the food-processing industries have been
maintained, and petroleum refining has increased somewhat. From such industries as paper and paperboard
there have come indications of some recession, partly
seasonal, from the recent high rate of operations.

SURVEY OF CURRENT BUSINESS
Income Payments.

The aggregate compensation of employees was reduced in April by the lower volumes of pay rolls in the
manufacturing, railroad, and bituminous coal industries. Increases were reported for the construction
and trade and finance groups. Reflecting mainly the
decline in employees compensation and a drop in relief
payments and unemployment benefits the adjusted
index of total income payments fell from 84.1 in
March to 82.6 in April. Income payments for the first
third of 1939 were made at an annual rate of $65,600,000,000 as compared with a total of $64,200,000,000
of income payments for the year 1938.
The fluctuations in the dollar volume of employees'
compensation so far this year have been of moderate
character. However, since there is a usual seasonal
rise during the early part of the year, the Bureau's
compensation index, after adjustment for the seasonal
factor, has been declining since December and is now
3 percent below the recent high of 86.2 recorded in that
month. Nevertheless the index is 5 percent above its
1938 low of 79.4.
Total income payments so far this year have averaged
2 percent higher than a year ago; with prices lower than
last year the rise in "real" income has been more.
Employment in the nonagricultural industries covered
in the monthly report of the Bureau of Labor Statistics
(exclusive of the bituminous industry) increased by
about 200,000 in April. These gains were offset by the
idleness of coal miners, so that the aggregate number

June 1939

employed was about 75,000 less than in March.
Cash farm income this year has been little changed
from the total in the early months of 1938, as higher
government payments have offset the smaller returns
from marketings. Income from marketings of livestock
and products was but fractionally below that in the early
months of last year. Pricee received by farmers so far
this year have been lower than in 1938, with April
prices dropping to the lowest figure since July 1934.
The Department of Agriculture estimates, on the
basis of the current outlook, that cash income from
marketings for the second quarter will be about as large
as those in the second quarter of 1938, and that government payments will be somewhat larger. Crop prospects in certain Pacific coast and Great Plains areas have
been adversely influenced by the lack of moisture, but
east of the Great Plains the crop and pasture conditions
and prospects were about average in early May, according to the Department of Agriculture.
Exports of Manufactures Large.

Foreign sales of finished manufactured goods, although declining in April from the March total, continue to afford a substantial measure of support to domestic manufacturing operations. For the first 4
months of this year such exports were 6 percent less in
value than a year ago, but they were larger than in the
early months of 1937. Figure 2 shows the trend of exports of aircraft and of metal-working machinery—two
groups that have moved to unusually high totals in
recent years.

MONTHLY BUSINESS INDEXES
Industrial
production,
adjusted 1

Freight-car Retail sales,
loadings, value, adadjusted * justed i

%

op

3

3

_

June
July...
August
September
October
November
December
January
February
March
April

M o n t h l y average,
through April:
1929
1932
1933
1936
1937
FRASER
1938
1939

Monthly average 192325 = 100

Monthly average 192429 = 100

192931 = 100

Monthly average 1923-25=100

99.0
66.3
54.8
77.9
88.3

98.5
66.4
55.3
77.0
88.3

98.3
64.4
53.4
78.6
89.2

106.4
67.6
63.8
94.3
108.4

114.1
49.6
40.4
82.3
109.3

85.5
41.5
36.5
58.5
69.0

105.5
52.0
47.5
69.5
89.0

121
63
66
101
118

122
61
65
100
118

114
80
73
106
115

108
57
53
71
84

81.6
76.7
82.3
81.0
76.1
83.5
86.3
80.9
90.9

81.4
80.4
80.7
80.7
81.5
82.0
82.1
83.2
84.1

80.1
79.5
79.4
79.8
81.4
82.5
83.1
84.6
86.2

85.4
83.7
82.4
82.9
84.9
86.9
87.5
90.0
91.6

74.6
72.9
70.8
70.6
76.9
81.0
83.8
84.1
86.5

58.0
60.5
61.0
72.0
72.5
85.0
91.5
78.0
72.5

70.5
67.5
72.0
82.5
72.0
72.5
67.5
69.5
68.0

77
76
77
83
88
91
96
103
104

73
73
74
82
87
89
95
103
104

100
91
92
93
95
97
99
102
109

57
58
58
61
62
64

84.3
77.8
84.2
83.0

83.7
83.5
84.1
82.6

85.4
85.1
84.8
83.4

91.7
91.3
91.0
90.9

83.4
85.5
86.9
85.0

68.5
51.0
57.5
55.0

67.5
60.0
64.0
64.5

101

100
97
96
92

110
110
110

97.8
66.8
54.7
77.9
87.7
81.2
84.7

104.5
69.8
63.6
93.1
106.1
87.4
90.7

110.4
53. 2
40.1
79.0
102.2
75.9
85. 2

90.9
45.3
35.3
59.0
68.6
61.0
58.0

122
69
64
98
118
79
98

123
67
63
98
120
76
98

109
75
72
98
111
97
100

1939:

11

HI

•d
o

106
74
64
64

Imports

CM

Si

OR

Monthly average
1929=100

-

Hi

si

Year and month

1929: April
1932: April
1933: April
1936: April
1937: April
1938:
April
May

* oreign
trade,
value,
adjusted *

Exports

Total payments

Factory employment
Cash farm
and
income J
pay rolls

fc

So

Construe tion
types, value

Monthly income
payments

©

Monthly average
1923-25 = 100

Monthly
average
1926 = 100

109
74
64
84
93

154.5
37.5
30.5
93.5
102.5

118
38
29
53
75

118
36
25
58
82

123 135.7
27 72.8
14 53.8
47 88.7
53 101.7

95.5
65.5
60.4
79.7
88.0

83
78
82
83
83

60.0
57.0
50.5
56.5
54.5
60.0
85.0
100.0
92.5

76
72
69
68
66
62
60
58
67

46
45
47
47
53
55
54
55
54

52 84.1
51 81.2
54 87.0
59 84.5
66 81.2
78 83.3
82 91.7
96 86.4
96 106.9

78.7
78.1
78.3
78.8
78.1
78.3
77.6
77.5
77.0

91.0
96.0
88.5
79.5

55
63
70
64

55
49
53
53

86
73
69
68

76.9
76.9
76.7
76.2

150.9
40.5
33.5
98.7
115.9
65.2
88. 8

122
40
29
51
65
73
61

119
41
28
61
86
52
55

90.5
77.1
92.3
85.3

January,

--.

97.6
68.1
55.9
75.8
84.7
80.7
82.3

100
56
49
66
77
57
62

103
76
64
62
67
60
61

Digitized for
http://fraser.stlouisfed.org/
Adjusted
Federal Reserve Bank of iSt.
Louis for seasonal variations; monthly averages, except compensation of employees, are based on unadjusted indexes.

1

115 136.2
26 72.1
16 3 55. 9
49 87.0
56 101.0
48 83.9
70 86.3

From farm marketings.

95.7
66.3
60.4
80.1
87.0
79.8
76. 7

SURVEY OF CURRENT BUSINESS

June 1939

Domestic Trade
ETAIL sales of general merchandise were sustained goods group, but, as in other lines, the gain was less
R
^ during May. This is in accord with the general than that in March.
For the more than 20,600 independent stores reportsituation which has prevailed since the beginning of the
year during which the seasonally corrected volume of
sales has held steady. In April, the indexes of general
merchandise sales, which are adjusted for seasonal variations and where necessary for the changing date of
Easter, recorded only slight changes from March. As
is indicated in the accompanying table, they were
generally at or close to the year's highs. The only
large change recorded in these indexes for April was
that for passenger automobile sales. These were maintained at the same rate as in March, but an increase is
the seasonal expectation for this period of the year.
Estimates made by this Bureau indicate that total
retail sales in April were about 4 percent larger than in
the corresponding month a year ago, as compared with
a gain of 8 percent in March over the year interval.
The gain in May was larger, but this was occasioned
by the drop in sales a year ago rather than to an advance
this year.
The narrowing of the margin of gain in April was
caused at least in part by the earlier date of Easter this
year than last, for which no adjustment is made in this
estimate. Sales of consumers' durable goods in April
were about 15 percent larger than a year ago, as compared with a gain of about one-fifth in March. For
passenger automobiles, the April increase in sales was
larger than the average for the consumers' durable

ing to the Department of Commerce, sales in April
were 2 percent larger in dollar volume than a year earlier. The largest relative increases were for motorvehicle dealers, and lumber and building materials.
Food stores, hardware stores, filling stations, restaurants, general merchandise and apparel stores all fell
below the level of April 1938.
Wholesale sales reported by some 2,900 firms were
about the same in April as a year ago. For several
important lines, including metals, farm supplies, and
jewelry and optical goods, gains in excess of one-fifth
were reported. Other significant gains were recorded
for wholesalers dealing in industrial supplies, surgical
equipment and supplies, chemicals, meats and meat
products, electrical goods, furniture and household
appliances, and automotive supplies. The greatest
decline, 11 percent, was for wines and liquors. Clothing sales were reduced 8 percent, and shoes and footwear and leather and shoe findings were 6 percent lower.
Manufacturers' sales reported by 1,689 firms increased
slightly more than 9 percent from last April. Of the
14 industry groups, the greatest relative improvement
was in mo tor-vehicle parts, and iron and steel, each of
which recorded gains of 32 percent. The nonferrous
metals and rubber products groups reported increases
of 23 and 19 percent, respectively.

DOMESTIC TRADE STATISTICS
Wholesale
trade

Retail trade

Year and month

1929: April
1932: April
1933: April
1936: April
1937: April
1938:
April
May
June
July
August
September
October
November
December
1939:
January
February
March
April
Monthly average, January
through April:
1929
1932
1933
1936—
1937
1938
1939


Department stores
ComSales
Stocks i
bined
index
Unad- Ad- Unad- Adjust- just- just- just- (Chain
ed'
ed » Store Age)
ed*
ed
Monthly average 1923-25=100

Commercial
failures

Rural sales of Value of new
general mer- passenger- Emcar sales
chandise
ploy- Pay FailUnad- Ad- Unad- Ad- ment rolls ures
just- just- just- justed 2 ed 3 ed » ed 3
Monthly aver- Numaverage 1929-31 = 100
age 1929=100 ber

Chain-store sales
Grocery stores Variety stores
Unad- Ad- Unad- Adjust- justjust- justed ^ ed 3
ed 2 ed^

Avg. same
mo. 192931 = 100

Monthly

Liabilities

Thousands
ofdol.

,03
73
68
85
89

109
74
64
84
93

103
72
55
68
79

100
69
54
65
76

88.7
80.4
102.0
111.0

101.4
91.3
79.1
96.1
99.7

98.4
88.7
76.8
93.3
96.8

94.7
77.3
77.9
95.7
89.0

102.3
83.5
77.5
95.2
96.2

115.2
64.5
59.1
105.5
116.4

120.0
67.2
61.5
109.9
121.2

232.7
55.5
45.5
142.3
141.3

154.5
37.5
30.5
93.5
102.5

97.9
77.6
71.5
85.7
91.9

97.8
66.3
52.4
67.9
75.4

1,902
865
818

49, 522
20, 757
12, 893

86
80
79
58
65
91
92
99
156

83
78
82
83
83
86
84
89
89

71
71
65
61
65
70
74
78
62

69
69
68
67
67
67
67
67
66

105.0
103.3
106.3
108.1
106.0
109.4
108.0
109.5
112.9

94.4
95.0
93.6
89.2
88.5
93.0
94.9
96.7
101.1

91.7
93.6
92.2
91.0
92.2
94.9
94.4
96.7
98.1

95.2
90.7
90.9
88.0
85.2
94.1
98.2
102.2
193.6

92.9
90.7
95.7
98.9
96.3
98.5
96.7
100.2
104.9

107.9
103.5
106.2
84.8
98.2
121.1
140.9
147.2
183.6

112.3
110.1
112.4
110. 2
114.2
122.4
115.5
119.7
129.3

80.5
75.5
65.0
61.4
49.2
37.1
55.1
99.1
96.1

60.0
57.0
50.5
56.5
54.5
60.0
85.0
100.0
92.5

88.5
87.3
87.2
86.8
87.6
88.5
89.1
89.8
90.0

74.6
75.1
73.8
73.6
73.7
74.3
75.1
75.4
75.7

172
123
073
038
015
866
997
984
875

21,147
19,139
15,918
14, 761
16,382
14,341
13,219
12, 302
36, 528

69
69
82
88

88
87
88
88

60
65
69
69

67
68
68
66

107.5
108.8
109.8
110.0

93.5
98.7
100.5
102.0

96.4
98.2
99.5
99.0

73.6
79.7
85.0
96.5

98.7
95.5
98.8
96.0

91.3
100.1
115.0
120.2

110.0
110.6
123.7
125.2

70.8
71.2
106.9
106.2

91.0
96.0
88.5
79.5

88.3
87.9
87.3
87.3

75.5
74.6
74.8
74.6

1,263
963
1,123
1,140

19,122
12, 788
17,915
17,492

87.8
78.9
99.8
108. 7
105.4
109.0

101.3
89.5
77.3
94.3
98.2
94.4
98.7

97.5
79.2
72.2
85.5
91.7
89.8
87.7

97.4
69.3
54.8
67.5
74.3
75.0
74.9

2,268
974
819
1,216
1,122

58, 772
21,178
15, 373
25,979
16,829

98
68
54
73
8?
76

http://fraser.stlouisfed.org/ i End of month.
Federal Reserve Bank of St. Louis

97
70
54
64
74
68
66

88.7
73.8
67.4
79.3
84.3
81.8
83.7

» Adjusted for number of working days.

150.9
40.5
33.
98.7
115.9
65.2
88.8

110.5
61.0
50.3
92.2
104.1
95.8
106.7
3

Adjusted for seasonal variations.

SURVEY OF CURRENT BUSINESS

June 1939

Employment
GGREGATE employment in nonagricultural indus\ . tries was only slightly lower in April than in March
despite the marked decline in the bituminous-coal industry as a result of the labor dispute. This reduction was
largely offset by seasonal gains in certain other major
segments. Excluding the bituminous-coal industry,
the number at work in April was more than 200,000
larger than in March, and the gain over the low point
of last summer amounted to about 850,000.
The adjusted index of employment in manufacturing
industries was 90.9 (1923-25 = 100) in April, practically
unchanged from March, but about one-tenth higher
than last summer's low. Average weekly pay rolls were
slightly lower than in March. The durable-goods industries engaged a small number of additional workers in
April, but gains in excess of the usual seasonal amount
were infrequent. However, noteworthy increases were
reported at aircraft plants, where operations have been
relatively high, and in shipbuilding yards, in which
activity has been the highest since 1921 as a result of
the enlarged merchant and naval shipbuilding programs.
Changes in employment in the nondurable-goods
industries were generally of seasonal proportions,
although the decline recorded in most of the
textile industries, in leather and its manufactures,

and in rubber products were somewhat larger than usual.
Except for bituminous coal, gains predominated
among the reporting nonmanufacturing industries in
April as compared with March. Most of them, however, were small, or largely seasonal in character. In
the latter category, the construction industry engaged
an estimated additional 100,000 employees in April, and
the trade and finance group reported a rise of nearly
60,000 workers. Employment in the construction industry was about 11 percent above a year ago, but in trade
establishments, both wholesale and retail, the number
at work was smaller than in April 1938. Anthracite
mines recorded only a small gain in employment; the
increased activity in that industry in April was reflected
in a gain of nearly one-third in weekly pay rolls. Metalliferous mines and quarrying and nonmetallic mines
reported small gains in April over March and over a
year ago, while crude petroleum producers reported
declines for these comparisons. The transportation
and public utilities group showed a small rise in employment in April, although the number at work on the
railroads increased by less than the usual seasonal
amount largely because of the reduced movement of
coal. Employment for the group was only slightly
larger than a year ago.

EMPLOYMENT STATISTICS
Factory employment and pay rolls 1
Employment
Adjusted >

Unadjusted
Tear and month

Pay rolls, unadjusted

NonNonNonDura- duraDura- duraDura- duraAll ininble
ble
Eminble
ble All
ble
ble All
dusgoods goods
dusgoods goods
goods
dusgoods ploytries indus- indus- tries indus- indus- tries indus- indusment
tries tries
tries tries
tries tries

Average factory
wages and hours
(National Industrial
Conference Board)

Industrial disputes

WorkStrikes ers inbegin- volved,
strikes
ning beginHours in
Weekly Hourly worked
month ning
Pay earn- earnin
per
ings week
month
rolls ings

Monthly average
1929 = 100

Monthly average 1923-25 = 100

Dollars

Mandays

idle
during
month

Thou- Thousands ofsands
dayi

Number

April
April
April
April _
April

106.7
67.8
63.9
94.7
108.8

108.0
55.5
47.9
88.5
107.4

105.4
79.5
79.1
100.6
110.1

106.4
67.6
63.8
94.3
108.4

106.8
55.0
47.5
87.5
106.2

106. 1
79.6
79.2
100.8
110.4

114.1
49.6
40.4
82.3
109.3

117.5
36.9
27.5
79.3
113.3

110.3
63.8
54.8
85.8
104.8

97.6
78.7
73.3
85.2

97.2
67.7
52.0
65.3
71.9

28.86
17. 33
15.49
24.33
28.03

0.590
.513
.460
.613
.685

48.8
34.2
34.0
39.5
40.9

121
89
89
183
535

41
53
38
65
222

654
1,390
730
700
3,377

April
May
June
July...
August
September
October
November
December

85.7
83.4
81.6
81.9
85.7
88.8
89.5
90.5
91.2

77.0
75.0
72.4
70.3
71.7
75.3
79.0
82.1
834

94.0
91.5
90.3
92.9
99.0
101.7
99.4
98.4
98.8

85.4
83.7
82.4
82.9
84.9
86.9
87.5
90.0
91.6

76.2
74.1
71.9
70.7
72.0
75.7
77.9
81.3
83.2

94.1
92.9
92.4
94.5
97.2
97.6
96.7
98.3
99.5

74.6
72.9
70.8
70.6
76.9
81.0
83.8
84.1
86.5

65.6
64.2
61.7
58.6
63.7
68.7
75.2
78.3
80.4

84.7
82.6
80.9
84.1
91.7
94.9
93.4
90.6
93.4

88.2
83.8
83.6
81.1
80.0
84.7
85.9
86.9
98.1

72.2
70.0
69.5
68.1
66.8
69.4
70.8
71.5
79.2

23.53
23.38
23.74
23.93
24.93
25.73
26.14
26.32
26.02

.717
.718
.719
.713
.711
.714
.714
.714
.713

32.9
32.7
33.1
33.8
35.2
36.2
36.7
36.9
36.6

281
300
219
208
262
222
256
207
177

79
83
53
50
48
96
53
43
38

838
1,174
871
776
831
990
842
558
513

89.5
90.7
91.4
91.3

81.6
82.6
83.5
84.1

97.1
98.4
98.9
98.0

91.7
91.3
91.0
90.9

83.6
83.4
83.0
83.2

99.5
98.7
98.6
98.2

83.4
85.5
86.9
85.0

76.6
78.5
80.1
80.1

91.0
93.3
94.6
90.5

82.2
81.5
83.6
85.3

69.7
68.4
69.7
71.0

25.95
26.11
26. 25
26.27

.713
.713
.715
.717

36.6
36.8
36.9
36.8

162
173
203
220

49
56
40
430

521
460
600
6,000

104.5
69.8
63.6
93.1
106.1
87.4
90.7

104.7
57.5
47.8
85.9
102.8
79 5
83.0

104.3
81.5
78.6
100.0
109.3
94.9
98.1

110.4
53. 2
40.1
79.0
102.2
75.9
85.2

111.5
39.7
27.2
73.1
102.1
66.8
78.8

109.3
68.2
54.6
85.6
102.4
86.1
92.4

96.9
79.0
71.2
81.8
87.0
84.4
83.2

9G.4
69.3
51.9
63.1

28.81
18.62
15.62
23. 64
27.08
23.42
26.15

.587
.526
.462
.610
.656
.713
.715

48.9
36.0
34.2
38.7
41.3
33.0
36.8

73
75
86
171
383
230
190

26
37
30
59
180
56
144

294
634
417
854
2,719
648
1,895

1929:
1932:
1933:
1936:
19^7:
1938:

1939;

Retail trade,
unadjusted

January
February
March.
_.
April
Monthly average, Jan
uary through April
1929
1932
1933..
1936
.
1937
1938..
1939




1
1

See footnote marked "f" on p. 25.

69.7

* Adjusted for seasonal variations.

SURVEY OF CURRENT BUSINESS

June 1939

Finance
and financial institutions. During April more than
$40,000,000 of currency was shipped abroad, the
largest figure on record for any month. During March
funds to the United States. The volume of gold the figure amounted to $22,000,000; the total from
imports abated only slightly during May and aggregated August 1938 to the end of April was more than
over $430,000,000. This figure was below the record $100,000,000.
The desire on the part of foreign central banks and
figure of $606,000,000 for April, but was larger than
governments to place a part of their gold holdings in a
the figure for March.
Since the European crisis of last September, the place of safety while still available for quick conversion
character of foreign funds sent to this country for safe- into dollar balances or for repatriation has been indikeeping has changed somewhat. Thefiguresof reported cated by the rise in gold held in the United States under
capital movements for recent years have shown the earmark for foreign account. During the last quarter
larger portion of these funds to be invested in long-term of 1938 there was an increase of about $180,000,000 in
securities (stocks and bonds), whereas a smaller portion gold held under earmark in this country for foreign
represented short-term banking funds (mainly balances account as compared with an increase of approximately
with banks). The large volume of funds attracted to $153,000,000 during the first 9 months of the year, and
this country during and after the crisis of last Septem- it was reported that gold for the account of England
ber, however, migrated mainly as short-term balances. had been earmarked both in Canada and in the Union
For the year as a whole, the net inward movement of of South Africa. During the first 5 months of this
short-term banking funds, $295,000,000, was greater year gold earmarkings for foreign account in the United
than that of long-term funds, $124,000,000, for the States were increased by approximately $390,000,000
first time since 1935. As the general European political bringing the total to about $1,020,000,000.
situation grew more tense, the preferences of foreigners
The visible assets of foreigners held or redeemable in
were for balances.
this country include securities, balances, and United
The foreign developments which have resulted in the States currency, while the gold held under earmark is
recent increase in the flow of funds moving into this an important asset of foreign governments and quasicountry have also been reflected in the demand for governmental agencies. The figures on foreign secuUnited States currency by Europeans of smaller finan- rities and balances held in this country will be released
cial means than those who arrange the transfer of their in the near future by the Finance Division of this
funds for investment or safekeeping through banking Bureau.

FFICIAL intervention has kept the foreign
O
exchanges relatively quiet in recent months in
spite of the continued massive movement of capital

FINANCIAL STATISTICS

Year and month

Federal
Reserve
bank
credit
outstanding,
end of
month

Capital flotations,
corporate
All
Divilisted
Interest
dend
Excess
bonds,
rate,
rates,
CurAll
listed
reserves
Deposits
Loans
doMon- rency
average
comstocks, mestic,
of
etary in cir- member
per
mercial
average
gold
price (N. avershare
Com'l, Investpaper
banks,
age
Refundstock culaNew
tion
indus- ments DeY. S. E.) price capital
(600
end of
ing
trial,
mand,
com- months)
month
(N. Y.
Time
Total and agpanies)
adS.E.)
riculjusted
tural
Reporting member banks, Wednesday
closest to end of month

Dec. 31,
1924=100 Dollars

Millions of dollars
1929:
1932:
1933:
1936:
1937:
1938:

1939:

April
April
April
April
April

1,326
1,850
2,459
2,475
2,565

3,939
4,094
4,014
10, 202
11,686

4,392
5,165
5,850
5,892
6,397

16,438
263 11,882
366 8,872
2,664 8,343
1,594
9.428

April
May
June
July
August
September.
October...
November.
December.

2,594
2,582
2,596
2,589
2,586
2,600
2,586
2,584
2,601

12,823
12, 891
12, 946
12, 985
13, 057
13,441
13,940
14,162
14,416

6,337
6,415
6,433
6,464
6,482
6,570
6,668
6, 750
6,888

2.548
2,568
2,875
3,022
2,941
2,869
3,227
3,383
3, 205

8,587
8,334
8,321
8,165
8,270
8,241
8,327
8,317
8,430

4,187
3,992
3,936
3,865
3,886
3,891
3,892
3,866
3,843

12, 257
12,202
12, 240
12, 395
12, 591
12,999
13, 081
13,008
13,219

January...
February..
March
April

2,607
2,598
2,587
2,595

14, 599
14,778
15, 014
15,509

6.712
6,697
6,764
6,867

3,644
3,387
3, 559
4,098

8,233
8,186
8,191
8,071

3,767
3,773
3,814
3,841

13, 209
13,408
13,388
13,714




I 6.760

Thous. of dollars

Dollars

5.685
4.673
5,047
5,158

157.6
30.4
41.3
71.2
83.4

96.69
79 31
80!07
96.69
96.27

586,657
15,070
17,335
127,879
79,402

134,172
33,124
18, 207
559, 872
88,128

1.60
1.09
1.47
2.05

14, 598
14,589
15,036
14.951
15,388
15,508
15, 766
16,013
15,986

5,230
5,216
5.239
5,193
5,210
5,180
5,155
5,124
5,160

49.8
48.1
58.3
62.2
60.6
60.6
65.4
64.1
66.2

90.84
99. SI
91.97
93.32
92.53
92.10
93.70
93.33
94.35

11, 683
37. 575
202.316
130. 276
127,014
84, 937
63,922
43,521
59, 544

66. 750
25, 692
98,791
55, 545
211,141
65,136
273, 237
107, 702
250,493

1.55
1.43
1.39
1.39
1.39
1.39
1.39
1.43
1.41

16,048
15, 965
15, 991
16,660

5,183
5,202
5, 217
5,248

62.6
64.4
57.0
56.6

94.25
95.01
94.99
94.83

5.827
23, 571
52,965
77,060

10. 386
136,115
46, 689
181, 749

1.41
1.42
1.43
1.43

5,875
7,151
8,161
13,452 14,258
12, 774 15, 388

Percent

2-3H

U-l
H-l
H-l
H

n
H-H
56-3,4

SURVEY OF CURRENT BUSINESS

June 1939

Foreign Trade
trade which had expanded considerably
FinOREIGN
March, moved in reduced volume during April.
Exports decreased about one-seventh from the value in
March and were one-sixth less than a year ago. This
larger percentage decline in April from a year ago than
was reported in March corresponds more nearly to the
relative recession, shown in the latter half of 1937 and
the two opening months of this year.
The value of agricultural exports at $37,636,000 in
April, was 31 percent below the preceding month and
43 percent under the corresponding month of 1938.
The chief agricultural exports—cotton, tobacco, and
grain—decreased by $7,800,000, $5,700,000, and
$2,500,000, respectively, as compared with the preceding month's figures, and by $11,000,000, $1,400,000,
and $15,600,000, as compared with the totals in April
1938. Exports of manufactured foodstuffs were slightly
smaller in value in April than in March, but this was
the only economic class above the value a year ago.
Exports of semimanufactures, finished products, and
crude minerals, totaling $189,961,000 in April, were 8
percent smaller in value than a year ago, with the
changes by commodities much the same as in the preceding months of this year. Decreases were shown for
exports of agricultural implements, electrical appliances, petroleum and products, wood pulp, iron and
steel semimanufactures, and copper, while increases

were recorded for aircraft, industrial machinery, rubber
and textile manufactures, and certain chemicals.
Import trade decreased about 2 percent from the
improved total of March. The April total was, however, 16 percent larger than the import value in the
corresponding month a year ago, compared with an
increase of 4 percent for the first quarter. The comparative gain for April is affected by the general decline
in imports in April of last year, as well as by the unusual
rise in imports from Germany last month.
Large entries of German goods, prior to April 23, on
which date all dutiable goods imported from that country became subject to the countervailing duty, were in
large measure responsible for the sustained volume of
imports in April. The value of goods imported from
Germany totaled nearly $19,000,000 in April as compared with less than $7,500,000 in March and $7,209,000
in April a year ago. These totals are for the areas at
present occupied by Germany.
Raw silk, newsprint, and cattle were among the leading commodities which showed a considerable increase
in the April import value over March. The increase
in the value of silk imports was due in large part to the
advance in silk prices. As against the increases, there
were substantial decreases in April from March in imports of crude rubber, coffee, Cuban cane sugar, cocoa,
oilseeds, vegetable oils, wool, woodpulp, tin, and burlaps.

EXPORTS AND IMPORTS
Exports of United States merchandise

Indexes

Year and month

Value
of
total
exports,
adjusted :

Value
of
total
imports,
adjusted;

Exports,
including
reexports

Crude materials
Total
Total

Food- SemSUnman- stuffs, manufac- total ufactures Total
tured
cotton

Monthly average 1923-25 = 100
1929: April
1932: April
1933: April
1936: April
1937: April
1938:
April
May
June
July
August
September
October___
November
December
1939:
January
February
March
April
Cumulative January through
April:
1929
1933.
1936
1937
1938
1939

Imports *

Finished manufactures

Machinery

Automobiles,
parts,
and
accessories

Millions of dollars

118
38
29
53
75

118
36
25
58
82

425.3
135.1
105.2
192.8
268.9

418.1
132.3
103.3
189.6
264.6

71.3
34.0
28.6
40.5
50.4

47.5
20. 7
16.9
22.4
28.6

53.3
21.0
11.3
14.2
16.5

65.4
18.7
15.5
33.9
56.1

228.1
58.6
47.9
101.0
141.7

50.8
12.3

64.1

8.8

7.9
7.4

30.7
43.3

76
72

46
45
47
47
53
55
54
55
54

274.5
257.2
232.7
227.8
230.6
246.3
277.9
252.2
268.8

271.5
253.6
229.5
225.1
228.1
243.6
274.3
249.7
266.2

44.5
34.8
34.5
32.8
43.8
59.6
72.1
59.9
49.4

20.1
10.4

38.6
48.2
34.6
38.0
35.8
31.4
33.3
29.5
28.4

46.3
42.6
37.0
37.3
35.6
40.2
44.5
40.0
50.5

142.2
128.0
123.4
117.0
112.9
112.5
124.4
120.4
137.9

55
49
53
53

212.9
218.6
268.4
230.9

210.3
216.0
264. 6
227.8

36.4
36.5
40.1
26.0

15.0
13.7
17.0
9.2

31.1
26.6
28.0
23.6

35.5
34.9
45.7
41.0

3 119 1, 844. 9 1, 814. 6
3 41
594.0
581.6
3 28
435.3
427.5
757.0
3 61 768.5
3 86
981.3
965.8
3 52 1,102. 4 1, 088. 4
3
930.8
918.5
55

370.6
186.8
132.1
194.8
217.5
207.6
139.0

256.3
130. 5
85.3
109.3
134.4
99.1
54.9

258.8
89.1
53.7
61.7
69.6
153.8
109.2

261.0
73.7
61.0
123.2
181.5
178.2
157.0

» 122
3 40
3 29
3 51
3 65
8 73
3 61

Total

FinSemi- ished
Crude
man- manmate- Foodufacrials stuffs ufactures tures

9.4

10.5
10.7
20.5
24.1
25.0
19.0

 t General Imports through December 1933; imports for consumption thereafter.


23.0
30.8

410.7
126. 5
88.4
199.8 |
280.9

146.9
36.2
21.1
62.1
88.2

98.1
88.1
32.8
65.7
90.7

82.5
18.9
13.5
37.8
54.4

83.1
33.3
20.9
34.2
47.6

45.6
42.4
41.5
39.7
39.5
36.6
38.7
34.6
40.9

26.4
20.6
17.2
17.5
12.3
14.2
17.3
25.4
29.2

155.5
147.2
147.9
147.8
171.1
172.9
178.5
171.7
165.5

43.8
40.2
38.0
43.2
49.5
52.4
53.7
52.4
53.5

49.5
45.7
47.1
44.1
49.5
49.1
48.4
46.8
44.0

28.6
27.8
30.4
29.6
35.0
33.6
35.8
35.2
35.3

33.6
33.4
32.4
30.9
37.0
37.9
40.6
37.3
32.8

107.4
118.1
150.9
137.0

31.2
34.6
49.4
43.9

21.4
25.3
28.5
24.9

169.3
152.5
191.2
185.8

53.9
48.1
59.5
54.9

43.4
41.6
54.5
49.1

37.2
34.0
38.8
37.9

34.9
28.8
38.4
43.8

924.2
232.0
180.7
377.3
497.1
548. 7
513.3

205.3
50.9
36.0
108.6
143.2
172.8
159.1

245.9 1, 532. 8
31.5
524.2
27.2
363. 0
91.2
770.0
113.2 1, 065. 3
117.6
648.3
100.2
698.9

565.6
147.7
93.0
236. 5
347.2
193.5
216.4

354.8
156.5
127.1
244.9
332.8
196.2
188.6

294.9
89.6
58. 0
154.1
211.2
123.3
148.0

317.6
130.4
84.8
134.6
174.2
135.2
145.9

* Adjusted for seasonal variations.

> Monthly average of unadjusted indexes.

SURVEY OF CURRENT BUSINESS

June 1939

Construction and Real Estate
operations have continued to
CONSTRUCTION
expand with the advance of the active building
season. The rising trend of construction outlays is
reflected in the improved level of operations in the industries supplying construction materials, and it has
given a general lift to pay rolls. The flow of building
materials from manufacturers so far this year has reflected the large gains in the construction industry.
Shipments of lumber in the first 4 months of the year
were about 15 percent larger than in the corresponding
period of 1938, and weekly data indicate a slightly wider
margin of gain for May. Cement shipments in the
first quarter were up about 18 percent, shipments of
face brick and common brick recorded increases in
excess of 40 percent, and deliveries of hollow building
tile were nearly 30 percent larger. Structural steel
shipments in the January-April period were about onetenth larger than in the same months of 1938.
At mid-April the weekly pay rolls in such manufacturing industries as hardware, plumbers' supplies,
lighting equipment, clay products, and furniture
ranged from 20 to 40 percent higher than a year ago.
The American Federation of Labor reported that 71
percent of union members in the building trades were
employed in April, as compared with 61 percent a year
earlier.

Construction contracts awarded during April and
the first 3 weeks of May were almost 50 percent larger
than a year ago, according to the F. W. Dodge data for
37 States. The April total was the largest for any
month since the spring of 1931, except for October
and December of last year when public awards were at
record totals. Privately-financed construction awards
other than residential have recently been somewhat
larger than a year ago, but have been much lower than
the volume of such awards during the most active
months of 1937. Public works and residential building
have been the major sources of the larger awards this
year, when comparison is made with the 1938 volumes.
Publicly-financed awards moved upward in April and
accounted for most of the gain from March.
Contracts for residential buildings in April and the
first 3 weeks of May were high, although smaller
awards for apartment buildings reduced the April total
below the March figure. However, the F. W. Dodge
Corporation reports reveal that the number of singlefamily dwellings for which contracts were let in April
increased substantially from March and were the largest for any month of recent years. May reports from
the Federal Housing Administration on the number of
mortgages accepted for appraisal and for insurance
reveal no let-down in residential activity.

CONSTRUCTION, BUILDING MATERIALS, AND REAL ESTATE
Building-material shipments

Construction contracts awarded

Year and month

Federal
Reserve
index,
AH types of
adconstruction
justed i
Monthly NumMilaverage, ber of
of
1923-25 = proj- lions
dollars
ects
100

1929:
1932:
1933:
1936:
1937:
1938:

April
April
April
April....
April

April
May
June
July
August..
September
October
November.
December
1939:
January
February
March
April
M o n t h l y average, January through April:
1929
1932.
1933
1936
1937.
1938
1939

Residential
building

Millions of
square
feet

Nonres- Public
idential utili- Public2 Common
buildties 2 works brick
ing 2

Lumber

Oak
flooring

Thousands

Mil.
of ft.
b. m.

MonthThous. Thou- ly avof ft. sands of erage, Thousands of dollars
b. m. barrels 1913 =
100

Millions of dollars

123
27
14
47
53

19,948
7,653
7,254
13,337
19, 045

642.1
121.7
56.6
234.6
269.5

51.7
7.2
5.8
19.7
29.4

256.8
28.9
19.1
67.2
107.8

195. 2
46.3
23.8
95.5
96.3

52
51
54
50
66
78
82
96

15,058
17, 465
18,194
17,648
18, 770
16,926
19,664
17, 772
16, 027

222.0
283.2
251.0
239.8
313.1
300.9
357.7
301.7
389.4

18.7
20.6
21.3
21.6
23.6
21.8
27.2
23.4
22.7

74.6
83.2
85.7
88.0
99.7
99.6
112.7
95.3
91.5

80.4
77.8
81.8
72.6
87.3
92.0
131.0
116.0
139.5

13, 281
13, 015
20, 233
20,282

251.7
220.2
300.7
330.0

20.0
19.2
30.7
28.4

80.2
79.0
125.2
114.4

13,958
6,042
5,310
9,504
14, 593
11,839
17,203

473.6
101.9
63.2
197.2
232.9
190.0
275.6

37.5
72
4^2
13.7
22.5
14.6
24.6

180.3
28.5
14.7
47.7
84.8
57.6
99.7

115
26
16
49
56
48
70

Loans
ConRealoutstanding
strucestate
tion
forecosts
cloHome
(Engr. Home Owners'
sures
News- Loan
(nonLoan
RecBank
farm)
Corp.
ord) 3

80.9

109.1
42.5
11.4
49.9
45.4

154, 473
191, 040

2,179
2,358

13.4
38.0
26.2
21.2
19.7
44.3

57.6
78.5
74.8
65.8
88.1
83.2
92.8
70.7
114.1

129,509
130, 728
145, 476
129, 338
148,809
142,900
166,471
151, 568
133,184

85.0
69.5
97.8

29.5
18.5
19.6
35.3

57.0
53.1
58.0
85.6

101,056
95, 920
167, 457

195.5
41.0
26.5
83.2
86.8
68.5
86.7

38.8

59.0
26.0
18.5
50.0
38.4
45.5
63.4

94.7

4.0
2.2

22.1
20.0
9.4

43.7
8.7

6.5
3.5

16.2
22.9
18.4
25.8

4
70,
1
128,
4

283
523
86, 227
121,478

Cement

29, 483
35, 253

13,325
6,536
4,949
9,182
10,272

203.4
153.1
160.2
202.8
231.4

1,490
1,531
1, 684
1,775
2,033
1,843
1,847
1,789
1,593

26,984
28, 286
30, 233
35,9>89
41,511
34,497
32,156
31, 560
27, 686

8,691
9,752
10,943
10,164
11,823
11,716
12, 357
8,573
6,281

238.0
236.8
236,9
232.3
232.4
232.7
234.3
234.4
234.9

1,662
1,581
1,995
1,828

26,916
27, 308
31,951
30,604

5,640
5,043
8,467
9,654

234.7
234.3
234.4
234.9

25. 360
36, 230
27, 322
29,195

8,648
4,255
3,310
5,866
7,001
6,229
7,201

207.8
158.7
159.1
201.8
224.8
238.8
234.6

1,878
2,121
1,503
1,767

30, 531
105,969 2, 960,197
146,146 2, 625, 493

285
249

183, 747
186, 507
196, 222
191,889
189,415
189,548
189,217
189,685

2, 301,894
2, 281, 884
2, 265,153
2, 248, 982
2, 234, 899
2,221,417
2,203,896
2,186,170
2,168,920

191
194
189
61
169
169
153
165
159

178,852
170, 614
161,614
157,176

2,149,038
2,134, 261
2,117,508
2,105,824

154
154
173
164

1 Based on 3-month moring average of values adjusted for seasonal variations; the averages, 1929-39, are computed from unadjusted indexes.
2 Data revised 1929-36; see note marked with a dagger (t) on p. 21.


»Index is as of 1st of month; index for May 1, 1939, is 234.7.
* Three months average, January through March.
http://fraser.stlouisfed.org/
150150—39
2
Federal Reserve Bank
of St. Louis

Monthly average
1926=
100

274
240
184
161

10

SURVEY OF CURRENT BUSINESS

June 1939

National Income in 1938 at 64 Billion Dollars
By Robert R. Nathan, Chief, National Income Section, Division of Economic Research

1938 the national income in the United States,
INwhich
measures the net value of goods and services

recovery period of 90.2 (1929 = 100) in August 1937,
and declined steadily to 83.5 in January 1938 and to
produced, totaled 64 billion dollars, or nearly $500 per 80.4 in May 1938. In December 1938 the index
man, woman, and child in the country.1 This aggre- registered 84.5, having recovered nearly half of the
gate was almost 8 billion dollars, or 11 percent, below preceding decline. The index has varied within a
the recovery high of 72 billion dollars reached in 1937— narrow range during the first few months of 1939,
the fifth successive year of rising income. Despite showing a moderate gain over the same period of 1938.
this marked drop, income in 1938 continued substanPrice changes continued to play an important role in
tially above the level of the years from 1931 to 1935, the movement of the dollar income figures. The 11
and was only slightly below the 1936 level. Although percent decline in the national income in 1938 was
substantial recovery had occurred by 1937, the reversal
MILLIONS OF DOLLARS
BILLIONS OF DOLLARS
in 1938 came before a full return to the 1929 dollar
90.
•>9O
income level. The national income in 1938 was 24
billion dollars higher than the depression low of 40
billion dollars recorded in 1932, but was 18 billion
dollars under the record total of 82.7 billion for 1929.
With the completion of the 1938 figures, the Department of Commerce presents national income estimates
on a uniform and comparable basis for a 10-year
period. Over the 10 years from 1929 to 1938, inclusive, the national income of the United States has
averaged slightly less than 60 billion dollars annually.
For the 5 years 1934 to 1938, inclusive, the national
income averaged 61.4 billion dollars per year as compared with 57.7 billion dollars annually for the precedINCOME PRODUCED IN
COMMODITY
CUMMUUI
I Y PRODUCING
KKUUUUINU
ing 5-year period. Income declined in 3 out of the 5
INDUSTRIES
INDUSTRIES
_
years making up the first half of the decade and in20
creased in 4 of the last 5 years.
During 1938 the nation experienced two marked and
divergent trends in the amount of income currently
flowing to individuals. Thefirsthalf of the year was
M
DISTRIBUTION INDUSTRIES
_
characterized by a continuation of the decline in
economic activity which began in the middle of 1937,
INCOME PRODUCED IN
30*
whereas the second half of the year was marked by
M
SERVICE INDUSTRIES
M
•
•
substantial recovery. The seasonally adjusted index
20
of monthly income payments to individuals, which
appears regularly in the SURVEY OF CURRENT BUSINESS
showed a decline of 11 percent from August 1937 to
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938
P.P. 39-94
May 1938. The index had reached a peak for the

I•••••••••
I• • • • • • I I I

I Illilllll

Figure 3.—Industrial Origin of the National Income, 1929-38.

i The income figures presented in this article are for all years higher than those
previously published. These revisions have been made possible by new census and
other primary data and by more intensive studies in those areas for which source
material has been least adequate. Estimates of the national income are based on a
wide variety of statistical materials and refinements are frequently feasible as new
data become available. As ha? been pointed out in many previous publications of the
Department of Commerce on this subject, the estimates are understatements to the
extent that information is entirely lacking for certain areas of economic activity, which
are generally small in size. It has been the practice to make revisions which source
material permits for all years rather than to make some arbitrary determination for
uncovered areas. These revisions exert relatively little influence on the trends, as is
obvious when the current figures are compared with those published in previous
reports of the Department.
For a comprehensive discussion of the concepts and scope of the estimates, the reader
is referred to "National Income in the United States 1929-35," copies of which may be
purchased from the Superintendent of Documents for 25 cents each. This volume
also contains a detailed discussion of the sources and methods used in compiling the
estimates, and should be of interest to the technician as well as to the general reader
who wishes to inform himself as to the nature and reliability of the estimates.




associated with a 9-percent drop in wholesale prices
and a 2-percent decline in the living costs of urban
wage earners. It is apparent, therefore, that the 1938
drop in income was accounted for in part by price
declines as well as by a reduced volume of goods and
services produced. Both wholesale prices and the cost
of living were about one-sixth lower in 1938 than in
1929, while the national income in 1938 was nearly
one-fourth below the 1929 level. This indicates a production of goods and services in 1938 somewhat less
than 10 percent under the quantity output in 1929. On
a per capita basis, however, the decline in real income

11

SURVEY OF CURRENT BUSINESS

June 1939

was considerably larger, since there was an increase of
more than 8,000,000 persons, or 7 percent, in the
population of the United States from 1929 to 1938.
While the national income increased by 24 billion
dollars, or 60 percent, from 1932 to 1938, the wholesale
price index rose 21 percent and the cost of living increased only 10 percent, thus indicating a real income
in 1938 nearly half again as large as the 1932 output.

business savings. In other years the producing units
of the Nation may distribute more than is produced,
the difference being negative business savings. The
income distributed by business enterprises to individuals
for their services in the form of labor, management, or
capital is termed income paid out and consists of wages,
salaries, other labor income, interest, dividends, net
rents and royalties, and entrepreneurial withdrawals.
The concept and estimates of business savings have
Definition of Terms
been the basis of much controversy and misunderstandA vast quantity of goods and services is created each ing. This item is important as a measure of the extent
year as a result of the economic activities of the Nation. to which the business enterprises of the Nation retain
The value of these goods and services, after making part of their net product during periods of prosperity
allowance for the consumption of existing assets in the and sustain decreases in their net worth resulting from
process of production, is called the national income. current operations during periods of depression. HowThis total may be defined as the net value of all goods ever, business savings do not indicate an excess or defiand services produced, or as the gross value of all ciency of cash receipts over cash disbursements. There
goods and services produced minus the value of raw are many accounting entries, such as depreciation,
materials and capital equipment consumed in current which are reflected in net income and business savings
but which are not directly involved in the flow of funds.
production operations.
The national income is not only a measure of the The purchase and sale of securities and the profits or
net value of goods and services produced but also losses derived therefrom involve monetary transactions
represents the income which is generated to buy these but do not affect the national income or business savgoods and services. In any particular year not all of ings, since capital gains and losses are excluded from
the national income may be distributed to individuals the estimates by definition.
in return for their productive activities, the part reIt is important to note that the estimates of business
tained by business enterprises being labeled positive savings are subject to some degree of error, particuTable 1.—National Income, by Industrial Divisions 1
|In millions of dollars]
Item
Total national income. . . _

_

Agriculture
- Mining-.__
__
Electric light and power, and manufactured gas
Manufacturing
Contract construction
..__._
Transportation
Communication
_ _
__
.
Trade
Finance . _
__.
Government, including work-relief wages
Government, excluding work-relief wages
Work-relief wages
_. _ __
Service
Miscellaneous
Social security contributions of employers.. _ __

1929

1930

1931

1932

1933

82, 691

69,104

54, 249

40, 089

42, 504

7,258
1,789
1, 268
20, 297
3,762
7,095
1,045
11,289
8,845
6,317
6,317

5,622
1,237
1,195
14, 983
2,957
6,140
1,011
9,406
7, 840
6,434
6,434

3,729
687
1,139
10.192
1,844
4,937
908
7,589
6,400
6,452
6,452

2,551
478
1,011
6,012
829
3,623
722
5,380
5,141
6,349
6,349

9,750
3,976

8,851
3.428

7,447
2,925

5.632
2,359

3,419
534
941
8,164
547
3,606
639
6,013
4, 552
6, 563
5,917
646
5,368
2,157

1934 2

1938

1935

1936

1937

50, 611

55, 794

65, 226

71, 853

63,993

4,553
920
1,034
10, 514
813
3,817
676
7,023
4,921
7,626
6,196
1,430
6,223
2,488
3

5,276
954
1,042
12, 405
G20
4,136
722
7,578
5,330
7,919
6,580
1,339
6,845
2,660

5,970
1,229
1,116
14, 937
1.634
4,796
767
8, 459
6,044
9,447
7,064
2,383
7,661
2,868
299

6,378
1,428
1,201
17, 551
1,861
5,142
816
9,181
6,576
9,133
7,394
1,739
8,588
3,048
950

5,432
1,051
1,143
12,803
1,759
4,409
804
8,761
6,116
9,845
7,701
2,144
8,200
2, 550
1,119

Percental ies of 1929
Total national income
Agriculture __
Mining
Electric light and powTer, and manufactured gas
Manufacturing,
Contract construction
Transportation
.
Communication
Trade
Finance
Government, including wTork-relief wages
Government, excluding work-relief wages
Work-relief wages .
Service- _ _ _ _ _
_ _ _
Miscellaneous
Social security contributions of employers
Bureau of Labor Statistics wholesale-price index

83.6

65.6

48.5

51.4

61.2

67.5

78.9

86.9

77.4

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

69.1
94.2
73.8
78.6
86.5
96.7
83.3
88.6
101.9
101.9

51.4
38.4
89.8
50.2
49.0
69.6
86.9
67.2
72.4
102.1
102.1

35.1
26.7
79.7
29.6
22.0
51. 1
69. 1
47.7
58. 1
100.5
100.5

47. 1
29.8
74.2
40.2
14.5
50.8
61.1
53.3
51.5
103.9
93.7

62.7
51.4
81.5
51.8
21.6
53.8
64.7
62.2
55.6
120.7
98.1

72.7
53.3
82.2
61. 1
24.5
58.3
69.1
67.1
60.3
125.4
104.2

82.3
68.7
88.0
73.6
43.4
67.6
73.4
74.9
68.3
149.5
111.8

87.9
79.8
94.7
86.5
49.5
72.5
78.1
81.3
74.3
144.6
117.0

74.8
58.7
90.1
63.1
46.8
62.1
76.9
77.6
69.1
155.8
121.9

100.0
100.0

90.8
86.2

76.4
73.6

57.8
59.3

55.1
54.3

63.8
62.6

70.2
66.9

78.6
72.1

88.1
76.7

84.1
64.1

100.0

90.7

76.6

68.0

69.2

78.6

83.9

84.8

90.6

82.5

100.0

_

. _ __

1 The grand totals in this and the following tables are obtained by an addition of the totals for each industrial field. The income subtotals by industrial fields are primarily
in thousands of dollars. The subtotals entered in tables included in this bulletin are in millions of dollars. These subtotals do not, therefore, always add up exactly to the
grand totals given. Revisions in the estimates are discussed in the text.
2 Estimates of dividends and interest and corporate savings for 1934 and for subsequent years are based on a different industrial classification than are the estimates of the
items for earlier years because of a change in the Revenue Act of 1934. Special tabulations of the Bureau of Internal Revenue permitted the making of estimates for 1934 on
he earlier basis. For specific items in certain industries the variations are substantial, but for total income the changes were small and the twTo estimates were averaged.




12

SURVEY OF CURRENT BUSINESS

larly the estimates for unincorporated business enterprises. This is particularly true in agriculture, where
the break-down of the net income of farm operators
between withdrawals and business savings is highly
conjectural. More satisfactory data on capital outlays
and inventory changes on farms are expected within the
near future which should permit the derivation of better
estimates of business savings in this field. Even for
corporations many qualifications must be noted, perhaps the most important of which relates to the influence of the revaluation of inventories because of price
changes. Such revaluations should not be permitted to
influence the estimates of the national income, which is
a measure of the value of what is produced and not of
changes in values of existing assets resulting from price
fluctuations. No attempt has been made to correct
these estimates for the effect of inventory revaluations
and to that extent the figures are in error.
Revisions In Estimates

The estimates presented in this article, through
1937, are similar to or revisions of those which appeared
in the publication, Income in the United States, 1929-87.
The major revisions were made in the manufacturing
and trade group, where manufacturers' sales distribution agencies and central administrative offices and
auxiliary units of retail and wholesale trade establishments have been covered for the first time. The
final reports of the 1935 Census of Manufactures and

June 1939

Census of American Business provided bases for including these areas of economic activity. Moderate
changes were made in the agricultural estimates, as a
result of revisions in the Department of Agriculture
farm income and expense figures and of the abandonment of the attempt to allow for defaults in certain
charges such as taxes, interest, and rent.
In the estimates for government, interest payments
on funded obligations of minor civil subdivisions were
included for the first time. More than offsetting this
upward revision in the field of government was the
amount excluded for pensions and compensation to
war veterans paid by the Federal Government, and
various types of categorical relief and other payments
by State and local governments to persons who currently performed no direct services for which these
payments were made. This treatment is more in
accord with the concepts and scope of the national
income estimates.
The 1936 estimates for dividends and corporate
savings have been revised in accordance with the 1936
corporation income tax return data recently made
available by the Bureau of Internal Revenue. The
1937 and 1938 estimates for these series are based on
a tabulation of published reports of about 3,000 corporations and cannot be made final until the publication
of the data for these years by the Bureau of Internal
Revenue.

Table 2.—Income Paid Out, by Type of Payment
[In millions of dollars]
Item
Total income paid out
Total compensation of employee^1
Salaries (selected industries)
Wages (selected industries)1
Salaries and wages (all other industries)
Work-relief wages 2
Social security contributions of employers . .
Other labor income
Total dividends and interest 3
Dividends
Interest

___ . _

_ _

Entrepreneurial withdrawals
Net rents and royalties

1929

1930

80, 243

74, 414

52, 816
5,131
14 847
32 391

48, 248
5,128
12 278
30 375

1932

1933

62, 763

49, 296

45, 565

40. 466
4,303
9 337
26 361

31, 407
3,161
6 459
21, 337

29, 535
2,776
6 757
18, 923
646

1931

1937

1938

1935

1936

52,057

55, 814

64, 207

70, 694

65,021

37, 032
3,339
9,628
22, 200
1,339
7
520

42, 512
3, 540
11.125
24', 617
2,383
299
549

47,169
3, 963
13, 023
26, 865
1,739
950
630

43, 747
3,644
10,168
26,011
2,144
1.119
661

1934

448

467

465

451

433

34, 275
3,156
8,478
20, 758
1,430
3
450

11.518
5 978
5, 356

11,600
5 801
5,575

10,158
4 335
5,522

8, 286
2 745
5,277

7,366
2.209
4, 937

7,975
2,793
5,074

8,005
3,037
4,927

9,631
4,807
4,847

10, 225
5,424
4,877

8.476
3,708
4,812

12, 490
3,419

11,803
2,763

10, 057
2,083

8,045
1,558

7,247
1,418

8,117
1,690

8,860
1,917

9,788
2,275

10, 775
2,525

10, 474
2,325

69.6

80.0

88.1

81.0

89.3
77.2
87.7
82.9

82.8
71.0
68.5
80.3

Percentages of 1929

Total income paid out
Total compensation of employees1
Salaries (selected industries)1 .
Wages (selected industries) .
Salaries and wages (all other industries)

100.0
100 0
100.0
100.0
100.0

_

Social security contributions of employers
Other labor income

92.7

78.2

61.4

56.8

64.9

91 4
99.9
82.7
93.8

76 6
83.9
62.9
81.4

59 5
61.6
43.5
65.9

55.9
54.1
45.5
58.4

64.9
61.5
57.1
64.1

70.1
65.1
64.8
68.5

80.5
69.0
74.9
76.0

100 0

104 2

103 8

100 7

96.7

100.4

116.1

122.5

140.6

147.5

Total dividends and interest 3
Dividends
... _
Interest

100 0
100.0
100 0

100 7
97.0
104 1

88 2
72 5
103 1

71 9
45 9
98 5

64 0
37.0
92 2

69.2
46.7
94 7

69.5
50.8
92.0

83.6
80.4
90.5

88.8
90.7
91.1

73.6
62.0
89.8

Entrepreneurial withdrawals
Net rents and royalties

100.0
100.0

94.5
80.8

80.5
60.9

64.4
45.6

58.0
41.5

65.0
49.4

70.9
56.1

78.4
66.5

86.3
73.9

83.9
68.0

100.0

97.5

89.1

80.2

76.2

79.1

81.1

82.1

84.7

83.4

Bureau of Labor Statistics cost-of-living index

_

.....

1
Includes mining, manufacturing, steam railroads, Pullman, railway express, and water transportation.
2 Includes pay rolls and maintenance of Civilian Conservation Corps enrollees and pay rolls of Civil Works Administration, Federal Emergency Belief Administration,
and the Federal Works Program projects plus administrative pay rolls outside of Washington, D. C , for all except the Federal Works Program. Area office employees and
their3 pay rolls under the Federal Works Program are included with the regular Federal Government employment and pay-roll figures.
Includes also net balance of international flow of property incomes.




13

SURVEY OF CURRENT BUSINESS

June 1939

Manufacturing Income Declined One-Fourth

The 1938 drop in the national income resulted primarily from the large declines in three of the four
commodity-producing industries. Income produced in
1938 in the manufacturing industry was 4.7 billion
dollars, or 27 percent, below the 1937 recovery peak.
Agriculture and mining recorded declines of 15 percent
and 26 percent, respectively. In these three industries,
which accounted for 35 percent of the national income
in 1937, the drop in 1938 totaled 6.1 billion dollars,
or 24 percent, as compared with the decline of 1.8
billion dollars, or 4 percent, in all other industrial
services combined. The contract construction industry,2 which is also engaged in producing tangible
products, recorded a decline of only 5 percent in income
produced in 1938. Among the major service and the
commodity handling industries, transportation recorded
the largest decline in income produced in 1938, falling
from 5.1 billion dollars in 1937 to 4.4 billion dollars
in 1938, a reduction of 14 percent.
Government was the only major category in which
the contribution to the national income was higher in
1938 than in 1937, increasing from 9.1 to 9.8 billion
dollars, a rise of 8 percent. This gain of approximately
700 million dollars resulted from a 400 million dollar
increase in work-relief wages and a 300 million dollar
rise in State and local government income payments.
In addition to the contract construction industry, declines of 5 percent or less appeared in the communications, electric light and power and manufactured gas,
and service industries.
The very moderate decline in 1938 in the contract
construction industry stands in marked contrast to the
drop in the income produced by this industry in the
years immediately following 1929. During the depression the drop in the contract construction industry
was relatively greater than that of any other major
industrial group, income produced in this industry fall2
The contract construction industry covers only those activities carried on by
construction companies under contract or by operative builders. It excludes construction activities of enterprises in other industries carried on by their own forces
which are included in the respectiva industries.

ing, in 1933, to one-seventh of the 1929 level. Despite
this relatively favorable showing in 1938, the net value
of product of the construction industry was less than
half as large in 1938 as in 1929. Income produced in the
mining and manufacturing industries was 41 percent
and 37 percent lower, respectively, in 1938 than in 1929.
However, in each of these three industries, the 1938
totals were more than double those recorded at the low
of the depression.
Social security contributions by employers are shown
separately in table 1, since data were not available for
allocating this item by its industrial origin. Contributions by employees under the social security program could be allocated industrially and are included as
part of wages and salaries. Both employer and employee
contributions are treated as part of the wage bill of industry and are included in the national-income estimates.
Income Paid Out Declines 5.7 Billion Dollars
Wages, salaries, dividends, interest, entrepreneurial
withdrawals, and net rents paid out by the producing
units of the Nation totaled 65 billion dollars in 1938 as
compared with 70.7 billion dollars in 1937, a reduction
of 8 percent. In 1938 income paid out was more than
1 billion dollars larger than the national income, thus
revealing negative business savings for the first year
since 1935. In both 1936 and 1937 there were positive
business savings, the national income exceeding income
paid in 1937 by 1.2 billion dollars. For corporations,
the estimates for which are much more satisfactory than
are those for unincorporated enterprises, there were
negative corporate savings of 600 million dollars in
1937 which increased to more than 1.8 billion dollars
in 1938. The estimates of savings for unincorporated
enterprises were positive in both 1937 and 1938 because
of the estimates of savings in agriculture which are
subject to serious limitations. Corporate net income
available for dividends declined approximately 3 billion
dollars in 1938, as evidenced by the 1.2 billion dollar
increase in negative corporate savings and the 1.7 billion dollar decline in dividends.

Table 3.—Percentage Distribution of Income Paid Out, by Type of Payment
Item
Total income paid out.

1930

1931

1932

1933

1934

1935

1938

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Total compensation of employees
Total salaries and wages
Work-relief wages !
Social security contributions of employers..
Other labor income

65.8
65.3

64.8
64.2

64.5
63.7

63.7
62.8

64.8
62.5
1.4

.6

66.3
63.0
2.4
0
.9

66.2
61.2
3.7
.4

.5

65.9
62.3
2.7
0
.9

66.7
62.0
2.5
1.3
.9

67.3
61.3
3.3
1.7
1.0

Total dividends and interest 2 .
Dividends
Interest

14.3
7.4
6.7

15.6
7.8
7.5

16.2
6.9
8.8

16.8
5.6
10.7

16.2
4.8
10.8

15.3
5.4
9.7

14.4
5.4

14.9
7.5
7.5

14.4
7.7
6.9

13.0
5.7
7.4

Entrepreneurial withdrawals.
Net rents and royalties

15.6
4.3

15.9
3.7

16.0
3.3

16.3
3.2

15.9
3.1

15.6
3.2

15.9
3.4

15.3
3. 6

15.3
3.6

16.1
3.6

1 Includes pay roll and maintenance of Civilian Conservation Corps enrollees and pay rolls of Civil Works Administration, Federal Emergency Relief Administration,
and the Federal Works Program projects plus administrative pay rolls outside of Washington, D. C , for all except the Federal Works Program. Area office employees and
their2 pay rolls under the Federal Works Program are included with the regular Federal Government employment and pay-roll figures.
Includes also net balance of international flow of property incomes.




14

SURVEY OF CURRENT BUSINESS

Income paid out in 1938 was nearly 20 billion dollars
higher than in 1933, but was more than 15 billion dollars, or one-fifth, below the 80-billion-dollar peak of
1929. Since 1933, income paid out and the national
income have not differed by more than 1.5 billion dollars in any year. In 1929 there were positive business
savings of 2.5 billion dollars. In 1930, however, income
paid out exceeded the national income by 5.3 billion
dollars. Negative business savings increased to more
than 9 billion dollars in 1932 in which year the national
income totaled 40.1 billion dollars and income paid out
was 49.3 billion dollars. Negative business savings
were reduced to 3.1 billion dollars in 1933.
Dividends Off Nearly One-Third

Of the various types of income payments, dividends
showed the largest decline and interest the smallest in
1938. As shown in table 2, dividend payments to individuals fell from 5.4 billion dollars in 1937 to 3.7
billions in 1938, a drop of 32 percent. This marked
decline in dividends stands in sharp contrast to the
situation in 1930 when dividends fell off only 3 percent
from the 1929 level. An important factor in the difference is the modification in the undistributed profits
tax in 1938. Interest, on the other hand, was only
1 percent lower in 1938 than in the preceding year.
Total property income, comprising both dividends and
interest, was 17 percent lower in 1938 than in 1937 as
compared with declines of 7 percent in total compensation of employees, 8 percent in net rents and royalties,
and 3 percent in entrepreneurial withdrawals, which
represent the amounts withdrawn from business by
farmers, storekeepers, professional practitioners, and

June 1939

other self-employed persons or operators of unincorporated enterprises.
In those industries in which salaries and wages could
be segregated, the decline in 1938 was relatively larger
in wages than in salaries. Work-relief wages increased
by 400 million dollars, or 23 percent, in 1938 over 1937
and were only slightly below the peak of 1936. Contributions of employers under the Social Security program increased from 950 million dollars in 1937 to
1,119 million dollars in 1938, a rise of 18 percent. This
resulted from the increased rate of assessment of pay
rolls from 2 percent to 3 percent under title IX of the
Social Security Act (the unemployment compensation
section).
As a result of the sharp drop in 1938, dividends were
38 percent below the 1929 level. Interest payments in
1938 were only 10 percent lower than in 1929, whereas
total labor income and entrepreneurial income were
each approximately one-sixth lower. Net rents and
royalties remained approximately one-third under that
of 1929. In 1938, as compared with 1933, dividends
were 68 percent higher, labor income was up 48 percent,
and entrepreneurial withdrawals were 45 percent
higher.
Employees' Share of Income at 67.3 Percent

Table 3 presents the distribution of income paid out
by type of payment. In 1938, 67.3 percent of income
paid out was disbursed in the form of wages, salaries,
social security contributions of employers and other
labor income, 13 percent as dividends and interest,
16.1 percent as entrepreneurial withdrawals, and 3.6
percent as net rents and royalties. The share of income

Table 4.—Number of Employees and the Per Capita Income of Employees *
Item

1929

1930

1931

1932

1933

1935

35, 501

33, 236

29,710

26,195

26,113

28, 396

29, 553

31,685

33, 474

30,795

2,028
10,923
22, 550

2,007
9,615
21,615

1,762
8,133
19,816

1, 467
6,865
17, 863

1, 360
7,408
17, 345

1,501
8,524
18,371

1,548
8,993
19,013

1,621
9,738
20, 326

1,736
10, 586
21,153

1,597
8,773
20, 425

1,475

1,438

1, 346

1,182

1,090

1,141

1,190

1,240

1,310

2,530
1, 359
1,436

2, 556
1,277
1,405

2, 442
1, 148
1,330

2,154
941
1,194

2,041
912
1,091

2, 102
995
1,130

2,157
1,071
1,168

2,183
1, 142
1,211

2,283
1,230
1,270

1938

NUMBER OF EMPLOYEES (THOUSANDS)

All employees 2
Salaried employees (selected industries) 3
Wage earners (selected industries) 3
Salaried employees or wage earners (all other industries) _
PER CAPITA INCOME OF EMPLOYEES

All employees 2
Salaried employees (selected industries) 3
Wage earners (selected industries) 3
Salaried employees or wage earners (all other industries).

2,281
1,159
1,273

Percentages of 1929
NUMBER OF EMPLOYEES

All employees 2

100.0

93.6

83.7

73.8

73.6

80.0

83.2

89.3

94.3

100.0
100. 0
100.0

99.0
88.0
97.8

86.9
74.5
92.6

72.3
62.8
83.1

67.1
67.8
76.0

74.0
78.0
78.7

76.3
82.3
81.3

79.9
89.2
84.3

85.6
96.9
88.4

78.7
80.3
88.6

100.0

97.5

91.3

80.1

73.9

77.4

80.7

84.1

88.8

87.7

Salaried employees (selected industries)
Wage earners (selected industries) 3
Salaried employees or wage earners (all other industries).

100.0
100.0
100.0

101.0
94.0
97.8

96.5
84.5
72.6

85.1
69.2
83. 1

80.7
67.1
76.0

83.1
73.2
78.7

85.3
78.8
81.3

86.3
84.0
84.3

90.2
90.5
88.4

90.2
85.3
88.6

Bureau of Labor Statistics cost-of-living index

100.0

97.5

89. 1

80.2

76.2

79. 1

81. 1

82.1

84.7

83.4

Salaried employees (selected industries) 3
Wage earners (selected industries) 3
Salaried employees or wage earners (all other industries).
PER CAPITA INCOME OF EMPLOYEES
All employees 2_.
3

1
2

The estimates of the number employed are averages for the year and represent full-time-equivalent numbers for industries in which data permit such adjustments.
Does not include employers and self-employed persons, such as farmers, merchants, independent professional practitioners, etc., nor work-relief employees and unpaid
family
farm labor.
 3 Includes mining, manufacturing, steam railroads, Pullman, railway express, and water transportation.



June 1939

paid out in the form of employees' compensation was
the largest for the 10-year period covered by these
statistics. Work-relief wages and social security contributions of employers accounted for 5 percent of total
income disbursed in 1938. If work-relief wages and
social security contributions of employers are excluded
from both labor income and from total income paid
out, the share of labor income would show a slight
increase from 65.4 percent in 1937 to 65.6 percent in
1938.
Combined dividends and interest as a share of total
income paid out reached a low for the 10-year period
in 1938, dropping from 14.4 in 1937 to 13 percent in
1938. The share of dividends in income paid out
declined from 7.7 percent in 1937 to 5.7 percent in 1938
and was lower than for any other year except the
1932-34 period. Interest, on the other hand, increased
in relative importance from 6.9 percent of income paid
out in 1937 to 7.4 percent in 1938.
Although an analysis of the entire 10-year period
indicates a considerable degree of stability in the relative shares of the different major types of income paid
out, it should also be noted that these aggregates
obscure many variations which occur within specific
groups or areas of the economy. Thus, while property
income has varied only moderately as a share of total
income paid out, the two component elements, dividends
and interest, have experienced wide fluctuations in
relative importance. Labor income falls much more in
some industries than in others.
Per Capita Earnings Practically Unchanged in 1938

As shown in table 4, the number of employees in
1938, excluding those engaged on work-relief projects
and unpaid family farm labor, declined approximately
2.7 million, or 8 percent, from the 1937 total. On the
other hand, the per capita salaries and wages per
full-time worker were only 1 percent lower in 1938
than in the previous year.
In those industries in which salaried workers and
wrage earners can be segregated, the number of wage
earners declined relatively more in 1938 than did the
number of salaried workers; the average salary remained practically unchanged in 1938 as compared
with the preceding year, whereas average wages
dropped 6 percent. In all other industries combined,
the number of employees was reduced by 3 percent in
1938 and average annual earnings showed no change.
The Bureau of Labor Statistics cost of living index of
urban wage earners dropped from 84.7 in 1937 to 83.4
in 1938. It is apparent that there was very little
change in the real income between 1937 and 1938 of
those workers who remained fully employed.
Of particular importance is the fact that the total
amount of income paid out does not flow directly and
immediately to individuals nor do the estimates here '



15

SURVEY OF CURRENT BUSINESS

presented include all funds currently flowing to individuals. Thus, income paid out includes both employee and employer contributions under the Social
Security program and these contributions are withheld
by State and Federal Government agencies. On the
other hand, income paid out does not include social
security benefits or direct relief disbursements. Also,
the estimates of dividends and interest include the
amount of these items flowing to life-insurance companies, savings banks, and building and loan associations, which are regarded as aggregates of individuals
for the purpose of effecting collective savings. On the
PERCENT
70

l0

SALARIES AND WAGES

PERCENT
70

* SUPPLEMENTS TO WAGES AND SALARIES. INCLUDING WORK RELIEF * l 0

o
20*

WITHDRAWALS OF ENTREPRENEURS

IIIIIIIIII
NET RENTS AND ROYALTIES

• • ••

DIVIDENDS

• • ••

-o
• IO

INTEREST

• • • 1 1 1 • • ••

1929

1930

1931

1932

1933 1934

1935

1936

1937 1938

DO. 39-9

Figure 4.—Percentage Distribution of Income Paid Out by Type of Payment, 1929-38.

other hand, disbursements of these organizations are
not included in income paid out nor do the estimates
of income paid out include direct relief, gifts, inheritances, and other transfer items.
The monthly estimates of income payments, referred
to earlier in this article, more closely approximate the
flow of income into the hands of individuals. Included in that series are direct relief, soldiers' bonus,
social security benefits, and related other payments
for which services are not currently performed. On
the other hand, both employer and employee social
security contributions are included in income paid out
but are excluded from income payments.3
?
"Revised Estimates of Monthly Income Payments in the United States, 1929-38,"
by Frederick M. Cone. Surrey of Current Business, October 1938.

16

SURVEY OF CURRENT BUSINESS

Included in table 5 are the estimates of salaries and
wages for detailed industrial categories. The changes
from 1937 to 1938 varied from industry to industry and
within industries to a marked degree. In manufacturing, salaries and wages for the entire industry dropped
20 percent from 1937 to 1938. In the subgroups, the
declines varied from 5 percent in the food and tobacco
division to 32 percent in the metal and metal-products
division. Similarly, in the mining industry, salaries
and wages declined 18 percent in the entire industry,
whereas the decreases varied from 3 percent in the oil
and gas division to 33 percent in the metal division.
Sizeable increases in pay rolls from 1937 to 1938 are

June 1939

shown for public education, the telephone industry,
and for counties, townships, and other minor government units.
In some industries, such as anthracite mining and
contract construction, pay rolls in 1938 were less than
half as large as in 1929. Within the manufacturing
industry, salaries and wages in the food and tobacco
division in 1938 were less than 4 percent below the
1929 level, whereas payrolls in the construction materials
and furniture division were 42 percent lower in 1938
than in 1929. In all branches of government, pay rolls
in 1938 wrere above those of 1929. In air transportation,
pay rolls were four times as large in 1938 as in 1929.

Table 5.—Total Compensation of Employees, by Industrial Groups, 1929-38
Absolute numbers (in millions of dollars)

Percentages of 1929

Item
1929

Total compensation
ployees l

1930

1931

1932

1933

1934

1935

1936

1937

1933

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

of em52,817 48, 248 40, 466 31,407 29,535 34, 275 37,032 42, 51247,169 43, 747 100.0

91.3

76.6

59.5

55.9

619

70.1

80.5

89.3

52,369 47, 781 40,001 30,956 28,456 32, 392 j 35,166 39, 281 43,851
39, 823 100.0
Total salaries and wages.
1,284 1,134
639
847 584
517
558
794
758 100.0
690
Agriculture, total
662 671 882 927 1,059 1,169 954 100.0
1,509 1,317
964
Mining, total...
200
154
122
100 100.0
257
146
129
247
128
136
Anthracite
401
534 418 100.0
275
413 443 520
635
297
531
Bituminous coal
138 198 132 100.0
58
76
57
99
Metal
-. 212 176 110
107
114 100.0
104 120
151
68
62
76
84
Nonmetal
139
146
195
190 100.0
168
254
115
127
163
224
Oil and gas
165
Manufacturing,, total
15, 758 13,589 10, 563 7,393 7,463 9,311 10, 494 11,878 13,965 11,155 100.0
Food and tobacco
1,550 1,480 1,255 1,018 1,043 1,268 1,328 1,411 1,572 1,495 100.0
Paper, printing and publishing
1,615 1,620 1,383 1,062
951 1,092 1,168 1,266 1,420 1.306 100.0
Textiles and leather
__ 2,899 2,413 2,108 1.52S 1,677 1,95: 2,175 2,262 2,421 2,018 100.0
Construction materials and fur1,812 1,447
608
759
591
niture
.
1, 096 1,292 1,049 100.0
772 100.0
Chemicals and petroleum refining.. 859 818 672 526 530 631
719
850
Metal and metal products
5,812 4,699 3,271 2,038 2,074 2,910 3,512 4,318 5,499 3,755 100.0
417 100.0
611
285
288 365
399
461
Miscellaneous and rubber
535
515
399
343 100.0
345
345
Central administrative offices
600
292 329
338
376
597
486
708
789
Contract construction, total
3,143 2,468 1,604
495
758 1,308 1,495 1,381 100.0
Transportation, total
4 , c - ~ 4, 47V 3,760 2,824 2,604 2,841 3,109 3,511 3,82' 3,442 100.0
Steam railroads, Pullman, and express
3, 228 2, 849 2,332
1, 561 1,690 1,831 2,056 2,216
Water transportation
472
321
437 100.0
443
434
506
374
286
297
376
Motor transportation and public
652 709
496 556
100.0
703
433
620 497
warehouses
711
382
270 285
292
308 324
319 100.0
Street railways
459
429
311
100.0
26
14
Air transportation
13
16
20
23
6
9
12
13
40 100.0
35
Pipe lines
30
38
49
50
44
40
41
31
Electric light and power, and manu403 429
476
484 399
537 100.0
factured gas, total
521
543
500
300 326
370
303
266
437 431 100.0
Electric light and power
391
412
378
103
106
103
106 100.0
96
100
106
Manufactured gas
109
109
106
489
537 603
507
609 100.0
534
461
707
Communication, total
716
641
415 432 458
532 100.0
394
517
590
537 458
Telephone
597
74
79
75
77 100.0
76
67
86
104
117
Telegraph
119
8,413 7,993 6,970 5,414 4,786 5,302 5,509 5,871 6,470 6,248 100.0
Trade, total
5,322 5,068 4,469 3,459 3,056 3,316 3,364 3,596 3,959 3,806 100.0
Retail trade
3,091 2,925 2,501 1,955 1,730 1,986 2,145 2,275 2,511 2,442 100.0
Wholesale trade
2, 527 2,419 2,146 1,902 1,704 1,764 1,795 1,92, 2,034 1,961 100.0
Finance, total2
534 566
562
573
597 60, 100.0
809
725
797
Banking
803
935 920 100.0
763
843 889
985
908 838
981
Insurance
502 436 100.0
407 395 390
463
Security brokerage and real estate.. 733 641 513 44'
4,938 5,066 5,052 4,899 4,385 4,548 4,950 5,364 5,558 5,826 100.0
Government, total
1,398 1,425 1,444 1,359 1,221 1,415 1,678 1,893 1,908 1,932 100.0
Federals..
__
421
616 100.0
425 428 409
541
465
519
385
404
State
_.
934 954 976 1,040 1,102 1,204 100.0
1,167 1,194 1,138 1,111
City...
County, township, and minor
382 3'
331
338 350
396
420 100.0
376
3
386
units
_._
1,612 1,657 1,
1,624 1,490 1,420 1,481 1,540 1,611 1,654 100.0
Public education...
6,494 6,031 5, 201 4,142 3,680 4,149 4,515 4,992 5,560 5,226 100.0
Service, total
97" 1,018 1,0' 1,135 1,138 100.0
970
1,189 1,215 1,154 1,053
Professional service
*
2,066 1,932 1,691 1,329 1,157 1,406 1,581 1,757 1,927 1,807 100.0
Persona] service 6
6
259
283
316
354 408 392 100.0
294
Recreation and amusement
478
437
365
324
390
380 100.0
336
298
484
418
328 354
465
Business service 7
Mscellaneous and domestic serv996 1,163 1,272 1,450 1,700 1.509 100.0
2,277 1,982 1,573 1,130
ice s
1,
Miscellaneous, total
2,171 2,050 1,769 1,413 1,324 1,438 1,536 1,
1,726 100.0

91.2

76.4

59.1

54.3

61.9

67.2

75.0

83.7

76.0

88.3
87.3
96.1
83.6
83.0
92.1
88.2
86.2
95.5
100.3
83.2

66.0
63.9
77.8
63.1
51.9
70.9
57.5
67.0
81.0
85.6
72.

45.5
43.9
56.8
43.3
27.4
45.0
45.3
46.
65.7
65.8
52.7

40.3
44.5
49.8
46.8
26.9
41.1
50.0
47.4
67.3
58.9
57.8

43.5
58.4
59.9
65.0
35.8
50.3
64.2
59.1
81.8
67.6
67.5

49.8
61.4
52.9
69.8
46.7
55.6
65.0
66.6
85.7
72.3
75.0

53.7 61.
70.2 77.5
50.2 47.5
81.9 84.1
65.1 93.4
£8.9 79.5
66.1 76.8
75.4 88.6
91.0 101.
78.4 87.9
78.0 83.5

59.0
63.2
38.9
65.8
62.3
75.5
74.8
70.8
96.5

79.9
95.3
80.8
84.3
99.5
78.5
90.9

54.
78.2
56.3
65.3
81.0
51.0
76.3

32.6
61.2
35.1
46.6
57.5
25.1
57.3

33.6
61.7
35.7
47.1
48.7
15.7
52.9

41.9
73.5
50. 1
59.7
54.8
22.5
57.

49.5
78.8
43.2
65.3
56.3
24.1
63.1

60.5
83.7
74.3
75.5
57.
41.6
71.3

71.3
99.0
94.
87.
62.
47.6
77.7

57.9
89.9
64.6
68.2
57.2
43.9

88.3
93.9

72.2
79.2

52.2
60.6

48.4
62.

52.4
68.0

56.7
79.7

63.
68.6
91.9 107.2

60.8
92.6

Work-relief wages
Employers' contribution to social
security
Other labor income

82.8

98.9 87.2 69.9 60.9 69.8 78.2 91. 7 99.7 92.5
67.1 70.6 69.5
62.1 63.
58.
9 3 5 83.2 67.
150.0 200.0 216.7 216.7 233.3 266.7 333.3 383.3 433.3
88.0 80.0 62.0 60.0 70.0 76.0 82.0 98.0 80.0
104.2 96.8 79.8 73.2 80.6 85.8 95.2 108.6
83.4 94.6 111.8
105.4 96.7 77.5 68.0 76.
97.2 97.2
94.
100.0 97.2 88.1 91.7 94.
76.0 85.3
101.3 90.7 75.5 65.2 69.2 71.
87.6
101.2 91.0 77.6 66.8 70.3 73.
101.7 88.9 65.0 57.3 63.2 64.
67.5 73.5
95.0 82.8 64.4 56.9 63.0 65.
69.8
95.2 84.0 65.0 57.4 62.3 63.
67.6 74.4
56.0 64.3 69.
94.6 80.9 63.
73.6 81.2
67.4 69.8 71.
95.7 84.9 75.
76.2 80.5
66.0 70.0 69.
98.5 89.6 76.
70.8 73.
77.5 81.5 85.
99.6 92.2 85.
90.3 94.
55.5 53.9 53.
87.4 70.0 61.
63.2 68.5
88.8 92.1 100. 108.6 112.6
102.6 102.3 99.
87.3 101.2 120.0 135. 4 j 136.5
101.9 103.3 97.
106.2 109.4 120.8 134.8 140.5
104.9 110.4 111.
80.0 81.7 83.6 89.1 94.4
102.3 97.5 95.
102.7 101.6 100.
102.8 103.2 100.
92.9 80.1 63.
97.1 88.
102.
93.5 81.8 64.
91.4 76.4 61.
96.1 86.4 69.4

88.0
92.4
56.
81.6
56.0
54.2
61.6

89.9
88.1
63.9
81.8
68.1
59.2
66.9

93.1
91.9
69.5
85.6
76.5
66.1
67.8

95.5
76.
90.6
85.0
74.1
73.1

49.6
65.1

43.7
61.0

51.1
66.2

55.9
70.8

63.7
76.9

87.0
94.4

69.1
81.5

107.4
110.2
97.2
86.1
90.2
65.8
74.3
71.5
79.0
77.6
74.8
93.4
59.5
118.0
138.2
160.0
103.2

105.3 111.7
99.9 102.6
85.6 80.5
95.
95.7
93.3 87.5
85.4 82.0
80.6 78.5
74.7
84.5

66.3
79.5

646 1,430 1, 339 2,383 1,739 2,144
467

465

451

"433

450

520

299
549

950 1,119
661 100.0 104.
630

103. 8 100.7

116.1 122.5 140.

147.5

1
Includes salaries and wages, work-relief wages, compensation for injuries, pensions granted under formal private plans, and contributions of employers to social security. The industrial classification covers only salaries and wages.
23 Does not include certain miscellaneousfinancialinstitutions which have been included in "Miscellaneous."
Does not include work-relief wages.
*5 Includes religious, private educational, curative, legal, accounting, and engineering (consulting) activities.
Includes
hotels, restaurants, laundries, cleaning and dyeng establishments, apartment houses and office buildings, barber and beauty shops, etc.
6
Includes motion-picture production and exhibition, radio broadcasting, and all other activities primarily providing entertainment.
78 Includes advertising agencies, trade associations, chambers of commerce, and other enterprises serving business establishments.
Includes various industries rendering services to automobiles, radios, elevators, watches and other commodities, and domestic service.



17

SURVEY OF CURRENT BUSINESS

June 1939

Table 29.—WHEAT STOCKS IN THE UNITED STATES l
[Thousands of bushels]

Quarter

1933

1924

1925

1926

1927

1928

1929

1931

1930

1933

1932

1934

1935

1937

1936

193S

1939

Total
540, 2P9 514, 899 395, 412
132, 312 137, 087 108, 401 100, 225 109, 506 112, 372 228, 373 288, 879 313, 288 375, 473 377, 942 274, 328
606, 696
434, 777

March.
June
September
December

293, 521
147, 543
575, 819
429, 036

270, 715
142, 076
541, 306
371, 652

210,935
102, 889
761, 016
533, 422

332, 425 446, 906
173, 093
845, 292
656, 242

On Farms
March. . .
June
September
December.

. __
35, 239
__

29, 349

28,638

_

78,
27,
356,
207,

954 101, 495 86, 530 130,913 131, 897 117, 223 172, 288 183, 173 119, 342 98, 726 98, 978 71, 463 124, 652 189, 090
071 26, 640 19, 588 45,106 60, 216 37,867 93, 769 82, 882 62, 516 44, 339 43, 988 21,851 59, 113
249 369, 010 421, 677 341, 387 385,915 490, 594 403, 044 295, 644 244, 275 269,169 225,172 326, 603 401,411
631 199, 641 254, 298 218, 468 253, 083 321, 985 274, 391 196, 860 145, 591 163. 360 128, 314 208, 510 281,190

Country Mills and Elevators
March
June
September
December

37, 117

36, 626

25, 287

29, 501

21, 776

19, 277

41, 54C

72, 253
30, 252

60,166

87, 218 68, 061 49, 772 38, 748 73, 496
48, 150 31, 729 22, 296 11,942 31, 433
115. 749 103, 042 113, 650 154, 757 174,410
91, 857 79, 348 78,140 114,825 138, 5y8

92, 646

49,919 34, 741 54, 426
25, 202 16,197 28, 333
82, 849 141, 496 139, 273
62, 366 94, 520 128, 748

82 689

100, 267 91, 720 74, 852 72, 046 65, 983 79, 851
107, 052 83,114 49, 524 50, 590 52,899 54 214
134 750 126 597 123 905 119 635 138 160 130 198
115, 035 106, 392 109, 634 102,832 115, 567 107, 706

82,481

69, 366
41, 585

95,907
64, 296

Commercial
March
June
September
December

28,956

38,112

28, 900

16,148

49,910 68, 791 124, 756 153,122
21, 052 38, 587 90, 442 109, 327
78, 811 115, 469 198, 211 220, 600
88, 581 144, 351 182, 226 199, 649

213, 583
203, 967
256, 327
226, 874

207, 215
168, 405
194,858
168, 465

135, 552 97, 132
123, 712 80, 548
156, 652 120, 075
132, 511 90, 937

51, 882
21,951
79, 703
76, 694

Merchant Mills
M^arch
June
September
December

31, 000

33, 000

25, 576

27, 505

40, 038

34, 920

51, 279

59, 170

91, 420
41, 202 71,714
125 816 127 772
115,654 122, 223

1
Compiled b y Bureau of Agricultural Economics, U. S. Department of Agriculture.
W h e a t stocks on farms and stocks in country mills and elevators are estimates of t h e
Crop Reporting Board based on reports from crop reporters as of the first of each quarter. Commercial stocks are reported monthly b y t h e Bureau of Agricultural Economics
and are now shown in t h e Survey under t h e title of " U n i t e d States (domestic w h e a t ) . " Stocks in merchant mi'ls (including wheat in elevators and stored for others) will
replace the series on mill stocks now being shown; it is based u p o n wheat stocks only which are reported b y t h e Bureau of t h e Census and raised to the 100 percent basis
by t h e Bureau of Agricultural Economics. Stocks reported as of J a n . 1, Apr. 1, J u l y 1, and Oct. 1 are shown as of t h e end of t h e March, J u n e , September, and December
quarters.

Table 30.—CONSTRUCTION COSTS—STANDARD SIX-ROOM FRAME HOUSE, FEDERAL HOME
LOAN BANK BOARD1
[Monthly average 1936 = 100]

Materials

C o m b i n e d Index

Labor

Month
1936
January
February
March
April
May
June
July
August .
September
October
November
December

_ __
-_

_

__._

_

_ . _ _ _

..
____--

. . . . . . .
_

.

M o n t h l y average-

_

1937

1938

98.5
98.7
98.8
99.1
99.4
99.7
100.1
100.4
100.6
101.0
101.6
102.4

103.6
104.9
106.7
108.3
109.2
110.0
110.5
110.7
110.5
110.2
109.9
109.1

108.4
108.0
107.6
107.2
106.9
106.9
106. 8
106.4
106.4
106.2
106.1
106.1

100.0

108.6

107.0

1939
106.0
106.0
106.1
105.9

1936

1937

1938

98.7
99.0
99.1
99.2
99.4
99.5
99 9
100.3
100.4
100 7
101.4
102 5

104.0
105.6
107.7
109.1
110.0
110 2
110 5
110. fl
110 3
109 8
109.2
108 1

107.2
106.5
105.7
105.2
104 8
104 6
104 2
103.4
103 4
103 3
103 2
103 1

100.0

108.8

104.6

1939

103.0
103.0
103.0
102.9

1936

1937

1938

98.1
98.1
98.2
98.8
99 4
99 9
100 3
100 5
101 0
101 5
102 0
102 2

102.7
103.4
104.7
106.7
107 7
109 5
110 6
110 9
111 0
111 2
111 2
111 0

110.9
111.0
111.4
111.4
111 3
111 5
112 0
112 3
1J9 4
112 1
112 1
112 1

100.0

108.4

111.7

1939
111.9
112.2
112.4
111.9

1
D a t a are compiled b y the Federal Home Loan Bank Board from reports received from Home Owners' Loan Corporation fieldmen in 90 representative cities, one-third
reporting each m o n t h in rotation. Costs of labor and materials are for a standard detached 6-room frame house with a volume of 24,000 cubic feet. T h e cost figures are collected on the first of each m o n t h as though the standard house were actually to be built in each city. All fundamental structural elements, including an attached 1-car garage,
are included, w i t h the standard specification sheet covering about 110 material items and 9 major labor groups; excluded are interior finishing costs such as wall-paper, wall
and ceiling finishes on plaster surfaces, lighting fixtures, refrigerators, water-heaters, ranges, screens, weather stripping, and window shades. Five percent is added to the labor
cost to cover compensation insurance, 2 percent is added to total cost for operating expenses, and 10 percent is added to total cost for builders' profits.
For a complete description of the standard house see p p . 353 and 354 of the July 1938 issue of the Federal H o m e Loan B a n k Review and the footnote to table 3 on"p. 376
of the same issue.
Of t h e 90 reporting cities approximately one-third report each m o n t h , although some variation occurs due to the substitution from time to time of more representative
cities. T o t h e average cost for each m o n t h for the reporting cities in t h a t m o n t h is added the cost for the previous m o n t h from the prior reporting cities and the cost of t h e
subsequent m o n t h for the third reporting group. T h e arithmetic average of the 3 reporting groups is taken as the average cost for the middle m o n t h for the country as a whole
T h e indexes are computed b y applying this average to the average of the 12 monthly figures for 1936.

150150—39


18

SURVEY OF CURRENT BUSINESS

June 1939

Table 31.—SHIPMENTS OF FLOOR AND WALL T I L E 1
Quantity, thousands of square feet

Month
1935

January
February
March
April.. .
May
June .
July
August
September
October
November
December

___
_,

_
_ _

_______

-

.__

_

-

_. __ _

Total
Monthly average

1936

1,090
1,317
1,778
2,101
2,549
2,611
2,911
3,288
3,301

1937 2

3,080
2,265

1,903
2,034
2,985
3,196
3,327
3,666
4 744
4,335
4,099
4,089
3,518
3,323

29, 714
2, 476

41 221
3, 435

Value, thousands of dollars

1938

1937 3

1939

S, 184
4, 935
4,175
4,015
4 500
4,438
4 409
4,349
4, 507
3 L36
3, 054
2, 603

3,416
5,201
4,461
4,283
4 748
4 721
4 701
4 639
4,742
3 571
3,219
2,714

2,356
2,490
3,289
3,250
3 703
4,138
4 134
4 761
4,267
4 331
3,996
3,261

47 604
3, 967

50 418
4,202

43 979

1935

3,549
3,562
4,969

3,665

1936

1937 2

1937 3

1938

j

357
375
511
599
695
711
786
928
961
1,007
933
718

622
637
887
984
1 117
1 161
1 480
1 385
1,353
1 369
1 185
1,106

1,023
1,541
1,358
1 379
1 528
1 512
1 483
1 450
1,408
1 137
999
823

1,074
1,596
1,446
1 444
1 593
1 570
1 554
1 521
1,466
1 171
1 038
849

770
736
934
959
1 059
1 166
1 195
1 381
1,235
1 243
1 129
956

8 582
715

18 285
1,107

15 64I
1, 303

16 323
1,360

12 763
1.064

1939
981
959
1,285

1 Data compiled by the U. S. Department of Commerce, Bureau of the Census, from reports of 47 manufacturers in 1935, 48 in 1936, 49 for period January through July 1937,
and 46 from August 1937 to date.
Changes in the number reporting represent new concerns, consolidations, mergers, and companies going out of business, except for the change in 1937 when data for concerns
not previously reported were added. Figures for 1935 and 1936 are thus not strictly comparable with later data. Data for 1937 are given on both the revised and unrevised
basis. Shipments in 1937 and 1938 were for firms which in 1936 accounted for approximately 98 percent of total production as reported at the Annual Census of Clay Products
Manufacturers for that year.
Shipments of floor and wall tile cover all glazed tile including white wall, faience, and colored tile, and ceramic mosaic and all other unglazed tile except quarry tile.
2 Comparable with 1935 and 1936.
3 Comparable with 1938.

Table 32.—ELECTRICAL PRODUCTS—ORDERS RECEIVED AND SALES BILLED l
[Monthly average 1936=100]

Transmission and distribution
equipment

Motors and generators
Month

Orders received
1934

January
February
March
April
May
June
Julv
August
September
October
November
December
Monthly average

-

Industrial materials

- - _-

48.9
59.3
60.9
61.2
67.0
63.7
71.4
66 6
72.4
70 9
62.7
80.5
50. 3 65.5

45.4
43.0
50.8
44.5
55 0
55.7
45.2
47 6
52.1
50 8
56 0
57.2

Sales billed

1936

1937

1938

1939

1934

1935

1936

1937

1938

1939

1934

70.5
76.2
82.6
87.6
94 5
137.9
1:8.0
99.3
115.2
92 7
97.4
148.1
100.0

131.6
138.9
196.4
158. 9
113 4
140.4
105.6
107 5
113.4
97 4
73 0
76.9
121.1

57.4
70.8
74.7
66.6
62 5
76.0
59.1
60 2
62.7
61 0
67.6
72.1

69.2
67.8
99 3

24.0
25.4
36.7
40.3
59 2
43.4
39.6
36 0
31.3
40 6
32 9
38.8
37.4

49.8
33.4
45.3
45.6
46.8
43.1
54.3
59.3
48.0
50 9
47.6
47.9
47.7

58.5
74.8
78.7
83.7
80.1
88.6
120.5
113.6
112.5
130.9
122.9
135.2

135.1
170.9
238.5
237. 3
139.6
163.9
161.6
183.5
118.8
116.4
100.8
71.5
153.2

70.2
79.3
91.4
105.4
77.3
84.7
73.0
90.8
87.0
76.3
73.1
79.4

81.0
108.3
129.1

54.8 73.0
53.3 73.3
75.2 80.3
68.0 82.3
72 6 80 0
74.6 67.1
60.1 68.8
61.8 78.4
50.6 81.3
56.4 101.8
52.6 86.5
55.9 76.1
61.3 79.1

1935

65.9

100.0

82.3

1935

1936

1937

1938

84.4
80.1
90.1
96.1
102 2
102.5
107.0
99 5
104.7
109 8
105.9
117.7
100.0

111.2
114.3
140.3
132.6
127 0
120.4
110.1
103.8
110.8
105 2
79.6
65.8
110.1

58.5
54.5
60.5
54.5
53 9
56.2
52.4
64.3
74.2
78 0
81. 9
79.2

1939
79 6

79.2
90 8

64.0

1

New series. Data are compiled by the National Electrical Manufacturers' Association. The indexes are comprised of the following products: Motors and generators—(a)
A. C. generators—engine and belt driven only (excluding all waterwheel and turbogenerators), (6) large A. C. motors (1 to 200 hp., inclusive, polyphase), (c). large D. C.
motors (1 to 200 hp., inclusive), (d) synchronous motors (1 hp. and larger). Data for fractional horsepower motors are not included. Transmission and distribution equipment—
(a) high voltage insulators, (6) paper cable, (c) power switching equipment, (d) transformers, larger than 500 kva, (e) transformers, 500 kva or smaller, (/) varnished
cambric cable. Industrial materials.—(a) electrical porcelain, (6) laminated products (electrical), (c) manufactured electrical mica, (d) vulcanized fiber.
The indexes are based on dollar volume data reported by members of the association, and according to the compilers, these reporting organizations are fairly representative
of the industry. Link relatives are used in the construction of the index in order to eliminate variations in the reporting sample. No adjustments have been made for seasonal
variations, long-time trend, or variations in the number of working days per month. For each composite, value figures for the individual products in each classification are
reduced to relatives and weighted according to the previous year's volume of orders and sales as reported by members of the association.

Table 33.—HOG-CORN RATIO J
[Bushels of corn per 100 pounds of hogs]

Month
Ja nuary
February
M arch
April__- __.
May
June
July..
A.ugust
-September
•
October
_
November
December
Monthly average

1913
13.6
13.9
14.4
14.4
12.7
12 3
12.1
11.1
10 2
10.4
10.5
10.3
12.2
1927

10.8
11.3
11.2
10.9
10.3
9 9
10.1
10.2
10 2
10.0
10.4
10.2
10.5

9.5
8.6
8.4
8.5
8.7
8.7
8.7
8.5
9.2
10.8
10.6
10.1
9.2

1928

1929

SfDtembpr
Ortobpr
November
December

17.1
16.8
16.7
15.9
12.9
9 4
9.3
9 5
10 3
11 6
12 2
10.8

10.4
9.6
8.7
8.4
8.6
8.5
9.4
10.2
11.7
11 3
11.3
10.4

Monthly average

12.7

9.9

January
February
March
April
May
June
July
AilETUSt

1916

1915

1914

10
10
11
11
11
11
11
10
9
9
10
10

9.9
10.5
11.5
10.3
S.8
8.3
7.4
7 n
9.0
10.1
11.2
12.0
9.7

1930
?
2
3
7

6
3
8
Q

n

9

30.8

1919

1918

1917

9.8
10.5
11.4
11.5
11.4
11 0
10.9
10.6
11.1
10.4
10.0
9.8
10.7

1931

1920

1932

1921
13.5
13.5
14.3
13.0
12.5
11.6
13.0
14.8
14.0
15.9
16.0
15.2
13.9

9 3
9. 2
8 .8
8 .4
7.6
7 1
7. 8
8 .6
10 1
13.0
15.1
13.3
9 .8

11.1
11.3
11.2
11.1
10.8
10.2
10.5
10.2
9.3
9.7
10.0
9.2
10.4

11 ?
10.3
10,1
10.2
10.3
10.0
9.9
10.4
10.8
11.0
11.5
11.3
10.6

1933

1934

1922
15.4
16.4
16.3
15.1
14.9
14.7
14.4
13.4
13.2
13.4
12.1
11.3
14.2
1935

1923
11.1
1C.6
10.0
9.4
8.5
7.4
7.7
7.9
9.1
8.5
8.5
8.9
9.0
1936

1924
9.0
8.5
8.6
8.6
8.5
8.1
6.7
8.0
7.7
8.7
8.7
7.9
8.2
1937

1925
8.3
8.4
10.6
11.2
10.0
9.7
11.5
11.4
11.6
13.4
14.3
14.9
11.3
1938

11.4 i
12.2
12.8
11.7 I
11.6 !
11. 5 i
10.9 i
9. 5 |
10.3 i
10 7 ;
12.4 i
11.5 !

11.8
11.6
12.0
V? 0
11 3
10 6
11 5
12 3
1 ° <\
14. 1
11.9
10.9

11.2
10.9
12. 1
11.4
9.8
9.6
14.1
13.4
13.5
15.0
15.7
14.5

14.0
15.2
15.6
li.4
10.0
9.9
7.2
7.8
8.0
10.7
9.1
7.0

7.0
8.5
8.2
7.4
6.5
6.3
6.7
6.3
7.8
6.8
6.7
6.0

8.1
8.4
9.8
9.2
9.3
10.0
10.2
12.6
13.2
13.3
15. 1
16.5

16.7
16.8
16.3
16.4
14.3
14. 5
11.4
9.5
9.2
9 4
9.2
9.5

9.3
8.9
8.7
7.6
7. 7
8.5
9.1
11.2
16.6
17.2
15.5

14.5
15.0
16.3
14.7
13.9
15.3
15.9
16.1
16.8
17.4
18.1
16.0

11.4

11.9

12.6

10.5

7.0

11.3

12.8

11.0

15.8

n.2

1926
15.8
17.2
17.5
17.5
17.8
18.7
17.7
14.7
15.8
16.2
17.3
17.0
16.9
1939

15.4
16.4
16.0

i Compiled by United States Department of Agriculture, Bureau of Agricultural Economics. Data represent the number of bushels of corn required to buy 100 pounds of
live hogs. Ratios are based on unweighted average prices received by farmers for corn and hogs on the 15th of each month.




19

SURVEY OF CURRENT BUSINESS

June 1939

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

1938

1939
April

April

May

June

July

1939

August

Novem- DecemSepber
ber
tember October

January

February

March

BUSINESS INDEXES
INCOME PAYMENTSf
Adjusted index...
1929=100Hnadjusted index
do.
Total
mil. of dol..
Compensation of employees:
Adjusted index...
1929 = 100
Total
mil. of dol
Mfg., mining, and construction
do..
Transportation and utilities...
do__.
Trade and
finance
do...
Government, service, and other
do
Work relief
_
....do...
Dividends and interest
do
Entrepreneurial withdrawals and net rents
and royalties
mil. of dol_.
Direct and other relief
..do...
Benefit payments under social Security Act
mil. of dol..
INDUSTRIAL PRODUCTION

82.6
83.0
5,435

81.4
81.6
5,342

80.4
76.7
5,020

80.7
82.3
5,388

80.7
81.0
5,304

81.5
76.1
4,985

82.0
83.5
5,465

82.1
86.3
5,651

83.2
80.9
5,302

84.1
90.9
5,955

83.7
'84.3
' 5, 517

83.5
77.8
5,093

'84.1
'84.2
' 5, 516

83.3
3,587
1,124
374
645
1,267
177
720

80.1
3,457
1,035
359
644
1,239
180
752

79.5
3,456
1,022
359
635
1,251
189
440

79.4
3,458
1,006
360
629
1, 266
197
800

79.8
3,357
1,002
366
625
1,175
189
788

81.4
3,418
1,056
373
619
1,173
197
412

82,5
3,570
1,102
374
632
1,265
197
692

83.1
3,675
1,137
386
641
1,305
206
739

84.6
3,675
1,145
377
646
1,298
209
450

86.2
3,718
1,166
378
683
1,288
203
1,079

85.4
3,580
1,125
373
639
1,250
193
779

85.1
' 3, 575
1,146
'363
631
' 1, 247
188
420

'84.8
' 3, 619
' 1,160
381
'637
' 1, 254
'187
735

990
94

995
'90

992
85

993
88

1,025
86

1,015
85

1,087
84

1,108
84

1,055
85

1,030
92

1,014
95

957
94

' 1,004

46

47

49

48

55

52

45

37

36

39

45

'60

(Federal Reserve)
78
77
99
97
77
91
81
Combined index, unadjusted
1923-25=100.
104
100
76
95
75
75
89
79
98
103
Manufactures, unadjusted
do__.
' 100
66
63
59
26
45
52
105
106
Automobiles
do._.
115
117
105
65
91
32
86
87
86
42
87
Cement.__
_
do...
48
83
64
65
46
155
47
107
69
147
72
""91
153
Olass, plate...
do...
133
155
138
55
88
51
75
58
46
Iron and steel
do...
90
91
101
89
'93
HI
97
119
102
87
121
102
Leather and products
...do...
'115
126
104
102
'125
209
206
196
203
192
205
202
197
202
199
208
Petroleum refiningf
.
do...
201
99
95
62
90
110
112
70
64
104
81
109
Rubber tires and tubesf...
..do...
100
114
94
90
76
101
101
77
82
81
79
80
Slaughtering and meat packing
do...
83
104
84
103
104
76
114
111
77
100
103
90
83
Textiles
do...
115
112
116
161
177
157
145
151
172
146
169
165
167
Tobacco manufactures
do...
147
167
156
106
102
105
103
91
97
90
92
91
Minerals, unadjusted
do__.
105
105
102
63
50
47
64
39
38
62
Anthracite
do...
74
65
66
58
50
79
76
49
55
'50
62
51
Bituminous coal
do...
83
82
83
86
77
86
78
28
78
0
76
0
67
Iron-ore shipments.._
do...
0
0
0
35
0
52
48
59
52
73
44
Lead
do...
65
70
71
69
75
58
70
163
163
170
170
Petroleum, crude.
do _.
164
165
156
174
158
163
166
164
'
171
101
97
96
104
84
Silver
do...
89
86
55
108
94
86
78
71
83
94
64
80
Zinc
do...
94
93
88
96
'96
96
91
77
83
77
76
Combined index, adjusted
do._.
101
98
103
104
95
73
82
87
74
73
Manufactures, adjusted
do...
100
103
96
104
84
54
45
43
46
87
49
Automobiles
do...
105
91
96
99
80
67
71
67
69
69
Cement
do...
69
84
90
82
155
42
89
77
80
44
Glass, plate
do...
107
147
133
131
155
153
90
' 49
62
70
46
79
47
Iron and steel
do...
76
94
87
109
'83
102
101
104
109
91
114
105
Leather and products
do...
103
103
124
124
'121
123
107
203
197
206
198
205
200
193
Petroleum reflningt
do
201
202
201
208
90
62
104
95
64
110
81
70
Rubber tires and tubesf
do...
109
114
112
100
89
84
90
98
84
83
81
Slaughtering and meat packing
do...
87
95
89
83
94
86
110
74
97
103
77
97
87
Textiles
do...
109
110
100
109
112
117
161
164
159
160
154
154
163
Tobacco manufactures
.do...
165
150
164
162
179
164
95
97
92
' 100
93
91
Minerals, adjusted
do...
110
110
99
110
102
109
38
50
71
45
47
64
Anthracite
do...
49
61
69
57
61
66
64
71
57
••60
60
57
Bituminous coal
do...
77
72
75
79
77
••78
37
41
34
0
38
19
50
0
Iron-ore shipments
do
0
0
42
0
46
50
64
74
54
60
69
50
Lead
_
_
do...
70
73
66
57
167
158
161
173
Petroleum, crude
..do...
170
156
161
153
171
169
169
165
105
102
86
102
Silver
do...
96
92
91
100
85
51
74
75
90
80
79
Zinc.
do
70
'94
87
MARKETINGS
Agricultural products (quantity):
72
65
Combined index.
1923-25=100..
77
92
92
73
131
117
76
68
79
81
Animal products
do
93
89
85
90
89
83
81
78
Dairy products
_
do
103
134
106
156
136
153
114
137
87
91
104
Livestock..
do
62
66
59
62
60
72
85
75
78
67
65
Poultry and eggs
do
123
119
116
79
73
102
76
68
116
116
104
Wool
do....
77
106
139
487
303
333
76
317
160
68
45
Crops
do
50
64
174
61
56
100
96
108
152
71
57
22
Cotton
do ..
42
267
22
19
19
61
154
78
235
35
95
Fruits
do
93
113
88
77
81
80
79
85
90
93
50
Grains.
do
63
128
72
68
205
85
155
62
110
50
89
Vegetables
do
117
107
63
116
67
46
61
87
78
107
Revised.
* Preliminary.
Digitized for' FRASER
fRevised series. Petroleum refining, unadjusted and adjusted, revised beginning 1934; revisions not given on p. 59 of the February 1939 issue will appear in a subsequent
http://fraser.stlouisfed.org/
Survey. Rubber tires and tubes, unadjusted and adjusted, revised beginning 1936; revisions not given on p. 19 of the April 1939 issue will appear in a subsequent issue. For
revised income
payments
beginning 1929, see pp. 15-20 of the October 1938 Survey.
Federal Reserve
Bank of
St. Louis

20

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the April
1938 Supplement to the Surrey

June 1939
1939

1938
April

MaJ

June

July

Sep- October Novem- DecemAugust tember
ber
ber

January

Febru- March
ary

BUSINESS INDEXES—Continued
MARKETINGS—Continued
Agricultural products, cash income from farm
marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100..
Adjusted
do....
Crops
do—
Livestock and products
do
Dairy products
do—
Meat animals
do—
Poultry and eggs
do—

55.0
64.5
51.5
78.0
76.0
75.0
70.0

58.0
70.5
60.0
81.5
88.5
75.0
68.0

60.5
67.5
58.0
77.5
84.5
71.5
75.5

61.0
72.0
66.5
77.0
80.5
76.5
76.0

72.0
82.5
86.5
78.5
82.0
80.0
75.0

72.5
72.0
63.0
81.0
84.5
82.0
75.5

85.0
72.5
61.0
84.5
86.5
87.0
75.5

91.5
67.5
55.5
80.0
86.0
77.5
77.5

78.0
69.5
55.5
84.0
85.5
83.5
83.5

72.5
68.0
55.0
82.0
89.5
78.0
81.0

68.5
67.5
55.5
80.0
88.5
79.0
67.0

51.0
60.0
44.5
76.5
85.5
77.5
56.5

57.5
64.0
49.5
79.5
80.0
84.0
71.5

' 192
226
"•322
171
199
101
100
108

' 196
240
••315
185
202
102
94

'203
259
'318
192
199
107
92
103

'221
287
"•316
184
218
115
102
129

'222
281
'308
168
221
118
104
146

'207
241
'300
172
195
119
105
163

'201
217
'294
179
199
126
105
169

'192
202
'284
172
188
129
102
169

' 189
201
'255
164
192
127
105
167

'186
202
'268
144
184
132
111
162

r 183
204
'258
120
187
126
126
151

r 181
201
'248
111
191
118
127
151

85.8
73.0
80.3
86.0
86.2
96.8

85.4
72.7
79.2
85.9
86.2
96.8

85.1
72.4
78.4
85.9
86.1
96.7

84.9
72.3
78.0
85.8
86. 1
96.7

92
91
70
107
78
66
116
108
92

91
88
71
100
81
66
116
114
S3

WORLD STOCKS t
Combined index (quantity)
Cotton, adjusted
Rubber, adjusted
Silk, a d j u s t e d - .
Sugar, adjusted
Tea, adjusted
Tin, unadjusted
Wheat, adjusted

--

.1923-25=100.
do...
do...
....do...
do—
do...
.do...
do...

205
240
101
129

COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
Combined index
Clothing
Food.
Fuel and light—
Housing
Sundries

1923=100.
do...
dodo...
do...
do...

85.0
72.2
78.2
85.2
86.2
96.7

86.8
75.1
81.1
85.7
87.2
97.6

86.5
74.5
80.8
83.7
87.0
07.6

94
93
71
110
68
82
114

86.7
73.9
81.9
83.7
86.7
97.5

86.5
73.5
81.7
84.1
86.6
97.4

85.9
73.4
80.1
84.4
86.6
96.9

85.9
73.3
80.4
85,0
86.6
96.8

85.8
73.2
79.8
85.6
86.6

85.6
73.2
79.5
85.9
86.4

82
98
71
103
77
79
111
88
82

73
77
116
92
84

95
103
71
101
79
72
123
99
87

92
105
69
102
78
62
115
92
09

95
118
69
104
75
63
117
107

95
124
72
107
70
60
111
107
107

94
131
73
109
71
60
111
102
95

127
70
112
73
63
109
108
108

94
97
71
109
76
66
112
96
109

79.4

79.1

75.7
86.4
80.2

80.0

78.4

78.4
88.0
78.7

78.1

77.8

89.3
78.6

77.5

89.1

90.2

89.5

89.2

89.0

89.0

89.0

89.0

88.9

88.9

89.1

89.1

96.0
88.4
88.8
90.5
84.1

97.1
89.9
90.8
93.5
85.4

97.0
89.6

96.9
89.4
89.3
91.9
84.9

96.8
88.9
89.0
91.5
84.8

96.6
89.0
89.4
01.3
84.5

06.5
88.7
89.4
91.1
84.5

96.4
88.7
89.4
90.9
84.5

96.4
88.7
89.2
90.4
84.4

96.3
88.7
89.0
90.4
84.3

96.3
88.7
89.0
90.5
84.3

96.2
88.5
88.9
90.5
84.3

PRICES RECEIVED BY FARMERS§
(17. /S. Department of Agriculture)
Combined index...
Chickens and eggs
Cotton and cottonseed
Dairy products
Fruits
Grains. __
Meat animals
Truck crops.
Miscellaneous

1909-14=100.
__do—
do___
do—_
do—
do—
do—.
do...
do—

87
70
95
82
67
114
102

RETAIL PRICES
U. S. Department of Labor indexes:
Coal:
Anthracite
1923-25=100.
Bituminous
do.._
Food..
do—
Fairchild's index:
Combined index
Dec. 31,1930=100.
Apparel:
Infants'do...
Men's
do..
Women's—
do..
Home furnishings
do..
Piece goods
do.

92.7
84.9

80.8
89.4
76.4

96.2
88.4
90.5
84. 3

WHOLESALE PRICES
U. S. Department of Labor indexes:
76.2
78.1
78.8
78.3
Combined index (813 quotations)..1926= 100..
78.7
78.1
78.3
77.6
77.5
77.0
76.9
76.7
Economic classes:
80.1
82.1
82.5
82.2
81.1
81.8
81.8
82.7
Finished products
do.
80.5
80.2
80.2
80.2
80.0
68.5
70.7
72.3
71.4
71.3
70.9
71.4
72.0
Raw materials
do.
71.5
70.9
70.1
70.9
70.9
74.4
75.4
75.3
74.3
74.1
75.9
74.4
74.7
Semimanufactures
do
76.2
75.2
74.6
74.4
74.9
63.7
67.5
68.4
69.4
68.7
66.8
67.3
68.1
Farm products
-do—
67.8
67.6
65.8
67.2
67.2
55.2
66.0
62.3
58.3
62.7
50.8
53.4
53.0
Grains
do
50.9
54.4
54.5
54.7
56.3
75.5
79.3
77.9
84.4
80.2
76.2
80.6
81.0
Livestock and poultry
do
75.2
74.4
78.2
79.2
78.0
72.3
68.6
72.1
74.3
73.1
73.5
73.0
74.5
Foods
.do—.
74.1
73.1
70.2
71.5
71.5
71.7
58.1
69.1
69.5
68.5
71.6
68.8
71.1
Dairy products
do
72.5
73.9
64.8
71.6
71.8
56.8
64.3
58.7
56.4
61.7
57.5
57.3
55.5
Fruits and vegetables
__.do
63.0
60.4
63.2
62.1
60.9
82.2
81.0
82.1
89.7
84.5
83.3
86.0
87.3
Meats
.do
81.9
79.9
82.5
83.2
81.6
Commodities other than farm products and
80.5
81.6
81.3
81.4
82.0
foods
-...1926=100..
81.4
81.1
81.3
80.6
80.3
80.2
80.2
80.4
89.6
90.4
89.7
89.2
91.2
Building materials
do.
89.4
89.8
89.5
89.2
89.4
89.5
89.6
89.8
93.0
90.5
90.6
90.7
90.4
Brick and tile
do.
90.6
91.1
90-9
91.5
91.5
92.4
92.5
92.4
91.5
90.1
89.9
91.0
89.9
Cementf
do.
91.0
90.7
90.7
90.6
90.6
90.6
91.5
91.2
91.5
89.3
88.7
88.8
91.1
Lumber
do.
90.2
90.3
90.4
90.2
90.9
91.7
92. 1
92.6
76.0
76.8
76.3
77.7
77.5
Chemicals and drugs
do
77.7
77.1
77.3
76.6
76.7
76.7
76.5
76.3
79.3
81.2
80.6
81.7
81.9
Chemicals
_
_
do
81.4
80.5
81.0
80.2
80.0
79.7
79.9
79.4
71.9
72.8
71.9
74.8
73.8
Drugs and Pharmaceuticals
do
74.8
74.9
74.8
73.6
73.5
73.0
72.2
72.7
69.6
69.6
69.5
66.9
70.1
Fertilizer materials
do
67.3
67.5
67.2
67.7
68.6
70.2
69.7
69.3
' Revised.
t Revised series. World stocks, rubber index, revised beginning January 1938; revisions for 1938 not shown above are as follows: January, 198; February, 204; March, 214combined index March, 187. For revisions in the combined index beginning 1920, see table 5, p. 17 of the January 1939 issue. Cement price index revised beginning *1926|.
and data not shown on p. 20 of the May 1939 Survey will appear in a subsequent issue; the building materials group and the combined index of all commodities have not
been revised, as the effect of the change in cement prices on these indexes is small.
§ Data for May 15,1939: Total 90, chickens and eggs 85, cotton and cottonseed 72, dairy products 92, fruits 85, grains 72, meat animals 112, truck crops 110, miscellaneous 83,




21

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

April

1939

1938

1939
April

May

June

July

August

September

DecemOctober November
ber

January

February

March

COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes—Contd.
Commodities other than farm products and
foods—Continued.
Fuel and lighting materials
1926=100..
Electricitv
do
Gas
do
Petroleum products
.
do
Hides and leather products
do
Shoes
do
Hides and skins
do
Leather
__do
House-furnishing goods
do
Furniture
_ do
Furnishings
do
Metals and metal products
_ do
Iron and steel
do
Metals, nonferrous
do
Plumbing and heating equipment
1926 = 100..
Textile products
do .
Clothing
do
Cotton goods .
_
do
Hosiery and underwear
_do
Silk and rayon
do
Woolen and worsted goods
do.__
Miscellaneous
do
Automobile tires and tubes
do _
Paper and pulp
do
World prices, foodstuffs and raw materials:
Combined indexf
1923-25=100
Cotton.
.do _ .
Rubber
do
Silk..
.
do
Sugarf
do . . .
Tea
_ do
Tin
do
Wheat.
do
Wholesale prices, actual. (See under respective commodities.)

76.2
86 4
88.3
56.4
91.3
102.5
63.4
82.1
87.2
83.6
90.8
96.7
101.8
68.8

76.4
85 0
90.4
56.3
90.1
101.8
62.3
81.6
87.1
83.5
90.7
96.1
100.9
67.2

76.8
84 7
91 0
56.8
91.5
101.2
70.8
82.5
86.4
82.2
90.5
95.2
97.2
71.8

76.8
81.6
88.1
56.7
91.9
100.8
75.6
82.1
86.4
82.2
90.5
95.4
97.3
72.9

76.6
81 8
88.7
56.4
92.0
100.8
75.7
82.4
86.2
82.1
90 2
95.5
97.3
73.5

75.4
81 8
87.1
53.8
93.4
100.3
82.1
84.6
85.7
82.1
89 3
95.3
96.9
76.2

73.7
81 8
84 6
51.5
94.6
100.4
85.5
86.9
85 8
81.9
89 7
94.9
96. 9
77.6

73.2
82 7
81.6
50.9
93.1
100.6
78.8
85.9
86.0
81.6
90.3
94.6
96.8
76.8

72.8

73.0

73.1

51.9
90.9
101.2
68.3
82.8
85.4
81.0
89.6
94.0
96.1
74.7

76.8
87 0
85.2
57.5
92.1
104.5
62.6
82.2
87.3
83.6
90.9
96.3
100.4
70.7

82.2
50.4
93.1
101.2
78.4
85.0
85.4
80.5
90.1
94.4
96.4
76.7

50.7
91.9
101.1
72.8
84.2
85.2
80.5
89.8
94.3
96.1
76.5

50.9
91.8
101.2
73.8
82.7
85.2
80.5
89.7
94.3
96.1
76.6

79.3
66.9
81.6
63.4
60.2
37.8
75.2
74.4
60.5
81 1

77.2
67.2
84.6
65.7
60.6
28.9
77.1
73.4
57.4
87.5

77.2
66.1
82.2
65.0
60.5
28.4
76.0
73.1
57.4
86.9

77.2
65.5
82.2
63.9
59.7
27.6
75.6
72.9
57.4
85.5

79.5
66.1
81.7
65.1
59.8
29.9
75.9
72.7
57.4
82.8

79.2
65.9
81.7
64.4
59.8
29.2
76.3
72.4
57.4
82.4

78.5
65.8
81.6
64.1
59.9
29.5
76.3
72.4
57.4
81 9

78.5
66.2
81.6
64.6
59.9
30.9
76.3
72.6
57.4
81.7

78.7
66.2
81.6
65. 1
59.9
30.3
76.4
73.0
58.8
81.5

78.7
65.8
81.6
64.6
59.3
30.8
74.8
73.1
58.8
80.9

78.7
65.9
81.5
64.3
59.1
32.1
74.5
73.2
58.8
81.0

79.2
66.1
81.5
63.7
58.8
34.7
74.7
73.5
59.7
81.1

79.3
66.6
81.5
63.7
59.9
36.1
75.1
74.1
60.5
81.3

43.2
32.4
37.2
33.4
35.2
69.6
93 9
38.5

40.7
32.4
27.7
22.6
26.0
76.9
76.3
68.5

38.8
30.9
27.1
22.4
26.2
75.3
73.3
62.9

39.6
30.9
29.4
22.5
27.1
70.9
80.3
64.0

41.2
32.7
36.0
25.3
28.2
70.5
86.3
62.4

39.1
30.9
37.7
24.3
28.1
76.3
86.1
53.9

38.3
29.8
37.8
25.2
28.9
78.4
86 3
50.2

37.8
31.6
39 6
25.9
26.8
72.9
90 0
46.7

37.5
33.5
38 0
25.2
28.8
66.0
92 0
42.3

36.5
32.0
37.6
25.3
30.4
67.2
91.9
38.1

37.2
32.7
36.9
26.5
31.3
66.7
92.3
39.3

37.8
33.1
37.3
29.5
30.9
67.0
90.8
41.1

37.3
33.1
38.1
31.0
31.9
66.6
91.9
36.8

132.1
130.5
165 3
119.6

128.0
125.9
156.5
117.2

128.9
126.4
159.7
117.5

128.6
124.7
159.7
117.2

127.8
125.0
154.8
117.5

128.9
127.6
159.7
118.3

128.6
127.1
154 8
118.3

129.8
128.0
154 8
118.5

129.9
128.5
156. 5
118.8

130.8
127.2
153.1
118.5

130.9
129.0
156.5
119.0

130.9
130.2
159.7
119.5

131.3
130.9
161.6
119.8

73.4

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

1923-25 = 100..
. . . do
_
do
do

CONSTRUCTION AND REAL ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
65
61
69
79
85
Total, unadjusted
1923-25=100..
63
77
78
70
46
49
44
52
43
56
54
Residential, unadjusted...
do
58
51
48
56
45
54
59
51
66
52
78
Total, adjusted
do
96
73
82
96
'69
86
42
49
37
53
37
56
Residential, adjusted
do
56
57
57
P56
'55
58
55
F. W. Dodge Corporation (37 States):f
18,194
17, 648
17, 465
15,058
18, 770
16,926
19, 664
16,027
Total projects
number.. 22, 282
13,015
17, 772
20, 233
13, 281
Total valuation
thous. of dol._ 330, 030 222,016 283,156 251,006 239, 799 313,141 300,900 357, 698 301, 679 389,439 251, 673 220,197 300,661
97, 838 171, 099 160,125 203,359 178,948 279, 403 147, 916 110,975 127, 776
99, 219 143, 700 107, 777
Public ownership
do
159, 656
Private ownership
_do
170,374 122, 797 139, 456 143, 229 141,961 142, 042 140, 775 154, 339 122, 731 110,036 103, 757 109, 220 172,885
Nonresidential buildings:
3,499
3,188
3,268
3,416
2,965
3,592
3, 585
3,495
3,363
3,594
3,400
2,348
Projects
number..
2,456
11,579
14,429
13, 787
14,744
13, 578
25, 503
21,515
15, 599
23, 223
Floor area
thous. of sq. ft_. 16, 563
12, 783
17, 944
14, 351
72,
563
87,
316
81,803
77,
771
80,
435
Valuation
thous. of doJ_. 94, 656
91, 997 131,020 116,008 139, 513
69, 544
97, 786
84, 999
Residential buildings, all types:
12, 673
12,757
12,209
10, 554
13, 488
Projects
number.. 17, 387
9,669
12,515
10,413
11,600
13,907
9,750
15, 438
21, 275
21,579
18, 732
20, 550
23, 574
Floor area
thous. of sq. ft__ 28, 382
21, 781
23, 405
22, 720
27,177
19,176
30,725
19, 981
85,
682
74,
577
99,
732
87,978
83,153
Valuation.
thous. of dol
99, 574 112, 673
95, 253
91, 539
79, 020 125, 225
80,163
114, 405
Public utilities:
195
151
213
274
197
Projects
number..
259
330
500
335
323
258
273
13, 431
43, 699
9,373
37, 980
Valuation._.
thous. of doL. 35, 336
44,312
26,167
21,176
19, 640
29, 509
19,726
18,518
Public works:
1,552
1,775
1,827
1,342
1,592
Projects
number..
1,342
1,619
1,675
944
817
1,828
1,172
725
74, 832
65, 827
Valuation
thous. of dol__ 85, 633
57, 631
88,113
92, 829
78, 533
57,002
83,162
53,115
70, 692 114,075
58,010
Building permits issued in 1,790 cities:f
62, 382
57, 652
63,016
61,941
65, 492
Total buildings
number.. 62, 775
64,203
69,615
38, 247
38,902
53,615
62, 303
37, 721
Total estimated cost
thous. of doL. 165, 978 138, 833 123, 732 143,394 163,186 159, 455 158, 492 164, 244 148,480 147, 791 156, 704 149,572 177,903
New residential:
14,214
14, 308
14, 995
12, 793
Buildings
_
number.. 17,697
16,106
14,121
15, 058
11,059
11, 652
15, 761
11,476
18, 635
65,111
Estimated cost
thous. of dol.. 87, 441
62,594
85, 079
90, 722
62, 767
72, 056
78,394
88,117
94, 374
74, 053
85, 719
70, 768
New nonresidential:
Buildings
number.. 11, 520
10,787
10, 635
9,570
10, 915
11,699
12,003
10, 459
6,961
13,011
6,449
5, 690
10,496
Estimated cost...
thous. of dol.. 44, 830
44, 855
31, 529
43, 335
45, 309
43, 313
47, 180
56, 310
51, 060
63,115
61, 399
37, 730
52,886
Additions, alterations, and repairs:
I
Buildings
number.. 36. 558
37, 921
36, 752
38, 233
37, 687
37,142
33,868
29, 035
20, 801
40, 843
20, 227
20, 555
33,172
Estimated cost
thous. of dol.. 33, 706
27,155
31, 384
28,025
28, 003
22, 767
29,540
26, 233
27,092
24,537
21,909
26,123
30, 643
' Revised.
v Preliminary.
fRevised series. Data on world prices revised beginning 1920; see table 4, p. 17, of the January 1939 issue. Construction contracts awarded have been revised for the
period 1925-36, and will be shown in a subsequent issue of the Survey. The revision was occasioned by the reclassification of certain items in the nonresidential, public works,
and public utilities groups. The 1937 figures shown on p. 24 of the May 1938 issue and 1938 data given in that and in subsequent issues had previously been revised to the
new basis. See also the appropriate note in the 1938 Supplement. The data on building permits are based on reports from 1,790 identical cities having populations of 2,500
or more, and supersede those shown in the Survey through the issue of May 1939 which were for 1,728 cities in the same size group. The present series include data for 62
additional cities, but the total estimated cost of permits issued was increased by only 0.2 percent in 1937. Data beginning January 1936 will appear in a subsequent issue of
the Survey.




22

SURVEY OF CURRENT BUSINESS

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

1938

1939
April

June 1939

April

May

June

July

August

1939
Sep.
tember

DecemOctober Novemary
ber

Janu
ary

Febru
ary

March

CONSTRUCTION AND REAL ESTATE—Continued
!

I
1

CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED—Con.
Estimated number of new dwelling units provided in all urban areas :$
Total...
number..
1-family dwellings
do
2-family
dwellings
_ _ __ do
do
Multifamily
dwellings
Engineering construction:
Contract awards (E. N. R.)1__thous. of dol__ 240, 735

' 25, 963
r
r

193,374

183, 806

1,056
9, 523

r 25, 818 ' 25, 684
»• 17,262 r
r
1,168
r 1,416
7, 140 ' 8, 401

23,648
16,857
1,290
5,501

22, 064
14, 781
1,042
6,241

18,355
11, 517
796
6,042

22,167
13, 306
1,196
7,665

26,149
12, 305
1, 210
12, 634

28, 547
19, 309
1,388
7,850

339, 250

311,693

203, 843

285, 566

223, 066

223, 333

236, 271

289, 725

235,898

217,023

8,432
6, 201
2,231

5,194
3,511
1,682

7,247
4,548
2,699

5, 064
3,213
1,851

4,671
2,871
1,800

4,583
2,001
2,582

4.270
2 765
1, 505

3,190
2,085
1,105

1,245
686
560

2,143
860
1,283

5,002
51,299

4,728
53,137

4,109
48,958

3, 463
43, 373

3,337
38,572

3,122
36, 231

3, 390
37,677

3,306
36,294

3,177
35,968

3,081
34,9b9

8,991
135,164
254, 869

9,278
134,900
257,078

9,521
135,158
260, 494

9,418
133,337
256, 592

8,872
130,841
252,852

7,968
120,453
234, 256

7, 514
113.828
221,530

7,540
113,466
218, 965

7,721
114,185
221,046

7, 855
115, 212
222, 630

12,090
12, 782

12, 836
13, 676

11, 416
12,136

12, 561
13, 370

12,112
12,877

13,930
15,159

12,794
13,867

13, 572
14, 587

13, 613
14, 285

12, 906
13, 374

42,452
43, 594

41,031
42,058

40, 399
41, 298

37, 676
38, 567

35, 451
36,387

35, 883
36,808

35, 023
36, 026

36, 440
37, 932

37, 930
39, 777

38, 817
40, 747

183
169
192
167
185

HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
4,284
3, 385
5,306
Total
thous. sq. yd._
2,081
3,039
4,543
Roads
do
1
304
1,245
763
Streets and allev^r?
do
Status of highway and grade crossing projects
administered by the U. S. Bureau of Public
Roads:
Highways:
Approved for construction:
4,031 • 5,011
3, 081
Mileage
. . no. of mi!es_
35 600
44,072
51,158
Federal funds
thou^. of dol
Under construction:
8,031
8, 301
7,667
Mileage
no. of miles..
Federal funds
thous. of dol__ 120, 505 123,958 129,160
232, 772 227,012 236,044
Estimated cost
do
Grade crossings:
Approved for construction:
12,107
12,419
10,690
Federal funds
do..._
12, 529
11,674
13,384
Estimated cost
do
Under construction:
40, 654
45,275
45,162
Federal funds
do
42, 654
46, 832
46, 755
Estimated cost
do
CONSTRUCTION COST INDEXES
Abertbaw (industrial building)
1914 = 100.
American Appraisal Co :
182
Average, 30 cities
1913=100..
168
Atlanta
do
193
New York
__
do...
169
San Francisco
do
185
St. Louis
.
do..
Associated General Contractors (all types)
188
1913=100-.
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
95.3
Atlanta
U. 8. av., 1926-29 = 100-.
New York
do
130. 6
117.0
San Francisco
_
do
11S.6
St. Louis
do
Commercial and factory buildings:
Brick and concrete:
97.6
Atlanta
__
do
133. 4
New York_
_
__,do
121. 4
San Francisco
do
119.7
St. Louis
do
Brick and steel:
95. 6
Atlanta
do
129. 8
New York
do
115.3
San Francisco
..do
j 118.5
St. Louis
do
Residences:
Brick:
86.1
Atlanta
_
do
123. 1
New York
do
San Francisco..
. do
101. 7
110.3
St. Louis
do
Frame:
82.8
Atlanta.__ ._ do
121.9
New York-_
.
do
98. 7
San Francisco
do
107.2
St. Louis .
do
Engineering News Record (all types) §
1913 = 100-.
234.9

192

188

189

189

182
168
193
162
186

181
168
192
162
184

181
168
191
164
184

181
167
191
164
184

181
167
191
184
184

182
167
192
166
184

182
169
192
166
184

182
169
192
166
184

183
169
192
167
185

1S3
169
192
167
185

189

189

188

188

188

188

188

188

188

188

188

188

95.9
126.5
114.6
118.8

95.8
127.0
116.1
118.7

96.4
129.2
116.1
118. 6

96.4
128.2
116.0
118.3

96.1
129.8
115.9
118.5

96.1
129. 9
118.0
118.5

96.2
129.7
115.9
118.7

96.5
130.1
115.9
119.1

96.1
130. l
116.0
119. 1

95.3
130.0
117.6
119.1

95.2
130.1
117.6
119. 1

95. 3
130.0
117.6
119.1

97.9
127.6
118.7
122.8

97.9
128.4
121,0
122.8

98.5
131.4
121.0
119.9

98.5
130. 3
120. 9
119.6

98.2
132.7
120.9
119.8

98.2
132. 7
121. 0
119.8

98.2
132.4
120.9
119.8

98.4
132.8
120.9
120.1

98. 0
132.8
121.0
120.1

97.4
132.6
122. 3
120. 1

97. 5
132. 7
122. 3 !
120. 1

97.4
132. 7
122.3
120.1

97. 5
127.2
115.1
121. 3

97.5
127.5
116.8
121.5

98.1
129. 6
116.8
120.8

97.8
128.1
116.2
119.4

96.7
128.9
115.6
119.8

96.7
129.0
116.2
119.8

96.8
128.9
115.6
120.1

96.5
129.3
115.6
120.5

96.2
129.3
110.2
120. 5

96.0
129.4
117. 7
120.4

96.2
129. 2
117. 7
120. 4

96.0
129. 4
117.7
120.6

83.7
120.7
104. 9
108.2

83.2
121.0
105. 3
108.0

84.3
121. 3
105. 3
106. 9

85.3
121.1
105.4
107.4

85.6
122.3
105.4
108.8

85.6
122.8
105.4
108.8

86.0
122.6
105.4
109.9

87.4
122.4
105. 4
111.0

86. 3
122.4
105. 4
111.0

85.0
122. 5
106. 6
110.7

85 7
122. 2
106. 6
110. 7

'• 85.0
! 122.2
i 106.6
: 110.3

81.1
118.1
97.7
103.1

80.4
118.3
97.4
102.8

80.9
118.8
97.4
102.8

82.2
119.3
97.5
103. 3

82. 3
120. 0
97. 5
105.1

82.3
120.5
97.5
105 1

82.8
120.4
97.5
106.5

84.6
121.2
97.5
108.1

S3.1
121.2
97.5
108.1

81.6
121. 3
98.7
107.7

82.5
121. 1
98.7
107.7

81. 6
121. C
9S.7
107.2

238. 0

236.8

236.9

232.3

232.4

232 7

234. 3

234.4

234. 9

234.7

234.3 1

234.4

63, 267
928,433

61,775
958, 471

182
168
193
163
187

REAL ESTATE
Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
thous. of d o l . . 64, S95
P r e m i u m paying mortgages (cumulative).do.. 1,496,794

41, 224
51,058
42. 218
63,486
64, 627
58, 250
74,191
67, 878
68. 344
60.419
997, 850 1,038.627 1,082,454 1.131,404 1,189,823 1,244,141 1,300,446 1,355,829 1,400,212 !l,450,57£

§ Index as of May 1, 1939, is 234.7.
r Revised.
^Data for June, September, and December 1938 and March 1939 are for 5 weeks: other months, 4 weeks.
cf Data for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938.
X Monthly data for the period Jan. 1937 through June 1938 are in process of revision and will be shown when available. Revisions in data for January 1937 to September
1937 are minor; revisions in figures for the period October 1937 to June 1938, available at the present time on a quarterly basis only, are as follows: Fourth quarter, 1937—total,
39,518; 1-family, 26,928; 2-family, 2,520; multifamily, 10,070; first quarter, 1938—total, 42,352; 1-family, 28,585; 2-family, 3,142; multifamily, 10,625; second quarter, 1938—total,
61,869; 1-family, 45,865; 2-family, 3,965; multifamily, 12,039.




23

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939
April

April

May

June

July

1938

1939

August

February

September

October

Novem- December
ber

January

March

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE-Continued
Estimated new mortgage loans by all savings
and loan associations:!
72,931
73,378
58, 309
73, 307
72, 279
73, 067
64,070 63, 934
55, 567
Total loans—
thous. of dol_. 83, 425
71,647
67, 639 74, 709
Loans classified according to purpose:
Mortgage loans on homes:
22, 099 18, 627 19,152
21, 254
16,027
23, 727
19, 400
19,892
19, 096 22,575
16,099
17,710
Construction
.do
21,018
24,677 21,205
24, 705
19,118
29, 903
24, 123
25,636
21, 924 23,833
20, 826
17, 503
25,494
25, 698
Home purchase
do
12, 913 12,182 12, 805
12, 551
14, 871
15, 384
15, 281
13, 885
13,194
14,701
11, 749
15, 772
12,416
Refinancing
_
do
5,727
3,593
4,974
5,416
6,211
4,211
5,397
5,528
4, 025
3,389
5,683
4,821
4,791
Reconditioning-.
__.do
7,515
8,059
8,443
7,020
9,437
8,337
8,028
8,072
7,126
8,648
7,235
6,827
7,724
Loans for all other purposes
do
Loans classified according to type of association:
26, 534 24, 220 25, 019
29,811
22, 298
24, 721
26,310
26.107
23. 823 26, 858
20, 894
25, 650
Federal
thous. of dol.. 33, 400
30, 546 26,115 26, 504
30,124
31,196
24,191
32, 562
30, 350
SO! 23S
28, 973 29, 506
23,071
29,255
State members..
do
16, 362
15,851
13,443
12, 411
11, 820
17, 463
16,962
16, 407
14, 843 18, 345
13,735
11,602
16, 742
Nonmembers
..do
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of doL. 1,089,879 919, 700 930, 300 947, 500 961,300 976,074 994, 218 1,011,087 1,020,873 1,034 ,162 1,040,770 1,05] ,109 1,067,887
Federal Home Loan Banks, outstanding advances to member institutions
161, 614
189,415 189,548 189, 217 189, 685 198 840
thous. of doL, 157,176 183, 747 186, 507 196, 222 191,8
178,852 170 614
Home Owners' Loan Corporation, balance of
,234,899 2,221,417
.7 2,203,896 2,186,170 2,168,920 2,149,038 2,134,261 2,117,598
loans outstanding..
thous. of doL. 2,105,824 2,301,894 2,281,884 2,265,153
Foreclosures:
164
194
161
154
'173
189
191
169
169
153 I
159
154
Nonfarm real estate
1926 = 100.-.
165
181
151
177
138
157
177
153
161
157
142
151
145
Metropolitan communities
do
155
22, 918
19,474
30,
682
25, 616
20,435
20,821
23, 373
24,798
304
32
29
Fire losses
thous. of doL
758
27,615
28, 659

DOMESTIC TRADE
1

ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
Combined index
-1928-32=100.66.2
Farm papers
_
do
80.6
Magazines
._
do
76.0
Newspapers
do
Outdoor
do
Radio
do
253.3
Radio advertising:
Cost of facilities, total
thous. of doL. 6, 678
657
Automobiles and accessories
do
25
Clothing
__._
.do
0
Electric household equipment
do
54
Financial
_.do
2,241
Foods, food beverages, confections
do
House furnishings, etc
do
39
Soap, cleansers, etc
do
746
0
Office furnishings, supplies
do
Smoking materials
.do
870
Toilet goods, medical supplies
do
1,781
All other
do
264
Magazine advertising:
Cost, total...
..do
16,818
Automobiles and accessories...
..do
2,997
Clothing
do._.
1,020
Electric household equipment.
-do.-.
808
Financial
do-._
508
Foods, food beverages, confections
do
2, ISO
House furnishings, etc
do
1,025
Soap, cleansers, etc
do__.
468
Office furnishings, supplies
do
203
Smoking materials
do
684
Toilet goods, medical supplies
do
2, 508
All other.
do
4,419
Lineage, total
_.thous of lines..
2, 715
Newspaper advertising:
Lineage, total (52 cities)
do
111,160
Classified
_.
.
do.... 22, 824
Display, total
do
88, 335
Automotive
____do
6, 055
Financial
do
2,105
General
_
__do
17, 655
Retail
do...
62, 520

82.4
69.6
79.9
76.7
91.3
226.5

80.0
67.2
75.0
74.7
85.0
250.5

79.5
66.8
73.0
74.8
76.6
281.0

77.4
55.8
74.7
72.5
74.7
261.0

80.3
79.3
74.5
75.2
77.0
274.7

82. 1
58.8
73.5
78.9
76.9
260.0

78.4
64.7
73.6
73.8
77.7
242.3

82.0
79.9
65.9
257.6

88.0
70.3
78.8
86.0
71.0
261.7

76.4
57.6
72.6
71.5
72.2
273.6

5,924
632
19
90
36
2,107

6,051
639
56
87
22
2,122

626
0
674
1,489
252

662
0
724
1,482
257

5,524
557
34
72
27
1,949
0
647
0
678
1,374
187

4,493
374
33
10
22
1, 434
0
580
0
616
1,236
188

4, 530
352
37
0
27
1,380
0
624
0
672
1,242
195

4,781
447
30
0
21
1, 543
0
611
0
655
1,308
166

6,509
626
18
0
19
2,103
48
626
0
853
1,851
365

6,713
600
18
0
26
2,157
39
674
0
861
1,990
349

6, 754
626
10
0
21
2, 301
39
653
0
853
1,977
273

6, 567
7,023
617
647
33
25
0
0
53
41
2,194
2,318
39
49
691
714 i
0
0
796
836
1,859
2,045
285
348

7,404
747
50
0
64
2, 501
38
818
0
885
2,020
281

15,733
2,272
977
839
392
2, 254
877
440
211
818
2, 550
4,104
2, 628

14,564
1,968
898
657
410
2, 035
954
396
206
914
2,173
3,953
2,658

11,316
1,474
706
365
356
1,657
560
418
122
777
1,894
2,987
2,202

8,411
1,268
257
98
311
1, 654

7,380

284
41
651
1, 540
2,0G0
1,602

341
19
266
1,353
130
275
116
705
1,344
1,943
1, 472

9,846
/oy
822
136
341
1,516
599
355
228
734
1, 642
2,703
2,112

13, 668
1,630
1,022
342
444
2,073
862
398
223
889
2,261
3,524
2,318

13,412
2,142
689
312
426
2,143
679
363
225
829
2,210
3,394
2, 251

11.529
1, 295
531
470
299
1,931
509
234
206

7.r>5
1,815
3. 424
1,658

8,023
1,186
272
67
320
1, 457
194
211
122
654
1, 266
2,274
1, 929

11,536
1,475
495
195
376
2,099
377
500
148
591
2,183
3, 096
2,294

14,243
2,153
829
395
431
2, 255
636
421
220
748
2, 537
3,617
2, 591

.09, 917
22, 646
87, 271
4,347
1, 459
17,505
63,960

109, 906
22, 695
87, 211
5,676
1,396
18, 310
61, 830

98, 519
21, 331
77,388
4, 340
1, 556
16, 253
55, 039

83,653
20,301
63, 352
3,031
1, 869
13,028
45, 424

86,102
20, 808
65,293
2. 623
1, 201
12. 175
49, 295

103, 8*9
21,376
82, 493
2, 3«5fi
1,209
15. 888
03. 031

113,558 113, 457
20, 233
22,411
91,147 93, 314
6,608
4,932
1,449
1,732
18, 749
18,411
66, 073 66, 509

118,096
20, 372
97, 723
3, 581
1, 574
14,028
78, 540

87,418
19. 556
67, 861
2, 446
2, 301
12,771
50, 343

i

Q

ooo
OOO

83.6
65.7

79.5
59.9
78.4
74.2
73.8
265.6

84.4
56.4
80.4
79.8
82.0
262. 7

86, 651 111,815
18,318
22,147
68, 333 89, 668
4, 768
3,458
1,695
1,403
14, 024 17, 414
65,
792
49, 448

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

69.5

69.7

69.3

68.2

68.4

69.3

69.9

70.9

69.5

'70.4

NEW INCORPORATIONS
1,818
1,940
Business incorporations (4 States)
number...
1,874
1,910
1,940
1,877
1,774
1,818
1,614
1,614
1,723
1,793
1,943
2,210
1,821
1,910
1,877
1.943
1.793
r
Revised.
t R e v i s e d series. F o r revised d a t a on e s t i m a t e d n e w mortgage loans b y all savings a n d loan associations, 1936-37, see table 12, p . 16, of t h e M a r c h 1939 S u r v e y .




70.4

24

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 19S7, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the
April
1938 Supplement to the Survey

June 1939

1938
April

May

Jane

July

1939

August September

October

Novem- December
ber

January

February

March

DOMESTIC TRADE—Continued
POSTAL BUSINESS

Air mail:
Pound-mile performance
Money orders:
Domestic, issued (50 cities):
Number...
. Value
Domestic, paid (50 cities):
Number
_
Value

thousands
thous. of dol._

Receipts, postal:
50 selected cities 50 industrial cities

1,156

1,303

1,255

1,199

1,273

1,235

1,299

1,252

1,431

1, 244

1,221

4,171
38,119

4,168
40, 039

4,002
38,111

3,956
37, 450

3,720
35, 862

3,842
37, 238

3,775
36, 651

4,170
39, 485

4,067
37, 996

4,654
42, 202

4,234
39, 227

4,140
36,900

4, 662
41,891

thousands
thous. of dol

13,164
95, 899

13,312
100, 887
2,556

12, 789
97, 283
2,070

13, 366
100, 250
2,220

11,975
92, 785
2,151

12, 543
98,006
2,097

12, 846
99,470
2,606

13,989
107, 933
1,985

14,028
106,097
2,280

15, 793
113,841
7,717

12,939
94,176
2,142

12, 371
88,734
2,027

15, 307
109, 980
3,170

thous. of dol
do

29,830
3,618

' 29, 563
3,641

28, 247
3,485

28, 007
3, 500

24, 602
3,303

26, 609
3,446

29, 517
3,472

30, 850
3,728

31, 426
3,568

42, 470
5,154

28, 537
3,667

27, 710
3,493

33, 478
3,979

75.5
57.0

65.0
50.5

61.4
56.5

49.2
54.5

37.1
60.0

55.1
85.0

99.1
100.0

96.1
92.5

70.8
91.0

71.2
96.0

'106.9
' 88. 5

103.3
109.4

106.3
109.7

108.1
120.0

106.0
116.0

109.4
122.0

108.0
120.0

109.5
121.2

112.9
127.0

107.5
118.0

108.8
112.7

' 109.S
' 130.0

95.0
93.6

93.6
92.2

89.2
91.0

88.5
92.2

93.0
94.9

94.9
94.4

96.7
96.7

101.1
98.1

93.5
96.4

98.7
98.2

100. 5
99.5

90.7
90.7

90.9
95.7

88.0
98.9

85.2
96.3

94.1
98.5

98.2
96.7

102.2
100.2

193.6
104.9

73.6
98.7

79.7
95.5

'85.0
'98.8

2,383
133

2,496
133

2,366
133

2,315
133

2,513
132

2,833
132

2,819
133

5,952
133

1,998
133

1,959
132

2,442
133

10, 253
681

10, 643
680

10, 004
681

10,179
682

11,125
685

12, 353
685

11,972
686

24,114
687

8,801
680

9,058
681

10, 606
683

6,507
239

6,235
239

5,822
239

6,336
238

6,179
238

6,827
238

6,613
238

14,429
238

5,055
238

5,163
238

5,969
238

2,909
201

3,200
200

2,946
199

2,960
200

2,955
200

3,294
200

3,186
200

7,003
200

2,535
202

2,738
202

3,196
202

3,160
201

3,294
201

3,301
201

3,087
201

3,308
201

3,811
201

3,594
201

7,223
201

2,686
201

2,752
201

3,205
201

22,714
2,011

23,149
2,010

22, 733
2,010

22, 566
2,011

23,491
2,013

26, 774
2,017

25, 295
2,018

50, 379
2,017

19, 653
2,014

20, 686
2,011

23,104
2,012

3,246
340

3,054
343

3,017
343

3,193
338

3,269
340

3,460
337

3,275
336

7,214
480

7,608
483

6,971
484

6,834
484

7,653
484

8,970
487

8,635
489

17, 996
491

5,531
489

5,748
489

7,164
489

18,853
1,528

20,322
1,531

18, 258
1,530

19,068
1,533

22,381
1,537

26, 820
1,538

27,196
1,539

38,928
1,539

16, 523
1,539

14,613
1,540

18,736
1, 542

92

105
82
79
99
'92
89
'63
82
91

15.7
45.2
80
107
67
80
79
103
79
85
81
61
99
77
87
78
106
79
74
103
82
84
61
77
90

15.4
45.2
79
94
74
82
75
90
72
92
85
63
103
69
80
82
104
84
78
101
93
89
63
75
90

14.9
43.5
58
79
46
60
59
72
61
68
62
46
72
58
73
83
113
83
78
103
96
88
65
85
89

15.9
42.4
65
100
55
72
65
83
74
81
64
48
81
63
86
83
128
87
78
108
93
86
62
83
90

15.8
42.0
91
120
73
96
89
117
88
107
94
67
110
93
82
86
127
93
86
105
98
90
68
87
79

17.0
46.6
92
126
86
91
87
113
92
109
98
75
127
92
91
84
106
82
82
100
92
85
65
81
88

17.0
47.1
99
126
86
96
93
118
89
96
106
82
118
95
102
89
111
88
88
105
96
89
68
82
96

17.2
46.4
156
203
138
157
152
182
151
147
164
127
209
143
162
89
119
94
93
105
97
92
70
87
95

16.4
47.1
69
91
64
69
67
87
67
75
68
49
77
69
77
88
115
86
88
114
91
86
68
87
94

16.2
43.9
69
101
54
67
71
89
64
63
71
52
75
68
79
87
115
84
87
105
86
86
68
79
94

18.6
46.6
82
116
68
92
82
99
87
97
80
65
105
82
84
88
125
98
92
105
' 96
91
70
88
93

8.5

8.6

8.5

7.3

9.4

14.7

11.5

11.1

10.3

7.1

11.6

11.8

10.2

69
66

71
69

71
69

65
68

61
67

65
67

70
67

74
67

78
67

62
66

60
67

65
68

69
68

millions..

RETAIL TRADE*
Automobiles:
Value of new passenger automobile sales:
80.5
106.2
Unadjusted
.
_. 1929-31 = 100
79.5
60.0
Adjusted
do
Chain-store sales:
Chain Store Age index:
Combined index (20 chains)
105.0
110.0
av. same month 1929-31 = 100-.
112.8
117.6
Apparel chains
_
do
Grocery chain-store sales:
94.4
102.0
Unadjusted
. 1929-31 = 100
91.7
99.0
Adjusted
do
Variety-store sales:
Combined sales of 7 chains:
95.2
96.5
Unadjusted
do
92.9
96.0
Adjusted
_
.
_
„ do
II. L. Green Co., Inc.:
2,787
2,869
Sales
thous. of dol__
133
133
Stores operated
number
8. S. Kresge Co.:
11, 965
11,940
Sales
thous. of dol
683
681
Stores operated
number..
S. H. Kress & Co.:
6,671
Sales
thous. of dol.. 6,315
236
239
Stores operated
number
McCrory Stores Corp.:
3,493
3,648
Sales
thous. of dol
201
202
Stores operated
number.
G. C. Murphy Co.:
3,652
3,848
Sales
thous. of dol_.
201
201
Stores operated
number
F W. Wool worth Co.:
25, 926
25,919
Sale"
thous. of dol
2,012
2,008
Stores operated
number..
Restaurant chains (3 chains):
3,324
Sales
.thous. of dol
341
Stores onerated
nurobor
Other chains:
W. T. Grant & Co.:
8,061
Sales
thous. of dol.. 8,376
481
489
Stores operated
number
J. C. Penney Co.:
Sales
thous. of dol_. 21, 281 ' 20,376
1,527
Stores operated
..number..
1,544
Department stores:
Collections:
Installment accounts
16.1
percent of accounts receivable
44.9
Open accounts
do
86
88
Sales, total U. S., unadjusted.. 1923-25=100..
110
119
Atlanta
__
. __
do
78
75
Boston
do
87
88
Chicago-..
do
89
92
Cleveland „ _.
_.
_
do
100
104
Dallas do
84
82
Kansas City
1925 = 100
97
97
Minneapolis
1929-31 = 100
88
86
New York....
_
__1923-25 = 100_.
'64
67
Philadelphia
do
110
103
Richmond
do
85
St. Louis.
do
90
90
San Francisco
.. _
do
83
88
Bales, total U. S., adjusted
..
do
Atlanta
do
Chicago
.
. . .
do
Cleveland...
__ do
Dallas
do
Minneapolis
1929-31 — 100
New York
_
1923-25-100
Philadelphia _
do
St. Louis
.
do
San Francisco .
_
do
Installment sales, New England dept. stores
percent of total sales..
Stocks, total U. S., end of month:
Unadjusted
1923-25=100
Adjusted.
do__

115
86
84
104
95
89
68

' Revised.
•The following reports, showing percentage changes in sales, are available at the Washington, D. C , office of the Bureau of Foreign and Domestic Commerce, or at
any of its District Offices: (1) Chain drug stores and chain men's wear stores, (2) Independent stores in 27 States and 4 cities, by kinds of business, (3) Wholesalers' sales,
by kinds of business, (4) Manufacturers' sales, by kinds of business.




25

SUEVEY OF CUREENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939

1938

April

DecemOctober NovemAugust September
ber
ber

April

May

June

July

1939

January

Febru- March
ary

DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Mail-order and store sales;
Total sales, 2 companies
thous. of dol__ 92, 831
Montgomery Ward & Co
do
41, 595
Sears, Roebuck & Co
do
51, 236
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31 = 100. _ 120.2
Middle West
_
...do....
110.2
East.
_
do
116.6
South._
_
do
144.8
Far West
,
do
125.8
Total U. S., adjusted
do
125.2
Middle West
do—.
111.9
East
__.do
117. 2
South
do
156.5
Far West
do
136.0

81,920
37, 063
44, 857

79, 613
36,150
43,463

79, 565
35, 745
43, 820

65, 392
29. 075
36, 316

72, 783
32,849
39,934

87, 722
38, 556
49,167

100, 012
46, 667
53, 345

93, 510
42, 295
51, 215

125, 706
57,085
68,622

58, 320
24, 769
33, 551

59,865
24,964
34,901

85,497
35, 730
49, 768

107.9
99.2
114.6
121.6
116.2
112.3
100.8
115.2
131.4
125. 6

103.5
96.1
104.7
113.7
119.3
110.1
99.1
107.4
127.8
132 5

106.2
99.4
107.5
112.0
125.8
112.4
101.9
110.2
130.2
133.1

84.8
77.7
82.2
92.9
105.8
110.2
99.6
104.7
133.7
127.4

98.2
90.0
95.0
104. 1
125.7
114.2
102.9
107.4
136.9
136.6

121.1
107.9
117.6
148.9
141.6
122.4
108.4
125.8
145.3
121.0

140.9
123.3
139.8
189.3
153.4
115.5
104.0
118.0
137.7
131.1

147.2
135.7
144.1
177.8
161.5
119.7
110.4
125.9
133.7
134.0

183.6
166. 4
195.9
202.8
211.0
129.3
117.2
137.5
146.9
138.3

91.3
84.1
87.8
111.3
100.2
110.0
102.6
104.5
134.1
134.5

100.1
89.1
97.9
134.8
105.7
110.6
103.0
107.0
134.8
133.8

115.0
105.2
118.6
141.5
118.5
123.7
116.9
126.2
152.1
135.4

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT

Factory, unadjusted (U. S. Department of
91.3
88.8
89.5
91.2
89.5
'91.4
83.4
81.6
81.9
85.7
90.5
90.7
Labor)f.
1923-25=100..
85.7
84.1
82.1
72.4
81.6
'83.5
Durable goods
do
70.3
75.3
83.1
82.6
77.0
75.0
71.7
79.0
Iron and steel and their products, not incl.
88.3
81.7
85.9
87.2
machinery
1923-25=100-76.7
79.4
83.9
86.5
87.4
80.7
77.8
88.3
82.3
Blast furnaces, steel works, and rolling
92.1
92.3
82.2
86,1
89.8
91.1
90.9
88.2
85.8
82.3
83.8
91.5
84.7
mills
1923-25=100
Hardware
do
80.7
56.5
66.9
84.4
83.2
'83.0
63.5
60.6
79.5
86.3
84.7
64.9
61.3
Structural and ornamental metalwork
66.2
66.8
60.5
61.9
64.0
61.2
58.3
59.1
59.8
60.7
61.7
1923-25=10059.7
61.1
'85.5
88.6
91.4
97.6
84.1
83.7
99.5
84.6
82.8
Tin cans and other tinware
do
88.7
87.5
88.9
86.2
60.7
'62.6
64.3
65.8
64.1
62.6
64.0
65.2
61.9
Lumber and allied products
do
61.6
61.0
60.7
65.7
71.2
79.0
77.7
76.0
79.7
79.5
76.3
71.8
70.0
70.8
79.8
78.8
Furniture. _ _
«,
do
'78.9
51.9
49.8
53.1
49.1
52.4
53.5
50.9
49.1
'49.1
Lumber, sawmills
do
51.0
50.1
52.3
51.1
Machinery, not incl. transportation equip95.1
82.9
87.2
94.7
84.1
85.5
91.8
'91.4
93.4
93.2
89.7
86.1
89.5
ment
1923-25=100
Agricultural implements (including trac123.8
100.6
93.7
133.8
99.8
90.3
105.5
111.4
147.8
125.2
96.6
121.5 '124.8
tors)
1923-25=100
Electrical machinery, apparatus, and
85.2
86.0
78.1
73.0
80.7
74.0
77.4
83.9
82.1
81.6
75.3
83.2
83.6
supplies
1923-25=100
Engines, turbines, water wheels, and
82.1
95.9
83.4
92.4
90.1
85.5
83.1
83.5
85.3
87.1
'93.8
82.6
90.6
windmills.. _
1923-25=100
Foundry and machine-shop products
77.1
84.1
84.5
77.5
81.8
77.4
77.7
78.9
83.4
83.6
81.0
81.7
75.8
1923-25=10094.4
108.4
81.6
'98.9
88.9
93.5
108.0
118.8
118.0
76.3
81.6
102.5
Radios and phonographs
do
77.9
92.2
79.1
87.9
92.2
95.4
93.6
94.3
93.4
84.2
81.8
79.8
95.0
83.0
Metals, nonferrous, and products
do
98.3
86.1
92.7
96.4
100.5
98.8
99.2
98.3
88.8
87.3
85.7
89.0
100.2
Brass, bronze, and copper products.do
64.6
66.3
67.8
70.1
71.6
66.4
66.6
69.6
72.6
65.4
66.0
65.8
70.5
Stone, clay, and glass products
do
49.9
48.8
51.2
52.0
52.4
48.0
49.7
53.6
47.0
48.4
48.3
51.3
48.9
Brick, tile, and terra cotta
,_ do
91.5
81.6
80.7
79.3
74.7
78.7
82.1
87.5
92.1
93.0
89.6
89.5
'90.6
Glass
_
do
55.5
62.4
79.4
96.1
95.8
'95.7
95.4
68.2
95.9
71.9
63.7
91.6
51.0
Transportation equipment
do
53.1
86.3
102.1
68.6
61.5
101.9
106.8 ' 106.1 ' 104.4 ' 103. 8
72.9
64.9
48.0
Automobiles
do
99.4
98.9
98.0
91.5
92.9
98.4
94.0
90.3
101.7
98.8
97.1
Nondurable goods.
_ do
99.0
98.4
112.1 ' 114.4
114.8
112.4
108.8
105.2
105.0
108.1
113.0
113.4
113.0
112.7 ' 112.0
Chemicals and petroleum refining
do
107.8
115.5
116.1 ' 116.5
114.9
111.4
112.5
117.2
116.9
Chemicals
do
109.6
109.7
110.3
114.8
117.6
114.2
113.0
110.8
112.5
112.9
112 A
112.4
111.8
112.5 '114,9
114.9
110.6
Paints and varnishes
do
116.2
121.8
116. 0
121.0
119.5
118.9
118.1
117.1
116.4
121.3
120.9
121.9
Petroleum refining
do
121.1
270.5
313.2
315. 7
315.2
314.4
311.3
319.1
317.3
283.0
283.8
293.9
312.8
Rayon and allied products._.
do
265.4
114.0
119.4
128.6
120.1
112.6
142.7
123.4
113.7 '111.0 '112.0
113.6
128.8
138.3
Food and kindred products
.-do
142.1
145.6
140.3
142.0
144.2
145.0
144.6
143.5
141.5
141.8
144.5
144.3
141.8
Baking
,
do
91.8
94.2
97.4
102.4
99.8
92.5
91.5
93.5
94.7
95.5
100.7
'94.6
91.9
Slaughtering and meat packing
do
88.6
94.3
81.8
89.3
92.7
92.3
92.9
96.6
97.6
92.1
86.0
89.6
84.8
Leather and its manufactures
_do
87.6
82.5
91.4
93.8
97.1
94.8
87.6
94.6
92.7
98.4
95.0
83.3
89.9
Boots and shoes
do
103.4
101.5
104.3
105.7
Paper and printing
do
104.6
101.9
102.7
105.5
107.0
108.0
106.1
105.9 ' 105.9
Paper and pulp.
do
106.4
104.3
102.9
101.9
101.6
102.8
104.0
104.8
105.9
106.3
105. R
106.3 ' 105.9
81.7
71.4
70.6
68.7
75.9
83.6
Rubber products
do
72.5
82.4
'82.8
72.7
77.7
'81.5
81.1
67.2
60.4
66.1
'67.2
61.2
60.4
60.7
61.9
67.2
'66.1
60.6
63.5
67.1
Rubber tires and inner tubes
do
98.6
84.6
86.6
97.9
101.4
91.8
96.9
98.6
101.2
87.4
95.1
97.5
97.5
Textiles and their products
do
80.4
86.6
77.2
92.1
91.2
88.7
79.5
85.1
91.8
90.8
89.5
78.0
87.2
Fabrics _.
do
112.2
118.5
107.2
98.9
122.1
120.2
123.0
99.7
112.0
Wearing apparel
do
119. 2
116.3
111.0
119.6
66.3
65.2
63.4
64.8
61.5
59.5
61.7
63.8
66.9
62.4
Tobacco manufactures
do
64.3
59.2
66.3
86.9
82.4
91.6
90.9
85.4
82.9
91.0
90.0
83.7
84.9
91.7
91.3
Factory, adjusted (Federal Reserve)t - do
87.5
Durable goods
do
83.2
76.2
74.1
71.9
70.7
75.7
81.3
83.2
83.6
83.4
'83.0
77.9
72.0
Iron and steel and their products, not incl.
80.9
'87.7
87.5
80.2
77.3
88.1
77.8
86.2
87.7
81.6
79.4
87.6
machinery
1923-25=100
83.1
Blast furnaces, steel works, and rolling
92
83
83
85
92
91
91
85
90
91
mills
1923-25=100..
87
84
86
Hardware
do
80
64
61
67
84
63
79
83
62
85
57
86
82
Structural and ornamental metalwork
58
63
58
58
63
68
68
62
60
67
60
60
1923-25=100..
58
92
89
90
92
86
90
90
Tin cans and other tinware
do.
87
89
88
87
89
84
63.2
65.3
'63.7
64.7
60.2
66.3
59.9
60.9
65.6
Lumber and allied products—.
do
61.9
61.9
62.9
64.5
76
79
80
79
Furniture.
__
do
81
73
73
73
80
75
74
75
76
51
53
54
'50
Lumber, sawmills
do
51
50
48
49
53
53
50
51
50
Machinery, not incl. transportation equip94.9
85.2
91.6
93.9
'92.1
ment .
_.
1923-25=100
94.9
92.8
86.0
83.3
89.1
89.1
86.8
84.7
Agricultural implements (including trac118
118
96
105
109
tors)..
1923-25=100116
139
124
103
99
130
99
106
Electrical machinery, apparatus, and
85
84
77
84
83
supplies
1923-25=10086
82
75
73
83
78
74
80
Engines, turbines, water wheels, and
92
92
83
88
93
windmills
1923-25=100
91
82
81
83
88
86
86
88
Foundry and machine-shop products
84
82
84
83
76
79
82
77
77
78
78
83
80
1923-25=100..
'118
114
112
116
82
106
111
83
82
81
89
93
87
Radios and phonographs
do
93.9
'93.7
93.6
94.0
82.0
92.3
93.5
81.3
84.4
86.7
89.0
84.5
82.4
Metals, nonferrous, and products
do
98
99
97
99
87
101
100
86
90
93
95
88
86
Brass, bronze, and copper products.do
71.8
73.6
72.0
71.5
63.4
71.1
72.0
63.2
64.0
65.4
67.8
64.9
63.4
Stone, clay, and glass products
do
54
57
54
55
46
52
53
45
46
48
49
47
46
Brick, tile, and terra cotta___
.do
'89
94
91
90
76
92
93
78
79
82
87
81
80
Glass
„
do
92.1
'90.4
90.4
74.2
93.9
93.3
65.1
56.9
89.9
68.3
61.1
81.5
Transportation equipment
do
55.9
97
102
99
96
55
104
Automobiles
do
69
65
60
55
79
89
99
' Revised.
tRevised series. Data on factory employment, unadjusted (U. S. Department of Labor) revised beginning 1933; see table 76 on p.13 of the November 1938 issue and
table 1, p. 15 of the December 1938 issue. Factory employment, adjusted (Federal Reserve), revised in its entirety; data not shown in table 76, p. 13 of the November 193**
Survey, or in table l, p. 15, of the December 1938 issue are available upon request.
150150—39
1




26

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1038 Supplement to the Survey

1939

1938

1939
April

June 1939

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)t— Continued.
Nondurable goods
1923-25= 100..
Chemicals and petroleum refining
do
Chemicals
. do _-Paints and varnishes..
do
Petroleum refining
do
Rayon and allied products.
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do
Wearing apparel.. _.
do
Tobacco manufactures
- do
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31=100..
Chicago
. . 1925-27=100..
Cleveland
1923-25=100..
Detroit
-do
Milwaukee
1925-27=100..
New York
do
Philadelphia
— .1923-25=100..
Pittsburgh
.
-..do
Wilmington
do
State:
Illinois
1925-27=100..
Iowat
1923-25=100..
Maryland
1929-31=100..
Massachusetts
1925-27=100..
New Jersey
1923-25=100..
New York
1925-27=100..
Obio
1926=100.
Pennsylvania
1923-25=100..
Wisconsin!
1925-27=100..
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
1929«=100..
Metalliferous
- do
Petroleum, crude, producing
do
Quarrying and nonmetallio
do
Public utilities:
Electric light and power, and manufactured
gas
1929=100..
Elftotric railroads, etc
do
Telephone and telegraph
do
Services:
Dveinff and cleaning
- -do

98 2
112.7
115
116
117
322
122.4
143
95
92.0
92
106.4
106
81.1
67
96.4
88.2
113 0
63.2

94.1
110.9
112
113
122
289
120.4
143
94
89.8
92
105.0
104
72.2
61
89.4
78.9
112.2
64.9

92.9
110.2
110
110
122
290
120.0
142
93
87.1
89
103.7
103
71.3
60
87.6
78.6
106.6
64.8

92.4
108.4
110
109
120
274
121.2
143
94
84.4
85
103.0
102
71.3
60
87.4
79.3
104.1
65.2

94.5
108.3
106
110
121
272
122.2
144
95
88.4
90
103.0
102
69.5
61
92.1
83.4
109.8
61.9

97.2
111.0
110
113
121
292
123.0
144
95
89.6
91
103.7
103
73.4
61
96.4
87.2
115.7
62.9

97.6
111.4
111
114
120
312
122.2
143
96
91.3
92
104.0
104
76.0
62
97.0
87.1
117.9
64.3

96.7
111.2
113
113
119
313
119.2
142
97
90.8
91
104.3
105
76.8
64
95.6
86.3
115.4
63.2

98.3
111.8
117
114
118
310
122.8
143
99
91.4
92
105.4
106
81.7
66
96.7
88.6
113.6
63.7

99 5
112.3
117
114
118
310
124.2
144
99
92.1
92
106.0
106
83.2
67
98.9
90.3
116 4
64.2

' 99 5
112.3
117
115
118
310
124.2
143
96
92.8
93
106.0
106
81.3
67
98.4
90.0
116 0
64.5

98.7
111.7
118
114
118
314
121.1
144
94
92.8
93
105.9
106
81.2
66
98.5
89.8
116 7
63.5

98.6
' 112.0
'118
' 115
117
313
' 122. 6
144
94
93.2
93
' 106. 3
106
'82.3
67
97.7
'89.2
115 5
60.3

90.3
69.8
82.2
96.0

88.8
69 4
75.5
68.4
'91.5
81.8
87 2
64.8
77.3

87.4
67.5
72.3
58.5
'89.7
77.2
82.5
63.0
76.8

84.5
65.7
72.5
54.9
'88.6
74.6
80.0
59.3
76.3

83.6
64.7
70.0
47.8
'85.3
73.1
80.7
59.8
76.4

85.1
65.4
74.0
56.8
'85.9
81.7
82.9
60.8

77.6

87.2
67.2
76.9
72.1
'84.4
87.7
84.4
62.1
78.8

86.8
68.7
79.4
88.0
'85.4
88.3
86.1
64.4
81.0

86.5
69.6
80.6
97.6
'89.0
86.1
88 1
65.9
82.2

87.2
70.6
82. 3
102.9
'92.4
86.9
90.9
66 4
86.9

84.8
69.7
81.8
100.8
'90.6
85.4
89.6
65.3
87.7

86.7
70.4
81.8
99.3
'93.6
89.1
91.5
66.0
89.3

'89.2
70.6
82.3
97.7
94.5
90.5
'91.0
66.7
90.6

76.3
83.7

82 6
75.7
126.2
91.6
67.0
73.2
75.5
80 7
72.9
83.3

83.7
73.1
123.0
90.8
65.7
72.5
72.8
78.0
70.3
81.7

84.0
71.4
124.0
88.7
62.3
72.9
71.5
76.0
68.9
82.4

86.6
70.0
123.9
88.1
63.2
72.fi
72.2
'75.4
69.2
01.3

99.5
72.0
125.1
90.0
70.0
74.7
76.4
'77.6
71.7
86.0

94.2
73.7
126.9
91.9
71.8
75.7
80.3
'80.8
73.4
83.1

87.7
74.4
130.5
91.3
72.4
75.2
80.8
'82.3
74.4
81.4

87.8
75.3
127.9
90.8
72.6
76.9
80.3
'84.9
75.4
81.5

91.9
76.1
131.0
91.6
73.8
77.7
81.3
' 86.4
76.2
82.4

92.7
75.2
127.6
89.4
73.0
76.7
80.0
'84.9
74.6
80.6

94.3
76.8
128.0
92.4
74.6
77.6
81.8
86.0
'76.3
82.7

95.2
77.8
129.0
94.5
74.8
77.9
82.7
'87.1
'76.5
83.6

53.2
26.5
61.9
66.0
42.7

57.0
85.8
61.6
73.8
41.7

52.8
82.2
58.8
73.2
43.7

56.0
80.2
56.0
72.8
43.6

44.0
78.5
49.7
72.3
44.1

37.6
80.1
51.4
72.4
416

46.4
83.4
55.2
71.5
44.6

52.4
87.2
57.9
69.5
44.4

51.0
88.6
61.9
68.3
44.4

51.3
89.3
'62.3
67.8
41.4

50.0
88.7
'62.6
67.0
38.3

52.2
'88.6
'60.9
'66.4
'37.9

51.7
'87.5
'61.0
66.1
'40.1

90.3
69.4
73.8

91.8
71 1
74.8

91.7
70 6
75.0

92.2
70 4
74.8

92.3
70.1
74.9

92.7
69.5
74.8

92.5
69.3
74.9

92.5
69.9
74.7

91.9
69 5
74.4

91.4
69.4
74.3

90.0
69.2
74.1

89.6
69.3
73.3

89.6
'69.5
'73.5

102.9
93.7
93.3

111 8
95.4
93.5

109.9
96.2
93.7

110.8
96.6
92.2

108. C
97.8
90.7

105.0
97.5
90.4

107.8
96.5
91.8

106.8
94.4
92.9

102.5
93.7
92.5

97.9
93.4
92.0

94.2
93.3
91.8

92.1
92.8
92.6

'95.4
'92.9
'92.7

88."6"
90.9
67.1
91.9
96.8
77.6
131.1
95.5
77.5
82.0

Year-round hotels
do
Trade:
98.1
'83.6
'81.5
84.7
82.2
81.1
80.0
85.9
86.9
85.3
83.8
83.6
88 2
Retail, total
do
90.7
144.1
99.4
'88.8
95.8
97.0
86.4
104.5
General merchandising
do
92.4
87.9
92.4
91.9
101.0
80.0
86.0
82.3
'79.6
81.3
82.5
81.5
78.3
Other than general merchandising..do
82.3
81.5
81.4
79.3
84.9
88.3
89.1
90.0
87.9
87.3
87.3
88.5
87.6
87.2
89.8
87.3
86.8
88.5
Wholesale
do
Miscellaneous employment data:
'28.7
32.0
'28.6
'32.4
'34.7
35.3
'35.8
'36.1
'35.2
'36.5
'36.8
Construction employment, Ohio..-1926=100_.
38.8
37.7
Hired farm employees, average per 100 farms
83
110
0)
106
108
101
109
86
93
number. .
0)
79
0)
0)
Federal and State highway employment:
Total
.
.
number.. 187,523 213,802 272, 316 294, 240 322,508 323,650 337, 638 350,090 341, 832 266,629 210, 851 191,900 175,018
76, 305 67,831
63, 851
78. 394
Construction (Federal and State)..do
81,902 115,853 134,248 153, 602 153,509 164, 444 164, 696 138,512 103, 491
109,129 131,900 156,463 159,992 168,906 170,141 173,194 185, 394 203, 320 163,138 134,546 124,069 111, 167
Maintenance (State)
do
Federal civilian employees:
United States
do
'824,330 '839,148 '855 210 '864, 827 '872,347 '872,644 '873,853 '869, 389 '919,161 '864,342 ' 875,541 878, 679
District of Columbia
do
'113,948 '114,684 '115,628 '116,231 '117,054 '118,172 '118,455 '119,107 '120,852 '120,229 ' 120,445 120, 861
Railway employees:
Class I steam railways:
961
948
958
966
992
945
955
979
Total
thousands
930
977
920
929
Index:
52.2
52.7
53.1
52.8
54.7
53.2
52.1
52.6
63.9
53.8
Unadjusted
1923-25=100..
51.1
50.7
51.2
54.4
54.2
54.8
53.2
54.6
Adjusted
_
_ do
53.6
52.9
51.3
53.4
50.1
50.1
51.5
50.8
Trade-union members employed:
84
85
85
86
84
84
85
87
83
81
81
All trades »
percent of total
80
82
65
66
68
68
71
64
68
68
63
64
65
Building
do
61
m
78
79
82
78
73
75
74
76
83
75
75
75
Metal
do
75
88
87
88
88
88
90
87
88
88
87
87
88
Printing
do
88
89
91
89
90
88
91
89
89
88
86
85
85
All other
_
do
85
65
67
65
66
65
66
63
64
69
62
62
On full time (all trades)
do
59
60
'1 Revised.
Discontinued by the reporting source.
tRevised series. Iowa employment revised beginning July 1937; revisions are shown on p. 26 of the March 1939 issue. Wisconsin employment and pay rolls have been
adjusted, beginning 1929, to trends indicated by Census data. Indexes not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue. Data on factory
employment, adjusted (Federal Reserve) received; see footnote marked with a " t " on p. 25.




27

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939

1938

April

DecemAugust SeptemOctober November
ber
ber

April

May

June

July

1939
January

February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS
Average weekly hours per worker in factories:
National Industrial Conference Board (25 industries)
hours
U. S. Department of Labor (87 Industries)^
hours
Industrial disputes (strikes and lockouts):
P220
Beginning in month
number
*345
In progress during month
do
Workers involved in strikes:
*>430
Beginning in month
thousands
v 455
In progress during month
do .
*> 6,000
Man-days idle during month
do
Employment Service, United States:
Applications:
6,547
Active
file
do
478
New
. _
_ __ do
270
Placements, total
do
195
Private
do
Ratio of private placements to active file
3.0
percent..
Labor turn-over in mfg. establishments:
2.95
Accession rate__.mo. rate per 100 employees..
Separation rate:
3.47
Total
do
.10
Discharge
do
2.60
Lay-off
_ _ — do _
.77
Quit
do

32.9

32.7

33.1

33.8

35.2

36.2

36.7

36.9

36.6

36.6

36.8

36.9

34.2

34.4

34.4

34.7

36.3

36.9

37.4

36.5

37.1

36.3

36.9

37.1

281
456

300
495

219
424

208
387

262
434

222
384

256
406

207
372

177
310

'162
'282

J»173
»296

*203
»325

79
111

83
125

53
96

50
86

48
81

96
133

53
113

43
75

38
62

»40
*60

1,174

871

776

831

990

842

658

513

'70
'521

*56
*75

838

»460

»600

7,259

7,525

7,831

8,088

8,119

7,966

7,743

7,529

7,216

7,434

7,080

' 6. 749

667
218
154

677
239
159

803
246
164

705
228
156

623
271
190

523
281
203

565
292
208

503
251
178

477
230
161

644
199
130

483
181
126

50U
254
185

'49

2.1

2.1

2.1

1.9

2.3

2.5

2.7

2.4

2.2

1.7

1.8

2.7

2.58

2.84

3.44

4.81

6.29

4.51

5.19

4.24

3.22

4.09

3.06

3.34

4.54

4.57

4.41

3.81

3.08

3.56

3.30

3.14

3 88

3.19

2.61

3.18

.10

.13

.11

.09

.10

.12

.12

.10

.10

.10

.13

3.85

3.82

3.69

3.13

2.33

2.62

2.40

2.44

3.21

2.24

1.87

2.23

.69

.62

.61

.69

.65

.82

.78

.60

.58

.85

.64

.82

.09

PAY ROLLS
Factorv, unadjusted (U. 8. Department of
70.8
'85.5
74.6
72.9
70.6
76.9
84.1
'83.4
'86.9
83.8
86.5
85.0
81.0
Labor)t
1923-25=100..
64.2
'78.5
65.6
61.7
58.6
63.7
80.4
'76.6
'80.1
75.2
78.3
80.1
68.7
Durable goods
do
Iron and steel and their products, not incl.
69.1
65.3
57.4
79.1
'79.8
63.3
62.7
81.6
74.9
80.1
80.8
77.7
68.6
machinery
_
1923-25=100
Blast furnaces, steel works, and rolling
62.9
65.3
58.1
83.3
56.8
64.3
81.9
82.1
82.8
87.6
'84.8
73.9
83.2
mills
1923-25 -100..
53.2
67.6
51.8
52.4
48.3
93.2
'81.9
76.5
90.1
81.8
86.3
65.7
Hardware
_. do
78.9
Structural and ornamental metalwork
51.2
48.8
54.6
49.4
46.7
48.8
50.1
53.2
51.8
'57.6
59.1
60.5
49.7
1923-25=100..
107.0
91.8
92.6
91.2
87.6
85.8
94.4
86.6
' 92. 6
94.1
89.2
103.0
87.9
Tin cans and other tinware
do
51.2
60.5
58.1
50.1
56.2
53.0
48.7
52.0
'53.9
55.3
56.1
60.0
60.0
Lumber and allied products _ _ do _
67.8
64.9
60.3
66.0
66.1
68.4
50.4
52.4
62.5
63.0
51.9
51.3
68.1
Furniture _ _
__
do __
44.9
46.4
42.4
41.1
'42.4
Lumber, sawmills
do
50.4
45.4
45.4
60.2
45.9
44.4
41.6
50.6
Machinery, not incl. transportation equip76.4
80.6
76.1
87.4
83.6
83.9
91.8
'94.3
81.9
93.7
72.7
78.8
89.4
ment
.1923-25=100..
Agricultural implements (including trac137.2
124.1
152.9
95.6
131.9 ' 136.7
92.4
98.6
95.0
134.9
114.4
112.7
87.1
tors)
1923-25=100
Electrical machinery, apparatus, and sup68.4
66.6
64.1
67.7
83.9
72.0
80.4
86.9
80.6
78.0
85.8
73.0
82.7
plies _
1923-25=100
Engines, turbines, water wheels, and wind89.4
89.9
97.1
98.4
106.9
'
112.1
85.9
91.6
90.4
114.4
101.7
90.0
98.0
mills..
1923-25=100
Foundry and machine-shop products
70.0
67.2
65.7
78.0
71.4
63.7
70.6
74.8
79.5
69.4
78.7
68.1
75.9
1923-25=100..
71.6
75.5
72.4
65.8
106.9
96.8
80.4
97.9
83.5
107.6
Radios and phonographs _
do
66.8
87.7
'85.1
74.1
69.0
66.3
67.0
88.3
69.0
90.2
84.6
'89.5
86.3
88.5
81.4
90.3
Metals, nonferrous, and products
do
83.4
76.0
72.5
77.9
96.4
74.5
99.8
93.0
98.6
95.9
96.2
89.1
98.9
Brass, bronze, and copper products.do
56.5
57.7
56.4
53.1
58.0
54.3
63.8
56.8
'61.6
63.1
63.0
58.3
63.5
Stone, clay, and glass products
do
37.2
35.7
36.0
35.4
35.6
32.3
39.0
36.7
'37.1
39.5
40.6
38.6
39.4
Brick, tile, and terra cotta
do .
99.4
98.6
92.0
93.3
'95.3
92.9
90.7
77.6
79.1
77.6
69.1
78.6
82.6
Glass
do
97.9
95.9
'93.5
'91.8
'92.1
83.8
94.2
64.9
59.5
57.4
51.0
49.9
64.7
Transportation equipment »
do
107.4
107.6
'101.3
'97.3
'97.2
91.3
99.4
63.3
56.8
54.4
47.4
47.0
66.3
Automobiles
do
93.4
90.6
'91.0
'93.3
'94.6
93.4
90.5
84.7
82.6
80.9
84.1
91.7
94.9
Nondurable goods _
do
112.8
111.1
115.7
116.9
120.1
119.1
' 119. 8
119.8 ' 121.6
120.2
114.3
118.9
120.1
Chemicals and petroleum, refining
do
118.1
129.6 ' 130.9
116.8
114.5
127.9
128.1
117.4
121.0
128.1
121.4
127.9
Chemicals
do
129.8
113.8
115.4
113.1
115.7 ' 120.4
123.4
114.1
119.5
115.6
111 0
111.2
116.3
114.5
Paints and varnishes
__ _ „ do
133.6
134.1
134.5
132.1 ' 131.3
127.8
134. 9
139.6
137.8
135.3
138.1
132.8
134.8
Petroleum refining
do
302.7
302.4
309.5
314.4
313.9
Rayon and allied products
do
304.8
244.2
257.9
242.1
249.5
289.0
302.6
308.2
122.4
120.9
' 115.3 ' 112.1 '113.9
Food and kindred products.. . .
do
114.2
114.1
117.3
121.7
128.5
131.1
127.0
136.7
139.7
138.2
136.1
136.6
138.0
Baking _
do
135.9
137.5
139.5
141.9
142.8
139.8
139.5
143.5
103.6
107.9
104.7
110.0
100.8
104.8
110.0
99.8
112.5
108.7
111.1 ' 101. 3 ' 100. 6
Slaughtering and meat packing
do
69.4
83.3
60.9
57.5
83.2
70.6
69.6
70.0
62.4
74.0
70.0
75.0
Leather and its manufactures
do
77.5
54.4
63.3
72.6
79.5
80.0
70.6
69.9
62.8
75.1
64.5
67.6
67.0
70.9
Boots and shoes
do
103.3
107.3
102.2
102.3
104.2
Paper and printing..
do
103.5
99.4
96.0
98.0
103.7
98.5
95.9
101.1
102.9
103.4
102.6
105.1
105.5
Paper and pulp
do
104.7
98.4
94.9
101.9
106.5
97.2
96.9
101.5
85.2
89.0
83.9
'83.0
'85.4
Rubber products
_ do
83.0
61.9
63.5
69.5
79.7
63.3
64.1
76.7
76.2
69.1
66.1
57.5
60.0
'76.1
60.6
79.0
73.7
53.7
67.3
75.3
'72.9
Rubber tires and inner tubes
do
83.1
62.4
66.6
'81.0
66.3
83.3
'89.0
80.0
71.6
84.0
80.0
Textiles and their products
do .
78.4
'87.8
'78.9
'81.2
61.2
73.4
'79.4
62.0
81.1
76.5
65.7
63.3
73.9
74.7
77.3
Fabrics
do
82.4
90.4
93.0
66.0
97.7 ' 104.8
72.5
62.6
89.4
85.6
99.5
84.6
78.0
Wearing apparel
do
59.8
59.6
49.7
50.9
'51.5
Tobacco manufactures
" do
53.0
53.2
59.4
59.0
60.7
66.6
67.1
61.0
Factory, unadjusted, by cities and States:
City or industrial area:
87.2
96.0
99.5
103.2
89.1
87.1
99.4
96.7
92.2
92.3
96.8
94.0
Baltimore
_ 1929-31 = 100_. 102.8
57.3
55.2
57.1
59.0
52.9
50.8
50.8
52.2
55.9
54.0
57.3
Chicago
. 1925-27-100
58.5
54.4
'89.9
'92.8
'88.8
'95.4
94.7
'82.0
'84.3
'84.7
'84.5
'81.6
'79.0
'81.1
Milwaukee
do
76.0
79.0
77.6
82.0
86.9
79.5
66.6
80.6
74.3
68.6
66.7
75.5
83.6
New York
do
84.5
89.6
87.7
90.2
'91.1
87.4
74.7
79.3
83.8
79.3
76.1
76.1
82.7
Philadelphia
1923-25=100
78.6
80.0
79.1
82.8
83.5
80.6
68.5
62.2
66.4
73.6
67.6
58.0
66.7
Pittsburgh
do . . .
76.4
84.2
84.9
85.8
88.2
89.7
71.9
73.1
72.3
72.9
74.1
75.9
75.4
Wilmington
do
State:
79.0
79.6
70.2
81.7
68.3
74.7
74.4
78.5
67.5
71.7
69.1
71.6
83.2
Delaware
».
do __.
62.6
64.9
63.2
65.1
67.3
66.2
60.9
58.4
56.6
58.9
62.2
55.9
60.3
Illinois
..
1925-27= 100__
98.7
101.9
97.9
102.2
105.3
98.7
Maryland
1929-31 = 100
104.7
93.6
91.3
89.1
89.0
93.9
95.7
68.3
66.3
71.2
67.6
64.5
57.1
57.8
55.3
67.1
59.1
69.5
70.9
Massachusetts
1925-27=100..
75.9
79.0
74.6
70.9
68.4
75.0
68.2
68.3
72.6
68.7
New Jersey .
...1923-25=100..
77.8
77.2
72.9
75.8
74.4
76.7
79.4
75.0
76.4
67.4
64.2
63.5
64.8
69.8
75.3
New York
1925-27=100_.
75.6
73.3
73.5
'76.2
'77.4
72.3
74.1
' 65.8
64.8
62.1
61.3
66.9
68.9
Pennsylvania
1923-25=100
81.6
83.8
79.5
85.7
86.7
80.9
85.3
79.6
77.4
77.0
81.3
80.3
77.7
Wisconsin!
1925-27-100..
r Revised.
* Preliminary.
tRevised series. Data on factory pay rolls (U. S. Dept. of Labor) revised beginning 1933; see table 77 on p. 17 of the November 1938 Survey and table 2, p. 16 of the
December 1938 issue. For Wisconsin pay rolls, see footnote marked with a " t " on p. 26.

1 Current figures are not strictly comparable witn those prior to July 1938; revised series will be shown when available.



28

SURVEY OF CURRENT BUSINESS

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

1939
April

June 1939

1938
April

May

June

July

1939

DecemAugust SeptemOctober November
ber
ber

January

Febru- March
ary

EMPLOYMENT CONDITIONS AND WAGES—Continued
PAT BOLLS-Contlnued
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
1929-100..
Bituminous coal
_
do
Metalliferous
do_...
Petroleum, crude, producing
do
Quarrying and nonmetallic
do
Public utilities:
Electric light and power, and manufactured
gas
1929= 100_.
Electric railroads, etc
do—
Telephone and telegraph
do—
Services:
Dyeing and cleaning...
do—
Laundries
do
Year-round hotels
do—
Trade:
Retail, total
do....
General merchandising
do
Other than general merchandising—do
Wholesale
do

45.3
17.9
53.6
60.2
35.7

39.0
56.3
53.3
68.0
33.9

65.3
51.2
66.7
38.3

49.7
67.0
46.1
67.6
37.3

20.2
56.8
38.0
66.7
37.0

20.0
64.2
43.7
66.8
39.2

29.4
71.9
46.1
66.5
38.4

43.4
78.3
49.2
63.7
39.2

36.2
81.4
52.3
63.3
37.2

42.5
80.9
54.1
62.5
33.7

38.0
78.2
55.3
60.9
30.2

45.2
'81.2
53.4
'62.7
'29.7

34.2
'78.1
'53.6
'61.5
33.1

97.0
69.9
90.5

97.6
70.0
91.6

97.4
71.2
91.3

98.6
69.7
90.9

98.3
69.0
90.9

98.9
69.5
91.3

98.4
68.4
92.6

68.9
95.3

98.6
68.8
93.0

98.2
69.7
92.5

95.9
71.1
92.0

96.4
69.9
91.7

'96.8
' 70.5
'92.2

73.8
80.1
82.4

87.2
80.6
80.5

80.7
80.9
80.5

81.8
79.6

77.5
83.0
77.4

74.3
83.1
77.4

81.7
81.4
78.9

78.0
79.5
80.8

73.9
79.3
81.3

68.3
80.0
81.1

65.8
79.6
80.2

63.2
78.6
82.8

'67.7
79.3
'81.1

71.0
85.7
67.9
74.6

72.2
89.4
68.6
74.6

70.0
84.4
67.0
75.1

69.5
84.3
66.4
73.8

68.1
80.4
65.6
73.6

66.8
78.8
64.3
73.7

85.3
66.1
74.3

70.8
88.3
67.2
75.1

71.5
91.8
67.3
75.4

79.2
122.9
70.1
75.7

69.7
84.0
66.7
75.5

'68.4
'81.0
65.8
74.6

'69.7
'83.6
'66.8
'74.8

23.53

23.38

23.74

23.93

24.93

25.73

26.14

26,32

26.02

25.95

26.11

26.25

22.28
24.16

22.43
24.29

22.30
24.22

22.06
23.53

22.90
24.98

23.32
25.80

23.95
26.95

23.82
27.11

24.31
27.34

'23.86
'26.65

'24.07
26.86

24.23
27.12

22.44

WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
industries)
dollars.
U. 8. Department of Labor (87 industries)!
dollars .
Durable goods
do
Iron and steel and their products, not including machinery
dollars..
Blast furnaces, steel works, and rolling
mills
..dollars..
Hardware—
do__.
Structural and ornamental metal work
dollars.
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
do
Machinery, not including transportation
equipment
dollars-.
Agricultural implements (including
tractors)
dollars..
Electrical machinery, apparatus, and
supplies
.dollars..
Engines, turbines, water wheels, and
windmills
dollars..
Foundry and machine-shop products
dollars..
Radios and phonographs
do
Metals, nonferrous, and products.-do
Brass, bronze, and copper products
dollars..
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do
Transportation equipment
do
Automobiles.
___do
Nondurable goods
do
Chemicals and petroleum refining., do
Chemicals.
..do
Paints and varnishes
do
Petroleum refining.
do
Rayon and allied products
do
Food and kindred products
do
Baking
...do
Slaughtering and meat packing...do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
_do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory average hourly earnings:
National Industrial Conference Board (25
industries)
dollars..
U. S. Department of Labor (87 industries) t
dollarsDurable goods
..do....
Iron and steel and their products, not including machinery
dollarsBlast furnaces, steel works, and rolling
mills
dollars..
Hardware
do
Structural and ornamental metal work
dollars-.
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
>..do
Lumber, sawmills
do
' Revised.




22.75

22.17

21.91

24.11

24.59

25.94

26.64

26.91

26.37

' 26. 71

27.01

22.91
19.42

20.37

22.21
20.77

21.70
20.77

24.70
23.06

25.25
23.86

26.79
26.32

28.48
26.79

28.49
25.31

28.18
23.42

28.50
23.04

28.81
23.93

25.41
22.42
18.91
17.92
19.17

25.77
22.89
19.21
17.89
19.42

25.26
22.62
19. 52
18.42
19.76

26.01
22.44
18.64
17.87
18.29

26.94
23.40
21.02
20.43
20.90

25.93
22.85
21.31
21.50
20.88

26.12
22.50
21.09
20.77
20.94

26.07
22.50
19.91
19.75
19.57

27.18
22.76
20.14
20.60
19.27

26.59
22.78
19.81
19.13
19.86

26.93
22.33
19.80
20.26
18.83

27.54
23.57
20.02
20.20
19.34

24.94

24.96

24.68

24.34

25.08

25. 57

26.07

26.04

27.00

26.55

27.31

27.71

28.61

28.37

27.36

27.05

26.43

26.55

27.11

27.08

29.85

27.92

29.96

30.19

24.42

24.27

24.49

24.33

25.28

26.07

26.71

26.69

27.26

27.17

27.77

28.22

28.94

27.78

26.98

27.05

28.13

28.00

28.01

28.35

29.73

29.21

30.50

30.92

24.47
20.91
22.15

24.74
21. 64
22.55

24.30
22.07
22.20

23.99
22.11
22.93

24.87
21.20
24.14

25.02
22.21
25.14

25.54
22.53
26.06

25.51
22.40
25.70

26.48
22.02
25.81

26.11
22.15
'24.85

26.69
21.15
' 25. 48

27.02
21.14
25.67

22. 95
22. 00
17.89
22.88
28.94
28.83
2fl. 52
27.32
29. 42
27. 11
34.47
21.21
24.89
25. 36
27.73
17.84
16.90
27. 30
23.16
22.47
25.21
15.60
15. 16
16. 69
15.54

23.78
23.12
19.17
23. 44
28.14
27.65
20.64
28.50
29. 63
28.17
35. 78
22.34
25.40
25. 84
28.38
16. 66
15.12
27.41
23.20
23. 39
26.67
15.23
15.12
15.52
16.31

23.14
22.77
19.43
23.48
29.64
29.49
20. 52
28.80
29.90
27.79
35.26
22. 42
24.98
25. 76
28.19
16. 30
14.71
27.04
22.89
23. 75
27. 35
15.03
15. 29
14.31
16.91

24.74
21.90
18.83
22.15
29.43
29.56
20.83
28.48
29.40
27.38
34.60
22.68
24. 53
25. 79
28.63
18.51
17.48
27.10
23.37
24.84
28.43
15.67
15.72
15.50
17.18

25.63
22.77
19.56
23.95
31.22
32.33
21.25
29.02
30.39
27.39
35.25
24.16
23. 18
25.33
27.93
19.80
18.85
27.48
24.26
25.39
28.73
16.87
16.56
17.68
16.89

26.32
23.00
19.77
24.13
32.64
33.81
21. 33
28.36
29.90
27.70
34. 58
24.02
23.43
25.86
18.98
17.87
27.91
23.92
26.91
31.27
17.03
16.43
18.68
16. 96

27.28
23.96
20.37
25.47
33.88
34.98
21.35
28.41
30.88
27.83
34.45
23.63
24.11
25.30
28.51
18.32
16.97
28.14
24.85
27.27
31.25
17.00
16.65
18.01
16.84

27.14
23.82
19.46
25.68
33.64
34.89
20.85
28.26
30.22
27.34
34.86
23.74
24.22
25.21
27.54
17.22
15.41
27.58
23.78
27.58
32.77
16.35
16. 35
16.35
16.55

26.92
24.03
20.06
25.76
32.72
33.22
21.53
28.52
30. 72
27.80
35. 30
23.80
24. 75
25.26
27. 69
18. 62
17.11
28. 61
23. 85
28.40
33.76
17.00
16.82
17. Gl
16.92

25. 79
22.98
19 65
24.72
'31.32
'31.55
'21.28
'28.63
30. 63
27.34
35. 75
24.22
' 24. 96
25. 47
28. 05
19.71
18.54
27.80
23.82
27.72
32. 59
'16.75
'16.55
17.38
15.59

26.42
23.41
19.39
25.04
30.69
30.80
'21.49
'28.45
'30.89
27.84
35.18
24.15
' 24. 83
25.40
' 26. 98
20.34
19.31
27.89
24.16
27.28
'31.68
17.36
' 16. 82
19.07
15. 20

26.98
23.70
19. 59
25. 30
31.00
31.11
21.61
28.46
31.08
28.30
35.17
24.26
25. 00
25. 52
27.32
20.12
19.17
28.37
24.43
27. 42
32. 64
17.39
16.56
19.91
16.22

.717

.718

.719

.713

.711

.714

.714

.714

.713

.713

.713

.715

.652
.722

.650
,721

.718

.635
.704

.629
.702

.632
.708

.637
.710

.645
.724

.648
.726

.651
.729

.649
.726

.651
.727

.762

.763

.763

.753

.753

.753

.753

.757

.757

.755

.754

.752

.649

.841
.653

.840
.652

.835
.657

.839
.658

.839
.680

.842
.689

.842
.687

.835
.660

.838
.651

.835
.655

.722
.610
.531
.543
.518

.728
.602
.531
.531
.527

.728
.589
.511
.522
.502

.731
.597
.523
.522
.519

.726
.599
.526
.524
.525

.720
.606
.520
.518
.520

.725
.607
.533
.524
.537

.727
.608
.532
.526
.533

.731
.613
.541
.521
.550

.729
.610
.525
.520
.523

.731
.608
.533
.527
.533

.832
.718
.611
.535
.544
.528

t Revised series. See note marked with a "t" on p. 29.

29

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939

1939

1938

April

April

May

July

June

Septem- October Novem- December
ber
ber

August

February

January

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued:
U . S . Department of Labor (87 industries) t—
Continued:
Durable goods—Continued:
Machinery, not including transportation
equipment
dollars.Agricultural implements (including
tractors).
dollars-.
Electrical machinery, apparatus, and
supplies
dollars..
Engines, turbines, water wheels, and
windmills
dollars,_
Foundry and machine-shop products
dollars
Radios and phonographs
do
Metals, nonferrous, and products.._do
Brass, bronze, and copper products
dollars
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass..
„
__
do
Transportation equipment
do
Automobiles
do
Nondurable goods
do
Chemicals and petroleum refining do
Chemicals
do
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing-_do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp.,.
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics.. _
_
do
Wearing apparel
do
Tobacco manufactures
___
do
Factory average weekly earnings, by States:
Delaware
..1923-25=100. _
Illinois
_
__1925-27=100._
Massachusetts™
do
New Jersey.
_
1923-25=100..
New York...
1925-27 = 100..
Pennsylvania.
..1923- 25 «100..
Wisconsin.
_
_
1925-27=100
Miscellaneous wage data:
Construction wage rates (E. N. R.): §
Common labor
dol per hour
Skilled labor
.
...
do
Farm wages without board (quarterly) f
Railway wages (average, class I)
dol per hour
Road-building wages, common labor:
United States, average
dol. per hour_.
East North Central .
do
East South Central
do
Middle Atlantic
do
Mountain
_
do
New England
_.
do
Pacific
do
South Atlantic
do
West North Central
do
West South Central
do

"

89.7
92.5
110.7
93.1
97.5

.683
1.44

0.730

0.729

0.727

0.724

0.720

0.721

0.717

0.720

0.721

0.724

0.725

0.728

.795

.796

.781

.781

.768

.771

.777

.794

.803

.794

.804

.803

.746

.749

.747

.742

.738

.737

.732

.730

.736

.744

.743

.745

.788

.776

.783

.785

.787

.788

.785

.786

.793

.788

.787

.788

.712
.626
.666

.713
.607
.663

.714
.599
.660

.710
.610
.668

.709
.595
.666

710
.594
.661

709
.577
.659

' .711
.582
.662

.712
.582
.667

.713
.591
.668

.711
.577
.665

.715
.578
.669

.720
.638
.516
.691
.885
.920
.590
.742
.795
.690
.968
.650
.621
.610
.691
.513
.487
.765
.620
.767
.946
.495
.480
.521
.466

.714
.640
.518
.698
.885
.920
.588
.757
.789
.693
.975
.646
.624
.615
.688
.522
.484
.769
.623
.769
.950
.479
.473
.491
.462

.709
.641
.518
.705
.889
.925
.587
.770
.793
.697
.978
.648
.614
.613
.690
.514
.486
.774
.625
.770
.945
.479
.473
.489
.457

.714
.633
.511
.704
.883
.930
.583
.773
.787
.707
.988
.645
.599
.612
.691
.515
.492
.767
.619
.774
.945
.482
.468
.508
.460

.715
.634
.511
.712
.883
.936
.578
.763
.785
.700
.986
.639
.586
.615
.689
.516
.493
.760
.617
.760
.941
.489
.464
.531
.462

.713
.632
.516
.707
.897
.933
.577
.744
.781
.699
.984
.638
.576
.610
.686
.524
.501
.765
.613
.758
.946
.492
.462
.539
.458

.709
.640
.526
.716
.878
.906
.579
.736
.775
.694
.976
.639
.598
.609
.685
.530
.506
.764
.613
.756
.944
.486
.459
.531
.456

.710
.645
.531
.722
.906
.932
.580
.744
.776
.695
.979
.641
.612
.611
.685
.533
.508
.762
.612
.756
.952
.478
.460
.510
.462

.707
.651
.537
.723
.898
.924
.584
.743
.781
.699
.974
.641
.619
.615
.679
.526
.499
.771
.013
.704
.901
.482
.401
.521
.469

.701
.651
.540
.728
.899
'.921
. 585
.744
.780
.699
.980
.637
.628
.617
.683
.525
.498
.765
.616
.768
.957
.484
.402
.525
.481

.704
.648
.539
.720
'.900
.924
.586
.742
'.780
.697
.967
.640
.632
.615
'.084
.520
.495
.708
.011
.700
'. 953
.489
.401
.539
.474

.705
.651
.544
.716
.898
.924
.58(5
.734
.780
.698
.973
.646
.629
.615
.689
.517
.492
.771
.614
.765
.901
.491
.402
.541
.474

85.4
87.4
88.3
104.1
89.3
88.6
91.4

86.3
86.8
88.0
106.0
88.2
90.2
90.6

85.0
85.9
88.8
104 8
88.7
88.8
89.3

84.7
86.7
90.4
105.4
89.7
86.7
85.2

78.4
88.7
92.3
105.9
91.4
91.9
89.3

82.5
88.9
93.6
106.9
93.8
92.5
89.5

85.5
90.7
93.5
110.5
92.8
96.0
95.1

85.2
90.1
91.5
108.6
90.7
96.7
95.8

89.2
92.0
94.3
111.5
93.3
98.8
97.4

89.0
91.3
93.8
110.2
93.0
98.1

88.3
92.0
95.3
110.8
93.7
100.3

89.6
93.9
112.8
95.9
101.2

.677
1.40

.673
1.40

.677
1.42

.677
1.43

.677
1.43

.677
1.43

.682
1.43

.682
1.43

.682
1.43

.682
1.43

.680
1.43

.680
1.44

.722

.726

.714

.725

.735

.735

.740

.750

.726

.43
.62
.28
.49
.55
.44
.66
.27
.47
.39

.42
.59
.28
.50
.55
.45
.66
.27
.40

.38
.63
.27
.51
.53
.50
.60
.26
.43
.36

.37
.59
.28
.52
.53
.51
.66
.27
.42
.35

.35
.00
.28
.56
.51
.48
.07
.27
.41
.38

35
60
27
57
54
50
05
27
40

.38

.41
.59
.28
.50
.54
.46
.68
.28
.47
.36

.40
.59
.29
.50
.55
.47
.70
.27
.46
.36

.729

.729

.727

35.42

34.92

36.09

37.28

.35
.58
.27
.49
.56
.45
.65
.27
.41
.36

.40
.59
.28
.48
.56
.45
.66
.27
.45
.36

.41
.58
.28
.49
.56
.44
.66
.28
.46
.37

.42
.62
.28
.49
.55
.44
.66
.27
.46
.37

274

284

295

299

307

311

320

326

'325

'316

'310

318

41
41

42
38

42
37

42
36

43
3G

43
35

44
35

44
30

45
41

46
44

46
45

46
46

2

2

2

1

1

1

1

2

2

2

2

2

37

ALL PUBLIC RELIEF
Total, exclusive of transient care and administrative expense t
mil. of dol..
Obligations incurred for:
Special types of public assistance
do
General relief
do
Subsistence payments certified by the Farm
Securitv Administration
mil of dol
Earnings of persons employed on Federal
work programs:
Civilian Conservation Corps.__mil. of dol,_
Works Progress Administration:
Operated bv W. P. A t
do
Operated bv other Federal acrenciesf-do
National Youth Administration:
Student aid
do
Work projects f
- -do
Other Federal work and construction
projects t
mil. of dol..

18

18

17

20

20

19

20

21

19

21

21

18

131

138

146

151
4

163
5

165

5

171
5

172
5

168
5

156
5

150
'5

158
4

2
3

o

3

2
4

0
4

4

4

2
4

2
4

2
4

2
4

2
4

2
4

34

41

46

40

35

39

38

39

37

'36

'34

35

' Revised.
• Less than $500,000.
§Construction wage rates as of May 1, 1939, common labor $0,682, skilled labor $1.44.
tRevised series. Industry classifications have been revised as follows: "Tractors" have been transferred from "engines, turbines, water-wheels, and windmills," to
"agricultural implements"; data for these two groups prior to January 1938 will be shown when available. Beginning July 1938, "stamped and enameled ware" (not shown
separately in the Survey) has been transferred from "nonferrous metals" to "iron and steel product?," and "railroad repair shops" have been dropped from the Department
of Labor's tabulation. Revisions in the affected group averages prior to July 1938 will be shown when available. In addition to these changes, which affect both average
weekly earnings and average hourly earnings, the latter figures for the 87 manufacturing industries combined and for the manufacturing groups are in the process of revision
for all months prior to July 1938; revisions, which in most instances are small, will be shown when available. Farm wages revised beginning 1913; data not shown in February
1939 Survey will appear in a subsequent issue. Figures are reported as of Jan. 1, Apr. 1, July 1, and Oct. 1; they are here shown as of the end of March, June, September, and
December. Data on all public relief revised beginning with January 1933; figures not shown above will appear in a subsequent issue. Meanwhile, the historical record can
be
obtained from the Social Security Bulletin for April 1939. The revised series differ from those previously published in that they include, in addition to earnings of persons
Digitized forcertified
FRASER
as in need of relief, the earnings of all other persons employed on work or construction projects financed in whole or in part from Federal funds.



30

SUKVEY OF CUREENT BUSINESS

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

1939
April

June 1939

1938
April

May

June

July

DecemOctober NovemAugust September
ber
ber

1939

January

Febru- March
ary

FINANCE
BANKING
Acceptances and com'l paper outstanding:
264
265
268
238
258
279
261
270
Bankers' acceptances, total
mil. of dol._
273
270
255
248
245
Held by Federal Reserve banks:
0
0
0
0
0
0
0
0
For own account
do „
0
0
0
0
0
2
2
1
1
For foreign correspondents
do
0
0
0
(°)
0
(°)
C)
C)
C)
Held by group of accepting banks:
217
229
218
210
216
189
221
223
222
212
204
Total
mil. of dol_.
198
191
141
139
135
133
118
129
129
130
121
122
122
Own bills
.
. do
* 124
117
84
76
92
80
72
87
89
93
98
91
82
76
74
Purchased bills
do
48
52
47
42
48
49
46
40
52
50
51
Held by others
do
58
54
211
271
251
225
209
212
192
213
195
Commercial paper outstanding
do
206
187
195
191
Agricultural loan? outstanding of agencies supervised by the Farm Credit Administration:
3,210
3,337
3,319
3.335
3,336
3,172
3,307
3,290
3,257
3,229
Grand total
.
mil.ofdol-.
3,178
3,185
3,173
2,735
2,804
?,795
2,818
2,811
2,786
2,764
2,683
2,776
2,751
2,719
Farm mortgage loans, total
do
2,694
2,710
1,982
2,014
2,023
2,018
2,020
2,009
1,955
2,004
1,998
1,990
1,973
Federal land banks
do
1,969
1,960
753
795
782
791
786
777
772
728
767
760
746
Land Bank Commissioner
do
741
734
112
104
102
107
106
100
86
116
110
112
105
98
Loans to cooperatives, total •
do
91
Bank for cooperatives incl. Central
87
75
80
78
76
81
61
83
87
86
74
Bank
mil.ofdol.
80
66
Agricultural Marketing Act revolving
24
26
25
25
25
26
23
28
27
24
25
24
fund
...mil. of dol._
23
363
424
412
420
426
420
404
403
362
377
366
Short-term credit, total
do
370
389
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and bank? for co168
199
202
196
208
197
183
190
175
164
167
167
175
operatives c?
. . ..mil. of dol..
34
41
41
43
43
36
43
41
36
35
34
33
35
Otber financing institutions
do
148
184
173
180
184
181
178
171
155
155
148
148
168
Production credit ass'ns
do
11
14
15
15
11
15
14
13
11
12
12
10
10
Regional agr credit corps
do
116
127
127
128
128
125
126
123
119
116
121
117
115
Emergency crop loans
do
55
56
56
56
54
56
56
56
55
54
55
55
54
Drought relief lonns
do
87
94
93
97
96
82
92
91
89
85
90
85
83
Joint Stock Land Banks in liquidation..do
30, 505
31,169
28, 841
32,797
28,270
29, 525
33,235 ' 29,463 r 39,966 r 32,393 ' 27, 581 r 34,F86
Bank debits, total (141 cities)
mil.ofdol— 30,143
18,879
13,
828
14,
572
12,
828
15,
637
12,247
13,085
13,311
12,425 r
14, 533
15,140
12, 380
16, 274
New York Citv
do
r
r
r
r
21,087
16,832
16, 677
16, 013
17,160
16, 597
16,023
16, 440
18,096
17,039
17, 860
18, 211
15, 201
Outside New York City
do
Federal Reserve banks,
condition, end of mo.:
15, 581
14,214
14, 285
14,322
14,179
14,261
14, 573
15, 293
15, 862
14,861
15, 639
16,186
Assets (resource'3) total
mil. of dol-- 16, 766
Reserve bank credit outstanding, total
2,601
2,594
2,589
2,582
2,596
2, 595
2,585
2,584
2,600
2,586
2,607
2,598
2,587
mil. of dol_1
1
1
1
1
1
1
1
1
1
1
1
Bills bought
do
4
9
8
7
9
3
7
8
7
4
7
5
4
Bills discounted
do
2,564
2, 564
2,564
2,564
2,564
2,571
2,564
2,563
2, 564
2, 574
2,564
2,564
2,564
United States securities
_._do
12,166
11,041
11, 049
11.091
11,030
13,476
11,026
11, 295
12, 382
11, 639
11,970
12, 561
12, 951
Reserves total
do
11,798
10, 645
10, 642
10,648
10, 650
10,640
13, 103
10,918
11,948
11, 272
11,613
12,125
12, 553
Gold certificates
do
14,322
14,214
14, 285
15,581
14,179
14, 261
16, 766
14, 573
14, 861
15,293
15, 639
15, 862
16, 186
Liabilities totRl
do
10,088
9,212
9,270
9, 298
11,376
9,247
9,212
9,406
9,672
9,935
10,420
10, 571
10,919
Deposits total
do _Member bank reserve balances, total
8,724
8,164
7,623
8,024
7,665
8,179
8,198
9,900
9,215
8,713
8,876
8,936
9,157
mil. of dol_3,205
3,022
2,548
2,875
2,568
4,098
2,941
2.869
3,227
3, 644
3,383
3,387
3,559
Excess reserves (estimated)
do
4,452
4,135
4,148
4,149
4,157
4, 458
4,169
4,315
4,253
4,339
4,385
4,353
Federal Reserve notes in circulation..do
4,380
83.7
82.4
82.5
82.4
82.5
85.1
82.4
83.2
83.9
Reserve ratio
._
percent-.
82.7
83.6
84.2
84.7
Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
15,986
14,951
15, 036
14, 598
14, 589
15,388
15, 508
15, 766
16,013
16,048
15,965
15,991
Demand, adjusted
mil.ofdol-. 16, f>60
5,230
5, 216
5,248
5,239
5,193
5,160
5,210
5,124
5,180
5,183
5,155
5,202
5,217
Time
do . _
5,632
6,061
5,927
5, 832
5,780
6, 627
5,958
5,799
6,212
6,359
6,219
6,414
6,466
Domestic interbank
do
13, 219
12, 395
12, 257
12, 240
12, 202
12, 591
13.714
12, 999
13, 209
13, 081
13,008
13, 408
13, 388
Investments totril ^
do
8,266
7,655
7,987
7,770
8,341
7,789
8,132
8,111
8,106
8,173
8,096
8,143
U. R. Government direct obligations..do
7,844
Obligations fully guaranteed by U. S.
1,732
1,646
1,199
1,411
1,488
2, 026
1,655
1,675
1,682
1,789
1,686
2,019
2,026
Government. ...
mil. of dol_.
3,221
3,094
2,982
3,071
3,347
3,147
3,213
3,220
3,247
3,263
2,947
3,246
3,266
Other securities If
do
8,321
8,165
8,430
8,587
8,334
8,241
8,270
8,071
8,317
8,233
8,191
8,327
8,186
Loan*' total If
-do __
Commercial, industrial, and agricultural
3,843
3,865
4,187
3,992
3,936
3,886
3,841
3,891
3,892
3,866
3, 767
3,814
3,773
loans ^
mil.ofdol _
393
365
302
340
336
339
328
344
324
347
338
313
305
Open market paper
do
To brokers and dealers In securities
602
603
652
690
652
648
649
848
728
792
712
764
799
mil of doL.
Other loans for purchasing or carrying secu574
583
683
579
571
591
539
576
572
560
535
531
523
rities
mil.ofdol-1,149
1,161
1,169
1,156
1,148
1,160
1,160
1,164
1,169
1,174
1,161
1,136
1,140
Real estate loans do _.
111
115
104
114
113
109
99
60
117
110
94
92
Loans to bnnks
do
118
1,567
1,521
1,537
1,516
1,502
1,611
1,507
1,533
1,542
1,515
1,543
1,543
Other loans ^
__ _
do __
1,550
Money and interest rates:
Bank rates to customers:
2.27
2.33
2.36
2.36
2.40
2.16
2.25
2.29
2.29
2.33
2.24
In New York City
percent..
0)
0)
In eight other northern and eastern cities
3.28
3.26
3.38
3.47
3.27
3.26
3.30
3.37
3.28
3.41
3.33
percent._
0)
0)
In twenty-seven southern and western cities
4.12
4.13
4.14
4.13
4.12
4.07
4.04
4.06
4.05
4.10
0)
4.09
percent._
0)
Bond yields (Moody's):
3.22
3.30
3.22
3.21
3.26
3.15
3.08
3.02
3.18
3.10
3.01
2.99
Aaa
do
3.00
5.49
6.47
6.06
5.63
5.27
6.25
5.36
5.12
5.15
5.65
5.23
4.89
5.05
Baa
do . .
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Discount rate (N. Y. F. R. Bank)
do ....
1.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loans
do
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.50
2.00
1.92
1.50
Federal intermediate credit bank loans_do
Open market rates, N. Y. C :
Me
Me
Me
Me
M<>
Me
Acceptances, prime, bankers
do
Me
Me
Me
Me
Me
M«
Me
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Call loans, renewal (N. Y. S. E.)
do....
1.00
1.00
1.00
1.00
1.00
1.00
Commercial paper, prime (4-6 months)
percent_%
H-U
H-i
H-i
U
H
H
VA
Time loans. 90 days (N. Y. S. E.)__._do..—
VA
VA
VA
m
m
VA
1H
VA
IK
1H
IX
.08
.06
.03
Treasury bills, 91 days (yield)
do
.07
.04
.05
.05
.03
.03
.05
.09
.03
.03
.82
.71
.67
.71
Treasury note?. 3-5 years (yield)
do
.70
.68
.65
.63
.67
.77
.94
.51
.50
r
• Less than $500,000.
Revised.
d"To avoid duplication, these loans are excluded from the totals.
•Incluies a small amount of Federal intermediate credit bank loans (direct) not shown separately.
^Beginning Feb. 8, 1939, amounts previously classified as loans or securities but indirectly representing bank premises or other real estate owned are classified as "other
assets" (not shown above). These amounts on Feb. 8, 1939 (the only week for which overlapping data are available), were $47,000,000 for loans, mostly real-estate loans, and
$53,000,000 for securities. There was also a transfer on that date of a small amount of loans formerly classified as "Commercial, industrial, and agricultural" to "other loans."
* Discontinued by reporting source. New series on somewhat different basis will be substituted when available.



31

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939
April

1939

1938
April

May

June

July

Novem- DecemAugust September October ber
ber

January

February

March

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

5,463

5,303

5,307

5,336

5,329

5,332

5,362

6,363

5,359

5,405

5,417

5,431

5,478

1,264
73

1,262
119

1,255
116

1,252
115

1,252
101

1,252

1,248

1,250

1 25 9

99

98

96

1,250
87

'^86

1, 259
'83

1, 263
78

1, 266
78

1,140
46
51
219
6
34
18
11
12
9
17
13
1
41
2

1,172
50
40
210
11
34
29

1,123
47

1,073
47

12
39

2
24

1,015
34
57
173
8
37
12
2
11
6
12
9
7
41
6
22
629
122
16, 382
344
1,128
6,147
91
747
370
76
764
62
256
434
549
2,254
340
204
5,903
2,860

866
33
49
184
6
31
14
8
11
6
18
18
9
33
4
26
528
72
14,341
347
782
5,227
65
1,606
480
696
204
57
261
415
124
981
77
361
6,450
1,535

997
47
43
172
10
38
14
4
8
5
12
16
7
30
21
627
108
13, 219
575
607
4,110
245
1,031
478
316
81
54
206
604
305
341
106
343
5,251
2,676

984
48
55
196
6
44
13
0
10
10
12
15
7
51
8
20
586
99
12, 302
1,158
713
4,434
90
703
909
0
429
92
162
333
270
892
149
405
4,513
1,484

875
37
48
175
11
33
21
3
8
5
11
8
4
44
3
24
527
8S
36, 528
1, 628
797
6, 285
18f)
1, 743
489
156
524
169
704
89
116
540
1, 206
364
4,142
23, 676

1,263
54
54
218
7
43
17
9
12
12
17
15
8
41
3
34
802
135
19, 122
1,912
615
6,803
81
1, 636
387
357
1,090
575
713
267
335
650
26
686
7,731
2,061

963
32
45
177
12
42
18
6
9
9
11
16
4
31
0
19
618
91
12, 788
262
968
4, 985
125
1,482
237
306
255
118
255
512
112
1, 055
0
528
5, 251
1,322

1,123
52
54
210
7
51
20
3
12
7
15
15
8
50
4
18
683
124
17,915
1,113
1,228
7,875
55
3,248
742
755
306
86
302
188
155
1,614
145
279
5,662
2,037

COMMERCIAL FAILURES f
Grand total
number..
Commercial
_ do
do
Constructionservice,
total total
Manufacturing, total
do
Chemicals and drugs .
do
Foods
do
Forest products
do
Fuels
do
Iron and steel
do
Leather and leather products
do
Machinery
do
Paper, printing, and publishing
do
Stone, clay, glass and products
do
Textiles
_ do _.
Transportation equipment
do
Miscellaneous
do
Retail trade total
.
do
Wholesale trade total
do
Liabilities: Grand total
- thous. of dol
Commercial service, total
do
Construction total
do
Manufacturing, total _
-__do
Chemicals and drugs „
do
Foods
do
Forest products
do
Fuels
do
Iron and steel
do
Leather and leather products
do
Machinery
Paper, printing, and publishing_ - do
do
Stone, clay, glass and products
do
Textiles
-- do
Transportation equipment
do
Miscellaneous
do
Retail trade, total
do
Wholesale trade total
do
LIFE INSURANCE

14
4
9
11
10
60
3
28
748
124
21,147
2,701
1,195
7,535
168
1,200
1,025
523
973
442
243
114
454
1,806
120
467
7,055
2,661

11
7
19
10
50
5
30
690
109
19,139
1,196
757
6,860
222
717
464
155
573
480
668
328
416
1,382
510
945
7,879
2,447

7
8
16
4
62
6
27
665
104
15,918
841
1,234
5,939
11
1,522
395
265
196
94
280
304
152
1,157
166
1,397
6,520
1,384

1,038
51
45
210
7
32
24
2
14
7
13
20
6
58
3
24
629
103
14, 761
617
376
5,957
100
2,143
389
295
258
221
291
293
350
991
150
476
5,385
2,426

21,851
4,240
672
3,568
1,780
2,659

21,943
4,256
672
3,584
1,784
2,663

22,057
4,276
672
3,604
1,797
2,667

22, 209
4,291
672
3,619
1,800
2,665

22,302
4,313
670
3,643
1,801
2,663

22,413
4,334
674
3,660
1,792
2, 663

22,520
4,350
674
8,676
1,790
2,659

22,620
4, 361
673
3, 688
1,790
2,650

22, 729
4, 381
670
3,711
1, 751
2, 636

22,850
4, 395
670
3, 725
1. 743
2,628

22, 929
4, 403
669
3, 734
1, 740
2, 621

23,018
4,410
667
3, 743
1,738
2, 611

12,120
5,499
2,713
2,761
1,147
731
321

12,159
5,510
2,730
2,764
1,155
759
322

12,199
5,486
2,760
2,756
1,197
785
333

12,349
5,560
2,789
2,752
1,248
774
330

12,388
5,507
2,847
2,754
1,280
803
334

12, 553
5,598
2,885
2,754
1,316
732
339

12,658
5,603
2,954
2. 752
1,349
727

336

12, 629
5,603
2, 950
2, 726
1,350
821
369

12, 869
5, 794
3,004
2, 649
1,422
635
457

12, 884
5, 857
2, 957
2, 653
1,417
747
453

12,950
5, 895
2, 974
2, 657
1, 424
759
456

12,999
5, 903
2, 995
2, 671
1,430
810
450

833
16
643
175
617,475
37,815
193,131
386, 529
255,403
21, 665
11, 603
66, 589
155, 546

892
24
648
220
618, 807
43, 076
191, 648
384, 083
254, 629
21, 662
10, 840
61, 021
161,106

784
30
580
174
597, 773
45,076
170, 312
382, 385
258, 072
26, 369
11, 048
56,103
164, 652

720
12
511
197
528, 452
18, 659
153,392
356,401
287,110
66, 779
10, 423
56, 737
153,171

712
18
518
176
550,960
33,443
156,304
361,213
245, 298
22, 652
10,608
60, 073
151,965

760
16
582
161
519,932
24, 924
173,641
321,367
237, 697
19, 366
10, 408
60, 695
147, 228

822
24
598
200
592, 432
32,288
179, 553
380, 591
234, 120
20, 905
9,980
57, 253
145,982

865
34
608
223
671,262
43,754
182, 690
444,818
248, 595
28,515
10, 001
55,034
155,045

1,089
71
755
264
974, 920
91,294
226, 085
657,541
355, 603
50, 208
12,148
96, 493
196, 754

648
30
357
262
729, 937
51,899
99, 363
578,675
277, 860
35, 905
12,914
65, 146
163, 895

675
23
399
252
570, 491
40, 365
109,871
420, 255
250. 374
22,491
11,667
56, 981
159, 235

842
33
499
310
645,019
45, 205
138,396
461,418
287, 539
25,817
13,019
62, 960
185, 743

Insurance written, ordinary, total.thous. of dol_. 495,650 499,656 490, 658 502, 588 457, 224 470,917 428,482 488,956
34,880
31, 795
30,887
28,648
34, 758
35,105
37, 658
37, 527
New England
do
140,175 138,973 133, 471 137,997 118, 748 123,610 112,049 139, 695
Middle Atlantic
do
90, 542 103.323
99,159
109, 638 105, 226 101,865 106, 665
97, 453
East North Central
do
45, 864
49, 986
51, 227
53, 082
49, 272
52, 342
51,809
51, 575
West North Central
do
42,111
42, 860
46, 365
48,060
46, 830
45, 771
47, 631
48,159
South Atlantic
_
do
18, 941
19, 504
20, 424
20, 865
17, 586
18, 834
19,070
21,061
East South Central
do
41, 694
36, 175
40, 218
42, 829
41, 235
40, 355
43, 622
38, 401
West South Central
do
13,990
13, 428
13, 504
14, 850
14, 413
13,928
14, 856
13, 663
Mountain
do
40,161
41,819
42,002
44, 094
40,165
44,136
42,856
42, 661
Pacific
do
'107
Lapse rates
1925-26=100..
' Revised.
t Revised series. Data revised beginning June 1934; see table 3, pp. 17-18 of the December 1938 Issue.
t 37 companies having 82 percent of total assets of all United States legal reserve companies.
© 40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.

570, 648
44, 547
170, 752
120, 493
56,665
51,957
23,548
40,575
14,934
47,177

897,886
65, 390
279, 319
187,742
93, 672
79, 463
34,198
62, 032
22, 075
73, 995
101

729, 766
58, 827
194,457
174,370
76, 498
63, 300
27, 101
53,202
17, 806
64,205

532, 032 >• 577, 203
44, 852
43, 632
140,911 159, 747
122, 242 r 130, 647
55,913
54. 148
53, 050
48, 038
20, 386
22, 845
42. 223
45, 997
13,677
15, 848
46,765
48, 304

688
136
17, 492
495
744
8,294
100
1,444
340
1,164
363
1,837
565
666
8
1,024
388
395
5,566
2,393

7

60
217
15
4
15

59
198
19
8
15

(Association of Life Insurance Presidents)

Assets, admitted, totalt

mil. of dol. .

Other
do
Real estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value,) total
mil. of dol._
Government (domestic and foreign) do
Public utility
do
Railroad
do
Ca^h
do
Insurance written:©
Policies and certificates, total number
thousands. _
Group
do _
Ordinary
Value, total
Group
Industrial
Ordinary.

_

Ordinary

do
thous. of dol__
do
do
do

do

716
20
464
232
550,801
35, 981
129, 051
385, 769

(Life Insurance Sales Research Bureau)




32
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1988 Supplement to the Survey

SURVEY OF CURRENT BUSINESS
1939
April

June 1939

1938
April

May

June

July

August

1939
Septem- October November
ber

December

January

February

March

FIN AN CE—Continued
MONETARY STATISTICS
Foreign exchange rates:
0.312
0.332
0.331
Argentina
dol. per paper peso..
0.331
0.329
0.325
0.318
0.311
0.320
0.314
0.311
0.312
0.312
.169
.170
Belgium
dol. per belga
.169
.169
.169
.168
.168
.169
.169
.168
.168
.169
.169
.059
.059
B
Brazil
i
l
d
l dol. per milreis..
ili
.059
.058
.058
.059
.059
.059
.059
.059
.059
.059
.059
.374
.367
British India
dol. perrupee..
.368
.364
.356
.350
.371
.349
.358
.349
.351
.352
.350
.994
.989
.994
.996
.991
.995
.992
.992
Canada
_.dol. per Canadian doL.
.994
.991
.996
.992
.995
.052
.052
.052
.052
.052
.052
.052
.052
Chile
-dol. per peso__
.052
.052
. 052
.052
.052
.031
.028
.028
.027
.027
.026
.028
.026
France
dol. per franc.
.027
.026
.026
.026
.026
.402
.403
.402
.401
.400
.401
.402
.401
Germany
dol. per reichsmark..
.400
.401
.401
.400
.401
.053
.053
.053
.053
.053
.053
.053
.053
.053
Italy
dol. per lira.053
.053
.053
.053
.290
.289
.287
.284
.278
.273
.289
.272
.280
Japan
dol. per yen..
.272
.273
.274
.273
.556
.553
.550
.546
.544
.531
.554
.542
.539
Netherlands
dol. per guilder. _
.544
.531
.543
.536
.058
.058
.057
.057
.051
.058
.046
.052
Spain
dol. per peseta..
.050
.051
0)
0)
0)
.257
.256
.254
.252
.246
.256
.240
.241
,248
Sweden
dol. per krona..
.241
.243
.241
.241
4.881
4.967
4.981
4.958
4.681
4.929
4.804
United Kingdom
dol. per £ . .
4.768
4.708
4. 670
4.686
4.669
4.685
.642
.654
.655
.652
.649
.632
.616
.627
Uruguay
dol. per peso..
.620
.615
.616
.614
.617
Gold:
12,829
12,946
12,985
12,891
13,441
13,057
13,940
Monetary stock, U. S
__.mil. of dol__ 15, 509
14,416
14,162
14, 599 14, 778
15, 014
Movement, foreign:
Net release from earmark1__-thous. of doL. -114,842 -1,199 -53,947 -15,490 -20,942 - 2 8 , 785 - 1 3 , 255 110,177 - 7 , 375 - 6 2 , 387
10, 720
14,106 —48, 553
131
231
145
212
65
11
16
17
16
Exports
.-do
14
15
53
81
55,438
52, 987
606,027
63,880 165,990 520,907 562, 382 177, 782 240,542 156,427 223, 296 365,436
71, 236
Imports
do
Production:
981,463 L,022,678 1,014,533 ,034,928 ,046,338 ,035,341 ,041,394 ,024,057 ,028,774
Union of South Africa, total fine ounces.985, 843
903,010 940, 341 933,929 952,995 962, 757 952,602
), 561 944, 035 946,895 953,916 910,084
Witwatersrand (Rand)
do
227, 642 190, 201 227, 621 197, 528 305,487 286,493 301, 593 277,500 333, 027 235, 337 233,806 195, 780 209, 778
Receipts at mint, domestic (unrefined)..do
6,433
6,464
6,415
6,482
6,570
Currency in circulation, totalmil. of dol.- 6,867
6,337
6,764
6,712
6,697
6,750
Silver:
254
193
401
1,463
2,054
250
317
1,344
Exports §
thous. of dol_2,054
1,923
1,671
823
1,259
19,186
24,098
17,952
18,326
4,985
15, 757
7,143
Imports
do
21, 533
7,207
9,927
10,328
25,072
24, 987
.428
.428
.428
.428
.428
.428
Price at New York
_.dol. perfineoz_. .428
.428
.428
.428
.428
.428
.428
22, 490 24,071
21,197
20, 440
25, 619 20,064
Production, world
thous. offineoz_.
19, 511 19,108
21, 822
20,154
16,159
1,603
2,202
2,112
1,430
1,509
2,528
Canada.—
_
do
1,
552
1,454
1,575
1,637
2,400
2,023
8,417
9,019
4,486
7,153
6,244
9,224
Mexico
do
4,922
6,794
4,281
4,160
'2,781
4,679
4,530
5,073
5,044
4,813
5,596
United States
do
4,624
4,669
5,268
5,441
2,879
~5,~067
Stocks, refinery, end of month:
7,212
7,843
6,939
6,396
5,708
6,824
2,409
United States.
_
_
-do
7,887
7,432
4,806
4,075
4,492
470
552
355
579
495
488
Canada
do
698
615
652
611
676
633
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (167 cos.)
'84.4
mil. of dol—
' 61.8
'187.0
Autos, parts, and accessories (28 cos.) do
'78.4
r22.9
24.2
Chemicals (13 cos.)
38.1
19.2
Food and beverages (19 cos.)__.mil. of dol—
'19.9
20.4
19.2
Machinery and machine manufacturing
' 5.4
"~ cos.
os.)
mil. of dol5.6
(17
1.0
Metals and mining (12 cos.)
__do_.
11.1
10.7
Petroleum (12 cos.) .
do_.
4.7
d
7. 3
<*7.3
Steel (11 cos.)
do..
10.3
Miscellaneous (55 cos.)
do.
' 25. 4
'12.9
14.9
Telephones (91 cos.) (net op. income)..do._.
56.5
50.5
52.
Other public utilities (net income) (52 cos.) t
mil. of dol.
44.8
54.1
42.1
Railways, class I (net income)
do__.
3.4
53.7
Standard Statistics Co., Inc. (earnings):
36.8
38.5
Combined index, unadjusted*t
1926=100—
P56.5
76.7
40.4
34.4
Industrials (119 cos.)
.do.
69.3
P65.2
2.0
<*44.5
Railroads (class l)*f
do.
31.9
102.5
90.7
Utilities (13 cos.)
do
rl23 0
34.6
v 62.6
Combined index, adjusted*!
do..
'76.2
38.4
35.8
32.2
v 68. 9
Industrials (119 cos.)___
..do..
'79.0
1.5
^18.3
Railroads (class l)*t
ao_.
104.8
104.0
Utilities (13 cos.)
.
do..
r 113.2
PUBLIC FINANCE (FEDERAL)
40,063
Debt, gross, end of mo
.mil. of dol
37,167
38, 395 38,426
38, 607
37, 513 37,424
37,194
37, 596
39, 985
39,439 '39,641 '39, 864
Public issues:
36,033
33,834
34,465
34, 291 33,903
34,112
34,920
34,950
Interest bearing*
do__
34, 981
35, 988
35,755 '35,892 '35,949
549
546
551
541
543
Noninterest bearing*
do
538
543
535
534
533
589
526
528
Special issues to gov't agencies and trust
3,492
2,582
2,501
2,810
2,949
2,676
2,933
2,943
3,454
funds*
mil. of dol—
'3,3S2
3,090
3,215
3.156
Obligations fully guaranteed by the U. S.
government :d*
Amount outstanding by agencies, total.
5,064
4,647
4,852
4,853
5,001
5,410
5,015
5,009
mil. of dol__
4,993
4,987
5, 410
5,410
4,992
1,410
1,410
1,410
1,410
1,380
1,395
1,410
1,404
Federal Farm Mortgage Corporation-do
1,381
1,388
1,381
1,383
1,388
2,937
2,937
2,937
2,937
2,888
2,888
2,888
Home Owners Loan Corporation
do
2,888
2,888
2,888
2,888
2,888
299
819
299
510
511
511
Reconstruction Finance Corporation-do
511
511
819
509
819
509
Expenditures, total, including recovery and
relief f
thous. of dol._ 786, 517 642,924 568, 613 937,004 762, 697 682,823 764, 509 770, 311 678,588 870, 278 693,385 662, 464 879, 300
456, 294 411, 504 343,959 602, 762 405,740 386,401 453,422 453, 731 373, 861 500,024 391, 451 347, 849 498, 732
General*
do.
266, 048 201, 841 206, 408 314, 044 216,406 236,179 242, 693 261, 606 248,587 307, 241 256, 746 254,122 297, 407
Recovery and relief*
do.
7,992
15, 514
8,790
12,484
5,308
10,249
Revolving funds, net*
do.
9,703
12,743
6, 895
5,827
6,062
5, 599
10, 365
2,200
19, 403
44, 500 43, 500
Transfers to trust accounts*
do
800 135,107
55, 000
47, 500
48, 500
48, 500
68,000
38,500
50,000
532
1,385
13,645
Debt retirements*.do.
6,914
1,182
137
1,772
0
745
8,685
9,562
626
127
268, 343 272, 629 375, 396 773, 948 311,092 487,487 710,603 331,965 381,644 704,494 308,152 417, 349 737, 391
Receipts, totalf
do.
22, 336
24, 430
29, 437
23, 101
21,950
30, 797
28, 673 28, 590
Customs
do.
27, 338
25,121
24,318
22, 361 29, 266
279,
987 302, 476 277, 765 747, 295 350,426 362, 286 682, 544 315, 061 304, 572 662, 252 315, 845 333,518 691, 401
Internal revenue
_
do.
45,931
38, 832
40,699 541,900
41,606
33,978 487,132
Income taxes
do.
41,078
35,912 473, 804
50, 764 56, 872 495, 906
91, 283
73, 859
69, 684
4,927
Social security taxes*
do.
77,707
85,736
81, 508
81, 979
2,939
98,992 125,870
3,855
' Revised.
<* Deficit.
» Preliminary.
1Or increase in earmarked gold (—).
•Number of companies included varies slightly.
i Quotations not available after Jan. 24, 1939.
*New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p. 17, of the
April 1939 issue.
fRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939
issue. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey.
§Revised series. Data revised for 1937, see table 19, p. 14 of the April 1939 issue.
cfBy an act of Congress dated March 8, 1938 (Public, No. 442), the Commodity Credit Corporation was given authority to issue fully guaranteed obligations. The first
such issue, to the amount of $206,174,000, was in May 1938, and is here included in "total amount outstanding, by agencies." Also included in the total is a small amount of
guaranteed debentures of the Federal Housing Administrator, and beginning with Feb. 1939, $114,146,000 for the U. S. Housing Authority.

% As a result of a consolidation, number of companies reduced from 53 to 52 beginning June 1938.



June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.

33

SURVEY OF CURRENT BUSINESS
1939
April

1938
April

May

June

July

1939

DecemOctober NovemAugust September
ber
ber

January

Febru- March
ary

FINANCE—Continued
PUBLIC FINANCE (FEDERAL)-Contd.
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
Admissions to theaters, etc-thous. of dol__
Capital stock transfers, etc
do
Sales of radio sets, etc
do .
Government corporations and credit agencies:f
Assets, other than interagency, total
mil. of dol_.
Loans and preferred stock, total
do
Loans to financial institutions (incl. preferred stock)
mil. of dol

1,385
1,259
287

1,542
1,413
231

1,395
1,155
197

1,624
937
449

1,619
1,429
305

1,425
2,052
400

1,669
1,021
345

1,596
1,188
466

1,985
2,226
568

2,020
1,754
593

1,564
1,650
576

1,503
1, 394
404

1.607
1,083
353

11,130
8,503

11,167
8,524

11, 389
8,514

11, 365
8,452

11,317
8,476

11,319
8,496

11, 359
8,507

11,335
8,502

11,451
8,562

11,515
8,527

11,650
8,509

11,696
8,523

1,358
447

1,358
468

1,363
471

1,357
475

1,333
491

1,329
495

1,327
502

1,321
503

1,344
511

1,314
512

1,291
508

1,278
505

2, 327
2,324
2,340
2,335
2,335
2,329
2,385
2,357
2,346
2,368
2,326
2,330
Home and housing mortgage loans.do
Farm mortgage and other agricultural
3,491
3,499
3, 460
3,456
3,467
3,469
3,479
3,484
3,466
3,486
3,486
3,494
loans
mil of dol
821
837
886
923
833
856
902
960
847
807
865
854
All other
do
U. S. obligations direct and fully guaran874
885
843
855
822
809
834
837
814
868
845
844
teed
mil. of dol
432
438
447
456
465
468
430
460
408
413
452
451
Business property
do
685
698
733
670
666
667
673
679
689
698
708
712
Property held for sale
do
714
717
903
979
901
866
883
856
889
961
1,095
1,108
All other assets
do
6,610
6,773
6,941
7, 229
7,129
7,112
7,075
7,016
7,048
7,117
7, 588
7,592
Liabilities, other than interagency, total_do
Bonds, notes, and debentures:
5,064
4,852
4,994
4,992
5,410
4,9-87
4,647
5,001
5,010
4,853
5,001
5,410
Guaranteed by the U. S
do
1,391
1,346
1,346
1,378
1,372
1,365
1,323
1,317
1,327
1, 369
1, 374
1,352
Other
_
do .
572
575
743
786
755
737
722
700
739
757
809
808
Other liabilities incl. reserves
do
376
379
370
372
374
377
379
382
381
383
384
386
Privately owned interests
do
Proprietary interests of the U S. Govern3,718
4,078
4,014
4,144
3,830
3,905
3,764
3,936
4,022
4,015
3, 678
3,815
ment
mil. of dol._
Reconstruction Finance Corporation, loans outstanding, end of month:f
Grand total
. thous. of dol _ 1,722,507 1,820,233 1,711,652 1,717,719 1,671,575 1,690,171 1,710,379 1,738,298 1,754,152 1,814,364 1,781,297 1,769,382 1,782,388
683, 218 653, 541 641,831 642,167 647,034 652, 527 662,155 679, 677 690, 546 710, 084 671, 534 665,040 674, 555
Section 5 as amended, total...do
Banks and trust companies, including
111, 044 141, 466 135, 785 133, 613 132. 072 129, 707 127, 783 127,257 125,153 121,611 118,832 116. 791 113, 873
receivers
thous of dol
2,288
2,218
2,194
2,133
2,036
1,975
1,967
1,930
1,962
2,251
2,962
2,376
2,098
Building and loan associations
do
2,547
3,549
3,530
3,526
3, 510
3,494
3,471
3,052
2,997
2,976
2,926
2, 900
2,871
Insurance companies __ _ _ _ do __
98, 256 100, 232
96. 287 103, 339 114, 925 126,534 141,221 103,978 101, 438 110,587
Mortgage loan companies
do . . . 117, 326 126, 762 98, 237
443, 840 369, 378 390, 233 393, 699 398, 304 414,928 419, 364 426,046 428,041 436,094 437, 789 436,139 439, 560
Railroads, incl. receivers
do
5,175
11,138
11, 651
10, 781
10, 681
5,901
6,042
5,880
5,730
6,186
5,992
5,816
5, 673
All other under Section 5
do
Emergency Relief and Construction Act,
total, as amended
-thous. of dol.. 131,389 340, 767 242, 807 238, 025 186,838 198, 309 199, 691 205,916 205,851 201, 633 208, 067 205, 625 204,811
Self-liquidating projects (including financ107, 578 238, 531 241,850 237, 079 '185,893 187, 365 188, 748 190,154 190,108 180,890 182, 265 181, 840 181,027
ing repairs)
thous of dol
Financing of exports of agricultural sur23, 047
23,047
20,047
10,047
25, 047
47
15,047
47
15,047
10,047
47
47
23,047
pluses
_ thous. of dol
Financing of agricultural commodities and
73S
755
737
896
696
899
898
715
696
897
102,188
910
764
livestock
thous. of dol _
Direct loans to business (incl. participa92,137
76, 093
80, 897
84, 887
98,224 103, 598 107, 747 109,419 110, 664 112,048
72,882
73, 616
tions')
thous. of dol__ 112, 531
Total Bank Conservation Act, as amended
thous of dol__ 579, 774 565, 656 564, 305 561, 257 554,925 553. 503 553, 307 551, 637 550,104 588, 835 584,551 578,032 576,117
215, 595 187, 388 189, 093 200,177 201, 882 200, 945 203,089 202,844 204,053 206,065 207, 726 210,021 214,857
Other loans and authorizations
do

CAPITAL FLOTATIONS
New Security Registrations ^
(Securities and Exchange Commission)
New securities effectively registered under the
21, 676
86, 286
93, 634 272, 448 223, 897 394,433 125, 207 411,878 303, 280 144, 625 139, 672
97, 371
Securities Act of 1933, total
thous. of dol__ 307, 754
Estimated gross proceeds (total registrations,
less securities reserved for conversion)
21, 366
69, 242
277, 657
96, 931
85, 276 231,123 222, 595 315, 968 106, 767 405,063 249, 989 °140,709 139,075
total
thous of dol
Type of security:
9,
645
12, 393
23,124
5,927
20,932
51,
526
14,
423
12,092
19,
443
26,477
47,438
22,090
13,470
Common stock
do
3,225
2,962
4,557
7,697
4,438
21,441
18, 566
38, 762
2, 707
1,741
2,481
23, 397
Preferred stock.
do._ . 27,900
1, 766
7,595
22, 694
8,992
51,510
18.431
23,038
8,179
10,354
12, 968
22, 573
3,875
4,008
Certificates of participation, etc
do
116, 991
3,715
18,215
33, 955
64,181 169, 262
350 267, 093
46,865
57, 413
900
5,139
28, 488
Secured bonds
do
84, 500
97, 240
54,750 110,930 119,804
16,061
70, 913
0
22, 613
83, 562
61,050
7,500 172,859
Debentures and short-term notes
do
Type of registrant:
4,548
417
6,341
523
1,074
8,281
0
342
1,450
0
377
280
563
Extractive industries
__
do
31,964 101,158 117,693
38,319
59,681
57, 226
31,981
11, 096
7,200
6,821
35, 763
146, 450
4, 537
Manufacturing industries
do
68,
253
29,956
39,
944
70,
787
42,
528
36,
639
22,
390
6,
660
4,758
8,528
31,094
6,271
20,
754
Financial and investment
do
30,555
29,978
0
0
0
4,239
0
0
1,827
0
5, 305
0
4,990
Transportation and communications^do
Electric light and power, gas, and water
27, 506
5,090
82, 280 108, 512
0 275,173 103, 219
3,255 243,412
84,919
64,514
21, 145
thous. of dol_. 117,712
935
969
450
2,414
800
63, 475
3,864
1,500
5,402
3,415
685
1,577
0
Other
do
Securities not presently intended to be offered
for cash sale for account of registrants:
4, 862
971
3,135
7,334
10, 215
5,992
1,673
4,278
9,604
310
1,447
5,516
Registered for account of others.thous. of dol.. 11, 525
Registered for options and for other subse170
420
0
0
23, 931
23,114
0
56
2,288
7,406
2,086
83
4,389
quent issuance _.
. thous. of dol .
Other securities not intended for cash
1, 930
3,615
204
0
2
169
5
45,311
13
270
43
25, 590
sale
thous of dol_. 28, 379
r
Revised.
° The total Includes $12,576,000 of face amount installment certificates.
^Series differ from current presentation of the Securities and Exchange Commission, due to a reclassification of certain items, but data as shown here are comparaMe
throughout. When earlier data are available on the new basis, they will be presented in the Survey.
t Revised series. Data on Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U.S. Treasury Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and assets have been brought out, but no changes have
been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance Corporation
loans outstanding, minor revisions prior to those shown on p. 33 of the April 1939 Survey will appear in a subsequent issue.




SURVEY OF CURRENT BUSINESS

34
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1988 Supplement to the Survey

1939

1938

1939
April

June 1939

May

April

June

July

August September

Novem- December
ber

October

January

February

March

FINANCE—Continued
CAPITAL FLOTATIONS—Contd.
New Security Registrations—Contd. 1
(Securities and Exchange

Commission)

Estimated gross proceeds (total registrations
less securities reserved for conversion)—Con.
Selling and distributing expenses:
Commissions and discounts..thous. of dol._
4,679
Other selling and distributing expenses
1, 443
thous. of dol._
Estimated cash proceeds to be used for:
Total
__do—_ 229, 546
1920
Organization development
do
Purchase of:
1, 936
Plant and equipment 0
_._do.
24
Other assets
do.
3, 629
Securities for investment
do.
0
Securities for affiliation
do_
70, 605
Increase of working capital
do_
1, 034
Retirement of preferred stock
do
147, 47 i
Repayment of bonds and note?... do
4, 629
Repayment of other indebtedness.-do
Miscellaneous
..do-

3,356 !

2,164 |

4,378

557

891 |

1,175

5,412

7,761
1,051

881

2,088

8,293

6,287

2,016

1,180

87,041
429

51,129
226

208,291

211,172
26

279,808
65

94,257
490

347,770
90

211,052
858

3,510
0
18,632
20
1,741
119
61,838
675
79

9,851
1,472
1,105
0
9,050
0
19,937
9,470
20

105,144
232
6,497
119
16, 423
0
55,477
24,385

108,238
8
62,979
0
5,503
25,053
1,505
7,860
0

42, 330
0
27, 241
40
5,029
13,819
175,812
15, 436

50, 306
667
31,654
123
5,625
0
180
5,012
200

10,139
0
21,745
0
8,716
447
270. 494
36,139
0

38, 017
0
38, 375
798
2,997
18, 168
88, 743
36
23, 060

352,212 !'220, 377
196.483 |'158, 943
196,483 ' 158, 881
11,683 '37,512

513,132
348,765
345, 879
202, 316

4G9, 697
390, 633
390,133
130, 276

417, 936
182, 286
181,836
127,014

238,368 | 765,188 j r 395, 808
146,033 166,908 r 220, 893
1 0
3
146,033
166,908 ! 195, 893
' 84, 937
63,922 ' 43, 521

• 19, 668 192, 534
0
2, 000
9,308
15, 650
474
194

127,826
600
0
1,850

123,304
0
3,143
'567

' 83, 099
0
820
1,018

13,550
130,013
2,886
0
0
2,886
164,367
164,367
98,791

216,450
43, 407
500
0
0
500
79, 064
79, 064
55, 545

0
54,822
450
0
0
450
235, 650
235, 650
211,141

8,400
52,696 ! 102,986!
0
0
0
0
0
0
0
0
92, 335 598,280
92, 335 598, 280
65,136 273, 237

98,041
750
0
0

55, 545
0
0
0

211,141
0
0
0

64, 956
0
180
0

51,500
14, 076
0
0 |
0
0
0

20, 250
3, 269
0
0
0
0

4,013

1,190

904

215

627

125, 424
1,920

131,022
291

14,956
201

58, 886
1,690

10,142
180
27, 669
0
8,400
10,494
64, 567
2,036
16

1,915
0
20, 399
0
1, 675
35, 523
69, 058
3,161
0

4,387
681

2,767

3.453 !
13 I
2,416 i
0 !
4,239 I
0j
3,303 I
1,331 I

4,534
3
1,965
500
13,195
191
36, 531
267
10

Securlties Issued
(Commercial and Financial Chronicle) t

Securities issued, by type of security, total (new
capital and refunding)
thous of <1ol__
New capital, total
do
Domestic, total
do
Corporate, total
do
Bonds and notes:
Long term
do
Short term
do
Preferred stocks
do
Common stocks
do
Farm loan and other government agencies
thous. of dol_Municipal, States, etc..-do
Foreign, total
__.
do
Corporate
do
Government
do
United States possessions
do____
Refunding, total
do
Domestic, total
do
Corporate, total
do
Bonds and notes:
Long term
do
Short term
do
Preferred stocks
do
Common stocks
do
Farm loan and other government aeenHes
thous. of doL.
Municipal, States, etc
do
Foreign, total
do
Corporate
do
Government
do
United States possessions
_do
Securities Issued by type of corporate borrower:
total
..thous. of doL_
New capital, total
_.
_do
Industrial
do
Investment trusts, trading and holding
companies, etc
thous. of dol_Land, buildings, etc
do._._
Public utilities
do
Railroads
do
Shipping and miscellaneous
do
Refunding, total
do
Industrial
do
Investment trusts, trading and holding
companies, etc
thous. of dol._
Land, buildings, etc
do
Public utilities
do
Railroads.
do
Shipping and miscellaneous
do
(Bond

355, 941
142. 621
142,171
77, 060
46, 533
0
1,020
29, 507

10,940
0
70
673

1,950
63,161
450
0
0
450
213, 320
160, 820
129, 249

140,000 j
44,799 !
0
0
0
0
155,729
155,729
66,750

105,913
0
23.336
0

66, 750
0
0
0

20,750
10, 820
52, 500
52, 500
0
0

83, 725
5, 254
0
0
0

258, 809
77, 060
75, 9S1

78,433
11,683
6,139

500
0
579
0
0
181,749
60,175

0
0
1,870
3, 540
134
66, 750
6,000

12, 755
720
106,500
1, 600
0

1I

o

33,150
88, 219
63
63
0
0
61,434
61,434
25,692
25, 692
0
0

o!

' 43, 995
0
11, 752
3,798

' 2, 300
2,600
0
927

0 I 55,000
152,373 126,457
25,000
0
0
0
25, 000
0
0 i •288,1810
174,914 •285,556
134,914 •250,493
107, 702
272, 706 ' 85, 266 •239,520
4,000
0
0
18,436
0
10,974
0
531
0

118.146
70;557
20, 000
0
20,000
0
56, 809
56.809
10,386

ol

239,915
162. 258
162, 258
52, 965

16, 722
0
1, 278
5, 571

42, 809
0
891
9,265

310,090 I 4,325
43,890 I 104, 968
0
0
0 !
0
0 j
0
0 !
163,173 ! 77, 658
163,173 i 74,658
136,115 i 46, 689
101,286
0
34,829
0

5,200
5, 000
0
186

I 46, 366
0
!
200
!
123
1

19, 250
27, 172
0
0
0
0

17,050 i
10,008 I
0 I

223 '310,038 '16,213
' 63,266
o !! 301, 107 185,821 •338,155 !'150,073 337,159 I'151,
63, 922 I r 43, 521 ' 59, 544 '5.827
' 37, 575 i 202, 316 130, 276 •127,014 ' 84,937
48, 801
1,027
18,405 ! 143,261 120,365 '69,550 | 80, 838 j 40,561 '18,284

159,686 I

30,810

4,932 I

8!

600
350
51,775
• 16, 905
6,330
o!
0
1,540 j 98, 791
25,692
4,507
2,002 I
0I
0
120 !
0
250 i 23,570
94,284
60,500
0
0
0
0
0
0
0
725 i

ol

Buyer)

State and municipal Issues:
Permanent Hong t e r m ) .
Temporary (short term)

' 37, 385
40
1,344
'4,752

61,484
300
1, 950
188

723
550
550
571

540,
377,
377.
23,

529,182 277, 339
241,001 220, 531
241,001 200, 531
' 59, 544 f 5,827

13, 500
11,009 !

81
S

5,600
21,599
0
0
0
0

322, 862
2,181
0
0
0

20, 250
14,813
2, 625
0
0
2, 625

0
0
0
394
1,420
240
'6,461
20, 441 T 21,285
0
0
0
3,888
1,500
3,712
273, 237 '107,702 '250,493
14, 458
44,656 ' 56, 404

100
107
9,704
0
0
55, 545
5,500

0
747
1,350 i
49,965 i
'740
3,148 !
0
0'
65,136
211,141
16,180
41,659

0
4,000
46,045
0
0

0
0 !
0
120
100 7,132
169, 382
41, 824 258, 659
0
0
0
0
0 !
0

3,000 I

21,700
5,513
40,000
0
40, 000
0

;
0
0
I
0
416
; ' 03, 046 139,795
46, 378
i
0
7,500
!
0

0 I
0 I

0 i

20.' i n '

500
630
' 1,170
0
2, 500
10, 386
3. 986

0

;

375
2,475 i
0 j

550 !
136, 115 '

0
850
300
5,000
250

15,023
12,946
3,000
0
3,000
0
99.654
52, 965
18, 558
0
0
4,202
30, 135
71
46. 089
15,301

0
86
111,029
12, 000
1,500

0
0
31,388
0
0

60, 496
170, 769

' 49. 425
' 92, 336

168

202
81

I
. t h o u s of dol__
do.

75, 723
105, 307

47, 670
38,340

149,915
18,414

111,273
112, 525

50,649
142,760

67,202 ! 36,959 | 132.234 i 169,736
53,684 | 89,347 ! 154,875
47,031

128,654
43,764

104,462
88, 656

:r
!

COMMODITY MARKETS
Volume of trading in grain futures:
336
325
380
701 I
764 !
572
512 j
892
725
326
Wheat
.mil. of bu_
138
133
139 !
147
206 1
115 1
125
180
111 i
106
Corn
do
'Includes reimbursement of corporate treasuries tor capital expenditures.
' Revised.
\ See footnote marked " J " on p . 33.
t Revised series. Data revised beginning J a n . 1937; see table 26 on p p . 15 and 16 of the M a y 1939 issue.




300
104 i

35

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939
April

1939

1938
April

June

May

July

August

Septem- October Novem- December
ber
ber

January

Febru- March
ary

FINANCE—Continued
SECURITY MARKETS
Brokers Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net)
mil. of doL
Cash on hand and in banks
do
Money borrowed
do
Customers' free credit balances....
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars..
Domestic
do
Foreign
do
Dow-Jones & Co., Inc. (40 bonds)
percent of par 4% bond.Industrials (10 bonds)
do
Public utilities (10 bonds)
do
Rails, high grade (10 bonds)
___do_...
Rails, second grade (10 bonds)
do
Standard Statistics Co., Inc. (60 bonds)
dol. per $100 bond.
Industrial (20 bonds)
.do
Public utilities (20 bonds)
do .
Rails (20 bonds)
do
Domestic governmental issues:
Municipals (15 bonds)
do
U. S. Treasury!
do.__.
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
thous. of dol_
Par value
do
On New York Stock Exchange:
Market value
thous. of doL.
Par value
do
Sales on N.Y.S. E., exclusive of stopped
sales (N. Y. S. E.) par value:
Total
thous. of dol..
17. S. Government
do
Other than U. S. Government:
Total
do
Domestic
do
Foreign
_ do
Value, issues listed on N. Y. S. E.:
Par value, all issues._
mil. of dol..
Domestic issues
do
Foreign issues
do
Market value, all issues
do
Domestic issues
do
Foreign issues...
__.
do
Yields:
Bond Buyer:
Domestic municipals (20 bonds)...percent.
Moody's:
Domestic (120 bonds)
...do
By ratings:
Aaa (30 bonds)
do
Aa (30 bonds)..
_ do. _
A (30 bonds).
do
Baa (30 bonds)
do
By groups:
Industrials (40 bonds)
. . . do.
Public utilities (40 bonds)
.do....
Rails (40 bonds)
do
Standard Statistics Co., Inc.:
Domestic municipals (15 bonds)
do
U. S. Treasury bondst
do

939
189
662
252

991
190
754
247

971
192
713
235

967
168
709
222

953
174

617
270

89.08
92.10
59.72

90. 67
93.70
61. 20

90.34
93.33
61. 02

91.27
94.35
60.11

91.03
94.25
58.55

91.85
95.01
59.68

91.80
94.99
58.43

0)
0)1
C)
0)
0)

0)
0)
0)
0)
0)

0)
0)
0)
V)
0)

0)
0)
0)

0)
0)
0)
0)

0)
0)
0)
0)
0)

81.8
86.8
98.6
59.9

82.1
86. 9
99. 3
60.2

81

0)
0)
0)
(0
0)

81.1
86.0
98.7
58.6

81.9
86.2
99. 7
59.7

82.1
86.4
100.7
59.0

83.1
87.1
101.3
60.9

115.2
104.3

116.6
104.0

116.5
104.1

117.3
104.4

117.3
104.8

117.9
106.0

110,826 166,812 139, 760 146,188
148, 992 237, 245 207, 719 259,364

157, 278
224, 622

126, 687
166,855

179,440
245,123

116, 550
221,469

119.160
178,731

86,903
121, 222

137,021
195, 394

185,179 155, 868 217, 609
6,535
7, 673
4,419

159,611
7,581

118,993
4,871

185,513
11,889

211,074
185, 528
25, 546

152,030
131,490
20, 540

114,122
96, 722
17,400

173,624
139,909
33,715

51, 554
46,920
4,634
47,053
44, 268
2,785

51, 587
46,933
4,654
46,958
44, 233
2,725

51,466
46,862
4, 604
47, 271
44, 524
2,748

52, 670
48,071
4, 599
48,352
45, 665
2,687

831
190
579
236

763
203
485
248

760
208
482
243

774
215
495
258

843
209
528
284

864
200
571
272

823
213
559
257

91.56
94.83
57.40

87.82
90.84
59.91

87.78
90.81
59.64

88.98
91.97
60.54

90.19
93.32
60.76

89.40
92.53
59.89

0)
(0
0)
0)

63.62
97.63
93.24
73.38
35.37

67.09
101. 70
97.06
75.31
38.16

60.36
104.88
97.68
72.55
30.55

68.72
107. 75
99.66
75.10
39.09

65.68
109.37
99.05
74.14
35.47

79.4
83.8
99.7
54.5

73.8
77,8
90 2
53.5

76.5
80.4
94.0
55.1

75.3
80.0
94.0
52.0

80.8
85.0
97.3
60.2

81.3
85.7
98.1
60.0

78.7
84.2
96.3
55.7

116.4
106.6

111.6
102.7

113.6
104.0

113.6
103.9

114.2
103.8

115.2
104.0

111.7
103.0

119,057
165,925

128,938
180,796

116,394 119,899
161, 697 169,072

157,370
232,147

117,162
161,552

92, 210
133,554

108,296
152,817

89, 587 96,606 127,133
127,972 140, 524 194, 877

122,804

139,715 121,156
6,844
18, 832

144, 821 178, 265
7,618
9,729
120, 883 114,312 135, 092 170, 747
102, 133 96,654 118,695 152,580
18, 750 17, 658 16,397
18,167

52, 564
47, 975
4, 589
48,128
45, 493
2,634

48, 279
43, 559
4, 720
42, 399
39, 571
2,828

48, 244
43, 551
4, 693
42. 347
39, 548
2,799

49,177
44,489
4,687
43,757
40, 919
2,838

49, 409
44,657
4,752
44,561
41, 674

905

93, 667 92, 923 133,469 107,389
130, 647 126, 207 195, 775 169,415
120,363
6,161

133,954
17,163

114.202 116,791 177,506 151,449
96, 692 94, 417 155, 698 130,133
17,510 22, 374 21,808
21,316
49,424
44,676
4,748
44,183
41. 339
2,844

50, 331
45, 649
4, 682
44, 837
42, 041
2,796

50, 225
45, 546
4, 679
45, 539
42, 675
2, 864

50, 301
45, 640
4, 661
45, 442
42. 597
2.844

G)

2.72

2.78

3.08

3.05

3.00

3.01

2.83

2.78

2.76

3.84

4.50

4.28

4.40

4.17

4.09

4.17

4.03

3. 95

3.95

3.86

3.81

3.74

3. 02
3.22
3.97
5.15

3.30
3.73
4.49
6.47

3.22
3.56
4.28
6.06

3.26
3.68
4.41
6.25

3.22
3.62
4.21
5.63

3.18
3.57
4.13
5.49

3.21
3.60
4.20
5.65

3.15
3.53
4.08
5.36

3.10
3.46
4.02
5.23

3.08
3.42
4.02
5.27

3.01
3.32
3.97
5.12

3.00
3.26
3.94
5.05

2.99
3.22
3.87
4.89

3. 35
3. 51
4.66

3.64
4.11
5.75

3.51
3.90
5.44

3.55
3.90
6.75

3.48
3.79
5.25

3.43
3.76
5.09

3.50
3.82
5.18

3.43
3.73
4.94

3.39
3. 65
4.83

3.40
3.63
4.82

3.31
3.57
4.70

3.29
3.52
4.63

3.29
3.48
4.46

2.75
2.30

3.03
2.62

2.91
2.51

2.91
2.52

2.87
2.52

2.82
2.51

3.02
2.58

2 82
2^48

2.74
2.50

2.75
2.49

2.70
2.47

2.70
2.44

2.67
2.34

2.98

Stocks
Cash dividend payments and rates (Moody's):
Annual payments at current rate?! (600 companies)
mil. of dol 1, 337. 76 1, 443.85 1,328.37 1, 287.10 1, 288. 80 1,295.20 1, 293. 92 1,293.59
1,315.04 1,316.25 1,329.91 1, 334.15
929.10 929.10 929.10 929. 10 935.03
935.03
Number of shares, adjusted
millions... 935. 03 929.10 929.10 929.10 929.10
935. 03
935.03
Dividend rate per share (weighted average)
1.43
1.39
1.39
1.41
1.43
1.43
1.39
1.39
(600 cos.)
dollars.
1.39
1.41
1. 55
1.42
1.43
3.00
3.01
3.01
3.07
3.00
3.00
3.00
3.01
Banks (21)
do...
3.00
3.01
3.07
3.01
3. 00
1.24
1.31
1.27
1.22
1.24
1.30
Industrials (492 cos.)
do
1.23
1.24
1.28
1.28
1.41
1.30
1.29
2.24
2.33
2.37
2.22
2.24
Insurance (21 cos.)
do
2.24
2.31
2.31
2.38
2.24
2.31
2.31
2.24
1.94
1.92
1.91
1.94
1.93
1.94
1.92
1.93
1.91
1.92
Public utilities (30 cos.)
do
1.93
1.91
1. 94
1.09
.90
1.29
1.18
1.09
1.09
.85
1.54
Rails (36 cos.)
do...
.90
1.09
.80
1.05
Dividend declarations (N. Y. Times):
Total
thous. of dol. 154, 076 152, 753 366,435 222,001 167,170 240,965 185, 428 180, 506 509,160 247,569 194,118 303,839 186,095
147, 635 147, 052 353,652 207, 374 157,175 230,994 182, 735 169, 901 486. 396 229,916 181,480 289,412 182, 522
Industrials and m i s c . .
do
Railroads
. do
9,970
2,693
10, 605 22, 765 17,653
3,573
6, 440
12, 783 14, 627
9,995
5,701
12,638
14,427
Prices:
Average price of all listed stocks (N. Y. S. E )
Dec. 31, 1924=100
62.2
56.6
49.8
48.1
58.3
60.6
60.6
65.4
66.2
64.4
57.0
62.6
64.1
Dow-Jones & Co., Inc.: (65 stocks)
49.64
46.13
43.98
42.68
38.73
46.05
49.32
dol. per share
35.57
50.32
49.13
48.68
150. 36 151. 96 150.12
140. 97 137.04
Industrials (30 stocks)
do
127. 73 112.85
114.20
118.79
139. 47
145.06
146. 87
144.60
22.92
Public utilities (15 stocks)
do"""
20.01
18.49
22. 05
22.00
19.38
21.64
21.94
17.76
23.35
24.84
23.30
24.94
Rails (20 stocks)
do
30.62
28.49
25.62
19.09
21.82
28.16
30.52
25. 75
21. 52
31.29
31.07
30.31
31.20
1

Discontinued by the reporting source.
f Revised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear in tables 17 and 16, p. 18 of the March
1939 Survey.




36

SURVEY OF CURRENT BUSINESS

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

1938

1939
April

June 1939

April

May

June

July

August

1939
September

DecemOctober November
ber

Febru- March
ary

January

FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued:
New York Times (50 stocks)._dol. per shareIndustrials (25 stocks)
._
do
Railroads (25 stocks)
do
Standard Statistics Co., Inc.:
Combined index (420 stocks)
1926=100..
Industrials (350 stocks) __
-do _
Public utilities (40 stocks)
do
Rails (30 stocks) _
. -do . .
Other issues:
Banks, N. Y. C. (19 stocks) . . ,do .
Fire and Marine insurance (18 stocks) .do..
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value _ .
_ mil. of dol
Shares sold
thousands..
On New York Stock Exchange:
Market v a l u e . .
mil. of dol..
Shares sold
thousands
Exclusive of odd lot and stopped sales
(N. Y. Times)
thousands
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of doL.
Number of shares listed
. millions .
Yields:
Moody's, common stocks (200)
percent..
Banks (15 stocks)
do
Industrials (125 stocks)
_ .
.
,do _ .
Insurance (10 stocks)..
,do
Public utilities (25 stocks)
do
Rails (25 stocks)
do
Standard Statistics Co., Inc., preferred stocks:
Industrials, high grade (20 stocks).percent..

85.70
153.92
17.49

98.90
175.95
21.85

99.74
177. 53
21.95

95.68
171. 70
19.68

106. 81
189. 69
23.95

105. 29
186. 99
23. 59

105.36
186. 99
23.74

102. 73
181. 82
23.64

102. 22
181.21
23.24

100.59
178.01
23.18

73.9
87.4
69 5
21.8

73.1
86.4
69.2
20.5

88.0
105.3
76.5
27.3

89.5
108.0
75.0
27.8

86.0
103.9
72.2
25.5

91.1
109.6
77.4
28.1

94.7
113.6
80.9
30.0

92.0
110.6
77.9
28.8

91.8
109.3
81.2
29.8

90.1
106.3
83.8
28.0

91.7
108.0
85.8
29.7

48.0
70.8

48.3
74.5

47.2
77.5

51.2
85.5

49.9
85.5

46.7
82.8

51.0
87.0

49.6
87.4

47.7
85.3

50.0
86.1

51.1
85.7

53.5
87.0

882
42, 614

751
35, 759

566
26, 635

842
39,875

1, 621
70, 651

988
40, 515

943
40, 542

1,573
67, 924

1,306
53,496

1,225
52,913

1,129
47, 393

655
26, 057

' 1, 058
40,384

779
33, 775

679
28,151

499
20,153

752
30,198

1,474
57, 636

891
32,151

850
32, 035

1,397
54, 625

1,157
41,923

1,065
39, 954

986
37, 051

561
19,538

r 916
31,150

90.46
161. 51
19.41

81.92
146. 70
17 13

81.9
95.9
80.0
24.8

70.7
84.2
64.0
20.9

50.4
81.0

80.47
143.93
17.01

20, 247

17,120

14,008

24,364

38, 762

20, 723

23, 826

41, 561

27,923

27,490

25,186

13, 877

25, 565

40, 673
1,427

35, 865
1,426

34, 585
1,424

41, 962
1,427

44, 784
1,427

43, 526
1,425

43, 527
1,425

47, 002
1,426

46,081
1,427

47,491
1,424

44,884
1, 425

46, 271
1,426

40,921
1,427

4.2
4.8
3.9
4.4
5.7
4.0

5.1
5.1
4.6
4.7
7.0
7.8

4.9
5.4
4.3
4.8
6.8
6.9

3.9
4.8
3.3
4.0
6.2
5.0

3.7
4.7
3.1
4.0
6.1
4.1

3.8
4.9
3.3
4.0
6.2
4.4

3.8
5.0
3.2
4.1
6.2
4.5

3.6
4.8
3.0
3.9
5.7
3.9

3.6
4.8
3.1
4.1
5.7
2.9

3.8
4.8
3.4
4.1
5.6
3.5

3.7
4.6
3.3
4.0
5.3
3.2

4.2
4.8
3.8
4.3
5.8
3.9

4.99

5.47

5.32

5.29

5.17

5.07

5.08

4.99

4.94

4.94

4.94

4.92

3.8
5 0
3.3
3.9
5.9
3.6
4.92

Stockholders (Common Stock)
649,117
7,187
217, 748
2,953
172, 219
3,166
22.54

American Tel & Tel Co., total
number
Foreign
do
Pennsylvania Railroad Co , total
do
Foreign _
do
U. S. Steel Corporation, total
do
Foreign
do
Shares held by brokers
percent of total

646, 671
7,173
214, 532
2,874
168, 399
3,084
24.89

648,056
7,180
216, 847
2,928
171,198
3,096
23.65

645, 033
7,153
213,143
2,853
167, 650
2,998
24.78

1
j

FOREIGN TRADE
INDEXES
Exports:
Total value, unadjusted
1923-25=100
Total value, adjusted
. . _ _do__
U . S . merchandise, unadjusted:
Quantity
do
Value
.
do
Unit value
do _
f mports:
Total value, unadjusted
.
do
Total value, adjusted
do
Imports for consumption, unadjusted:
Quantity
. . . .
1923-25=100
Value _
do
Unit value
do
Exports of agricultural products, quantity:
Total:
Unadjusted.
1910-14 = 100..
Adjusted
. .
do
Total, excluding cotton:
Unadjusted
do
Adjusted... _ _ ,
.
do

61
64

72
76

68
72

61
69

60
68

61
66

65
62

73
60

66
58

71
67

56
55

58
63

' 70
70

98
61
62

110
73
66

105
68
65

95
62
65

94
60
64

96
61
64

102
65
64

116
74
63

107
67
63

111
71
64

91
56
62

92
58
63

113
71
63

58
53

50
46

46
45

45
47

44
47

51
53

52
55

55
54

55
55

53
54

55
55

49
49

59
53

107
58
54

88
49
55

84
46
55

87
46
53

88
46
53

102
54
53

102
54
53

104
56
54

99
54
54

99
52
53

100
53
53

89
48
54

112
60
54

47
55

79
93

74
89

57
74

62
86

61
76

71
66

83
62

81
62

68
54

68
61

61
66

68
69

72
78

108
116

133
140

95
106

102
113

101
102

87
81

101
87

90
83

84
78

99
98

87
95

92
92

of d o L . 230, 947

274, 4S2

257,177

232, 686

227, 780

230,621

246, 321

277, 928

252, 231

268, 756

212,908

218, 559

268, 364

do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
d o " "

9,928
61, 933
28,837
105, 725
12,312
9,169
5,101
34,900
46, 591
45,926
21,909
3,938
28,396
9,466
5.428
2, 387

7,456
47, 052
18,074
100,418
10, 073
7,280
4,686
35, 325
55,214
54, 506
19, 999
4,066
27,039
9,121
5,207
1,813

8,622
47,586
15,485
87, 835
8,859
6,330
4,246
30, 223
45,303
44, 732
20,094
4,966
23, 247
6, 569
4,394
1. 500

9,194
43,118
13,938
90, 265
9,473
5,620
4,931
32,231
43,489
42, 769
17, 967
3,606
23, 746
6,408
4,953
2, 117

7,271
40,579
13,607
102,995
8,381
10, 270
3,621
41,432
39, 545
38, 829
20, 034
4,136
20, 196
4,318
4 222
2, 072

7,890
45,107
19, 806
112, 702
11, 235
12,057
4,132
50, 737
36, 752
36,170
21,156
4,465
22, 755
5, 944
4,849
1,913

10, 308
50, 990
19, 502
127, 710
12, 322
10,166
5,385
56,140
42, 971
41,895
23, 285
4,501
22, 664
6,034
5,382
2,123

9,767
48,494
19,104
110,192
13, 788
8,620
5 091
43,238
38,992
38,513
21,473
5 239
23,314
6 796
5,143
1,741

13,185
61 591
28, 528
112,672
11,134
8,317
5 141
46, 825
29, 067
28, 458
23, 705
5,829
28, 538
7,736
6,749
2,139

8,075
42, 445
17, 692
95,830
10,818
6,395
4,3«1
42, 462
27,061
26, 684
20,801
5, 581
18, 695
3,114
4,968
1,736

8, 523
46, 406
17, 484
95, 445
10,653
5,176
3,889
38, 678
26, 258
25, 764
20,453
5,928
21,472
4,067
5,120
1,480

VALUE §
Exports, incl. reexports
thous.
By grand divisions and countries:
Africa
Asia and Oceania
Japan
.
Europe
France . . . .
Germany
Italv
_
United Kingdom
North America, northern
Canada
North America, s o u t h e r n . _ .
Mexico _
South America
Argentina. _
Brazil
Chile..
"
r
Revised.
§Revised series.




10,101
49 243
16,147
88, 809
12, 468
4,806
4, 130
34,311
35, 055
34, 535
23,462
6, 320
24, 277
4 0f>8
6. 007
1, 479

Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue

11,560
60, 565
23, 573
108,143
12,614
6,446
5,056
41,874
23, 092
32, 298
27, 598
7,991
27, 407
5,281
6, 664
2, 188

37

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1938

1939
April

April

May

FOREIGN

June

July

August

1939
September

DecemOctober November
ber

January

February

March

TRADE—Continued

VALUE-Continued §
Exports incl. reexports—Continued.
By economic classes (U. S, mdse. only):
Total
thous.ofdol..
Crude materials
do
Cotton, unmanufactured
do
Foodstuffs, total
do
Foodstuffs, crude
do
Foodstuffs and beverages, mfgs._.do
Fruits and preparations
.do
Meats and fats..
do
Wheat and
flour
do
Manufactures, semi-..
.do
Manufactures,
finished
do
Autos and parts...
.do
Gasoline
do
Machinery
do
General imports, total
do
By grand divisions and countries:
Africa
do
Asia and Oceania
do
Japan
do
Europe
do
France
do
Germany
do
Italy
do....
United Kingdom
_
.do
North America, northern
do
Canada
__
.do
North America, southern
do
Mexico
do
8outh America
do
Argentina
.
do
Brazil
do....
Chile.
do....
By economic classes (imports for consumption):
Total
.—
-thous.ofdol.
Crude materials.
do
Foodstuffs, crude
_
.do
Foodstuffs and beverages, mfgs
do
Manufactures, semido
Manufactures,
finished
do

227, 597
26,016
9,185
23, 621
9. 810

13,811
6,656
3, 008
5, 459
41, 008
136,951
24, 921
6, 553
43, 882
186,195
8,571
51.162
10, 607
57, 574
5,411
13,829
3,289
11,572
26.163
25, 671
19,406
4,442
23,319
4,357
7,867
3,813

271,499 253,615 229,515 225, 111 228,143 243, 621 274, 319 249, 694 266,171 210, 258 216,036 264, 578
34,498
43,789
32,809
36,485 40, 072
44, 487 34,770
59,605 72,132 59, 867 49,376 36,391
19,048 14,975 13, 732 16,958
9,442 10,460
10,403
10, 689 20, 511 24, 056 25,016
20,137
34,556
35,826
26, 553 27, 966
38,029
31, 391 33, 290 29,474 28, 422 31,051
38, 657 48,169
11,170 16,443
12,045
34,140 20,988
22,164
11,402 12, 287
24,556
14, 254 12,509
25,562
17,429 17, 252 14,608 15,151 15,679
14,029
13,568
13, 473 13,662
17,137 20,781
12,995
10,000
10,116
7,519
13,
253
6, 404
7,195
4,296
5,914
7,227
7,017
6,267
10, 365
4,204
4,113
3,150
4,110
4,145
4,431
4,202
4,049
4,724
3,776
3,944
4,596
4,
588
4,473
9,064
13,
241
8,226
4,030
7,403
8,405
11,436
4,038
8,201
6,406
50,499 35,452 34, 868 45, 658
39,955
42, 649 37,015
46,284
37,270
35, 615 40,159 44,454
142,171 128,028 123, 447 117,003 112,912 112,465 124,443 120,399 137,874 107,365 118,128 150,8S2
17,202
17, 303 25, 417 29,161 21, 396 25, 335 28, 504
26,370 20,563
17,469
12,299
14,171
8,732
8,811
8, 516 12,292
9,861
9,042
9,572
8,370
9,085
7,449
8,378
6,367
42,382 41,545
39, 719 39,461
36,626 38, 653 34,550 40,908 31,217 34, 605 49,390
45,635
145,898
140,836 165, 540 167, 651 177,979 176,181 171,474 178,201 158,035 190, 437
159,907 148, 260
5,689
49,937
10, 519
41,014
4,007
4,614
4,394
7,567
20,240
19,673
22, 621
5,941
20,407
3,055
7,096
3,500

4,811
42,868
7,020
40,682
3,584
4,829
3,172
8,693
20,968
20,487
19, 305
4,184
19,626
3,441
7,004
2,522

3,047
45,716
10,688
40,109
3,248
4,534
4,184
7,889
19,829
19,027
17,910
4,215
19,287
1,909
fi,686
2,310

4,416
36,909
8,594
39, 781
3,589
4,393
2,587
7,262
22,803
21,973
17,964
4,606
18,963
1,689
7,564
1,171

5,851
44,394
10,103
49,366
4,357
5,627
2,824
10,143
23,899
23, 334
21, 329
3,295
20, 701
2,835
7,432
1,571

3,799
46,899
11,839
52,150
5,397
5,794
3,170
10,445
24,186
23, 500
17,924
2,440
22, 693
3,882
1,681

5,081
49,131
11,678
68, 714
5,992
7,289
4,520
13,801
27,049
26,249
16,183
3,134
21,821
3,631
8,536
1,648

185, 800 155,501 147,243 147,938 147, 797 171,053 172, 947 178,460
40, 248 38,003 43,236
49, 498 52, 377 53,708
54, 940 43,805
19,555
20,485
20,344
21,663
24, 053 21,059
20,473 21,120
26,177
26,657
23,711
27,829 28,639
25,036
28,436
27,240
27,846
30,
360
28,607
35,030
37, 936 28, 564
33, 591 35, 753
33, 418 32, 432 30,899
37,033 37,868 40,639
43, 836 33,637

4,069
56,033
14,053
54, 623
5,191
6,923
3,656
12,898
25, 839
25, 232
12, 566
3,084
23,051
3, 566
9,150
1,567

4,145
52,130
12,020
53,609
5,586
6,256
3,397
12, 251
24,300
23,554
12, 753
4,748
24, 538
4,252
9,191
2,457

171, 652 165,522
52, 355 53,465
23,788 23,093
22,995 20,887
35,172 35,265
37, 342 32,812

3,741
51,818
11,285
51, 273
4,703
5,231
3,266
11,331
26,136
25,222
17,924
5,429
27,309
6,633
8,420
3,277

6,479
42, 780
7,896
47, 722
5,234
4, 930
2,669
10,995
20,302
20,129
18,650
5, 270
22,102
6,086
7,607
2,272

6,964
59, 952
9, 707
52, 298
5, 692
5,171
3,976
11,971
23, 559
23,128
22, 732
6,326
24, 932
5,460
9.421
2,583

169,323 152, 528 191, 226
53,890 48,073 59, 507
26,774 22,947
28, 205
16, 638 18,635
26, 2U6
37,158 34,047 38,822
34,864 28, 827 38, 396

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
thous. of dol_.
Operating income
do
Electric Street Railways
Fares, average, cash rate
Passengers carried t
Operating revenues

7.873
cents..
thousands.. 788, 941
..thous. of dol_.

9,202
131

9,165
124

8,931
124

8,251
109

8,409
123

9.497
115

9,404
127

9,240
131

11,338
&20

8,586
71

8, 499
72

7.878
785, 798
56, 557

7.909
773, 674
65,650

7.909
737, 235
63, 241

7.889
680, 255
49,615

7.889
700, 569
51,132

7.889
729, 663
52, 229

7.889
789, 695
56, 582

7.889
775,461
55, 274

7.888
838, 707
60,028

7.888
790,120
56,869

7. 873
737,' 161
53, 361

7. 873
835,136
59, 702

Class I Steam Railways
Freight-carloadings (Federal Reserve):
5S
64
63
58
62
55
57
Combined index, unadjusted...1923-25=100..
62
75
63
71
63
70
78
56
76
49
52
47
49
CoaL
do
36
76
76
66
76
71
58
34
33
34
47
62
38
36
64
50
Coke
do
57
58
49
Forest products
do
37
35
36
39
37
41
43
43
37
37
34
36
39
71
64
76
72
101
83
95
80
123
68
69
Grains and grain products
do
68
67
40
37
32
34
35
37
37
31
62
Livestock
do
32
53
40
50
59
61
59
59
61
60
62
59
60
62
65
Merchandise, 1. c. 1
__
do
62
e>4
Ore
do
22
22
21
41
23
63
72
71
62
60
21
37
31
67
68
82
64
66
63
64
Miscellaneous
do
72
64
70
65
76
78
62
58
61
67
58
60
69
Combined index, adjusted
.do
66
67
68
69
69
64
Coal
do
62
65
69
63
58
62
55
57
43
69
67
68
70
Coke
do
55
46
37
43
39
35
56
46
50
55
58
53
51
35
37
33
35
Forest products
do
38
36
40
42
36
42
43
40
40
73
Grains and grain products
.do
79
70
81
83
84
82
89
77
77
76
95
74
40
Livestock
do
41
37
39
39
38
42
40
3844
41
44
39
62
69
60
60
Merchandise, 1. c. 1
do
61
60
60
62
61
62
61
62
61
86
Ore
do
102
74
92
34
41
36
32
62
26
75
48
2?
73
Miscellaneous
do__
62
65
60
70
61
72
74
74
67
69
76
Freight-carloadings (A. A. R.):1
2,760
2.832
2,273
2,650
2,186
2,392
Total cars
thousands..
2,949
2,302
3,542
2,297
2,530
2,553
2,390
Coal
.do
664
353
382
432
405
344
350
668
529
511
468
478
515
Coke
_
do
35
17
18
22
31
16
20
20
29
26
30
30
29
Forest products
do
104
120
132
122
105
140
131
159
109
103
99
120
105
Grains and grain products
do
163
223
191
221
130
186
160
159
129
116
137
148
125
Livestock
do
44
53
58
51
61
67
49
42
102
69
63
53
42
Merchandise, 1. c. 1
do
708
563
598
604
697
717
754
775
594
577
799
612
561
Ore.,.
do
65
44
90
98
106
141
f5
118
58
40
34
33
33
Miscellaneous
do
879
936
1,022
887
1,101
1,092
1,261
1,422
967
1,018
1,138
878
870
Freight-car surplus, total
do
256
229
169
144
328
316
265
317
202
175
221
209
218
Box cars
do
152
141
138
86
105
100
86
85
106
102
68
106
95
Coal cars
do
112
92
133
132
146
137
42
51
71
49
67
63
67
for April, June, October, December, 1938, and April, 1939, are for 5 weeks; other months, 4 weeks.
X For comparable monthly figures, January 1929-December 1936, see table 10, p. 15 of the March 1939 Survey. Data shown in that table beginning January 1937 have been
revised; see p. 37 of the April 1939 issue.
§Revised series. Data revisedf or 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.




38

SUEVEY OF CURRENT BUSINESS

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

1939

June 1939

1938

April

April

May

June

July

1939

DecemAugust SeptemOctober November
ber
ber

January

February

March

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Class I Steam Railways—Continued
Financial operations:
Operating revenues, total
thous. of dol.
Freight
..
do...
Passenger
do__.
Operating expenses
..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.

353, 441 319,682 318, 336 305, 769
293,762 264,135 251, 320 246,803
31,459
37, 913 34, 785
30,211
242, 409 231, 257 232, 704 232,946
68,566 49, 665 49, 373 32,891
24,068
7,422 22, 225 d 8, 721

282,118 '268,214
224, 588 -•211,424
31, 791 r 31, 805
227, 622 r 219, 484
r
15, 257
9, 397
* 33,483

272,66 ^
217,875
30,869
217,113
16, 497
d
25, 503

282,140
222,718
34,988
18,192
25,001
<* 15,954

299,641
238,146
38,036
222, 224
38, 387
* 3,955

315, 387
253, 592
36, 330
229, 632
45, 377
1,097

322, 595
261,303
34,427
232,040
50, 362
6,277

22, 789
1.020
1,712

23, 706
1.012
1,683

23,886
1.020
1,889

26,312
.998
2,118

25, 236
1.003
1,976

29,110
.977
1,825

32, 757
.977
1,662

28,471
1.004
1,564

28,133
.981
1,928

334
341
2,279
747
352
971
2, 437
664

303
466
2,309
804
1,512
3,365
2,355
1,740

285
671
2,122
709
1,184
5,364
2,213
r 1, 459

270
524
2,026
810
1,178
5,552
2,508
1,529

263
697
2,172
810
1,215
6,237
2,482
1,588

278
480
1,998
1,296
6,624
2,248
1,786

323
684
2,360
888
1,429
7,141
2,460
2,030

327
845
2,224
789
1,065
4,466
2,270
r
1,652

110
186
1,184
735

156
217
1,083
679

208
195
1,027
704

246
226
1,141
755

263
256
1,279
886

223
224
1,422
967

249
190
1,595
1,055

5,911
4,409
1,502

6,218
4,526
1,692

6,445
4,812
1,634

6,731
4,901
1,830

6,958
5,208
1,749

6,516
4,816
1,700

5,769
4,103
1, 666

44,413
104,661
497, 225
5,622

48,813
119, 293
499,980
6,278

47, 515
115, 255
558,710
6,137

50,859
127,590
541, 346
6,271

56, 405
143, 488
623, 770
6,360

3.30
63
96

3.14
61
88

3.18
60
93

3.19
55
82

3.29
57
86

3.28
61
85

3.32
65
89

3.47
60
94

3.26
54

3.21
64

3.28
63

3.15
64
83

27,032
21, 277
1,427
5,439
17,002

20, 754
23, 381
2,177
6,057
24,979

22,943
31,792
2,405
5,748
25, 752

32,414
55,528
2,616
6,385
13,094

56,906
51, 646
2,286
7,357
9,059

58,027
31,848
2,227
8,226
5,138

31,710
19, 931
2,081
8,825
5,122

15,649
16,103
2,157
6,844
5,589

16,614
18, 765
2,663
8,042
5,184

19, 556
24,307

25, 590
28, 224
1.479
5.959
4,865

31, 909
21, 673
1,702
8,076
8,383

163, 573
47, 334

250, 568
72,475

462,038
132,460

857,931
238,139

811, 209
226,102

428, 827 236,771
125, 436 71, 416

77,750
23,783

57, 677
16, 798

664, 745
4,137

604,886
3,779

720,803
4,418

739,390
4,407

683, 593
4,409

715, 529 651,851
4,555
4,239

95,912
63, 694
23, 849
65, 379
17,651
17, 336

96, 289
63,741
24,132
66, 323
17, 426
17, 366

96, 305
63, 296
24,577
65,696
17,752
17, 344

94,954
61, 587
24,800
65, 505
16,458
17, 335

96,
62,
25,
66,
17,
17,

482
029
984
239
261
373

96,725
62, 850
25, 428
67,030
16, 791
17, 465

99, 608
65,105
25,929
67, 634
18, 637
17, 528

98,531 101, 552
64,897
66, 188
24, 959 26, 591
67,434
69, 444
18,946
18, 835
17,593
17, 704

99, 234
65,815
24, 731
67, 281
18, 527
17, 735

96, 004
64, 504
22, 954
64,155
18,438
17, 808

101,610
66, 491
26, 498
68, 456
19, 479
17, 897

10,905
9,345

10,889
9,346

11,185
9,597

10,618
9,049

11,092
9,524

11, 550
9,851

11,156
9,491

10, 751
9,114

12, 408
10, 553

10, 549
8,829

9,987
8,436

11,577
9,716

459
749
810
9,970
210
'561

485
793
749
10, 077
84
<<755

499
803
785
9,909
550
- 186

529
809
760
9,861
39
-764

485
791
777
9,935
431
'408

586
889
809
9,899
953
199

569
861
804
9,903
558
d
356

522
830
807
9,991
69
<*774

570
976
879
10, 756
1,041
291

527
856
864
9,816
15
d
884

463
756
795
9,319
d
17
d
934

901
960
10, 031
814
405

904
819
237
619
591
364

315.091
257,469
31, 201
240,359
34, 317
d
10, 505

28,152

25, 553

28, 831

Qf\d
. vv't

Q79
. yiz

1,790

1,555

348
0
2,374
807
5
323
2.422
r 181

342
0
2,393
753
0
0
2,166
0

326
0
2,207
689
0
0
2,277
0

317
0
2, 664
873
0
0

244
215
1,710
991

180
171
1,798
1,074

175
183
1,568
1,003

135
124
1,557
880

199
P 135
1,742
1,114

5,678
4,037
1, 641

5, 062
3, 813
1,249

4,670
3,539
1,132

4,734
3,607
1,127

5.424
4,160
1,263

276,
224,
30,
220,
18,
d
24,

Waterway Traffic

Canals:
Cape Cod
thous. of short tons.
New York State
do...
Panama, total
thous. of long tons.
In U. S. vessels
do...
St. Lawrence
thous. of short tons.
Sault Ste. Marie
do...
Suez
thous. of metric tons.
Welland
thous. of short tons.
Rivers:
Allegheny
do...
Mississippi (Government barges only) .do.- _
Monongahela
do...
Ohio (Pittsburgh district)
do...
Clearances, vessels in foreign trade:
Total
thous. of net tons.
Foreign
do...
United States
do_._

362
101
2,473
892
50
43
200
101
348
469

779

0

Travel
Operations on scheduled airlines:
Passenger-miles
flown
thous. of miles.. 53, 483
Passengers carried
number.. 133, 469
Express
pounds.. 663, 884
6, 268
Miles
flown
.thous. of miles..
Hotels:
3.37
Average sale per occupied room
dollars..
63
Rooms occupied
percent of total..
100
Restaurant sales index
..1929 = 100..
Foreign travel:
Arrivals, U. S. citizens
number..
Departures, U. S. citizens
do
Emigrants
do
Immigrants
do
8,839
Passports issued
do
National Parks:
164,
736
Visitors
do
48, 892
Automobiles
-do
Pullman Co.:*
Revenue passenger-miles
thousands..
Passenger revenues..
thous. of dol.

r

54, 806 56, 828 46,090
139, 297 143, 993 113,621
877, 564 855,151 685,389
6,151
6,302
5,776

41, 594 38, 403 35, 002 49, 445
99,119
89,002 81,131 117,071
761, 090 577, 982 564,928 685, 274
5,665
5,453
5,032 r 6,125

2,344
5,661
5,927

74, 834 62, 848 72, 280
20, 587 17, 618 21, 779
585, 289 687, 369 793, 229 654, 896 715, 420
4,488
3,912
5,263
4,473
4,769

COMMUNICATIONS
Telephones:
Operating revenues
thous. of dol..
Station revenues
do
Tolls, message
do
Operating expenses..
do—
Net operating income
do—
Phones in service end of month. .thousandsTelegraph, cable, and radio-telegraph carriers:
Operating revenue, total
thous. of dol_.
Telegraph carriers, total
do . Western Union Telegraph Co., revenues
from cable operations
thous. of dol.
Cable carriers
do..
Radiotelegraph carriers
do
Operating expenses
do—
Operating income
do
Net income
do

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
6,072
7, 523
6,364
7,812
7,648
9,124
11,188
6,725
10,433
10,309
Consumption
thous. of wine gal..
6,720
6,567
7,578
6,092
7,869
7,719
6,287
6,711
7,846
9,181
11,101
5,500
10,195
Production
do
6,828
6,454
7,616
1,192
1,137
1,170
1,485
1,127
1,416
1,466
1,364
1,285
Stocks, end of month
do
1,233
1,379
1,294
1,260
Alcohol, ethyl:
14,253
17,284
15,800
12,817
16, 395
16,370
17,017
16, 772
15,164
Production.._
thous. of proof gal.. 17,859
17,067
14,671
17,423
35,176
33,867
33,727
32, 736
29, 625
33,076
32,047
28,319
20,895
23, 277
Stocks, warehoused, end of month
do
24,433
26,072
27, 741
14, 483
12,350
10,615
16,072
13, 253
10,481
14,400
18,986
17, 389
17, 249
Withdrawn for denaturing
do
11, 327
11,198
13, 202
1,590
1,684
2,340
1,639
2,076
2,135
3,506
2,111
1,841
2,439
Withdrawn, tax paid
do
1,691
1,350
1,851
Methanol:
7,743
22, 716
24,198
10, 525
10,609
8,431
25,990
15,889
12,648
24, 355
Exports, refined§
gallons.. 24,195
26, 359
10, 806
.36
.36
.36
.36
.36
.36
.36
.36
.36
.36
.36
Price, refined, wholesale (N. Y.).dol. per gal._
.36
.36
Production:
282
331
309
389
315
293
303
335
344
357
352
Crude (wood distilled)
thous. of gal._
336
365
2,276
1,630
1,450
1,976
1,898
1,860
1,930
2,844
Synthetic
do
2,463
2,295
2,618
2,407
2,267
' Revised.
' Deficit.
* Preliminary
•New Series. Data for Pullman Co. revenue passenger miles beginning 1915 and passenger revenues beginning 1913 are given in table 7, p. 18, of the January 1939 Issue.
§Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 issue.




39

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939
April

1939

1938
April

May

June

July

August

September

October

Novem- December
ber

January

February

March

CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS-Continued
Explosives, shipments
_. thons. oflb
Sulphur production (quarterly):
Louisiana
long tons
do
Texas
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons
Price, wholesale, 66°, at works
dol. per short ton..
Production
_ . short tons
Purchases:
From fertilizer manufacturers..
do....
From others
do
Shipments:
do
To fertilizer manufacturers
do
To others

26, 341

22,961

24,904

25,445

23,136

27, 663

80, 545
522,108

16.50

30, 443

32,151

29,385

110,496

119,218

102, 228

92,189

16.50
143,469

16.50
137,764

16.50
114,199

16.50
109,969

14. 261
15, 564

15,733
20, 778

15,937
21,977

28,405
34, 218

24,337
37,004

1,039
158,717
8.981
137,625
452
162,357
343,309
96,688
2,902
6,561

28,415

29,258

26, 592

68,900
478, 774

72.520
472, 986

27,801
83, 260
405,263

128, 312- 126, 974

151,083

147, 592

148, 289

142,451

138,273

119, 081

16.50
131,106

18.50
133,266

16.50
161, 285

16.50
171,106

16. 50
176,923

16.50
181, 386

16.50
169, 769

16.50
169,952

18,498
24, 249

30, 388
25,097

38. 531
18.560

40. 284
21,564

31,182
18, 494

20, 604
27, 515

20, 418
22,343

18, 751
23 778

11,951
17, 508

19.400
34,323

22, 312
33,112

27, 422
33, 462

26. 032
34, 973

28,971
40, 904

37, 752
38. 447

33, 080
40,915

38,085
40,850

39,167
35, 545

35,100
42,864

276
127,496
16, 744
103, 930
1,407
128,498
101,416
73,025
2,547
1,669

116
99,717
3,848
92, 764
213
88,938
75,311
55,063
1,234
6,403

59
112,944
3,378
103, 228
497
60, 235
36, 833
8,969
738
19,414

44
146. 636
27, 504
108, 665
169
79, 652
48,977
24.450
1,827
27, 908

137
116.828
24. 047
87. 824
369
131.407
75. 849
20, 829
8.276
42, 407

121
134,929
20,271
93, 058
261
158,140
82, 576
32,971
9,337
64,124

146
147. 587
20, 207
123,339
413
116,298
50, 231
4,851
6, 046
58,730

217
133,295
25,119
101,186
72
149, 798
78,124
32, 336
3.421
66,897

436
85, 542
11,317
71,045
83
141,898
118,159
63, 854
903
20,186

627
85, 095
15.645
66, 552
340
109, 932
101, 396
54, 552
969
6,795

1,476
123,687
6,723
97, 983
476
138, 782
116, 806
42,920
3,599
17. 235

1.450

1.450

1.450

1.450

1.450

1.450

1.450

1.450

1.450

1.450

1.450

FERTILIZERS
Consumption, Southern States
thous. of short tons..
Fxports, total§
Inn? tons
do
Nitrogenous§ _
Phosphate materials§_
do
Prepared fertilizers!
dn
Imports, total§ _ _ .
. . do
Nitrogenous, total §
do
Nitrate of soda§
_. _. _.
. . do .
Phosphates§
do
_ do
Potash §
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)

dol- np.r o.vft

Superphosphate (bulk):
Production
Shipments to consumers
Stocks, end of month

1,271
136,328
5, 365
123, 270
343
191,057
167, 558
115,188
1, 462
16, 580
1. 450

short tons
do
do

1.450
278, 520
239,942
915,979

283,189 235,986 219,936 283,015 279. 381 314,359 326. 794 343, 204 322, 211 312, 284 301, 694
23, 393
6,592
46, 980
21, 340 108, 470
17, 147
117,258
54,893 161, 202
17,717
29,340
949,442 1,054,545 1,058,452 1,057,215 1,160,299 1,249,272 1.322,306 1,361,127 1,298,883 1,288,536 1,106,679

356, 217

289,080

275,719

0)

4.73
82,395
178,362

4.34
115,113
243, 463

4.44
123,026
323,280

4.61
121,396
402,121

50,597
183, 823

44, 468
184, 735

40,866
174,575

.23
20,156
64,409

.23
27, 485
75, 607

8.007
15,947

6,944
12,889

NAVAL STORES
Pine oil, production
. . . gallons..
0)
Rosin, gum:
Price, wholesale " H " (Savannah)
4.86
dol. per bbl . (280 lbs.)..
Receipts, net, 3 ports
bb] . (500 lbs.).. 43,810
615,331
Stocks, 3 ports, end of month.
...do .
Rosin, wood:
0)
Production _
_
_. do . .
dn
Stocks, end of month
0)
Turpentine, gum, spirits of:
.30
Price, wholesale (Savannah)...dol. per gal..
9,799
Receipts, net, 3 ports..
_bbl. (50 gal.)_.
Stocks, 3 ports, end of month
..
do _ 107, 339
Turpentine, wood:
0)
Production
do
_ do
Stocks, end of month
(0

0)

0)

0)

0)

0)

0)

4.48
121, 505
475,130

4.14
119, 818
542,161

5.12
87, 935
588,870

4.89
97, 664
660, 252

4.34
48,095
678, 731

4.90
20,473
657,839

5.21
13, 757
642,825

5.65
19, 367
609, 502

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

.23
29,824
87,077

.23
28, 877
104,147

.23
29, 480
116,859

.21
31, 745
130.897

22
17, 670
128, 334

.29
18, 364
134, 460

.28
10, 593
133,921

.31
2,390
123, 584

.32
1,908
118,954

6,594
9,620

0)
0)

0)
0)

(0
0)

0)
0)

0)
0)

0)

0)
0)

0)
0)

0)

.35
3,256
109, 626

0)

OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
Consumption, factory
thous. oflb..
Stocks, end of quarter
Greases:
Consumption, factory
Production
Shortenings and compounds:
Stocks, end of quarter
Fish oils:
Consumption, factory.
Production
Stocks end of quarter
Vegetable Oils and Products

204,950
419,460
374,375

238, 80?
395, 795
296,157

222,460
565,816
312, 725

233,456
501 165
346,321

do
do

47, 745
86, 158
62, 557

48, 656
79 787
56 400

44,480
87. 253
61, 276

48 182
86 419
54 170

do
do

322, 437
44,697

411,949
45, 270

370, 759
55, 662

354,692
51,163

do

46, 179
3, 346
159,386

51, 950
97, 753
206, 906

71. 664
102,193
256, 352

66, 512
47,713
242, 725

_do
dn

do....
dn

Vegetable oils, total:
Consumption, crude, factory (quarterly)
827
mil oflb
4,202
3,984
1.824
4,619
2, 359
4,320
Exports
thous. oflb..
60, 455
98,419
84, 636
88,335
89.048
Imports, total§
do
71,138
12, 136
13,189
9,
589
11.850
Paint oils§
rin
14,
779
6,830
48,319
88,830
72, 786
74, 268
75,145
64,308
All other vegetable oils§
do
527
Production (quarterly)
mil of lb
Stocks, end of quarter:
738
Crude _
. do
662
Refined
do
Copra:
Consumption, factory (quarterly)
55,541
short tons
11,643
14,642
Imports27, 908
24,305
17, 927
20,825
do
64,018
Stocks, end of quarter
do....
1
Discontinued by the reporting source.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.




694
3, 027
80, 424
11 303
69, 121
580

3,798
90, 189
9,372
80, 817

2,204
94, 982
15 414
79, 568

977

2,815
91, 692
11 414
80,278

4,136
85, 466
8 169
77. 298

870

714
494
54, 083
20, 092
44 95:^

997
2,656
92, 613
10,525
82,089

860
760

668

23,105

15, 437

58, 414
26,745
36,525

952
3,994
98.010
10 708
87,302
832

20,967

17, 491

59 473
22, 630
35,816

40

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the
April
1938 Supplement to the Survey

June 1939

1938
April

May

June

July

August

1939
Septem- October Novem- December
ber
ber

January

February

7,244
23,101

5,295
29,122

March

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Vegetable Oils and Products—Continued
Coconut or copra oil:
Consumption, factory:
Crude (quarterly).

thous. of lb__

In oleomargarine _
__do
Import55 §
do
Production (quarterly):
Crude
do
Refined
do
Stocks, end of quarter:
Crnde
do
Refined
do
Cottonseed:
Consumption (crush)
thous. of short tons..
Receipts at mills
__
do
Stocks at mills end of mo
do
Cottonseed cake and meal:
Exports
_. _. _
short tons..
Production
- do
Stocks at mills, end of mo
_
_.do
Cottonseed oil, crude:
Production
thous. of lb_.
Stocks end of month
do _.
Cottonseed oil, refined:
Consumption factory (quarterly)
do
Tn oleomargarine
do
Price, summer, yellow, prime (N. Y.)
dol. per lb__
Production
thous. of lb._
Stocks end of month
do. __
Flaxseed:
Imports§
thous. of bu__
Minneapolis:
Receipts
do-___
Shipments
do
Stocks
do
Duluth:
Receipts
do
Shipments
-do
Stocks
do
Oil mills (quarterly):
Price, wholesale, No. 1 (Mpls.)__dol. per bu__
Linseed cake and meal:
Exports!
thous. of lb_.
Shipments from Minneapolis
do
Linseed oil:
Consumption, factory (quarterly)
thous of 1b
Price, wholesale (N. Y.)__
__dol. per lb.
Production fnnnrtfirlv)
thous of lb
Shipments from Minneapolis
_ _ _ do
fitnpk^ nf faotorv end of ouarter
do
Oleomargarine:
Consumption (tax-paid withdrawals)
thous. of lb._
Price, wholesale, standard, uncolored (Chicago)
dol. per lb_
Production
thous. of lb_.
Vegetable shortenings:
Price, wholesale, tierces (Chicago)
dol. per lb_.

3,428
22,889

8,981
28, 612'

7,759
23,821

150, 793
72, 943
7,433
32,138

6,331
31,186

7,282
22,052

154, 327
77 365
8.711
32, 579

8,420
26, 824

7,023
39,792

150,922
78,573
7,'20_4
34,725

154,408
64 957
4,729
41, 370

70, 477
79,790

68,033
82 506

73, 685
82 743

75 457
75 064

194,145
13,493

184 342
13,001

202,301
13,332

202 322
13 735

256
73
336

336
87
595

206
83
472

155
78
394

127
70
337

223
262
371

576
1,274
1,069

665
1,155
1,559

630
631
1,560

534
327
1,353

451
152
1,054

367
95
782

399
136
518

506
115,729
177,134

766
151. 248
284, 820

815
97, 927
280,848

7,520
74,185
259,002

4,422
56, 630
214,611

1,727
99,884
216,879

3,745
256, 390
259, 659

2,200
294, 408
295, 380

1,235
284,458
313, 538

4,468
237,933
313,348

407
205,494
289, 286

189
169, 766
245, 221

389
188,051
196, 544

84, 753
164, 945

109,455
133,293

70, 252
87, 882

52, 345
46, 481

41, 843
33, 834

67, 603
46, 382

178. 632
111, 708

203, 746
151,570

195,809
168,457

163, 035
175, 377

145,077
178, 203

116,438
180, 666

129, 265
177,466

7,584

11, 422

9,958

351, 969
9, 502

8,181

9,086

350, 990
10, 246

10, 381

10,807

301, 398
10, 577

9,884

9,412

285, 230
9,678

.066
98,803
658, 332

.082
130,536
602, 212

.081
107, 008
599,176

.080
79, 740
566, 450

.086
53. 829
487, 928

.081
53,996
409,781

.078
92, 352
397, 382

.076
161, 768
446, 739

.074
162, 361
503,890

.074
143,8J23
563,794

.071
138,022
609,950

.067
110,492
633, 329

.069
131,956
642, 463

1,416

1,024

876

763

927

1,288

1,346

1,381

1,565

1,474

2,111

2,248

2,031

35
58
283

77
64
631

183
46
530

225
11
536

70
27
468

1,961
221
795

1,286
76
1,499

450
87
1.416

205
152
732

136
80
637

107
47
524

38
30
452

62
64
319

1
11
10

74
73
10

14
0
24

357
128
253

833
416
670

241
324
586

152
620
152

1
8
112

1
0
111

1
82
29

1.83

1.73

5 043
3 019
1.79

1.84

1.84

7,206
2,389
1.90
/8,171

1.99

1.92

7,112
2 521
1.97

27, 216
6,032

28,692
5,776

41,577
11, 679

44, 746
11,670

47, 302
7,913

51, 820
9,760

50,734
8,320

50,180
5,720

.086

.084

.087

.083

.085

.085

6,589

5,436

6,867

4,771

3,960

3,900

1
29
2

0)

0
20

(0

2

no

1.89

1.99

1.86

3,989
1,472
1.81

50,396
8,280

33,004
4,784

23, 518
4,482

24, 322
5,380

.089

.095

.092

9,780

7,602

7,193

23, 622

33,139

28, 774

27, 890

25, 671

28,371

32, 000

31, 824

29,812

29, 991

30, 350

27, 774

29, 032

.140
23, 325

.145
32, 662

.138
28, 516

.134
28,146

.145
25,512

.158
28,718

.155
32, 387

.153
31, 092

.150
30, 221

.143
30, 373

.140
30,319

.140
27, 701

.140
29, 417

.093

.104

.102

.103

.106

.108

.103

.100

.098

.096

093

.091

.095

81, 892
.087
77, 513
7,261
145, 909

80 736
.084
98 407
8,263
113,012

72,419
.086
139,106
3,209
141,785

17,219
7,920
76 674
.088
139,209
7,200
161,251

PAINT SALES
Plastic paints, cold water pa'nts, and calcimines:
Plastic paints
thous. of dol_.
Cold water paints:
In dry form
do
In paste form
do
Calcimines
- - do
Paints, varnish, lacquer, and fillers:
Total
do
Classified, total
.
do
Industrial
do
Trade
do
Unclassified
- do

46

44

46

43

43

44

42

47

34

30

32

33

44

210
317
282

188
294
305

184
236
286

166
203
243

148
225
213

159
244
242

162
219
282

156
253
245

115
190
226

113
169
222

126
211
235

144
219
251

187
316
280

32, 666
23, 830
9,469
14, 360
8,836

33, 286
23,143
7,946
15,197
10,143

35, 294
24,115
7,823
16, 492
11,179

32, 390
22,386
7,418
14, 968
10,003

26, 730
18,512
6,603
11,909
8,218

28, 821
19, 747
7,249
12,499
9,074

29, 769
20,114
7,879
12, 235
9. 655

28, 773
20, 486
8,481
12,006
8,287

25, 280
18,367
8,397
9,970
6,914

20,515
15,036
7,417
7,619
5,478

24, 229
17, 828
8,180
9,648
6,401

24,415
17, 395
7,982
9,413
7,021

1,116
950

691
778

668
755

612
722

634
731

977
1,017

974
1,030

1, 051
1,124

1,018
1,008

789
937

923
956

1,049
977

1,315
1,171

508
522

249
259

258
253

288
323

658
602

546
530

592
616

945
1,048

1,332
1,251

1,112
1,032

896
856

989
1,014

1,0781,029

2,968
679
1,009
1,280

2,192
604
859
730

2,436
682
862
892

2,404
699
811
894

3,212
900
1,075
1,237

4,012
1,130
1.265
1,617

4, 095
1,062
1,401
1,632

2,583
630
836
1,117

2,076
515
527
1,035

1,439
359
358
721

1,140
374
391
645

2,91Q
692
891
1,327

31, 555

23, ooa
9,626
13, 377
8,551

CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Production
thous. of ib__
Shipmentsd*
do_ _
Cellulose-acetate, sheets, rods, and tubes:
Production
thous. of lb._
Shipmentscf
do
ROOFING
Prepared roofing, shipments:
Total
_
_.thous. of squares.Grit roll
.
. . . do
Shingles (all types)
do
Smooth roll
do
i Less than 500 bushels

/ Dec. 1 estimate.

cf Includes consumption in reporting company plants; data for this item beginning 1935 are shown separately in table 15 p. 18, of the March 1939 issue.
 §Revised
series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.


41

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939
April

1939

1938
April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

February

March

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, totals
.mil. of kw.-hr__
By source:
Fuel
do
Water power
do
By type of producer:
Privately and municipally owned public
utilities
mil. of kw.-hr__
Other producers
do
Sales to ultimate consumers, total (Edison
Electric Institute)
mil. of kw.-hr_.
Residential or domestic
-do
Commercial and industrial
do
Public street and highway ltg
do
Other public authorities
do
Sales to railroads and railways
-do
All other sales
-do
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol_.

9,952

r 9, 012

' 9,159

r 9, 271

' 9, 596 10, 246
r

' 10,270 10, 303

6,760
5,888 ' 6, 402 ' 6, 377 6,868
' 3, 708 r 3, 845 ' 3, 520 r 3, 402 ' 3, 543

5,568
4,384

'4,918
' 4, 095

»• 5, 261
' 3, 898

' 5, 530
' 3, 741

9,172

8,404
520

8,571
511

8,710
487

9,019
604

9,650
531

7,355
1,571
4,981
148
164
445
45

7,231
1,465
4,972
136
189
428
41

7,437
1,481
5,185
125
193
414
39

7,562
1,502
6,296
130
189
410
36

1,527
5,773
144
199
413
36

9,314
524
8,190
1,611
5,786
156
194
407
37

176,418

170,983

174,271

176,099

182,380

9,798
9,131
189
467
30,525
16,480
4,515
9,356

9,222
193
463
29,054
16, 489
3,344
9,049

9,840
9,184
185
460
27,660
17,127
1,699
8,684

9,849
9,201
176
461
25,136
15,949
856
8,155

9,862
9,212
180
460
23,842
14,642

30,505
21,468
2,882
6,015

30,134
22,255
1,932
5,817

29,577
22, 551
1,2*0
5,642

27,484
21, 350
698
6,336

6,995
6,465
528
104,088
33, 962
69,357

6,484
512
90, 328
25, 427
63,388

6,960
6,468
490
81, 237
19, 426
60, 664

38,138
23,269
14,739

31,968
18,600
13,128

27,141
15,150
11,818

r

10,882

10, 641

9,654

6,976

6,899
3,742

5,828
3,826

r 6, 116
4,450

10,332
550

9,853
788

8,900
755

' 9, 751
••816

541

554

8,335
1,638
6,835
178
196
449

8,475
1,723
5,849
197
194
479
34

8,779
1,843
5,940
206
205
547

185,948

188,019

192,178

198,991

9,947
9,284
196
458
26,325
16, 466
898
8,803

9,936
9,264
212
450
29,180
17, 655
2,147
9,179

9,241
220
456
30,459
16,041
4,847
9,365

9,947
9,254
227
458
34, 600
16,196
8,306
9,853

9,886
9,201
212
465
34,761
17, 211
8,101
9,250

9,914
9,225
219
461
33, 662
16, 687
8,004
8,785

25, 894
19,884
589
5,312

21,804
819
5,652

30,573
22, 869
1,656
5,919

30,881
21, 807
2,790
6,151

33, 310
21, 923
4,763
6,478

33, 734
22,125
5,196
6,292

32,811
21,038
5,429
6,227

6,944
6,459
483
78,312
16,095
61,019

6,973
6,486
485
79,487
14, 373
63, 756

7,021
6,531
488
84, 378
15.513
67,466

7,194
7,156
7,082
7,220
7,163
6,637
6,603
6, 655
6,615
6,571
550
554
546
563
509
92, 958 107, 536 126, 093 129, 398 134, 515
19. 485 29.135 42.881 49,177 51,291
72,102
77, 633 81, 704 78,736 81, 770

25,089
12,903
11,988

24,082
11,885
11, 990

25, 216
12,279
12, 737

29, 024
14,853
13,974

36, 226
20,280
15, 801

45, 619
27, 751
17, 630

50,279
32,141
17,899

51,197
32, 619
18, 331

4,134
3,595
7,570

3,774
3,731
7,367

3,669
3,537
7,081

3,103
3,642
7,467

3,031
3,482
7,774

10, 567

GASt

Manufactured gas:
Customers, total
thousands
Domestic
do..
House heating
do..
Industrial and commercial
_do_.
Sales to consumers
.mil. of cu. ft_.
Domestic
do...
House heating
-do...
Industrial and commercial
do__.
Revenue from sales to consumers
thous. of dol.
Domestic
_
do._.
House heating
do__.
Industrial and commercial
.do...
Natural gas:
Customers, total
-thousands
Domestic
do..
Industrial and commercial
do_.
Sales to consumers-._
mil. of cu. ft_Domestic
do.
Ind'l., com'l., andelec. generation
do
Revenues from sales to consumers
thous. of dol
Domestic
do
Ind'l., com'l., and elec. generation
do

FOODSTUFFS AND TOBACCO
BEVERAGES
Fermented malt liquors:
3,985
Production
thous. of bbl_.
4,686
Stocks, end of month
_do
8,746
Tax-paid withdrawals
do
Distilled spirits:
Production, total
thous. of tax gal__ 7,601
5,737
Whiskey
do
10,876
Stocks, total, end of month...
_do
8,443
Whiskey
do
519,158
Tax-paid withdrawals
,...do
Whiskey
do___- 477,135
Rectified spirits, and wines, production
thous. of proof gal..

4,164
4,968
9,161
6,386
4,939
10,116
8,244
495,992
470,446
2,959

4,561
5,199
9,590

5,204
5,511
9,661

6,387
6,136
9,189

6,748
5,337
8,640

4,428
4,313
8,242

6,672
6,443
6,692
6,732
7,491 10,203
5,175
8,173
5, 111
4,313
4,226
5,837
6,692
6,095
9,658
6,857
9,294 18,923
8,119
3,916
4,217
7,653
4,721
4,997
498,067 497, 528 496,903 466,012 495,163 495,003
472,162 471,160 470,401 469, 451 468,480 466,376
3,122

3,311

2,983

2,772

3,504

4,480

9,724
11, 745
9,571
7,693
22,147
16,956
10, 562 10,780
501, 207 505,670
466,176 466,809
5,362

4,774

3,816
4,489
8,265

6,246
6,091
8,569
5,003
5,008
6,794
11, 829 10, 702 13,019
8,735
9,193
9,984
510,194 513, 454 516, 755
470, 251 472, 783 472,143
2,973

2,683

3,817

DAIRY PRODUCTS

Butter:
Consumption, apparent t
thGus. of lb_. 153, 009 142,949 165,893 139,741 132,413 138, 602 140,216 152, 408 150,912 153,152 145,603 139,535 153,186
Price, wholesale 92-score (N. Y.)
dol. per lb_.
.23
.28
.26
.26
.26
.26
.26
.28
.26
.26
.26
.27
.24
Production, creamery (factory) f-thous. of lb__ 145,123 148, 072 200,985 205, 599 184,778 167,215 149,914 136,132 116,042 121,790 128,303 121,065 139,331
Receipts, 5 markets!
do
59,385
60.869
78,992 90,433 77,740 89,250 78,843 64,457 60,495 53,269 55, 705 53,955 60, 091
8tocks, cold storage, creamery, end of month
thous. of lb_. 70,861 r 20,144 64,594 120,351 172,622 201, 252 210,703 194,285 159,254 128,872 111, 3£4 92, 780 r 78,909
Cheese:
Consumption, apparent t
...do
64,701
67.870 75, 756 72,251 64,174 67,838 68,200 69,203 52,088 50,428 56,702 57,101 r 62, 356
Imports..
do
5,264
3,927
4,233
4,309
4,042
3,881
4,445
4,001
5,925
4,083
4,425
4,881
7,018
Price, wholesale, No. 1 Amer. (N. Y.)
dol. per lb._
.16
.14
.15
.14
.15
.15
.16
.14
.15
.14
.13
.14
.14
62,000 86, 500 91,700 80,000 69,800 64,400 53,877 41,407 38,728 39,168 37,992 47, 775
Production, total (factory)f
thous. of lb__ 54, 600
American whole milk fdo
41,145
48,458 70,240 71,247 63,065 55,830 42,791 41,267 30, 251 27,899 28,171 27,175 34,281
Receipts, 5 markets
_
do
11,157
11,918 12,465
16,461
16,880 14,718
16,345 15,764
10, 537 10,998 10,753 11,492 11,960
Stocks, cold storage, end of month
do
75, 348
76,289 91,160 114,788 134,351 150, 248 140,755 132,326 127,440 120,174 106,411 91, 485 ' 81, 653
American whole milk
do
62,870
65, 767 79,345 99, 676 114,607 127,862 121,423 115,351 109, 738 102, 563 90, 401 77,270 ' 68,812
r
Revised.
fRevised series. Data on gas not strictly comparable with those in the 1938 Supplement to the Survey and in monthly issues through April 1939. Each year the compilers of the series have reclassified the data beginning 1929 so that former distributors of manufactured gas who changed to the distribution of natural gas were excluded from
the manufactured gas figures for all years and included with those for natural gas. The latest revisions, however, are comparatively minor. Thus, the changes were generally
less than 1 percent and only twice in 10 years havethey amounted to as much as 2 percent for any of the subclassifications. The revised figures, averages for the years 1929-

% For comparable monthly figures beginning 1919. see table 14, p. 17, of the March 1939 issue.
1 Data for 1938 have been revised to adjust the figures to a uniform classification determined upon by the Bureau of the Census anfl the Federal Power Commission.
Data shown here for total production and for production "by source" in 1938-39 are in accordance with the new classifications but production "by type of producer", also
affected by the change in classifications, is not yet available on a monthly basis. For all of these series, monthly data beginning 1920 will appear in an early issue of the Survey.
The new classifications differ from those given in the Census of Electric Light and Power Industry, 1937, in a few minor respects; the principal difference is that the data shown
here include total output of generating plants operated by street and interurban railways and electrified steam railroads, whereas the Census figures include only that part
of such power which is produced for sale. As a result, the Federal Power Commission total production for 1937 is slightly larger than that reported in the Census.




42

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1038 Supplement to the Survey

1939
April

June 1939
1939

1938
April

May

June

July

DecemAugust SeptemOctober November
ber
ber

January

February

March

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Exports:
142
Condensed (sweetened)
thous. of lb_1, 710
Evaporated (unsweetened)
do
Prices, wholesale (N. Y):
5.00
Condensed (sweetened)
dol. per case..
2.90
Evaporated (unsweetened)
do
Production :f
Condensed (sweetened):
Bulk goods
_
thous. of lb_. 15, 420
3,283
Case goods
_._do
202, 090
Evaporated (unsweetened)..
do
Stocks, manufacturers' end of month:
Condensed (sweetened):
5,921
Bulk goods
.thous. of lb_.
4,608
Case goods
do
Evaporated (unsweetened), case goods
thous. of lb_. 134, 625
Fluid milk:
4, 561
Consumption in oleomargarine
do
Production (Minneapolis and St. Paul)
thous. of lb._
Receipts:
Boston (incl. cream)
thous. of qt.
Greater New York (milk only)
-do...
Powdered milk:
696
Exports§
thous. of lb
31,028
Production X
do...
32.
024
Stocks, mfrs., end of mo.t
_do..FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu_.
Shipments, carlot
no. of carloads
Stocks, cold storage, end of month
thous. of bbl_.
Citrus fruits, carlot shipments..no. of carloads..
Onions, carlot shipments..
_
-do
Potatoes, white:
Price, wholesale (N. Y.)
dol. per 100 lb..
Production (crop estimate)
thous. of bu..
Shipments, carlot
no. of carloads..

932
2,154

1,366
1,414

572
1,983

220
1.862

80
1,922

279
2,380

356
2,335

259
2,034

355
2,198

104
1,522

91
2,007

306
1,785

5.00
3.00

5.00
3.00

5.00
3.00

5.00
3.00

5.00
2.90

5.00
2.90

5.00
2.90

5.00
2.90

5.00
2.90

5.00
2.90

5.00
2.90

5.00
2.90

19, 769
4,974
206, 214

30,147
4,753
279, 741

23, 662
3,197
276,652

17,129
3,289
224, 681

14, 752
3,238
188, 507

14,178
3,210
146, 679

14, 684
3,050
122,885

11, 296
3,529
100,723

11,922
3,210
119,614

12, 847
3,421
129,452

11,505
3,036
137, 882

15,408
3,075
181,074

7,118
5,601

15,907
9,052

19,538
9,434

21, 850
10, 249

20,119
9,932

17, 777
9,278

15, 248
8,521

11,701

9,235
7,139

8,536
6,101

7,202

5,806
4,959

151, 669

261, 703

350, 790

392, 641

419,142

398, 287

344,316

6,063

5,509

5,292

4,787

5,483

6,216

6,247

42,062

45, 610

40,746

34, 641

29, 659

25,320

26, 377

15,796
115,020

16,090
119,365

15,988
121,643

16,579
120,412

17, 727
127, 352

12, 291
115,943

14, 936
120, 748

36. 089
42, 854

820
43, 808
53, 520

1,058
41,955
58, 769

1,396
35, 562
59, 764

1,036
27, 350
55, 459

26,871
52, 602

3, 025

3,971

2,083

944

1,177

1,567
20, 395
3,071

1,926
19,154
2,807

655
18. 615
3,991

14, 306
1,632

11,453
1,197

1.800

1.494

1.515

1.619

1.144

18,863

21,187

23,045

1

~ 237478" "l4,~666"

4,985

205, 073

150, 311

5,830

5,856

32,002
26,700
15,327
118,582

36, 421

14,342
118,277

13, 988
123, 868

34, 829
12, 681
112,501

751
25, 095
41, 204

673
20,419
37,194

549
21,532
33, 259

473
25, 006
32, 860

519
22, 890
32,318

5,817

13,194

7,365

131,882
6,738

5,595

4,776

4,844

10,198
1,447

2,893
9,772
3,244

10, 090
12,800
2,996

10,272
14,399
2,355

8,736
18,800
2,100

6,903
18, 726
2,433

5,079
18,400
2, 139

r 3, 046
22, 827

.770

.931

1.100

1.095

1,595

1.519

14^493

15,~056

"l2," 564"

1.456
369,297
12, 356

17,406

17, 196

20,385

15, 521

15,435

724

436

.55
.55

.54
.56

"9," 244"

GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and
30,022
28,323
15, 749
43, 357 24, 752
31,219
meal§
thous. of bu_. 11,368
Barley:
2,744
1,619
861
124
1,954
1,973
1,303
Exports, including malt
do
Prices, wholesale, No. 2 (Mpls.):
.51
.57
.48
.47
.53
.72
.68
Straight..
dol. per b u . .
.54
.61
.56
.56
.57
Malting
_
_
do
.77
.78
Production (crop estimate)
thous. of bu_.
16,817
12,335
4,579
4,263
2,978
4,617
Receipts, principal markets
do
Stocks, commercial, domestic, end of mo.
8,874
7,885
15,096
5,771
17,025
5,010
7,998
thous. of bu..
Corn:
12,674
1, 663
15, 664
13,375
20, 698 25,446
7,898
Exports, including meal
do
5, 090
5,784
6,079
5,289
5,638
6,564
5,669
Grindings
do
Prices, wholesale:
.53
.55
.57
.55
(<)
No. 3, yellow (Kansas City)__~dol. per bu..
)
.53
.57
.59
.59
.53
.58
No. 3, white (Chicago)
do
Production (crop estimate)
.mil. of bu
28,104
17,419
12, 562
26,573
29,948
31,867
17, 240
Receipts, principal markets
thous. of bu.
18,061
24, 367 38, 706 27,987
27, 617
9,942
Shipments, principal markets
do
8, 656
Stocks, commercial, domestic, end of mo.
40,704
15,004
10,489
23,674
24,
749
thous. of bu.
39, 262
Oats:
462
616
l r 349
1,130
2,100
256
Exports, Including oatmeal.
do...
112
Price, wholesale, No. 3, white (Chicago)
.28
.26
.24
.31
.27
.29
dol. per bu—
.32
Production (crop estimate)
mil. of bu__
~~3~6(J9~
"97703*
~24,~669
"47381"
"~5,"
267"
"16,"
128"
Receipts, principal markets
tbous. of bu_.
4, 461
Stocks, commercial, domestic, end of mo.
6,825
6,837
20,597
15,
547
8,983
22,026
thous. of bu._ 10,312
Rice:
Exports§.
_
.pockets (100 lb.)._ 274, 893 152,916 278,979 325, 820 322,270 309,896 215,914
40,452
50,561
90, 116
51, 259
60, 756 64,407
46,483
Imports!
do
Price, wholesale, head, clean (New Orleans)
.034
.034
.034
.033
.034
.033
dol. p e r l b . .
Production (crop estimate)
thous. of b u . .
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
531
270
485
418
1,625
676
770
thous. of bbl. (1621b.)-Shipments from mills, milled rice
611
790
970
902
839
967
thous. of pockets (100 lb.)_.
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
1,434
1,027
854
2,893
1,940
1,841
1,685
nous, of pockets (100 lb.)..
California
269,
219 260, 721
57,908
87,859 186,353 165,480
Receipts, domestic rough
bags (100 lb.).. 160, 345
94,592 119, 712 135, 853 118, 298
136, 287
65,445
65,547
Shipments from mills, milled rice
do
Stocks, rough and cleaned
(in terms of
cleaned rice), end of mo...bags (100 l b . ) . . . 301, 497 265,989 241,164 231,374 190, 500 177,142 179, 446
Rye:
502
116
58
283
286
395
Exports, including
flour
thous. of bu_.
(«)
.41
.43
.41
.56
.61
Price, wholesale, No. 2 (Mpls.).-dol. per bu__
.58
Production (crop estimate)
thous. of bu._
795"
1,147
6,785
419
3,452
445
Receipts, principal markets
do
Stocks, commercial, domestic, end of mo.
7,153
6,828
1,195
7,761
1,000
2,627
1,763
tbous. of bu._
c
No quotation.
/ Dec. 1 estimate.
tFor comparable monthly figures beginning
 r Revised.
t?ee note marked with a " t " on p. 41.
° Loss than 500 bushels.
http://fraser.stlouisfed.org/
§Reviced series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.

Federal Reserve Bank of St. Louis

7,854
284,375
5,838

15,111

11,495

1,749

736

649

.50
.54

.50
.56

12, 545

120, 397

109, 882
5,861

5, 422

40, 237
13.906
125, 570
r

689
28, 233
30,972

2,356
1.375
"25,210

10, 522

5,764

.52
.57
'252,139
5,846

6,670

3,846

5,967

18,924

16,187

15,015

13,752

12, 253

10,182

4,119
6,915

6,032
6,547

3,729
6,724

7,050
5,740

2,721
4,628

3,798
5, 104

.44
.45

.46
.47

(c)
.54

.46
.51

.46
.51

45,157
18, 994

16,356

.48
.54
/ 2, 542
20, 262
10, 969

14, 373
8,827

10, 216
5,398

13,085
8,473

23, 081

46,645

52,644

50,889

49, 181

43, 741

650

1,405

147

353

130

114

.25

.26

.31

.30

.31

"77767" "4,"l99

.29
/ 1,054
5,658

6,221

4,304

' " 5 , " 769

22, 609

17,676

16,919

15,545

14,958

12, 622

351, 826
39, 355

223,534
34,816

298,935
39, 991

306, 891
46, 344

302, 302
41, 296

302,102
67, 608

.033

.033

.033
/ 52,303

.033

.033

.033

3,191

1,458

911

892

1,437

1,158

978

1,248

3,568

.54
.60

536
1,063

929

3,983

3,979

3,695

3,586

3,244

477, 536
161,184

444,297
182,438

212,534
136,365

262, 200
129,003

169,184
118,478

229,760
143,617

301, 531

382,460

366,012

393,811

375,056

350, 435

307
.41

21
.40

()

2,199

949

.43
/ 55,039
1,248

8,340

8,102

8,369

0
.46

(a)

.45

.43

942

511

1,241

8,126

7,724

7, 630

1918, see table n , p. 17 of the March 1939 issue,

43

SURVEY OF CURRENT BUSINESS

June 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the
April
1938 Supplement to the Survey

1939

1938
April

May

June

July

August

September

October

Novem- December
ber

January

Febru- March
ary-

12,613
10,217

11,946
8,782

.73
.71
.73

.73
.69
.71

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTSContinued
Wheat:
Exports:
Wheat, Including flour §
thous. of bu_.
5,874
Wheat only§
do
Prices, wholesale:
No. 1, dark, northern spring,
Minneapolis.
dol. per bu_.
No. 2, red, winter (St. Louis)
do
No. 2, hard, winter (K. O.)
_do—.
Weighted av., 6 markets, all grades. _do
Production (crop est.), total
mil. of bu_.
Spring wheat
do
Winter wheat
_
do
Receipts, principal markets
thous. of bu_. 16, 000
11,174
Shipments, principal markets.__
_.do
Stocks, end of month, world estimated
thous. of bu_.
134, 085
Canada (Canadian wheat)
do
74, 851
United States (domestic wheat)
_do
Held by mills (end of quarter)
do
Wheat flour:
Consumption (computed by Russell)
thous. of bbl_.
Exports§
*
do
Grindings of wheat.
thous. of bu_.
Prices, wholesale:
4.87
Standard patents (Mpls.)
dol. per bbl_.
3.47
Winter, straight (Kansas City)
do....
Production:
Flour, actual (Census)
thous. of bbl..
Operations, percent of capacity
Flour (computed by Russell)
thous. of bbl .
Offal (Census)
-thous. of lb_.
Stocks, total, end of month (computed by
Russell)
thous. of bbl.
Held by mills (Census),.
do...

7,693
5,724

13,335
11,041

9,010
7,059

12,764
10,844

1.10
.85
.85

1.05
.77
.82

1.05
.75
.77
.81

.70

11,498
9,623

5,358

5,720
3,104

6,917
4,893

6,970
4,430

.78
.66

.76
.67

.73

.73

.68

.65
.65

.63
.65

11,087
8,487
.77
.73
.69
.71

16,984 101,195
14, 277 26, 726

61,080
25,258

38,477
23,291

27, 345
23, 797

19,110
21, 696

.77
.70
.67
.68
/931
/244
/687
14,892
18,252

7,909
488
35, 784

8,779
415
39,165

8,630
409
39, 290

9,450
399
42,098

9,239
399
44,234

9,737
557
43, 896

9,445
431
40,324

9,226
540
38,357

8, 351
510
38, 755

8.110
673
35, 447

553
38,755

5.21
4.15

5.88
4.53

5.43
4.25

4.97
4.01

4.91
3.91

4.81
3.79

4.91
3.80

5.06
3.84

5.10
3.82

4.95
3.66

4.79
3.54

7,834
7,739
49.9
48.7
8,321
8,177
650, 595 646,817

8,474
52.6

8,507
55.0

9,160
54.8

63.0

9, 634
60.5

8,838
59.2

8,416
54.0

8,476
57.2

7,757
57.0

8, 476
57.2

10,875
13, 778

14,274
17,090

239,440
41,029
43,191

190, 520
28,921
31, 316

7,918
419
36,085
5.35
4.51

5,536

5,316

9,512
13,748
11,900
9,251
11,113
12, 758
176, 500 260, 620 330, 930 420,110 437, 340 439,820 484,150 467,360 412, 390
25,065
18, 726 65,457 150,665 173, 542 162, 375 161,161 154,325 144,817 139,071
28,333
96,389 133, 725 139, 273 141,914 136, 204 128, 748 118,936 100,119 82, 689
84, 501
185,095
163,097
120,197

8,656
707,364
4,866
3,508

9,573
10,094
10, 548 10, 484
9,286
702, 336 743, 993 770, 077 765, 608 704, 995
5,808

6,049

6,560
4,314

6,750

6,200

8,711
9.266
572, 015 681,624
5,700
4,317

5,550

8,512
325, 888 681, 624
5,300
3,865

LIVESTOCK
Cattle and calves:
Receipts, principal markets.thous. of animals.
Disposition:
Local slaughter
do
Shipments, total
do
Stocker and feeder..
do
Prices, wholesale (Chicago):
Cattle, corn fed
dol. per 100 lb._
Calves, vealers
_
do
Hogs:
Receipts, principal markets.thous. of animals..
Disposition:
Local slaughter
do
Shipments, total..
do
Stocker and feeder
do
Price, wholesale, heavy (Chicago)
dol. per 1001b..
S beep and lambs:
Receipts, principal markets.thous. of animals..
Disposition:
Local slaughter
do
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes
dol. per 100 lb_.
Lambs
do.

1, 467

1,502

1,681

1,605

2,017

2,306

1,900

1,465

1,635

1,294

1,542

869
581
233

920
576
201

1,021
632
218

995
615
215

952
659
242

1,103
821
335

1,061
950

1,122
1,120
594

927
473

843
632
309

975
608
259

807
496
213

952
579
253

11.22
9.56

9.31
9.50

9.60
9.13

8.78

11.01
9.25

10.91
10.20

11.11
10.84

10.88
10.70

10.75
10.29

11.60
9.63

11.59
10.38

11. 36
11.19

11.44
10.34

1,757

1,570

1,797

1,881

2,255

2,607

2,570

2,699

1,971

2,205

1,249
500

1,122
444

1,323
465
35

1,397
479

1,660
587

1,903
691
33

1,848
726
43

1,928
754
41

1,398
566
38

1,654
547
45

7.65

7.17

7.18

7.66

7.30

2,805

1,945

1,552

1,746

1,546

1,766

1,124
1,673
856

415

673
155

1,063
677
113

1,046
720
110

1,996

1,724

1,509
485
44

1,206
517
35

6.91

8.27

31

32

8.17

8.94

1,993

1,938

900
1,082
251

1,079
853
90

5.66
9.36

4.94
8.04

2,409
1,274
1,129
187
3.62
7.76

953
908
729
64

MEATS
Total meats:
944
Consumption, apparent.
mil. of lb_.
955
Production (Inspected slaughter)
do
757
Stocks, cold storage, end of month
do
63
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of lb_. 402,993
710
Exports§
do
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb_.
Production (inspected slaughter)
thous. of lb__ 390, 623
36, 749
Stocks, cold storage, end of mo
do
Lamb and mutton:
Consumption, apparent.._
do
51,099
50, 790
Production (inspected slaughter)
do
2,055
Stocks, cold storage, end of month
do
Pork (including lard):
490, 008
Consumption, apparent
do
Exports, total§
do.
25, 591
17, 531
Lard§
do.
Prices, wholesale:
.203
Hams, smoked (Chicago)
dol. per lb_.
Lard, in tierces:
.067
Prime, contract (N. Y.)
do
Refined (Chicago)
do
.077
Production (inspected slaughter) total
thous. of lb__ 513,160
91, 858
Lard
_
do.
Stocks, cold storage, end of month
do.
655, 224
Fresh and cured
do
526, 010
Lard
do
129, 214
' Revised.

^Revised series. Data revised for 1937; see table 19 p.



1,333
548

1,929

8.45
2,664

3.16
8.84

1,964
979
992
177
3.19
8.56

1,146
1,495
438
3.27
7.93

958
671
62

982
642
62

965
937
601
61

1,017
972
548
60

442, 329 452,674
913
944

456,814
1,029

449,240
1,194

468,355
1,082

.158

.174

.170

.146

.150

1,080
862
171

423, 753 437,167 449, 569 444, 617 462,160
40,145
33, 601 33, 730 35, 925 34,467
58, 982
58, 253
2,121

61, 691
61, 732
2,125

56, 240
56, 321
2,148

451,294 481,847 486,067
22, 471 29,711
25, 635
15, 508 20, 340 17,179
.216

.214

425, 797
74, 908
622, 454
500, 564
121, 890

.222

.097

.095
.106

476, 552 436, 978
80, 365 72, 938
543, 770 502, 658
417, 704 378, 981
126,066 123, 677
/ Den. 1 estimate.
14 of the April 1939 issue.
458, 701
81,023
574,097
450, 516
123, 581

2,986
1,174
1,786
621
3.28
7.56
1,070
1,005
459
53

3.35
7.68

3.73

3.78
8.59

3.97
8.63

953
595
82
4.38
8.54

1,097
1,073
413
50

1,092
1,177
484
54

1,040
1,227
671
72

1,057
1,202
791
76

927
784

4.78
8.66

'1,064
1,067
'758
r 63

498, 910 479, 588 461, 485 415, 788 434, 239 377, 363 450, 183
1,248
1,795
1,105
1,261
1,192
1,047
841
.174
.170
.170
.172
.173

477, 452 467, 980 416,041 425, 605 368,125 439, 576
41,218
53,126
52, 637 58,187
46, 404 r 40, 970
55, 536 62,186
65, 392 63, 276 56, 375 54, 281 61, 709 58, 558 r 63, 877
55, 392 62,112
54,684 61,123
65, 880 63, 588 56,997
58, 452 63, 451
1,972
1,861
2,606
3,541
2,318
3,171
2,773 r 2, 412
2,925
460,647 486,157 506,164 554, 066 574,142 570,273 561,329 463, 239 550,289
22,187
28, 332 27,075
17,329
25,493
27,258 36,966 32, 727 33, 022
12,881
10, 842 18, 790 21, 071 16,009
19,198 28,520 24, 483 22,157

.212

.087

26
8.96

.226

36,943

.242

.248

.200

.200

.200

.083
.097

.080
.092

.077
.090

.074

.073
.084

.200

.073
.081
448,180 443, 756 531, 753 651, 636 756, 532 715,179 500, 769
89, 716 105, 533 134, 776 132, 533 90, 038
74,192
75,838
451,397 367,177 319,312 373, 641 537, 525 658. 489 667, 419
334, 777 277,231 251, 645 299,142 430,104 526,411 542,138
116, 620 89, 946 67, 667 74,499 107, 421 132,078 125, 281

.200

.070
.081
563, 699
99, 442
• 652, 456
• 523, 204
• 129, 252

44
Monthly statistics through December 1937, together with explanatory notes and references
to the sonrcei of the data may be found in the
1938 Supplement to the Survey

SURVEY OF CURRENT BUSINESS
1939
April

June 1939

1938
April

May

June

July

August

1939

Septem- October Novem- December
ber
ber

January

February

March

23, 286
133, 531

16,744
116, 229

17, 825
' 90,987

FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of lb.
Stocks, cold ftorage, end of month
do...
Eggs:
Receipts, 5 markets
thous. of cases.
Stocks, cold storage, end of month:
Case
thous. of cases.
Frozen.
thous. of lb_
TROPICAL PRODUCTS
Cocoa:
Imports
long tons.
Price, spot, Accra (N. Y.)
dol. per lb.
Coffee:
Clearances from Brazil, total.thous. of bags.
To United States
.do...
Imports into United States
do...
Price, wholesale, Rio No. 7 (N. Y.)
dol. per lb_.
Receipts at ports, Brazil
thous. of bags..
Visible supply, total, excl. interior of Brazil
thous. of bags_.
United States
..do....
Sugar:
Ravr sugar:
Cuba:
Stocks, total, end of month
thous. of Spanish tons..
United States:
Meltings, 8 ports
long tons..
Price, wholesale, 96° centrifugal (N. Y.)
dol. per lb_.
Receipts:
From Hawaii and Puerto Rico
long tons_.
Imports§
-do—
Stocks at refineries, end of month..do
Refined sugar (United States):
Exports, including maple
do....
Price, retail, gran. (N. Y.)
dol. per lb_.
Price, wholesale, gran. (N. Y.)
do.._.
Receipts:
From Hawaii & Puerto Rico...long tons..
Imports:
From Cuba!
do—
From Philippine Islands!
do—
Tia:
Imports
thous. of lb_.
Price, wholesale, Formosa, fine (N. Y.)
dol. per lb..
Stocks in the United Kingdom__thous. of lb..

16, 217
70, 580

13,997
60,053

19,121
52,049

21, 697
53,432

22, 960
52,640

23,747
54,941

26, 965
59, 942

36, 763
77,692

74, 302
118,088

65, 855
139,108

2,065

1,978

1,916

1,509

1,035

716

646

574

760

1,041

3,347
88, 778

3,204
115,874

5,100
130,872

6,255
138, 510

6,411
135,329

5,942
125,018

4,765
110,244

3,244
94,305

1,439
78,091

302
62,903

136
50, 345

165
44,. 476

' 1,105
• 60, 465

32, 052
. 0448

12,936
.0520

5,795
.0467

8,987
.0470

21,180
.0526

40, 630
.0532

18,147
.0524

12,117
.0499

8,930
.0480

15, 887
.0462

18,143
.0437

33. 297
.0460

43, 792
.0468

1,232
610
1,017

1,490
709
1,206

1,439
690
1,183

1,622
783
1,232

1,305
683
1,190

1,591
819
1,145

1,526
818
1,189

1,598
861
1,147

1,218
775
1,386

1,451
785
1,325

1,191
662
1,423

1,222
697
1, 086

1.305
694
1,497

.051
1,341

.048
1,619

.048
1,525

.049
1,401

.049
1,214

.054
1,624

.056
1,792

.055
1,615

.055
1,421

.053
1,700

.053
1,295

.052
1,033

.051
1,279

7,916
805

764

7,388
813

7,215
796

727

7,276
701

7,621
858

7,468
721

7,409
858

7,836
914

855

7,740
860

7,757
867

2,621

r

1,649

2 , 540

2,407

2,037

1,554

1,316

1,014

784

750

725

1,407

2,580

401, 523

343, 685

343,093

374, 511

391,543

425, 588

375,935

292,036

247, 226

261, 257

247,112

371,979

.029

.029

.027

.027

.028

.028

.030

.031

.030

.029

.029

.028

.028

184, 440
200, 084
271,306

163,517
254,278
353,230

205,469
236,888
429,495

141, 731
226,003
345,274

158,276
211,077
282,876

113,822
347, 381
334,246

142, 271
311, 574
308,086

116,173
213,840
269,978

56,139
111, 170
215,388

46,0C6
194, 732

62, 317
63, 481
199, 056

122, 969
116,014
241,039

183, 880
228, 690
236, 666

3,641
.049
.044

4,687
.052
.045

3,844
.051
.046

4,034
.051
.044

4,958
.050
.044

6,134
.050
.043

6,428
.049
.045

5,625
.049
.046

5,003
.050
.045

4,472
.050
.044

4,018
.050
.042

5,344
.049
.042

5,532
.049
.044

18, 076

20,066

2,485

13,017

2,908

754

1,335

1,208

1,339

9,479

4,183

17, 734

16, 662

10, 336
6, 495

25, 559
2,975

32, 712
3,621

34,121
5,676

40, 044
6,189

59,872
6,563

11,791
2,995

2,293
4,287

0
2,528

328
987

1,413
536

5,187
2,223

18, 230
2,979

6,829

5,004

5,697

5,270

6,253

7,528

7,959

8,404

7,931

8,576

.280
168, 201

.280
162, 841

.280
165, 658

170,197

.280
182, 558

.280
189, 983

.280
214,017

.280
231,628

.280
243, 223

.280
252, 634

.280
234, 468

.280
2C5, 084

.280

MISCELLANEOUS FOOD PRODUCTS
Candv, sales by manufacturersj-thous. of dol..
Fish:"
Landings, fresh fish, prin. ports.thous. of lb_.
Salmon, canned, shipments
cases..
Stocks, cold storage, total, 15th of month
thous. of lb..
Gelatin, edible:
Monthly report for 7 companies:
Production
do—
Shipments
--do—
Stocks
do....
Quarterly report for 11 companies:
Production
do—
Stocks
do—

16, 223

15, 785

13, 307

12, 695

10,359

13, 053

22, 945

21,401

23, 656

21. 243

17,717

18,195 1 18,886

41,554

42, 769
259,361

46,543
411,041

38,963
518,885

39, 238
653,102

46,890
814,883

36,529
,112,465

40, 275
899,579

34, 666
539, 699

27,112
716,458

23, 070
524, 250

25,652 [ 30,983
487,357 | 525,662

29, 744

37,367

45,981

55,039

66,716

75,882

84, 537

85,665

93,024

90,711

77,088

62, 253

• 40, 423

1,546
1,178

1,594
1,467

1,698
1,666
6,925

1,621
1,593
6,953

1,063
1,400
6,615

1,056
1,994
6,014

924
1,397
5,542

1,082
1,445
5,179

1,364
1,226
5,317

1,518
1.242
5,593

1, 554
1,301
5,845

1,437
1,335
5,948

1,538
1,557
5,929

TOBACCO
Leaf:
Exports!thous. of lb_. 21, 777
4,783
Imports, incl. scrap§
..do
Production (crop estimate)
..mil. of lb_.
Stocks, total, incl. imported types, end of
quarter
mil. of lb_.
Flue-cured, fire-cured, and air-cured, .do
Cigar types
_
.do
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes..millions.. 12, 269
Large cigars
thousands.. 403, 042
Manufactured tobacco and snuff
thous. of lb.. 25, 628
Exports, cigarettes§
thousands.. 424, 857
Production, manufactured tobacco:
Total
_
.thous. of lb_.
Fine cut chewing.
.do
Plug
.do
Scrap chewing
do
Smoking
_
do
Twist.
_
_
do
Prices, wholesale:
5.513
Cigarettes
-dol. per l,000__
46. 056
Cigars
do
r

6,147
9,914

28,987
4,752

21,396
4,373

21,425
5,793

3,909
7,956

13,467
10, 435

35,219
6,284

2,178
1,726
359

60, 379
5,324

82, 034
6,289

55,167
5,641

2,227
1,822

12, 527
384,918

14,324
417,144

14,717
477,443

13, 784 15,892
420, 510 477,506

14, 711
486, 482

27,509
534,085

28,921
487, 675

30,180
598, 716

27, 544
466,561

30,473
502,491

24,962
366
4,375
3,493
16,363
366

25, 766
394
4,615
3,551
16,772
434

27,184
427
5,037
4,142
17,118
460

24,954
378
4,701
5,443
14,005
426

27,756
409
5,140
3,709
17,962
537

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

6,340
8,909

5,234
8,004

54,217
4,797
/1, 456

28, 013
5,820

37, 502
5, 492

2,363
1,912
330

2,343
1,946
298
13, 506
12,656
515,859 333,982

13,863
349, 497

11,782
361, 233

14, 244
437, 584

27,869
30, 577
420, 493 631,023

30,940
518,943

27,126
576, 210

26, 914
451,194

25, 425
623, 889

29, 594
562, 225

27, 327
403
5,023
3,655
17,812
433

24,969
358
4,344
2,151
17, 671
444

28, 111
363
4,266
4,563
18,503
415

24,825
382
4,290
4,133
15, 580
440

23, 260
372
3,419
3,419
15, 650
400

22, 571
319
4,145
2,924
14, 711
471

5.513
46.056

5.513
46. 056

5. 513
46.056

5.513
46.056

5.513
46. 056

5.513
46. 056

13, 264
525,662

Revised.
/Dec. 1 estimate.
tFor monthly data beginning 1928, corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p. 17, of the January 1939 issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.




44, 333
6,592

5.513
46. 056

45

SURVEY OF CURRENT BUSINESS

June 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the
April
1938 Supplement to the Survey

1939

1938
April

May

June

July

DecemAugust SeptemOctober November
ber
ber

January

February

March

FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports§.
thous. of long tons.
Prices, composite, chestnut:
Retail
dol. per short ton.
Wholesale
_
do_._
Production
thous. of short tons.
Shipments
do
Stocks, end of month:
In producers' storage yards
do...
In selected retail dealers' yards
number of days' supplyBituminous :
Exports^
thous. of long tons.
Industrial consumption, total
thous. of short tons.
Beehive coke ovens
do
Byproduct coke ovens
_
do
Cement mills
_
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I).__
.do
Steel and rolling mills
___do
Other industrial...
do
Other consumption:
Vessels (bunker)..
thous. of long tons..
Coal mine fuel
-thous. of short tons..
Prices:
Retail, composite, 38 cities
dol. per short ton..
Wholesale:
Mine run, composite..
..do
Prepared sizes, composite
do
Production
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total...
_
do
Byproduct coke ovens
do
Cement mills
__do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
.
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total..
_
.do

137
9.078
v 5,227
4,842

107
9.199
3,138

222
8.946
4,255
3,821

197
10.63
9.030
4,291

112

100

9.231
2,571
2,361

9.431
2,729
2,336

129
11.02
9.602
3,337

149

127

143

165

143

9.731
4,953
4,047

9.698
4,114
3, 382

11.35
9.642
' 3, 604
3,232

2,888

""9.605
4,165
3,519

9.713
3,728
3,167

11.49
9.706
4,471
3,849

1,901

1,458

1,046

761

37

29

25

22
348

408

1,272

1,390

1,764

1,757

1,924

2,121

1, 917

35

44

58

57

58

63

44

63

207

673

929

1,148

956

1,093

1,032

1,107

1,092

489

277

282

22,363
31
4,114
402
131
2,820
6,020
825
8,020

20,653
118
3,457
327
136
2,675
5,801
649
7,490

19,574
92
3,236
434
137
2,803
5,609
603
6,660

18,596
82
2,931
451
130
2,846
5,298
588
6,270

18,862
69
3,085
478
127
3,038
5,482
583
6,000

20,346
79
3,534
478
128
3,315
5,662
660
6,490

21,116
88
3,770
430
130
3,338
5,938
652
6,770

23,734
100
4,360
486
134
3,575
6,663
736
7,680

24,921
110
4,622
441
138
3,530
6,597
803

26, 533
123
4,742
342
144
3,684
7,161
837
9,500

26,185
121
4,751
212
149
3,595
7,149
858
9,350

24,183
111
4,346
244
137
3,051
6,545
759
8,909

164

113
156

98
165

100
172

99
211

95
237

112
258

129
265

81
266

68
261

92
249

105
259

4.297
4.434
23,367

4.296
4.469
28,665

4.299
4.524
32,286

4.299
4.576
34,989

4.299
4.565
35, 925

4.298
4.557
36,541

4.290
4. 544
35,530

4.286
4.520
33, 910

4.283
4.491
35, 290

33,615
27,265
5,364
275
277
7,905
4,532
652
8,260
6,350

34, 579
27,719
5,540
299
279
7,834
4,556
651
8,560

36, 507
29, 377
5,952
313
263
8,029
4,672
638
9,510
7,130

39,024
31,324
6,459
330
258
8,195
5,052
620
10, 410
7,700

40, 821
33, 321
7,173
346
264
8,413
5,315
650
11,160
7,500

40, 720
33, 670
7,462
349
252
8,491
5,629
687
10, 800
7,050

39, 720
33,270
7,374
350
236
8,379
5,819
742
10, 370
6,450

39, 887
34,087
7, 373
403
220
8, 456
6,736
879
10,020
5,800

40, 505
35, 225
7,222
'414
r 217
8,760
r 7, 603
' 1, 029
9,980
5,280

8.54
4.421
4. 345
10, 747

4.301
4.378
22,671

4.303
4.391
21, 321

4.294
4.404
22,507

31,948
28, 228
4,434
321
179
7,610
6,420
804
8,460
3,720

34,102
28,952
4,935
299
227
8,404
5,548
779
8,760
5,150

33,158
27,748
4,867
309
253
8,201
4,996
722
8,400
5,410

33,452
27,612
5,000
311
271
8,067
4,827
716
8,420
5,840

• 25, 786
107
4, 855
'368
143
3,168
r 6, 970
805
9,370

8.68

8.68

COKE
Exports
thous. of long tons..
Price, beehive, Connellsville (furnace)
dol. per short tonProduction:
Beehivet
thous. of short tons_.
Byproductt--do.
Petroleum coke
do.
Stocks, end of month:
Byproduct plants, total
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do.

18

28

45

60

33

55

40

27

25

23

21

3.750

4.250

4.250

3.875

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

20
2,915

75
2,436
127

52
2,067
137

44
2,177
138

50
2,494
148

56
2,675
111

63
3,093
147

70
3,278
153

3,363
142

77
3,367
126

2, 967
1,091
1,876

3,134
1,348
1,786
522

58
2,283
138
3,275
1,376
1,899
562

3,375
1,411
1,964

574

3,564
1,460
2,104
610

3,709
1,453
2,256
651

3,675
1,392
2,283
623

3,716
1,334
2,382
654

3,745
1,307
2,438
678

71
3,078
117
3,116
1,242
1,874
705

95,675
2,017
1.160
102, 702
79

99,238
1,923
1.160
98,674
79

93,880
2,130
1.160
94,277
77

99,856
2,669
1.160
102,898
79

101,352
1,720
1.160
106,165
80

79,965
31, 504
267,942
45,975
221,967
1,606

81,822
31,624
259,259
45,101
214,158
1,656

3,708
3,249
.925

3,678
3,393
.925

' 1,187
3,729
3,219
.925

r 1, 206 ' 1, 207 r 1, 094
3,898
3,811
3,815
2,916
2,969
2,925
.925
.925
.925

1,101
4,199
2,788
.925

1,193
4,010
2,771
.925

1,243
4,111
2,925
.925

1,236
3,957
2.587

1,116
3,640
2,904
.850

' 1,134
4,033
3,076
.850

24,833
11, 577

24, 392
12,160

22, 761
10, 784

23, 547
12,688

24, 232
12,691

24, 552
13, 074

25,487
13,820

24, 573
12, 793

25,197
13,873

25,800
14,135

21,476
12, 797

25,040
13, 539

27,815
19,972

29, 284
22,385

30, 282
24,699

32, 285
26,620

33, 661
30,860

33, 344
33,017

30, 935
32,069

26, 991
27,873

24,309
24,650

21, 952
21, 731

19, 288
20,115

43,254
3,742

44,911
3,603

48,293
3,517

47,474
3,597

32,874
28,841
50,459

46,058
3,068

46, 272
3,572

44,991
3,205

41, 649
4,607

37, 767
2,764

34, 595
2,569

42, 520
3,523

.130
.053
.141

.130
.051
.141

.130
.053
.141

.127
.055
.141

.124
.051
.138

.124
.046
.134

.124
.046
.133

.119
.043

.119
.041

.119
.042

.118
.045

3,610
1,291
2,319

3,330
1,241
2,089
717

3, 439
128
3,037
1,198
1,839
694

PETROLEUM AND PRODUCTS f
Crude petroleum:
Consumption (runs to stills)...thous. of bbl__
Imports§
do
Price (Kansas-Okla.) at wells..-dol. per bbl._
Production
thous. of bbl__
Refinery operations..
pet. of capacity
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl_.
Light crude
_do_._
East of California, total
do...
Refineries..
do__.
Tank farms and pipe lines
...do
Wells completed
numberRefined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantsf
thous. of bbl__
Railways (class I)
do
Vessels (bunker)
_
_do
Price, fuel oil (Oklahoma)
dol. per bbl_.
Production:
Residual fuel oil
thous. of bbl__
Gas oil and distillate fuels, total
do
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl__
Gas oil and distillate fuels, total
do
Gasoline:
Consumption, domestic
thous. of bbl_.
Exports§
do.__Price, wholesale:
Tank wagon, delivered (New York)
dol. per gal..
Refinery (Oklahoma)_._
do
Price, retail, service stations, 50 cities.do"]
r

2,788
.960

1,240
3,341
.850

2,900
.114
.069

96,990 100, 787
2,647
1,584
1.040
1.160
98, 661 101, 830
79
79

97,309
97, 964 99,614
1,371
2,308
2,678
.960
.960
.960
98, 567 102, 287 102,490
79
77

87, 797 98,917
1,736
1,343
.960
.960
93, 475 106, 768
77
76

82,833 84,724
85,132 86, 705 87, 222 87,399 87, 222 87,595 87,002 86, 294
36,927 38, 323 39,383
33,151
33,138 33,548 33, 975 34,999 36, 064 37,193
251,213 247,361 243, 952 240, 251 233, 463 228, 741 229,140 227,134 227, 098 229,079
44, 314 43, 674 42,724 42, 979 41,131 40, 386 41, 221 42, 540 41, 777 41,154
206,899 203,687 201,228 197, 272 192, 332 188, 355 187, 919 184,594 185, 321 187, 925
1,252
1,385
1,776
1,715
1,648
1,601
1,572
1,338
1,539
1,419

.124
.055
.140

Revised.
p Preliminary.
f R e v i s e d series. P e t r o l e u m a n d p r o d u c t s revised for 1937; see table 9, p . 15 of t h e M a r c h 1939 issue. Beehive a n d b y p r o d u c t coke p r o d u c t i o n revised for 1937; see p . 45 of
t h e D e c e m b e r 1938 S u r v e y . Gas a n d fuel oils, c o n s u m p t i o n in electric power p l a n t s , revised for 1938. Revisions n o t s h o w n above are as follows: J a n . 1,077; F e b . 928; a n d
M a r c h , 1,022.
series. D a t a for 1937 revised; see tables 19 a n d 20, p p . 14 a n d 15 of t h e April 1939 issue.
Digitized for§ Revised
FRASER



46

SURVEY OF CURRENT BUSINESS

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

1939
April

June 1939

1938
April

May

June

July

August

1939
Sep

Aerm'

October

t)er

N

m

T2 "
D6r

De

em

v?o '
uer

J

«rv"
ary

Febm

"

M

arch

ary

FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTSf-Con.
Refined petroleum products—Continued.
Gasoline—Continued.
Production:
At natural gas plants
thous. of bbl_.
At refineries:
Total
do—.
Straight run
-do
Cracked
do
Natural gasoline blended.
do
Retail distribution t—
.mil. of gal.-.
8tocks, end of month:
Finished gasoline, total
thous. of bbl__
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
do
Exports §
do
Price, wholesale, water white 47°, refinery
(Pennsylvania)
-dol. per gaL.
Production
.thous. of bbl_.
Stocks, refinery, end of month
.do
Lubricants:
Consumption, domestic
..do
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gaL.
Production
thous. of bbl..
Stocks, refinery, end of month
.do
Asphalt:
Imports§
short tons..
Production.
_
do
Stocks, refinery, end of month
.do
Wax:
Production
-thous. of lb_.
Stocks, refinery, end of month
__.do

691
.053

1, 358

4,171

4,196

4,001

4,127

4,226

4,081

4,375

4,244

4,345

4,264

3, 747

4, 232

44,582
20,040
21,686
2,856
T
1, 733

46, 645
20,804
23,042
2,799
1,850

44, 247
19,735
21,877
2,635
r
1,931

47,607
21,020
23, 652
2,935
r
1,989

48, 662
21,524
24,188
2,950
r 2, 088

47,312
20,934
23,049
3,329
r 1, 909

49, 677
21, 383
23,862
4,432
r
1, 890

47,998
20, 397
23, 379
4,222
r
1, 762

47, 780
20, 794
22, 701
4,285
r 1, 745

48,308
21,125
23,546
3,637
1,548

42, 721
18, 455
21, 027
3, 229

47, 186
20, 663
23, 280
3, 243

82,684
57,660
6,179

80,987
54,010
6,548

73,725
47,159
6,951

70,224
43,091
7,614

64, 599
40,137
8,022

63,163
38,819
8,159

63,542
38, 739
6,771

64, 083
39, 376
5,742

65,949
41,805
4,830

73,847
49,419
4,647

79, 691
54, 569
4, 708

81, 189
55. 464
4, 721

4,333
788

3,257
381

3,752
210

4,292
597

4,187
797

5,185
646

5,368
323

5 901
516

5, 201
52S

.053
5,235
9,202

.053
4,889
10,112

.052
4,933
10,149

.051
5,348
10,497

.051
5,320
9,949

.050
5,419
9,676

6,813
783
.049
5,739
7,799

5,980
776

.053
5,445
6,394

3,637
745
.052
5,649
7,627

.049
5,702
6,711

052
5' ]74
5 452

052
5^ 90C
5, 60t

1,591

1,730

1,606

1,844

2,002

2,127

1,805

1,735

1,831

1,609

1, 653

1, 987

.110
2,530
8,290

.110
2,595
8,255

.110
2,378
8,114

.106
2,631
8,194

.105
2,576
7,969

.105
2,615
7,605

.105
2,632
7,718

.105
2,535
7,817

.105
2,384
7,695

.105
2,527
7,762

105
2, 522
7 951

1,578
334,000
663,700

1,727
450,000
710,700

2,335
445,600
669,300

1,208
475,800
633,200

2,844
514,400
566, 400

1,923
456,300
471,100

1,649
464,900
442, 200

3,461
2,869
2,078
322, 700 242, 400 244.400
447, 600 480,900 532,000

9 662
189 300
572 000

10£
2 664
7, 80C
2 88f
308', 20C
650, 00(

31,640
144,626

35,560
140,826

37,800
138,260

30,240
135,911

31,920
134,103

36,400
129,018

42,000
128,926

37, 520 36,120
131, 772 129,340

33 320
117 711

44, 80(
117. 53'

35, 280
128, 627

LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins§
thous. of lb_.
Calf and kip skins§
do—.
Cattle hides§
do....
Goatskins§
do
Sheep and lambskins §
do—
Livestock (inspected slaughter):
Calves
thous. of animals..
Cattledo....
Hogs.
-do
Sheep
.do—
Prices, wholesale (Chicago):
Packer's, heavy, steersdol. per lb_.
Calfskins, packers', 8 to 15 lb
do....
Exports:
LEATHER
8ole leather
-thous. of lb..
Upper leather§.._
.thous. of sq. ft..
Production:
Calf and kip
thous. of skins..
Cattle hides...
thous. of hides..
Goat and kid
.thous. of skins..
Sheep and lamb
do
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb_.
Upper, chrome, calf, B grade, composite.
dol. per sq. ft..
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides.-.
In process and
finished
-do—
Raw..
_.
do
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
dozen pairs..
Dress and semi-dress
do
Work
do....
Shoes:
Exports
thous. of pairs..
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxford
.do
Women's colored calf
-do—
Production:
Total boots, shoes, and slippers
thous. of pairs.
Athletic
do...
All fabric (satin, canvas, etc)
do
Part fabric and part leather
do...
High and low cut, total
do...
Boys' and youths'
do
Infants'
__
do...
Misses' and children's..
do.._
Men's...
_do.._
Women's
do...
Slippers and moccasins for housewear
thous. of pairs.
All other footwear
do
r

Revised.

25, 454
2,505
11,374
5, 260
4,858

7,759
1,289
1,046
2,570
2,056

11, 561
1,337
2,737
4,733
1,902

12,242
1,429
2,058
4,176
3,942

14,903
2,144
5,393
4,795
1,941

16,266
3,175
2,716
5,223
4,341

16,897
2,133
5,670
5,498
2,282

19, 803
2,116
7,527
4,945
3,641

24,399
3,440
10, 725
6,122
2,685

25, 657
3,972
9,588
6,075
4,468

32, 826
3,563
13,528
6,317
7,901

28,189
2.^09
13. 200
6,189
3,975

457
677
2,931
1,224

502
749
2,462
1,425

500
772
2,585
1,550

475
816
2,533
1,485

436
820
2,254
1,461

457
848
2,467
1,603

453
917
2,671
1,694

470
884
3,311
1,638

457
858
3,913
1,453

417
758
4,346
1,347

415
761
4.043
1,456

385
653
2, 8S0
1,361

.099
.113

.095
.123

.093
.114

.111
.139

.119
.145

.120
.143

.134
.161

.141
.163

.123
.157

.121
.163

58
4,563

109
4,169

97
3,623

49
3,738

41
3,709

49
4,651

42
3,420

26
3,689

6
3,097

14
3,492

870
1,381
2,506
1,827

865
1,409
2,371
2,010

1,032
1,457
2,675
2,184

1,222
1,407
2,394

1,349
1,764
2,755
3,226

1,066
1,717
2,336
2,716

1,100
1,755
2,525
2,822

1,138
1,786
2,634
2,872

1,277
1,882
3,245
2,899

1,319
1,936
3,185
2,899

1,326
r 1, 943
' 3, 170
' 3, 236

.290

.305

.305

.305

.315

.318

.320

.320

.324

.318

.315

.303

.380

.365

.366

.366

.377

.378

.378

.385

.392

.390

.393

14,052
10,308
3,744

13,874
10,193
3,681

13,967
10,223
3,744

13,865
10,014
3,851

13,331
9,666
3,665

13,244
9,640
3,704

13,440
9,665
3,775

13,885
10, 074
3,811

13,996
10, 301
3,695

13, 602
9,868
3,734

.097
. 145
46
3,585

109,081
55,084
53,997

116,492 145,710
85,185
63,953
52, 539 60,525

150,480 181, 791 173,882
92, 255 112, 736 106,761
58,225
69,055
67,121

.104
. 154

J3, ?75
rr 9, 699
3, 676

183, 667 162, 797 135, 759 119, 257 153,409
115,942 102, 725 74, 065 63,177
93,123
67, 725 60, 072 61,694
56,080 60,286

223

171

127

116

136

164

191

200

138

113

108

5. 75
4.75
3.00

6.00
5.00
3.35

5.75
4.75
3.23

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

32, 475
275
591
662
27, 803
1,428
1,945
3,117
7,677
13,636

33, 468
180
1,036
889
28,044
1,221
2,079
3,414
7,360
13, 970

30, 473
169
961
729
24.998
1,221
1,817
3,394
6,829
11, 738

26,897
225
459
192
22, 491
1,361
1,681
3,008
7,314
9,128

30, 742
187
314
202
26, 546
1,426
1,576
3,314
7,027
13, 204

42, 252
295
291
405
36, 247
1,958
1,845
4,090
10, 067
18, 287

38, 280
263
319
331
31,987
1,803
1,818
3,859
9, 568
14,940

35,012
282
303
315
27, 799
1,638
1,878
3,583
9,250
11, 451

30,054
304
305
354
22, 556
1,553
1,886
3,132
8,691
7,295

29, 988
331
355
476
24,359
1,426
1,775
3,399
8,403
9,355

33,561
260
457
652
30,149
1,414
1,987
3,740
8,876
14,132

35, 457
237
530
778
31, 400
1,302
1,940
3, Til
8,645
15, 801

2,464
680

2,361
958

2,676
941

2,837
692

3,108
384

4,692
322

5,115
264

6,078
236

6,422
114

4,297
170

1,695
348

1, 983
530

t See footnote marked with a " t " on p . 45. Retail distribution of gasoline revised for 1937 and 1938. Revisions not shown above will appear in a subsequent issue.

§ Revised series. D a t a revised for 1937, see tables 19 and 20, p p . 14 and 15 of t h e April 1939 issue.


June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

47

SURVEY OF CURRENT BUSINESS
1938

1939
April

April

May

June

July

1939

DecemAugust SeptemOctober November
ber
ber

January

February

March

LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
63,735 64,857 61,517
69,945
Exports (boards, planks, etc.)§
M ft. b. m_. 62, 746 61,572
National Lumber Mfrs. Assn.:
1,998
1,550
1,696
1,606
1,473
Production, total
_
mil. ft. b. m.
222
208
204
219
211
Hardwoods
do
1,776
1,342
1,402
1,254
1,485
Softwoods...
do
1,531
1,684
1,775
1,489
Shipments, total
do...
283
222
267
225
230
Hardwoods
do
1,750
1,308
1,264
1,454
1,508
Softwoods
do
8,481
8,648
8,672
8,625
8,511
Stocks, gross, end of month, total
do
2,200
2,332
2,318
2,259
2,348
Hardwoods
do
6,281
6,354
6,316
6,252
6,278
Softwoods
do...
Retail movement (yard):
Ninth Federal Reserve district:
9,553
8,058
11,747 11,568 13,504
0)
Sales
_
_
M ft. b. m.
81,515 80,797 80,238
86,244 83,915
Stocks, end of month
do...
FLOORING
Maple, beech, and birch:
Orders:
7,450
5,050
7,000
7,900
6,350
New
M ft. b. m_
9,850
8,700
8,000
9,600
9,800
Unfilled, end of month
do
7,000
5,600
5,400
5,450
5,400
Production
do
7,250
7,000
6,400
5,850
6,100
Shipments.. _
_
do
23,350 23,100 21,000 20,000 19,950
Stocks, end of month
do
Oak:
Orders:
29,186 34,248 58,516 36,943
26,128 24,643
New..
_
do
33,364
37,379 59,906 55,338
32,464
47,199
Unfilled, end of month
do
29,059
28,783 30,762 42,468
28, 565 29,694
Production
do
28,286
26,984
30,
604
30,233 35,989 41,511
Shipments
do
85,340
78,663 79,620
84,567
87,191
Stocks, end of month
_
do
SOFTWOODS
Fir, Douglas:
Exports:
13,448
15,497 18,211
21,860
17,820
Lumber§..._
M ft. b. m_. 18,001
2,222
13,368
8,636
3,382 20,149
Timber..
do.... 11,485
Prices, wholesale:
17.640
17.640 17. 640
17.640
No. 1, common boards.dol. per M ft. b. m_ 18. 620 17.640
Flooring, 1 x 4, " B " and better, V. G.
36. 260 35.893 35.770 36.260
35. 280 36.260
dol. perM ft. b. m.
Southern pine:
Exports:
20,513 19,087 21,280
21,777
20,120
Lumber§.
M ft. b. m_ 15,903
4,632
4,245
5,083
4,954
7,215
4,228
Timber
do..Orders:
622
724
584
497
496
Newt
jnil. ft.b. m.
304
343
286
264
239
Unfllled, end of month
do
Price, wholesale, flooring
41.41
40.78
40.63
41.05
39.67
39.97
dol. per M ft. b. m.
630
570
520
524
553
Production!
mil. ft. b. m..
661
537
667
496
522
Shipments!
do
2,170
2,201
2,284
2,315
Stocks, end of month
do
Western pine:
Orders:
399
442
336
284
324
New...
do—.
253
276
184
187
Unfilled, end of month
do
189
Price, wholesale, Ponderosa pine, 1x8, no. 2,
22.49
21.32
22.50
24.15
23.31
common (f. o. b.mills).dol. per M ft. b. m.
536
432
275
456
359
Production!
mil. ft. b. m_
475
374
358
278
315
Shipments!do....
2,037
1,782
1,826
1,982
1,924
Stocks, end of month!.
do
West Coast woods:1
Orders:
537
524
516
350
New
do
334
381
265
270
Unfilled, end of month
do
280
578
354
371
440
Production
do
584
413
403
412
512
Shipments
do
905
895
1,019
Stocks, end ol month
do
Redwood, California:
Orders:
22,874 26,978 29,218
23,887
New....
M ft. b. m_. 26, 387 24,926
29, 676 33,302
24,770
22,120 25,116 26,599
Unfilled, end of month
do
26,665 34,229
27, 930 23,944
24,518
Production
do
28, 096 37,091
28,145 23,333 27,885
31,255
Shipments
do
287,243
282,291
298, 052 292,203 282,953 279,415
Stocks, end of month
do
FURNITURE
All districts:
53.0
43.0
53.0
42.0
47.0
41.0
Plant operations.._
percent of normalGrand Rapids district:
Orders:
6.0
8.0
12.0
6.0
5.0
3.5
Canceled
percent of new orders.
10
10
12
11
21
21
New
.no. of days' production13
15
16
16
26
27
Unfilled, end of month.
do...
42.0
43.0
41.0
43.0
46.0
Plant operations
percent of normal60.0
12
11
10
10
12
Shipments
no. of days' production.
16
Prices, wholesale:
77.6
82.1
82.1
82.1
80.3
80.3
Beds, wooden
1926=100.
102.3
102.3
102.3
102.3
102.3
102.3
Dining-room chairs, set of 6
do___
88.1
87.6
87.6
87.6
87.6
87.6
Kitchen cabinets
do—.
87.2
87.2
87.2
87.2
87.2
Living-room davenports
do...
Steel furniture (see Iron and Steel Section).
1

67,998

68,107

56,729

79, 697

58, 817

60,351

66, 581

1,901
237
1,664
1,843
293
1,550
8,560
2,155
6,405

1,790
239
1,552
1,847
295
1,552
8,506
2,099
6,407

1,675
246
1,429
1,789
311
1,478
8,442
2,058
6,384

1,505
233
1,271
1,593
263
1,330
8,373
2,069
6,304

1,582
295
1,287
1,662
308
1,355
8,309
2,055
6,254

1,493
293
1,200
1,581
282
1,300
8,209
2JJ61
6,148

1,808
302
1,506
1,995
327
1,667
8,Q38
2,021
6,017

12, 637
76,062

16, 282
69, 666

5,400
8,800
6,300
5,950
20,350

7,000
10, 600
5,400
5,200
21,000

26, 575
47,416
39,035
34,497
84,158

15,712
4,365

• 17, 280
> 62,948

0)
0)

0)
0)

6,200
11, 200
6,100
5,500
21, 600

6,500
13,000
6,200
4,900
23, 350

7,450
14,700
6,000
5,900
23,800

5,400
15, 200
5,580
4,850
24,350

6,550
14,000
5,300
7,400
22, 600

41,133
56, 393
36,188
32,156
88,190

30,891
55, 724
35,139
31, 560
91, 769

26, 659
52, 697
31, 720
27, 686
94,181

36,868
60,649
28,463
26,916
95, 228

26,
56,
27,
27,
94,

910
482
640
308
730

28,144
51,675
29, 639
31,951
92, 445

19,284
5,322

13, 608
4,961

21,083
9,015

18,625
5,929

20, 276
5,696

19, 595
14,950

0)
(')

17.640

17.640

17. 640

18. 008

18.424

18. 620

18. 620

36.260

35.770

35. 280

35.280

35. 280

36.000

34. 300

21,282
4,197

21,933
4,527

16, 976
5,190

22, 652
4,012

15, 283
4,326

13, 787
4,709

18, 608
6,706

612

539
323

473
307

557
330

491
327

604
343

41.46
639
620
2,189

710
364
41.22
578
642
2,125

42.09
530
580
2,075

41.01
508
489
2,094

40.76
540
534
2,100

39.86
495
494
2,101

40.30
579
588
2,092

333
201

347
190

386
255

391
283

279
247

248
213

313
211

22.17
488
411
2,109

21.91
430
388
2,139

22.04
305
335
2,104

22.92
238
322
2,014

24.30
181
299
1,896

25.24
153
267
1,782

25.13
233
316
1,699

411
282
466
463
920

444
264
471
471
935

555
324
518
495
986

451
361
416
414
988

445
388
446
413
1,021

426
383
434
431
1, 024

602
373
563
612
982

25, 350 25,939 22,134
25, 111 24, 694 25, 310
30, 722 33,106 27, 284
24,427 25,028
19, 961
299,367 304,859 313, 047

34, 270
34,562
25, 261
23,811
309, 310

20, 875
30,647
26, 272
24, 243
307, 494

32,098
32, 485
28, 585
30, 822
300, 378

23,409
23,322
34,838
28,026
296,177

58.0

60.0

57.0

58.0

56.0

56.0

57.0

4.0
20
23
65.0
18

5.0
20
20
60.0
16

6.0
19
18
61.0
15

7.0
12
13
62.0
13

4.0
19
21
58.0
12

5.0
14
19
53.0
13

5.0
14
16
53.0
15

80.4
102.3
87.6
87.2

80.4
102.3
87.6
87.2

79.3
102.3
87.6
87.2

77.6
102.3
87.6
87.2

77.6
102 3
88.1

77.6
102.3
88.1
(c)

102.3
88.1

(<0

Discontinued. Data as currently reported are comparable with the corresponding month of the preceding year, but not with the preceding month in the same year.
• Total for November and December; data not reported separately for the two months.
* As of December 31.
« No quotation.
1Data for March, June, August, November 1938, and March 1939 are for 5 weeks; other months, 4 weeks.
!Revised series. Production, shipments, and new orders of southern pine lumber for 1937-38 and production, shipments and stocks of western pine, 1937-38, have been
adjusted to the 1937 Census of Manufactures; data for southern pine not shown on p. 87 of the February 1939 issue, and for western pine not shown on p. 47 of the March
1939 issue, will appear in a subsequent issue of the Survey. These revisions have not been carried into the totals shown on this page under the heading "Lumber—All Types."
Revisions for the latter series, embodying certain changes in addition to those occasioned by the adjustment of the southern pine and western pine figures, will be shown when
available.
IRevised series. Data revised for 1937; see table 19, p. 14 of the April 1939 issue.




48

SURVEY OF CURRENT BUSINESS

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

June 1939

1938

1939

April

April

May

June

July

1939

DecemAugust SeptemOctober November
ber
ber

January

Febru- March
ary

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic) total§
long tons__
Scrap
do
Imports, total§.__
_-do
Scrap
do
Price, wholesale, iron and steel, composite
dol. per long ton..
Ore
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
Lake Erie docks
do
Imports, total§
do
Manganese ore, imports (manganese content) §
thous. of long tons..

263, 699

395

312,021
162,066
15,887
314

126, 423
14, 728
634

242,139
108,029
20,041
1,637

346,068
149, 673
27, 958
4,218

425,421
223,954
26, 445
5,524

469, 596
273, 440
27, 627
4,749

490, 095
323, 691
28, 767
6,519

362, 672
227,884
27, 664
3,333

359,690
224,913
19,149
1,413

474, 360
312, 262
25, 369
780

38.50

38.41

36.32

36.50

36.48

36.48

36.39

36.37

36.36

36.37

36.40

1,854
261
33, 676
28,281
5,396
168

1,711
1,181
33,012
27,768
5,244
186

1,472
2,838
34,329
29,160
5,170
170

1,675
3,268
35,846
30,656
5,190
206

2,077
3,326
37, 050
31, 759
5,292
172

2, 314
3,285
37, 874
32, 516
5,358
188

2,781
3,624
38, 594
33, i73
5,421
226

3,150
1,481
37,456
32,166
5,290
198

3,041
0
29, 456
5,123
187

2,927
0
31,689
26, 646
5,043
180

2,853
0
28, 840
23,912
4,928
179

3,317
0
25, 872
21,054
4,818
203

12

19

21

31

35

15

26

30

10

26

21

19, 724
18,680
22.7
23,045

17,564
17,097
20.8
20,560

18,143
18.077
21.7
21,673

16,905
16, 630
20.2
17, 500

25,752
25, 799
31.3
21,102

29, 061
29, 460
34.8
26, 941

32, 770
29,970
36.4
28, 7i7

36, 643
35, 351
43.0
35, 563

35, 633
38, 802
46.0
36, 434

38,105
35, 372
43.5
36, 403

33.234
34; 786
42.9
34, 698

35, 997
39, 615
47.5
39,807

42, 310
79

37, 225
72

34,385
70

41,400
77

51,370
89

57, 625
96

70, 690
115

75, 795
121

71,315
117

70,235
118

74, 285
121

77, 460
123

23.50
24.13

23.50
24.15

22.50
23.59

19.50
20.15

19.50
20.15

19.75
20.29

20.50
21.14

20.50
21.15

20. 50
21.15

20.50
21.15

20.50
21.15

20. 50
21. 15

25.89
1,376

25.89
1,255

24.89
1,062

21.89
1,202

21.89
1,494

22.14
1,680

22.89
2,052

22.89
2,270

22.89
2T 211

22.89
2,175

22.89
2,060

22.89
' 2, 395

931
1,181
19,709

1,224
1,297
19, 707

2,478
1,400
20, 758

2,135
2,015
20, 677

2,227
2,287
20, 619

2,391
4,078
18, 925

3,561
4,803
17, 701

2,233
3,083
16, 877

1,338
2,182
16,114

1. 573
1, 642
15,986

1,807
1,376
16,491

2,198
1,113
17, 579

10,219
10,557
123,440

13, 560
12,798
124,291

16,705
14,123
125, 805

14, 681
17, 841
122,860

20,367
17,804
125,446

25, 336
30, 852
119, 841

22, 851
34,108
108,445

15, 388
20, 027
104, 021

10,128
15,081
98, 831

12. 881
12,276
99,128

13,801
9,246
104, 303

19, 960
10, 406
114,878

614

442

305

340

3,955
4,815
25, 624

4,896
3,814
28, 279

4,711
2, 950
30, 800

5.593
2,887
33,612

47,
20,
70,
64,
37,

61,003
15,026
64, 094
66, 603
35, 317

50, 876
12, 604
56, 476
53. 298
38,495

57, 928
10,145
60, 421
60, 387
38, 463

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

394, 008
240,124
44,083
2,769

489,202
309, 952
21,237
12

540, 639
374, 320

36.34

38.61

2,800
57
22, 791
18, 306
4,485
162
11

20,814

34, 579

Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
short tons.. 29,183
31,640
Production
do
38.8
Percent of capacity
Shipments
short tons.. 33, 666
Pig iron:
Furnaces in blast, end of month:
Capacity
long tons per day.. 60,160
102
Number
Prices, wholesale:
Basic (valley furnace)
dol. per long ton.. 20.50
21.15
Composite
do
Foundry, No. 2, northern (Pitts.)
dol. per long ton_. 22.89
Production
thous. of long tons.. 2,056
Cast-iron boilers and radiators:
Boilers, round:
Production
thous. of lb_. 1,916
1,203
Shipments
ds
18,301
Stocks, end of month
do
Boilers, square:
15, 339
Production
do
9,448
Shipments
de
119,839
Stocks, end of month..
do
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
476
and grilles.thous. sq. ft. heating surface. _
Ordinary type:
4,350
Production
do.
3,103
Shipments
do.
34,875
Stocks, end of month
do
Boilers, range, galvanized:
Orders:
New
number of boilers.- 69, 772
19, 442
Unfilled, end of month, total..
__do.
53, 454
Production
do.
60.
475
Shipments
do.
31,442
Stocks, end of month
do_
Boiler and pipe fittings:
Cast iron:
0)
Production
short tons..
Shipments
do.
0)
Malleable:
0)
Production
do.
0)
Shipments..
_
do.
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
.short tons.. 34,100
30.4
Percent of capacity.
9, 655
Railway specialties
short tons
35,
944
Production, total
-do
32.1
Percent of capacity
9,751
Railway specialties
short tons
Ingots, steel:t
Production
thous. of long tons..
52
Percent of capacity
Bars, steel, coldfinished,carbon, shipments
short tons.. 36, 287
Prices, wholesale:
.0268
Composite,finishedsteel
dol. per Ib.
Steel billets, rerolling (Pittsburgh)
34.00
dol. per long ton.
.0210
Structural steel (Pittsburgh)
dol. per lb.
13.38
Steel scrap (Chicago)
dol. per gross ton.
D. S. Steel Corporation:
Earnings, net
thous. of dol.
Shipments,finishedsteel products
701
thous. of long tons.
r
Revised.
1

409

619

604

656

703

606

2,794
3,692
26,999

3,752
5,008
25,637

5,240
4,423
26,451

4,958
5,219
26, 216

6,023
5,214
27, 098

7,199
6.387
28; 003

6,907
7,679
27, 268

4,765
5,697
26, 394

68, 013
19,101
63,040
66,103
30, 372

56,976
15,205
60,497
60, 872
29, 997

65,902
16,153
64,185
62, 928
31, 254

50,377
14,279
51,900
52, 251
30,903

57, 721
15,414
56, 595
56,586
30,912

68, 337
18, 016
65, 622
65, 735
30, 799

108, 427
46,882
77, 563
79, 561
28, 677

70, 862
37,170
83, 716
80, 574
31,819

2,968
4,008

3,194
5,069

4,229
6,067

3,596
4,525

5,022
5,434

5,144

0)

2,229
2,994

2,759
3,310

2,967
3,998

2,991
3,039

3,518
3,217

3,094

3,385

0)
0)
0)
0)

21,869
19.5
2,498
25,150
22.5
4,290

20,636
18.4
2,697
22,127
19.8
3,892

21,419
19.1
4,907
24, 111
21.5
4,479

36, 641
32.7
16, 589
22, 988
20.5
6,111

24,814
22.2
4,411
36,454
32.5
12,983

25, 565
22.8
5,462
28, 478
25.4
8,353

25,418
22.7
4,127
28,109
25.1

30,428
27.2
7,128
29,994
26.8
7,207

38, 342
34.2
14, 749
36,130
32.3
11, 282

42, 024
37.5
12, 606
38,928
34.8
12, 804

30, 3C0
27.1
6,848
36,471
32.6
10,060

41,367
36.9
11,125
40, 219
35.9
10, 173

' 1. 919
'32

' 1, 801
'30

"1,633
'27

' 1,974
35

' 2. 537
'41

' 2, 647
'44

' 3,106
'52

' 3, 558

' 3.131
'53

'3,217

' 2, 982
54

' 3, 396
'55

19,882

18,262

18,234

18,166

28, 327

30, 903

35,106

37, 673

36, 315

38, 571

42, 808

.0268

.0268

.0268

.0266

.0268

.0268

34.00
.0210
12.00

34.00
.0210
13.75

34.00
. 0210
13.50

34.00
.0210
12.88

34.00
.0210
14.20

34.00
.0210
13.75

442

559

.0289
37.00
.0225
11.38

37.00
.0225
10.95

502

465

36.25
.0221
10.38

0)

6,737

0)

578

' 54
39, 648

680

694

0)
0)

.0268

.0268
34.00
.0210
13.85

34.00
.0210
14.06

789

678

34.00
.0210
14. 25
15,881

19, 792

10,026

9,692
478

0)

882
626
232
426
625

D i s c o n t i n u e d b y t h e r e p o r t i n g source.
§Revised series. D a t a revised for 1937; se* tables 19 a n d 20, p p . 14 a n d 15 of t h e A p r i l 1939 issue.
F e b r u a r y , 1,697;
t Revised series. Steel ingots revised beginning J a n u a r y 1938; d a t a n o t s h o w n above, in t h o u s a n d s of long tons, are as follows: P r o d u c t i o n , J a n u a r y , 1,734;
M a r c h , 2,004; p e r c e n t of c a p a c i t y , J a n u a r y , 29; F e b r u a r y , 31; M a r c h , 32.




49

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939

1938

April

DecemOctober NovemAugust September
ber
ber

April

May

June

July

1939

January

Febru- March
ary

METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy type:
Orders, unfilled, end of month
number.. 277,719 448, 567
800, 292 678.191
Production
do
50.1
41.9
Percent of capacity
799, 402 680,180
Shipments —
_ number
30, 498
25, 474
Stocks, end of month
do
Boilers, steel, new orders:
765
475
Area
thous. of sq. ft._
834
685
Quantity
number..
Furniture, steel:
Office furniture:
Orders:
1,619
1,444
New
__thous. of dol__
952
976
Unfilled, end of month
do
1,707
1,426
Shipments
_. do _.
Shelving:
Orders:
399
394
New
_
do
327
346
Unfilled, end of month
do
389
324
Shipments
_ do
Plate, fabricated steel, new orders:*
21,958
Total
- short tons . 35,844
5,429
4,797
Oil storage tanks. __
do
Plumbing and heating equipment, wholesale
227.12
price (8 items)
.
dollars . 234. 82
Porcelain enameled products, shipments 1
853
703
thous. of dol..
184
119
Spring washers, shipments
do
Steel products, production for sale (quarterly):
"\TarphftTit bars
thous of loner tons
PiDfi and tube
do
"R "\ "
Sheets total
Strip:
Onid rolled
Hot rolled

"

399,085
696,264
43.3
696, 738
23,118

448,176
696, 528
43.3
685,453
34, 089

361, 750
629,448
39.1
622,155
41,287

378, 675
766,374
47.6
771, 283
35,756

445, 310
783, 592
48.7
759,188
60,160

374,454
841,653
52.3
865, 572
36, 241

248, 376
788, 040
49.0
799,678
24, 603

519, 375
830, 979
51.7
822, 746
32, 696

438,746
749,070
47.5
746, 510
34, 717

421,037
552,189
35.0
556,069
30, 586

351,203
709,252
44.4
710, 228
29, 610

734
7C0

647
888

691
894

783
1,063

579
1,124

717
1,125

635
947

892
1,012

' 1,131
' 1,264

817
892

'617
'660

1,290
974
1,293

1,689
1,128
1,591

1,554
1,202
1,480

1,538
1,063
1,677

1,630
1,026
1,667

1,650
958
1,718

1,813
1,064
1,707

1,852
977
1,982

1,966
1,132
1,813

1,782
1,140
1,775

1,798
1,052
1,886

305
321
330

292
227
353

321
302
247

368
292
378

411
386
317

318
362
342

335
255
442

315
205
357

368
253
318

388
292
349

499
317
474

25,141
11,425

20,044
6,813

27,773
15,382

22,069
3,646

18,551
3,623

21, 793
5,379

20, 213
3,629

28, 218
5,950

20,511
4,081

22, 903
7,401

29, 784
7,723

227.10

226.89

235.42

235.03

234.01

233.88

233.97

233.97

233. 99

234. 64

234.82

610
185

771
180

959
215

648
115

do
do

thous of loner tons
do

Tin nlatfl
Wirp and wirft nrodnots
Track work shipments

do
do
short tons

6,819

4,150

2,959

709
101

626
84

749
123

736
137

796
164

675
186

645
177

351
491
310
176
781
29.9

434
564
384
116
1,131
43.1

616
611
452
105
1,812
69.0

672
595
491
293
1,654
60. 1

65
166
318
383
463
3,177

96
214
367
331
528
2,686

160
384
395
374
617
2,840

125
243
459
422
674
6,481

2,395

3,036

2,608

2,514

2,909

4,250

NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
40, 309
35,397
36, 204
34, 522
34,446
26,795
33, 737
41, 060
33, 660
18, 855
36, 361
29,110
Imports, bauxite§
..long tons.. 38, 288
Price, wholesale, scrap, eastings (N. Y.)
.0713
.0713
.0813
.0750
.0492
.0736
.0813
.0703
.0634
.0584
.0663
.0808
.0800
dol. per lb__
Babbitt metal (white-base antifriction bearing
metals):
' 1, 783
1,474
1,366
1,596
' 1,725
' 1, 460
1,305
1,538
1,380
1,234
1,106
1,225
1,606
Consumption and shipments,totaLthous. of lb_
531
359
453
644
508
509
597
338
345
329
468
370
648
Consumed in own plants
do
1,042
1,030
1,021
999
'
1,080
'1,101
' 1, 252
776
881
837
857
958
863
Shipments
do
Copper:
Exports, refined and manufactures §
27,364
40, 741
23,807
36,984
40, 441
31, 285
33,102
42, 369
40, 915
25, 503
29,385
44, 555
short tons.. 28,162
19, 365
11, 634
13,192
16,154
22,132
12,976
10,439
18, 551
20, 651
15, 241
19,818
Imports, total §
do
22,166
18, 578
18, 450
12,402
21, 731
10, 509
9,408
15, 568
18,634
19,549
11, 673
18,076
19, 728
12, 575
15, 591
For smelting, refining, and export §. ..do
Product of Cuba and Philippine Islands
105
42
172
100
146
180
91
156
1,974
1,976
36
2,001
77
short tons..
979
810
374
1,260
700
413
244
742
616
954
1,014
1,148
690
All other§
do
Price, wholesale, electrolytic (N. Y.)
.1103
.1103
.1103
.1103
.1103
.1027
.0990
.1003
.1076
.0959
.0978
.0878
.0938
dol. per lb._
Production:
Mine or smelter (incl. custom intake)
44,558
49, 316
60,941
49,125
38, 200
31,155
69,630 ' 73. 205 ' 72,709 ' 69,170 ' 60, 707 ' 61, 752
short tons.. 62, 718
38,053
45, 808
56, 824 ' 66,846 ' 68, 071 '66,316 ' 59, 452 ' 66, 718
32,465
47, 300
35, 596
55, 749
58, 368
Refinery
do
62,832
46, 667
67,919
82, 605 ' 64, 657 ' 47,804 ' 54, 827 '51,577 ' 55,025
33,154
43,303
54, 597
42, 871
Deliveries, refined, total
do _.
48,071
53, 637
51, 059 ' 48, 267 ' 50,803
42, 484
28,044
32, 863
41, 249
31, 034
69,827 ' 51, 397 ' 38,977
Domestic
do
14,282
3,768
'3,310
4,222
14, 761
4,183
12, 778
13,260
13, 348
8,827
11,187
10, 440
5,110
Export
do
332, 513 355, 663 369,809 358, 971 339,970 315,191 293, 080 267, 299 269,488 289, 755 301,244 '309,119 ' 320, 812
Stocks, refined, end of month _
do
Lead:
Imports, total, except manufactures (lead con15, 485
13, 257
1,692
4,476
4,443
4,482
11,998
4,034
4,241
16, 593
1,726
2,727
3,263
tent) §
short tons
Ore:
31,748
25,941
27,605
31, 593
37,654
34, 716
30, 614
25,269
28,193
35, 885
31,908
30, 726
27. 584
Receipts, lead content of domestic ore.do
3,264
6,314
3,744
3,576
9,695
6,432
4,396
1,902
4,330
5,113
3,911
6,052
4,108
Shipments, Joplin districtj...
.do
Refined:
Price, wholesale, pig, desilverized (N. Y.)
. 0482
.0481
.0500
.0490
.0483
.0478
.0488
.0510
.0509
.0484
.0415
.0450
.0440
dol. per R^37, 790
36,391
24,994
38, 299
23,723
27, 968
35,958
30, 988
33,992
27,976
31,918
37, 997
Production from domestic ore..short tons.. 36, 704
34,421
40,871
40,189
39,026
45, 726
42, 005
33, 908
35,048
38, 343
37, 903
25, 098
40,409
25, 952
Shipments (reported)
do
123, 394 156, 715 164, 636 164, 554 155, 631 142, 868 131, 353 117,476 115,134 115, 902 117,214 122,112 122, 035
Stocks, end of month...
. . .
do
Tin:
Consumption of primary tin in manufactures
'5,270
'4,410
4,100
' 4,230
3,770
3,930
4,060
4,160
4,330
5,190
4,350
3,950
long tons..
4,120
4,755
4,105
3,775
4,330
3,775
3,535
3,400
4,960
Deliveries
do
5,980
3,745
4,275
4,465
4,205
5,097
5,208
3,895
3,814
4,880
4,643
3,555
3,971
4,561
3,583
4,448
3,685
3,628
Imports, bars, blocks, etc
_. do
.4522
.4621
.4562
.4338
.4326
.4623
.4638
.3834
.4618
.3684
.4035
.4337
Price, wholesale, Straits (N. Y.)~dol. per lb_. .4720
Stocks, end of month:
30, 554
33, 890
32, 251
32, 476
31, 539
30, 598
34, 240
35, 245
29,061
33,873
30,606
27,909
31, G97
World, visible supply
.
long tons
5,486
5,806
5,232
4,500
5,060
5,157
4,624
4,573
3,385
4,071
4,447
3,679
4,247
United States
do
r
Revised.
^As reported by 21 manufacturers through December 1938; subsequently, 2 of these ceased operations. For 1937 and 1938, data are available from the reports of the Bureau
of the Census for 34 additional establishments, and, beginning January 1939, for 57 additional establishments.
•Data are for 46 identical manufacturers; beginning January 1938 data are available from the reports of the Bureau of the Census for 26 additional small establishments.
JData for April, July, October, and December 1938 and April 1939 are for 5 weeks; other months, 4 weeks.

§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.



50

SURVEY OF CURRENT BUSINESS

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

1939

1938

1939
April

June 1939

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

February

March

33, 220
8,400

28,330
10, 503

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS-Contlnued
Metals—Continued

Zinc:
Ore, JopUn district:
8hipments1~
short tons.. 37,908
9,294
Stocks, end of monthH
_do
Price, wnolesale, prime, western (St. L.)
.0450
dol. per lb_.
Production, slab, at primary smelters
43,036
short tons..
Retorts in operation, end of mo
number.. 38,763
Shipments, totalj
short tons.. 40, 641
40, 641
Domestic
_
.do
130,380
Stocks, refinery, end of mo
do

28,065
25,292

38,014
13,149

31,894
14,895

39,014
18,745

34, 827
17,299

42, 237
12, 251

27, 452
12, 301

34,716
21,940

22,923
23,431

18,079
27,430

.0414

.0404

.0413

.0475

.0475

.0485

.0501

.0492

.0450

.0450

.0450

.0450

32, 296
29,767
36,507
36, 507
141,997

32,328
31,555
43,582
43, 582
130, 743

36,740
32,427
43,355
43,355
124,128

40,343
36, 243
43,693
43, 693
120,778

45, 345
38,793
39, 354
39,354
126,769

44, 277
39, 500
42,639
42, 639
128,407

39,613
39, 459
39,828
39,828
128,192

45,084
38,251
45, 291
45,291
127,985

t, 662
.,161

5,818
14,571

38,035
34,691
20,806
20,806
135,238

37, 510
31,525
24,628
24,628
148,120

30,799
26,437
29,248
29,248
149,671

30, 362
25, 596
33,825
33,825
146,208

4,657
14, 037

2,734
9,703

2,782
8,745

3,800
15,864

3,936
17, 466

5,018
14, 237

4,487
16, 267

5,159
17, 019

4,759
13, 740

4,347
11,463

4,926
9,240

1,330

1,297

1,323

1,347

1,373

1,538

1,382

1,446

1,359

1,218

1,391

Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries.._
short tons__
Orders, unfilled, end of mo—
do
Plumbing fixtures, brass, shipments
tbous. of pieces._
Radiators, convection type, sales:
Heating elements only, without cabinets or
grilles
thous. of sq. ft. heating surf..
Including heating elements, cabinets, and
grilles
___thous. of sq. ft. heating surf..
8heets, brass, wholesale price, mill.dol. per lb._
Wire cloth (brass, bronze, and alloy):
Orders, new
thous. of sq. ft_.
Orders, unfilled, end of mo
__do
Shipments
——do
Stocks, end of month
do

1,419

1,505

62

26

52

46

72

60

65

58

110

109

37

26

546
.170

259
.164

309
.161

343
.156

417
.164

565
.168

495
.168

494
.173

570
.175

491
.174

410
.173

418
.173

497
.173

347
768
422
549

272
617
307
673

308
591
328
642

378
623
345
645

363
657
322
611

470
712
407
590

538
712
439
511

497
822
385
505

419
780
458
446

360
752
392
450

505
868
388
478

352
805
404
504

484
853
427
532

4,398
2,966
930
502

3,729
2,189
1,108
431

3,679
1,948
1,202
529

3,096
1,484
1,135
477

3,079
1,293
1,144
642

3,019
1,270
941
808

3,352
1,228
'899
1,225

2,885
819
837
1,228

3,211
1,112
871
1,228

' 3, 349
' 1, 747
812
790

823
1,504
312

611
2,035
316

150
1,929
256

289
1,588
630

156
1,246
498

144
1,147
243

113
1,017
243

171
1,080
108

179
1,052
207

377
1,171
257

168
1,173
166

284
201
993
1,131 I
244 I 270

146.2
208.6
131.0

79.3
158.2
93.4

90.6
157.5
91.3

62.2
140.2
78.5

75.3
108.6
105.8

83.4
102.8
89.1

78.7
97.3
84.2

87.9
91.8
93.4

89.7
87.0
94.5

141.9
126.0
102.8

122.5
151.4
96.3

135.5
175.1
112.2

11,346
5,181
10, 640
21,619
8

7,387
2,686
7,318
25,100
7

9,025
2,979
8,732
26,866
8

9,278
2,707
9,550
27,366
13

11,121
3,139
10, 689
27,096
18

15,622
3,388
15,373
26,638
18

26, 403
3,386
26, 405
23, 705

20,346
2,673
21,059
22, 556
8

11, 409
2,564
11,518
21,421
12

8,435
2,155
8,824
21, 326
19

9,616
3,033
8,738
21, 885
16

3,427

3,522

4,831

5,894

8,825

12, 555

20,126

17,339

7,689

4,752

3,398

2,375

164
32, 540

106
23, 756

138
26,172

194
30,662

236
42, 265

304
44,190

326
45,030

342
59,920

228
34, 533

219
40,117

189
34, 909

186
38,932

155.6

90.3

66.7

70.2

89.6

120.9

117.4

118.1

112.2

146.5

150.8

167.1

32, 533
1,064
15,460

31,832
989
18,099

34,709
1,057
16,228

32, 426
931
15, 240

43,533
908
17,196

35, 803
928
17, 205

25, 556
997
13,934

26, 572
893
12,803

24,889
865
10, 402

41,191
464
14,738

908
10,156

852
11, 771

632
11,822

484
9,077

663
9,198

690
8,702

632
7,752

858
8,412

649
7,652

740
5,858

1,005
6,156

1,582
8,878

13,175
3,279

11,834
3,298

12,982
3,314

10, 257
2,333

10, 420
2,934

9,632
2,075

12,246
1,729

14,653
2,367

10,708
1,480

10, 297
2,071

11,982

13,078
4,305

1,230

927

999

952

1,034

2,006

1,462

1,449

970

1,155

1,204

1.422

871

922

1,090

822

1,244

1,078

1,191

1,038

1,077

1,108

1
381
714

4
340
656

3
456
720

4
612
910

13
363
863

14
410
836

1
445
896

205
332

165
394

172
388

236
418

190
397

216
422

384

MACHINERY AND APPARATUS
Air-conditioning systems and e q u i p m e n t :
Orders, new:
Totalf--.
thous. of d o l . . ,
Air-conditioning group
do
!
Fan-groupt
do
j
Unit-heater group
_
do..-Electric overhead cranes:
Orders:
New
•_-_—
..
do.^__
Unfilled, end of month—_
do
!
Shipments
do..
Exports, machinery. (See Foreign trade.)
F o u n d r y equipment:
Orders:
New
1922-24 =-100...
Unfilled, end of m o n t h
do i
Shipments
..do I
fc
Fuel equipment:
Oil burners:
Orders:
New
number..
Unfilled, end of m o n t h
do
j
Shipments
do
!
Stocks, end of m o n t h
do
!
Pulverizers, orders, new
do i
Mechanical stokers, sales:
j
Classes 1, 2, and 3
do
!
Classes 4 and 5:
i
Number...
__|
Horsepower
Machine tools, orders, new
av. m o . shipments 1926=100—
P u m p s a n d water systems, domestic, shipments:
Pitcher, other hand, and windmill p u m p s
units..
Power p u m p s , horizontal t y p e
do
Water systems, incl. p u m p s
do
P u m p s , measuring and dispensing, shipments:
Gasoline:
Hand-operated
_
units..
Power
do
Oil, grease, and other:
Hand-operated
do
Power
do
P u m p s , steam, power, centrifugal, and rotary:
Orders, new
thous. of dol—
Water-softening apparatus, domestic, shipments
units..
Woodworking machinery:
Orders:
Canceled..
—thous. of dol_.
New
do
Unfilled, end of m o n t h
do
Shipments:
Quantity
n u m b e r of m a c h i n e s , .
Value
thous. of dol__

38, 468
1, 463
16, 889

4
283
593

3
327
580

17
271
581

18
365
640

14
337
665

158
359

169
336

144
253

150
289

164
298

r 2,888
4,746
r 1, 445
2,837
-•821 I 1,073
622 I 836

146.6
193.6
128.1

7,981 | 11,806
3,340 j 4.475
10,671
7,674
21,790
22,850
33
10 i
3,669
r 168
• 34,811
185.4

31,485 | 42,693
740 i
732
14,259 ! 16,222

2,981
1,282
1,082

1,258
1,698

"•Revised.

t Revised series. Data for "driving mechanisms for general fan use" have been removed from the fan group beginning January 1936. Revisions not shown on p. 50 of
the May 1939 issue will appear in a subsequent issue. Beginning January 1939, data on air conditioning systems and equipment are available for 230 manufacturers; figures
shown here are for 125 of these whose orders in January amounted to 87.1 percent of the total for 230 manufacturers.
5Data for April, July, October, and December 1938 and April 1939 are for 5 weeks; other months 4 weeks.
JData on zinc are for domestic slab zinc only. In the last several years, exports of domestic zinc (total shipments less domestic shipments) have been negligible, and
exports as reported in other sources have been restricted to the shipment of zinc smelted from foreign ores.




June 1939

51

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the
April
1938 Supplement to the Survey

1939

1938
April

May

June

July

August September

October

Novem- December
ber

January

Febru- March
ary

METALS AND MANUFACTURES—Continued
ELECTRICAL EQUIPMENT
Furnaces, electric, industrial, sales:
1,934
Unit.
kilowatts
1,607
Value
._
thous. ofdol
127
161
Electrical goods, new orders (quarterly)
thous. of dol
Laminated products, shipments... _ _ .do
830
579
Motors (1-200 hpk):
Billings (shipments):
A. 0 . .
.
do
1,864
1,986
D. 0
do
534
458
Orders, new:
A. 0
do
2,062
1,811
372
D. 0
do
546
Power cable, paper Insulated, shipments:
560
Unit
thous. of ft
700
629
Value
thous of dol
696
Power switching equipment, new orders:
Indoor.
dollars.. 75,161
77,493
Outdoor
_.
_
do
279,093 274,115
1,999
Ranges, billed sales
thous. ofdol.
1,939
Refrigerators, household, sales
number.. «260, 620 212,884
Vacuum cleaners, shipments:
84,926
Floor
do
Hand-type. __ _
.
d
o
27,174
Vulcanized fiber:
1,470
1,575
Consumption of fiber paper
thous. of lb_.
466
299
Shipmentsf
.thous. ofdol

612
30

988
74

488
35

1,914
144

829
58

1,324
78

1,176
67

2,356
110

3,147
195

1,235
98

4,681
215

582

157,315
587

521

635

158, 959
800

838

851

160, 374
876

838

812

197, 654
968

1,704
438

1,778
476

1,760
296

1,738
458

1,742
325

1,538
300

1,506
305

1,713
446

1,436
330

1,508
449

2,050
557

1,710
368

1,927
649

1,539
453

1,695
358

1,733
472

1,641
347

1,605
651

1,733
659

1,574
540

1,762
404

2,356
739

497
630

528
765

515
565

660
657

763
764

587
555

603
588

476
502

271
273

353
312

637
662

93,838
261, 799
1,825
179,189

68,418
213,144
1,610
104, 796

195, 487
221,862
1,476
88,772

118, 938
190, 306
1,367
92, 956

121,481
120,784
1,272
62,148

55, 331
128, 450
1,257
34,345

55, 627
124, 927
1,047
32,103

91,720
138,840
1,006
47, 599

51,124
109,799
2,230
150,108

74, 238
20,428

68,976
16,943

55,022
13, 633

73,309
17, 248

79,180
22,834

95, 684
24,121

89, 772
29, 734

95, 521
30,632

78,753
23,846

87,140
25,182

1,328
287

1,152
286

1,073
306

1,450
350

1,189
380

1,495
372

1,565
422

1,385
383

1,410
458

1,561
470

47,458
87, 019
223, 286 197,175
2,103
2,263
198,528 ' 251, 644

2,070
528

PAPER AND PRINTING
WOOD P U L P
Consumption and shipments:*
428,268 431,461 428,283 450, 541 503,181 495,097 525, 085 522, 863 539,061 499, 076 484, 507 546,949
Total, all grades
short tons.
Chemical:
Sulphate.
d o . . . 221,196 169, 264 173,986 175,258 200, 282 216, 739 211, 591 227, 063 214,796 211,884 196,419 199, 931 228,680
Sulphite, total
do..
148, 801 129,487 126,089 125, 313 125, 749 144,320 146,614 151,056 151, 635 174,546 145,040 136,667 156,107
97,156
73,113
86,403
75, 252 75,240
91, 575 90,486 115,442 89, 511 85,120
Bleached
do...
93, 498 81,148
50,073
59,104
51,547
58, 951
52, 636 57,917
55,529
57,729
48, 339
50,837
59, 481 61,149
Unbleached..
do__.
55,303
26,630
34, 705
25, 546 30, 617 31,118
32, 643 31,526
30, 370
27,425
31, 505 32, 575 31,996
Soda
do__.
99,147 103,961 101,082 98,964 111, 505 105, 774 115,461 123,857 120,635 124,974 116,383 127, 457
Qroundwood
_
do__. 124,364
Imports:
65,992 114,881 130,181 121,919 159,990 142, 407 142,188 166,091 171,520 150, 510 103, 504 117, 800
Chemlcal§
do...
78, 534
7,312
20, 076
17,366
17, 326
20, 576 15,175
17,491
14,377
12, 544 14,957
Groundwood§
do...
12,656
Production:
437,603 438,157 422,193 429, 551 485,830 475,356 522, 825 533, 423 522, 220 533, 442 484, 605 543, 411
Total, all grades.
_
do...
Chemical:
Sulphate
d o . . . 212,559 167,113 177,140 176,254 200,930 217,004 212, 664 231,804 217, 896 212,884 207, 259 200, 502 228, 632
Sulphite, total
d o . . . 142,401 128, 622 123,874 123,389 115,733 138,457 139,022 154, 210 157, 724 152,498 158,913 132, 662 149, 019
69,146
74,350
80,283
78, 826 82,373
78,677
94, 729 93, 782 95,845 100, 337 79, 698 92, 729
Bleached..
do...
88, 250
56, 649 59, 481 63, 942 56, 653 58,576
56, 290
46,587
52,964
49,039
48, 339
59,631
45,197
Unbleached
._do._.
54,151
34,561
32, 255 31,075
26, 695 24, 701 30, 718 30, 995 31, 625 32, 632 31,917
31,136
26,965
Soda
_
do,..
92, 675 105,186 125,171 124, 921 135,015 120, 366 131,199
95, 855 88.187
99,651
Oroundwood
d o . . . 133, 862 110, 732 110,178
Stocks, end of month:
249,177 255, 874 249,784 228, 794 211,443 191,702 189,442 200,002 183,161 217,526 217, 624 214,085
Total, all grades
do...
Chemical:
48,091
25,901
26,549
26, 814 27, 887 32, 628 35, 728 36, 728 47, 568 48,139
21, 751
24,905
Sulphate
..do...
39, 454
Sulphite, total
do...
88, 585 132, 620 130,405 128, 481 118, 465 112, 602 105,010 108,164 114, 253 92, 205 106, 078 102, 073 94, 985
70,099
76,
611
76,
549
56,952
62,
356
57, 929
88,155
84.188
85,
620
89,045
67,778
73,
253
Bleached
do...
52, 681
34, 911 34,911
34, 277 35,991
37, 704 35, 253 38, 300 39, 717 37, 056
47,000
41, 360 40,326
Unbleached
_
do...
35,904
4,826
3,841
4,750
4,851
4,728
4,905
3,986
5,595
5,989
5,530
4,848
4,437
Soda
_ do...
49, 402 59,443
54,077
67,168
89,807
79,030
67,176
45,116
63,426
43,802
95,034
Groundwood.
.do...
88, 817
76, 666
2.00
2.20
2.07
2.00
2.00
1. 95
2.29
2.02
2.38
2.00
Price, sulphite, unbleached
dol. per 100 lb__
2.60
2.53
1.95
PAPER
Total paper:
Paper, incl. newsprint and paper board:
790,379 954,659 874,263 926, 616 957, 377 849,; 64 842, 831 868,469 1,030,359
769, 308
743,921
Production
short tons..
Paper, excl. newsprint and paperboard:
467,455 479,970 514, 201 437,128 434, 080 •468,592 541, 038
399,846 388,466 441,468 443,677 521,567
Orders, new
short tons..
454,897 482, 812 534, 542 444, 728 442, 348 459,156 528, 854
407,399 389,346 444, 607 420,758 528,246
Production
do
Shipments
do
402, 568 378,438 443,796 428,130 529,198 456,235 475,850 532,175 441,194 445,193 •459,861 539, 725
Book paper:f
Coated paper:
16, 305
17,687
16, 612 15, 769 16, 961 17,911
19,553
Orders, new
do
14, 467 16, 608 16,029
14, 227
13, 355 13,013
3,238
3,160
3,410
3,076
2,767
2,714
3,552
4,060
2, 559
2,571
3,071
2,194
2,493
Orders, unfilled, end of month
do
17,754
17,096
16, 845 17, 796 20, 028
13, 766 13, 718 14. 730 16. 836 17, 445 17, 741 17,057
Production
do
15, 031
68.6
'59.3
71.6
'62.4
'62.6
71.7
' 66. 4 '64.9
63.3
'50. 2
'56.1
'55.0
Percent of potential capacity
' 50.4
17, 642 19,919
16, 730 17, 563 17,319
16, 883 18,194
Shipments
.short tons.. 17,902
15, 629
14, 264 12, 751 14, 526 16,138
12, 433
13, 691 14,018
12, 776 12, 070 12, 472 12, 581
12, 655 12, 830 13, 528 14,144
Stocks, end of month
do
12,186
11,
688
Uncoated paper:
92, 712
87, 923 86, 840 94,160
Orders, new
do
88, 265 91,466
88,218 102, 810
78, 577
75, 323 72, 837 80,101
39, 252
33, 730 34,958 40, 314 36, 931 38, 053
35,123
Orders, unfilled, end of month
do
30, 976 30, 888 34, 573 34, 542 36,141
31, 440
Price, wholesale, " B " grade, English fin5.45
5.45
5.45
5.45
5.45
5.45
5. 45
ish, white, f. o. b. mills..dol. per 100 lb__
6.00
6.00
6.00
5.45
5.45
5.45
92, 758 92,187
85, 779 89, 642 90, 589 102, 788
74, 919 91,791
88,518
Production..short tons.. 90,289
79,152
75,038
87, 997
72.5
79.9
'74.3
'73.8
81.1
'62.4
'68.7
Percent of potential capacity
'60.7
'73.7
'64.0
'71.2
77.7
'70.8
92, 345 89, 321 86,076
91,667
89,377 104,196
Shipments
short tons..
76, 574 73, 939 76, 558 89, 862 '90,518
83,908
Stocks, end of month
do
106,381 103,833 106, 345 107,436 107, 360 110, 267 106, 230 107, 281 109, 975 109,604 107, 518 107, 602 106, 435
Fine paper:
32, 522 34, 268 48, 225 32, 750 34, 481 ' 35, 985 48, 777
Orders, new
do
27,532
31,983
39,103
29,553
30,904
11,157
12, 692 11, 267 ' 10, 907 14,367
Orders, unfilled, end of month
do.."
11, 587 16,174
8,113
8,408
11,717
9,315
9,927
45, 267
Production
_
do
32,
457 36, 551 45,149
37, 813 36, 581 '37,516
29,913
34,102
40,691
30,355
28,069
35, 971 ' 36, 835 47,130
28,728
32,935
Shipments
do
29, 843
29, 603 39, 418 33, 565 34, 677 46, 526 35,158
72,449
73,
272
72,
813
Stocks, end of month
do
70, 664
71, 383
71,169
71, 948 74,378
73,166
' 66,982 64, 885
r
#
Revised.
• Estimated.
Pulp used in the producing mills and shipments to the market.
§Revised series. Data revised for 1937; see table 20, p. 15 of the April 1939 issue.
tRevised series. Data on vulcanized fibre shipments revised beginning 1934; revisions not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue.
Data on book paper revised for 1938. For revisions see p. 51 of the March and April 1939 issues with the exception of Production—percent of potential capacity shown here.
The percent of capacity figures on a new basis, and are not comparable with those shown in the monthly issues of the Survey through May 1939. The new series, beginning
January 1938 expresses the relationship of production to "standard capacity," which is based on the largest production of book paper in any 3 consecutive months during the
Digitized for
pastFRASER
5 years. Revisions not shown above are: Coated—January, 53.8; February, 57.7; March, 59.1; uncoated—January, 63.1; February, 69.1; and March, 73.5.



52

SUEVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the April
19S8 Supplement to the Survey

June 1939

1938
April

May

June

July

1939

DecemAugust SeptemOctober November
ber
ber

January

Febru- March
ary

PAPER AND PRINTING—Continued
I

PAPER-Contfnued
Wrapping paper:
Orders, new..
___
short tons..
Orders, unfilled, end of mo
do....
Production..
do
Shipments
do
Stocks, end of month
do
Newsprint:
Canada:
Exports
short tons..
Production
do
Shipments from mills
do
Stocks, at mills, end of mo
_
do
United States:
Consumption by publishers
do
Imports §
do—
Price, wholesale, rolls, contract, destination
(N. Y. basis)
dol. per short ton..
Production
short tons.Shipments from mills
do
Stocks, end of month:
At mills.....
do....
At publishers!--do—
In transit to publishers!
do—
Paperboard:
Consumption, waste paper
do
Orders, new
do—
Orders, unfilled, end of mo
do...
Production
do
Percent of capacity
Stocks of waste paper, end of month:
At mills
short tons.
PAPEE PRODUCTS
Coated abrasive paper and cloth:
Shipments
_.
reams.
Paperboard shipping boxes:
Shipments, total
mil. of sq. ft.
Corrugated
do...
Solid
fiber
do...
PRINTING
Book publication, total
no. of editions..
New books..
do...
New editions
do...
Continuous form stationery
thous. of sets.
Operations (productive activity)
1923=100.
Sales books, new orders
thous. of books.

129,967
47,468
131,176
132,176
122, 098

131, 532
51, 479
131, 683
129,019
124, 856

175, 729
64,100
164, 305
164,498
126,094

162,193
70, 610
154,273
157,102
125, 022

191, 380
67, 336
195, 253
195, 822
122,122

220, 843
214, 255
212, 500

186, 727
200, 794
214,182
174,618

209, 069
207,678
193, 288
189,008

194, 521
201, 694
208, 476
182,226

200,837
202, 546
205, 490
179,282

219,611
220, 303
204, 668
194, 917

179, 542
209, 597

173, 638
195, 750

176,600
210,521

159,199
172,525

151, 875
175, 441

50.00
77, 393
77, 463

50.00
58, 836
57, 348

50.00
68,001
66,197

50.00
65, 382
66, 204

20, 065
206, 680
37, 253

28,015
378, 217
29, 206

29,819
342, 015
34,912

262, 918
347, 575
97,340
372, 984
69.1

224, 715
302,921
75, 296
303,073
58.7

210,117
281, 401
76, 701
286, 574
57.4

255, 354

319, 816

85, 267

68,125

62, 530

2,004
1,870
134

2,041
1,891
150

2,244
2,075
169

1,036
884
152
102, 684
88
14,221

652
126
104, 537
87
16, 220

697
583
114
102, 344
81
16,285

1,222
1,043
179
108, 597
16, 041

149,372
66, 278
152,063
152,281
122,107

159, 243
66,181
161, 933
161.271
123, 360

189,530
69, 322
191,105
189,695
124,683

142, 220
68, 956
151, 076
149, 033
126,365

148,562
64,300
151,374
149, 088
126,551

163, 622
' 71,599
156, 510
159, 334
124, 835

185, 695
63,129
189, 223
193,842
118, 599

195, 586
231, 940
230,346
196, 511

248, 068
254,872
255,100
196, 283

245,813
245,295
264, 421
177,157

211,452
209, 753
225, 472
161, 438

193, 624
208,382
201,852
167,968

152,
200,
178,
190,

437
631
236
363

217,651
220, 648
205,099
205, 912

151,324
190, 344

162, 457
200,144

187,450
230,278

176, 322
229, 284

177,134
209, 782

160, 916
183,050

153,346
144, 308

174,096
189, 360

50.00
63, 278
69, 718

50.00
67,436
66,006

50.00
68,315
74,336

50.00
72,827
72, 203

50.00
78,390
76,278

50.00
75,855
77, 974

50.00
77, 264
72, 967

50.00
70,868
71, 926

50.00
79,929
81,616

28, 997
324,098
24, 624

22, 557
316,635
26, 262

23,987
314, 586
34, 696

17, 966
303,067
32, 653

18, 590
288, 408
47,570

20, 702
291, 477
44,628

18, 583
22,880
284, 661 '267,155
30,677
36,872

21, 822
2 51,041
13, 449

20,135
223,469
32, 580

218,652
298, 845
76, 693
296,960
55.0

221,218
322,948
93, 637
306, 343
59.7

264, 418
361, 323
96, 635
358,977
67.3

254,024
367,200
109, 288
351,051
68.5

267,193
370, 453
107,235
370, 977
72.4

243,924
327,168
89, 586
344,445
66.3

221, 768
334, 711
94,411
329,181
60.1

233,311
342,408
109,099
323,394
61.2

247, 710
338, 030
112,801
338.803
67.8

• 292, 474
429, 545
124,420
421, 576
73.4

312, 684

300,917

296,070

284,

275, 746

274,951

290, 648

282, 065

262,

61, 220

71,085

82, 091

79,007

72,029

62, 309

81,067

77, 477

85,778

2,193
1,982
211

2,708
2,466
243

2,589
2,372
217

2,639
2,430
209

2,547
2,385
163

2,239
2,081
158

2,222
2,075
146

2,304
2,145
159

2,827
2,640
187

829
686
143
78, 393
78
14,578

787
635
152
89,385
77
16,995

800
720
80
113,132
80
15, 522

1,196
1,074
122
116,140
81
16,280

900
790
110
119,903
84
16,256

1,118
961
157
125,811
89
14,788

659
602
57
111,211
87
15,998

876
691
185
107, 557
92
16, 286

945
803
142
128, 508
86
16,889

58,8%

239

344

248,595

RUBBER AND RUBBER PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, total t
long tons..
For tires and tubes (quarterly)
do
Imports, total, including latex§
do
Price, smoked sheets (N. Y.)
dol. per lb__
Shipments, world
long tons..
Stocks, world, end of monthf
--do
Afloat, total
do
For United States
...do
London and Liverpool
do
British Malaya
do
United States!
do
Reclaimed rubber: !
Consumption
do
Production
do
Stocks, end of month
do
Scrap rubber:
Consumption by reclaimers (quar.)
do
TIRES AND TUBES
Pneumatic casings:!
Production...
thousands..
Shipments, total
do...
Stocks, end of month
do...
Inner tubes:!
Production
do...
Shipments, total
_.
do,..
Stocks, end of month
do...
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous. of 1b

44,166
31,854
.159
'436,~252
97, 000
57, 918
68,931
77, 683
192, 638
13, 391
14, 527
22, 628

29, 730 '30, 753 ' 32, 540
58,993
31,932 28,108 26,677
.118
.116
.126
86.000
68,000
71,000
586,291 568,158 573,136
114,000 94,000
92,000
39,071
32, 859 32,079
92,312
82, 754 87,215
85, 636 86,036
94, 028
303,901 300, 907 294, 796

40,183
42,850
49, 050 r 48,143 46,234
42. 365 50,165
79,928
92, 021
22, 405 31, 674 35,066
34, 325 32,924 37, 294 36,857
30, 826 45, 496
.154
. 166
.163
.161
.169
.163
.159
.163
.158
79,000
74. 000 70. 000 75.000
68,000
58, 000 86,000
77, 000 75,000
580,654 565, 394 551,447 540,976 512,196 482, 852 497, 665 479, 578 460,723
105,000 101, 000 96,000
99,000
92,000 80,000 105, 000 106, 000 102, 000
40, 400 47, 772 48, 927 51,062
51,114 45,105
48, 210 55, 814 55, 981
95, 252 99, 614 98,140
93, 272 90,073 86, 853 80, 643 75, 517 r 72, 235
97.617
90, 939 89, 213 89. 630 87, 531 84, 499 90,142
87, 968 81, 274
282, 785 273,841 268,094 259, 074 242, 592 231,500 221,880 210, 093 205, 214
' 34, 219 40, 552

r 7,984 »• 8, 549 rr 8, 832 rr 8, 831 r 11, 455 r 12, 041
r 7,129 r 7, 420
8,196
7, 682 ' 11,317 r 12, 985
r 23, 682 r 21, 571 ' 19, 245 ' 15, 418 ' 13, 918 r 14, 286
18, 923

r
r
r

12, 599
14, 652
15, 845

r
r

13,522
15,124
17, 083

25,044

r
r
r

13, 096
15, 899
23, 000

13,000
13,763
21,960

12, 626
13, 093
21, 390

15, 322
14, 528
19, 955

36,248

4,211
4,350
9,998

10,141

2,663
3,291
9,521

3,036
3,929
8,470

3,287
3,870
8,041

4,038
3,991
8,217

3,916
3,888
8,022

4,183
4,126
8,237

4,139
4. 405
7,924

4,729
4,154
8,451

4,581
4,163
8,932

5,137
4,583
10,109

3,841
3,927
8,837

2,258
2,860
9,917

2,325
2,974
9,265

2,797
3,730
8,337

2,936
3,519
7,723

4,026
3.744
8,029

3,832
3, 980
7,859

4,101
7,746

4,029
4,138
7,665

4,351
.3,859
8,166

4,098
3,936
8,069

4,470
4,015
8,901

2,660
3,143

37,064

49, 441

58,376

RUBBER AND CANVAS FOOTWEAR
Production, total
Shipments, total
Stocks, total, end of month

thous. of pairs.
do...
do_._

3,566
3,837
20,400

3,811
3,648
20, 563

3,970
3,742
20,791

2,719
4,041
19,469

4, 254
4, 709
5, 803
6, 360
17,897 | 16,246

i

5,067
4,991
16,321

5, 513
5, 523
6,139
5, 035
15, 695 | 16, 183

4,807
4,778
16,157

4, 953
5, 897
4, 629
5, 214
16,582 ! 17,281

'Revised.
§Revised series. Data revised for 1937; see table 20, p. 15 of the April 1939 issue.
!Revised series. Data for pneumatic casings and inner tubes revised for years 1936,1937, and 1938; see tables 27 and 28 pp. 16-18 of the May 1939 issue. Stocks of newsprint, at publishers, and in transit to publishers, revised for 1937 and 1938. Revisions not shown on p. 52 of the April 1939 Survey will appear in a subsequent issue. Data
on world stocks and United States stocks of rubber revised for 1938. Revisions not shown above are as follows: World stocks, January, 549,762; February, 565,833; March,
586,666; United States stocks, January, 276,497; February, 292,067; and March, 301,762. Crude rubber consumption total, and reclaimed rubber revised for 1938. Revisions

not shown above will appear in a subsequent issue.


53

SUEVEY OF CURKENT BUSINESS

June 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939
April

1939

1938
April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

Febru- March
ary-

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month

dol. per bbl.
thous. of bbl.
thous. of bbl.
do—
do...

9,674
45.7
9,654
23, 806
6,584

1.667
7,983
37.7
8,691
22,262
6,497

1.667
10,361
47.4
9,752
22,875
6,326

1.667
10,535
49.8
10,943
22,467
6,218

1.667
10,968
50.2
10,164
23, 286
6,089

1.667
11,007
50.4
11,823
22, 534
5,902

1.667
10,559
49.9
11,716
21, 374
5,506

1.667
11, 556
52.9
12, 357
20, 569
4,927

1.667
10,184
48.2
8,573
22,179
4,963

1.667
8,066
36.9
6,281
23,954
5,282

1.667
5,301
24.3
5,640
23,611
5,563

1.667
5,506
27.9
5,043
24,092
5,986

8,171
37.4
8,467
23, 786
r
6, 447

583
552
374

577
709
252

710
668
250

788
784
240

778
751
243

1,063
1,015
200

862
841
215

1,119
1,130
193

1,189
1,070
195

953
891
219

831
795
255

728
673
321

806
720
350

12. 327

12.050
129, 509
419, 200

12.007
130,728
428,843

11.927
145.476
431,900

11.925
11.972
11.902
11.895
129, 338 148, 809 142,900 166,471
430,168 428, 780 454, 393 482,830

45,902
281, 651

49,155
277,009

5,243
55,170

7,900
54,274

50,069
271.477
9,079
56,849

46, 512 51, 915 47,828 52, 402
271, 488 267, 844 268, 583 267,016
9,591
11,418
10, 778
8,046
55, 689 55, 423 54, 396 52,999

61, 312
332,721

62,296
333,979

3,647
61.0
3,645
9,215

3,837
66.8
3,902
9,088

60.0
3,858
8,750

3,506
61.0
3,847
8,354

4,031
65.0
4,178
8,149

3,653
63.6
3,971
7,641

3,866
64.7
3,954
7,493

3,709
64.6
3,491
7, 643

3,515
58.8
3,042
8,029

3,589
55.8
3,473
8,179

3,389
55.7
3,323
8,192

4,129
61.4
3,933
8,318

421
165
142
113
3,820

391
160
129
103
3,866

383
167
115
102
5,956

357
154
130
72
5,506

421
200
141
80
7,676

507
266
148
93
8,873

551
285
153
113
12,869

532
288
133
111
12,883

443
227
125
91
12,691

443
217
130
97
12, 209

357
185
107
65
10,165

396
201
116
79
11,867

341
21.0

360
22.2

344
21.3

20.3

434
26.7

522
32.1

641
39.5

883
54.4

1,003
61.7

943
58.1

809
49.8

912
56.1

0)

0)

CLAY PRODUCTS
Bathroom accessories:
Production
thous. of piecesShipments
do...
Stocks, end of month
do...
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous.
Shipments
thous. of brick_
Stocks, end of month
do.._
Face brick:
Shipments
do._.
Stocks, end of month
_,_
do...
Vitrified paving brick:
Shipments
.do...
Stocks, end of month
_
.do...
Hollow building tile:
Shipments
.short tons.
Stocks, end of month.
___do.-.

64, 631 55, 489 62,186
62,410
58,998
344, 368 350, 782 349, 271 345, 089 333, 782

12. 039 12.046 12.360
12. 341 12. 322
151,568 133,184 101,056 ' 95, 920 167,457
482,032 478, 260 476,359 455, 859 404, 326
45, 701 37, 307 34,499 ' 28, 785 57, 544
272,200 283,017 292,565 300, 546 293, 483
7,206
51, 323

7,191
48,127

54, 762 46,815
335,707 347,147

4,276
48,763

3,994
2,007
48, 585 47, 406
50,024 ' 43, 643 72, 638
342,408 348, 792 340,919

GLASS PRODUCTS
Glass containers:
Production
thous. of gross.
Percent of capaoity
—
Shipments
thous. of gross.
Stocks, end of month.
..do...
Illuminating glassware:
Shipments, total
thous. of dol.
Residential
.do__.
Commercial
do
Miscellaneous
do._.
Plate glass, polished, production.thous. of sq. ft.
Window glass:
Production
thous. of boxes.
Percent of capacity...

4,071
65.4
3,978
8,336

740
45.6

GYPSUM AND PRODUCTS
Crude:
Imports
short tons.
Production
do...
CalGined production
do...
Gypsum products sold or used:
Uncalcined
do...
Calcined:
Lath
-thous. of sq. ft.
Wallboard
_
do...
Keene's cement
short tons.
All building plasters
do...
For manufacturing uses
.-do...
Tile
thous. of sq. ft.

222, 282
727, 777
588,788

313,120
806,957
650,804

212,716

228,375

192,931

139,248

200,444
100,704
5,126
390,059
25,246
5,704

251,764

214,151
678
4,
333^ 730
36, 517
4,885

207, 418
95,981
5,506
331, 702
26, 233
5,228

247,673
683,127
534,415

6,591
432,779
34,523
4,991

40, 423
541,183
533,440

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production.,,
thous. of dozen pairs..
Shipments
do
Stocks, end of month
do

11,024
10,577
22,584

9,840
10, 593
19,919

10,038
10,096
19,995

10, 368
9,660
20,827

8,848
8,538
21, 289

11,304
11.712
21,033

COTTON
Consumption
bales.. 546, 702 413,169 426,149 443,043 448,453 561, 406
Exports (excluding linters)§
thous. of bales..
193
176
196
178
377
201
Imports (excluding linters)§
do
15
20
25
13
19
18
Prices:
.084
Received by farmers
dol. per lb_.
.082
.084
.084
.081
Wholesale, middling (New York)
do
.084
.084
.088
Production:
Ginnings, (running bales)• thous. of bales. _
158
r 1,336
Crop estimate, equivalent 5uO-lb. bales..do
Receipts into sight
do
213
497
255
246
211
674
Stocks, end of month:
Domestic total
do_.
14, 621
12,187
11,633
11,138
10,908
10,878
Mills
_
do....
1,292
1,700
1,581
1,412
1,263
1,053
Warehouses
do
9,726
10,487
10, 052
12, 968
9,646
9,826
World visible supply, total.
do
8,142
8,796
8,490
7,971
7,893
7,643
American cotton
do
5,772
6,509
6,071
5,479
5,507
5,491
' Revised.
• Total crop.
•Total ginnings to end of month indicated.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.
1
Discontinued by compilers; data on an index base appear on p. 20.




11,146
12,440
19,891

11,848
11,957
19, 933

11,731
11,973
19, 843

10,863
10, 641
20,217

11, 235
10, 211
21, 242

11,374
10,535
22,081

13,198
13,142
22,137

534, 037
389
11

542,778
465
11

596,289
481
14

565,307
361
11

591,991
290
12

562, 293
264

649,237
330
10

.082
.081

.085

.085
.091

.087

.083
.089

.082
.090

.083
.090

' 6,577

10,125

'11,231

2,500

2,953

1,712

• 11,412
'11.944
864

14,121
1,107
13,013
8,726

16,820
1,507
15,313
9,802
7,750

17, 292
1,714
15, 578
9,757
7,790

17,028
1,697
15, 331
9,652
7,478

r

1 1 , 553

»'11,623

417

391

394

16,409
1,627
14, 782
9,361
7,050

15, 628
1,559
14,069
9,247
6,945

14,905
1,416
13, 489
8,441
5,960

SURVEY OF CURRENT BUSINESS

54
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

June 1939

1938

1939
April

April

May

June

July

1939

DecemAugust SeptemOctober November
ber
ber

January

Febru- March
ary

TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
Exports§
thous. of sq. yd..
Imports!
do—
Prices, wholesale:
Print cloth, 64 x 60
_.dol. per yd_.
Sheeting, brown, 4 x 4..
do—
Finished cotton cloth: t
Production:
Bleached, plain
thous. of yd-.
Dyed, colors
do—
Dyed, black
do.._.
Printed..
--do—
Spindle activity:
Active spindles
thousands..
Active spindle hrs., total
mil. of hrs..
Average per spindle in place
hours..
Operations!
pet. of capacity..
Cotton yarn:
Prices, wholesale:
22/1, cones (Boston)
__dol. per lb..
40/s, southern, spinning
do
RAYON AND SILK
Rayon:
Deliveries, unadjustedf1923-25=100..
Imports§
thous. of lb..
Price, wholesale, 150 denier, first quality
(N. Y.)
..dol. per lb_.
Stocks, end of m o . ' . . .
mil. of lb_.
Silk:
Deliveries (consumption)
bales..
Imports, raw
_..thous. of lb..
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
dol. perlb-.
Stocks, end of month:
Total visible supply
__bales..
United States (warehouses)
.-do—

29, 273
6, 566

27, 793
3,923

24,713
4,092

20 444
4, 503

20 097
4 301

21,154
5,089

24, 493
4,981

26, 781
5,818

25, 978
4,912

28, 271
6,188

20,468
8,534

27,394
9,210

32, 804
10,108

.042
.049

.046
.054

.045
.053

043
051

047
055

.044
.054

.043
.053

.045
.054

.045
.054

.043
.051

.043
.050

.042
.050

.043
.050

113,340 109,748
86, 273 79,044
3,833
4,047
92, 795 82,876

102,327 110,568
68,513
74,656
3,434
5,022
78, 538 80,588

22,109
6, 893
268
84.6

21, 773
5,264
198
59.5

21, 342
5,459
206
59.4

21,142
5,668
214
60.8

.225
.335

.230

.225

.219
.348

663
3,457

448
1,825

445
1,435

.51
43.8

.54
65.9

27, 802
3,943

33,381
4,833

2.393

1.619

77, 238
20, 738

130,955
41,455

130, 498 128, 642 134, 929 134, 661 141, 266 127,165
88,362
95, 372 100, 200 102, 504 91,115
6,741
6,617
6,369
5,877
6,379
4,780
96, 417 89, 396 102, 278 109,136 118,926 107,960

126,641 i 144,021
93,483 ;109,652
5,130 i 6,633
106,396 127,815

22,153
7,375
280
76.2

22,189
6,613
252
76.1

22,114
7,118
273
81.9

22, 449
7,575
291
83.6

22, 445
7,187
277
82.3

22, 440
7,641
295
85.7

22,525
7,171
277
87.8

.230
.338

.223

.223

.230
.337

.240
.341

.225

.220
.335

.224
335

477
1,633

877
2,074

929
4,409

910
3,145

704
3,147

595
2,031

.52
67.8

.49
67.0

.49
53.6

.51
41.1

.51
34.6

.51
36.1

.51
40.0

691
1,781
.51
39.5

28, 687
3,433

31,492
5,271

32, 593
4,073

38,504
4,975

38, 844
5,524

35, 631
5,417

41, 599
6,437

1.600

1.609

L834

1.729

1.759

1.854

21,915
5,925
225
70.2

135, 616 133,157 138,105
44, 457 42,305
37,016

135, 347 142,511 151,311
39, 747 40, 711 43,811

1.801

35, 204
5,542
1.809

.51
39.4
40, 816
5,039

22. 472
8, 236
319
86. 6
.225
.335

735 !
670
3,395 \ 3,955
.51 !
.51
39.5 I Ml. 3
33,229
3,040

37,863
3,555

1.900

150, 718 149, 778 124, 354
46, 218 53, 278 48,554

98,078 , 86,816
38,178 j 23,116

WOOL
Imports (unmanufactured) §
_.thous. of lb..
Consumption (scoured basis) :1
Apparel class
do—
Carpet class
do—
Operations, machinery activity (weekly average): 1
Looms:
Woolen and worsted:
Broad
_.thous. of active hours..
Narrow
do—
Carpet and rug
do
Spinning spindles:
Woolen
do___.
Worsted.
-do—
Worsted combs
do—
Prices, wholesale:
Raw, territory, fine, scoured.
dol. per lb_.
Raw, Ohio and Penn.
fleeces
do—
Suiting, unfinished worsted, 13 oz. (at factory)
dol. per yd..
Women's dress goods, French serge, 54" (at
mill)
dol. per yd..
Worsted yarn, 32's, crossbred stock (Boston)
dol. per lb_.
Receipts at Boston, total__
__thous. of lb_.
Domestic
do—
Foreign
do—
Stocks, scoured basis, end of quarter, total
thous. of lb_.
Woolen wools, total.
do—
Domestic
do
Foreign
do—
Worsted wools, total
do—
Domestic
-do
Foreign
_
do—

16,826

3,660

4,029

5,847

7,104

9,727

12,281

15, 373

16, 302

18,162

21, 938

17,274 ! 25,441

19,567
8,159

12,623
3,329

12, 944
3,036

15, 467
3,313

22, 746
4,996

23,136
6,025

19,619
6,386

24,619
8,660

23, 512
7,716

29, 688
9,501

25, 941
9,784

22,449 ' 21,110
8,776 | 9,856

1,338
62
198

52
123

876
64
94

1,099
54
95

1,174
58
106

1,499
80
143

1,339
77
164

1,335
86
167

1,529
89
171

1,759
81
177

1,924
79
186

55, 704
67, 613
95

33, 211
33, 505
64

39,901
45, 718
84

48,020
55,134
101

57,438
55,663
119

74,710
69, 644
145

66,022
62,851
117

66, 840
70, 205
120

71,110
85, 954
146

73, 277
97, 019
149

73,480
87, 770
129

.26

.26

.71
.30

.70
.29

.71
.31

.74

.29

.73
.31

.73
.31

1,580
1,942
75
78
213
209 !
73,130 60,041
82, 226 77,747
137
124
I
.72
.73 !
.32 |
.30

1.634

1.634

1.646 | 1.683

1.015

1.015

1.015 i 1.015

1.11
13, 678
9,009
4,670

1.10
15, 539
5,374
10,164

.69
.28
1.683
1.015
1.13
17,173
10,241
6,932

.65

.32
L535

1.535

1.535

L535

1.535

1.535

1.535

1.114

1.040

1.040

1.040

1.040

1.040

1.040

1.05
14,821
14,090
730

1.05
40,900
40,198
702

1.01
44,989
44,181
808

1.03
65,322
64,582
740

1.05
44,506
42,069
2,437

1.05
16,047
10,021
6,026

1.06
22, 222
18,487
3,735

1.624

139,260
46,509
37,830
8,679
92, 751
79, 520
13,231

1.040
1.12
24, 341
21, 239
3,103

147, 597
48, 276
40, 224
8,052
99, 321
84,383
14,938

1.13
11,820
6,660
5,160

1.13
13, 608
5,939
7,669
94,309
38,830
29,357
9,473
55, 479
33,443
22,036

115,655
46,686
37,065
9,621
52, 517
16,452

MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
—.pet. of capacity..
34.6
Stocks, end of month
thous. of gross..
6,641
Fur, sales by dealers
-thous. of dol_. p 1, 547
Pyroxylin-coated textiles (artificial leather) :f
2,252
Orders, unfilled, end of mo..thous. linear yd..
4,643
Pyroxylin spread_
thous. of lb...
Shipments, billed
thous. linear yd
4,576
r

28.4
7,216
2,089

24.7
7,123
2,316

27.0
7,073
3,314

22.4
6,853
4,839

32.2
6,910
4,631

41.3
7,037
1,465

37.8
7,155
1,515

36.3
7,229
1,242

30.4
7,188
1,326

1,593
4,318
4,256

1,564
4,129
4,087

1,711
3,341
3,464

1,835
3,882
3,785

1,890
4,849
4,429

2,196
4.998
4,389

1,908
4,922
4,516

1,917
4,289
4,168

2,145
4,692
4,551

r

23.0
6,480
2, 038
2,451
5,270
4,785

39.2
39.2
6,507
6,607
r 2, 502 ' 2,833
2,223
5,079
5,119

2,188
5,402
5,505

Revised.
P Preliminary.
•New series; data on rayon yarn stocks, poundage basis, have been substituted for the series formerly shown, which was on basis of number of months' supply. Figures
beginning January 1930 not shown on p. 94 of the February 1939 issue will appear in a subsequent issue of the Survey.
fRevised data. Cotton spindle activity revised beginning August 1933; see table 18, p. 18, of the March 1939 issue. Data on rayon deliveries revised beginning January
1936; revisions not given on p. 94 of the February 1939 Survey will appear in a subsequent issue. Data on pyroxylin-coated textiles revised beginning January 1938 to include
figures for 2 small establishments not previously reporting and to exclude those of one establishment not currently reporting; data for the full year 1938 appear on p. 54 of the
April 1939 issue.
JAs explained in the 1938 Supplement, these data have been raised to industry totals. In January 1939 the compilers of the underlying data made available revised annual
estimates of total yardage finished, 1934-38, but as the revisions in most instances were small, the adjustments have not been carried through to the monthly figures shown
here.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.
^Data for April, July, October, and December 1938, and January and April 1939 are for 5 weeks; other months, 4 weeks.




55

SURVEY OF CURRENT BUSINESS

June 1939
Monthly statistic* through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939

1939

1938

April

April

May

June

July

August

Septem- October Novem- December
ber
ber

January

February

March

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, total
Commercial (licensed)
Military (deliveries)!
For export

number.
do
do...
do___

93

296
139
85
72

345
K0
81
74

5,253
3,588

6,795
4,433

4,760
8,376

3,912
2,558

25, 680
15,757
9,923

19,579
12,127
7,452

16,605
9,564
7,041

16,443
9,222
7,221

11,142
5,347
5,795

88,177
47, 520
40,060
597
92,661

88,906
46, 617
41,699
590
82, 781

86,930
44,388
42,014
528
71,323

77,039
39,160
37,386
493
68,951

65
34,533

76
29,632

73
30,077

70
30,991

16, 891
12, 791
337, 372
273,409
63. 963
1,348

18,819
14,033
219,310
176,078
43,232
971

>242, 860
b
43, 601
132,612
158, 969
126, 275

410
189
149
72

181
103
103

2,274
1. 592

4,095
3,014

27, 087
16,213
10, 874

326
134

330
183

174

63

54

45

102

2,399

2,946
1,753

2,747
2,406

5,024
3,835

8,499
5,806

6,043
4,222

6,315
4,526

10,888
2,808

17,024
10,930
6,094

29,043
20,172
8,871

34,978
21,322
13,656

23,958
15,126
8,832

27, 351
16,193
11,158

30,048
17,984
12,064

80,847
40, 347
39,927
572
40,037

62, 561
29,174
32,948
439
26, 769

62, 385
30,344
31, 613
428
61,359

86,047
51,266
34, 260
521
126, 650

93, 452
54,933
37, 955
564
158,289

76,390
40,694
35,281
415
134,150

76. 776
40, 374
35, 975
427
124,021

113,847
PA,350
48, 915
582
153,007

77
29,122

54
32,321

57
32,124

62
30,816

44
28,509

73
27,479

44
30, 649

29, 878

'83
' 35,331

18,115
13,641
192,059
154,958
37,101
706

14,732
9,007
11,014
5,273
174,670 141,443
136, 531 106,841
38,139 34,602
527
410

6,452
3,063
90,494
58, 624
31,870
468

6,089
4,290
83,534
65,159
18,375
819

5,774
5,412
209,512
187,494
22,018
1,312

17,992
15, 423
372,413
320,344
52,069
1,723

18,670
15, 518
388,346
326,006
62,340
1,818

14, 794
11,404
339,152
280,033
59,119
1,714

14, 300
10,914
297,841
239, 980
57,861
1,443

17,549
12, 689
371,940
299, 703
72,237
1,730

192,241
35, 682

178,052
32,937

156, 384 148, 896 127,954
30,649 33,476 34,231

26,570

119,053
19,589

200,853
23,943

226, 973
31,474

203, 212
37, 715

164,942
33, 279

103,534
109,659
78,525

92, 593
104,115
71,676

76,071
101,908
72, 596

78,758
90,030
61,826

64,925
55, 431
34,752

40,796
36,335
16,469

68,896
123, 835
92,890

131,387
200, 256
159, 573

118,888
187,909
150,005

88, 865
152, 746
116,964

83,251
153,886
115,890

142,062
182, 652
142, 743

84

75

79

104

136

138

148

139

147

74
99
119
90

60
100
125

58
104
143
98

91
136
161
91

150
126
142

157
129
121
83

160
131
129
91

140
140
129
95

153
142
141
105

166, 707
1,682

1,672

1, 668

0)

0)

225
13.7
6,637

225
13.7
6,788

214
13.0
6,502

AUTOMOBILES

Exports:
Canada:
Assembled, total
number.
Passenger cars
do
United States:
Assembled, total§_
do
Passenger cars §
do
Trucks§_
do
Financing:
Retail purchasers, total
thous. of dol.
New cars..
do
Used cars
do
Unclassified
do...
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number.
Hand-type.
do
Production:
Automobiles:
Canada, total..
do
Passenger cars
do
United States factory sales), total...do_._.
Passenger cars __
do
Trucks.
do
Automobile rims
thous. of rims.
Registrations:
New passenger cars
number..
New commercial cars__
do
Sales (General Motors Corporation):
To consumers in U. 8
„
do
To dealers, total__
„
do....
To U. S. dealers..
_
do...
Accessories and parts, shipments:
Combined index.
Jan. 1925=100..
Original equipment to vehicle manufacturers
Jan. 1925-100.
Accessories to wholesalers
do
8ervice parts to wholesalers
do
8ervice equipment to wholesalers
do

101
94
116
110
112

82
102
108
101

169,538
1,714

1,711

129
133
167

l

242, 860
° 43, 609

RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars owned and on order, end of mo.:
Owned:
Capacity
mil.of Ib_.
Number
thousands..
Undergoing or awaiting classified repairs
thousands..
Percent of total on line
Orders, unfilled
cars..
Equipment manufacturers
do
In railroad shops
_
do
Locomotives owned and on order, end of mo.:
Owned:
Tractive effort
mil. of lb_.
Number
_
_
Undergoing or awaiting classified repairs
number..
Percent of total on line
Orders, unfilled
number..
Equipment manufacturers
do_
In railroad shops.
do.

0)

1,662
221
13.5
6,391

0)
0)
0)
0)

8,175
19.4
61

0)
0)

211
12.5
4,867
1,746
3,121
2,156
43,185
7,443
17.2
61
48
13

0)

226
13.4
4,484

8
1

C)
0)
7,710
17.9
56

0)
0)

169, 002
1,708
229
13.6
6,071
1,541
3,530
2,155
43,124
7,875
18.3
37
26
11

(U. S. Bureau of the Census)
Locomotives:
Orders, unfilled, end of mo., total ...number.
Domestic, total
do
Electric
_
do._.
Steam.
do...
Shipments, domestic, total
do___
Electric
do...
Steam.
do...
Industrial electric (quarterly):
Shipments, total.
do...
For mining use
do...

0)

0)

0)

0)

0)

1,705

1,701
238
14.2
8,892

1,691

1,690

1,686

231
13.8
7,459

235
14.1
5.153

233
13.9
4,335

8
8

8
8

8,108
18.9
14

8,075
18.9
14

241
14.3
10,234

8
8
7,984
18.6
26

8

0)
0)

0)
0)

231
14.0
5,080
4,426
654

0)
0)

0)
0)

2,130
42,467

8,155
19.1

8,133
19.1
17

0)
0)

0)
0)

8

149
139
79
60
20
20
0

7,881
18.6
30
5
25

(0

0)
0)

0)

1,664

0)

0)

0)

(0

0)

()

0)
0)

8,084
19.1
25

8,053
19.1
63

8,149
19.3
62

()

0)
0)

100
92
84
8
21
18
3

0)

0)

116
106
61
45
15
15
0

102
101

0)
0)

129
119
59
60
21
21
0
55
51

(American Railway Car Institute)
Shipments:
Freight cars, total.
number..
1,312
194
362
260
Domestic
do
1,312
354
10
188
Passenger cars, total
do
9
1
0
10
Domestic
_
do
1
0
10
r
Revised.
1
Semiannually only, subsequent to April 1938*
1 Military deliveries not available subsequent to September 1938.
^Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 issue.
° Exclusive of Tennessee.
b
Exclusive of Wisconsin and Tennessee.




407
407
6
6

573
650
22
22

2,336
2,308
19
19

1,662
1,655

1,136
1,023
0
9

1,198
1,198
0
0

1,148
1,148
0
0

1,917
1,917
0
0

2,194
2,174
0
0

56

SURVEY OF CURRENT BUSINESS

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

June 1939

1939

1938

April

DecemOctober NovemAugust September
ber
ber

April

June

May

TRANSPORTATION

July

1939
January

Febru- March
ary

EQUIPMENT—Continued

RAILWAY EQUIPMESIT—Continued
(U. S.Bureau ofForeign and Domestic Commerce)

number..
do....
do _
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS

Exports of locomotives, total§
Eleotric§
._
Steam

Shipments total
Domestic
Exports

9
9

22
12

14
13

10

1

78
63
15

39
30
9

369

423

310
59

379
44

20
19

0

1

nii-mhar
_ do . . .

70
65

do

5

71
57
14

12
10
2

15
7

6
4

23
22
1

11
9

0

19
181

1
1

2

0

2

41
40
1

69
58
11

60
51
9

42
33
9

46
36
10

75
62
13

50
47
3

53
53
0

462

440

465

466

467

519

550

547

640

420
43

397
43

423
43
846

404
62

404
63

448
70

461
89

450
97

536
104

8

3
3

21
13
8

86
86
0

SHIPBUILDING
United States:
Vessels under construction, all types
t.hoiis. pross tons
do
Steam and motor
do
Unrigged
gross tons _
Vessels launched, all types.
Powered:
do
Steam
. . do
Motor
do
Unrisrsed
do
Steel
World (quarterly):
Launched:
ships..
Number
thous. gross tons
Tonnage
Under construction:
ships __Number
thous gross tons
Tonnage

17,015

22,232

23,016

30, 817

10, 972

19, 050

17, 696
2,642
2,678
11,885

15, 539
12,412
2,866
30, 605

113

700

5,930
16, 902

2,482
22, 232

0
316
530
846

22, 218

1,450

1,166

22,629

12, 340

14, 729

12 000
8,750
1 468
22, 218

350
161
939

350
0
816

19 900

11 768

9 800

12, 340

4 800
14, 729

1,166

1,450

0
572

o

2 729
22, 629

129

302
848

254
807

249
705

690

801
2,827

685
2,712

704
2,669

716
2,704

247

CANADIAN STATISTICS
Physical volume of business:
Combined index
1926 = 100116.7
Industrial production:
119.1
Combined index
do
51.3
Construction
do
226.5
Electric power
do
109.5
Manufacturing
do
120.2
Forestry
do
219.6
Mining
do
Distribution:
109.6
Combined index
do
69.2
Carloadings
do
126.9
Exports (volume)
do
78.0
Imports (volume).
do
137.2
Trade employment
do
Agricultural marketings:
60.3
Combined index
--do
58.5
Grain
—
do
68.1
Livestock
do
Commodity prices:
82.9
Cost of living
_
do
73.4
Wholesale prices
do
Employment (first of month):
104.9
Combined index
do
91.6
Construction and maintenance
do
107.1
Manufacturing
do
157.4
Mining
do
131.4
Service
do
131.1
Trade
do
79.3
Transportation
_._
do
Finance:
Banking:
2,473
Bank debits
mil. of doL.
94
Commercial failures*
number..
Life insurance sales, new paid for ordinary
thous. of dol— 28, 229
Security issues and prices:
151, 083
New bond issues, total..
...do
63.0
Bond yields
1926=100Common stock prices.__
do
Foreign trade:
Exports, total
thous. of dol._
Wheat..
..thous. of bu_.
Wheat
flour
thous. of bbl—
Imports
__do
Railways:
Carloading
thous. of cars—
179
Financial results:
Operating revenues
thous. of doL.
Operating expenses
do
Operating income
do
Operating results:
Freight carried 1 mile
mil. of tons..
Passengers carried 1 mile
mil. of pass—
Production:
Electrical energy, central stations
2, 197
mil. ef kw-m*—
46
Pig iron..
thous. of long tons—
Steel ingots and oastings
_
..do
100
Wheat
flour
thous. of b b l -

112.4

110.7

108.4

109.1

110.5

119.2

118.6

123.4

115.6

113.0

111.7

113.2

114.2
56.8
212.6
103.2
100.4
212.7

112.5
48.9
210.2
104.7
91.9
199.4

109.3
49.7
209.8
103.5
96.7
176.6

109.8
50.6
212.3
101.3
101.4
192.1

110.8
52.5
218.3
100.9
102.2
198.6

120.7
52.8
223.6
114.2
110.2
202.1

121.1
61.7
220.9
113.2
107.1
201.4

128.3
48.4
226.4
125.3
112.8
206.6

118.1
62.7
221.6
111.3
111.7
183.1

114. 2
40.3
230.0
111.1
120.7
176.8

114.1
56.2
232. 3
105.0
111.6
190. 9

115.2
47.5
233.1
107.6
110.4
196.7

107.2
71.4
97.8
88.2
133.3

105.5
71.8
86.4
81.7
132.8

105.7
68.7
100.1
79.8
133.4

107.0
71.5
104.3
79.8
133.7

109.5
76.3
127.1
82.6
131.9

114.9
81.0
162.6
84.4
134.0

111.5
76.0
132.0
89.1
133.7

109.2
74.2
122.7
85.7
132.5

108.6
73.7
100.0
75.8
137.0

109. 3
70.7
141.2
77.6
133.8

104.9
66.7
110.1
71.7
133.4

107.4
71.8
108.4
73.9
135.0

38.3
31.0
70.7

41.1
34.1
72.5

20.6
8.2
75.9

40.3
29.7
87.3

89.2
91.9
77.0

123.9
135.1
74.0

145.6
162.7
69.0

101.6
106.6
79.1

85.7
88.4
73.6

52.0
46.3
77.9

32.3
23.5
71.7

48.1
40 7
81.2

84.2
82.3

84.0

8a 1

84.1
78.6

84.8
76,0

84.0
74.5

83.8
74.1

83.7
73.5

83.5
73.3

83.1
73.2

82.9
73.2

82.9
73.2

105.0
71.8
110.8
151.3
129.8
127.1
78.5

80.3
107.4
88.2
110.6
149.7
131.9
131.3
83.9

111.9
114.5
112.3
153.3
135.3
131.5
819

113.5
124.9
111.8
154.5
146.1
133.3
86.3

112.1
128.0
110.0
153.6
143.5
132.1
86.9

115.1
133.8
113.8
157.4
146.7
131.0
88.7

116.7
143.5
112.5
160.8
136.1
134.5
90.1

114.6
122.5
110.9
163.4
132.8
1S5.6
87.9

114.0
112.8
110.1
163.3
131.7
13y. 7
85.0

108.1
96.4
104.3
160.4
131.7
144.8
79.9

106. 5
89.4
106.0
160.5
129.5
131.0
79.4

106.5
94.3
107. 0
160.9
128.5
128.9
80.3

2,401
47

2,462
93

2,731
92

2,371
102

2,655
81

2,976
92

2,965
122

2.905
71

2,512
120

2,050
121

2,428

84.1

29,981

30, 342

35,120

2,466
72
30,126

27,996

27, 442

31,854

36, 611

35, 827

30,434

30, 879

33, 578

65, 642
63.7
97.9

198,461
61.7
99.7

77,746
61.8
100.0

98,451
62.7
106.9

51,399
62.7
105.2

51, 474
65.3
98.6

108, 958
63.2
109.7

104, 930
61.5
110.4

86,142
61.8
106.8

139,515
62.1
102.9

54, 657
61.9
104.1

128, 304
61.1
103.7

56, 253
1,618
185
48,895

72,791
3,371
297
67,123

7,275
300
68,947

78, 720
7,248
283
55,823

86, 538 108, 542 102, 719
24,579
6,266
12, 615
529
286
320
57,026 56, 412 63,909

94, 075
21, 704
478
63,304

70, 452
15, 983
365
44, 286

81,773
7,879
380
43, 743

62, 399
5,746
291
40, 380

77,199
6,564
361
38, 381
191

185

190

187

183

213

250

257

219

178

171

160

25, 192
24,112
M36

25,445
24,186

24,577
23,816
*4

25, 773
24,515

28, 439
26,103
1,095

34,504
26, 919
6,375

37,609
25,681
10,684

30, 431
22, 661
6,502

27, 521
22,633
3,597

23, 798
22,923
<*382

22, 652
22,921
d
1,490

1,525
160

1, 689
192

2,063
172

3,389
153

3,924
119

2,668
101

2,100
166

1,871
123

1,707
122

51
84
929

2,076
49
83
1,103

2,164
50
74
1,639

2,329
51
76
1,906

2,376
46
90
1,606

2,350
53
79
1,052

2,387
58
78
1,098

2,214
41
77
1,037

1,841
138
2,064
66
116
794

128
2,082
72

115
978

1,973
64
109

2,367
41
96
1,194

<* Deficit.
*New series. Data compiled by Dun and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 193 4
will appear in a subsequent issue.
 §Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 issue.



U

S. GOVERNMENT

PRINTING

OFFICE: 1939

INDEX TO MONTHLY BUSINESS STATISTICS
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
Business indexes
19
Commodity prices
_„
20
Construction and real estate
21
Domestic trade
.
23
Employment
conditions
and
wages
25
Finance
30
Foreign trade
36
Transportation and communications---.
- —37
Statistics on individual industries:
Chemicals and allied products-38
Electric power and gas___,
41
Foodstuffs and tobacco
41
Fuel9 and byproducts
45
Leather and products
,...
46
Lumber and manufactures
47
Metals and manufactures:
Iron and steel
,_
.
48
Nonferrous metals and products49
Machinery and apparatus
50
Paper and printing
51
Rubber and products.
52
Stone, clay, and glass product3_ „
53
Textile products
53
Transportation equipment
55
Canadian statistics
55

CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
52
Abrasive paper and cloth (coated)
„
30
Acceptances
55
Accessories—Automobile
„
Advertising
.
25
Agricultural products, cash income received
from marketings of
20
Agricultural wages, loans._.
.
29, 30
Air-conditioning equipment
_
50
Air mail
.
24
Airplanes
_.._ 38, 55
Alcohol, denatured, ethyl, methanol
_-_
38
Aluminum
49
Animal fats, greases
39
Anthracite mining. —
,_ —_ 19, 26, 28, 45
Apparel, wearing._
_. 20, 24, 25, 26, 27, 28, 53
Asphalt
.
46
Automobiles
.
19, 24, 25, 27, 28, 29, 55
Babbitt metal
.
49
Barley— —
.
...
42
Bathroom accessories.
...
,.
53
Beef and veal
.
„__
43
Beverages, fermented malt liquors and distilled spirits
,_.
41
Bituminous coal____
__ 19, 20, 26, 28, 45
Boilers. —
----49
Bonds, prices, sales, value, yields
30, 35
Book publication
.
52
Boxes, paper
„
52
Brass
_
—
50
Brick
.
53
Brokers' loans
,
.
30
Bronze
_
50
Building contracts a w a r d e d , . .
21, 22
Building costs
22
Building materials
20, 47, 53
Building permits issued
. 21, 22
Butter
—.
_____
__
41
Canadian statistics
_
56
Canal traffic— —
—
38
Candy
,
.
—
44
Capital flotations
33,34
Carloadings
_
37
Cattle and calves
43
Cellulose plastic products
40
Cement
_
19, 53
Chain-store sales
_
24
Cheese
41
Cigars and cigarettes
.
.
44
Civil-service employees
.
26
Clay products
25, 27, 28, 29, 53
Clothing.._
20, 24, 25, 26, 27, 28, 29,53
Coal
19, 20, 26, 28, 45
Cocoa
44
Coffee
——.
44
Coke_.
_
45
Collections, department stores
24
Commercial failures
31
Commercial paper
30
Construction:
Contracts awarded, indexes
21
Costs
22
Highwayi
22
Wage rates..
29
Copper
——
49
Copra and coconut oil
39,40
Cost-of-living
index
20

Cotton,
raw and manufactures,._ 19, 20, 21, 53, 54



Page
Cottonseed, cake and meal, oil
40
Crops
„
19, 20, 42, 43,53
Currency in circulation.
32
Dairy products
19, 20, 41,42
Debit3, bank
_
30
Debt, United States Government
32
Delaware, employment, pay rolls
26, 27
Department-store sale3 and stocks_.
24
Deposits, bank
31
Disputes, industrial
.
27
Dividend payments
35
Earnings, factory, average weekly and
hourly
.
...
...
28, 29
Eggs
____ 19, 20,44
Electrical equipment
51
Electric power, production, sales, revenues-.
41
Electric, street railways
37
Employment:
Cities and States
26
Nonmanufac curing _ _
,
.
26
Emigration
____
.
38
Enameled ware
„
49
Engineering construction
._
22
Exchange rates, foreign
.
32
Expenditures, United States Government-.
32
Explosives
39
Exports
„ 36,37
Factory employment, pay rolls
._ 25, 26, 27, 28
Fairchild's retail price index
-_
20
Fares, street railways
.
_
37
Farm employees
,
,
.
26
Farm prices, index
,
.
20
Federal Government,
finances
32, 33
Federal-aid highways. . .
22, 29
Federal Reserve banks, condition of
30
Federal Reserve reporting member bank
statistics
. _.
_.
30
Fertilizers
.
.
39
Fire-extinguishing equipment
..
55
Fire losses
I
. „__
23
Fish oils and
fish__.._
39, 44
Flaxseed
40
Flooring, oak, maple, beech, and birch
47
Flour, wheat
43
Food products^ __________ 20, 25, 25, 27, 23, 29,41
Footwear
.
.
.
46, 52
Foreclosures, real estate
.
,__
23
Foundry equipment
.
„
50
Freight cars (equipment)
„__
55
Freight carloadings, cars, indexes
.
.
37
Freight-car surplus
37
Fruits
.
.
19, 20, 42
Fuel equipment
—
50
Fuels
.
—
__ — _- — . 45,46
Furniture
_.
. _.__
47
Gas, customers, sales, revenues
41
Gas and fuel oils
45
Gasoline
45, 46
Gelatin, edible
. _ _.
__ _.
44
General Motors s?1e3
55
Glass and .^iassw^re
19, 25, 27, 23, 29, 53
Gloves and mittens
46
Gold
32
Goods in warehouses
23
Grains....,
„..____ 19, 20, 34, 42, 43
Gypsum
53
Hides and skin3__.
21, 46
Hogs
...
43
Home loan banks, loans outstanding
23
Home mortgage insurance
.
_
23
Hosiery
__„_
....
53
Hotels
.__26, 28,38
Housing
20, 22, 23
Illinois, employees, factory earnings
„ 26, 27, 29
Imports^..
_. __ 36, 37
Income-tax receipts
.
32
Income payments
.
.
19
Incorporations, business
23
Industrial production, indexes
„
19
Installment sales, New England..
24
Insurance, life
31
Interest and money rates
30
Iron ore, crude, manufactures
._
19,48
Kerosene
46
Labor turn-over, disputes
_„__.
27
Lamb and mutton
..
.
43
Lard
43
Lead
.
. „ . 19, 49
Leather
19, 21, 25, 26, 27, 28, 29, 46
Leather, artificial
__..___
54
Linseed oil, cake, and meal
..
40
Livestock
._.__.
19, 20, 43
Loans, agricultural, brokers', real estate.. 23, 30, 31
Locomotives..
55, 56
Looms, woolen, activity
..
54
Lubricants
46
Lumber
20, 25, 27, 28, 47
Lumber yard sales and stocks
47
Machine activity, cotton, wool
54
Machine tools, orders.
50
Machinery
. . . 25,27,28,50,69
Magazine advertising
23
Manufacturing indexes
19
Marketings, agricultural
19,20
Maryland, employment, pay rolls
26, 27
Massachusetts, employment, pay rolls
26, 27
Meats
_
19,20,43
Metals__
_. 19, 21, 25, 27, 28, 29,48, 49, 50
Methanol_
_
38
Mexico, silver production
32
Milk
42
Minerals
19,26,28,45,50

Page
Naval stores
39
Netherlands, exchange rates
32
New Jersey, employment, pay rolls
26, 27
Newsprint
52
New York, employment, pay rolls, canal
traffic
26, 27,38
New York Stock Exchange
.....
35
Oats
,_
42
Ohio, employment.
_
26
Ohio River traffic
38
Oils and fats
39, 40
Oleomargarine
40
Paint sales.
_
40
Paper and pulp
21, 25, 26, 27, 28, 29, 51, 52
Passenger-car sales index
24
Passengers carried, street railways
.
37
Passports issued
38
Pay rolls:
Factory
27, 28
Factory, by cities and States
27
Nonmanufacturing industries
28
Pennsylvania, employment, pay rolls
26, 27
Petroleum and products
_
19,
21,25,26,27,28,29,45,46
Pig iron
48
Porcelain enameled products
49
Pork
_
43
Postal business
,
24
Postal savings
31
Poultry. _.
.
19, 20, 44
Prices:
Retail indexes
20
World, foodstuffs and raw material
21
Printing
„
25, 26, 27, 28, 29, 52
Profits, corporation
__
32
Public relief
29
Public utilities
31,32, 35, 36
Pullman Co___
38
Pumps
50
Purchasing power of the dollar
21
Radiators
,__ 48, 50
Radio, advertising
23
Railways; operations, equipment, financial
statistics
_.
37,38, 55, 56
Railways, street
„_
37
Ranges, electric
,.
51
Rayon _.
54
Reconstruction Finance Corporation, loans
outstanding
33
Refrigerators, electric, household
51
Registrations, automobiles
,
55
Rents (housing), index.
.
20
Retail trade:
Automobiles, new, passenger
,
24
Chain stores:
5-and-10 (variety)—
24
Grocery
..
24
Department stores
24
Mail order
.
„ ,_ —
25
Rural general merchandise
.
25
Rice
42
Roofing
.
„_ _.
40
Rubber, crude, scrap, clothing, footwear,
tires
19, 20, 25, 26, 27, 28, 29, 52
Savings deposits
31
Sheep and lambs
43
Shipbuilding- _,
,
56
Shoes......
21, 25, 26, 27, 28, 29,46
Silk
.
20, 21, 54
Silver
......_•
19, 32
Skins
46
Slaughtering and meat packing. 19, 25, 26, 27, 28, 29
Spindle activity, cotton
54
Steel, crude, manufactures
19, 25, 27, 28, 48, 49
Steel, scrap, exports and imports
48
Stockholders
36
Stock indexes, world
._„
20
Stocks, department stores
..
24
Stocks, issues, prices, sales
35, 36
Stone, clay, and glass products.__ 25, 27, 28, 29, 53
Sugar___
_.._„
20, 21, 44
Sulphur
__ —__
.
39
Sulphuric acid
.
39
Superphosphate
39
Tea
20, 21,44
Telephone, telegraph, cable, and radiotelegraph carriers
38
Textile products
54
Tile, hollow building
53
Tin
. .
-_ 20,21,49
Tobacco
19, 25, 26, 27, 28, 29, 44
Tools, machine..
50
Trade unions, employment
,_
26
Travel
38
Trucks and tractors, industrial, electric
56
United States Government bonds
35
United States Steel Corporation
36, 48
Utilities
31, 32, 35, 36
Vacuum cleaners
51
Variety-store sales index
24
Vegetable oils
_
39,40
Vegetables...
19,42
Wages
_
28,29
Warehouses, space occupied
23
Waterway traffic
38
Wholesale prices20,21
Wire cloth
50
Wisconsin, employment, pay rolls, and
wages...
26, 27, 29
Wood pulp
51
Wool.....
54
Zinc
1% 50

Announcing

NEW PUBLICATIONS

MARKETING RESEARCH ACTIVITIES OF MANUFACTURERS
Market Research Series No. 21

25 cents

This study reveals the nature and extent of marketing research conducted by manufacturers. It presents the types
of organizations set up for this work, giving the total and average number of employees involved, together with total
and average expenditure per company for such research. Actual benefits derived from market research activities are
cited in a special section of the report. The report is designed to assist manufacturers by outlining the various fields
in which this tool of efficient distribution may be used.
Copies of the above report may be obtained from the Bureau of Foreign and Domestic Commerce, Washington, D. C ,
or through any of the offices listed below. Copies are NOT available from the Government Printing Office.

CONFECTIONERY PRODUCTION AND DISTRIBUTION: 1938
Domestic Commerce Series No. 108

10 cents

Presenting the results of the twelfth annual survey of the confectionery and competitive chocolate products industry
conducted by the Bureau of Foreign and Domestic Commerce at the request of the National Confectioners' Association.
The survey contains analyses of the more important trends in the production and distribution of candy and represents
the figures from a group of manufacturers accounting for approximately 70 percent of the total United States candy
production. Divided into 10 sections and 2 appendixes, with 60 statistical tables, the report covers sales, raw material
prices, size groups, returned goods, and channels of distribution.

SCHEDULE A
45 cents
Statistical classification of imports into the United States, with rates of duty and regulations governing the preparation
of monthly, quarterly, and annual statements of imports; Effective January 1, 1939.
Copies of the two above publications are obtainable from the Superintendent of Documents, Government Printing
Office, Washington. D. C . or through any of the offices of the Bureau of Foreign and Domestic Commerce listed below.

District and Cooperative Offices of the Bureau of Foreign and Domestic Commerce
Atlanta* Ga.: W. B . Schroder, 325 New Poat Office Building.
Birmingham, Ala.: Harry J. White, 242 Federal Building,
Boston, Mast.: Harold P. Smith, 1800 Customhouse.
Buffalo, N. Y.: John J. Love, 242 Federal Building.
Charleston, S. C: C. W. Martin, Chamber of Commerce Building.
Chicago, HI.: George C Payne, 357 U. S. Courthouse.
Cincinnati, Ohio: Emma Herier, Chamber of Commerce Building.
Cleveland, Ohio: Joseph W. Vander La an, 400 Union Commerce Building.
Dallas, Tex.: Harold M. Young, Chamber of Commerce Building.
Denver, Colo.: Elizabeth Pettus, 201 New Customhouse.
Detroit, Mich.: Richard Stephenson, 371 New Federal Building.
Houston, Tex.: Chester Bryan, Federal Office Building.
Indianapolis, Ind.: Francis Wells, Chamber of Commerce Building.
Jacksonville, Fla.: C. Parker Persona, Federal Building.
Kansas City, Mo.: David I. White, c/o Chamber of Commerce,
Los Angeles, Calif.: Walter Measday, 1540 U. S. Post Office and Courthouse.
Louisville, Ky.: 654 Federal Building.




Memphis, Tenn.: Noland Fontaine, 229 Federal Building,
Milwaukee, Wis.: H. W. Gehrfce, Milwaukee Association of Commerce.
Minneapolis, Minn.: Silas M. Bryan, 201 Federal Office Building.
Mobile, Ala.: Annie Howard, U. S. Courthouse and Customhouse Building.
New Orleans, La.: Harold C. Jackson, 408 Maritime Building.
Netv York, N. Y.: John F. Sinnott, 602 Federal Office Building, Church and Veeev
Streets.
Norfolk. Va.: W. Duva! Brown, 409 Federal Building.
Philadelphia, Pa.: William M. Park, 1510 Chestnut Street.
Pittsburgh, Pa.: Charles A. Carpenter, 1013 New Federal Building.
Portland, Oreg.: Howard E. Waterbury, 215 New Post Office Building.
Rochester, N. Y.: Andrew P. Moody, Chamber of Commerce.
St. Louis, Mo.: Clyde Miller, 635 New Federal Building.
San Francisco, Calif: John J. Judge, 311 Customhouse.
Savannah, Ga.: Joseph G. Stovall, 36 Bay Street, East.
Seattle, Wash.: Philip M. Crawford, 809 Federal Office Building.
Wilmington, Del.: Margaret V. Donnelly, 319 New Federal Building.