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JUNE 1940

SURVEY
OF

CURRENT BUSI

UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON



VOLUME 20

NUMBER 6




UNITED STATES DEPARTMENT OF COMMERCE
HARRY L. HOPKINS, Secretary

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

SURVEY OF
CURRENT BUSINESS
A publication of the

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

Volume 20

Number 6

JUNE 1940

CONTENTS
The business situation.
SPECIAL ARTICLES
National income nearly 70 billion dollars in 1939.
Indebtedness in the United States, 1929-39
CHARTS
Figure 1.—Monthly business indicators, 1936-40
Figure 2.—Indexes of closing prices of industrial, public-utility, and
railroad stocks, weekly averages, July 1939-May 1940
Figure 3.—Exports of United States merchandise to selected European countries, monthly averages, 1939

Page
3
6
12

CHARTS—Continued
Figure 4.—Contributions to the National income by industrial divisions, selected years, 1929-39
Figure 5.—Percentage distribution of income paid out by type of
payment, 1929-39
Figure 6.—Indexes of net public and private debt in the United States,
by classes, 1929-39
Figure 7.—Net public and private debt in the United States, by
classes, 1929-39
Figure 8.—Composition of interest-bearing debt, outstanding,
1929-39
Monthly business statistics

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233101—40
1
l




SUKVEY OF CUERENT BUSINESS

June 1940

Monthly Business Indicators, 1936-40
INCOME PAYMENTS *

INDUSTRIAL PRODUCTION *
140

100

(VOLUME,

1 9 2 3

= l <DO)

- 2 5

J
/

A,

120

100
\

80
60
1936

1937

1938

1939

II II 1 1 1 1 1 1 1

( 1 9 2 4 -

2 9

=

120

1 0 0 )

90
80
70
60

M 1 1 1 1 1 1 1 1 1 i 11

1938

1939

II

! M 111

1940

(1923- 25 = 100)

100

JU

-A

M M !

1 II 11 1

\

i 11 1 i i 1 1 1

/

A
\

II

A/V

A

f
w

1936

Mill

1937

V

1

1938

1/
In U-Ll
1

1939

80
60
40

1 II II ! 1 I! M

ILL

, M M I I M I,

1936

194-0

1937

1938

1939

1940

FOREIGN TRADE

FACTORY EMPLOYMENT AND PAYROLLS
140

M i l l

1937

FREIGHT CAR LOADINGS

CASH INCOME FROM FARM MARKETINGS *
100

M M . L M M

1936

1940

>

125

( 1 9 2 3 - 25 = 100)

100

120

EXPORTS
INCLUDING REE/PORTS

FACTORY EMPLOYMENT
(ADJUSTED)

( U N A D J U S T E D )

100
50

80
'FACTORY

IMPORTS, GENERAL

PAYROLLS-

(UNADJUSTED)

( U N A D J U S T E D )

60

i i i I i i i M

1936

1937

1938

i i i i I I i I l i I

i i

1939

I I

25

i l i i

1936

1940

WOOL CONSUMPTION
200

100

J
V
\

J
II

1936




1939

1940

(1923-25 =-

100)

150

*\ /V

50

1938

COTTON CONSUMPTION
175

([923-25= 100)

150

1937

1937

11 i!

f

125

\

100

1

J

\

\
I I II

1938

i ii i i i 1 i ii I l i i

1939

II

I iii

II

i

75

1940
ADJUSTED

M M

1 1 i 1 1 1 !

1936

FOR SEASONAL
F i g u r e

1 .

VARIATIONS

I I

1 1 1 1 1 1 11 1

1937

II H M M I I 1

1938

M | 1 I I I II 1 1 I I 1 1 1 ! I I I ! 1

1939

1940

SURVEY OF CURRENT BUSINESS

June 1940

The Business Situation
areas of business reacted quickly to the exMANY
traordinary developments of the European war
in May, but no clearly denned general trend emerged
during the month as a whole. As the northern Allied
armies were rolled back, realization that profound
influences could be expected here w^as widespread,
although neither the immediate repercussions nor the
outlook for the near term were decisive. At the end
of the month, changes of a deflationary character were
intermingled with signs of improvement in particular
areas.
Most dramatic response to Allied reverses, involving
as they did the possibility of severe curtailment of our
export trade, was a sharp break in security and agricultural prices. As a consequence the trend of consumption was distinctly unfavorable. Industrial production turned upward, nonetheless, with the steel
industry in the vanguard. By the end of the month it
became clear that, so far as the longer-term outlook was
concerned, the firm determination of the Nation to
make its defenses impregnable was backed by a Govvernment program that gave promise of pushing business forward regardless of developments abroad.
Security and Commodity Prices Off

in second-grade railroad-bond prices exceeded 11
points, or about 24 percent.
It is interesting to note that the first reaction of
commodity prices to the start of large-scale offensive
operations on the Western Front last month was an
upturn; Moody's index of spot prices for 15 basic
commodities, led by the imported items, rose from
162.0 (December 31, 1931 = 100) on May 9 to 166.6
the next day. Practically all sensitive prices dropped
INDEX NUMBERS, 1939=100
130
i
1

II

n

120

<~~-20 RA/LRC ADS
I 10
r- JO INDUSTRIALS
\

100

90

1f

15 PUBLIC UTILITIES ^

\

\J

80

1

JULY

\

1

AUG.

i

1

SEPT.

OCT.

1939

Accompanied by the heaviest trading of the year,
security prices dropped rapidly with the invasion of the
Netherlands, Belgium, and France, quoted values being
scaled down to levels that had not been recorded since
the middle of 1938. From 148 on May 9 the DowJones industrial stock average fell to 114 on May 24, a
net decline of more than a fifth; a drop of 22% points was
registered in a single week (May 13-18). Turn-over on
the New York Stock Exchange on May 21 totaled almost 4,000,000 shares, representing trading in 1,042
issues—one of the broadest markets in recent years.
War stocks were seriously affected, and, although steel
and aircraft issues recovered on two successive days
following the President's defense message, renewed
liquidation occurred subsequently all along the line.
At the end of the month there was still no buying
strength in the market.
Rail and utility shares participated in the declines,
and bond prices were not exempted. In the foreign
list, Belgian bonds lost 60 percent of their quoted value
between May 9 and May 21. United States Government bonds were off 2 and 3 points, and the Dow-Jones
corporate-bond average fell more than 6 points during
the same period. High-grade industrial and publicutility bond prices declined less than 4 points and an
almost identical percentage of their value, but the fall



1

i
NOV.

I

DEC.

JAN.

"EB.

I

MAR

I

APR.

I

MAY JUNE

1940

Figure 2.—Indexes of Closing Prices of Industrial, Public Utility, and
Railroad Stocks, Weekly Averages, July 1939-May 1940. May 18, 1940,
Latest Week Plotted (Dow-Jones).

after May 10, however, and the composite index on
May 23, not quite 2 weeks later, stood at 151.9, a net
decline of 9 percent in that short space of time. On
the grain exchanges, winter wheat at Kansas City fell
from $1.15 on May 11 to 88 cents on May 21, one of
the most abrupt declines on record. At the request of
Secretary of Agriculture Wallace, the Chicago Board of
Trade announced that closing prices of Saturday, May
18, on wheat, corn, oats, rye, and soybeans, would be
in effect as the minima for all trading until further
notice. As these minima are considerably below prices
prevailing before May 10, a decline in farm income
appears likely toward the end of June when grains
start moving to market.
Cotton prices declined around the middle of the
month but recovered somewhat during the last 10
days of May, partly as a result of the limited supplies of
"free" cotton. A strong tone in cotton prices is not
likely to reappear immediately in view of sluggish
textile buying and recent losses of export markets,
including further British restriction of imports.
Readjustments of sensitive prices generally in the
final week of the month resulted in little net change in

SURVEY OF CURRENT BUSINESS
composite indexes. Moody's closed the month at
153.0, up 1 point from the low of May 23.
Export Market Narrowed

Export trends, which have not been so favorable for
the past few months, were down again in April as a
result of the virtual stoppage of shipments to the
Scandinavian countries. Apart from some increase
in the dollar volume of Allied takings, there were indications of a general slackening in foreign demand, with
the result that April exports declined to $315,000,000—
$30,000,000 lower than in March and $45,000,000 under
the peak in January. The whole range of export items
was affected adversely with a few exceptions such as
MILLIONS OF DOLLARS
10
1

NON -A GRICUL TURA L
AGRICULTURAL

June 1940

$3,800,000 from $19,500,000 in March. During 1939
these four countries imported a monthly average of
$3,700,000 of American agricultural commodities—
chiefly cotton, tobacco, and dried fruit—and $9,800,000
of nonagricultural products. (See fig. 3.) The latter
consisted largely of automotive equipment, petroleum
products, refined copper, machinery, chemicals, and iron
and steel-mill manufactures. The Netherlands and
Belgium, similarly affected by the further spread of the
war in May, were equally important buyers of American
manufactured goods and relatively better markets
for agricultural commodities.
If the situation on the Western Front should become
stabilized and the war prolonged, there is little doubt
that foreign demand for our goods would expand.
Events have demonstrated the vital need of the Allies
for war equipment. To some extent, moreover, the
loss of trade to the Northern and Low Countries will be
counterbalanced by the substitution of American goods
in the markets that they normally supply. The chief
export items of these countries, for which Great Britain
and France were the principal customers, were machinery, metals, iron and steel products from Sweden,
Belgium, and the Netherlands; wood pulp, paper, and
lumber from Finland and Norway; bacon, eggs, butter,
and other dairy products from Denmark.
Consumer Buying Restricted.

SWEDEN

NORWAY DENMARK FINLAND NETHERLANDS BELGIUM

Figure 3.—Exports of United States Merchandise to Selected European
Countries, Monthly Averages, 1939 (U. S. Department of Commerce,
Bureau of Foreign and Domestic Commerce).

Near-term business prospects are clouded in still
another respect. As usually happens when stockmarket trends are definitely adverse, latest reports indicate that consumer purchasing is being restricted, particularly in durable-goods lines. Retail sales of passenger cars for the first 10 days of May continued the
high rate of gain over a year ago that had characterized
the previous 4 months of the year. The few returns
available for the middle 10 days of May, however,
showed a marked contraction which left sales but little
ahead of a year earlier. Other durable-goods trade data
are not available, but these, too, are likely to show some
downward movement. Department-store sales also
turned down, with the gains over a year ago shown in
the first half of the month considerably narrowed during
the latter half. Sales for the month as a whole were
indicated to be under those of April on a seasonally
corrected basis.

crude petroleum, coal, lumber, and wood pulp. Among
the goods that have important war uses, aircraft and
metal-working machinery shipments showed little
change, while exports of trucks, iron and steel-mill
products, chemicals, and copper were lower. Agricultural exports such as cotton, tobacco, and foodstuffs
also declined.
Production Advances in May.
Exports to all major countries other than those cut
off by war operations held above pre-war levels, though
Despite these adverse developments there was a
there was a general tendency to recede from the high definite change for the better in industrial activity
levels of recent months. Exports to Latin America during May. This ended the unusually sharp decline
declined $10,000,000 for the month; to Australia, in production which had reduced the Federal Reserve
$4,000,000; to Japan, $2,500,000; and to Kussia, index 26 points in 4 months. In May a rise of about
$2,600,000.
3 points in the index from the April figure of 102
More important was the loss of the northern markets occurred.
of Europe to American export trade. April exports
The character of the upturn is not as yet adequately
to Sweden, Norway, Denmark, and Finland declined to revealed by the limited data now available. Although




June 1940

SURVEY OF CURRENT BUSINESS

the decline had tapered off in April, there was no the decline in retail sales. Dealers' stocks remained
clear indication that it was over by the end of that around 500,000 units. Little change was recorded in
month. The Reserve Board's index fell only 2 points other durable-goods industries. Aircraft, shipbuildfrom March to April as compared with an average of 8 ing, machine tools, electrical machinery and probably
points monthly during the previous 3 months, but other other machinery industries, which have been exceptions
comprehensive indicators demonstrated that deflation- to the general trend so far this year because of large
ary pressures of considerable potency were still at work. backlogs, maintained their high production rate in
Income payments, though falling less than a month May. Activity also held up in the railroad equipment
earlier, were reduced by a substantial amount, and non- field, while lumber production increased contraseaagricultural income declined approximately as much as sonally.
In the nondurable-goods lines, paper-mill output rose
in March. The adjusted index of factory employment
at 99.4 was down a point from March. Neither income a little further during May to above 90 percent of
nor employment data showed the leveling off indicated capacity after the initial impetus provided by the
stoppage of Scandinavian materials. Wood-pulp and
by the production index.
Nor did the April returns from the Department of paperboard output have also gained from the same
Commerce monthly industry survey offer evidence of a situation. The chemical industry continued to operate
significant upturn in manufacturing production to come at a high rate. The available data on the cotton
in the month ahead. The data revealed, however, that textile industry indicate some further decline, though
stability had been achieved after the first-quarter decline. possibly no larger than the usual seasonal recession.
Some evidence that the recovery embraced a broader
New orders, apart from those of the aircraft industry,
increased about 7 percent over March, but new busi- area than the production figures indicate is presented
ness received during the month was little more than by the data on freight movements. Carloadings, after
sufficient to maintain backlogs despite a slight decline some advance in April, rose appreciably in May to the
in shipments. The continued downward pressure on highest point of the year. The daily average was
business activity is indicated by the April change in about 113,000 cars as compared with 104,500 for April,
manufacturers' inventories; for the first time since the with all major categories making contraseasonal or
war stimulated expansion last fall there was a sizable more-than-seasonal gains.
reduction of stocks. This was not offset by changes in
distributors' inventories which were also lowered some- National Defense Major Factor in Outlook.
what during the month.
It is not surprising, therefore, that the rise in indusBy far the most fundamental development affecting
trial output in May lacked breadth. The sharp advance business prospects was the swift action taken to infor the month was confined very largely to the steel crease the domestic defense program. Implicit in the
industry. Ingot production rose abruptly from 60 per- program is an increase in the flow of expenditures,
cent of capacity at the end of April to 80 percent a month both Government and private, that in time will domilater, with the number of active blast furnaces increas- nate business trends. As well as can be judged at
ing from 155 to 171. Apparently this rise was based present, Government expenditures during the fiscal
upon business received during May—in part from the year 1941, exclusive of the additional defense approAllies after their loss of productive sources in Europe— priations requested in May, will approximately equal
as there was only a small rise in April. New orders in expenditures in the fiscal year ending this month. The
the steel industry in that month, including those placed added appropriations, likely to exceed $2,500,000,000,
for products upon which prices were lowered tempo- will therefore provide an additional stimulus to ecorarily, rose 3 percent and, with a decline in shipments nomic activity, and private investment of captial funds
of almost 4 percent to the lowest point of the year, will be required to expand plant capacities now inadewere not large enough to prevent a further, though quate. Total outlays involved in the program, plus
slight, decline in backlogs.
expanded non-military spending, will be more than
Among the other major industries no significant sufficient to offset any curtailment initiated by events
pickup in orders during May was reported, and in abroad.
certain consumer-goods lines buying was restricted by
Since some months will elapse before efforts now
the uncertainty manifested in security and commodity initiated are being expended in full force, the trend
markets. The small gains made in some industries of business in the immediate future must remain
were probably offset by declines in other areas—automo- uncertain. The behavior of financial markets last
biles, for example. Assemblies of cars were reduced month indicates that business is vulnerable to liquidafrom a weekly average of 102,000 in April to 94,000 in tion with adverse developments in the Allied position.
May, partly because of the holiday but also because of Expansion, however, is in prospect for the longer-run.




SURVEY OF CURRENT BUSINESS

June 1940

National Income at Nearly 70 Billion Dollars
in 1939
By Robert R. Nathan, Chief, National Income Division

income in the United States in 1939
NATIONAL
totaled nearly 70 billion dollars. Except for the

ments with readily available price series indicates the
probability of a new record level of production of goods
and services in the United States in 1939. Since the
population of the United States in 1939 was approximately 10 million larger than in 1929, however, there
is little doubt that the per capita real income in 1939
continued well below that of 1929. The dollar national
income in 1939 was 16.3 percent below the 1929 total,
but prices, as reflected in available price indexes,
showed larger declines over the period. The cost of
living of urban wage workers was 17.4 percent less
than in 1929 and wholesale prices were down 19.1
percent. Neither the wholesale price index, which is
a particularly sensitive series, nor the cost-of-living
index, which applies only to items included in the

71.2 billion dollar total in 1937, the 69.4 billion dollar
value of goods and services produced in 1939 was above
that of any year since the 82.9 billion dollar peak recorded in 1929. With increased output in all industrial
groups, the net value of production rose 5.8 billion
dollars in 1939, or 9.1 percent, from the 63.6 billion
dollar aggregate in 1938.
The large rise in 1939 resulted in considerable
measure from the accelerated expansion in business
activity which followed the outbreak of the war in September. As indicated by the index of income payments
published regularly in the Survey of Current Business,
the flow of income during the first half of 1939 was only
moderately above the rate prevailing in 1938. During
this 6-month period, the national income was being
I5.O%
produced at an annual rate not much in excess of 65
23.9Yo
„..«
24.5%
MANUFACTURING
billion dollars. A definite rise began in the summer of
/
„..«
1939, and at the time of the outbreak of war early in
/2.6%
13.
7%
TRADE
'"*
September the national income rate closely approxi/
/J.9%
/2.7%
mated the average level for the year.
12./%
//..«
/
//.»«
SERVICE
12 2 ¥0
Under the impetus of anticipated war demand and a
9.2%
8. 6°7o
8.7%
io.e%
resulting sharp expansion in inventories, production in
e.s%>
Q.l%
9.0%
many industries rose substantially in the final months of
9.0%
8.3</o )
AGRICULTURE
6 7%
6 9%,
1939. Prices also increased during the early weeks of
e.6%
TRA N5P0R TA TION
/6.2Y0
the European conflict and generally were maintained
7.6 y
GOVERNMENT
throughout the closing months of the year. The enALL OTHER
larged output at higher prices raised the flow of national
1929
1932
1937
1938
1939
income by the year end to an annual rate in excess of 75
Includes mining electric light and pcwer and gas, contract
and mi scellaneous industries as well as Social Security
billion dollars. During the first 4 months of 1940, in- construction
contributions of emp loyers in all industries
ZIP+O-3/2
come contracted at approximately the same rate at
to the National Income by Industrial Divisions,
which it had expanded in the final months of 1939; the Figure 4.—Contributions Selected
Years, 1929-39.
flow of income in April 1940 had fallen to the 1939
budget of urban wage workers, is satisfactory for adjustaverage.
ing the dollar income figures for price changes. HowIncome in Fixed Prices Probably at New Record in 1939.
ever, these price data and available production statistics
The national income measured in prevailing prices warrant the conclusions drawn above.
reflects both changes in the quantity of goods and Concepts and Terminology.
services produced and in the prices of these products.
The national income is designed to measure the
Changes in the dollar figures alone do not measure aggregate output resulting from economic activities
changes in the output of the Nation because of marked in the United States. In other words, it is an aggrevariations in the price level.
gate of the value of all food, clothing, shelter, services,
The "real" national income in 1939—that is, the and capital equipment which are created through the
dollar total adjusted for price changes—was at least efforts of the individuals in the nation. It is defined
equal to and probably above the previous record of as the net value of all goods and services produced
1929. Existing price series are not adequate to con- within a given period. The measure is net in the
vert the dollar income figures into real income with sense that the value of raw materials and of plant and
precision, but the margin extant after making adjust- equipment consumed in the process of production is



- —

o

/ • * :

/

%

SURVEY OF CURRENT BUSINESS

June 1940

Table 1.—National Income, by Industrial Divisions
[Millions of dollars]
Item
Total national income
Agriculture
Mining
Electric light and power and gas . .
..
Manufacturing
Contract construction
._
Transportation
. ...
Communication
Trade ..
...
Finance
Government, including work-program wages
Government, excluding work-program wages
Work-program wages
Service
Miscellaneous
Social security contribution of employers.

1939

1929

1930

1931

1932

1933

1934 1

1935

1936

1937

1938

82, 885

68, 901

54, 310

40, 074

42,430

50, 347

55, 870

65,165

71,172

63, 610

69, 378

7,258
1,883
1,425
20, 308
3,670
7,108
1,047
11,314
8,915
6,330
6,330

5,622
1,327
1,324
14,987
2,759
6,155
1,011
9,245
7,836
6,438
6,438

9,615
4.012

8,725
3,472

3,729
748
1,240
10,194
1,862
4,946
907
7,415
6,441
6,518
6,459
59
7,343
2,967

2,551
524
1,096
6,009
906
3,622
722
5,290
4,895
6,487
6,355
132
5,579
2,393

3,419
590
1,026
8,162
581
3,587
640
6,031
4,318
6,563
5,917
646
5,321
2,192

4,553
991
1,127
10, 510
735
3,817
679
6,971
4,630
7,632
6,202
1,430
6,181
2,518
3

5,276
1,028
1,152
12,402
964
4,133
723
7,608
5,131
7,923
6,584
1,339
6,828
2,695
7

5,970
1,299
1,233
14,978
1,570
4,795
770
8,516
5,749
9,446
7,063
2,383
7,643
2,897
299

6,378
1,530
1,380
16, 994
1,902
5,088
839
9,131
6,189
9, 153
7,370
1,783
8,477
3,161
950

5,432
1,072
1,365
12,359
1,749
4,261
808
8,593
5,837
9,846
7,701
2,145
8,067
3,102
1,119

5,635
1,232
1,384
15,425
2,148
4,800
863
9,135
5,983
9,884
8,015
1,869
8,374
3,319
1,196

Percentages of 1929
Total national income

_

Agriculture ._.
Minmer
...
_ ..
. . _.
Electric light and power and gas
Manufacturing
Contract construction
Transportation
Communication
Trade
.
_
Finance
Government including work-program wages
Government, excluding work-program wages
Work-program wages
Service
Miscellaneous
. .
Social security contributions of employers
Bureau of Labor Statistics wholesale-price index
..

100.0

83.1

65.5

48.3

51.2

60.7

67.4

78.6

85.9

76.7

83.7

100.0
100.0
100.0
100.0
100.0
100.0
100. 0
100.0
100.0
100.0
100.0

77.5
70.5
92.9
73.8
75.2
86.6
96.6
81.7
87.9
101.7
101.7

51.4
39.7
87.0
50 2
50.7
69.6
86 6
65.5
72 2
103.0
102.0

35.1
27.8
76.9
29 6
24.7
51.0
69 0
46.8
54 9
102.5
100.4

47.1
31.3
72.0
40 2
15.8
50.5
61 1
53.3
48 4
103.7
93.5

62.7
52.6
79.2
51.8
20.0
53.7
64.9
61.6
51.9
120.6
98.0

72.7
54.6
80.8
61.1
26.3
58.1
69. 1
67.2
57.6
125.2
104.0

82.3
69.0
86.5
73.8
42.8
67.5
73.5
75.3
64.5
149.2
111.6

87.9
81.3
96.8
83.7
51.8
71.6
80.1
80.7
69.4
144.6
116.4

74.8
56.9
95.8
60.9
47.7
59.9
77.2
76.0
65.5
155. 5
121.7

77.6
65.4
97.1
76.0
58.5
67.5
82.4
80.7
67.1
156.1
126.6

100 0
100.0

90 7
86. 5

76 4
74.0

58 0
59. 6

55 3
54.6

64 3
62.8

71 0
67.2

79 5
72.2

88.2
78.8

83 9
77.3

87 1
82.7

100.0

90.7

76.6

68.0

69.2

78.6

83.9

84.8

90.6

82.5

80.9

i 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 Eevenue Act of 1934. Special tabulations from the Bureau of Internal Revenue permitted the making of estimates for 1934
on the earlier basis. For specific items in certain industries the variations are substantial, but for total income the changes were small and the two estimates were averaged.

deducted from the gross value of all goods and services
produced. The value of capital consumption is represented by depreciation and depletion charges, which
are deducted as a cost in arriving at the national
income.
The national income is measured by adding together
the net value of products of all producing units, including corporations, Government agencies, partnerships,
and individual enterprises. Each of these producing
units utilizes personal services and capital provided by
individuals who both contribute to the productive
process and share in its output. For their efforts, individuals receive income in the form of wages, salaries,
interest, dividends, entrepreneurial withdrawals, and
net rents. When these distributive shares are less
than the net value of product, business enterprises
retain undistributed earnings or positive savings. If
income disbursed exceeds income produced, the difference, which represents a draft upon net worth, is termed
"negative savings." Income disbursed plus business
savings equals the national income. Thus, the national income is a measure of the net value of goods
and services produced and also of the claims over these
goods and services.
The concepts, terminology, and methods of measurement underlying the estimates presented in this article
are generally the same as those presented in previous



publications of the Department of Commerce. There
have been moderate revisions in the estimates as new
source material has become available. In the figures
presented in this article, an appreciable increase in the
estimates for the power and gas industry for all years
has resulted from the inclusion of natural-gas activities
for the first time in this study. The estimates of
dividends and corporate savings for 1937 have been
revised on the basis of corporate income tax return
data from the Bureau of Internal Revenue. The 1938
and 1939 figures for these items are preliminary pending the publication of the income tax data for these
years.
Manufacturing Up One-fourth in 1939.

The business decline in 1938 and the subsequent
recovery in 1939 were characterized by marked fluctuations in the output of the commodity-producing industries, which include agriculture, mining, manufacturing, and construction work done under contract.
These industries accounted for more than 80 percent
of the income decline in 1938 and two-thirds of the
recovery in 1939. Thus, the cyclical decline in business activity which began in the fall of 1937 and continued through the first half of 1938 was largely confined to those areas of the economy which produce
commodities, as contrasted with those creating serv-

8

SURVEY OF CURRENT BUSINESS

ices. The durable-goods industries, in particular,
revealed sharp declines, with the non-durable-goods
industries falling to a lesser extent and the service
industries showing only moderate curtailment.
The same general pattern is shown for the 1939
expansion. Both manufacturing and construction increased by approximately one-fourth in 1939, with
mining showing a gain of 15 percent and transportation a rise of 13 percent. For all other industrial
groups the gains varied from a fractional rise for
government to 7 percent in the communication industry. The expansion in regular government activities
was offset by the drop of nearly 300 million dollars in
work-project wages.
Despite the 25-percent rise in 1939, the net value of
product of all manufacturing industries was one-fourth
lower in 1939 than in 1929. The income of agriculture
was also nearly one-fourth below that of 1929, and
mining continued more than one-third under the total
of that year. After a moderate decline in 1938, construction increased in 1939 to the highest volume since
1930. Income produced in this industry declined more
during the depression than that of any other industrial
area, with the 1933 total being barely a sixth of the
1929 aggregate. Recovery in construction was slow
through 1935 but thereafter it was rapid, with 1939
nearly 60 percent of the 1929 figure. Among public

June 1940

utilities, the power and gas industry revealed approximately the same income produced in 1939 as in 1929,
whereas the communication industry was one-sixth
lower. Government's contribution to the national
income in 1939, including the work program, was more
than half again as large as in 1929. Excluding work
programs, the value of services rendered by all government agencies in 1939 was one-fourth above the 1929
total.
Income Disbursed in Larger Amount in 1939.

As indicated earlier, the national income is determined by adding together the income paid out by all
producing units plus their positive or negative business
savings. The estimate of business savings, being a
residual item, is subject to a considerable margin of
error and must be used with caution. All of the limitations of financial-statement items resulting from accounting techniques not adapted to economic purposes
tend to be centered in the savings item. Also, in the
field of agriculture the break-down of net income of
farmers between the withdrawals of the farm operator
and business savings of the farm enterprise is based
largely on arbitrary assumptions pending further data
now in the process of preparation by the Bureau of
Agricultural Economics.
In 1938 the national income was nearly 1.5 billion

Table 2.—Income Paid Out, by Type of Payment
[Millions of dollars]

Item
Total income paid out
Total compensation of employees
Total salaries and wages ._ _- 1Salaries (selected industries)
Wages (selected industries)1
Salaries and wages (all other industries)
Total supplements to salaries
and wages
Work-program wages 2.
Social security contributions of employers
Other labor income
Total dividends and interest—.
Dividends-_
Interest
Entrepreneurial withdrawals
Net rents and royalties

.

1929

1930

1931

1932

1933

1934

1935

1936

80,611

74, 211

62,816

49, 289

45,515

51, 788

55,896

52, 776
52, 344
6, Ur3
14,915
31,276
432

47,919
47,469
5,959
12,332
29,178
450

40,362
39, 857
4,928
9,371
25, 558
505
59

31,516
30,953
3,588
6,482
20,883
563
132

29,592
28,531
3,260
6,786
18, 485
1,061
646

37, 239
35, 397
4,032
9,666
21,699
1,842
1,339
7
496

1937

1938

64,151

70, 262

65,007

68,600

42, 703
39,498
4,370
11,166
23,962
3,205
2,383
299
523

47, 542
44, 209
4,881
13,068
26, 260
3,333
1,783
950
600

44, 301
40, 423
4,536
10, 232
25, 655
3,878
2,145
1,119
614

46, 768
43,076
4,652
11,630
26, 794
3,692
1,869
1,196
627

1939

432

450

446

431

415

34, 247
32, 385
3,760
8,515
20,110
1,862
1,430
3
429

11,851
5,945
5,906

11,715
5,634
6,081

10,270
4,280
5,990

8,393
2,727
5,666

7,351
2,193
5,158

7,937
2,725
5,212

8,055
2,931
5,124

9,721
4,651
5,070

9,794
4,752
5,042

8,258
3,370
4,888

8,956
4,124
4,832

12, 620
3,364

11,903
2,674

10,148
2,036

8,156
1,224

7,364
1,208

8,149
1,455

8,911
1,691

9,818
1,909

10,813
2,113

10,473
1,975

10,826
2,050

Percentages of 1929
Total income paid out
Total compensation of employees
Total salaries and wages . . 1 . ,_
Salaries (selected industries)
Wages (selected industries)1
Salaries and wages (all other industries)
Total supplements to salaries
and wages
Work-program wages 2
Social security contributions of employers
Other labor income
.. ..
Total dividends and interest --.
_
Dividends
Interest... _
Intrepreneurial withdrawals
Net rents and royalties
. ...
Bureau of Labor Statistics cost-of-living index
1
2

56.5

64.2

69.3

79.6

87.2

80.6

85.1

59.7
59.1
58.3
43.5
66.8
130.3

56.1
54.5
53.0
45.5
59.1
245.6

64.9
61.9
61.1
57.1
64.3
431.0

70.6
67.6
65.5
64.8
69.4
426.4

80.9
75.5
71.0
74.9
76.6
741.9

90.1
84.5
79.3
87.6
84.0
771.5

83.9
77.2
73.7
68.6
82.0
897.7

88.6
82.3
75.6
78.0
85.7
854.6

103.2

99.8

96.1

99.3

114.8

121.1

138.9

142.1

145.1

98.9
94.8
103.0

86.7
72.0
101.4

70.8
45.9
95.9

62.0
36.9
87.3

67.0
45.8
88.2

68.0
49.3
86.8

82.0
78.2
85.8

82.6
79.9
85.4

69.7
56.7
82.8

75.6
69.4
81.8

100.0
100.0

94.3
79.5

80.4
60.5

64.6
36.4

58 4
35.9

64.6
43.3

70.6
50.3

77.8
56.7

85.7
62.8

83.0
58.7

85.8
60.9

100.0

97.5

89.1

80.2

76.2

79.1

81.1

82.1

84.7

83.4

82.6

92.1

77.9

100.0
100.0
100.0
100.0
100.0
100.0

90.8
90.7
96.8
82.7
93.3
104.2

78.5
76.1
80.1
62.8
81.7
116.9

100.0

104.2

100.0
100 0
100.0

100.0

61.1

1

Includes mining, manufacturing, steam railroads, Pullman, railway express, and water transportation.
Includes pay rolls 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 Statistical Office
employees and their pay rolls under the Federal Works Program are included with the regular Federal Government employment and pay-roll figures.



SURVEY OF CURRENT BUSINESS

June 1940

dollars below the total income disbursed, indicating
that part of the income distributed came from the
existing resources of business enterprises rather than
exclusively from current production. For corporations, negative savings in 1938 are estimated at more
than 2 billion dollars, which was in part offset by positive savings (primarily in agriculture) for noncorporate
enterprises. Preliminary estimates based uuon published statements of corporations reveal a sharp drop to
about one-quarter billion dollars in negative corporate
savings for 1939. For noncorporate enterprises, savings are estimated to be positive to the extent of approximately 1 billion dollars in 1939. Thus, while
income disbursed in 1938 was nearly 1.5 billion above
the national income, in 1939 the national income exceeded income disbursed by about half that amount.
Income distributed rose 3.6 billion dollars in 1939, as
compared with a rise of 5.8 billion dollars in the national
income.
Disbursements for the services of employees increased
from 44.3 billion dollars in 1938 to 46.8 billion dollars
in 1939. Exclusive of work-project wages the increase
was 2.8 billion dollars, or 6.5 percent. Work-project
wages were nearly 13 percent lower in 1939 than in the
preceding year. In those industries in which salaries
and wages could be segregated, the fluctuations in wages
continued to exceed those in salaries. Salaries in these
industries were only slightly higher in 1939 than in 1938,
while wages in the same industries rose nearly 14
percent. In 1938, wages fell more than one-fifth,
as compared with a drop of less than one-tenth in
salaries. With no major change in pay-roll tax rates,
Social Security contributions of employees in 1939
closely paralleled the rise in all wages and salaries.
After the sharp decline of nearly 30 percent in 1938,
dividend payments rose substantially in 1939, recovering
more than half of the previous year's decline. Although
the total of dividends paid in 1939 was nearly double
that of 1933, it was approximately 30 percent below
the 1929 peak. Interest payments declined slightly
in 1939, extending the downward trend which began in

10
20
30
40
50
60
10
80
90 100
m~
,.
f ,i
mxxxxxm Entrepreneurial
• Compensation of Employees
W8$m Withdrawals
2 Dividends
KN^sWN Interest
I I
O
t
h
e
r
J).J3 4Q-3I3

Figure 5.—Percentage Distribution of Income Paid Out by Type of Payment, 1929-39.

1931. The 1939 total was about one-fifth less than the
peak figure recorded in 1930. The fall in interest
payments since 1930 has resulted from widespread
mortgage and bond defaults and a large amount of
refinancing at lower interest rates.
Percentage Distribution of Income Components.

With the exception of a rather substantial increase in
dividends and a decline in entrepreneurial withdrawals
and work-program wages, the component elements of
income paid out in 1939 remained in much the same
relationship to total disbursements as that which
prevailed in 1938. Compensation of employees
accounted for 68.2 percent of the total income disbursed in 1939, fractionally above the 1938 proportion
and the highest proportion for any of the years covered
by the Department of Commerce estimates. Salaries
and wages excluding work-project wages accounted for
62.8 percent of the 1939 income paid out. Workproject wages represented 2.7 percent of the total.
Social Security contributions of employers, which are
included in the income distributed since they accrue
to the benefit of the employees, comprised slightly less
than 2 percent of income paid out.

Table 3.—Percentage Distribution of Income Paid Out by Type of Payment
Item

1930

1939

Total income paid out

1931

1933

1934

1933

1935

1936

1937

1938

1939

100.0

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
Total supplements to salaries and wages. _
Work-program wages L
Social security contributions of employers. .
Other labor income ._

65.5
65.0
.5

64.6
64.0
.6

64.3
63.5
.8
1

63.9
62.7
1.2
3

65.0
62.7
2.3
14

66.1
62.5
3.6
2 7

66.6
63.3
3.3
2 4

66.6
61.6
5.0
3 7

67.7
62.9
4.8
2 5

68.1
62.2
5.9
33

68.2
62.8
5.4
2.7

5

6

7

9

9

9

.5
8

1.4
9

1.7
9

1.8
.9

Total dividends and interestDividends
Interest—
.

14.7
7 4
7.3

15.8
7 6
8.2

16.3
68
9.5

17.0
55
11.5

16.2
4 8
11.4

15.4
53
10.1

14.4
5 2
9.2

15.2
73
7.9

13.9
6 7
7.2

12.7
52
7.5

13.1
6 0
7.1

15 6

16 0

16 2

16 6

16 1

15 7

16 0

15 2

15 4

16 2

15 7

4.2

3.6

3.2

2.5

2.7

2.8

3.0

3.0

3.0

3.0

3.0

E ntrepreneurial withdrawals
Net rents and royalties. .

_

9

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 Statistical Office employees and their pay rolls under the Federal Works Program are included with the regular Federal Government employment and pay-roll figures.
233101—40

2




10

SURVEY OF CURRENT BUSINESS

Following a sharp decline to a new low of 12.7 percent in 1938, combined dividend and interest payments
accounted for a slightly larger percentage of the total
income paid out in 1939. However, the 13.1 percent
of income paid out which took the form of dividends
and interest was lower than in any other year studied
except for 1938. Dividends accounted for 6 percent of
income disbursements in 1939, as compared with 5.2
percent in 1938 and a high of 7.6 percent in 1930. Interest payments represented a new low in 1939 of only
7.1 percent of total income disbursed. Rents continued to account for about 3 percent of total income
disbursed in 1939.
Employment and Per Capita Earnings Higher in 1939.

Table 4 shows that both the number of employees
and their per capita income was higher in 1939 than
in 1938. Average annual earnings per full-time worker
in all industries increased from $1,284 in 1938 to $1,329
in 1939. The average in 1939 was higher than in any
year since 1931. It should be noted that average earnings per employee do not represent the average earnings of all workers wiio were employed at any time
during the year, but rather the average earnings per
worker who appeared on pay rolls regularly. In a few
instances it is possible to adjust for part-time work
within pay periods; but, by and large, the number of

June 1940

workers used for deriving average annual earnings represents an average of the number working in each pay
period. Therefore, Jull-time as used here means regularly throughout the year, but not necessarily fulltime within each week or month.
A comparison of changes in the per capita income of
employees and in the Bureau of Labor Statistics index
of cost of living of urban wage earners indicates a considerably higher real income per full-time worker in
1939 than in any previous year. It should be noted,
however, that with a marked increase in unemployment
in 1939 relative to 1929, the employed workers probably are not, in many instances, engaged full time; and,
also, they must support other employable persons in
their families without jobs. However, the figures do
indicate higher rates of return in terms of goods and
services for each fully employed worker.
The figures in table 5 reveal trends from year to year
in salaries and wages of workers for approximately 40
industrial categories. In this break-down it is interesting to note the marked divergencies among industries in pay-roll changes from year to year and from
one phase of the business cycle to another. In 1939
wages declined in agriculture and remained practically
unchanged in such areas as the mining industry, the
food and tobacco industry, the power and gas industry,
and others. On the other hand, substantial increases
(as large as 25 percent, or more) are shown for the

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

1939

1933

1934

1935

1936

1937

26, 222

26,133

28, 402

29, 725

31, 858

33, 768

31,239

32, 419

1,693
6,877

1,634
7,430

1,831
8,553

1,922
9,021

2,068
9,765

2,206
10, 618

2,064
8,832

2,100
9,404

19, 510

17, 652

17, 069

18, 018

18, 782

20, 025

20, 944

20, 343

20, 915

1929

1930

1931

1932

35, 563

33,122

29, 715

2,478
10, 964

2,373
9,649

2,050
8,155

22,121

21,100

i

NUMBER OF EMPLOYEES (THOUSANDS)

All employees 2
3
Salaried employees (selected industries)
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)

$1, 433

$1,341

$1,180

$1,092

$1,140

$1,191

$1, 240

$1, 309

$1, 294

$1, 329

2,483
1,360

2,511
1,278

2,404
1,149

2,119
943

1,995
913

2,054
996

2,098
1,071

2,113
1,143

2,213
1,231

2,198
1,159

2,215
1,237

1,414

1,383

1,310

1,183

1,083

1,116

1,155

1,254

1,261

1,281

Percentages of 1929
NUMBER OF EMPLOYEES

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

100.0

93.1

83.6

73.7

73.5

79.9

83.6

89.6

95.0

87.8

91.2

100.0
100.0

95.8
88.0

82.7
74.4

68.3
62.7

65.9
67.8

77.6
82. 3

83.5
89.1

89.0
96.8

95.4

88.2

79.8

77. 2

84.9

90.5

94.7

83.3
80.6
92.0

84.7
85.8

100.0

73.9
78.0
81.5

PER CAPITA INCOME OF EMPLOYEES

All employees 2

100.0

97.4

91.1

80.2

74.2

77.4

80.9

84.2

88.9

87.9

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

100.0
100.0

101.1
94.0

96.8
84.5

85.3
69.3

80.3
67.1

82.7
73.2

85.1
84.0

89.1
94.5

88.5
90.5

100.0

97.8

92.6

83.7

76.6

78.9

84.5
78.8
81.7

84.7

88.7

89.2

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

89.2
91.0

82.6

1 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.
2
Does not include employers and self-employed persons, such as farmers, merchants, independent professional practitioners, etc., nor work project employees and unpaid
family
farm labor.
3
Includes mining, manufacturing, steam railroads, Pullman, railway express, and water transportation.




11

SURVEY OF CURRENT BUSINESS

June 1940

metal and metal-products industry and the construction industry. Similarly, the declines from 1929 to
the depression lows and the subsequent recoveries varied
greatly among different major industrial groups and

subgroups. Pay rolls in 1939 were higher than in 1929
in the food and tobacco, air transportation, electric
light and power, gas, and professional-service industries, as well as in all of the categories of government.

Table 5.—Total Compensation of Employees, by Industrial Groups, 1929-39
Absolute numbers (in millions of dollars)

Percentages of 1929

Item
1930

1931 1933 1933 1931

1937

1935

193S

1939

Total compensation
of em52, 776 47,919 40, 362 31, 516 29,592 34, 247 37, 239 42, 703 47, 542 44,301 46, 768
ployees 1
Total salaries and wages... 52, 344 47,469 39,857 30,953 28,531 32,385 35,397 39,498 44,209 40,423 43,076
Agriculture, total
Mining, total
Anthracite
Bituminous coal
Metal
Nonmetal
Oil and gas
Manufacturing, total
Food and tobacco
Paper, printing and publishing
Textiles and leatherConstruction materials and
furniture
Chemicals and petroleum refining
Metal and metal products
Miscellaneous and rubber
Central administrative officesContract construction, total
Transportation, total
Steam railroads, Pullman and
express
Water transportation
Motor transportation and
public warehouses
Street railways
Air transportation
Pipe lines
Power and gas, total
Electric light and power._
Gas
Communication, total
Telephone
Telegraph.
Trade, total
al_.
Retail trade
Wholesale 2trade
Finance, total
Banking.
Insurance
Security brokerage and real
estate
Government, total
Federal 3
State
City
County, township, and minor
units
Public education
Service, total
Professional service 4
Personal service«
Recreation and amusement 6 .
Business service *
Miscellaneous
and domestic
service 8
Miscellaneous, total

1932 1933 1934

1935

1937

1938 1939

90.!
90.'

76.5
76.1

59.7
59.1

56.1
54.5

64.9
61.9

70.6
67.6

80.
75.5

88.3
87.8
96.1
83.5
83.5
92.1
90.5
86. 2
95.5

66.0
64.1
77.8
63.1
52.4
71.5
59.
67.0
81.0

45.5
44.3
56.8
43.2
26.9
45.0
47.1
46.9
65.6

40.3
45.3
49.8
46.7
26.9
41.1
52.3
47.3
67.4

43.5
59.4
59.5
64.9
36.3
50.3
67.3
59.1
81.8

49.8
62.3
52.5
69.7
46.7
55.
68.5
66.6
85.7

53.7 61.
70.7 78.7
50.2 47.9
81.8 84.0
65.1 96.7
69.5 79.5
69.4 80.6
75.6 88.6
91.5 101.4

59.0
65.3
39.3
65.4
67.0
76.2
78.6
72.0

1,351 1,395 100.3
2,054 2,241 83.2

85.6
72.7

65. 8
52. 7

58.8 67. 7
57. 8 67. 5

72.3
75.1

78.4
78.3

1,199

1,284 1,134 847
584
794
558
639
517
758
750
1,602 1,407 1,027 709
725 952 998 1,132 1,261 1,046 1,059
257
247 200
129
153
123
101
104
146
128
135
636
531
520 534
401
423
275
297 413
443
416
212
17'
138
111
205
77
57
57
142 157
151
139
105
108
125
76
120
62
115
68
346
31
207 163
233
272 250
181
279
237 240
15, 766 13,591 10, 565 7,391 7,464 9,311 10,493 11,914 13,963 11, 344 12, 678
1,550 1,480 1,256 1,017 1,044 1,268 1,329 1,418 1,572 1,527 1,549
1,615 1,620 1,383 1,063
950 1,093 1,168 1,266 1,420
2,'" 2,412 2,108 1,528 1,676 1,957 2,175
2,421
2, '"'
1,292
590
759
1,811
896
1,100
672
530 631
858 817
526
850
677
721 5,5,812 4,698 3,271 2,038 2,075 2,911 3,511
622
521
289
364 399 4,335 534
285
400
600
598 487
344 292 328
338 461
376
3,065 2,302 I.1
865
638 793
528
345 1,528
4,491 3,770 2,826 2,603 2,840 3,104 1,257 3,825
3,495
3,228 2,850 2,333 1,685 1,560
1,831 2,056 2,218
472 443
374
285
297
323 376
507
434

1931

90.1
84.5

83.9 88.6
82.3
58.4
66.1
40.5
66.5
74.1
82.8
72.3
80.4
99.9

54.6

32. 6|

33.6

41. 9 49.5

60.7

71.3

83.7 86.4
70.9 77.3
58.4 66.2

785
815
3,784 4,624
425
488
361
367
1,385 1,667
3,412 3,632

95.2
80.8
83.8
99.7
75.1
90.9

78.3
56.3
64.3
81.2
52.9
76.3

61.3
35.1
45.8
57.3
28.2
57.2

61.8
35.7
46.5
48.7
17.2
52.7

73.5
50.1
58.5
54.7
20.8
57.5

78.9
60.4
64.1
56.3
25.
62.8

84.0
74.6
74.1
57.5
41.0
70.8

99.1
94.6
85.9
62.7
49.9
77.4

91.5
65.1
68.3
60.2
45.2
69.1

1,961
417

88.3

72.3
79.2

52.2
60.4

48.3
62.9

52.3
68.4

56.7
79.7

63.7 68.7
91.9 107.4

1,057

456

87.9
83.5

95.0
79.6
78.5
61.2
54.4
73.5

60. 7j 64.7
3.3 96.6

700
312
31
44
671
452
219
621
540
81
6,442
3,947
2,49^
1,993
619
930

87.2 69.5 60.5 69.3 77.6 89.7 99.4 90.! 97.4
67.2 57.
60.6 61.4 64.4 67.2 6.4 67.2
93.5 82.
150.0 200.0 216.7 216.7 233.3 266.7 333.3 400.0 450.0 516. 7
88.0 80.0 62.0 60.0 70.0 76.0 82.0 98.0 92.0 18.0
99.2 89.0 73.6 68.6 75.
82.3 90.5 101.4 101. 8 102.3
102.1 90.2 71.1 65.1 71.3 77.9 87.7 101.8 102.3 103.0
93.5 86.6 78.8 75.6 84.8 91.2 96.3 100.5 100.9 100.9
101.4 90.7 75.5 65.3 69.6 71.7 76.2 85.7 ;6.3 87.8
101.2 91.0 77.6 66.8 70.3 73.2 77.6 87.6 89. 91.5
102.6 88.9 65.0 58.1 65.
64.1 69.2 76.1 68.4 69.2
92.9 80.8 63.2 56.7 62.7 66.3 71.0 78.5 75.5 77.5
91.9 80.8 63.1 57.1 61.8 64.5 69.4 76.8 73.4 75.6
94.6 80.9 63.3 56.0 64.3 69.
73.6 81.3 79.1 80.8
96.0 85.4 75.
68.1 70.5 71.7 76.9 81.3 78.4 79.6
98.5 89.6 76. 3 66.0 69.
69.5 70.8 73.8 74.9 76.5
92.3 85.2 77.5 81.6 85.7 90.3 95.1 93.5 94.5

710
626
505 443
389
463
502
408
396
444
436
4,945 5,070 5,058 4,905 4,391 4,553 4,959 5,388 5,616 5,928 6,195
1,398 1,425 1,444 1,359 1,222 1,415 1,678 1,893
1,931 2,074
392 408
434
431
414
427 473
531
656
681
1,167 1,194 1,138 1,111
934
976 1,040
591 1,204 1,237

88.2 71.1 62.4 57.5 55.8 54.8 65.2 70.7 61.4 62.5
102.5 102.3 99 2 88.8 92.1 100.3 109.0 113.6 119.9 125.3
101.9 103.3 97.2 87.4 101.2 120.0 135.4 136.5 138.1 148.4
104.1 109.9 110.7 105.6 108.9 120.7 135.5 150.8 167.3 173. 7
102.3 97.5 95.2 80.0 81.7 83.6 89.1 92.2 103. 2 106. 0

719
464
6
50
656
439
217
707
590
117
8,307
5,218
3,089
2,503

711
434
9
44
651
448
203
717
597
120
7,718
4,795
2,923
2,404
797
981

627
384
12
40
584

500
312
13
31
483
312
171
534
458
76

641
537
104
6,716 5,247
4,216 3,292
2,500 1,955
2,138
725 '617
908
838

13
30
450
286
164
462
394
68
4,709
2,980
1,729
1,705
534
763

281
14
35
497
313
184
492
415
77
5,209
3,224
1,985
1,764
565

558
285
16
38
540
342
198
507
432
75
5, 510
3,365
2,145
1,794
562
843

645
299
20
41
594
385
209
539
458
81
5,897
3,622
2,275
1,925
573

715
312
24
49
665
447
218
606
517
89
6,520
4,009
2, 511
2, 035
597
936

653
308
27

449
219
610
530
80
6,270
3,828
2,442
1,962
606
920

v

376
1,612
6,373
1,224
2,078
478
456

386
1,657
5,903
1,253
1,942
438
427

1,663
5,094
1,193
1,698
364
382

377
1,624
4, 075
1,095
1,;
293
307

331
1,490
3,630
1,011
1,158
259
277

337
1,420
4,114
1,014
1,408
283
312

351
1,481
4,504
1,057
1,586
316
327

372
1,552
4,982
1,134
1,763
355
349

1,076

1,645
5,546
1,213
1,934
410
379

420
1,717
5,256
1,253
1,814
394
368

442 102.7 101. 100.3
1,761 102.8 103.2 100.
5,463 92.6 79.9 63.
1,283 102.4 97.5 89.5
1,871 93.5 81.7 64.3
413 91.6 76.2 61.3
375
83.8 67.3

2,137 1,843 1,457 1,044
925 1,097 1,218 1,381 1,610 1,427 1,521
2,197 2,081 1,797 1,436 1,347 1,457 1,556 1,685 1,850 1,784 1,905
132
646 1,430 1,339 2,383 1,783 2,145 1,869

Work-program wages
Employers' contribution to social
secur ity
Other labor income
|__ 432

450

431

"415

3
429

7
496

299
523

86.2
94.7

68.2
81.

48.9
65.4

950 1,119 1,196
600 614
627 104.2 103. 2; 99. 8

88.0
92.4
57.0
82.6
55.
54.2
60.7

88.1
64.6
82.8
67.8
59.2
68.4

93.4
91.
70.7
86.4
76.3
66.1
71.7

98.9
96.3
78 2
92.6
84.8
74.3
76.5

43.3
61.3

51.3
66.3

57.0
70.8

64.6
76.7

105.3
117.6
102.0 106.5
87.0 82.5 85.7
99.1 102.4 104. 7
93.1 87.3 90.0
85.8 82.4 86.4
83.1 80.7 82.2
75.3
84.2

71.2
86.7

96.11 99.3 114.8 121.1 138. 9 142.1 145.1

1

Includes salaries and wages, work project wages, compensation for injuries, pensions granted under formal private plans, and contributions of employers to social security.
The 2industrial classification covers only salaries and wages.
Does not include certain miscellaneous financial institutions which have been included in "Miscellaneous."
34 Does not include work project wages.
Includes religious, private educational, curative, legal, accounting, and engineering (consulting) activities.
s
Includes hotels, restaurants, laundries, cleaning and dyeing establishments, apartment houses and office buildings, barber and beauty shops, etc.
^ I n c l u d e s m o t i o n - p i ' r > ^ 1 l r p Tvrnrinpt.inn artf] AvViiVn'tinn

7

8

Includes advertis
Includes domest:




r n r l i n "hrnaHpaa+incr

ar\r\ nfhor cir>fiTn"fioc TiriTnavil-v7 •nrnTMrh'ncr onfor+ainmont

SURVEY OF CURRENT BUSINESS

12

June 1940

Indebtedness in the United States, 1929-39
By J. Wesley Sternberg, Chief, Debt Section, National Income Division

as defined comprehensively in this study,
DEBTS,
consist of obligations—irrespective of form, origin,
duration, or ownership—by which debtors contract to
make payments of either interest or principal, or both,
on stated or determinable dates. They encompass obligations varying from open accounts payable to debts
evidenced by formal notes and from debts payable on
call to debts of long duration. They include obligations originating from judgments, reorganizations,
purchases on credit, and direct loans of funds. By
type of obligor, they embrace the debts of individuals,
business enterprises, financial institutions, and Government agencies, as well as debt instruments issued
and held by issuers or their affiliates. Viewed from the
standpoint of purpose, they include debts incurred for
either productive, consumptive, or other purposes by
individuals, private corporations, governmental units
and their agencies.
Economic Significance of Debts.

Under existing methods of finance, wThen individuals
and groups of individuals seek funds beyond those in
their possession, they obtain them by borrowing or by
selling equities. Except in relatively rare instances,
governmental units obtain such funds exclusively by
borrowing. Individuals, private corporations, and other
private groups commonly elect either to go into debt or
to sell stock, a partnership interest, or some other form
of equity. The medium employed depends upon a wide
range of considerations, relating to such matters as
income and risk, by those providing and by those obtaining the funds. Debt obligations are important in
the growth of an economy in which savings are high and
in which all savings cannot flow into equity investments either because of their institutionalized character
or the preference of savers.
Wherever debts are incurred to obtain funds or to
satisfy claims, the debts so created may not be adjudged desirable or undesirable until they are analyzed
in the light of the circumstances under which they are
originated. Similarly, changes in the volume of debt
from one period to another must be evaluated in the
light of factors which bring about the expansion or
contraction. Changes in the volume of total debts
outstanding usually result from many diverse movements. Thus, during periods of depression and declining business activity, debts may be reduced by foreclosures, by scaling down debts through corporate
1
The statistics on indebtedness presented in this article differ in concept and are
more extensive in scope than those of earlier studies made by the Department of Commerce. In this study, debts encompass public and private, long-term and short-term
corporate, individual, and other noncorporate debt compiled on a net-debt basis. In
the earlier studies, the debt statistics were confined to selected classes of long-term
debtor obligations, some of which were compiled on gross-debt and others on net-debt
basis.




reorganizations, by repayment of obligations through
lack of alternative uses of funds, and by similar factors.
On the other hand, during similar periods, debts may
for a time be incurred by consumers in the acquisition
of food, clothing, and other essentials purchased on
credit. Individuals may also mortgage their property, thus changing claims on resources from ownership to debt claims. Business enterprises may borrow,
if they can find lenders, in order to obtain funds essential to continued operation. Government units may
increase their indebtedness for the purpose of building
roads, schools, dams, and other public assets which
can be built more cheaply in periods of depression and
which, at the same time, will provide employment for
the jobless.
INDEX NUMBERS, 1929=100
2001
175
PUBLIC

.

150
125
- PR/VATE L 0NG - TERM

100
75
50
25

CORPORATE SHORT-TERM
-N0N-CORPORATE

'

SHORT-TERM, CONSUMER

N0N-CORPORATE SHORT-TERM, -^
- COMMERCIAL AND FOR PURCHASE OF SECURITIES

1929 1930 1931 1932 1933 1934 1935 1936 1937 i938 1939
Figure 6.—Indexes of Net Public and Private Debt in the United States,
by Classes, 1929-39.

In periods of expansion and prosperity, changes in
the aggregate debt volume also represent the net effect
of many increases or decreases in various classes of
debt and in the obligations of different groups of debtors. Some consumers pay off their accumulated debts,
while others, in anticipation of continued or expanding
earnings, purchase goods on credit. Some individuals
use their increased earnings to pay off home mortgages,
and others to purchase new homes, borrowing additional
funds for this purpose. Some business enterprises retire debts, but many of them borrow funds for expansion of plant and equipment. Increased revenues may
permit Government units to retire part of their obligations. Generally, debts tend to expand during periods
of increased business activity. This is true because
private investments expand during such periods, and
debt instruments comprise an important channel for
the investment of savings. Also, it is easier for the
prosperous than for the distressed to borrow \ and
debt expansion, therefore, coincides more often with
prosperity than with depression.

June 1940

SURVEY OF CURRENT BUSINESS

13

Debts have played an important role in this country mobilizing savings for productive uses, increases in
in the formation of productive assets and durable con- volume of business and utilization of resources are
sumer goods. For several decades the development of accompanied by increases in outstanding debt.
the railway and public-utility industries has been
financed, in a large measure, by the sale of bonds, mort- Concepts of Debt.
Debt statistics may be compiled in accordance with
gages, and other evidences of debt. Similarly, residential and commercial real-estate construction has been various possible concepts, ranging from an inclusive
financed chiefly through bond and mortgage indebted- gross-debt aggregate to a net-debt category in which
ness. Equity financing has played a relatively more all duplicating and overlapping debt is eliminated.
prominent part in the growth of industrial enterprises, Under a gross-debt concept, the totals encompass all
but debt securities have also supplied large sums for forms and types of debt obligations. In addition to
plant construction and equipment and for operating the debts of final borrowers, these totals include the
liabilities of intermediaries who assemble the savings of
purposes.
The development of transportation and public-utility individuals, corporations, and other initial lenders and
facilities and the production of industrial plant and who in turn make loans directly or through other interequipment during the 1929-39 decade was much lower mediaries to home owners, businessmen, consumers,
than in the preceding decade. Even less was the volume and other ultimate borrowers. Any totals compiled
of debt financing, since such industries as railroads, in accordance with this concept thus contain debt inwhich ordinarily rely mainly on bond and note issues curred arid recorded at successive stages in the movefor most of their funds, did little expanding during this ment of funds from those with savings to those who
period. Industrial enterprises financed much of their use the funds for production or consumption purposes,
plant and equipment expenditures by reinvestment of and are without economic significance. Nonetheless,
depreciation reserves and undistributed earnings rather certain categories of duplicating debt which are exthan through the flotation of debt or equity securities. cluded from the computation of total net debt—such
During this period vast resources of investment funds as bank deposits—are of great analytical value.
have not been used in the creation of new durable goods,
Since 1933, duplicating debt of monetary financing
and only a portion of the existing productive capacity agencies has expanded appreciably. Bank deposits rose
of the Nation has been put to use. A considerable from 38.5 billion dollars at the end of 1933 to 58.3
proportion of the new indebtedness in recent years has billion in 1939, which exceeded the 1929 total by 3
been in the form of obligations of Government units. billion. Insurance-company liabilities to policyholders
These debts have been incurred in part in the purchase and others rose from 22.6 billion dollars in 1933 to 30
or construction of assets in the form of buildings, high- billion in 1939, the latter total being approximately 11
ways, airports, vessels, and other durable goods which billion above that of 1929.
serve the general public. They have been incurred also
Obligations of banks to depositors and of insurance
in refinancing farm and urban mortgages previously companies to their policyholders are not commonly
held by private lenders. This was one of the most regarded as debts, but they fall within the definition of
significant shifts in the holdings of creditors occurring gross debt. They comprise, however, duplication in
during the decade. Such transfers did not change the debt in the sense that the organizations incurring the
amount of debt owed by end borrowers, but they did debts are intermediaries for channeling savings into inreduce the amount owed to private lenders and increased vestment. They are accordingly not included in the net
the gross debt of the United States Government and of debt totals. Another type of duplicating debt which
Federal agencies.
must be excluded consists of overlapping debt, that is,
In the utilization of savings, those supplying and debt incurred at two or more stages in the performance
those seeking funds are jointly influential in determining of a single purpose. Thus, when the Federal Governwhether the funds will flow through equity or debt ment or a Federal corporation issues bonds, which in
channels. Many users of capital prefer to share an turn provide funds to purchase mortgages on houseequity interest in an undertaking rather than assume holds, the overlapping debt of the intermediary agency
the more rigid requirements of debt obligations. Many must be eliminated, leaving only the debts of the end
investors are likewise willing to assume the relatively borrower in the net-debt totals.
greater risks of equities in expectation of a greater
Obligations of issuers held by them or their affiliates
return. On the other hand, many of those acquiring comprising a "system" or "unit" constitute still another
capital prefer to borrow; and many investors (particu- class of deductions made in obtaining net debt. The
larly institutional investors, such as banks and insur- magnitude of the deductions so made depends to a
ance companies), by custom or law, purchase bonds and considerable extent on the definition of the term "unit."
mortgages which yield fixed returns and presumably For private corporations, if the unit consists of a single
provide greater safety of interest and principal. Since corporation, then the debt instruments issued and held
debt instruments constitute an important channel for alive by that corporation comprise the amount deducted




14

SUEVEY OF CURKENT BUSINESS

from total issued and outstanding debt of the unit.
If the unit is a corporate system, then all the negotiable
and nonnegotiable debts of the parent company and
its subsidiaries held by any unit within the corporate
system are eliminated. Or, if all corporations are conidered as a single unit, then all corporate holdings of
evidences of indebtedness of other corporations are
deducted from all corporate debt outstanding. For
Government units, differences in the amounts deductible also vary in some degree in accordance with the
definition given a Government unit. If it consists of a
single unit—as, for example, a municipality—then the
debt instruments issued and held by it or by its sinking,
trust, and investment funds comprise the amounts
deductible from its total issued and outstanding debt.
If the unit is defined to consist of a State and all its
subdivisions, or of all States and their subdivisions, or
of the United States Government and its agencies and
all States and their subdivisions, then the debt instruments issued and held by divisions within the indicated
units comprise the obligations deducted from the total
issued and outstanding debts of the units.
Net debt in its most restricted sense consists of those
debts remaining after there has been deducted from
the obligations of all debtors the debt claims held by
them against others. To the extent these claims have
direct or indirect claims on assets or resources, they
measure the portion of the national wealth over which
creditors have direct claims. Changes in the magnitude
of net debt relative to changes in total wealth indicate
the changing importance of debts in financing the
formation of capital. Debt information in its present
form does not make it feasible to determine the volume
of net debt outstanding as so defined.
The problem of financial strength or weakness associated with debt is not considered in this article. Itshould be Doted, however, that any question of financial soundness involves consideration of the assets
held against debts.
Definition of Debt in This Study.

June 1940

trust, and investment funds. The various -types of
funds of Federal, State, and local government commonly contain assets in the form of cash, real estate,
equities, and the debt obligations of issuers outside of a
designated unit. Such assets in the possession of these
funds are not deducted, since the deductible items are
confined to debt instruments issued and held by members within the unit.
NET INDEBTEDNESS 10 BILLION DOLLARS LESS IN
1939 THAN IN 1929

Net indebtedness in the United States, as defined
above, totaled 162.7 billion dollars at the end of 1939.
This is 10 billion less than the year-end total of 172,6
billion outstanding in 1929. After remaining unchanged through 1930, total net debt, following somewhat tardily a decline in business activity, fell nearly
one-fifth to 149.2 billion in 1933. The large declines in
private debt, especially in private short-term debt,
much more than offset increases in public debt in these
years. In 1934, when the trend of business was
upward, the debt aggregate dropped moderately to
148.9 billion, the lowest year-end total for the decade.
Further decline after business moved upward resulted
principally from delayed reductions in private longterm debt, especially through the termination of corporate receiverships. After 1934, total net debt outstanding showed annual increases to 160.5 billion dollars
in 1937, with little change since. Net indebtedness
per capita was $1,230 in 1939, as compared with $1,409
in 1929, the population having increased 8 percent
during the decade.
BILLIONS OF DOLLARS
200

180
160
FEDERAL AND
FEDERAL AGENCIES

140

1-1
STATE AND LOCAL

In this article, the debt totals consist of the debts 120
remaining after duplicating debt of intermediaries and
debt issued and held within designated units have been
eliminated. For private corporations, the unit is the 100
" corporate system" composed of companies bound
together by a common management. For govern- 80
mental bodies, two units are employed. One comprises the United States Government, its corporations 60
and agencies, and the other consists of all State and
local governments.
40
The intermediary financing institutions whose duplicating debts have been excluded are composed of
20
banks, insurance companies, and Federal corporations
and agencies. Thus, deductions from Federal corpora0
tion and agency debt consist in part of debt incurred as
an intermediary and in part of debt held in sinking, Figure




A/ON-CORPORATE
SHORT- TERM
NV /
m COMMERCIAL 8c FOR
gg "PURCHASE OF SECURITIES
-£ CONSUMER
_CORPORATE
SHORT- TERM

NON-CORPORATE
~ LONG-TERM

^CORPORATE
LONG-TERM

1929 '30 '31 '32 '33 '34 '35 '36 '37 '38 1939
7.—Net Public and Private Debt in the United States, by Classes,
1929-39.

15

SURVEY OF CURRENT BUSINESS

June 1940

Table 1.—Net Debt in the United States, 1929-39 l
[Millions of dollars]

Item

1929

Grand total public and private debt
Total public debt
Federal and Federal agencies
State and local
_
Total private debt..
Long-term debt
Corporate
Individual and other noncorporate
Farm mortgage
Urban real-estate mortgage
Short-term debt.
Corporate
Individual and other noncorporate
Commercial and for purchase of securities
Consumer

172, 596
28,946
15, 706
13, 240

1931

1932

1933

1931

1935

1937

1938

1939

30,722
35, 391
20, 365
15, 026

149, 230
36,030
19, 691
16,339
113, 200
81, 273
45, 444
35,829
7,887
27,942
31,927
19,199
12, 728

148, 871
37, 503
22, 051
15,452
111, 368
77, 569
42,828
34, 741
7,786
26,955
33, 799
21,094
12, 705

150, 863
40,900
25,424
15,476
109,963
75,440
41, 637
33, 803
7,639
26,164
34, 523
21,164
13, 359

155, 566
45, 280
29,697
15, 583
110, 286
73, 445
40, 361
33,084
7,390
25,694
36, 841
21,924
14,917

160, 526
48,118
32, 736
15, 382
112, 408
74,901
42,086
32, 815
7,214
25,601
37, 507
21, 392
16,115

159, 384
48,110
32, 834
15, 276
111, 274
74,796
42,043
32, 753
7,071
25,682
36, 478
21,659
14,819

162, 710
50,804
35, 221
15, 583
111, 906
74, 342
41, 335
33,007
7,071
25,936
37, 564
22, 257
15, 307

10, 303
4,723

8,291
4,437

7,723
4,982

7,499
5,860

7,642
7,275

7,990
8,125

7,419
7,400

7,242
8,065

100.0
29.1
19:. 1

100.0
30.0
20.4
9.6
70.0
46.7
26.2
20.5
4.5
16.0
23.3
13.3
10.0

100.0
30.2
20.6

100.0
31.2
21.6

69.8
46.9
26.4
20.5

68.8
45.7
25.4
20.3

16.1
22.9
13.6

15.9
23.1
13.7

5.0
5.1

4.7
4.6

4.4
5.0

143, 650
87,146
45, 316
41, 830
9,631
32,199
56, 504
28, 609
27,895

173, 091
29, 614
15, 382
14, 232
143,477
91, 626
48, 937
42, 689
9,458
33,231
51, 851
26,119
25, 732

166,010
32,428
16, 984
15,444
133, 582
89,889
48, 027
41,862
9,214
32,648
43, 693
23, 229
20, 464

156, 058
34, 462
18,142
16,320
121, 596
86, 205
46,845
39, 360

19, 753
8,142

18, 332
7,400

14,094
6,370

Percentages of Total Net Debt
Grand total public and private debt
Total public debt
Federal and Federal agencies
State and local
Total private debt
Long-term debt
Corporate
Individual and other noncorporate
Farm mortgage
Urban real-estate mortgage
Short-term debt
Corporate
Individual and other noncorporate
Commercial and for purchase of securities
Consumer

100.0
16.8
9.1
7.7
83.2
50.5
26. 3
24.2
5.6
18.6
32.7
16.5
16.2

100.0
17.1
8.9
8.2
82.9
52.9
28.2
24.7
5.5
19.2
30.0
15.1
14.9

100.0
19.5
10.2
9 3
80.'5
54.2
29.0
25.2
5.5
19.7
26.3
14.0
12.3

100. 0
22.1
11.6
10.5
77.9
55.2
30.0
25.2
5.5
19.7
22.7
13.1
9.6

100.0
24.1
13.2
10.9
75.9
54.5
30.5
24.0
5.3
18.7
21.4
12.9
8.5

100 0
25.2
14.8
10.4
74.8
52.1
28.8
23.3
5.2
18.1
22.7
14.2
8.5

100.0
27.1
16.9
10.2
72.9
50.0
27.6
22.4
5.1
17.3
22.9
14.0

11.5
4.7

10.6
4.3

8.5
3.8

6.6
3.0

5.6
3.0

5.2
3.3

5.0
39

fo.o

7O.§
47.2
25.9
21.3
4.8
16.5
23.7
14.1
9.6
4.9
4.7

9.6

4.4

9.3

9.6

4.4

9.4

Percentages of 1929
Grand total public and private debt
_
Total public debt
_•
Federal and Federal agencies
State and local
Total private debt
Long-term debt
Corporate
Individual and other noncorporate
Farm mortgage
Urban real-estate mortgage
Short-term debt
C orpqrate
Individual and other noncorporate
Commercial and for purchase of securities
Consumer

91.3
92. 2

96.2
112.0
108.1
116.6
93.0
103.1
106.0
100.1
95.7
101.4
77.3
81.2
73. 4

90.4
119.1
115.5
123.3
84.6
98.9
103.4
94.1
89.7
95.4
62.6
71.2
53.9

86.5
124.5
125.4
123.4
78.8
93.3
100.3
85.7
81.9
86.8
56.5
67.1
45.6

86.3
129.6
140.4
116.7
77.5
89.0
94.5
83.1
80.8
83.7
59.8
73.7
45.5

87.4
141.3
161.9
116.9
76.5
86.6
91.9
80.8
79.3
81.3
61.1
74.0
47.9

90.1
156.4
189.1
117.7
76.8
84.3
89.1
79.1
76.7
79.8
65.2
7f>. 6
53. 5

93.0
166.2
208.4
116.2
78.3
85.9
92.9
78.4
74.9
79.5
66.4
74.8
57.8

92.3
166.2
209.1
115.4
77.5
85.8
92.8
78.3
73.4
79.8
64.6
75.7
53.1

94.3
175.5
224.3
117.7
77.9
85.3
91.2
78.9
73.4
80.5
66.5
77.8
54.9

92.8
90.9

71.4
78.2

52.2
58.0

42.0
54.5

39.1
61.2

38.0
72.0

38.7
89.4

40.4
99.8

37.6
90.9

36.7
99.1

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

100.3
102.3
97.9
107.5
99.9
105.1
108.0
102.1
98.2
103.2

100.0
100.0

9L8

1
A break-down of the major classes of debt shown in the table, the sources from which the statistics were obtained, and the methods employed in assembling and adjusting the data will be presented in a bulletin to be published later. The debt aggregates are, in the main, composed of indebtedness outstanding at the end of the calendar
year and, accordingly, are treated as year-end total >.

Trend of Public Debt Upward,

Net public debt rose from 28.9 billion dollars in 1929
to 50.8 billion in 1939, an increase of 21.9 billion for the
10-year period. Seven billion dollars, or approximately one-third of this increase, was incurred in the
4-year period from 1929 through 1933. The largest
yearly increase occurred in 1936, the year in which the
soldiers' bonus was paid, when net public debt increased
nearly 5 billion dollars. From 1937 to 1938 it remained
unchanged at 48.1 billion. Of the increase of 7 billion
from 1929 through 1933, State and local governments,
which were active in public works and were assuming the
bulk of relief expenditures, accounted for more than 3
billion, or almost one-half the rise in public debt, during
this period. From 1933 to 1938 the debts of State and
local governments receded slightly, in keeping with
reduced outlays for public works and relief. Since 1938
their debts have risen moderately, reflecting the resumption of a somewhat larger share of relief payments.
The net debt of the United States Government and
Federal
corporations and agencies, treated as a unit in



the computation of net debt, rose from 15.7 billion
dollars in 1929 to 19.7 billion in 1933. In the 6-year
period following 1933 it increased by 15.5 billion to a
year-end total of 35.2 billion in 1939. Three factors
were mainly responsible for this increase. These were
the assumption of the major part of the relief load,
enlarged expenditures for national defense, and the
expenditure of large sums by direct or indirect outlay
for public improvements, such as waterworks, sewagedisposal plants, schools, libraries, and recreation facilities, many of which were financed by State and local
governments in earlier years.
The gross-debt totals of the United States Government and its agencies, presented in table 2, contain two
types of debt not included in the net-debt totals.
Firstly, they contain debt securities of the United
States Government issued and held by the United States
Government and by Federal trust funds and agencies.
The holdings of these funds grew from a comparatively
small total of 1,034 million dollars in 1929 to 6,978
million in 1939. Secondly, they contain overlapping

16

SURVEY OF CURRENT BUSINESS

debt incurred by the United States Government and its
agencies in obtaining funds to make loans to farmers,
home owners, and others, whose debts to these agencies
also appear in the totals of their respective classes of
debt. As a result, the gross-debt totals contain the
sum of the debts incurred, at two or more successive
stages in bringing together the initial lender and the
end-borrower.
The extent of such duplication
amounted to 1,428 million dollars in 1929. It increased
abruptly to 3,751 million in 1933 and to 7,414 million in
1934, when the volume of loans made by the Reconstruction Finance Corporation, the Home Owners'
Loan Corporation, and the Farm Credit Administration
was particularly large. At the end of 1939 these overlapping debts amounted to 7,750 million dollars.
Of the 41.9 billion dollars of gross debt of the United
States Government outstanding as of December 31,
1939, approximately 1 percent comprised matured debt
on which interest had ceased and debt bearing no interest; the remainder, amounting to 41.5 billion, consisted
of interest-bearing debt. The composition of interestbearing debt (based on duration of the obligations
from date of issue) for 1929-39 is shown in figure 8.
Throughout the period, long-term debt, consisting of
bonds and notes, made up the bulk of United States
Government obligations. During the first half of the
decade, short-term obligations, consisting of bills and
certificates, accounted for as much as one-sixth of all
outstanding obligations, but in 1939 this class of indebtedness represented only about 3 percent of the
total. In this study all debts of Federal agencies are
treated as long-term obligations.

June 1940

The gross-debt totals of State and local governments
contain the amounts of State and local securities held
in their sinking, trust, and investment funds. Following a decline from 3.5 billion to 3 billion dollars from
1929 to 1932, the volume of these holdings grew steadily
until they reached 4 billion dollars in 1939. Enlarged
holdings by retirement, insurance, pension, and other
trust and investment funds accounted for about 85
percent of this increase; the remainder resulted from
sinking-fund accumulations. A special study of the
holdings of these funds revealed that in 1937 they
consisted largely of securities of the issuer and other
governmental units within a State. Since State and
local governments are treated in these computations
as a unit separate from the Federal Government, holdings of securities of the Federal Government and its
agencies by State and local governments, estimated at
282 million dollars for 1939, are not included in the
deductions.
Annual figures showing a break-down of State and
local securities into long-term and short-term debt are
not available, but a special analysis 2 for the years
1932 and 1937 places State and local short-term debts
at 1.7 billion dollars for 1932 and 1.1 billion for 1937.
Since the nature and purpose of the various funds of
Federal, State, and local units are not identical, it
follows that the propriety of deducting the security
holdings of one class of funds in reaching net debt may
not apply to other classes. In the case of sinking
funds, the security holdings are deducted because they
2
Securities Exempt From Federal Income Tax, Division of Research and Statistics, Treasury Department.

Table 2.—Gross and Net Public Debt, 1929-39
[Millions of dollars]

Item
Gross public debt 1
Federal and Federal agencies
Federal
Federal agencies
State and local
Duplicating debt:
Total public-debt duplications. __
Federal and Federal agencies.
State and local
Net public debt
Federal and Federal agencies
State and local
_
1

1929

1931

1936

1937

1938

1939

34,928
18,168
16,301
1,867
16, 760

35,882
17,897
16,026
1,871
17,985

38, 771
19, 711
17,826
1,885
19, 060

42, 265
22,935
20, 805
2,130
19, 330

46, 611
27,094
23,815
3,279
19, 517

54,038
35, 215
28, 480
6,735
18,823

59, 706
40, 734
30, 557
10,177
18,972

64,684
45, 472
34,406
11,066
19, 212

66,985
47, 833
37, 286
10, 547
19,152

66, 598
47,428
39,439
7,989
19,170

69, 575
49,949
41,961
7,988
19,626

5,982
2,462
3,520
28,946
15, 706
13, 240

2,515
3,753
29, 614
15, 382
14, 232

6,343
2,727
3,616
32,428
16,984
15,444

7,803
4,793
3,010
34, 462
18,142
16, 320

10, 581
7,403
3,178
36,030
19,691
16, 339

16, 535
13,164
3,371
37, 503
22, 051
15, 452

15, 310
3,496
40, 900
25, 424
15, 476

19, 404
15, 775
3,629
45, 280
29, 697
15, 583

18,867
15,097
3,770
48,118
32, 736
15, 382

18, 488
14, 594
3,894
48,110
32,834
15, 276

18, 771
14, 728
4,043
50, 804
35, 221
15, 583

Taken from reports of the Secretary of the Treasury and of the Bureau of the Census, Department of Commerce.

Table 3.—Gross and Net Corporate Debt, 1929-39 l
[Millions of dollars]

Item
Gross corporate debt—_.
Long-term
Short-term
Intercorporate holdings
Long-term._
Short-term
Net corporate debt
Long-term
Short-term

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

90,291
55,-348
34,943
16,366
10,032
6,334
73,925
45, 316
28,609

91, 670
59, 769
31,901
16, 614
10, 832
5,782
75,056
48,937
26,119

86,964
58,614
28, 350
15,708
10,587
5,121
71, 256
48,027
23,229

81,988
57,146
24,842
14,778
10,301
4,477
67, 210
46,845
20, 365

78, 819
55,410
23,409
14,176
9,966
4,210
64,643
45, 444
19,199

77, 927
52,211
25, 716
]4,005
9,383
4,622
63> 922
42,828
21,094

76, 545
50, 749
25, 796
13,744
9,112
4,682
62,801
41,637
21,164

75, 509
48,930
26, 579
13, 224
8,569
4,655
62,285
40, 361
21,924

76, 597
50,784
25,813
13,119
8,698
4,421
63,478
42,086
21, 392

76, 500
50,490
26,010
12, 798
8,447
4,351
63,702
42,043
21, 659

1939
76,000
49,400
26,600

12,408
8,065
4,343
63, 592
41,335
22,257

1 Adjusted to a gross-debt or "unconsolidated" basis and to a net-debt or "consolidated" basis from balance-sheet data submitted to the Bureau of Internal Revenue in
connection with filing corporate income-tax returns, and, also, in the case of railroads, from balance sheets filed with the Interstate Commerce Commission.




June 1940

SURVEY OF CURRENT BUSINESS

consist almost exclusively of issues originated by the
Government unit establishing the fund, and such
securities are held practically without exception for
current or ultimate retirement, in accordance with
provisions of the debt contracts.
Trust and investment funds, comprising for the most
part funds established for charities, education, pensions,
investments, and other public benefits, differ in some
respects from sinking funds in nature and purpose.
Some of these funds—as, for example, retirement and
pension funds—are subject to large withdrawals, and
the accumulation of securities and other assets is for
the purpose of providing a means of meeting expected
outlays. While the funds are liable to future withdrawals, such liabilities do not arise or exist from the
issuance of debtor securities when held by an agency of
the issuer, but arise from the legislation creating the
retirement or pension systems.
Certain of these funds, as endowments for libraries,
hospitals, and schools, provide a source of income without which the functioning of the recipients might be
impaired. Here, again, no new or additional net
liabilities as such arise from securities issued when held
by an agency of the issuer. Securities so held, however, are included in the totals of gross public debt.
Many of the funds hold other assets such as real-estate
mortgages, bonds and stocks of private corporations,
and real estate. These assets are not considered as
deductible in obtaining net debt.
BILLIONS OF DOLLARS
45
40
35
_.

30
25
20
15

CERT/nCATES AND BILLS

^

1
• ~ ,—

t. /VOTES '-

!•§ m

mI•

10

T AGENCIES^

SSUES
FUNDS
«i

• I•
•

B

•••

Private Debt.

Net private indebtedness, as classified in this study,
is composed of the long-term and short-term debts of
corporations and of individuals and other noncorporate
borrowers. In the main, the short-term debts include
only those obligations which have maturity dates of
less than 1 year from date of issue. The short-term
233101—40

3




debt obligations of individuals and others are further
broken down into debts originated for business and
investment purposes and those incurred by the purchase
of consumer goods. After remaining relatively stationary slightly above 143 billion dollars from 1929 to
1930, net private indebtedness fell steadily by nearly
one-fourth to 110 billion dollars by the end of 1935. Subsequent to 1935, the volume of net private indebtedness
rose a little and through 1939 remained approximately
one or two billion above the low mark reached in 1935.
In marked contrast with the drop in net private shortterm debt, net private long-term debt rose 4.5 billion
dollars (from 87.1 billion to 91.6 billion) from 1929 to
1930. At the end of 1931 it was still 2 billion above the
1929 total. A part of this increase was due to the
funding of short-term debt incurred to finance construction programs begun before 1930. Beginning in 1931,
net private long-term debt began to decline at an
accelerated pace. It did not reach its low of 73.4
billion dollars for the decade until 1936—2 years after
total net debt had reached its low and 3 years after net
private short-term debt had reached its low point for
the 10-year period.
One factor, previously mentioned, which delayed the
start of the decline, and accelerated the rate of decline
when it did occur, is that the debts of corporations in
receivership, together with interest accruals on defaulted
obligations, are retained in the debt totals until final
disposition of them is made by liquidation or reorganization. Since many receiverships were of several years'
duration, sizable reductions in corporate debt from this
source did not occur until some time after the severe
decline in business had been arrested and a reduction
in most forms of debt had taken place. The debts of
corporations whose receiverships were still pending
at the end of 1939 are shown in the debt totals for that
year. Although the period of default was typically
much shorter, the reduction of farm-mortgage and
urban real-estate-mortgage debts of individuals, by
adjustment or by foreclosure, also contributed heavily
to the decline in long-term debts from 1931 to 1933.
Since 1933 a smaller volume of debt reduction arising
from foreclosure or adjustment occurred—in part the
result of the enactment of legislation enabling farmers
and urban home owners to refinance their mortgage
indebtedness.
After 1936, net private long-term debts moved in a
narrow range and at the end of 1939 stood at 74.3 billion dollars, or 15 percent below the 1929 total.
Throughout the period from 1930 to 1939 the demand
of corporations and individuals alike for long-term
funds, exclusive of refimdings, was relatively low.
From 1936 to 1939, however, the issuance of new mortgages on urban residential real estate exceeded retirement by nearly three-fourths of a billion dollars.

11•

1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
Figure 8.—Composition of Interest-Bearing Debt Outstanding, 1929-39,
on Basis of Daily Statement of the U. S. Treasury, Unrevised (U. S.
Treasury Department).

17

18

SURVEY OF CURRENT BUSINESS

Private Short-Term Debts.

The volume of net private short-term debt dropped
from 56.5 billion to 51.8 billion dollars from 1929 to
1930. Short-term debts, as measured by the volume
outstanding at the year end, continued to drop sharply
to 31.9 billion by 1933, a decline of 43 percent from
1929, and then rose to 37.5 billion by 1937. After receding moderately in 1938, with a slackening in business activity, the volume of short-term obligations recovered to the 37.5 billion level at the end of 1939. As
would be expected, private short-term debt is shown to
be relatively more sensitive than private long-term
debt to changes in the volume of business.
Of the three classes of private short-term debts distinguished in this study, those incurred for business or
commercial purposes and for the purchase of securities
experienced the largest and most sustained decline.
Totaling 19.8 billion dollars in 1929, they fell to 7.7
billion in 1934, equal to only 39 percent of their 1929
total, and then continued to recede moderately to a low
of 7.2 billion in 1939. One reason for the sharp decline
is that these figures contain obligations owed to brokers—obligations which amounted to 5 billion dollars
at the end of 1929, as compared with only 906 million
dollars for 1939. This class of short-term debts contains also an indeterminable amount owed by individuals to banks on loans, secured by bonds and stocks,
incurred for investment, speculative, or other purposes.
This type of bank loan was particularly large in 1929
and 1930; but, since they were not segregated from
those made for business purposes, it is not possible to
apportion the amounts attributable to each.
The volume of debts incurred by the purchase of
consumer goods and services, covering both openaccount and installment types of credit financed by the




June 1940

vendor or by banks and financing companies, also declined sharply during the early part of the decade.
These obligations, as measured by year-end outstandings, dropped from 8.1 billion dollars in 1929 to 4.4
billion in 1933, or 45 percent. Unlike debts incurred
for business and investment purposes, however, these
obligations, as responsive to the rise in the volume of
business as they had been to the earlier decline, regained their 1929 volume of outstandings during 1937.
Without attempting a detailed analysis, it should be
noted that while the volume of consumer debts is
sensitive to changes in business activity, a lag of several
months is typically required before it fully reflects such
changes.
Changes in corporate short-term debts, while less
pronounced, were also responsive to changes in the
volume of business. After the contraction during the
declining phase of business activity during the early
years of the decade, the total moved higher, though it
has never approached the 1929 total.
Gross corporate debts, as presented in table 3, contain, in addition to the securities held by other investors,
the obligations issued by holding or subsidiary companies and held by them or their affiliates within a
corporate system. Such long-term and short-term
holdings declined from 16.4 billion dollars in 1929 to
12.4 billion in 1939. This decrease was traceable
mainly to the general reduction in all corporate debt,
but in part to a simplification of corporate structure
undertaken by many corporate systems during the
decade.
Studies relating debt to national income, wealth,
interest charges, and a break-down of the broad categories shown in this article will be dealt with in a forthcoming bulletin of the Department of Commerce.

19

SURVEY OF CURRENT BUSINESS

June 1940

Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1938 Supplement to the SURVEY OP
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.
CURRENT BUSINESS.

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

1940
April

1940

1939
April

May

June

July

August

September

DecemOctober Noven>
ber
ber

January

February

March

BUSINESS INDEXES
INCOME PAYMENTS!
Adjusted index.
1929=100.
Total
mil. of doL.
Salaries and wages:
Adjusted index....
_.._1929=100..
Total
mil. of dol..
Commodity-produeing industries. .do
Distributive industries
do
Service industries
do
Government
do.
Work-relief wages-.
_do.
Direct and other relief
do
Social-security benefits and other labor income
mil. of doL.
Dividends and interest
do
Entrepreneurial income and net rents and
royalties
mil. of doL
Total nonagricultural income
do._Adjusted index of nonagricultural income
1929 = 100 .

P86. 5
v 5, 906

83.0
5,654

83.4
5,432

84.1
5,918

83.7
5,695

85.4
5,400

6,010

P85. 0
v 3, 724
v 1, 336
884

81.0
3,550
1,212
849
799
510
180
90

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

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

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

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

3,692
1,357
892
821
507
115
87

v 146
"807

133
760

139
471

145
920

136
849

145
451

p 1,139
v 5,437

1,121
5,192

1,137
4,943

1,103
5,453

1,109
5,222

*>87.5

83.8

84.3

85.4

85.5

88.0
6,195

88.5
5,804

89.5
6,888

89.5
6,067

88.4
5,567

'87.1
' 5,938

86.6
3,858
1,434
922
835
539
128

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

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

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

86.0
3,691
1,324
873
831
520
143

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

135

128
783

129
496

132
1,514

143
855

148
455

150
827

1,157
4,887

1,291
5,364

1,338
5,510

1,258
5,217

1,277
6,306

1,252
5,518

1,178
5,081

1,134
' 5, 486

86.7

87.0

84.5

'88.4

89.9

INDUSTRIAL PRODUCTION
(Federal Reserve)
p 104
Combined index, unadjusted
1923-25=100. _
99
95
97
112
124
124
120
117
Manufactures, unadjusted
_.
do
p 103
96
95
110
97
'123
123
121
116
Durable goods*
do.
P99
84
'84
'100
85
123
129
117
'126
Automobiles
do.
]28
106
91
66
28
59
93
142
128
108
82
Cement
do.
79
100
98
98
98
99
75
49
90
Glass, plate
do.
149
91
93
112
78
121
165
232
222
200
191
102
Iron and steel
do.
'88
79
89
'94
'104
' 121
' 153
138
155
'153
Nondurable goods*
do.
106
107
108
106
111
119
116
122
122
114
Leather and products
do113
106
105
114
121
131
111
110
120
103
208
Petroleum refiningfdo.
211
215
211
221
217
214
229
222
233
Rubber tires and tubest
do
'106
118
'103
'114
'113
' 125
122
115
118
110
'125
Slaughtering and meat packing
do
92
81
92
84
91
86
80
119
111
118
97
Textiles
_do
98
100
104
103
105
121
112
119
131
117
129
Tobacco manufactures
do
166
151
172
171
186
181
180
158
175
151
179
Minerals, unadjusted
do
p 110
>-87
97
107
105
123
96
120
127
113
132
Anthracite
do
P56
83
73
51
44
72
53
81
62
58
74
Bituminous coal
do
P77
'23
40
63
68
90
'76
101
102
88
104
Iron-ore shipments
do
0
0
82
132
150
187
159
0
130
0
218
Lead
do
60
70
80
71
65
67
68
88
86
79
72
Petroleum, crude
do
P190
174
177
173
178
179
129
181
185
184
183
Silver
do
102
69
105
59
98
78
90
98
106
90
Zinc
do
94
90
87
84
93
87
121
117
123
106
Combined index, adjusted.
do
92
92
98
101
111
103
119
124
128
121
Manufactures, adjusted
do
92
91
97
100
111
' 105
118
124
' 130
121
Durable goods*
do
76
71
82
'89
103
'93
122
130
141
123
Automobiles
do
87
73
81
87
85
89
128
90
127
78
Cement
do
81
75
79
82
78
76
80
91
96
87
Glass, plate.
do
83
89
124
87
165
121
200
191
232
222
Iron and steel
...do
'80
73
89
'101
' 122
'106
143
'168
'174
'158
Nondurable goods*
.do
106
108
110
110
'118
115
114
118
120
119
Leather and products
do
116
115
110
115
105
118
120
115
121
109
209
Petroleum refiningt
do
211
215
212
221
218
214
228
221
232
Rubber tires and tubest
do
'106
'103
'114
' 113
'125
122
115
118
110
'125
Slaughtering and meat packing
do
90
94
87
89
100
92
100
100
99
99
Textiles
do
97
111
104
111
121
120
114
126
123
125
Tobacco manufactures
do
164
170
170
158
164
168
167
172
186
166
Minerals, adjusted
do
'94
98
104
106
114
91
125
124
120
121
Anthracite
do
80
73
59
53
71
53
75
60
59
58
r
Bituminous coal
do
28
46
71
75
84
77
91
91
83
94
Iron-ore shipments
do
0
55
67
74
97
78
0
155
0
128
Lead
do
71
82
70
68
71
71
87
83
78
70
Petroleum, crude
._.
do...
174
175
170
174
174
127
189
187
189
181
Silver
do
101
71
107
70
104
79
89
91
105
91
Zinc
do
91
115
89
90
91
93
114
117
121
110
' Revised.
» Preliminary.
•New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14, of the March 1939 Survey.
tRevised series. Petroleum refining, revised beginning 1934, and rubber tires and tubes, beginning 1936; see table 36, p. 17, of the August 1939 Survey.
income payments beginning 1929, see table 41, pp. 15 and 16 of the October 1939 issue.




110
109
104
127
43
165
116
114
118
217
118
102
114
155
115
54
92
0
81
186
111
124
109
108
103
127
71
165
111
111
116
217
118
100
108
170
120
51
87
0
78
190
103
116

106
105
'102
'128
63
172
'109
108
'109
217
118
94
101
152
' 112
55
'79
0
83
'192
106
122
'104
101
94
'110
87
164
'97
107
'106
217
118
160
'121
66
'79
0
82
'194
98
115

For revised

20

SURVEY OF CURRENT BUSINESS

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

June 1940
1940

1939
April

May

June

July

August

September

DecemOctober November
ber

January

February

March

BUSINESS INDEXES—Continued
AGRICULTURAL MARKETINGS
Quantities marketed:
Combined index
...1923-25=100.
Animal products
do...
Dairy products
do...
Livestock
_do___
Poultry and eggs
_ do...
Wool...
...do...
Crops
do...
Cotton
do...
Fruits
_
do...
Grains..do...
Vegetables.
__do___
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 aniinals
do...
Poultry and eggs
_do...

108
71
136
61
59
39
63
73

^62.5
P81.5

78.0
P84. 5
^89.0
^88.0
67.0

65
81
103
62
123
77
50
22
95
50

81
99
135
72
145
193
63
23
92
80
109

82
93
145
62
114
387
71
26
81
101
112

94
88
133
66
91
386
101
46
78
184
49

85
84
122
70
79
266
87
75
80
116
41

120
82
100
78
75
144
159
251
79
120
72

125
87
90
90
75
90
163
278
95
94
82

104
90
80
81
126
42
119
200
75

53.5
68.0
59.0
76.0
76.5
78.0
69.0

59.0
70.5
59.5
80.5
75.0
89.5
66.0

59.5
63.5
50.5
75.5
75.5
78.5
65.0

67.5
63.0
51.5
74.0
77.0
75.0
66.5

75.5
66.5
58.5
74.0
82.0
71.0
64.5

93.0
73.5
64.5
82.0
84.0
84.5
67.0

107.0
76.5
68.5
83.5
89.0
87.0
66.5

90.0
76.5
66.0
86.5
91.0
87.0
73.5

79.0
79.0
74.0
84.0
91.5
82.0
70.5

182
205
'238
101
187
110
129
162

182
211
"236
84
184
106
119
166

'189
223
r
222
88
185
105
115
186

0)

0)

0)

0)

••210
107

'218
105

'212
105

'200
120

110

153

139

123

84.5
71.9
76.7
84.0
86.3
96.9

85.9
72.2
80.7
84.4
86.5
97.0

85.8
72.6
80.1
85.2

85.7
72.9
79.6
85.6
86.7
96.8

85.3
72.9
78.5
85.6
86.6
96.8

85.4
73.0
78.8
85.8
86.6
96.9

85.8
73.2

90
71
100
70
64
101
99
100

102
76
107
73
83
117
117

97
108
74
112
73
77
112
128
94

97
117
75
117
66
79
107
123

96
97
82
118
65
87
101
96
104

99
91
85
119
66
90
103
117
113

101
98
85
118
76
91
101
168
107

97
83
85
114
73
92
102
128
101

78.1

81.0
89.0
77.1

87
80
75
132
35
90
133
74
59
61

113
40
66
64

69.0
79.0
72.5
85.0
95.0
84.5
65.5

60.5 i
84.0
81.0
86.5
94.0
82.0
80.0

'60.0
76.0
72.5
79.0
'89.5
'75.0
70.0

WORLD STOCKS
Combined index (quantity)f
Cotton, adjusted
Rubber, adjustedt
Bilk, adjusted
Sugar, adjusted
Tea, adjusted
Tin, unadjusted
Wheat, adjusted

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

256
112

245
'223
98
194
108
115

241
••211
101

102

0)

I

'234
101

0) 0)
231 !
102 i

123 I

241
111

114

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

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

85.9
73.2
79.9
85.4
86.7
97.0

85.0
72.2
78.2
85.2
86.2
96.7

84.8
72.1
78.1
84.0
86.2

84.7
72.0
77.9
83.4
86.0

84.9
71.9
78.1
83.8

86.0
86.6

85.5
73.2
78.8
85.8
86.6
96.9

PRICES RECEIVED BY FARMERS§
(77. 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...

82
85
110
81
96
104
145
100

87
70
95
82
67
114
95

90
85
72
92
85
72
112

83
73
94
93
73
107
105
81

73
96
80
66
107

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 goodsdo...

78.2
92.8
96.9
88.9
91.7
94.3
86.0

76.6

76.5

75.1
85.2
76.3

76.5

75.1

75.7
86.
79.0

78.4

77.9

77.1
1.2
76.9

89.1

89.1

89.1

89.3

89.5

90.2

91.2

91.9

92.0

92.3

92.6

92.8

95.

95.9
88.4

95.9
88.4

90.5
84.1

90.6
84.0

90.6
84.1

96.0
88.4
89.0
90.7
84.1

96.1
88.6
89.5
91.7
84.3

96.3
88.7
90.4
92.7
84.7

96.4
88.7
90.9
93.5
85.0

96.4
88.7
91.0
93.5
85.3

96.6
88.8
91.4
93.7
85.5

96.6
88.8
91.8
94.1
85.9

96.9
88.9
91.9
94.4
86.0

90.5
84.1

WHOLESALE PRICES
U. S. Department of Labor indexes:
76.2
75.4
79.1
75.0
79.4
Combined index (813 quotations) __ 1926= 100..
78.6
75.6
79.2
79.2
79.4
78.7
78.4
Economic classes:
79.9
80.1
79.2
79.1
81.2
79.6
81.9
82.3
Finished products
do
82.0
81.7
81.1
81.4
81.7
68.9
68.5
67.8
66.5
73.0
67.7
72.6
72.3
72.4
Raw materials
...do—
73.3
72.0
72.7
73. 8
74.3
74.4
74.4
74.5
78.2
74.1
81.8
83.1
82.1
82.0
Semimanufactures
do—
79.7
79.9
81.7
63.7
63.7
62.6
61.0
69.4
62.4
68.7
67.1
67.3
67.6
Farm products
do
67.9
68.7
69.1
59.6
55.2
52.3
51.5
77.2
58.2
65.1
61.6
64.1
71.6
73.4
Grains
do
72.8
73.5
73.2
75.5
69.7
66.0
68.4
69.4
76.3
70.5
66.1
63.8
67.1
Livestock and poultry
_do
65.6
67.2
68.2
68.6
67.5
67.2
71.6
67.6
75.1
73.3
72.3
71.9
70.2
Foods
do
71.1
71.7
58.6
58.1
64.6
67.9
77.4
60.0
74.5
78.9
80.1
81.3
78.6
Dairy products
do
80.0
81.9
63.8
64.3
62.0
58.5
65.7
62.5
62.8
60.2
61.2
63.0
58.7
Fruits and vegetables
do
58.7
60.3
78.6
81.0
75.3
73.7
71.1
75.7
81.0
74.9
71.2
69.1
69.2
68.4
Meats
do...
Commodities other than farm products and
80.5
80.6
80.2
82.1
82.5
80.2
80.1
83.8
84.0
foods
1926=100..
82.9
83.9
83.2
83.9
89.5
92.5
89.6
89.6
90.9
89.7
89.5
92.8
93.0
Building materials
do.
93.3
93.0
93.2
93.4
91.7
90.2
90.5
93.0
90.6
91.0
91.5
91.1
91.6
Brick and tile
do.
90.4
91.6
91.2
91.6
91.5
90.3
91.3
91.3
91.5
91.3
91.3
91.5
91.5
91.2
91.3
91.4
91.4
Cementf..do.
91.2
96.1
91.8
98.0
98.3
91.5
91.8
93.7
90.7
97. 8
97.8
97.6
Lumber
.do.
97.6
' Revised.
» Preliminary*
1
Temporarily discontinued; for several of the series, European stocks have not been available since the outbreak of war.
t Revised series. Cash income from farm marketings revised; data not shown on page 20 of the March 1940 Survey will appear in a subsequent issue. Combined index
of world stocks revised beginning January 1920; see table 5, p. 17, of the January 1939 Survey. For subsequent 1938 revisions in the combined world stocks index and in the
rubber component, see p. 20 of the June 1939 issue. Cement price index revised beginning 1926, see table 23, p. 18, of the April 1940 issue; the building-materials group and
the combined index of all commodities have not been revised, as the effect of the change in cement prices on these indexes is small.

§Dat* for May 15, 1940: Total 98, chickens and eggs 84, cotton and cottonseed 83, dairy products 106, fruits 88, grains 92, meat animals 108, truck crops 133, miscelhttp://fraser.stlouisfed.org/
laneous 101.

Federal Reserve Bank of St. Louis

21

SUKVEY OF CURRENT BUSINESS

June 1940

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

1940

1939
April

May

June

July

August

Novem- DecemSeptember October
ber
ber

January

Febru- March
ary

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

50.4
101.8
108.2
94.8
93.2
88.4
81.9
94.5
94.5
94.3
79.2

75.6
84.6
77.4
68.1
73.4
81.4
84.1
51.9
90.9
101.2
68.3
82.8
85.4
81.0
89.6
94.0
96.1
74.7

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

75.2
84.2
77.4
66.5
73.0
77.8
88.9
52.5
92.3
101.3
75.3
83.8
85.6
81.0
90.0
93.2
95.2
72.9

74.5
83.9
77.2
65.3
72.8
78.1
89.0
52.2
92.5
100.8
76.9
84.1
85.6
81.0
90.0
93.2
95.1
73.3

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

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

77.6
85.2
79.7
68.6
73.9
75.4
84.4
54.0
104.6
105.7
112.4
97.8
87.8
81.7
93.7
95.8
96.0
85.3

77.4
85.2
79.7
69.8
74.1
76.5
82.2
53.9
104.0
107.2
104.3
97.8
88.4
82.3
94.2
96.0
96.0
85.1

77.7
85.3
80.3
70.9
72.8
77.7
80.4
52.5
103.7
107.5
105.2
95.2
88.5
82.4
94.4
96.0
96.1
84.6

77.7
85.3
81.3
71.3
72.7
77.6
78.6
51.7
103.6
107.8
102.6
96.0
87.9
81.4
94.0
95.8
96.3
82.6

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

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

80.9
72.9
84.7
70.2
61.7
(2)
83.8
77.7
58.0
89.5

79.3
6a 9
81.6
63.4
60.2
37.8
75.2
74.4
60.5
81.1

79.3
67.5
81.7
63.3
60.2
40.7
75.4
74.2
60.5
80.4

79.3
67.3
81.7
64.1
60.1
39.1
75.6
73.8
60.5
79.9

79.3
67.6
81.2
65.1
60.2
40.2
75.4
73.4
60.5
79.9

79.3
67.8
81.5
65.5
61.5
39.5
75.5
73.3
60.5
80.0

79.3
71.7
81.7
70.4
62.8
43.4
84.0
76.6
60.5
81.8

79.3
75.5
83.2
74.3
63.5
46.2
91.3
77.6
60.5

79.3
76.4
83.8
74.8
64.8
47.7
90.5
77.0
55.6
88.0

79.3
78.0
84.2
75.2
66.0
55.0
90.3
77.4
55.6
89.0

79.3
77.9
84.5
75.4
68.4
(2)
90.4
77.7
55.6

79.1
75.4
84.9
73.6
64.5
(2)
87.2
77.3
55.6
89.5

81.0
74.0
85.1
71.8
62.2
(2)
84.5
76.9
55.6
89.0

0)
40.1
44.9
37.5
42.5

38.4
32.4
37.2
33.4
35.2
69.6
93.9
38.5

41.3
35.3
37.6
37.6
40.5
68.9
97.5
40.4

41.0
36.4
38.3
35.4
37.4
68.8
97.2
40.8

39.6
35.7
38.7
37.0
37.7
67.5
96.5
34.3

38.0
34.6
39.0
36.9
32.7
74.3
97.0
32.4

0)

0)

0)

0)

0)

132.1
130.5
165. 3
119.6

132.1
130.7
163.4
119.9

133.2
131.1
165.3
120.0

133.5
130.7
165.3
119.8

134.2
133.2
166.9
120.3

76.8
85.0
81.8
70.7
71.8

93.1

0)

(0

34.2
49.7
41.8
59.7

34.2
46.6
45.7
49.4

36.0
47.3
47.4
40.8

126.3

109.9

103.9

100.7

92.9

91.4

93.7

127.3
126.6
149.9
118.3

126.8
127.6
151.5
118.5

127.2
128.4
151.5
118.6

127.2
130.0
153.1
119.2

126.8
129.7
148.6
119.0

128.0
128.0
145.6
118.5

128.5
129.7
151.5
118.9

40.4
46.9
54.8
43.4

40.8
44.6
51.5
42.4

40.8
44.1
42.8
43.6

40.1
43.5
41.2
43.7

PURCHASING POWER O F T H E
DOLLAR
Wholesale prices
Retail food prices
Prices received by farmers
Cost of living

1923-25=100..
do
do
_
do

128.1
127.9
149.9
118.3

CONSTRUCTION AND REAL. ESTATE
CONTRACT AWARDS, P E R M I T S , AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100.74
54
75
63
72
69
61
76
73
*71
76
73
73
Residential, unadjusted—
do
59
50
65
60
66
66
51
v 71
68
44
63
68
64
Total, adjusted
do
83
63
73
63
62
76
86
*>63
67
67
73
63
75
67
Residential, adjusted
.do
61
56
55
68
60
'57
»61
58
62
68
58
53
F. W. Dodge Corporation (37 States):f
21, 806
22, 984
22. 282
Total projects
.number.„ 26,101
15, 595
23, 244
IS, 831
23, 920
22,323
22, 402
23, 270
21, 701
13, 517
Total valuation
.thous. of dol._ 300, 504 330,030 308,487 288,316 299,883 312,328 323, 227 261,796 299,847 354, 098 196,191 200, 574 272,178
103,450 159,658 134, 757 127, 595 136, 543 158,459 144, 216
Public ownership
do
91, 604 143. 647 225, 095
81, 666
92, 532
94, 971
197, 054 170,374 173, 730 160, 721 163,340 153,869 179, 011 170,192 156, 200 129,003 103, 659 118, 908 177, 207
Private ownership
do
Nonresidential buildings:
3,815
3,457
2,852
3,823
3,453
3,400
3,749
3,242
3,645
2,711
3,650
4,052
Projects
number..
2,453
12. 268
12,356
17. 691
15, 418
16,563
12, 700
15, 494
14,444
16,490
15, 418
11,675
9,109
Floor area..thous. of sq. ft.. 16, 610
69,882
77, 769
52, 532
70, 565
88, 501
82,466
92, 845
72,684
73, 735
76, 749
57, 757
Valuation.
thous. of dol-- 88, 821 94,656
Residential buildings, all types:
17,387
11, 807
17, 589
18, 262
15,942
16, 287
19, 053
18,003
17,136
17, 756
14,899
10,132
Projects
..number.. 20, 594
28,382
31,009
19,107
32,977
32, 602
27,181
31, 078
31,165
29, 371
27,502
22, 584
19, 082
Floor area
..thous. of sq. ft.. 33, 459
74, 858 121, 708
88, 681
77, 400
Valuation
thous. of dol_. 135, 420 114,405 133, 818 111,896 109,330 127,163 129,680 118,303 116, 588
Public utilities:
180
294
323
174
328
356
214
251
234
350
202
254
330
Projects
number..
39, 663
21,779
9,968
12, 222
23,906
20,450
17,830
20,113
23. 092
26, 977
18, 398
Valuation
thous. of doL. 13, 382 35,336
Public works:
1,512
975
1,172
1,473
762
1,442
1,389
1,274
1,008
1,486
891
1,223
730
Projects
number..
73,607
42, 929
50,359
81, 584 180,683
47, 861
71,418
76,141
78,960
58, 905
95,170
Valuation
thous. of dol . 62, 881 85, 633
Building permits issued in 1,790 cities:f
60,353
65, 775
37, 664
67,618
73,921
77,913
60,409
73,318
71,040
64.537
44, 016
35, 538
Total buildings
number.. 81, 488
Total estimated cost
thous. of dol._ 197, 641 165,978 204,437 202, 429 185,019 197,937 179,605 173,649 169, 488 152, 727 114, 211 130, 844 165, 558
New residential:
19, 571
19,697
17, 697
17,539
11,419
20,961
19, 224
10,850
20,787
17,884
16,818
Buildings
number.. 25, 079
15,083
99,775
91,921 100, 387
87,308
Estimated cost
thous. of doL. 117, 212 87, 441 119,600
66, 991
96, 209
96,114 116, 260
95, 677
60, 515
New nonresidential:
11,915
12. 085
14, 521
5,690
11,214
13,037
13,053
13, 711
Buildings
number.. 14, 365 11,520
7,960
5,267
9,433
51,162
52, 745
Estimated cost.
thous. of dol.. 49, 113 44, 830
37, 730
59, 794
49,096
70, 974
46,123
38, 004
33, 925
63, 702
43,888
Additions, alterations, and repairs:
43,241
39, 731
Buildings-..
number.. 42, 044 36, 558
39, 829
30,899
35,439
40,584
19, 421
20, 555
37, 747
30,189
20,973
29, 111
Estimated cost.
thous. of doL. 31, 315
33, 706
28,983
32.580
28. 595
33, 674
31.680
22,978
19,045
26,123
19, 771
25,460
r
Revised.
v
Preliminary.
i
Temporarily
discontinued;
for
several
of
the
series,
data
have
not
been
available
since
the
outbreak
of
war.
2
Separate data through March 1940 for "silk" and for "rayon" appear in table 29, p. 18, of May 1940 issue; these will be substituted in this table in or near future issue
April indexes are: silk, 45.4; rayon, 29.5.
fRevised series. Data on world prices revised beginning 1920; see table 4, p. 17, of the January 1939 issue. For construction contract awards, see note marked with a
"t" on p. 21 of the July 1939 issue. 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 tho total estimated
cost of permits issued was increased by only 0.2 percent in 1937.
§ Data revised, and the group title changed from "chemicals and drugs." Revisions beginning 1926 will be shown in a subsequent issue. The new series were incorporated

in the combined index beginning January 1940, as shown on p. 20 of the May 1940 issue.



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

1939

1940

April

June 1940

April

May | June

July

August

i

1940
Septem- October Novem- December
ber

January

Febru- March
ary

CONSTRUCTION AND REAL. ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING U N I T S P R O V I D E D - C o n .
Estimated number of new dwelling units provided in all urban areas:f
Total
number
1-family dwellings
do...
2-family dwellings
do
Multifamily dwellings
do__.
Engineering construction:
Contract awards ( E . N . R . ) l — t h o u s . of dol..
HIGHWAY

36,583
25, 960
1,931
8.692

30,278
21,878
1,472

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

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

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

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

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

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

240, 735 252,992

268, 395

181, 469

311,222

209,337

245,062

302, 215

190,327

27,067
19,452
1,432
6,183
211, 816

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

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

191,977 270, 928

179,836

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

CONSTRUCTION

Concrete pavement contract awards:
Total
thous. sq. y d .
Roads
_.do
Streets and alleys <?
do
Status of highway and grade crossing projects
administered by the Federal Works Agency,
of Public Roads Administration:
Highways:
Approved for construction:
Mileage
no. of miles
Federal funds
thous. of dol
Under construction:
Mileage
no. of miles
Federal funds
thous. of dol
Estimated cost
do
Grade crossings:
Approved for construction:
Federal funds
do
Estimated cost
" do
Under construction:
Federal funds
do
Estimated cost
do

4,058
3,170

3,385
2,081
1,304

4,458
2,179
2,280

6,855
4,232
2,623

5,713
3,820
1,893

6,161
3,907
2,254

4,465
3,058
1,407

2,655
1,067
1,588

3,718
2,491
1,228

4,951
3,260
1,691

2,597
1,730
866

3,122
2.297
'825

2.486
1,827
659

4,633
46,922

3,081
35,600

3,615
40, 769

3,867
41,024

3,701
37,802

3,130
34, 254

2,723
30,821

2,824
30, 750

3,100
35, 315

3,528
40,132

3,880
45, 616

4,264
46, 677

4,782
47, 619

7,306
106, 063
211,630

8,301
120,505
232,772

8,463
122,758
238,636

8,570
123,554
240,218

8,522
124,975
244,860

8,554
123,044
242,924

8,386
119,472
237,214

7,473
110,543
222,062

6,746
101,855
205,183

5,984
91,429
184,441

5,837
90, 220
180, 686

5,966
92, 864
185,954

6,347
98,452
196, 974

9,810
10, 420

12,107
12,529

10, 224
10, 583

11,312
12,191

11, 504
12,414

10,654
11,437

10, 581

10, 283
10,909

10,180
11,060

11,428
11,986

12,447
13, 075

12,617
13,193

12, 133
12. 908

34, 525
35, 819

40, 654
42, 654

43,771
45, 723

42.299
44,094

40,336
42,052

38,579
40,505

37,919
39,756

35, 435
37,190

35,112
36, 577

30, 528
32, 258

30,410
32, 077

31, 167
32, 775

31,787
33, 272

182
168
193
169
185

182
168
193
169
185

182
168
193
169
185

182
168
193
169
185

183
168
195
169
184

184
171
195
171
185

185
173
196
173
188

185
173
196
173
188

185
174
196
172
188

185

187

187

187

188

188

188

188

188

187

187

C O N S T R U C T I O N COST I N D E X E S
Aberthaw (industrial building).
1914=100
American Appraisal Co.:J
Average, 30 cities
1913=100
Atlanta
do
New York
__.
_.do
San Francisco...
_"I~._do ~
St. Louis
do
Associated General Contractors (all types)
1913=100
E . H . Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. av., 1926-29 = 100
New York
do
Ran Francisco...
I__do
St. Louis
do
Commercial and factory buildings:
Brick and concrete:
Atlanta...
do
New York
do...
San Francisco
do
St. Louis
do
Brick and steel:
Atlanta
do
New York
do
San Francisco..
do
St. Louis
_do.II!
Residences:
Brick:
Atlanta
do....
New York
do
San Francisco
..do
St. Louis
do.."
Frame:
Atlanta
do
New York
__
..do...
San Francisco.
do ~I
St. Louis..
._
do
Engineering News Record (all types) §
1913 = 100.
Federal Home Loan Bank Board:*
Standard 6-room frame house:
Combined index
1936=100..
Materials
do
Labor
_
do

188

191

191

191

187

96.5
131.3
118.0
119.0

95.3
130.0
117.6
119.1

95.3
130.6
117.0
118.6

95.4
130.6
116.9
118.5

94.8
130.9
116.8
118.3

94.8
130.8
116.8
118.4

94.6
130.8
116.8
118.4

94.8
130.8
117.8
118.6

94.9
130.9
117.9
118.7

95.3
131.4
118.2
119.0

96.0
131.1
118.0
118.9

96.0
131.1
118.0
118.9

96.0
131.0
118.0
118.8

98.1
134. 0
122. 7
120.0

97.4
132.7
122.3
120.1

97.6
133.4
121.4
119.7

97.6
133.4
121.3
119.7

97.2
133.8
121.2
119.6

97.2
133.7
121.2
119.6

97.0
133.7
121.2
119.6

97.2
133.7
122.0
119.7

97.2
133.7
122.5
119.8

97.5
134.0
r 122. 8
120.0

98.2
133.7
122.7
119.9

98.2
133.7
122.7
119.9

98.1
133.7
122.7
119.9

96.8
130.6
118.1
118.8

96.0
129.5
117.7
120.6

95.6
129.8
115.3
118.5

95.7
129.9
114.7
118.5

93.3
130.2
114.4
118.2

93.2
130.2
114.4
118.3

93.0
130.2
114.4
118.3

93.2
130.5
117.5
118.5

93.3
130.6
118.0
118.7

93.8
131.0
M18.4
118.9

96.8
130.4
118.1
118.7

96.9
130.4
118.1
118.7

96.8
130.3
118.1
118.6

88.5
124.8
105.8
110.9

85.0
122.5
106.6
110.3

86.1
123.1
104.7
110.3

123.1
104.7
110.0

86.5
123.6
104.7
108.9

86.1
123.5
104.7
109.3

85.4
123.5
104.7
109.3

86.0
123.9
105.4
110.3

86.8
124.3
106.1
110.9

88.1
125.6
107.0
111.1

88.3
125.1
105.8
110.4

88.4
125.1
105.8
110.5

88.1
124.4
105.8
109.8

85.7
123.9
100.2
107.9

81.6
121.4
98.7
107.2

82.8
121.9
98.7
107.2

83.7
121.9
98.7
106.8

83.3
122.1
98.7
105.4

82.8
122.0
98.7
105.9

81.9
122.0
98.7
105.9

82.8
122.8
99.8
107.2

83.7
123.3
100.5
107.9

85.3
124.8
101.6
108.1

85.5
124.5
100.2
107.2

85.7
124.5
100.2
107.4

85.3
123.6
100.2
106.5

238.3

234.9

234.7

235.0

234.9

234.9

235.0

236.9

238.2

238.2

238.3

238.3

238.3

106.2
104.3
110.0

105.9
102.9
111.9

105.6
102.7
111.5

105.4
102.5
111.3

105.3
102.4
111.3

105.2
102.3
111.2

105.7
102.9
111.2

106.1
103.6
111.1

106.5
104.4
110.8

106.6
104.5
110.6

106.4
104.4
110.2

106.5
104.5
110.3

106.4
104.4
110.3

Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
62,269
82, 322
52, 603
73, 701
thous. of dol.. 76, 874 64,895
Premium-paying mortgages (cumulative)
1,723,357
1,496,794
1,658,306
1,546,237
1,607,147
thous. of dol. . 2,180,413

62,008

74, 216

65,013

53,200

48,831

44, 980

REAL ESTATE

1,837,923 1,905,071

i nan oco o nnA nan

63, 602
n i o n Tm

' Revised.
§Index as of May 1,1940, is 238.9.
•New series. For data beginning 1936, see table 30, p. 17 of the June 1939 Survey.
tRevised series. Data on number of dwelling units provided revised beginning January 1937; the more significant revisions, covering the period October 1937 to June
1939, were shown in the footnote on p. 22 of the September 1939 Survey.
cf Data for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938.
^ D t f June, August, and November, 1939, and February 1940, are for 5 weeks; other months, 4 weeks.




23

SURVEY OF CURRENT BUSINESS

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

1940
April

1940

1939
April

May

June

July

August

September

DecemOctober November
ber

January

February

Marcb

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Estimated new mortgage loans by all savings
and loan associations:!
Total loans
thous. of dol_. 108,001 83,425 89,123 94,154 85,172 95,038
71, 522 90, 368
9, 732 93,297 86,076 83,112
Loans classified according to purpose:
Mortgage loans on homes:
Construction
thous. of dol._ 33, 764 23,727 26,646 29,919 26,865 29,863 27,854 29, 255 26,607 26,923 19,488 20,152 26, 711
37, 821 29,903 31,289 32, 228 29,638 32,282 31,367 33,383 30,434 27, 779 22,039
25, 389 32,168
Home purchase
do
20, 859 15,384 15,687 17,123 15, 353 17,005 16,021
14,590 16, 769
Refinancing
do
15,001 13,999
15,835 15,445
6,097
4,657
3, 437
Reconditioning
do
3,455
4, 335
6,069
5,802
5,133
5,909
5, 784
4,974
5,544
4,720
9,460
7,954 10,063
7,963
Loans for all other purposes
do
9,074
9,432
9,082
8,183
9,979
9,040
9,437
8,870
8,946
Loans classified according to type of association:
29, 786 38, 241
Federal
thous. of doL. 46, 577 33,400 36,358 39,094 34,055 40,645 37,090 37,854 34,785 34, 053 28,008
43, 015 32, 562 35, 426 36, 465 34,146 37, 340 36,989 37,847 34,671
State members
do
33, 209 25, 737 28, 941 36, 484
12,795
15,643
Nonmera bers
do
18, 409 17,463 17, 339 18,595 16,971
17, 053 15,653 17,596 16,620
15, 850 13,199
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of doL_ 1,348,072 1,089,879 1,117,228 1,136,289 1,157,536 1,186,784 1,206,887 1,231,685 1,252,559 1,271,161 1,280,200 1,296,464 1,317,975
Federal Home Loan Banks, outstanding advances to member institutions
thous. of doL_ 133, 811 157,176 157,911 168,962 161, 537 159,470 163,687 168,654 168,822 181, 313 156,788 144, 515 137, 642
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of dol._ 2,020,572 2,105,824 2,091,324 2,080,512 2,067,844 2,059,792 2,054,865 2,049,421 2,043,288 2,038,186 2,031,341 2,026,014 2,021,951
Foreclosures:
113
114
Nonfarm real estate
1926=100..
103
164
185
112
167
157
150
147
131
136
126
Metropolitan communities
do
136
129
104
108
108
99
141
165
161
152
146
120
121
Fire losses
thous. of doL.I
22, 837
27, 248
27,789
26, 657 27, 062 27, 032 24,191 22, 468 22, 792
24,301
27, 959 36, 261 34,410

DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
Combined index
1928-32=100...
84.7
Farm papers.
do
Magazines.
do
Newspapers
do
78.1
Outdoor
..do
87.2
Radio
do
290.8
Radio advertising:
Cost of facilities, total
thous. of dol..
7,728
Automobiles and accessories
do
722
Clothing
do....
33
Electric household equipment
do
0
Financial...
do
74
Foods, food beverages, confections
do
2,389
House furnishings, etc
.do
80
Soap, cleansers, etc
__do
912
Office furnishings, supplies
do
0
Smoking materials
do
1,190
2,126
Toilet goods, medical supplies
do
All other
do
201
Magazine advertising:
Cost, total
do.... 17,313
Automobiles and accessories
.do
Clothing
do....
1,022
Electric household equipment.
..do
747
Financial
do
481
2, 285
Foods, food beverages, confections
do
1,130
House furnishings, etc...
do
468
Soap, cleansers, etc
do
Office furnishings, supplies
do
192
Smoking matprinls..
do
663
Toilet goods, medical supplies
do
2,579
All other
do
4,760
Linage, total
thous. of lines..
2,725
Newspaper advertising:
Linage, total (52 cities)
. d o . . . 111,989
Classified
. . . d o . . . . 23,083
Display, total.
do
88, 906
Automotive
do
7,007
Financial
do
1,838
General
do...
17, 824
Retail
do.... 62, 237

82.2
66.2
80.6
76.0
89.0
253.3

84.4
69.0
80.3
78.0
90.5
290.8

85.5
65.0
82.0
79.8
76.6
329.7

81.7
61.8
80.0
74.0
89.8
337.7

70.1
78.5
79.1
76.6
355. 6

82.6
66.1
72.8
77.4
83.5
333.7

82.8
65.8
78.1
77.7
75.8
298.4

84.0
69.3
82.0
79.9
60.6
312.6

89.4
70.9
80.4
84.3
88.3
318.5

57.8
74.8
73.4
78.9
325.6

6,678
657
25
0
54
2,241
39
746
0
870
1,781
264

7,034
745
66
0
74
2,277
65
857
0
921
1,844
186

6,471
640
37
0
129
2,101
18
792
0
887
1,718
148

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

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

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

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

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

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

16,818
2,997
1,020
808
508
2,180
1,026
468
202
684
2,508
4,419
2,715

15,717
2,854
921
757
435
2,015
1,036
471
233
692
2,249
4,054
2,356

13, 279
2,216
710
603
486
1,893
760
454
100
636
2,187
3,235
1,796

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

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

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

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

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

111,160
22,824
88,335
6,055
2,105
17,655
62, 520

112,377
22, 692
89,685
6,075
1,615
18,538
63,456

105,086
21,785
83,301
5,345
1,663
17,408
58,886

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

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

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

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

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

82.7
60.7
80.0
77.1
77.2

85.3
59. 0
81.8
79.9
83.6
289.4

8,299
683
30
0
85
2,740
50
942
0
1,219
2,328
221

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

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

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

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

12,314
1, 616
596
239
305
2,129
475
478
166
598
2,396
3, 256
2,343

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

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

88,033
19,075
68,958
3,854
2,278
12,433
50, 393

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

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

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

70.2

70.4

70.7

70.2

69. £

19.4

70.4

72.3

73.9

72.3

71.7

1,874

2,190

1,712

1,724

1,718

1,471

1,787

1,850

1,901

2,361

1,966

73.0

NEW INCORPORATIONS
Business incorporations (4 States)

number..

2,250

POSTAL BUSINESS
Air mail:
Pound miles performed
..millions..
1,356
1,435
1,427
1,421
1,386
1,771
1,509
1,486
1,473
Money orders:
Domestic, issued (50 cities):
Number
thousands..
4, 503
4,171
4,248
4,170
3,906
4,702
3,907
3,907
4,150
4,554
4,288
4,246
Value
thous. of dol.. 41, 548 38,119
39,229
38,165
37,262
41,876
36,858
39,723
37,098
38,553
41,190
39, 065
tRevised series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March 1939 Survey.




4,664
42, 937

24

SURVEY OF CURRENT BUSINESS

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

1939

1940

April

June 1940

April

May

June

July

August

1940

temper

October Novem-

December

January

Febru- March
ary

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

..thousands.. 13, 624
thous. of dol_. 100, 793
.
do

13,164
95, 899
2,079

13,724
99, 757
2,066

13,918
101,345
2,210

12,142
91, 709
2,069

13,130
99, 498
2,205

12, 624
97,376
1,895

14,152
109, 016
1,833

14, 385
108, 449
1,773

15, 285
111,851
3,926

13, 608
100, 455
1,604

12, 945
95,124
1,467

14, 373
106,197
1,775

31, 615
3,923

29, 830
3, 618

30, 922
3,687

29, 791
3,687

25, 464
3,271

28, 233
3,540

30,038
3,413

31,960
3,788

32, 446
3,658

42,938
5,117

30, 380
3, 791

29, 737
3,665

32, 657
3,993

_

do—
..do

RETAIL TRADE*
Automobiles:
Value of new passenger automobile sales:
134.3
144. 9
110.8
100.7
101.2
95.6
63.7
56.5
87.5
Unadjusted
1929-31 = 100
106.3
107.9
96.5
107.1
111.0
110.6
136.0
83.5
Adjusted
do...
79.5
93.7
79.0
102.8
122.6
76.5
108.5
79.0
80.5
Chain-store sales:
Chain-Store Age Index:
Combined index (20 chains)
114.0
120.0
111.0
115.0
113.5
113.0
114.5
113.0
av. same month 1929-31 = 100
113.3
110.0
117.0
110.0
115.0
122.0
119.0
127.0
Apparel chains
do...
132.0
125.0
119.0
117.6
120.0
124.0
142.0
118.0
126.0
128.0
Grocery chain-store sales:
p 113.4
111.7
112.1
112.1
105.4
99.0
107.2
97.6
102.0
100.8
106.9
102.9
109.0
Unadjusted
1929-31=100
110.6
109.4
111.5
p 110. 1
106.4
101.4
Adjusted
do
99.0
109.0
108.7
103.1
108.8
99.6
99.3
Variety-store sales:
Combined sales of 7 chains:
P90. 7
206.6
82.4
75.1
'97.9
91.3
89.5
96.1
95.8
97.6 !
102.9
96.3
108.4
Unadjusted
do
«• 102. 0
p 100. 2
100.6
99.7
97.1
101.4
96.3
Adjusted
do
106.8
100.7
101.1
112.0
102.6
100.8
H . L. Green Co., Inc.:
2. 497
2,905
2,093
6,228
2,502
2,125
2,446
2,785
2,712
2,869
2,855
2,733
3,066
Sales
thous. of dol__
132
132
132
132
133
133
133
133
133
Stores operated
number..
132
133
133
132
S. S. Kresge Co.:
12, 206
24, 406
11,293
9,543
10, 369 10, 578 11,513
9,042
12,356
11,940
11,938
11,401
Sales
.thous. of dol__ 10, 498
675
675
683
675
682
683
686
685
675
685
683
683
Stores operated
number.,
682
S. H . Kress & Co.:
6,897
6, 401
15, 232
6,596
5, 603
6,225
6,406
6,490
7, 295
5,300
6,315
7,286
6,818
Sales
thous. of dol__
239
239
240
239
240
239
Stores operated
number_.
240
240
240
240
239
240
239
McCrory Stores Corp.:
3,245
3,354
3,136
7,655
2,998
3, 888
3,420
3,431
3,622
3,158
2,767
3,300
Sales
thous. of dol._
3,648
202
203
201
202
201
200
200
202
200
201
201
202
200
Stores operated
number..
G. C. M u r p h y Co.:
3,134
4,069
3,564
3, 585
8,163
3,789
3,470
3,741
3,083
4,219
3,758
4,090
Sales..
thous. of dol_.
202
203
201
202
202
201
202
201
202
202
201
201
Stores operated
number..
201
F . W . Woolworth Co.:
52,333
27, 545
24, 662 24, 340 24,123
25, 810
20, 512 22,117
26, 530 26,948
24, 725
Sales
thous. of dol._ 23, 774 25,919
2, 014
2,016
2,015
2,015
2,005
2,018
2,019
Stores operated
number..
2,008
2,017
2,014
2,020
2,015
2,013
Restaurant chains (3 chains):
1
Sales
thous. of dol._
0)
0)
0)
0)
0)
C
)
0)
0)
0)
0)
0)
0)
Stores operated
number..
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
Other chains:
W. T . Grant Co.:
18, 868
7,620
8, 235
8,101
7,210
6,109
8,733
5,931
8, 385
7,298
1,377
8,497
Sales
thous. of dol__
9,316
492
492
495
491
492
489
495
492
491
Stores operated
number..
494
494
493
493
J. C. Penney Co.:
21, 469
16,032
22, 232 22, 237 19, 504 20, 679 26,143
21,314
28, 722
18, 292
28,215 43,216
Sales
thous. of d o L . 21,181
1, 562
1,560
1,544
1,553
1,554
1, 545
Stores operated
number.
1, 548
1,544
1,543
1,554
1, 554
1,557
1, 552
department stores:
Collections:
Installment accounts
18.0
17.2
17.2
17.9
16.0
17.3
16.7
17.2
16.8
17.0
17.7
17.7
percent of accounts receivable.
44.0
45.4
45.3
46.9
47.0
48.2
Open accounts._
do...
44.5
45.3
43.6
48.7
44.6
46.8
97
r 86
60
69
99
106
168
71
87
83
88
Sales, total U . S . , unadjusted....1923-25= 100
'71
133
118
88
114
230
111
108
93
142
136
119
138
118
Atlanta
_.do._.
83
73
49
55
140
76
53
75
85
69
r69
88
75
Boston
do...
102
91
61
77
89
89
98
99
164
74
92
75
89
Chicago
do...
90
96
63
73
171
73
82
92
98
86
107
70
89
Cleveland
do...
99
115
72
83
195
90
104
116
91
110
86
117
105
Dallas
do...
85
90
82
94
87
61
79
154
70
74
88
67
86
Kansas City
1925=100..
116
100
97
69
89
160
93
95
116
70
81
97
94
Minneapolis
1929-31 = 100.._
86
97
82
104
63
67
172
74
69
87
115
85
New York1923-25=100
67
74
69
46
50
80
139
53
65
52
95
70
Philadelphia!
do...
118
104
73
217
86
102
83
105
132
84
131
115
Richmond
do..
r 110
62
70
96
156
73
75
69
102
86
St. Louis
do...
91
94
179
p 90
103
81
83
80
88
105
93
San Franciscof
_.do_.
95
91
90
P90
86
89
96
92
89
86
95
85
Sales, total U. S. adjusted
do...
89
142
115
126
146
116
135
119
119
126
125
118
116
Atlanta
do...
139
98
89
91
85
86
95
92
90
98
94
92
88
Chicago
dO-_
94
94
92
87
86
88
100
84
88
93
100
93
83
Clevelandf
..do
91
113
104
103
104
103
103
107
107
101
113
104
105
Dallas
. .
do..
112
104
97
105
101
95
97
102
95
102
94
97
94
Minneapolis!
1929-31=100
'90
93
91
90
89
95
90
90
94
86
97
88
New York
1923-25=100
89
69
74
68
67
67
76
72
66
70
78
71
Philadelphia!
__do____
71
85
92
94
94
90
82
85
87
87
86
St. Louis
do
92
99
95
104
99
100
97
99
100
97
98
San Francisco!
do
102
Installment sales, New England dept. stores
12.4
8.5
6.6
7.7
9.5
15.5
11.1
10.4
9.0
11.9
10.1
11.1
percent of total sales...
Stocks, total U. S., end of month:
60
65
71
64
77
64
82
61
68
68
71
Unadjusted
1923-25=100..
67
67
69
67
68
67
71
71
68
70
Adjusted
do
Mail-order and store sales:
77,393
92, 831 101, 936 98,070
87, 257 107, 493 122,191 108,095 148,447
70, 532
71, 366
89, 741
Total sales, 2 companies
thous. of d o L . 102, 228
44,743
41, 595 42, 323 41, 302 33,452
54,945
45. 858
29, 984
Montgomery Ward & Co
.do.
38,998
47, 764 66,020
30, 530 38, 842
51, 236 59,613
67, 246
56, 372
Sears, Roebuck & Co
do...
40, 548
56, 768 43, 941 48, 259 62,751
60, 330 82,427
40, 836 50, 899
r
Revised.
» Preliminary.
1
Discontinued pending receipt of revised data from one cooperator.
•Reports showing percentage changes in sales of chain drug stores and chain men's wear stores are available from the Washington, D . C. office of the Bureau of Foreign
and Domestic Commerce. T h e Bureau of the Census has available percentage changes for (1) Independent stores in 34 States and 4 cities, b y kinds of business, (2) Wholesalers' sales, by kinds of business, (3) Manufacturers' sales by kinds of business.
!Revised series. Indexes of department store sales in San Francisco area revised beginning 1919; see table 3, p . 18, of the January 1940 issue. Seasonally adjusted indexes
of department store sales revised beginning 1929 for the Cleveland district and beginning 1934 for the Minneapolis district; see tables 4 and 5, p . 18, of the January 1940 issue.
Indexes of department store sales in Philadelphia revised 1923-39; see table 7, p . 10, of the March 1940 issue.




8

25

SURVEY OF CUERENT BUSINESS

June 1940

1940

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

April

1940

1939
April

May

June

July

August

September

DecemOctober November
ber

January

February

March

DOMESTIC) TRADE—Continued
RETAIL TRADE—Continued
Rural sales of general merchandise:
Total U. SM unadjusted
1929-31=100Middle West
do
East
do
South
do
Far West
do
Total U. S., adjustedf
do—
Middle Westt
do
Eastt
do
Southf
do
Far Westt
do

115.3
105.1
115.2
134.4
127.0
125.4
112.5
120.8
152.5
142. 2

120.2
110.2
116.6
144.8
125.8
130.8
118.0
122.4
164.3
140.9

120.5
113.3
118.8
137.6
131.8
131.2
119.6
129.1
162.2
146.6

120.0
109.9
122.8
133.3
137.3
131.7
116.4
133.8
165.8
144.1

91.1
81.8
88.3
103.8
115.2
124.8
110.9
124.1
152.8
140.5

107.2
99.1
105.8
111.7
134.6
131.1
120.1
132.7
155.0
146.1

132.6
116.3
126.4
165.6
162.3
125.4
113.5
128.6
150.0
138.7

160.3
143.9
155.4
215.4
166.5
123.4
113.3
120.7
145.4
138.7

159.7
142.8
167.0
208.2
164.7
122.7
108.9
129.5
151.6
135.8

211.7
190.1
229.2
236.4
242.8
132.4
121.9
137.7
157.4
148.8

102.3
96.6
99.2
120.7
108.4
134.5
126.3
130.6
152.6
147.5

107.0
96.8
106.0
136.9
114.8
132.3
121.8
129.6
150.1
155.1

119.9
110.9
120.0
151.6
120.2
136.6
125.1
133.6
167.9
146.0

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
k
Factory, unadjusted (U. S. Department of
99.9
Labor)f
1923-25=100101.4 ' 100. 8
94.1
104.1 ' 101.4
93.0
93.4
96.3
100.2
103.8
93.5
103.6
Durable goods
do
96.0
84.8
84.0
84.6
83.0
83.9
89.8
96.1
98.2
100.0
97.4
96.5
'96.4
Iron and steel and their products, not
101.7
including machinery
1923-25=100106.7
103.4
91.3
90.2
108.3
90.4
111.4
89.7
92.3
97.2
106.8
111.1
Blast furnaces, steel works, and rolling
108.4
mills
1923-25=100..
117.4
120.9
111.5
95.7
94.6
95.3
95.7
97.0
115.1
121.8
123.3
101.1
Hardware
do
98.0
85.0
80.1
72.1
69.0
75.6
94.2
99.7
106.4
105.6
103.5
101.3
Structural and ornamental metal work
69.9
1923-25=10071.6
66.3
'70.3
73.4
66.5
67.1
68.8
71.5
76.3
76.0
73.8
75.4
Tin cans and other tinware
do
'93.1
94.2
92.7
93.6
97.7
100.2
107.4
107.0
105.7
100.6
95.4
93.6
92.7
Lumber and allied products
do
'66.8
66.7
63.9
65.0
66.3
66.7
68.7
70.0
72.4
73.0
71.1
67.3
66.7
Furniture
do
'88.7
87.3
82.4
81.4
83.2
84.3
87.5
90.7
94.6
96.8
94.8
90.3
89.0
Lumber, sawmills
do
'59.5
59.8
58.0
60.2
60.9
61.1
62.7
63.4
65.5
65.5
63.3
59.5
59.1
Machinery, not including transportation
equipment
1923-25=100—
113.6
113.1 ' 113.1
95.0
94.9
112.4
95.6
96.8
111.0
95.7
100.3
106.6
113.1
Agricultural implements (including trac141.4
tors)
1923-25 = 100141.1
129.4
143.6
122.8
114.4
135. 2
118.7
113.0
117.8
124.6
116.1
130.9
Electrical machinery, apparatus, and
supplies
1923-25=100101.8
101.6
86.8
101.7
86.6
86.5
100.4
101.7
86.8
87.8
92.2
97.3
102.6
Engines, turbines, water wheels, and
windmills
1923-25=100139.9
95.7
133.0
97.4
' 134.5
99.0
96.2
96.8
109.8
125.3
99.2
105.2
119.8
Foundry and machine-shop products
97.2
1923-25=10097.6
82.0
82.1
'97.2
97.2
82.6
84.1
82.6
91.2
95.4
85.8
97.2
Radios and phonographs
do
128.2
104.5
106.5
119.9
129.6
135.9
150.1
176.5
179.7
162.3
••136.4 ' 126.3 ' 121. 7
Metals, nonferrous, and products
do
107.1
105.5
92.9
92.0
91.3
91.3
94.7
100.3
110.4
113.5
112.9
109.8
107.1
Brass, bronze, and copper products ..do
125. 5
103.9
104.7
104.2
104.0
107.7
115.2
131.1
137.4
137.7
135.7
128.3 ' 128. 7
Stone, clay, and glass products
do
'77.7
80.9
78.5
78.5
80.5
79.7
80.8
81.7
84.8
85.5
83.6
77.7
75.5
Brick, tile, and terra cotta
do
'54.4
58.6
57.6
57.6
61.3
61.5
61.8
63.2
64.8
64.7
62.6
57.0
52.9
Glass
do
105.4
97.8
97.4
99.0
96.3
98.5
100.9
106.9
109.3
108.5
105.6
102.5 ' 106. 2
Transportation equipmentdo
115. 3
96.1
91.2
90.8
79.9
75.2
97.0
105.3
102.9
116.5
115.5 '114.8 '117.0
Automobiles
do
111.9
101.8
93.3
91.6
76.4
70.4
98.7
107.8
102.3
118.1
115.8 ' 113.1 ' 114. 4
Nondurable goods
do
105.0
103.5
103.0
101.6
101.8
103.5
103.1
110.2
110.8
109.2
108.0 ' 105.3
106.0
Chemical, petroleum, and coal products
123.2
1923-25=100116.6
112.9
109.8
109.2
110.4
122.3
122.6
118.0
121.0 ' 120. 9 ' 122. 6
122.3
Chemicals_._.
do
135.1
117.0
116.5
116.5
117.1
119.1
123.6
133.6
137.7
137.6
135.8 ' 136.1 ' 135. 6
Paints and varnishes
do
123.5
124.3
122.5
123.4
124.3
122.2
122.1
122.1
125.1
125.1
124.2
123.5
123.2
Petroleum refining
do
121.1
117.2
118.1
120.5
121.8
122.7
123.1
122.7
123.7
122.3
121.6
120.9 ' 121. 3
Rayon and allied products
do
309.0
305. 6
302.4
295.7
286.2
297.0
255.1
300.2
310.2
313.4
312.2
313.5
313.3
Food and kindred products
do
118.7
119.6
117.6
120.5
127.2
135.0
147.0
150.7
137.7
129.8
126.0
119.5 ' 118. 7
Baking
do
143.1
142.4
142.7
146.1
147.4
147.8
146.9
148.0
148.0
146.5
144.8
141.4
142.3
Slaughtering and meat packing
do
103.4
93.3
96.9
99.4
100,7
100.2
101.3
102.7
107.9
112.1
111.8 ' 108. 6 ' 107.4
Leather and its manufactures
do
98 2
94.7
100.2
92.5
94.1
99.7
100.7
97.8
96.2
91.9
93.2
97.4
99.3
Boots and shoes
do
"97! 7
93.6
99.6
91.0
92.5
99.1
100.3
96.5
94.1
89.0
90.8
95.8
98.3
Paper and printing
do
114.4
113.9
111.1
111.2
109.8
110.1
110.9
113.2
116.5
117.5
118.5
115.1
114.6
Paper and pulp
do
112.0
106.3
106.7
106.1
105.8
107.0
108.8
113.6
115.2
115.1
114.1
113.0 ' 112. 6
Rubber products
do
'87.3
84.5
82.1
81.2
80.1
78.7
82.6
86.0
92.4
93.9
90.0
88.0
93.0
Rubber tires and inner tubes
do
72.3
69.5
66.7
66.7
66.2
66.6
68.3
70.0
73.6
74.5
74.7
73.6
73.0
Textiles and their products
do
99.9
101.8
99.2
97.8
97.9
103.2
104.3
108.0
107.7
105.6
103.5
105.5 ' 102. 9
Fabrics
do
90.6
89.6
90.6
90.1
89.5
90.9
93.0
93.3
98.6
100.7
98.5
95.9
95.5
Wearing apparel
do
119.0
122.8
115.6
112.6
109.5
122,1
124.8
124.7
118.7
116.9
116.1 ' 123. 7 ' 126. 5
Tobacco manufactures
do
'63.6
63.8
63.1
64.2
65.2
65.4
66.6
66.4
66.7
66.4
65.8
59.0
61.7
Factory, adjusted (Federal Reserve) t
do
99.4
93.8
93.3
94.3
95.3
95.9
97.5
101.2
103.4
104.5
103.9
102.1 '100.4
Durable goods
do
' 95.9
95.0
83.9
82.9
83.9
84.7
85.3
88.9
94.6
97.3
100.0
97.4
99.7
Iron and steel and their products, not
100.8
including machinery
1923-25=100..
90.5
90.3
89.6
92.5
96.4
105.9
110.8 ' 112.1
107.0 ' 102. 7
90.6
110.4
Blast furnaces, steel works, and rolling
107
mills
1923-25=10095
94
96
97
96
101
122
115
117
110
124
122
Hardware
do
97
84
80
72
78
99
70
106
95
106
••103
'101
Structural and ornamental metal work
71
67
69
1923-25=10067
66
67
71
76
75
75
76
75
Tin cans and other tinware
do
98
96
95
95
98
97
95
103
103
100
101
100
Lumber and allied products
do
'68.1
67.1
64.2
64.8
65.3
66.0
66.4
67.4
69.4
72.2
72.4
72.0
70.0
Furniture
do
90
85
84
85
86
89
86
87
93
91
93
94
90
59
57
59
59
60
Lumber, sawmills
do
60
61
63
66
63
66
65
Machinery, not including transportation
'61
113.4
94.9
95.4
94.4
97.3
96.1
equipment
1923-25=10099.8
110.6
105.7
113. 6
112.9
113.4
Agricultural implements (including trac' 113.3
133
122
119
118
121
115
123
tors)
1923-25=100125
128
137
131
133
Electrical machinery, apparatus, and
136
102
87
86
87
88
92
supplies
1923-25=10087
97
100
102
103
103
102
Engines, turbines, water wheels, and
133
•
91
93
95
windmills
1923-25=10097
99
95
108
116
124
134
133
'132
Foundry and machine-shop products
97
82
81
83
1923-25=100..
83
85
91
95
86
97
98
98
97
Radios and phonographs
do
153
124
121
122
131
129
126
145
160
143
153
143
145
Metals, nonferrous, and products
do
105.9
93.2
92.8
92.8
94.6
96.2
99.2
107.0
110.1
111.3
107.5 ' 106. 6
111.6
Brass, bronze, and copper products_do
124
103
104
105
109
106
115
130
137
128
138
127
137
Stone, clay, and glass products
do
'80.0
80.3
77.9
75.4
77.5
78.4
78.1
79.0
81.9
85.0
85.4
80.8
85.8
Brick, tile, and terra cotta
do
59
58
55
57
58
57
59
61
64
61
65
'59
66
Glass
do
104
97
96
98
99
98
100
106
109
109
103
105
111
Transportation equipment
do
109.7
91.1
87.2
88.9
90.0
88.3
99.5
105.6
101.3
112.6
113.1
110.7 r H I . 1
Automobiles
do
106
96
89
89
90
88
102
108
100
112
111
107
107
' Revised.
t Re vised series. Rural sales of general merchandise adjusted for seasonal variations revised beginning January 1934; see table 37. p. 17, of the August 1939 issue.
for employment and pay rolls without adjustment for seasonal variations beginning 1933 and for employment adjusted for seasonal variations have been corrected to
the
Data
trends indicated by the Census of Manufactures for 1935 and 1937. For total, durable, and nondurable goods indexes, see table 42, p. 17, of the October 1939 issue and tables
1 and 2, pp. 15-16, of the December 1938 Survey. For individual industries and industrial groups, data from 1935 to date are available upon request. Earlier figures are
correct as shown in tables 76 and 77. pp. 13-18, of the November 1938 issue, except those for "textiles and products" and "fabrics" which have been revised beginning 1933are also available upon request.
Digitized forthese
FRASER
233101—40
4


26

SURVEY OF CURRENT BUSINESS

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

Juno 1940

1939
April

May

June

July

August

1940
September

DecemOctober November
ber

January

February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)f— Continued
Nondurable goods
1923-25=100
Chemical, petroleum, and coal products
1923-5=100-..
Chemicals
do
Paints and varnishes
_
do
Petroleum refining
do ...
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes.._
do Paper and printing
do
Paper and pulp..
_
do
Rubber products. .
. do. _
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
__ ._ _ do
Wearing apparel.do _
Tobacco manufactures
do
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
Wilmingtonf
do
State:
Delaware!
- do
Illinois
1925-27=100..
Iowaf
1923-25 = 100
Maryland.._
_. 1929-31 = 100
Massachusetts
1925-27=100
New Jersey!
1923-25=100..
NewYork
...
1925-27=100
Ohio
. . . 1926=100
Pennsylvania!
1923-25=100_.
Wisconsin!
.
1925-27=100
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!
do
Street railways and busses!
do
Telephone and telegraph!
do
Services:
Dyeing and cleaning _
_.
do
Laundries
do
Year-round hotels
do
Trade:
Retail, total!
do
General merchandising! _ __ __ do
Lumber and building materials* do_
Wholesale
.
do
Miscellaneous employment data:
Construction employment, Ohio..1926= 100__
Federal and State highway employment:
Total
number
Construction (Federal and State)..do
Maintenance (State)
do
Federal civilian employees:
United States
do
District of Columbia
do
Railway employees (class I steam railways):
Total
thousands. _
Index:
Unadjusted
1923-25=100..
Adjusted .
. . . do
Trades-union members employed:
All trades
percent of total
Building
do
Metal .
. . . .
do
Printing
do
All other
do
On full time (all trades)
do

103.7

103.3

103.3

104.2

105.3

105.9

105.7

107.6

109.2

108.9

107.8

106.6

' 104.8

121.0
136
122
122
312
128.7
144
107
92 4
91
114.3
112
83.7
70
97. 6
89.0
• 112.8
65.0

114.2
118
121
118
309
127.0
144
96
97.7
97
111.5
106
81.3
67
99.4
90.1
116.4
64.5

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

113.1
117
120
120
295
129.4
147
100
97.1
96
111.1
106
80.8
66
101.0
91.9
117.5
65.5

113.7
115
122
121
298
127.9
147
101
98.7
98
111.8
106
79.7
67
103.9
94.3
121.1
65.7

111.9
119
125
122
254
129.7
146
101
97.4
96
112.0
107
83.6
68
104.6
95.2
121.4
65.2

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

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

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

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

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

120.4
137
124
122
309
130.7
144
109
95.4
94
114.7
113
87.9
73
102. 6
93.1
119.9
62.7

'119.9
' 137
124
123
304
' 130. 2
145
110
93.8
93
114.8
113
86.7
72
' 99.1
'88.6
' 118.8
'64.3

103.5
76. 5
96.2
108.8
99.1
93.7
83.5
86.1
90.1

90.3
69.8
82.2
96.0
94.5
88.0
81.0
73.1
84.4

91.7
70.0
81.8
62.4
92.9
85.5
80.1
71.7
83.9

91.7
70.5
81.4
86.7
94.3
83.6
81.1
73.6
81.0

92.6
70.9
80.3
59.5
92.2
83.1
81.9
73.4
78.1

93.8
72.2
82.8
89.4
94.3
91.1
83.1
76.4
75.6

98.7
74.3
90.0
107.1
98.0
95.3
83.7
79.2
79.9

101.0
78.5
93.3
102.4
96.2
97.8
88.1
87.9
86.9

101.8
80.3
95.7
105.9
102.7
95.9
87.7
92.1
89.6

102 6
80.4
94 9
112 1
104.0
95.1
86 9
93.4
90.0

101.3
78.4
94.6
104.9
101.6
92.1
85.5
92.0
89.0

100.8
78.1
94.6
110.7
97.2
95.9
86.6
90.0
88.0

102.7
77.6
95.3
110.3
99.9
98.4
'84.7
'88.4
'88.6

98.5
84.4
134. 9
105.4
76.3
103.1
89.3
93.2
85.2
90.0

93.1
77.6
131.1
95.5
' 75. 1
93.7
82.0
86.6
'80.3
83.7

92.8
77.6
131.9
95.8
'73.7
94.3
80.4
85.2
78.8
84.5

90.0
78.1
133.2
95.8
'73.2
95.4
80.9
85.5
79.7
86.9

89.0
78.3
129.2
96.7
'75.3
94.4
80.6
84.7
81.0
89.2

93.7
80.7
129.3
90.5
'•77.6
97.7
84.0
87.2
82.5
90.0

99.9
82.3
129.4
101.5
'79.0
100.1
87.5
91.1
83.7
90.9

98.6
86.0
132.4
104.8
'82.5
105.0
90.6
95.7
90.0
89.4

98.2
87.7
137.0
105.5
'82.8
107.4
91.3
97.0
91.7
92.1

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

97.1
86.0
136.2
104.4
80.8
103.4
89.7
95.6
88.9
91.0

96.1
85.9
135.7
104.0
80.7
103.5
90.9
95.3
'88.3
89.5

'96.9
85.4
134. 6
105.2
78.0
103.7
91.5
'94.3
' 86.6
90.9

51.6
86.0
67.6
63.2
44.8

53.0
25.9
61.5
65.8
43.0

52.6
47.9
61.9
66.1
45.6

51.2
78.3
61.6
67.0
47.3

44.7
79.4
60.4
67.3
47.5

48.5
81.4
60.4
66.7
48.1

49.4
85.4
62.9
65.0
47.9

51.9
93.0
65.3
64.3
48.0

51.3
94.9
66.5
63.8
47.1

51.0
92.6
67.3
63.8
44.0

51.5
91.8
66.4
63.2
37.8

52.0
'91.7
'66.3
' 63. 0
'38.3

52.5
89.8
66.2
63.0
40.8

90.3
68. 5
76.5

87.7
68.5
75.1

88.2
68.9
75.8

89.2
69.3
76.4

90.0
69.1
76.5

90.6
69.2
76.6

90.6
69.2
76.4

90.4
69.5
76.5

90.3
69.3
76.1

90.1
69.0
75.8

89.1
68.8
76.1

'89.2
'68.7
' 75. 9

89.4
68.1
75.8

104.8
97.3
92.6

102. 2
93.5
93.2

107.0
95.5
93.9

110.1
98.7
92.8

106.5
100.0
90.3

102.7
99.1
89.8

105.2
97.8
91.3

105.1
96.0
92.9

97.8
95.6
91.8

97.4
95.6
90.8

94.0
96.0
'91.3

' 93. 7
'95.8
'92.1

99.4
96.2
91.9

90.0
93.0
72.4
89.0

88.5
92.7
70.5
87.3

88.8
92.8
72.1
87.2

89.4
93.3
73.4
88.1

87.2
88.2
72.2
87.9

86.3
86.3
74.3
89.0

90.5
95.8
75.2
90.5

91.7
98.9
76.3
92.4

93.3
105. 9
75.1
92.1

104.2
146.4
73.4
92.2

'87.7
'89.3
70.0
'90.6

' 87. 0
'87.9
69.2
'90.2

90.7
95. 3
70.3
90.4

31.6

35.0

43.0

43.6

50.0

48.0

48.0

47.9

44.2

41.3

31.1

' 31. 2

187, 523
78, 394
109,129

220, 923
104,804
116,119

252, 316
130. 743
121, 573

264, 502
138, 345
126,157

274, 949
142, 788
132,161

277, 703
142,868
134, 835

262, 760
133,904
128,856

227, 233
112,816
114,417

185, 661
81, 845
103,816

145, 707 '163, 592
42, 960 ' 43, 267
102, 747 '120, 325

164, 726
60,417
104, 309

885,766
122,003

903,112
122, 792

925. 982
123, 541

928,195
124, 015

933, 386
124, 634

940,130
125, 902

937, 576
126, 502

932, 641
126, 277

986, 742
127, 406

938,403
127,418

939, 015
127, 771

945, 836
128,643

1,014

1,006

35.4

55.1
55.6

C1)
0)
0)
0)
0)
0)

967

974

1,010

1,019

1,022

1,039

1,075

1,058

1,029

1,008

53.2
53.6

53.6
53.0

55.6
54.4

56.1
54.7

56.3
54.9

57.1
56.0

59.1
57.5

58.2
'57.8

56.5
57.9

55.4
57.7

87
71
83
89
91
69

88
75
83
90
91
70

89
78
84
90
92
70

88
76
84
90
91
70

88
75
85
89
92
71

89
75
86
90
93
71

89
75
88
90
93
72

89
74
88
90
93
72

88
72
88
91
92
70

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

'"55. 7
r 57. 9

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

55. 3
56.9

0)
(')
0)
0)[
()
(')

LABOR CONDITIONS
Average weekly hours per worker in factories:
National Industrial Conference Board (25 in37.7
39.1
38.7
38.2
39.1
37.9
39.0
37.6
37.1
36.5
37.1
38.0
36.8
dustries)!
hours
U. S. Department of Labor (87 industries)!
37.5
37.4
39.1
38.6
37.3
38.5
36.9
37.3
36.7
38.0
38.0
36.7
hours..
x
' Revised.
Discontinued by reporting source.
*New series. Data for employment by lumber and building material dealers not shown on p. 26 of the March 1940 Survey will appear in a subsequent issue.
!Revised series. Iowa employment revised beginning July 1937; revisions are shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been
adiusted beginning 1929, to trends1 indicated
by Census data; indexes
not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue. Other r*-4and city employment indexes re - 1 -—•-—•
^ ^
"t~1" — - — ~ — ~
—
'•• - '
™.~—...._. , ^ . . . . ^
sylv
P- "
C m T j l U ^ l l l t J l l l / SCHt/Of OCD HJUMUJLC AXldllVC^l W l l l l CL

|

Uil }~>. ^O •

iicinunai

JLUUUJl/nui

v^'uiiioi^i

per worker have been revised beginning 1934; see table 2, p. 18, of the January 1940 issue.




27

SURVEY OF CURRENT BUSINESS

Juno 1940

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

1940

1939
April

May

June

July

August

SepNovem- December
tember October
ber

January

Febru- March
ary

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

P 56
M75

5,682

(0
295
259

281
'431

'258
'434

'245
'407

'251
'389

'396
'426
4,902

'95
'457
3,548

'63
' 127
958

6,545
478
270
195

6,382
516
333
242

6,283
570
344
251

' 197
'373

'205
'356

' 176
'212
1,168

'275
'448
'80
' 119
1,101

'37
'104
892

' 107
'140
1,508

6,101
494
286
213

5,790
558
336
254

5,682
352
287

5.6

0)

4.6

3.0

3.8

4.0

3.5

4.4

5.1

3.05

2.93

3.29

3.92

4.16

5.06

6.17

3.66
.13
2.
.84

3.46
.10
2.60
.76

3.48
.13
2.67
.68

3.31
.12
2.46
.73

3.36
.12
2.54
.70

3.01
.14
2.05
.82

2.79
.14
1.58
1.07

96.4
97.2

85.5
79.5

85.0
78.8

84.4
76.0

89.7
81.5

94.9

82.0

80.2

82.6

78.6

98.7
104.4

85.2
79.3

82.3
77.6

73.8

82.0
65.4

61.2
100.0
61.0
74.5
54.7

57.7
95.4
55.4
67.0
49.9

57.3
98.2
58.0
66.6
54.2

58.8
103.2
60.1
68.5
55.9

58.7
102.8
56.4
68.0
50.5

63.9
114.9
62.9
75.5
56.8

' 178
'317

' 106
'222

'102
'196

'132
'218

43
'130
1, 665

'12
'37
384

24
38
'232

'28
'36
'287

5,466

5,629

5,746

0)

5,920

289
249

0)

6,079

366
308

0)

0)

r

265
235

221
196

p 151

MOO

5. 025
0)
243
218

203
184

4.4

4.1

3.2

3.1

4.10

2.84

3.74

2.98

2.91
.17
1.81

2.95
.15
1.97
.83

3.46
.12
2.

3.43
.14
2.55
.74

3.56
.16
2.67
.73

2.94
3.46
.15
2.53
.78

93.8
87.8

101.6

101.6
100.9

103.7
104.6

98.3
98.2

'97.8
'96.7

'98.2
'97.5

88.0

92.8

112.1

114.7

115.3

106.2

' 100.9

92.7
80.1

95.3
113.9

123.6
109.6

127.3
118.6

129.2
117.0

119.3
108.9

110.2
' 100.9

101.8
' 104.7

63.3
117.4
63.5
78.1
56.5

68.3
111.3
68.7
84.9
61.6

67.1
105.4
68.8
86.2
60.8

67.2
100.4
65.2
85.5
55.4

62.6
96.9
58.8
74.6
51.1

'60.3
93.0
r
60.0
'76.8
52.0

'59.5
'98.4
'61.0
'77.7
'53.3
' 121. 4

4.3

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

121.4

96.4

92.8

94.0

95.4

94.0

96.9

100.9

111.0

117.1

122.1

119.1

119.3

144.5

134.9

127.3

122.7

124.0

125.0

131.3

140.5

151.5

155.8

163.8

167.9

91.6

91.0

93.4

105.7

109.6

114.2

112.4

111.6

'113.8

112.8

89.2

180.9

111.9

114.0

114.3

110.2

113.5

116.2

129.2

139.1

156.6

161.8

171.6

' 173. 4

95.3
115.7
102.9
132.4
72.6
45.6
114.3
123.0
121.4
95.6

73.5
88.7
83.2
99.9
66.4
43.0
93.8
94.2
99.5
92.2

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

76.9
104.5
84.0
103.1
70.6
50.1
100.8
88.9
88.6
93.0

74.8
113.6
82.4
103.9
65.9
46.4
91.5
76.6
72.9
93.7

78.4
122.8
88.7
110.5
71.6
50. 1
102.5
78.3
75.0
99.0

80.2
139.0
96.5
122.8
71.7
50.4
105.0
99.5
102.9
100.5

89.5
169.6
113.6
154.1
80.3
56.6
121.2
109.9
113. 3
103. 9

94.3
170.3
115.4
157.0
78.9
54.3
121.0
105.6
106.0
102.4

98.6
148.8
116.5
158.9
76.4
51.6
118.9
124.1
127.9
102.8

95.2
121.7
108.7
150.3
66.9
43.4
113.1
118.3
119.9
r
98. 4

94.2
'113.0
103.4
136.4
65.3
39.6
108.3
' 118. 6
' 119.1
'99.1

'95.6
' 109.5
104.8
' 137.2
'68.3
'41.5
'112.8
' 124. 4
' 123.1
99.0

133.5
159.5
131.8
137.1
310.9
117.7
134.4
109.2
71.0
66.9
109.7
115.4
85.8
77.5
82.0
75.7
89.1
58.7

119.5
130.2
125.6
128.6
278.6
112.1
129.1
96.7
79.8
77.3
104.5
104.7
81.0
71.7
81.9
75.0
90.5
55.0

119.6
131.3
129.8
132.2
273.0
118.8
136.5
104.7
68.6
63.8
105.1
105.6
80.0
71.6
79.7
75.3
83.5
57.7

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

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

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

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

133.3
157.9
134.6
140.0
303.0
130.0
136.6
107.7
76.5
71.1
113.8
125.6
101.9
90.6
93.5
88.0
98.7
63.4

133.1
161.5
131.5
137.9
310.4
125.3
136.9
112.7
71.1
64.6
114.2
124.6
99.8
85.9
92.7
91.6
89.2
62.9

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

131.0
159.8
128.5
133.5
320.4
117.0
131.1
118.9
82.3
79.1
110.0
117.6
94.1
85.6
87.5
84.8
87.5
52.9

'131.4
' 159.7
' 128. 3
134.4
321.3
'115.5
132.4
'110.9
82.6
80.2
108.6
116.9
'88.3
'80.6
91.3
84.2
'99.7
54.0

'
'
'
'

127.0
64.6
104.1
86.5
81.4
83.5
88.6

102.5
57.3
94.7
79.5
72.6
63.4
77.1

107.2
57.8
92.8
77.7
73.6
62.4
76.4

110.5
58.7
96.5
76.9
76.5
66.5
75.8

110.6
59.1
92.4
76.3
77.6
62.4
71.4

114.0
61.3
98.1
85.5
79.1
72.0
67.7

118.3
62.8
96.4
86.4
79.7
72.6
73.7

126.2
67.4
103.4
90.1
85.6
92.7
81.7

128.2
67.5
109.4
87.4
85.6
96.1
83.7

128.1
69.4
110.6
88.7
86.0
98.7
85.7

124.2
66.9
104.3
84.5
83.8
92.3
82.4

122.8
66.1
100.1
87.8
'83.1
87.3
82.6

126. 6
65.6
104.2
94.9
'83.1
'85.3
84.7

98.1
74.2
124.1
70.9
101.8
85.0
79.3
96.1

86.5
66.2
104.5
'67.4
86.0
76.4
' (58. 0
85.3

85.3
66.4
107.0
'66.2
87.3
74.4
67.5
86.3

85.0
67.3
110.4
'66.7
89.2
75.9
70.4
89.2

81.1
66.6
110.4
' 69. 3
87.7
75.8
69.2
86.6

79.7
70.3
110.2
'71.3
91.8
80.2
74.2
91.6

86.7
71.7
117.5
' 73. 3
94.2
82.4
74.9
90.1

92.1
77.9
126.9
'76.5
104.3
87.4
88.7
96.2

92.9
77.8
127.8
'78.0
106.4
87.8
89.7
99.4

94.9
79.1
127.7
'78.7
105.7
89.3
90.1
100.1

91.1
75.7
123.8
76.8
100.6
86.2
84.4
94.7

91.6
75.8
122.1
74.4
100. 0
86. 7
'81.8
94.7

93.9
75.2
124. 7
73.9
102. 2
89.2
' 80. 8
96.8

r

132. 5
159. 3
130. 5
135.8
316.0
117.2
' 134. 4
'111.5
'80.3
'78.2
' 110.0
r 115. 1
'88.4
'79.3
'89.4
'78.4
r
105. 6
58.0

' Revised.
* Preliminary.
i Discontinued by original source.
!Revised series. For data on factory pay rolls (U. S. Dept. of Labor), see footnote marked with a "f" on p. 25. For Wisconsin pay rolls, see footnote marked with a
"!" on p. 26. Other State and city pay-roll indexes revised beginning with the year specified: Philadelphia, 1932; Pittsburgh, 1928; Wilmington. 1930; Delaware, 1932; New
Jersey, 1932; and Pennsylvania, 1932; data appear in table 12, p. 14, of the March 1940 issue.



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

1940
April

June 1940
1940

1939
April

May

June

July

Sep- October Novem- DecemAugust tember
ber
ber

January

Febru- March
ary

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

36.3
71.4
63.1
58. G
38.5

43.4
17.6
52.6
60.8
35.9

57.0
20.4
54.1
61.2
39.7

36.1
66.5
53.8
62.5
41.7

25.2
64.5
48.5
61.9
40.9

74.6
53.0
62.0
42.9

40.1
80.2
55.1
60.8
42.7

52.2
97.6
63.4
58.8
45.6

42.0
96.3
63.9
59.6
42.9

26.6
84.3
65.0
59.2
39.2

52.5
87.0
63.6
58.4
29.6

32.9
r
87.O
"64.2
"59.0
'30.8

38.9
78.6
63.0
58.6
33.9

1G3.7
69. 2
99.3

98.3
68.4
94.0

101.2
70.0
95.7

101.1
69.4

95.7

102.2
69.8
96.3

102.2
69.2
96.9

102.0
71.2
97.2

102.5
69.4
96.4

102.4
69.8
97.4

101.6
69.0
97.4

'1102.2
' 71.5
'96.9

102.5
69.6
9S.3

80.1
85.7
83.0

73.3
79.9
81.9

83.0
83.9
82.4

84.2
86.9
82.0

77.1
88.0
79.1

73.0
85.9
79.2

78.3
84.5
80.4

77.3
83.9
82.2

70.8
82.9
81.8

69.9
83.7
81.1

65.5
83.4
81.1

" 64. 4
'83.1
r
82. 7

72.5
84.2
82.3

82.3
84.9
68.0
77.2

79.6
83.5
64.8
74.8

79.9
83.6
67.1
74.9

81.1
85.1
69.0
75.8

79.5
81.3
67.6
75.8

78.0
78.6
69.6
76.2

85.3
70.5
78.0

83.2
88.5
72.6

83.6
92.4
70.7
79.0

91.8
125.8
69.2
79.1

80.8
82.7
64.7
77.2

79.1
80.6
63.9
76.8

81.9
85.5
65.9
77.9

WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
27. Gl
28.24
28.09
26.19
26.64
27.29
26.67
28.49
26.27
27.58
27.61
industries) t
dollars.. 27.66
28.49
2.3.4G
24.52
23.84
25.81
23.79
24.17
23.64
24.72
25.73
25.51
25. 20
U. S. Department of Laborf
do
26.26
28.90
27.92
26.92
26.82
28.18
27.26
29.71
26.31
29.41
28.96
28.60
Durable goods
do—
30.04
Iron and steel and their products, not in27.47
28.17
31.09
26.17
26.89
28.25
30.55
29.07
26.46
25.81
27.95
cluding machinery
dollars..
30.71
Blast furnaces, steel works, and rolling
27.12
30.13
29.77
33.91
33.08
31.25
28.07
27.40
28.30
29.69
mills
dollars..
33.19
26.15
29.85
23.87
25.21
26.10
27.13
23.38
27.58
26.01
' 24. G5
23.05
Hardware
do—
27.44
Structural and ornamental metal work
27.39
28.74
" 27. 27
27.42
27.62
28.52
27.65
27.71
28.13
28.87
28.06
dollars..
28.74
24.04
24.20
22.82
23.12
24.86
23.86
23.19
23.66
23.82
23.46
Tin cans and other tinware
do
23.70
23.82
19.91
20.14
20.80
19.18
18.61
19.95
19.10
19.69
19.72
19.95
Lumber and allied products
do
20. 63
20.18
21.15
21.72
19.74
20.90
19.47
20.95
19.86
19.91
21.63
19.95
" 20. 91
Furniture
do—
21. 87
18.49
19.45
18.04
18.76
17.73
18.19
17.08
18.39
Lumber, sawmills
do
18.95
19.21
19.20
18.11
Machinery, not including transportation
30.15
29.
67
29.74
equipment
dollars27.86
27.55
28.23
29.20
28.07
29.51
27.45
27.97
30.25
Agricultural implements (including
31.37
31.14
30.91
29.56
29.20
28.91
29.92
30.27
tractors)
dollars.
30.00
29.11
28.85
31.07
Electrical machinery, apparatus, and
29.98
29.67
29.53
supplies
dollars28.11
28.05
28.71
29.24
29.34
27.57
28.50
28.42
29.89
Engines, turbines, water wheels, and
34.00
34.10
34.09
30.94
30.95
30.36
30.97
32.48
31.01
33.46
windmills..
dollars..
30.57
34.49
Foundry and machine-shop products
29.47
28.89
29.27
27.86
29.27
27.23
27.78
29.43
dollars26.70
27.71
26.95
30.35
22.30
'22.12
" 22.19
22.92
23.79
Radios and phonographs
do_..
21.73
21.63
22.38
23.47
21.19
21.71
22.71
26.96
25.52
27.37
26.65
25.38
25.98
28. 58
28.26
24.90
25.11
Metals, nonferrous, and products...do...
28. 67
Brass, bronze, and copper products
28.96
29.01
29.15
32.21
30.28
28.00
31.39
26.43
27.18
27.32
27.53
dollars..
31. 63
23.58
23.71
24.03
25.98
24.03
24.26
25.24
22.96
23.47
23.94
22.58
Stone, clay, and glass products
do...25.01
19.55
22.51
19.52
20.52
19.30
21.17
19.46
19.91
21.25
19.58
21.58
Brick, tile, and terra cotta
do.-_
21.18
26.02
27.71
25.43
26.20
25.89
25.45
27.06
23.37
24.15
24.
23.26
26.78
Glass
do-..
34. 33
33.82
" 33. 47
33.23
33.25
33.71
33.26
31.80
31.04
31.06
Transportation equipment
do.. 31.73
34.51
35.49
34.75
34.28
" 34. 80
34.41
35.15
34.25
32.33
31.18
31.50
35.81
Automobiles
do...
31.94
21.86
22.02
21.87
21.73
21.54
21.58
22.30
20.89
21.09
21.25
22.03
21.31
Nondurable goods
do.-_
Chemical, petroleum, and coal products
29.14
29.31
29.22
28.74
29.54
29.49
27.
28.85
29.49
28.60
29.23
29.61
dollars _
31.82
32.51
31.86
31.82
" 31.79
30.74
31.48
31.08
30.66
31.00
31.07
32.07
Chemicals
do
28.93
28.44
" 28.43
28.72
29.46
28.14
28.47
28.65
28.75
28.24
29.12
28.62
Paints and varnishes
do
34.96
35.77
34.94
34. 42
34. 78
33.91
34.76
34.38
35.27
34.39
34.99
35.10
Petroleum refining
do
26.26
26.24
26.33
25.42
25.03
25.82
24.47
24.81
24.
23.64
24.38
23.70
Rayon and allied products
do.__
25 25
24.34
24.80
25.32
25.00
24.61
23.95
24.19
25.48
25.13
24.57
25.48
Food and kindred products
do
2G. 12
25.84
25.84
25.65
25.97
25.83
26.05
25.49
25.96
26.00
25.11
25.91
Baking
do__.
27.26
27.94
26.88
27.60
28.54
27.77
27. 45
28.51
28.25
27.99
27.23
28.39
Slaughtering and meat packing..do
19. 23
19.89
19.61
18.74
18.20
19.09
19.72
19.78
18.65
18.45
17.43
18.73
Leather and its manufactures
do. _ 18. 20
18.59
18.78
17.62
17.20
16.46
18.74
18.74
17.28
17.04
17.58
15.
Boots and shoes
do
28.
67
28. 66
28. 37
29.26
29.40
29.51
27.57
28.04
28.10
28.89
28.08
28.22
Paper and printing
do
25.17
25. 42
25. 35
26.19
27.19
26.61
23.40
24.65
24.13
25. 64
24.11
24.25
Paper and pulp
.
do
27.66
29.50
28.54
27.40
30.11
28.22
28.52
28. 05
27.88
28.93
26.78
27.00
Rubber products
do^
32.04
' 32. 29
33.96
35.11
33.64
35. 91
33.84
33.77
33.06
34.55
31.46
31.48
Rubber tires and inner tubes
do
17.45
17.26
17.48
17.72
17.58
16.46
17.20
17.68
16.51
16.91
16.36
16.36
Textiles and their products
do
1G.62
16.98
17.54
17.07
17.21
16.23
16.63
16.20
16.02
16.73
17.64
15.86
Fabrics..
do
19.
54
18. 86
17.85
18.63
18.26
17.14
18.77
17.46
17.81
17.40
17.84
17.43
Wearing apparel
do
1G.88
17. 55
16.52
16.25
17.48
17.43
17.19
17.47
17.44
17.50
Tobacco manufactures
do
16.60
16.08
Factory average hourly earnings:
National Industrial Conference Board (25
.731
.728
.727
.729
.727
.734
.722
.724
.721
.717
.720
.721
.720
industries) t
dollars..
.605
.662
.663
.663
. 653
.646
.634
.642
.643
.642
.637
.638
U. S. Department of Laborf
do...
.728
.726
.727
.727
.715
.713
.710
.707
.702
.708
Durable goods
do...
Iron and steel and their products, not in.763
.764
.766
.772
.764
,767
.752
.752
.759
.757
.761
.756
cluding machinery
dollars.
Blast furnaces, steel works, and rolling
.838
.838
.841
.851
.847
.835
.835
.842
.849
.843
.845
mills
dollars.680
.670
". 675
.680
.685
.651
.722
.676
Hardware
do...
.655
.625
.655
Structural and ornamental metal work
.732
.735
". 730
.731
.722
.726
.721
.725
.725
.727
.721
.731
dollars.
.620
.621
.619
.619
.614
.605
.608
.615
.610
.609
.604
.611
Tin cans and other tinware
do...
.512
.513
.515
.
513
.498
.502
.501
.502
.514
.502
.504
.498
Lumber and allied products
do
.544
.539
.547
. 538
.536
.528
.529
.530
.527
.530
.527
.532
Furniture
do
.192
.491
.491
. 489
.473
.481
.479
.483
.497
.481
.484
.471
Lumber, sawmills
do
r
Revised.
•New series. Data not shown on p. 28 of the March 1940 issue for pay rolls of lumber and building material dealers will appear in a subsequent issue.
fRevised series. For revisions in National Industrial Conference Board factory weekly and hourly earnings, see note marked with a "t" on p. 26; for revisions in the
U. S. Department of Labor data on the same subject, see note marked with a "t" on p. 29. The indicated nonmanufacturing employment and pay-roll series have been revised
beginning with 1929 except for the telephone and telegraph series for which revisions begin in 1932; see table 19, p. 17, April 1940 Survey. Subsequent revisions in employment on street railways and busses beginning 1932, superseding those shown in table 19, p. 17, of the April 1940 Survey, appear in table 27, p. 17 of the May 1940 issue.



29

SUKVEY OF CURRENT BUSINESS

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

April

1940

1939

1940
April

June

May

DecemSepAugust tember
October November
ber

July

Febru- March
ary

January

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued.
U. S. Dept. of Laborf—Continued.
Durable goods—Continued:
Machinery, not including transportation
equipment
dollars. .
Agricultural implements (including
tractors)
dollars..
Electrical machinery, apparatus, and
supplies
dollars. _
Engines, turbines, water wheels, and
windmills
dollars..
Foundry and machine-shop products
dollars._
Radios and phonographs
do
Metals, nonferrous, and products..do
Brass, bronze, and copper products
dollars. .
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do.
Glass
do.
Transportation equipment
do
Automobiles
do...
Nondurable goods
do...
Chemical, petroleum, and coal products
dollars
Chemicals
do
Paints and varnishes
do
Petroleum refining
do.
Rayon and allied products.
__do
Food and kindred products
do
Baking
do
Slaughtering and meat packing, .do
Leather and its manufactures
do
Boots and shoes
do.
Paper and printing
do.
Paper and pulp
do.
Rubber products
do.
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do.
Wearing apparel
do.
Tobacco manufactures
do.
Factory average weekly earnings, by States:
Delaware
1923-25=100 _
Illinois
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)!
dol. per month..
Railway wages (average, class I)
dol. per hour..
Road-building wages, common labor:
United States, average
dol. per hour.
East North Central
do.
East South Central
do.
Middle Atlantic
do.
Mountain
do.
New England
do.
Pacific
do.
South Atlantic
do .
West North Central
do
West South Central
do.

96.3
95.2
96.7
118.7
95.1
105.8
106.8
. 685
1.47
36.41

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

.726

.725

.725

.721

.722

.721

.723

.732

.735

.737

. 739

.795

.787

.780

.785

.781

.778

.782

.787

.793

.796

.797

.797

.742

.744

.744

.743

.737

.740

.733

.731

.742

.749

.753

. 755

.792

.787

.782

.779

.778

.787

.794

.799

.805

.804

.813

.790

.714
.586
.670

.710
. 589
.673

.716
.583
.671

.715
.576
.672

.714
.576

.718
.573
.691

.720
.583
.690

.727
.590
.703

.726
'.595
.701

. 723
. GOO
. 090

.' oT4

.704
.648
.535
.707
.897
.928

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

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

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

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

.715
.577
.674
.714
.647
.540
.718
.895
.934
.583

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

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

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

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

. 743
.002
.554
.738
r
.8O0

.721
.777
.697
.973
.647
.627
.613
.694
.524
.501
.772
.612
.760
.947
.480
.458
.518
.474

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

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

.766
.783
.704

.741
.781
.704
.969
.646
.585
.620
.686
.532
.508
.774
.620
.768
.959
.482
.461
.519
.475

.738

.961
.486
.464
.527
.474

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

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

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

r

.613
.624
.687
.522
.498
.772
.616
.772
.956
.472
.460
.496
.476

.766
.785
.707
.975
.643
.596
.624
.688
.526
.502
.768
.618
.770
.956
.483
.460
.523
.472

92.5
93.4
110.7
93.1
96.9
101.9

88.9
92.8
93.5
111.8
92.6
97.5
102.2

91.4
93.4
94.9
113.0
93.8
101.0
102.7

88.2
92.3
95.8
112.1
94.0
97.3
97.2

82.4
94.6
95.6
113.3
95.4
103.0
101.7

83.9
94.5
96.7
113. 5
94.1
101.5
99.1

90.3
98.2
96.6
119.7
96.4
111.1
107.6

91.5
96.3
98.0
119.5
96.1
110.8
107.9

93.3
97.9
100.0
120.0
97.7
111.9
107.6

.683
1.44

.682
1.44

.684
1.44

.684
1.44

.685
1.44

1.44

.685
1.44

1.46

.685
1.46

.732

.720

.719

.724

.714

.731

.729

.739

.743

.39
.62
.30
.54
.55
.57
.67
.28
.42
.37

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

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

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

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

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

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

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

305

279

277

258

.748
. GC4
.553
.741
. 900
.942
.610

750
'".SOS
'.719
.975
.674
. 039
.631
.679
.537
.514
.783
.638
.777
r.964
.505
.484
.544
'.491

.746
.800
.718
.971
. 072
.041
. 039
.041
.541
.519
.789
.637
.780
. 965
.505
.482
. 543
.490

90.7
95.7
98.9
117.2
96.1
107.8
104.0

92.1
95.8
95.9
116.4
95.4
105. 2
105. 7

'93.7
95.6
98. 6
118.0
97.4
' 106.3
106.5

.685
1.47

.085
1.47

.685
1.47

.742

.751

.735

.43
.02
33

.32
.44
.38

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

.59
.50
.72
32
'•50
.39

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

'278

'271

'274

280

38

51
41

51
40

1

2

3

36.13

36.26

35.42

.712
.974
.646
.608
.623
.685
.532
.508
.773

'-.ess
.608

.727
. 097

35.27

.42
.63
.35
.56
.56

]62

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

309

48

46

0)

20

20

19

19

19

19

18

19

20

17

146

141

133

120

108

102

108

106

111

124

6

7

3

3

4

4

4

4

2
4

2
4

3
5

3
5

3
6

3
6

3

47

37

r 35

34

40

46

C)

3

51

C)
54

0)
0

' Revised.
• Less than $500,000.
^Construction wage rates as of May 1, 1940; common labor $0,690, skilled labor $1.47.
•Beginning with January 1940, these series include cost of hospitalization and burial; the inclusion of these data has only a minor effect on the comparability of the series.
fRevised series. For revisions in XJ. S. Department of Labor factory weekly and hourly earnings, and hours worked per week, see table 1, p. 17, of the January 1940 issue.
Farm wages revised beginning 1913; see table 53, p. 18, of the November 1939 issue. Data on all public relief revised beginning with January 1933; the historical record can
be obtained from the most recent Social Security Bulletin together with the issue for February 1940. The revised series differ from those previously published in that they
include, in addition to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction projects financed m whole or m part
from Federal funds. Wisconsin weekly earnings revised beginning January 1929; data not shown in the December 1939 Survey will appear in a subsequent issue.
1 Beginning March 1940, this item is included with projects "operated by the W. P. A."




30

SURVEY OF CURRENT BUSINESS

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

June 1940

1939
April

July

June

May

1940

Sep- October Novem- DecemAugust tember
ber
ber

January

Febru- March
ary

FINANCE
BANKING
Acceptances and com'l paper outstanding:
Bankers' acceptances, total
mil. of dol._
Held by Federal Reserve banks:
For own account..
_.do __.
For foreign correspondents
do
Held by group of accepting banks:
Total
do
Own bills
do
Purchased bills
do ._
Held by others
do
Commercial paper outstanding
do
Agricultural loans outstanding of agencies supervised by the Farm Credit Adm.:
Grand total
mil. of dol
Farm mortgage loans, total
do
Federal land banks
do
Land Bank Commissioner0
do
Loans to cooperatives, total
do
Banks for cooperatives incl. Central
Bank
mil. of dol
Agricultural Marketing Act revolving
fund
mil. of dol...
Short-term credit, total
- do
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit1 ass'ns, and banks for cooperativesd"
mil. of dol
Otherfinancinginstitutions ._ do
Production credit ass'ns
do
Regional agr. credit corps
do
Emergency crop loans
do
Drought relief loans
do
Joint Stock Land Banks in liquidation..do
Bank debits, total (141 cities)
do
New York City
do
Outside New York City
- do_.
Federal Reserve banks, condition, end of mo.:
Assets (resources) total
mil. of dol
Reserve bank credit outstanding, total
mil. of dol__
Bills bought
do
Bills discounted
_
do.. ..
United States securities
do
Reserves, total
do Gold certificates
_ . _ -do
Liabilities, total
do
Deposits, total
- do
Member bank reserve balances, total
mil. of dol._
Excess reserves (estimated) ..- do
Federal Reserve notes in circulation..do
Reserve ratio
- percentFederal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
Demand adjusted
mil of dol
Time
do ...
Domestic interbank
do
Investments, total!
do
U. S. Government direct obligations-do
Obligations fully guaranteed by U. S.
Government
mil. of dol
Other securities!
do
Loans, total!
do
Commercial, industrial, and agricultural
loans!
mil. of dol
Open market paper
do.. .
To brokers and dealers in securities do__
Other loans for purchasing or carrying securities
mil. of dol._
Real estate loans
do
Loans to banks
do . . .
Other loans!
. do
Money and interest rates:
Bank rates to customers:!

223

238

247

245

236

235

216

221

223

233

229

233

230

0
0

0
0

0
0

0
0

0
0

0

0

0

0
0

0
0

0
0

0
0

0
0

178
118
61
45
239

189
118
72
49
192

192
124
68
55
189

191
122
69
53
181

188
119
69
48
194

191
128
63
44
201

177
115
62
39
209

179
111
67
42
205

172
103
69
51
214

175
105
70
57
210

179
111
68
50
219

188
123
65
45
226

184
121
63
46
233

3,058
2,560
1, 886
674
88

3,172
2,683
1,955
728
86

3,166
2,671
1,948
723
84

3,158
2,658
1,941
718
83

3,148
2,647
1,934
713
85

3,134
2,637
1,928
708
84

3,109
2,626
1,923
704
88

3,085
2,616
1,916
699
93

3,067
2,605
1,910
695
95

3,057
2,596
1,905
691
99

3,045
2,588
1,900
687
95

3,046
2, 580
1,897
684
94

' 3, 052
2, 568
1, 890
678
91

67

61

60

60

62

61

65

70

73

76

73

72

69

23
403

23
411

23
417

22
417

22
414

22
395

22
376

21
366

21
363

20
362

20
372

20
'393

185
38
186
8
127
52
58
34, 769
15, 519
19, 250

183
36
178
10
125
54
82
30,143
13,311
16, 832

187
38
183
10
125
54
80
31, 928
14,165
17, 763

190
40
188
10
125
54
79
33, 988
15, 312
18, 676

189
41
188
10
125
54
77
30, 477
12, 794
17, 683

188
42
185
10
124
54
76
30, 613
13,118
17, 496

180
38
174
9
121
54
75
33, 664
15,138
18, 526

170
34
163
8
118
53
73
32, 711
13, 683
19, 029

165
33
157
8
116
53
70
31, 676
13, 041
18, 636

165
33
154
8
115
53
66
40, 019
17, 633
22, 386

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

165
35
160
8
117
52
62
29, 482
12,138
17, 344

••176
36
174
8
' 123
52
61
34, 738
15, 201
19, 537

20, 042

16, 766

16,922

17,172

17, 348

17,823

18, 602

18, 779

18, 740

19,027

19, 223

19, 497

19, 677

2,518
0
3
2, 467
16, 809
16, 428
20, 042
14,152

2,595
1
3
2,571
13,476
13,103
16, 766
11, 376

2,573
1
4
2,564
13, 673
13, 326
16, 922
11, 535

2,579
1
5
2,551
13, 874
13, 524
17,172
11, 701

2,486
1
5
2,488
14, 230
13,878
17, 348
11,952

2,446
1
5
2,426
14, 661
14, 321
17, 823
12, 247

2,879
1
6
2,804
15, 013
14, 679
18, 602
12, 953

2,801
0
6
2,736
15,178
14,838
18, 779
12,988

2,650
0
8
2,552
15, 295
14, 976
18, 740
12,865

2,593
0
7
2,484
15, 524
15, 209
19,027
12, 941

2,503
0
7
2,477
15,975
15, 561
19, 223
13,422

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

2,529
0
4
2,475
16, 451
16, 076
19, 677
13,815

12,919
6,149
4,941
88.0

9,900
4,098
4,458
85.1

10,029
4,218
4,477
85.4

10, 018
4,140
4,511
85.6

10, 507
4,553
4,530
86.3

10, 918
4,758
4,631
86.9

11,655
5,352
4,720
85.0

11, 973
5,553
4,773
85.5

11,628
5,160
4,862
86.3

11, 653
5,209
4,959
86.7

12,150
5,559
4,832
87.5

12, 328
5,692
4,872
87.5

12, 423
5,828
4,931
87.8

19, 696
5, 305
8,460
14, 881
8, 960

16, 660
5,248
6,627
13, 714
8,341

16, 965
5,235
6,675
13, 554
8,237

17, 220
5,237
6,747
13, 862
8,423

17, 462
5,243
7,012
14, 078
8,515

18, 096
5,247
7,167
14, 233
8, 565

18,333
5,231
7,667
14, 069
8,437

18,556
5,249
7,954
14, 207
8,684

18, 972
5,232
7,894
14, 503
8,713

18,566
5,276
8,190
14, 413
8,703

19,199
5,257
8,029
14,675
8,877

19,414
5,290
8,085
14, 740
8,851

19,175
5, 355
8,424
14, 666
8,848

2,427
3,494
8,661

2,026
3,347
8,071

2,055
3,262
8,126

2,148
3,291
8,089

2,241
3,322
8,166

2,286
3,382
8,209

2, 232
3,400
8,350

2,232
3,291
8,521

2,408
3,382
8,656

2,412
3,298
8,674

2,414
3,384
8,499

2,421
3,468
8,528

2,380
3,438
8,649

4,409
326
626

3,841
302
648

3,822
308
721

3,833
303
648

3,887
313
655

3,996
317
608

4,229
316
533

4,310
317
603

4,381
312
660

4,353
315
700

4,295
321
614

4,324
332
609

4,414
337
625

474
1,187
52
1,587

539
1,148
60
1,533

539
1,156
59
1,521

543
1,161
51
1,550

526
1,168
74
1,543

519
1,174
49
1,546

510
1,180
35
1,547

512
1,184
36
1,559

499
1,189
36
1,579

504
1,188
50
1,564

485
1,183
54
1,547

478
1,185
52
1,548

476
1,185
51
1,561

In eleven southern and western cities

Baa
- do .
Discount rate (N. Y. F. R. Bank) __ do
Federal land bank loans
do
Federal intermediate credit bank loans, d o —
Open market rates, N. Y. C :
Acceptances prime, bankers
do
Call loans renewal (N. Y. S. E.)
.do .__
Commercial paper, prime (4-6 months)
percent _.
Time loans, 90 days (N. Y. S. E.)....do
Treasury bills, 91 days (yield)
do _
Treasury notes, 3-5 years (yield). . . . d o

C)

19
411

In seven other northern and eastern cities

Bond yields (Moody's):

C)

2 82
4.74
1.00
4.00
1.50

Me
1.00
VA
.02
.45

2.15

2.04

1.96

2.03

3 05

2.78

2.59

2.67

3.62

3.31

3.32

2.89
4.84
1.00
4.00
1.50

2.93
4.85
1.00
4.00
1.50

3.25
5.00
1.00
4.00
1.50

3.15
4.88
1.00
4.00
1.50

3.00
4.85
1.00
4.00
1.50

2.94
4.92
1.00
4.00
1.50

Me

Me

1.00

1.00

1.00

1.00

VA
.04
.51

VA
.01
.47

' VA

2.92
4.91
1.00
4.00
1.50

Me

Me

Me

Me

Me

Me

Me

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

H-%

tt-H

' VA
.03
.42

"VA
.03
.39

' VA
.05
.77

VA
.05
.64

.03
.50

.04
.45

VA
.05
.48

7

in

.14
1.07

2.84
4.80
1.00
4.00
1.50

2.86
4.83
1.00
4.00
1.50

2.97
5.07
1.00
4.00
1.50

Vz-%
VA

3.35
2.88
4.86
1.00
4.00
1.50

3.02
5.15
1.00
4.00
1.50

.02
.46

/2

iii
.02
.42

cfTo avoid duplication, these loans are excluded from the totals.
' Revised.
° Less than $500,000.
tRevised series. For data beginning 1928 see table 16, page 17, of the March 1940 issue.
ISee note marked with a "V* on p. 30 of the July 1939 issue.
•Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately.



31

SURVEY OF CURRENT BUSINESS

June 1940

1940

1939

1940

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

April

April

May

June

July

August

September

DecemOctober November
ber

January

February

March

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

5,660

5,463

5,471

5,514

5,519

5,529

5,557

5,552

5,547

5,599

5,616

5, 632

5,676

1,303
45

1,264
76

1,262
73

1,262
68

1,268
58

1,271
56

1,267
55

1,271
54

1,275
54

1,279
53

1,290
-50

1,297
50

1,301
48

1,291

1,331
57
52
272
70
19
12
14
10
20
24
2
53
2
39
790
160
18, 579
553
746
8,647
106
1,475
346
1,171
388
1,841
586
737
14
1,131
388
464
6,086
2,547

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

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

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

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

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

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

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

1,153
57
59
239
9
37
16
6
16
4
14
24
7
63
3
40
690
108
13, 243
760
1,094
5,129
78
1,481
167
304
162
26
859
310
279
969
168
326
4,940
1,320

1,237
44
69
223
8
52
17
1
11
11
8
14
5
56
4
36
789
112
15,279
614
1,509
4,942
76
2,142
208
5
105
204
40
335
75
595
157
1,000
5, 617
2,597

1,042
48
66
204
7
56
17
4
6
13
11
19
6
38
1
26
622
102
13, 472
575
1, 655
4,939
290
1,167
427
249
30
247
548
856
112
453
214
346
4, 440
1, 863

1,197
55
63
216
12
49
28
4
11
8
8
19
7
36
6
28
740
123
11,681
752
668
4,336
342
911
659
107
477
242
54
267
93
620
190
374
4, 585
1,340

23,100
4,416
667
3,749
1,743
2,605

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

23, 275
4,435
664
3,771
1,745
2,585

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

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

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

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

23, 815
4,499
662
3,837
1,754
2,534

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

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

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

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

13,065
5,952
3,003
2,675
1,435
827
444

13,127
5,977
3,007
2,684
1,459
858
446

13, 358
6,057
3,139
2,699
1,463
727
425

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

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

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

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

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

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

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

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

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

716
20
464
232
550, 666
35, 981
129,051
385, 634
243, 414
19,838
10, 450
61, 263
151, 863

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

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

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

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

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

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

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

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

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

697
25
439
232
561. 638
38,120
125, 226
398, 292
263,077
25, 562
12,451
56, 154
168, 910

770
26
483
262
616,085
37, 556
138, 545
439, 984
277, 439
27, 248
12, 960
62, 337
174, 894

COMMERCIAL FAILURES!
Grand total ._
.
number
Commercial service, total.
do . .
Construction, total
do
Manufacturing, total _. _ _
do
Chemicals and drugs
do
Foods ._
.
do
Forest products..__
do _.
Fuels
do
Iron and steel__ _ __ _ _
do
Leather and leather products. . __ do __
Machinery
do
Paper, printing, and publishing
do
Stone, clay, 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 .
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

72
78
261
6
70
22
10
14

6
7
31
12
52
4
27
766
114
16, 247
911
1,547
6,925
33
1,718
535
426
307
175
92
1,318
639
587
251
844
5,198
1,666

LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, total:}:
mil. of doL.
Mortgage loans, total
do
Farm
_
do
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
Other
_
do
Cash
_ ..
_.
do
Other admitted assets
do
Insurance written:©
Policies and certificates, total number
thousands __
Group
_do
Industrial _
do
Ordinary
_ _ . do
Value, total
thous. of dol.,
Group
do
Industrial _._
- _
do
Ordinary
do
Premium collections, total..
_
do
Annuities
_
do
Group
do
Industrial
do
Ordinary
do

766
30
472
263
624, 770
39, 800
135, 852
449,118
268, 866
24, 971
12, 239
69, 543
162,113

(Life Insurance Sales Research Bureau)}
Insurance written, ordinary, total, thous. of dol._ 574, 453 495, 650 532, 089 524, 925 462, 423 479, 794 442, 597 543, 991 537, 951 567, 212 517,622 506,212 567, 872
34, 364
43,136
41, 938
39,378
41, 314
36, 030
33, 493
41,323
39, 633
43,149
43, 976
40, 608
New England
do
37, 658
158,874 140,175 148, 804 142, 293 124, 598 123, 012 118, 743 152, 548 150, 742 148,888 151,309 144, 717 159,172
Middle Atlantic
do
95, 351 122, 888 122, 522 126, 840 121,339 120,473 132, 728
132, 454 109, 638 117,143 116, 689 102, 981 107, 019
East North Central
._
do.
59,043
48, 575
54, 339
54, 246
53, 372
51, 080
45, 611
46, 661
53,078
47, 560
53, 070
West North Central
do.__. 54, 293 49, 272
42, 233
48, 480
43, 595
52, 598
51, 003
47,164
50,104
51,134
48,294
53,054
South Atlantic
do
56,672
57, 784
45, 771
24,223
18, 277
19, 729
19, 741
19,413
20,133
17,657
20, 752
21, 059
21,811
21, 969
17,829
19,070
East South Central
do
45, 996
37, 658
38, 831
36, 567
40, 088
40, 588
42, 825
42, 221
40, 791
36,141
42, 605
38, 401
38,470
West South Central
do
17, 347
13, 659
14, 842
14, 743
14,043
14, 406
14, 935
12, 756
12,761
15, 754
13, 663
12,496
14,730
Mountain
IT
do
48, 825
38,412
42,437
44, 238
42, 736
44, 372
42, 880
41,005
42, 002
36, 740
39,002
47, 741
47, 335
Pacific _
do
91
93
Lapse rates
1925-26=100—
tRevised series. Data for insurance written, ordinary (Life Insurance Sales Research Bureau) revised for the period 1936-38 to include a small amount of intermediate
insurance omitted from the original compilation; revised data not shown on p. 31 of the November 1939 Survey will appear in a subsequent issue. Data beginning 1939 for
commercial failures are now presented on a new basis and include voluntary discontinuances with loss to creditors and small concerns forced out of business with insufficient
assets to cover all claims, in addition to failures included in the former series. For the year 1939 the number of failures was 14,768 with liabilities of $182,520,000, on the new
basis; on the old basis, the number was 11,408 and the amount $168,204,000. Practically all the additions were small concerns with liabilities under $25,000 and a majority of
these had liabilities of less than $5,000. Distribution of the increase among the five main industry groups was fairly uniform. Data for the full year 1939 appear on p. 31 of
the March 1940 Survey.
J37 companies having 82 percent of total assets of all United States legal reserve companies.
040 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.




32

SURVEY OF CURRENT BUSINESS

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

June 1940

1939
April

May

June

July

1940

DecemAugust SeptemOctober Noverri'
ber
ber
ber

January

Febru- March
ary

FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
0. 298
0.312
0.312
0.312
Argentina
dol. per paper peso.
. 169
.1(18
.170
.170
Belgium
dol. per belga.
.061
. UC>0
.061
.061
Brazil, official
dol. per milreis.
.302
.350
.349
.349
British India
dol. per rupee.
.842
. 995
.996
.998
Canada
dol. per Canadian doL
.052
.052
.052
.052
Chile
dol. per peso.
.020
.026
.026
.026
France
dol. per franc.
.401
.401
.401
.401
Germany
dol. per reichsmark.
.050
.053
.053
.053
Italy-_._dol. per lira.
.234
.273
.273
.273
Japan
dol. per yen.
.531
.531
.536
.532
Netherlands
dol. per guilder.
.091
.110
.110
.110
Spain
dol. per peseta.
.237
.241
.241
.241
Sweden
dol. per krona.
4.681
3. 526
4.681
4.682
United Kingdom
dol. per £_
.616
.658
.616
.616
Uruguay
dol. per peso.
Gold:
18,
608
15, 509
16, 028
15,878
Monetary stock, U. S
mil. of dol.
Movement, foreign:
67,162 •114, 842 -251, 579 •102, 596
Net release from earmark^ __thous. of doL
33
231
36
19
Exports
do...
Imports
d o . . . 249, 885 606,027 429, 440 240,450
Production:
1,017,508 1,084,859 1,058,989
Union of South Africa, total...fine ounces.
938,961 1,000,181 977, 752
Witwatersrand (Rand)
do...
Receipts at mint, domestic (unrefined).do___ 240, 003 227, 642 219,161 201, 111
7, 532
6,919
Currency in circulation, total
mil. of dol.
6,966
Silver:
594
2,054
611
303
Exports§
thous. of dol_
5,170
7,143
6,152
14, 770
Imports
do_._
.348
.428
.428
.420
Price at New York
dol. perfineoz..
17,469
18,197
26,122
Production, world
thous. offineoz.
1,411
Canada
do___
1,559
1,766
2,515
4,586
10, 274
Mexico
do___
5,336
5,493
United States
do...
3,701
Stocks, refinery, end of month:
4,935
8,669
9,903
United States
do...
255
167
316
Canada
do...

0.298
.167
.061
.303
.893
.052
.023
.401
.050
.235
.531
.101
.238
4.011

0.298
.165
.061
.301
.878
.052
.022
.401
.050
.234
.531
.100
.238
3.925
. 658

0.298
.166
.061
.300
.876
.052
.022
.401
.050
.234
.531
.100
.238
3.930

17, 002

17, 217

17, 518

17, 804

18, 061

18,310

79, 516 90,873 -200,811
15
10
11
69, 740 167, 991 451,183

40,034
22
236, 413

36,954
53
201, 475

•213,447
18
459, 845

1,084,334 1,099,816 1,080,474 1,098,842 1,102,862 1,100,958
1,015,643 997,012 1,014,593 1,013,649 1,010,690
281,317 282,130 362,866 421, 796 274,843 241,879 257,116
7,413
7,051
7,328
7,098
7,249
7,609 * 7,443

179, 559
7,426

259, 423
7,488

0.312
.170
.061
.349
.998
.052
.026
.401
.053
.273
.533
.110
.241
4.681
.616

0.311
.170
.061
.344
.995
.052
.026
.399
.053
.269
.535
.110
.240
4.611
.607

0.170
.061
.299
.913
.052
.023
.399
.051
.235
.532
.105
.238
3.995

16,182

16, 390

16, 823

•166, 212 152,125
9
13
278,645 259,934

2,836
15
326, 089

0.298
.168
.061
.301
.880
.052
.022
.401
.050
.234
.532
.100
.238
3.964
.658

0.298
.169
.061
.302
.867
.052
.022
.401
.500
.234
.531
. 100
.238
3.963
.658

0.298
.170
.061
.302
.829
.052
.021
.401
.050
.234
.531
.098
.238
3. 759
.658

640
5,531
.349
21,878
2,099
8,004
3,200

937
4,365
.360
22, 522
2,703
6,971
4,226

1,292
4,639
.370
23, 634
2,679
6,857
5,145

1,773
7,268
.357
24,426
2,913
7,931
4,874

487
4, 183
.348
22,193
1,898
6, 539
5,113

3,795
.350
22,494
1,920
6,210
5,716

452
5,799
.348
23,307
1, 483
8,128
4,852

298
4,070
.348

657
5,724
.348

1,670
6,785
5,611

5,744

6,348
250

4,180
489

5,461
530

3,589
715

4,638
756

3,533
736

2,469
513

2,295
575

2,447

CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (168 cos.)t
mil. of doL.
Autos, parts, and accessories (28 cos.).do
Chemicals (13 cos.)t
do
Food and beverages (19 cos.)
do
Machinery and machine manufacturing
(17 cos.)
mil. of dol_.
Metals and mining (13 cos.)
do
Petroleum (13 cos.)...
do
Steel (ll cos.)
do
Miscellaneous (55 cos.)
do
Telephones (net op. income) (91 cos.)__do
Other public utilities (net income) (52 cos.)
mil. of doL.
Interstate Commerce Commission:
Railways, class I (net income)
do
Standard Statistics Co., Inc. (earnings):
Combined index, unadjusted* t---1926=100-.
Industrials (119 cos.)
do
Railroads (class 1) • f
do
Utilities (13 cos.) ___.
do
Combined index, adjusted » t
do
Industrials (119 cos.)
do
Railroads (class l ) » f
do
Utilities (13 cos.)
do

* 158. 0
' 64.0
26.4
20.3

r 142.0
r
14.4
32.5
"22.2

296. 2
91.7
45,
23.2

5.4
2.7
7.
7.4
24.2
60.4

7.0
3.3
11.9
22.1
P 28.6
60.1

10.7
i.2
16.3
57.7
44.7
61.8

M8.2

57.7

126.1

62.0
69.8

66.6
63.5
34.2
116.7

114.5
118.8
74.2
135.'
(4)

'51.4

114.9
57.0
62.1

54.4

P90.1
v 101. 5
145.8
)

(•)
()

PUBLIC FINANCE (FEDERAL)
42, 658
42, 375
42, 559
Debt, gross, end of mo
mil. of dol
40, 068 40, 286 40, 445 40, 666 40, 896 40, 861 41, 040 41, 310 41, 961 42,128
Public issues:
36,122 36,200 36. 261 36, 282 36, 421 36, 517 37, 234 37,364
37. 531
36, 038 36,089
37,493
Interest bearing*
do
37, 620
510
554
526
Noninterest bearing*
do
541
531
516
509
540
557
499
538
548
496
Special issues to gov't agencies and trust
4,295
3, 492
4,094
3,770
3,918
4,063
3,666
funds*
mil. of dol..
4, 496
4,109
4, 231
4,356
4,471
4,256
Obligations fully guaranteed by the U. S. G
eminent: cf
Amount outstanding by agencies, total.
5,455
5,410
5,409
5,583
5,707
5,450
5,703
r 5, 663
mil. ofdol__
5,657
5,448
r 5, 673
5,480
5,699
1,379
1,379
1,279
1,269
Federal Farm Mortgage Corporation.do
1, """
1,380
1,379
1,279
1,269
1,269
1, 269
1,379
1, 269
Home Owners' Loan Corporation
do
2,763
2,817
2,888
2,928
2,858
2,813
2,770
2,830
2,823
r 2, 783
2,958
2,809
Reconstruction Finance Corporation, do
1,
819
1,096
820
820
820
1,096
1, 096
1,096
820
820
1,096
Expenditures, total, including recovery and
relief!
thous. of dol.. 792.288 786, 517 744, 899 972, 569 807, 325 822,049 793,302 764.458 691,006 889,329 712,994 668,376 1,006,372
General (including recovery and relief)*Jdo
756,975 722, 342 686, 824 886, 856 639, 232 745, 269 728,837 701,893 632,573 822,858 713,225 654,170 815.963
7,992
8,474
856
7,451
5,264
8,785
5,066
-543
3,979
3,812
Revolving funds, net*
do
5,'"'
10, 679
5, 633
55,000
50, 094 56, 004 167,103 66,100
Transfers to trust accounts*
do
20,000
50,150
53,000
53,000
58,000 - 5 , 0 0 0
10,000 134.817
21, 235
1,182
Debt retirements*
do
9,325
530
134
0
9,051
779
367
9,013
790
394
49,958
Receipts, totalf
do_._. 304,203 268,343 396, 781 612, 522 307,846 419,980 718,790 321,511 406,967 569,136 314,549 443,830 934,208
29, 437 25, 318 24, 517 25, 528 27, 213 35,595
28, 702
32,418
29,049
27,814
35,788
25,651
Customs
do
26,479
Internal revenue
do
294,652 279,987 315,037 568, 646 300,091 397,421 624,254 292,241 339,615 498,993 306,304 385,012 861,168
43, 533 351,958 43,230 31, 777 329,093
38,832
Income taxes
do
45, 730
35,482
33,721 316,280
45,634
70,309 650. 127
69,684
16,252 72, 754 97, 447 12,308
93,044
15, 076
Social security taxes*
do
77,320
68,578 113,177
11,110
89,645 147,282
••Revised.
* Deficit.
»Preliminary.
1 Or increase in earmarked gold (—).
N u m b e r of companies included varies slightly.
quotations not available August 26-October 16, 1939. 3 Previously published figures based on incorrect quotations; quotations not available September 1 through
November 28, 1939. 4 Indexes are in the process of revision.
•New series. New items for Federal gross debt beginning June 1916 appear int able 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p. 17, of the
April 1939 Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue.
tRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939
Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey. For revised data beginning 1928 for the
Federal Reserve Bank of New York corporation profits, industrial total and chemicals, see table 9, p. 12, of the March 1940 issue.
 §Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey.
concluded in the total but not shown separately are guaranteed debentures of certain other Federal agencies.
http://fraser.stlouisfed.org/
t"General" and "recovery and relief" not reported separately in Daily Treasury Statement since June 1939.

Federal Reserve Bank of St. Louis

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

33

SURVEY OF CURRENT BUSINESS

April

1940

1939

1940
April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

Febru- March
ary

FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con.
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
Admissions to theaters, etc.thous. of doL.
1,606
1,852
2,001
l r 385
1,491
1,534
1,513
Capital stock transfers, etc
do
1,273
813
1,124
948
1,259
735
1,210
292
402
Sales of radio sets, etc
do
279
300
287
258
590
Government corporations and credit agencies:f
Assets, other than interagency, total
12,017
11,967
mil. of doL.
11,706
11,823
11, 688
11, 703
Loans and preferred stock, total
do
8,465
8,861
8,900
8,923
8,497
8,511
Loans to financial institutions (incl. pre1,292
1,272
ferred stock)
mil. of dol._
1,311
1,299
1,272
1,297
493
501
493
492
492
Loans to railroads
do
509
2,332
2,325
Home and housing mortgage loans-do
2,331
2,347
2,323
2,337
Farm mortgage and other agricultural
3,765
3,459
3,447
3,438
3,731
3,744
loans
mil. of doL.
892
1,033
941
1,007
All other
do
913
1,068
U. S. obligations direct and fully guaran853
871
876
teed
mil. of doL.
849
850
879
481
483
531
472
476
535
Business property
do
708
709
704
712
713
695
Property held for sale
do
1,199
900
1,008
1,151
934
All other assets
do
1,157
7,651
7,507
7,886
7,581
7,768
Liabilities, other than interagency, total, do
7,592
Bonds, notes, and debentures:
5,291
5,489
5,410
5,471
5,356
Guaranteed by the U. S
do
5,410
1,349
1,345
1,382
1,389
1,357
Other
do
1,379
867
1,052
790
791
1,054
Other liabilities including reserves do
803
390
391
389
387
393
Privately owned interests
do
387
Proprietary interests of the U. S. Government
3,732
3,926
3,739
mil. of doL.
3,668
3,806
3,709
Reconstruction Finance Corporation, loans outstanding, end of month:f
Grand total
thous. of dol__ 1, 767,143 1, 718, 5011, 723,167 1, 747,482 1, 766, 222 1, 768,904 1, 783,404 1,
Section 5 as amended, total-__
.-do
718,030 682, 524 676, 434 677,933 677,463 677,408 677,916
Banks and trust companies, including
receivers
thous. of dol__
90,613 110, 657 108, 220 104, 387 103, 405 102,121 101,187
3,405
3,321
3,262
3,027
3,487
Building and loan associations
do
3,637
2,942
2,662
2,817
2,787
2,836
2,652
Insurance companies
do
2,389
2,869
126,842
124,
550
125,
573
127, 647
Mortgage loan companies
do
146, 243 117,084 120, 745
Railroads, including receivers
do
471, 747 443, 840 436, 612 439,199 438, 863 438,837 438,835
3,541
3,658
3,573
4,994
4,109
All other under Section 5
do
3,401
5,131
Emergency Relief and Construction Act,
62,152
62, 209
63, 682
61, 577
total, as amended
thous. of doL.
134, 495
39, 262 131, 349
Self-liquidating projects (including financing repairs)
thous. of doL.
39,441
40,108
40,835
41, 586
108, 995
38,540 107, 538
Financing of exports of agricultural sur21, 290
19, 871
pluses
thous. of doL.
23,480
19,989
24, 737
4
23,047
Financing of agricultural commodities
752
752
754
764
760
and livestock
thous. of dol._
675
764
Direct loans to business (including participations)
thous. of doL.
114,141 116, 639 121, 364 122,859 125, 753
130,466 112,162
Total Bank Conservation Act, as amended
thous. of dol_. 552,134 576,969 577, 723 577,498 570,654 566,919 566, 534
83,333
83, 433
83, 723
83,042
83, 502
Drainage, levee, irrigation, etc.*
do
82,950 83,048
243,528 132, 547 137, 326 228, 688 251,256 256, 708 267,490
Other loans
do

1,728
2,806
467

2,118
1,275
578

1,975
1,012
744

1,487
1,087
678

1,853
1,043
633

2,391
784
446

12,105
8,956

12,063
8,936

12,062
8,951

12, 064
8,920

12,078
8,888

12,116
8,914

1,273
489
2,363

1,247
497
2,358

1,260
500
2,365

1,232
504
2,376

1,196
509
2,365

1,180
517
2,377

3,738
1,093

3,721
1,112

3,726
1,100

3,709
1,100

3,700
1,118

3,699
1,140

879
542
689
1,039
7,845

874
543
678
1,033
8,064

888
549
661
1,013
8,048

900
553
652
1,038
8,059

895
552
644
1,100
8,053

895
555
1,123
8,052

5,449
1,357
1,039
395

5,708
1,352
1,004
397

5,704
1,348
995
397

5,700
1,340
1,019
398

5,675
1,321
1,057
400

5,664
1,323
1,065
401

3,866

3,602

3,617

3,607

4,025

3,663

629

787, 434 1, 762,094 1, 756, 354 1,742,729 1,767,262 1,771,698
679,064 689,603 697,205 703,038 706,458 715,979
96,477 94,872
3,647
3,506
2,457
2,478
142,464 142, 876
454,194 458,841
3,919
3,765

93,128
3,480
2,433
145,436
467,887
3,615

39,030

39,024

38,664

38, 258

38, 232

38, 230

37,870

105

47

47

47

751

751

747

747

102,126
3,433
2,615
130,167
436, 650
4,073

100,773
3,375
2,571
134,432
444, 314
4,138

100,007
3,342
2,506
138, 595
448, 792
3,963

62,801

43,478

39,114

42, 679

42, 664

19, 371

63
751

751
126,862

130,026

130,625

130,

377 131,919

130,704

564, 556
83,482
270,669

541,423
83, 750
273,814

539,936
83,998
265,476

535,376 554,240
83, 814 83,874
251, 094 251,747

550, 091
83,966
252, 294

CAPITAL FLOTATIONS
New Security Registrations
(Securities and Exchange Commission)
New securities effectively registered under the
64, 479
30, 636 114,924 158,470 145,182 247,002
35,181
Securities Act of 1933, total...thous. of doL. 216, 614 307,754
57,062 275,410 232, 712 298, 571
1,088
5,752
3,640
1,300
1,999
11,870
3,578
855
13, 549
1,448
25,382
11, 525
3,777
Registered for account of others _.-_ ---do
58,727
27,059 114,069 154, 830 143,882 245,914
33,733
182,479 296,229
53, 285 261,861 230, 713 286,701
Registered for account of issuers, total f- - do
9,214
5,288
41, 507 14, 601 • 11,798
8,950
42, 631
13,550
1,916
8,917
Not proposed for salef
do. _.
58,167
60, 562
22,057
Proposed for sale:
Issuing and distributing expense:
Compensation to underwriters, etc.
3,414
5,547
' 2,091
4,092
1,247
4,632
6,031
4,027
6,678
2,053
4,679
2,128
5,006
thous. of dol__
1,454
1,190
202
654
701
457
1,042
1,621
1,249
1,442
235
942
128
Other
..do
Net proceeds to be used for:
44,381
12,060 107,407 144,938
97, 646 224,312
22,635
127,391 229, 546
28, 865 244,611 182,134 270, 206
Total
do
6,492
8,480
11,291
4,922
17,133 17,125
31,085
16,039
43, 363
3,570
72, 729
3,881
21,846
Newmoneyit
do
Purchase of:
2,632
0
2,370 10, 832
10,232
2,495
11,914
3,943
3,629
11, 756
19,058
37,518
15,278
Securities for investment
do
148
200
0
0
25
0
123
0
194
898
379
0
46
Securities for affiliation
do
1,586
190
0
235
0
1,384
32
0
110
0
0
92
24
Other assets
do
4,789
1,428
73, 531 180,630
8,454
53,970 126,208
8,641 187, 648 122, 061 217,818
53,613 147,471
Repayment of bonds and notes, do
609
6,461
5,420
13, 697
1,223
7,384
4,558
640
561
5,047
1,807
7,818
4,629
Repayment of other debt
do
0
3,391
4,562
3,214
239
100
43
0 10,249
12,248
2,417
18,425
1,034
Retirement of preferred stock--do
t\
Q
(a}
•j e
nU
0
28
2
Organization expensef
do
K )
10
u
132
2
8
8,741
29, 396
27
201
29
13
Miscellaneousf
do
126
57
6
19
s
' Revised.
Less than $500.
•New series. Data for drainage, levee, irrigation, and similar districts beginning December 1933 will appear in a subsequent issue of the Survey; this series was formerly
included with "Other loans."
tRevised series. Details for assets of Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury
Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and other assets have been brought out. No
changes have been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance
Corporation loans outstanding, minor revisions beginning August 1934 not shown on p. 33 of the January 1940 Survey will appear in a subsequent issue. For indicated items
on new securities effectively registered, revised data not shown in the March 1940 Survey will appear in a subsequent issue.
^Includes plant and equipment, working capital, reimbursement of corporate treasuries for capital expenditures and "other" new money purposes.




•t

34

SUKVEY OF CURRENT BUSINESS

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

1940

1939

1940
April

June 1940

April

May

June

July

August

September

DecemOctober November
ber

January

February

113,994

143,542

March

FINANCE—Continued
CAPITAL FLOTATIONS—Con.
New Security Registrations—Con.
(Securities and Exchange Commission)
Estimated gross proceeds (total r e g i s t r a tions, less securities r e s e r v e d for
conversion), total
thous. of doL.
Type of security:
Common stock
do
Preferred stock
do
Certificates of participation, etc
do
Secured bonds
do...
Debentures and short-term notes do_._
Type of registrant:
Extractive industries
do_._
Manufacturing industries
do _ _ _
Financial and investment
do__.
Transportation and communications. _do_..
Electric light and power, gas and water
thous. of dol Other
do.-_

277, 657

55, 588 271, 720 227, 545 293, 650

38, 424 47, 438
84, 509 27, 900
4,493
1,766
44, 217 116,991
33,512 83, 562

29, 307 16,385 18, 749
20,473
22, 260 12, 675 48, 305 11, 628
10,759
0
10,586
3,406
9,449 144,872 39, 675 163,101
74, 279 112,421 100,172
0

342
10, 819
61,839 146, 450
14, 374
6,271
705
5,305

234
3,779
17,024
250

84, 018 117, 712
33, 400
1,577

31, 605 124, 971
15, 500

205,155

12,290
93,097
21,941
3,921

28,461
12,172
1,936
800
10, 380
1,600

11,317
2,200
1,000
13,444
500

2,747
33,440
3,894
4,548

1,582
3,485
19, 444
380

1, 523
8,818
2,927
1,750

82, 914 217,149
1,992 31, 870

0
1,997

11,194
2,250

702
88, 942
24,162
28, 834

153,367

240,277

60,474

8,076
33,443
8,710
3,391
0
12, 645
46,815 125, 681
17, 700 10,900

24, 303 23, 309
40, 679 17, 209
536
0
47, 289 153.522
31, 270 45, 700

19, 409
19, 366
8,223
13,477
0

6,160
23, 517
224
1,401

2,375
323
26, 293 121,453
12, 282
4,999
18, 504
2,184

1,957
21, 567
16, 768
9,210

85,413
250

824
10,150

0
9,929
40, 776
7,823

54, 955 119,176
2,891
511

107, 300
2,444

Securities Issued
(Commercial and Financial Chronicle) t
Securities issued, by type of security, total (new
capital and refunding)
thous. of dol._
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, e t c . . .
...do
Foreign, total
__do.
Corporate
___do.
Goyernment
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
agencies
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

344,896
117,609
53,925
53,925
31,025
100
15, 253
7,547

358,117 ,313,005 585, 583 590,429 460,667
144,258 116, 874 273,350 318, 016 112,031
143, 808 116, 874 264,100 318,016 82,031
78,160 21, 740 30, 241 50,139 25,895
18, 428
0
2,220
1,092

21,128
450
5,579
3,084

5, 500
1,950
1,550
58,184 63, 698 93, 584
0
0
450
0
0
0
0
0
0
0
0
450
227, 287 213, 860 ,196,131
192,353 161, 360 .,180,381
192, 353 129, 249 151, 002

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

47, 533
0
1,020
29, 607

40, 340
0
4,908
4,891

21, 403
1,460
2,010
1,021

179, 919 740, 453 218,145 329,968 279, 459 450, 801 241,183
94, 864 90,901 103,959
69, 806
41, 669 336, 243
45, 404 29,120
41, 669 336,243 88,687 94, 864 90,901
32, 055 45, 404 29,120
16,019 18,200 21, 408 26,971
14, 320
0
500
1,199

13, 786
0
3,107
1,307

15,186
0
816
5,406

21,191
0
3,545
2,236

18, 483
0
2,284
11, 288

32, 746
10, 000
1,590
1,069

14, 550
0
3,700
10, 870

0
800
0
5,600
0
9,950 275, 866
202, 553
0
57, 755 34, 336
65, 323 56,137 15, 700 42,177 67, 280 67,893 58,846
0
0
750
0
0
0
0
30, 000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30,000
0
0
0
0
0
750
0
0
0
0
272, 413 348, 636 138, 249 404, 210 129, 458 235,104 188, 559 346, 842 171,377
272, 413 332,136 138. 249 402, 710 129, 458 235,104 133, 460 210, 842 105, 756
180, 438 300, 963 79,096 157, 314 90, 792 194, 281 133, 460 210, 842 105, 756
88, 235 187, 771
0
0
4,900
2,558
1,610
0

97, 898 196, 370
0
0
35, 562 14, 472
0
0

89. 006
3.000
13,750
0

18, 600
22, 223
0
0
0
0

28, 800 21, 695
26, 299 114, 305
0
0
0
0
0
0
0
0

16,942
48, 678
0
0
0
0

154,191 105, 913 126,102 249, 463 133,586 291, 677
0
0
500
9,000
4,500
0
8,730
37, 546 23, 336 20, 400
2,336
37,852
56
0
617
0
0
0
18,250
17, 350 20, 750 ,021,414 20,950 74,050
17, 584 11,360
17, 925 12, 923
7,965 39,485
0
0
0
16,500
52, 500 15, 750
0
0
0
16, 500
52,500 10,500
0
0
5,250
0
0
0
0
0
0
0
0
0

25, 796 157, 271
0
53,300
43
0
0
0

246, 279 259,909
53,925 78,160
22, 598 75,981

95,115 175, 514 112,200
16, 019 18, 200 21,408
5.957
7,658
1,099

183, 242 282,039 230,577
21, 740 30, 241 50,139
10,339
3,987 12,198

343,357
25,895
17,045

50,850
0
0
0
0

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

25,850
12, 816
0
0
0
0

221, 252 165, 515 256, 246 134,877
26, 971 32, 055 45, 404 29,120
14,088 12,213
5,249
1,201

0
0
0
0
0
728
5,360
17,534
1,975
31
9,525
1,525
2,277
1,523
90, 792 194, 281 133,460
15, 215
0
12,000

1,000
0
450
0
7,015
7,000
960
7,750
30, 730 13,169
210, 842 105, 756
115,000
24, 250

0
51
80,788
0
3,475

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

0
81
1,505
9,200
1,457
157,314
3,443
6,250
0
569
230
147,052
700
0
0
53, 700

59,948 77,961 107,174 206, 422 133,324
121, 692 105, 332 110,110 65, 820 62,150

80,673
154, 809

30, 554
64, 931

55,065
22,018

637
151

716
187

504
104

417
102

1,054
170

731
94

50

743
35

792
202
556
235

856
217
520
305

200
577
289

914
195
623
272

906
207
637
266

886
198
602
262

893
195
616
253

886
186
615
247

500
500
0
0
350
500
0
1,186
250
0
100
1,100
1,930
16, 767
403
12,666 25, 892
579
2,700
12,
435
400
8,114
1,500
0
2,677
288
5,770
6,096
15,250
0
192, 353 181, 749 161, 502 251, 798 180, 438 317,463
50,943 60,175
2,000 79, 810 96,124 20,123
0
0
0
12,755
830
1,000
202
720
41, 236 106, 500 154, 400 160,185
82, 252
9,438
4,900
1,600
16,923
1,536
0
0

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

0
1,952
76,840
0
0

0
0
0
0
118. 050 101, 368
60,000 20, 494
1,016
11, 598

0
575
89, 897
0
5,370

0
780
34, 226
35,000
11, 500

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

thous. of dol.
do...

88,854 103,871
207, 413 64,025

r

61,985 ••175,022 r 87, 468
160, 277 118, 588 134, 808

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

901
112

326
106

721
137

556
133

183

SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members
carrying margin accounts)
834
839
Customers' debit balances (net).—mil. of dol..
910
831
828
178
Cash on hand and in banks
do
192
190
183
183
579
570
Money borrowed
do...
626
561
236
230
Customers' free credit balances
do__.
252
230
238
f
Revised.
tRevised series. Data revised for 1937; see table 26 on pp. 15 and 16 of the M a y 1939 Survey.




35

SURVEY OF CURRENT BUSINESS

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

April

1940

1939

1940
April

May

June

July

Decem.
August S e ber m i October Nove-n-

January

Febru- March
ary

FINANCE—Continued
SECURITY MARKETS-Continued
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars..
Domestic
do.
Foreign
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 municipals (15 bonds)
_do.
U. S. Treasury bondsf
do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of dol_.
Face value
do
On New York Stock Exchange:
Market value
do
Face value
do
Sales on N. Y. S. E., exclusive of stopped
sales (N. Y. S. E.) par value:
Total
thous. of doL.
U. S. Government
do
Other than U. S. Government:
Total
do
Domestic
_.do
Foreign
do
Value, issues listed on N . Y. S. E.:
Face value, all issues
mil. of doL.
Domestic issuesdo
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 bondsf
-.do

92.48
96.51
48.86

91.56
94.83
57.40

92.92
96.09
59.73

92.08
95.34
57.79

93.15
96.46
58.46

90.59
94.05
54.50

88.50
92.41
47.29

90.79
94.59
50.55

91.24
95.05
51.23

92.33
96.02
52.23

92.02
95.70
52.00

91.97
95. 68
51. 58

92.86
96. 55
52. 77

82.5
87.5
101.7
58.2
119.8
107.6

79.4
83.8
99.7
54.5
116.4
106.6

80.2
84.8
101.0
54.8
118.1
108.3

81.4
86.2
101.6
56.2
118.6
109.1

81.6
86.3
102.1
56.4
118.3
108.9

81.0
85.8
101.7
55.5
116.5
108.2

80.9
85.0
98.6
59.0
107.1
101.9

82.9
86.4
100.5
61.6
110.7
102.6

83.0
87.0
101.8
60.2
117.5
104.6

82.1
86.8
101.6
58.0
119.9
106.1

82.4
87.3
101.8
58.2
120.2
106.8

82.2
87.3
101.6
57. 8
119.1
106. 6

82.1
87.3
101.8
57.2
110.7
107.5

135, 784
210,816

119,057
165,925

125, 737
167, 691

127, 703
169, 641

121,420
162,425

122,908
159, 770

417,429
498,100

162, 275
229,653

135, 515
193,891

108,459
176,998

92, 210
133, 554

93,060
130, 243

91, 785
129,260

87,837
123,949

89,189
121,165

384, 237
459,821

131,901
194,212

105,994
159,374

125, 631 134,462 103, 351 102,858
206,047 208, 518 153,589 163,222
98, 662 101,179 81, 807 81,857
173,971 166,112 127, 344 135.832

165,116
4,323

122,804
7,459

123,104
7,390

126, 570
6,821

119,431
5,137

111, 394
8,730

480, 789
227,101

170,089
14,203

151, 685
5,628

176,100
4,322

144,917
3,760

160, 793
139, 547
21, 246

115, 345
93, 396
21,949

115, 714
98, 423
17,291

119,749
102,189
17, 560

114, 294
100, 622
13, 672

102, 664
85,001
17,663

253,688
227,997
25, 691

155,886
134,816
21,070

146,057
123,230
22,827

120, 384 135,239
3,285
2,365
171, 778 141,157 118.019 131,954
146,192 120,903
99,176 110,849
25, 586 20, 254 18, 843 21,105

53, 646
49,10S
4,538
49,612
47, 395
2,217

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

52, 647
48,056
4,591
48,921
46,179
2,742

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

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

52, 209
47, 642
4,567
47,297
44,808
2,489

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

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

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

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

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

53, 937
49,400
4, 537
49,605
47, 265
2, 340

53,853
49,313
4, 540
50,006
47, 611
2, 396

2.59

2.78

2.66

2.66

2.67

3.21

3.30

2.93

2.72

2.59

2.63

2.70

2.62

3.54

3.84

3.78

3.71

3.66

3.67

3.95

3.83

3.70

3.69

3.63

3.60

3.58

2.82
2.99
3.59
4.74

3.02
3.22
3.97
5.15

2.97
3.16
3.92
5.07

2.92
3.13
3.86
4.91

2.89
3.07
3.83
4.84

2.93
3.11
3.80
4.85

3.25
3.49
4.05
5.00

3.15
3.35
3.94
4.88

3.00
3.16
3.78
4.85

2.94
3.14
3.74
4.92

3.08
3.69
4.86

2.86
3.05
3.68
4.83

2.84
3.04
3. 05
4.80

3.05
3.24
4.33

3.35
3.51
4.66

3.30
3.45
4.60

3.23
3.42
4.47

3.17
3.39
4.42

3.21
3.40
4.41

3.57
3.70
4.58

3.43
3.57
4.51

3.25
3.41
4.44

3.21
3.38
4.47

3.14
3.35
4.39

3.12
3.33
4.37

3.09
3.29
4.37

2.56
2.25

2.75
2.30

2.66
2.17

2.63
2.13

2.65
2.16

2.75
2.21

3.29
2.65

3.08
2.60

2.69
2.46

2.56
2.35

2.54
2.30

2.P0
2.32

2.58
2.25

Stocks
Cash dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
mil. of doL. 1,643. 66 1, 337. 76 1,339.27 1,382.43 1,391.46 1,422.99 1,423.82 1,442.45 1,573.05 1, 589.37 1, 597. 25 1,618.60 1, 631. 30
936.43
936.43
936. 43 936.43
935.03
935.03 935.03
935.03
935.03
Number of shares, adjusted
millions.. 936.43
935.03
935.03 935.03
Dividend rate per share (weighted average)
1.71
1.70
1.74
1.73
1.49
1.52
1.54
1.68
1.52
(600 cos.)
dollars..
1.76
1.43
1.43
1.48
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
Banks (21)
do....
3.01
3.01
3.01
3.01
1.63
1.63
1.68
1.67
1.38
1.42
1.45
1.61
1.42
Industrials (492cos.)__.
do
1.70
1.31
1.31
1.37
2.64
2.53
2.64
2.64
2.39
2.39
2.39
2.39
2.39
Insurance (21 cos.)
...do
2.64
2.33
2.33
2.39
1.95
1.95
1.95
1.95
1.94
1.94
1.95
1.95
1.95
Public utilities (30 cos.)..
...do....
1.96
1.92
1.92
1.94
1.26
1.26
1.25
1.26
.87
.90
.90
1.25
.90
Rails (36 cos.)
do
1.27
.90
.90
.90
Dividend declarations (N. Y. Times):
Total
thous. of doL. 180, 341 154, 076 377,394 220,175 181,033 310,284 193,698 199,969 659,512 330,592 231, 651 338,366 216, 350
Industrials and misc
...
do
176, 637 147, 635 358,417 200, 698 167,167 296,168 191,364 192,915 608,149 311,996 215, 588 323, 201 213,822
15,165
2, 528
18, 596 16,064
2,334
51,362
13,866
14,116
7,053
6,440
Railroads
_
do
3,704
18,976
19,477
Prices:
Average price of all listed stocks (N. Y. S. E.)
63.0
63. 6
63.2
62.2
64.3
57.9
65.9
64.4
65.8
Dec. 31, 1924=100-56.6
57.0
60.2
64.3
Dow-Jones & Co., Inc. (65 stocks)
49.72
49.15
49. 44
50.01
46.82
46.47
51.01
50.47
51.80
49.92
42.68
45.66
dol. per share..
44.43
147. 60 147. 29 147.13
148.54
139.26
137.89
149.98
150.72
152.15
148.91
127.73
136.52
Industrials (30 stocks)
do
132.56
25.44
24.87
24. 26
25. IK)
24.96
25.68
25.68
24.36
25.64
22.05
23.66
Public utilities (15 stocks)
do
23.05
25.09
31.09
30.83
30. 45
31.63
27.67
33.38
28.29
31.97
34.27
25.75
27.59
Rails (20 stocks)
do
27.02
31. CO
107. 40 107. 83 107. 66
109.01
99.44
108.59
110.38
99.74
110.33
90.46
96.95
New York Times (50 stocks)..
do
94.19
109.17
191. 78 192. 67 192. 71
178. 21
192. 28
194.21
195.86
194.82
178.03
161. 61
173.12
Industrials (25 stocks).
do
167. 73
195.13
23.03
22.61
22.98
20.68
24.90
24.91
23.82
25.84
19.41
20.79
21.45
Railroads (25 stocks)
_
do
20.67
23.22
Standard Statistics Co., Inc.:
91.5
92.7
91.5
94.2
91.8
86.1
92.4
86.3
95.3
Combined index (420 stocks)
1926=100
86.0
81.9
83.1
92.9
107.5
108.8
107.3
110.9
107.9
100.6
100.5
109.4
112.7
Industrials (350 stocks)
do
100.5
95.9
97.0
109.2
130.9
130.1
137.2
132.7
120.9
133.8
121.6
138.1
141.9
Capital goods (107 stocks)*
do
120.0
115.4
115.5
132.8
102.2
102. 7
102.0
102.5
96.2
96.9
100.6
101.6
98.3
95.4
Consumer's goods (194 stocks)*, do
88.7
91.5
104.4
87.6
87.3
87.1
84.9
88.4
87.0
86.0
86.7
84.7
84.3
Public utilities (40 stocks)
do.-..
80.0
82.4
87.8
31.6
28.7
28.9
25.7
25.4
29.6
32.9
29.6
25.9
Rails (30 stocks)
do
24.8
25.0
29.7
29.1
Other issues:
59.3
59.2
59.3
58.3
55.0
54.0
58.7
59.9
58.7
50.4
55.2
Banks, N . Y. C. (19 stocks)
...do
58.9
53.7
Fire and marine insurance (18 stocks)
96.4
94.5
88.2
95.3
91.9
87.6
94.0
89.8
90.7
89.3
81.0
94.3
84.3
1926=100..
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
584
774
774
769
844
767
2,205
1,185
882
556
632
Market value
mil. of dol_.
603
1,134
31,454
92,464
31,391
31,446 31, 710 26,093
43,440
35,426
Shares sold
thousands.. 51,103
21,916
42,622
23,131
28, 718
•New series. For data beginning 1926 see table 24, p . 18, of the April 1939 Survey.
fRevised 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, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the April
1938 Supplement to the Survey

June 1940
1940

1939
April

May

June

July

Sep- October Novem- DecemAugust tember
ber
ber

January

Febru- March
ary

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

965
37, 599

779
33, 783

523
17,897

473
16,435

677
25,016

669
24,554

1,970
75,192

1,045
35,029

723
27, 516

649
23,175

653
24,141

488
19,367

528
20,568

26,696

20, 247

12,933

11,967

18,066

17,372

57,081

23, 734

19,220

17,769

15,991

13,465

16,269

46,769
1,446

40, 673
1,427

43, 230
1,427

41,005
1,429

44, 762
1,430

41,653
1,430

47,440
1,431

47,374
1,431

45, 505
1,432

46,468
1,435

45, 637
1,441

46,058
1,441

46,695
1,444

4.6
4.1
4.5
4.3
5.3
4.8

4.2
4.8
3.9
4.4
5.7
4.0

4.0
4.4
3.7
4.1
5.4
3.7

4.4
4.5
4.1
4.2
5.7
4.1

4.1
4.4
3.8
4.0
5.2
3.5

4.5
4.6
4.2
4.3
5.5
4.1

3.9
3.9
3.6
4.1
5.4
2.8

4.0
4.0
3.7
4.0
5.3
3.0

4.5
4.2
4.4
3.9
5.3
4.6

4.5
4.2
4.3
4.1
5.3
4.5

4.6
4.1
4.4
4.3
5.3
4.8

4.6
4.0
4.5
4.3
5.3
4.7

4.6
4.1
4.5
4.3
5.2
4.7

4.92

4.99

4.94

4.87

4.88

4.92

5.14

5.09

4.98

4.95

4.90

4.90

4.94

642, 293
7,104
212, 358
2,832
169 079
3,288
25.54

639,019
7,003
211,014
2,807
168,176
3,286
26.00

636, 884
6,787
209, 346
2,752
164, 822
3,191
28.03

635,286
6 674
208,705
2,712
• 163 97 9
3 090
28.31

FOREIGN TRADE
INDEXES
Exports:
62
66
85
61
66
76
60
Total value, unadjusted
1923-25=100..
72
72
64
90
70
70
69
Total value, adjusted. __,
do
U. S. merchandise, unadjusted:
123
107
101
99
108
117
98
Quantity
do
85
63
67
61
66
61
Value
do
76
69
62
62
62
62
62
Unit value..
do
65
Imports:
66
63
54
58
55
52
56
Total value, unadjusted..
do
61
53
61
57
58
57
Total value, adjusted
do
59
Imports for consumption, unadjusted:
102
105
111
102
112
98
107
Quantity..
1923-25=100..
64
61
56
58
56
53
Value
do
63
61
54
55
55
55
55
Unit value
do
56
Exports of agricultural products, quantity:
Total:
52
52
35
51
47
36
88
Unadjusted
1910-14=100..
61
55
62
46
51
63
81
Adjusted
do
Total, excluding cotton:
51
72
91
56
60
69
71
Unadjusted
do
55
95
63
66
70
66
78
Adjusted
_
do
VALUE 5
Exports, inch reexports
thous. of doL. 324, 008 230,947 249, 259 236,058 229, 628 250,839 288, 573
By grand divisions and countries:
13, 944
8,530
8,376
8,959
10,101
9,996
10, 270
Africa
_.
do
53, 220
49, 243
54,165
49, 971
43,866
43,360
50, 632
Asia and Oceania
do
15, 271
16,147
21, 394
14, 769
12, 551
12,126
19, 347
Japan
do
140, 240
88,809
97,955
85, 711
87, 787 113,954 121, 301
Europe.
__
do
45, 990
12,468
12,944 • 10, 807
14,894
22, 269
12,132
France
do
35
4,806
6,294
5,299
5,406
6,868
607
Germany
do...
4,130
4,460
4,263
3,721
3,027
4,834
Italy
do.... 9,240
53, 339
47,434
34, 311
37, 410
36, 604
33, 452
60,339
United Kingdom
do
55, 136
35,055
43,583
40, 452
41.008
43,162
53,165
North America, northern
do
54, 373
34, 535
42, 637
39, 874
40,074
42, 332
52,156
Canada
.
do
25, 249
23, 462
22, 356
23, 358
21,850
20,120
29,116
North America, southern
do
6,624
6,320
6,296
7,922
5,565
4,606
5,781
Mexico
do
36, 219
24,277
22, 669
26, 571
24,847
21,867
25,401
South America
do
8,326
6,113
4,675
4,942
4,918
6,268
4,068
Argentina..
do
10, 360
6,007
5,417
5,193
6,242
5,135
5,997
Brazil _
. . . . do
1,479
1,621
2,651
1,596
1,818
2,020
Chile
do.... 3,066
By economic classes (U. S. mdse. only):
Total
..thous. of doL. 316, 520 227, 597 245, 913 233,359 226, 737 248,148 284,041
40,886
26,016
30, 243
25, 713
29, 667
36, 499
66,847
Crude materials
do
21,086
6,157
11,869
35, 661
9,185
7,458
5,970
Cotton, unmanufactured
do
22, 058
23, 621
26, 927
19, 521
19, 719
24, 329
28,786
Foodstuffs, total
do
6,314
9,810
10,808
6,026
4,671
8,384
7,477
Foodstuffs, crude
do
15,744
13,811
16,119
13, 495
15, 048
15,945
21, 309
Foodstuffs and beverages, mfrs...do
3,927
6,656
5,844
3,523
4,423
7,199
9,014
Fruits and preparations. _
do
2,762
3,698
4,851
4,997
5,221
4,036
4,434
Meats and fats
do
3,381
7,601
4,079
3,837
5,465
5,459
4,270
Wheat and
flour
...do
65,810
41,008
48, 247
48,462
45,994
53, 504
58,993
Manufactures, semi.do
187, 766 136,951 140, 495 139, 664 131, 357 133, 817 129, 415
Manufactures, finished _
__do
19,493
24,921
14,893
23, 753
20, 387
18, 520
12,457
Autos and parts
.do
5,364
6,813
10,119
9,453
7,628
8,746
9,728
Gasoline
do
62,864
43,882
44, 401
42,191
43, 654
43,611
40,143
Machinery
do
212, 240 186,195 202, 502 178, 953 168,925 175, 756 181,461
General imports, total
do
By grand divisions and countries:
5,702
3,341
7,958
8,640
4,469
4,497
8,571
Africa
...do
59,454
54, 339
77, 883
51,162
57,080
53,040
60, 511
Asia and Oceania
do
8,716
8,760
10, 747
11, 237
13,171
19, 520
10, 607
Japan
.do
° Less than $500.
§ Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.



87
72

77
67

97
91

97
95

91
100

93
92

131
87
66

116
77
67

140
96
69

138
96
70

130
91
70

132
93
70

67
65

73
73

76
77

75
74

62
62

67
60

116
65
56

119
67
57

127
73
58

124
73
59

99
59
60

106
65
61

111
82

73
56

95
75

118
105

96
104

67
68

83
72

57
52

63
58

71
70

71
77

66
66

332,079

292, 582

367,819

368, 584

346,779

352, 272

10,385
62, 780
23, 367
127, 690
12, 555
39
6,301
52,924
62,847
61, 715
33,102
8,579
32,960
6,989
8,609
2,667

8,997
58, 577
25, 243
104, 399
13, 239
3
6,029
31,485
52,113
51, 262
29, 510
8,700
38, 986
9,887
10,608
3,625

11,342
78,120
27,556
157,340
36,645
1
8,623
50,395
44,477
43,878
32,311
9,926
44, 227
10, 791
10,483
3,908

11, 276
76,061
28, 247
172, 640
38, 508
8,300
67,143
42,282
41,647
27, 758
8,046
38, 566
10,157
9,216
3,259

10, 789
61,520
15,193
165,741
39,277
4
9,598
58,534
43,671
43,131
28,065
7,522
36,993
9,147
10,116
3,418

11,727
59,299
17,800
160, 050
42,034
44
10,083
51,890
49,700
48,855
29,167
8,394
42,328
10,821
10,368
4,354

323,168
78,449
47, 254
37, 760
10, 213
27,547
13,777
4,876
3,604
64, 537
142,422
18,900
9,256
42, 316
215,281

286,891
58,318
30,563
22,656
5,386
17, 270
5,738
4.057
3,078
63, 200
142, 716
19,870
7,524
38, 637
235,402

357,450
64,264
43, 741
24,342
7,784
16,558
4,099
5,133
1,978
75,661
193,183
24,826
9,638
48,100
246,903

359,098
82,193
59,884
27, 705
7,257
20,448
4,316
7,154
2,259
75, 362
173,838
23,736
6,412
44,173
241,897

338,639
61,113
44,283
31, 222
8,752
22, 470
5,554
6,889
3,340
71,355
174,950
23,835
5,534
45,235
199,775

344,559
46,752
26,583
25,881
8,026
17,855
4,087
3,240
5,752
73,508
198,418
29,326
5,387
59, 726
216,732

5,229
64,197
20,438

9,033
77, 695
18,985

9,955
91,005
18,915

8,030
100,107
22,196

10,481
65,789

11,322
76,041
9,335

(°)

7,998

37

SURVEY OF CURRENT BUSINESS

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

1939

1940
April

April

June

May

July

August

1940
September

DecemOctober November
ber

January

Febru- March
ary

FOREIGN TRADE—Continued
VALUE § —Continued
General imports—Continued.
By grand divisions and countries—Continued.
Europe
thous. of dol_.
France
_-do
Germany
..
_
do
Italy
do
United Kingdom
do
North America, northern.
.do
Canada
_.do
North America, southern
do
Mexico
-.
do
South America
do
Argentina
do
Brazil
do___
Chile..
do
By economic classes (imports for consumption):
Total
thous. of dol.
Crude materials
...do
Foodstuffs, crude
_
do
Foodstuffs and beverages, mfrs
do...
Manufactures, semi-..
do.._
Manufactures, finished
do...

40,883
4,220
357
4,953
12, 748
30, 475
29, 778
25,993
6,652
29, 048
5,084
7,079
7,012

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

58,946
7,122
2,885
3,289
15,192
28,850
28, 323
22,178
3,995
24,434
4,355
7,420
2,750

46,009
4,903
3,349
2,711
11,664
26,964
26,533
19, 299
4,365
25,132
3,952
9,160
2,468

44,496
5,146
3,975
2,264
11,081
26,993
25, 557
18,530
3,627
21,370
3,207
6,657
1,822

48,150
5,708
3,797
2,080
10,990
26,681
25,970
18,490
3,534
22,394
4,787
8,281
1,691

41, 516
3,851
1,815
2,401
10,967
34, 233
33,125
19,655
3,460
22, 206
3,803
8,351
1,813

53,853
2,994
1,557
5,123
14,605
40,426
39,827
22,029
4,379
29, 548
5,055
11,390
3,728

60,344
6,313
2,656
4,965
13, 577
36,109
34,833
15,166
5,352
37,053
6,689
12,395
6,629

57,333
5,303
3,383
3,895
15, 719
33, 215
32,012
17, 111
5,912
38, 285
8,363
10, 215
7,879

52,024
7,313
1,591
2,563
14,191
30,164
28,877
20,002
5,958
31, 570
9,663
7,871
2,480

38,039
4, 786
924
2,613
8,945
26,963
26, 279
23,270
6, 733
35, 234
10,819
8,067
4, 593

41,160
5,170
f392
3,968
14, 973
26,401
26,089
26,957
6,402
34,850
10,466
8,122
4,134

202,974
78,125
25,052
24, 539
42,447
32,810

185,800
54,940
24,053
25,036
37,936
43,836

194,193
62,277
25,886
26,062
39,857
40,411

178,405
54, 725
22,518
27, 725
38,633
34,804

170,451
50,041
21,759
27,799
36,912
33,939

180, 379
60,962
20,778
27,605
35, 651
35,383

199, 483
67,606
19, 465
38,412
38, 275
35, 725

207,140
70, 500
24,898
27,722
45,416
38, 604

214, 454
75, 386
27,881
21,777
48, 614
40,795

232, 738
86, 770
25,665
29,786
55, 619
34,898

234, 634
95, 714
24,793
23,316
53, 732
37,079

189, 824
70, 420
23,838
23,138
42, 860
29, 567

206, 719
77, 880
25,636
22,812
46, 596
33, 794

11,007
74

9,167

9,281
76

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
Operating income

thous. of dol..
do—

9,165
67

9,454
59

9,374
69

8,899
68

9,105
63

9,696
62

9,560
74

9,525
76

7.864
783,279
56,628

7.864
807,157
58, 222

7.864
760,636
55,383

7.864
705,587
51, 907

7.864
718,852
52, 699

7.864
740,887
54, 561

7.864
810,731
59, 309

7.864
784,590
57,174

58
36
47
39
68
37
62
31
72
60
43
56
38
76
40
61
75
70

62
44
40
41
73
36
61
81
73
62
51
42
40
81
40
61
58
70

67
58
47
42
89
30
61
108
74
67
68
51
40
90
36
61
64
71

70
64
52
43
111
34
61
112
74
69
76
62
43
80
39
62
59
72

71
69
57
44
90
37
62
125
75
70
78
69
42
75
37
62
67
74

85
89
78
49
99
57
65
149
92
77
85
82
45
88
45
63
85
82

89
96
95
52
87
62
65
160
97
80
87
95
50
87
44
62
108
86

83
87
100
50
83
50
64
105
91
82
80
100
51
88
41
63
191
89

73
79
101
44
75
39
60
29
81
78
71
92
51
87
40
62
116
89

72
95
106
41
66
38
58
25
74
78
83
90
47
73
39
62
114
86

68
80
88
43
69
33
59
26
71
73
68
65
44
75
40
61
107
83

67
70
73
44
69
31
' 60
26
74
69
66
70
43
75
39
60
105
77

3,149
503
28
151
202
50
744
209
1,261
175
79
65

2,549
429
24
118
200
44
583
167
983
166
79
53

2,689
476
27
126
170
48
615
192
1,034
131
70
34

3,844
740
45
171
219
90
780
277
1,523
70
33
16

3,375
676
46
152
165
84
640
253
1,358
68
34
15

3,040
601
47
142
148
67
616
182
1,236
108
47
35

3,262
671
59
155
171
63
716
55
1,371
160
58
69

2,555
643
50
115
117
50
554
38
989
126
59
36

2,487
571
43
121
123
43
571
39
974
178
69

3,123
624
45
160
163
53
741
51
1.284
188
70
85

Local Transit Lines
Fares, average, cash rate..
Passengers carried}:
Operating revenues

7,831
cents..
thousands.. 798, 945
thous. of dol..

7.839
7.839
825,903 811, 787
60, 649 58,950

7.839
767, 688 823^167
56, 545 59, 974

Class I Steam Railways
Freight-carloadings (Federal Reserve):
Combined index, unadjusted...1923-25 = 100..
Coal
.
do
Coke
do
Forest products
__do
Grains and grain products
do
Livestock
_
do
Merchandise, 1. c. 1.
do
Ore
do
Miscellaneous
do
Combined index, adjusted
do
Coal...
do....
Coke
do
Forest products
do
Grains and grain products.
do
Livestock
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
do
Freight-carloadings (A. A. R.):H
Total cars
thousands..
Coal
---.
do
Coke
do
Forest products
do
Grains and grain products
do
Livestock
.do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
do
Freight-car surplus, total
do
Box cars
do
Coal cars
do
Financial operations:
Operating revenues, total
thous. of dol..
Freight
do
Passenger
do
Operating expenses
__
_
.do
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. _

67
63
62
44
70
34
60
42
76
70
75
73
43
79
37
59
102
74
2,494
444
30
129
131
45
595
59
1,062
163
67
66
321,439
265, 246
29, 956
245, 818
33, 822

' 2, 225 ' 2, 363
' 288
19
' 113
121
-127
' 136
49
r50
612
'617
121
'49
1,016
' 1,004
211
265
90
86
87
146
282,118
224, 588
31, 791
227,622
' 15, 324
<*27,896

302,618
243, 641
31,758
237,411
25,101
«* 18, 594

23,983
1.035
1,681

25, 737
1.045
1,725

321, 617 332, 436 344, 400 381,118 419, 717 368, 027
255,763 265,086 276, 707 314,400 355,104 310,434
37,146
41, 269 39,821
38,436
33, 367 29,289
241, 786 241, 962 247,622 251,167 271, 538 256,170
39, 095 49,012
54, 586 86, 435 101, 616 70, 346
41,078
< 1, 685
10,053
6,578
56, 521 33,004
28, 465
.987
2,075

29,824
.971
2,355

31, 389
.962
2,283

36,115
.941
2,097

40,066
.951
1,866

35,131
.953
1,591

345,247 345,498 313.475 327,009
276, 272 283,107 257,630 266, 721
37,816
36,079
33,262
31,945
249, 013 257,341 2-10,519 248,594
60,953
36,734
45, 567 d 32,618
36, 622
10, 761 d 4,955
2,927
31,460
.961
2,020

32,502
.952
1,932

29,655
.947
1.709

31,116

Waterway Traffic
Canals:
572
363
396
369
414
485
661
434
566
362
434
513
631
Cape Cod
thous. of short tons..
735
0
586
538
0
687
709
0
615
717
101
0
New York State
do
2,461
2,081
2,539
2,437
2,318
2,473
2,385
2,338
2,124
2,446
2,386
2,473
2,279
Panama, total
thous. of long tons..
1,047
1,042
1,066
905
806
1,034
1,037
892
921
1.022
1,073
971
1,031
In U. S. Vessels
.do.
* Revised.
* Deficit.
"IData for June, September, December, 1939, and March 1940 are for 5 weeks; other months, 4 weeks.
X For comparable monthly figures, January 1929-December 1936, see table 10, p. 15, of the March 1939 Survey; 1937 revisions were given on p. 37 of the April 1939 Survey,
and revised data for subsequent period? appear on p. 37 of the Apri1.1940 issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




38

SURVEY OF CURRENT BUSINESS

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

1939

1940

April

June 1940

April

May

June

July

August

1940
September

DecemOctober November
ber

January

Febru- March
ary

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Waterway Traffic—Continued
Canals—Continued
St. Lawrence
thous. of short tons.
Sault St. Marie
do-._
Suez
thous. of metric 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, U. S. ports
thous. of net tons.
Foreign
do....
United States
do...

1,189
5,799
2,476
1,324

1,161
8,622
2,220
1,580

1,119
9,598
2,406
1,659

1,284
10, 552
2,329
1,713

1,216
11,493
986
1,564

1,215
12, 353
1,373
1,748

1,073
10,438

449

50
43
2, 569
200

302
166
1,984
1,208

101
169
348
469

136
67
661
655

230
145
1,688
1,265

242
191
1,704
1,400

234
228
1,949
1,411

279
150
2,077
1,355

320
181
2,457
1,443

303
192
2,494
1,427

5,280
4,038
1,242

6,241
4,766
1,475

6,667
4,971
1,696

7,082
5,280
1,802

7,280
5,551
1,729

6,306
4,537
1,769

5,974
4,285
1,689

6,071
4,196
1,875

88, 062
224, 852
871, 317
8,332

53,483
133,469
663, 884

63, 361
162, 682
725,061
7,122

70,199
72,918
179, 055 185, 643
824, 630 725,922
7,183
7,541

75,145
194, 418
933, 965
7,639

75,800
192, 544
981,462
7,442

77,468
194, 216
948, 501
7,626

3.40
66
104

3.37
63

3.20
63
90

3.34
62
95

3.29
57
84

3.39
61

3.35
64

3.39
67
93

3.44
61

3.29
54
90

3.21
66
92

3.25
66
91

3.18
65

16,067
16, 410
1,192
6,923
2,109

25,374
21, 575
1,851
7,063
8,839

19,800
19,011
2,077
6,049
16,080

20,889
24, 788
3,168
4,512
21,013

29, 872
42,246
3,163
4, 694
10,393

44, 501
38,573
2,950
7,006
7,444

40, 295
26,656
2,301
5,518
1,843

19, 700
10,033
1,996
5,492
1,759

10,129
7,984
1,607
5,861
1,641

11, 565
7,099
1,714
7,673
1,633

13,367
15,785
1,530
3,876
2,527

21,049
14,125
1,248
7,025
1,870

22, 822
25,113
1,459
6,373
2,070

164, 736
48, 892

248, 075
73,402

471, 624 916,175
136, 576 249, 905

875,682
238, 296

433,014
131, 631

247,149
74,366

83, 966
27,081

19, 740

68, 774
19, 470

77,122
21,189

117, 430
32, 967

684,444
4,447

631, 529
4,147

769, 819 801, 514
4,842
4,990

764, 706
4,855

736, 325
4,679

696,186
4,467

562, 047
3,704

675, 284
4,367

795, 095 671,769
5,254
4,558

735,316
4,871

100,083
66,162
25,275
65. 683
20, 576
17,974

102,646
66, 875
27,101
68, 983
19,832
18,055

102,119
66, 521
26,923
68,184
20, 027
18,072

99, 824
64, 690
26,383
67, 738
18, 398
18,102

101, 793
65,060
27,942
68,650
19, 268
18,160

103,843
65, 696
29,361
67,210
22, 386
18, 203

105, 520
68,453
28, 318
69,157
22, 240
18, 357

103, 403
68, 394
26, 265
70,052
19, 406
18,447

105,125
69, 026
27, 188
70, 568
20,119
18, 537

106,144
70, 023
27,322
70,329
20, 973
18, 710

102,999
68,674
25,512
67,868
20,365
18,802

106,094
69, 716
27, 573
69, 675
21,172
18, 896

11,012
9.383

11,735
10,065

11, 721
10,113

10, 676
9,189

J 1,583
9,887

14,117
11,079

12,350
9,995

11,465
9,324

13,183
10, 822

11,554
9,451

11, 048
9,094

11, 940
9,932

502
768
861
9,809
512
<*387

514
790
880
10, 289
699
«*229

501
774
834
10,142
886
43

451
707
780
10,028
d77
'951

542
802
893
10,146
695
'222

900
1,417
1,622
10,548
2,683
1,877

1,092
1,263
10,147
1,413
503

610
989
1,152
10,027
667

658
1, 103
1,258
10, 847
1,533
604

599
994
1,109

566
926
1,028

591
936
1,072

1,278

0)

33
953

0)

0)

0)

0)

214
128
2,658
1,443

60
83
1,281
315

125
'79
1,615
836

207
«• 1 5 8
2,288
1,135

4,536
3,215
1,321

4,356
3,034
1,322

4,250
3,014
1,237

4,597
3,198
1,399

67,031
71, 530 61,355
171, 557 175, 263 150,102
844,413 1,038,278 817, 633
7,408
7,716
7,271

58,937
139,816
697, 385
6,673

195.062
894, 581
7,930

fta

404

0

Travel
Operations on scheduled airlines:
Passenger-miles
flown
thous. of miles.
Passengers carried
numberExpress
pounds.
Miles
flown
thous. of miles.
Hotels:
Average sale per occupied room
dollarsRooms occupied
percent of total.
Restaurant sales index...
1929=100.
Foreign travel:
Arrivals, U. S. citizens.
...number.
Departures, U. S. citizens
do...
Emigrants...
do-._
Immigrants
do...
Passports issued
do...
National Parks:
Visitors
..do...
Automobiles
_
..do..Pullman Co.:*
Revenue passenger-milos
_.thousands.
Passenger revenues
thous. of dol.
COMMUNICATIONS
Telephone:
Operating revenues
thous. of dol..
Station revenues
do
Tolls, message
..do
Operating expenses
do
Net operating income
do
Phones in service, end of month.,thousands...
Telegraph, cable, and radiotelegraph carriers:
Operating revenue, total.
thous. of dol...
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of dol..
Cable carriers
do
Radiotelegraph carriers.
do
Operating expenses
..do
Operating income
.do
Net income
do

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
8,203
7,944
7,395
9,202
7,523
12,848
15,453
13,068
8,505
11,434
Consumption
thous. of wine gal.. 9,793
10,147
8,166
9,994
8,490
7,437
9,190
7,719
12,625
15,181
13,060
8,460
9,524
11,158
Production __
do
10, 398
1,982
1,591
1,766
2,015
2,007
1,496
1,479
1,485
1,776
1,366
1,392
1,173
Stocks, end of month
do
1,417
Alcohol, ethyl:
17, 643
18, 655
16, 838
18, 539
18,104
20, 965
21, 787
22,080
20,381
20,983
20,656
Production
thous. of proof gal. _ 20, 218 17,857
29,625
31,078
30,860
32, 232
25,913
14,168
32,919
17,974
20,957
14, 614 15, 279
18,773
20, 677
Stocks, warehoused, end of month
do
13. 253
15, 031
15, 029
22,315
22,944
13, 823
17,611
16,050
26,033
19, 524
18, 386
14,697
16,730
Withdrawn for denaturing
do
2,074
2,009
1,858
1,765
2,187
2,035
1,780
2,248
2,282
|1, 729
1,504
1,640
2,012
Withdrawn, tax paid
do
Methanol:
18,441 108,084 195,034
28,373
28, 337
263, 588 123,995 368, 246 369, 290 228,357 326,149
Exports, refined §
gallons.. 35, 725 24,195
.34
.36
.36
.36
.36
.36
.36
.36
.36
Price, refined, wholesale (N. Y.)-dol per gal..
.36
Production:
344
354
405
442
378
360
463
480
434
447
Crude (wood distilled)
thous. of gal..
507
457
2,276
1,779
2,495
2,640
4,158
3,486
2,679
4,612
3,782
3,463
3,453
Synthetic
do
2,295
4,184
27,652
40,612
29, 315
32,700
35, 933
26, 341
35,477
30,189
31, 035
Explosives, shipments
thous. of lb__ 32,204
30, 210
30, 580 34, 690
Sulphur production (quarterly):
105, 895
106,795
126, 650
Louisiana
long tons..
121,820
372, 655
357,819
530, 047
Texas
do
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons.. 140, 272 112, 593 108, 889 106,137 104, 378 115,119 134, 287 175,338 176,860 172, 332 182,160 158,592 149,303
Price, wholesale, 66°, at works
16. 50
16.50
16.50
16.50
16.50
dol. per short ton..
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
Production
short tons.. 192, 846 145, 689 155, 902 140,580 139, 248 161, 791 153,897 205,024 208,461 219, 838 235, 023 212, 719 196, 290
Purchases:
18, 635
19, 252
8,853
10, 535
30,040
37, 562
11,991
15, 021
31, 774
19,724
32, 885 20, 699
19,383
From fertilizer manufacturers
do
17,067
15, 568
33,590
40,049
32, 784
26, 826
From others
...do . . . 27, 618 16, 542 20, 771 25,614
23,685
23,416
Shipments:
42,835
32, 533
33, 202
38,123
36, 966
25,804
45,396
37,574
44,979
47,623
39, 636
To fertilizer manufacturers
do
40,300
34, 685
38,835
43,369
45,376
35,528
43,316
44,089
57,410
58,318
59, 870 58,335
55,650
Toothers
55, 002
58, 061
d
»Revised.
» Discontinued by reporting source since the outbreak of war.
Deficit.
*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 Survey.
§Revised series. Data revised for 1937, see table 19, p. 14, of the April 1939 Survey.




39

SURVEY OF CURRENT BUSINESS

June 1940

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

1940

1939
April

May

June

July

Sep- October Novem- DecemAugust tember
ber
ber

January

Febru- March
ary

CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS
Consumption, Southern States
thous. of short tons.. 1,125
Exports, total§
long tons.. 65, 798
Nitrogenous§
do
20,053
Phosphate materials §
_
_.do
43,167
Prepared fertilizers^._
_
do
748
Imports, total§
do
144, 702
Nitrogenous, total§
do
118, 515
Nitrate of soda§
do
89, 679
Phosphates§
do
600
Potash§
do
19, 553
price, wholesale, nitrate of soda, 95 percent
(N. Y.).
dol. percwt.. 1.450
Potash deliveries*
short tons.. 3,511
Superphosphate (bulk):
Production
do.
Shipments to consumers
.do.
Stocks, end of month...
do.
NAVAL STORES
Rosin, gum:
Price, wholesale "H" (Savannah)
dol. perbbl. (280 lbs.) __ 4.94
Receipts, net, 3 ports
bbl. (500 lbs.)
Stocks, 3 ports, end of month
do_.
Turpentine, gum, spirits of:
Price, wholesale (Savannah)
dol. per gal..
.35
Receipts, net, 3 ports
bbl. (50 gal.)..
Stocks, 3 ports, end of month
do.

r 1,232
136, 328
5,365
123, 270
343
191,057
167, 558
115,188
1,462
16,580

312
148,095
12,142
112,773
302
145,432
99,074
62,010
7,033
10,415

136,016
12, 655
105,934
268
109,737
90,541
59, 332
594
16,425

48
154,800
8,067
137,446
447
90,102
45,632
18,479
2,321
41,234

43
141,171
26,618
106,607
349
76,002
45, 795
9,481
408
29,087

148
123, 792
27,157
76,904
697
88,276
71,447
10,445
392
15,877

190
112,699
18,974
78,418
1,921
110,046
91,431
42,204
2,549
14, 571

108
79,270
7,538
55,009
486
109,670
101,335
66,407
2,799
4,214

187
70,905
18,629
43,474
489
126,952
106, 510
59,518
705
18,161

379
56,602
27,164
27,099
278
146,012
103,281
56,627
693
41, 798

675
53, 398
28, 902
19, 717
800
140, 544
73, 792
26, 506
406
65, 486

1, 536
60,332
14, 847
43, 311
722
178, 782
135, 839
86, 039
476
40,094

1.450
8,379

1.450
8,674

1.450
17,337

1.450
26, 632

1.450
38,956

1.450
54, 762

1.450
72,622

1.450
70,952

1.450
62,635

1.450
54,944

1.450
10,106

1.450
5,412

286,747
216, 671
815,911

277,437
139, 648
778, 758

243,402
34,263
871,109

243,356
13,496
924,045

279,107 305, 538 406,809 417,410 405,199 430,820 358, 758 351,009
30,335
28,277 109, 223
24,368
52, 741 158, 717
67,143
19,225
963,431 1,012,067 1,122,492 1,228,028 1,233,297 1,256,690 1,250,521 1,115,331

4.86
43,810
615,381

4.94
57,079
625,138

4.96
61, 744
639,914

5.19
61,096
659,878

5.05
57,640
672, 880

5.48
60,289
679,127

5.44
54, 574

5.34
43,736
643,443

5.24
51,032
642, 234

5.37
11,630
605, 046

5.46
6,764
570,403

5.54
7,710
544, 281

.24
9,799
107,339

.24
14,638
104,759

.24
15,884
102,941

.24
14, 692
102,126

.24
13,754
102,285

.26
16,369
101,111

.27
14, 605
93,317

.26
10,945

.27
10,202
94,677

.30
1,487
76, 664

.33
611
66, 532

.37
1,202
58, 369

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

217,899
,
503,947
403,809
47,438
92,964
54,943

254,196
480,143
318,481

255,751
628,700
417,333

229, 509
688,427
560, 537

54,120
93, 578
52, 799

61,010
107,355
60,316

85, 454
112, 203
110, 851

300,076
55, 350

405,331
36, 539

330,816
56,621

273,119
57,250

66,138
8,983
180, 364

68,022
68,402
221,405

79,894
111,628
245,155

63,129
34,015
203, 521

Vegetable Oils and Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
mil. oflb
9,178
Exports
thous. oflb
66,051
Imports, total§
do..
1,388
Paintoils§
_do..
64, 663
All other vegetable oils§
do..
Production (quarterly)
.mil. oflb
Stocks, end of quarter:
Crude
do...
Refined.do-_
Copra:
Consumption, factory (quarterly) .short tons
18, 932
Imports
do.Stocks, end of quarter
do..
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
-thous. of l b . .
Refined (quarterly)
__do.
3,084
In oleomargarine.
do.
34, 977
Imports§
-do.
Production (quarterly):
Crude
__.do.
Refined
do.
Stocks, end of quarter:
Crude
_doRefined
do.
Cottonseed:
Consumption ( c r u s h ) . . . t h o u s . of short t o n s . .
175
30
Receipts at mills
_do
172
Stocks at mills, end of month
.do
Cottonseed cake and meal:
116
Exports
short t o n s . .
Production
do.
83,024
Stocks at mills, end of m o n t h .
_.do~
157, 768
Cottonseed oil, crude:
Production
thous. of lb._ 61, 482
Stocks, end of month
do
147, 607
Cottonseed oil, refined:
Consumption, factory (quarterly)
do.
8,188
In oleomargarine
do_
Price, summer, yellow, prime (N. Y.)
dol. per lb_.
Production
thous. of lb._ 95, 737
Stocks, end of month
_
_.do636, 515

4,202
60,455
12,136
48,319

4,314
97,275
9,382
87,894

816
3,673
91,633
10,755
80,878
593

2,559
79,467
9,841
69,625

3,865
86,413
10,292
76,121

732
759
11,643

3,428
22, 889

20, 880

2,964
38,450

52,114
12.514
36,081
137, 891
53, 074
2,129
37,556

712
7,908
51,620
11,277
40, 343
583

24, 745
64, 593
12,402
52,191

16,022
81,674
6,943
74, 731

661
523
19,928

1,559
21, 215

3,773

1,763
32, 898

49, 469
7,533
13,881
143,265
52, 359
3,113
10,988

1,019
17,436
80, 975
16, 733
64,242
1,062

10, 499
80, 711
20,527
60,183

12,091
66, 579
7,580
58, 999

914
15, 057
67,011
9,107
57, 904
910
861
754

783
653
55, 482
17,222

31,790

S, 863

22, 449

2,051
34,899

1,841
26, 240

35,160

2,167
17, 774

2,154
34,744

150,528
58,660
1,972
26, 686

78,834
35, 633
45, 756
149, 761
55, 986
2,464
34,266

68,213

61,949
70,338

69,478
73, 725

98, 519
70, 920

226, 894
12, 315

197,485
12,100

178,382
11,883

196, 940
13, 407

258
76
337

203
60
194

100
46
139

70
51
121

151
227
196

524
1,141
813

712
1,165
1,266

643
664
1,287

509
384
1,162

521
155
796

425
150
522

292
87
316

506
120, 555
175, 454

81
94, 441
172, 968

124
45,329
150, 846

46
33,119
119,718

675
68, 229
97,085

1,318
232, 352
124, 374

2,335
320,927
197,618

1,403
288,050
206,931

343
228,458
219,794

216
235, 367
216, 565

141
194,046
200,173

112
137, 666
175, 769

85, 240
155, 524

68,522
137,822

34,328
89, 096

22, 622
72,067

45, 355
62,000

162, 480
110,701

220, 362
156,874

201, 656
184,062

159, 870
181, 235

166,038
200,881

139, 443
201, 233

97, 704
186,124

7,484

6,781

272, 970
6,708

5,522

9,701

334,392
8,779

10,077

10, 200

278, 034
9,021

.066
98, 577
658,956

.066
82,476
641,031

.065
78,548
616,859

.061
41,107
560,035

.065
163,052
490,215

.069
157, 221
553,176

.069
140,379
586,632

.069
126,190
627, 482

.067
113, 700
643, 947

354, 226
9,034
.055
54,666
494,718

.071
93,924
411, 791

.068
163,315
433, 637

*New series. Data are on basis of potassium oxide content;figuresbeginning 1928 not shown on p. 39 of the August 1939 Survey will appear in a subsequent issue.
§Revised series. Data for 1937 revised, see tables 19 and 20; pp. 14 and 15, of the April 1939 Survey.




40

SURVEY OF CURRENT BUSINESS

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

June 1940

1939
April

May

June

July

1940

SepDecemAugust tember
October November
ber

January

Febru- March
ary

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS— Con.
Vegetable Oils and Products—Continued
Flaxseed:
Imports§
tbous. of bu_.
Minneapolis:
Keceipts
do
Shipments
do
Stocks...
-..
do
Duluth:
Receipts
do
Shipments
do
Stocks
do
Oil mills (quarterly):
Consumption
do
Stocks, end of quarter
do
Price, wholesale No. 1 (Mpls.) dol. per bu..
Production (crop est.)-__
thous. of bu..
Linseed cake and meal:
Exports§
do—
Shipments from Minneapolis...
do
Linseed oil:
Consumption, factory (quarterly)
do
Price, wholesale (N. Y.)
dol. per lb_.
Production (quarterly)
thous. of lb._
Shipments from Minneapolis
..do
Stocks at factory, end of quarter
do....
Oleomargarine:
Consumption (tax-paid withdrawals). _. do
Price, wholesale, standard, uncolored (Chicago)
dol. per lb_.
Production
thous. of 1b...
Vegetable shortenings:
Price, wholesale, tierces (Chi.)...dol. per lb_.
PAINT SALES
Plastic paints, cold-water paints, 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....
Indus tTiaL..
do
Trade
do....
Unclassified
do.__.
CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Consumption*
thous. of lb.
Production
do...
Shipments cf
do...
Cellulose-acetate sheets, rods, and tubes:
Consumption*
thous. of lb.
Production
do...
Shipmentsd"
— ..do...
Moulding composition:*
Production
do...
Shipments^
do...
ROOFING
Asphalt prepared roofing, shipments:
Total
thous. of squares.
Gritroll
do...
Shingles (all types)
Smooth roll...

do...
do...

1,199

1,416

176
132
1,237

1,802

1,123

1,511

452

875

682

623

1,058

1,763

1,972

61

73
20
225

67
28
231

8,100
389
2,659

2,709
648
5,456

679
367
5,154

318
428
4,059

104
3,616

153
130
2,720

139
119
2,151

127
88
1,751

58
2

801
144
659

2,032
1,170
1,521

948
1,360
1,109

541
566
1,084

145
1,178
51

26
35
42

2
12
31

2
1
32

8,736
4,866
2.07
6
20,330

2.18

I1)

56
1

66, 237
15, 280

1,155

50,396
8,280

0)

1.83

6,207
1,958
1.81

1.57

1.54

6,814
6,383
1.75

40,849
7,280

48, 733
7,000

44, 589
6,360

50,163
16,400

40, 600
23, 280

.090

.086

.089

91,360
.093
124, 823
6,360
130,310

14, 529
19, 720

88,397
.102

"8," 166'

134,326
14, 700
112,475

"157666"

30,914
21,480

52, 765
21,320

88, 768
.102
166,150
"16," 680" 8,820
142,643
.098

18,453
21,440
.107

7,892
3,356
2.08
50, 068
14, 200

35, 688
14, 960

85, 526
.106
150,197
~10~800~ 12, 960
172, 800
.102

13, 020

~9,~780~

6,480

27, 580

23,622

22, 827

20,745

20,114

21,206

27,918

23, 676

27, 719

25,737

29, 409

28, 474

26, 828

.120
27, 408
.096

.140
23,325

.135
22,699

.135
21,111

.135
19, 262

.135
21,608

.124
28,105

.123
23,785

.128
27,886

.120
25, 587

.120
29, 354

.120
26, 641

.093

.093

.090

.090

.104

.104

.120
29, 477
.100

46

45

43

44

46

49

40

34

32

34

42

234
382
272

210
317
282

230
338
305

206
309
281

156
227
206

154
287
255

171
289
279

179
270
233

153
206
213

159
277

140
252
205

133
264
186

186
320
215

36, 206
26, 552
10,972
15, 580
9,654

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

40,138
28, 546
9,611
18,935
11, 592

26,197
9,781
16,416
10,690

29, 472
20, 769
8,199
12, 569
8,703

33,087
23,413
9,309
14,104
9,674

36, 960
25, 515
10,420
15,095
11,445

34,540
24,995
10,976
14,020
9,544

29, 396
21, 772
10,234
11,538
7,624

25,934
19,333
9,409
9,924
6,602

27, 665
20, 456
9,991
10,465
7,210

25, 536
18, 806
8,920
9,887
6,729

30, 370
22, 610
10, 080
12, 531
7,759

174
852
848

287
1,116
950

249
1,036
940

297
957
1,000

221
979
847

326
1,069
1,065

328
1,164
1,156

311
1,315
1,232

346
1,361
1,244

271
1,089
1,199

271
1,239
1,081

186
1,016
918

212
1,090
925

18
558
490

12
508
522

10
491
509

446
378

561
537

7
1,041
815

7
706
677

14
713
684

10
725
793

14
987
1,030

857
751

637
655

12
550
589

951
904

736
600

782
704

795
703

645
604

1,034
967

1,312
1,153

1,410
1,333

1,199
1,119

1,183
1,135

1,177
1,024

972
878

1,104
1,022

3,289
785
1,150
1,355

2,714
720
1,057
938

2,887
831
1,058

3,923
2,633
1,115
737
1,176
926
970 i 1,632

3,867
1,125
1,289
1, 453

4,611
1,291
1,520
1,800

2,486
632
810
1,044

1,546
408
447
691

1,137
314
285
538

2,105
488
625
992

i 2,068
I
490
:
670
i
908

"16,380

.100

.099

ELECTRIC POWER AND GAS
ELECTRIC POWER
T
11,193
11,864
11,514
11,116
11,659
10,341
10, 529
10, 651
11, 228
12,077
Production total$
mil. of kw -hr
9,955
12, 252
11,104
By source:
T
6,651
7,997
7,179
7,701
5,562
6,176
8,727
7,914
7, 583
6,743
8,455
8,891
9,065
Fuel
-- do
r
4,542
3,527
3,204
3,472
3,118
3,138
4,393
4,165
3,786
3,187
3,186
3, 931
3,190
Water power
._
do
By type of producer:
Privately and municipally owned public
10,329
10,260
9,321
9,686
9,820
9,846
10,974
11,262
10, 736
11,151
10, 258
utilities
mil. of kw.-hr_ 10, 277
10, 557
r
916
900
856
709
804
890
922
634
655
846
926
957
990
Other producers
do
Sales to ultimate consumers, totalf (Edison
9,274
8,240
8,577
8,953
9,640
8,282
9,760
8,583
9,678
Electric Institute)
mil. of kw.-hr_.
1,620
1,700
1,604
1,620
1,782
1,890
1,627
1,755
Residential or domestic
do
2,000
6,526
6,669
5,867
6,169
6,187
5,704
6,951
6,876
6,786
Commercial and industrial
_. __ do
111
115
128
149
121
169
134
188
203
Public street and highway ltg
do
194
197
202
224
229
193
192
201
205
Other public authorities
do
461
441
446
479
443
492
473
433
532
Sales to railroads and railways _
do .
39
36
35
35
32
32
30
32
33
Interdepartmental
._
do
h
' Revised.
* Less than 500 bushels.
December 1 estimate.
•New series. For data on nitro-cellulose consumption, cellulose-acetate consumption and molding compositions beginning 1935, see table 15, p. 18, of the March 1939 Survey.
t Revised series. For electric power sales, see note marked with a "t" on p. 41 of the July 1939 Survey.
IRevised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
cf Includes consumption in reporting company plants.
^Excludes consumption in reporting company plants.
JFor electric power production, see note marked with a "V' on p. 41 of the July 1939 Survey. Revised data on production "by type of producer," referred to therein, are
shown beginning June 1938 on p. 40 of the August 1939 Survey; data beginning 1920 will be published when available.




41

SURVEY OF CURRENT BUSINESS

June 1940

1939

1940

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

April

April

May

June

July

August

1940
September

DecemOctober November
ber

January

Febru- March
ary

ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER-Continued
Kevenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol..

185,987

183,112

186,166

186,600

189,225

198,947

201,709

204,974

208, 514

9,191
219
467
32,159
16,231
6,073
9,688

9,980
9,279
224
465
29,891
15,790
4,422
9,521

9,973
9,284
215
464
27, 518
16,638
1,588
9,167

9,989
9,311
202
466
25,298
15, 588
949
8,604

10, 010
9,330
206
463
24, 520
14, 760
754
8,891

10,075
9,383
222
463
26,470
16,435
874
9,037

10,084
9,377
245
452
29.466
17,152
2,389
9,764

10,072
9,358
257
449
32, 525
15,341
6,951
10,050

10,110
9,384
266
450
35,028
15, 713
8,821
10,269

10,040
9,328
247
456
38, 521
17,693
10,444
10,156

10,071
9,351
257
454
37,307
17,446
10,071
9,568

10, 052
9,334
246
460
35,873
17,167
8,522
9,971

31,429
21,194
3,841
6,268

30,527
21,765
2,517
6,133

29,401
22,190
1,231
5,895

27, 502
21,032
789
5,594

26,447
20,055
664
5,638

28,458
21, 720
837
5,818

30,638
22.467
1,849
6,215

32,056
21,498
3,863
6,574

33, 598
21.625
5,136
6,703

35,968
22,491
6,565
6,772

35,236
21,675
6,718
6,708

33,728
21,182
5,795
6,615

7,189
6,637
550
114,588

7,174
6,661
511
88,389
19,055
68,161

7,163
6,661
499
87, 257
16,189
69,915

7,202
6,699
501
89,674
15,192
72,990

7,243
7,309
7,436
6,738
6,777
6,861
503
530
573
93, 712 103,626 118,250
15,649
19,623 30,997
82, 593 85,655

7,479
6,892
584
129,923
41,519
87,106

7,435

76,918

7,200
6,664
534
102,603
27,705
73,457

572
149,148
57,402
90,392

40,744
24, 665
15,948

34,400
19,730
14,449

28,361
15,091
13,100

26,049
12,920
12,940

26,092
12,369
13,508

26,664
12,359
14,105

45.626
26, 748
18,659

56,879
36,003
20,638

59,677
38,437
20, 938

50,136
31, 239
18, 609

3,916
7,191

2,930
7,926

3,478
3,238
8,000

4,382
3,809
8,391

GAS§

Manufactured gas:
Customers, total
..
thousands..
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers
mil. of cu. ft..
Domestic.
_.do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers
thous. of dol. _
Domestic
do
House heating
do
Industrial and commercial
do
Natural gas:
Customers, total
thousands..
Domestic
_
do
Industrial and commercial
do
Sales to consumers
..mil. of cu. ft..
Domestic
do
Indl., coml., and elec. generation
do
Revenues from sales to consumers
thous. of dol. .
Domestic
do
Indl., coml., and elec. generation
do

30,855
14,867
15, 784

38,771
21,072
17,457

7,442
7,480
6,902
6,873
575
567
158,466 136, 886
63, 519 49, 721
93,189 85,604

FOODSTUFFS AND TOBACCO
I

ALCOHOLIC BEVERAGES
Fermented malt liquors:
5,109
4,641
Productionthous. of bbL.
4,177
3,985
Tax-paid withdrawals
_
do
8,746
9,105
Stocks
do
Distilled spirits:
Production
thous. of tax gal._ 13,938 10,940
7,818
7,593
Tax-paid withdrawals
do
775
776
Imports*
thous. of proof gal_.
Stocks
thous. of tax gal.. 522, 503 519,162
Whisky:
11,223
8,513
Production..
do
5,793
5,728
Tax-paid withdrawals
_
do
674
678
Imports*
..thous. of proof gal __
Stocks
thous. of tax gal_. 477,865 477,136
Rectified spirits and wines, production, total
3,670
thous. of proof gal..
2,800
Whisky*
__do-_Indicated consumption for beverage purposes:
9,775
All spirits*!
thous. of proof gal_.
8,122
Whisky*f
do.—
Still wines:
1,003
Production*
thous. of wine gaL.
5,171
Tax-paid withdrawals*
_
do
310
252
Imports*
do
105,754
Stocks*
do
Sparkling wines:
43
Production*
_
do
13
Tax-paid withdrawals*
..do
26
26
Imports*
.do
587
Stocks*
do

5,651
5,079
9,086

6,271
5,656
9,447

5,637
5,538
9,330

5,450
5,715
8,836

4,392
4,921
8,112

4,237
4,169
7,994

3,685

10,756
845
521,251

8,304
6,456
772
522,058

5,381
5,605
632
520,429

6,390
6,663
710
518,487

10,244
8,772
1,843
514,433

17,946
11,066
1,113
510,606

14,921
13,485
1,058
506,894

11,553 12,506
6,517
9,400
716
1,501
508, 205 512,394

11,816 13,181
7,928
8,406
748
623
514, 505 517, 583

7,972
4,866
730
478,741

5,774
4,885
666
478,900

3,711
4,343
534
477,149

4,392
5,098
612
475,371

4,985
6,793
1,599
472,499

7,074
8,550
959
469,173

8,946
10,385
912
465,934

10,021
8,033
7,704
5,500
1,298
582
465,018 469,004

9,599 10, 304
6,616
6,469
534
645
470, 519 473,278

3,425
2,496

2,960
1,977

2,930
2,014

3,189
2,332

4,005
3,258

5,202
4,329

6,341
5,532

4,002
3,249

2, 679
2,078

9,137
7,142

6,767

7,570
6,131

8,709
7,104

11,959
10,309

13, 703
12,007

16,266
14,508

12,390
10,870

1,103
4,994
229
100,941

677
4,684
207
94,842

914
4,247
154
91,048

5,211
5,053
152
87,127

44,293
6,195
420
99,817

105, 599 35,895
8,624
8,011
370
379
139,099 142,721

25
36
647

19
20
20
646

16
21
26

21
34
84
625

70
17
37

27
50
59
597

36
56
80
576

8,378
7,243

3,402
2,839
9,889
8,903

10, 520
8,671

8,134
9,109
424
133,916

2,773
5,912
304
127,936

2,064
6,393
233
121,877

1,885
6,236
247
116, 323

48
101
130
511

31
25
34
512

18
14
24
506

46
17
20
532

3,480
2,669

DAIRY PRODUCTS
Butter:
Consumption, apparentf
thous. of lb._ 147,115 151, 453 177,974 152,387 146,572 158,055 152, 571 147,955 150,337 152, 706 152,150 136,005 146,000
.29
.23
.24
.24
.28
.24
.29
.30
.24
.30
.30
.29
.32
Price, wholesale 92-score (N. Y.)..dol. per lb__
Production, creamery (factory)t-thous. of lb._ 147, 745 143,615 191,525 199,660 180,235 165,780 134, 515 121, 595 112, 285 118, 430 126,040 125,265 136,625
62,187 59,385
77,966
77,460
55, 208 49,357 45,197 45, 775 53,743
84,566
69,674
51, 276 54,690
Receipts, 5 marketsj
do
Stocks, cold storage, creamery, end of month
9,457 70,909
84,437 131,609 165,183 172,825 154, 594 128, 111 89,783
55, 462 29,189
18,366 ' 8,875
thous. of lb_.
Cheese:
61,858 65,354
78,395
71,179
62,669
58,271
71,592 67, 744 51,037 47,990 58,376 57,421 63,909
Consumption, apparent!
-do
4,073
4,353
3,781
3,134
3,927
3,435
5,762 11, 637
3,698
6,344
3,478
2,959
Imports
do
Price, wholesale, No. 1 Amer. (N. Y.)
.15
.14
.14
.15
.15
.15
.18
.18
.17
.18
.16
dol. per R^.18
.18
55,250 78,100 87,100 74,000 66,800
57, 500 54,400 42,300 40,660 41, 200 43,000 53,000
Production, total (factory)f
thous. of lb_. 61,600
47,620 ' 41,390 61, 285 69, 515 59,345 53,405
45,195 41, 310 30,145 28,600 30,440 32, 780 39,585
American whole milkf
..do
11, 737 11,157 14,402 14,322 13,786
10,866
16,527 15,145 10,614
14, 579
11, 527
13,261
9,981
Receipts, 5 markets
.do
78,600 75, 345 79, 272 98,850 117,598 125,019 116, 561 114,736 112,217 108,241 94, 295 82,664 ' 74,937
Stocks, cold storage, end of month
do
65,160 62,866 64, 750 81,262 97,448 103,594
97,530 93,987 90,219
75,181 66,584 r 61, 510
American whole milk
do
Condensed and evaporated milk:
Exports:
142
361
148
494
195
215
154
Condensed (sweetened)
thous. of lb__
194
276
364
145
121
353
1,710
2,508
2,809
2,284
2,338
1,799
1,976
3,414
3,715
1,876
Evaporated (unsweetened)
..do
2,501
2,615
3,878
Prices, wholesale (N. Y.):
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Condensed (sweetened)
dol. per case..
5.00
5.00
5.00
3.06
2.90
2.90
2.90
2.90
2.90
2.90
3.10
Evaporated (unsweetened)
—do
3.10
3.10
3.10
3.10
3.10
r
Revised.
§Revised series. Data on manufactured gas revised beginning January 1938 and natural gas beginning January 1937; see tables 24 and 25, pp. 16 and 17 of the May 1940
issue. See also the footnote marked with a "dagger" on p. 41 of the June 1939 Survey.
*New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 Survey.
fRevised series. For 1937 revisions in consumption and production of butter, consumption of cheese and production of American cheese, see p. 41 of the December 1938
issue; 1938 revisions and revisions for 1939 not shown on p. 41 of the May 1940 issue will appear in the 1940 Supplement. For total production of cheese see table 50, p. 17 of
November 1939 issue; revisions beginning 1938 will appear in a subsequent issue. Total indicated consumption for beverage purposes of all spirits and whisky revised in their
entirety; revisions not shown on p. 41 of the October 1939 Survey will appear in a subsequent issue.
JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 Survey




42

SURVEY OF CUERENT BUSINESS

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

1940
April

June 1940
1940

1939
April

May

June

July

August

September

DecemOctober November
ber

January

Febru- March
ary

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk—Continued.
Production:!
Condensed (sweetened):
Bulk goods
thous. of lb.
0)
Case goods
do-..
3,169
Evaporated (unsweetened)
d o . . . 225, 077
Stocks, manufacturers' end of month:
Condensed (sweetened):
Bulk goods
_thous. of lb.
0)
4,014
Case goods,__
-.do-..
Evaporated (unsweetened), case goods
thous. of lb. 207, 740
Fluid milk:
5,244
Consumption in oleomargarine
do...
2.23
Price,dealers', standard grade* dol. per 100 lbProduction (Minneapolis and St. Paul)
thous. of lbReceipts:
Boston (incl. cream)
thous. of qt.
Greater New York (milk only)
do__.
Powdered milk:
815
Exports§
.thous. of lb.
35,966
Productiont
do-..
33, 314
Stocks, mfrs., end of mo.t
do-._

15, 420
3,201
199,184

22, 007
2,903
268, 533

6,135

7,910
6,437

134, 625

0)

0)

0)

0)

(0

0)

2,228
135, 536

2,817
158, 656

3,370
170, 397

3,504
203,619

0)

0)

21, 059
16, 615
2,786
2,891
267,457 '226,715

16,817
2,455
191, 382

15,170
4,368
164, 723

3,479
143, 988

11,416
7,764

12, 504
8,570

10, 986
8,001

7,741
6,039

6,312

5,990

5,627

4,702

4,579

3,938

209, 044

292,393

341, 686

355, 071

135,135

175, 646

188, 290

186,081

156, 253

150, 458

173, 378

4,561
2.15

4,498
2.11

4,112
2.10

3,870
2.10

4,315
2.12

5,297
2.15

4,538
2.19

5,337
2.22

4,988
2.25

5,696
2.25

5,761
2.25

5,074
2.25

39,031

44,144

41, 873

34, 051

28,599

25, 226

26, 043

28, 215

33, 548

37, 624

38, 441

42, 633

13,322
121, 682

14, 648
132, 670

13, 897
134, 712

14,947
129, 851

15,375
127,178

13, 258
122, 715

13,883
128,697

13,858
121, 848

12, 889
123,192

12,999
121, 550

12, 068
116, 518

13, 258
122, 685

31,190
32,102

1,069
38, 877
31, 982

739
38, 572
25, 861

637
29, 079
27, 613

798
23, 566
18, 298

823
22,432
11,963

796
20, 782
8,449

544
20, 225
7,548

573
24, 544
11,044

492
27, 870
17, 946

458
27, 406
24, 086

640
r
34, 052
r 29, 284

3,562

3,055

2,053

976

1,007

971

4,833

10, 216

7,794

* 100, 284
5,057

4,933

4,912

1,200
15, 511
1,611

1,569
20,387
3,094

555
17,683
3,383

0
16, 426
2,147

0
10,853
1,111

0
9,154
1,668

3,366
7,203
3,343

10,102
11,852
3,132

10, 329
13, 718
1,988

8,733
17,508
1,612

6,769
18, 850
2,453

4,831
14, 334
1,814

1.850
'360,992
12, 095

1.925

1.875

1.981

18, 615

17, 979

24, 792

0)

2,354
125, 629

(0

0)

0)

FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu..
Shipments, earlotf
no. of earloads..
Stocks, cold storage, end of month
thous. of bbL.
Citrus fruits, carlot shipmentsf-no. of carloads._
Onions, carlot shipments!
do
Potatoes, white:
Price, wholesale (N. Y.)
dol. per 100 lb._
Production (crop estimate)
thous. of bu._
Shipments, carlotf
no. of carloads_.

2.095

1.800

1.680

1.575

1.813

1.295

1.588

1.700

1.806

18,798

'19,014

22, 833

23,930

11, 541

7,658

12,171

15,118

12, 441

r

2, 879
14, 960
2,224

GRAINS AND GRAIN PRODUCTS
Exports, principal grains, incl. flour and meal§
8,374
11,281
8,372
5,709
8,389
10,830
16,372
6,600
8,332
11, 368
10, 204
9,324
thous. of bu_Barley:
399
709
909
153
185
614
265
713
124
206
248
358
229
Exports, including malt
do_
Prices, wholesale, No. 2 (Mpls.):
.55
.52
.55
.57
.53
.55
.45
.46
.51
.53
.55
.58
.54
Straight
dol. per bu_.
.54
.58
.58
.55
.56
.47
.60
.60
.57
Malting
do...
.57
.56
6276,298
Production (crop estimate)
thous. of bu
8,744
6, 732
7, 307
5,910
13, 546
4,474
4,831
20, 062
7,161
4,579
3,793
5,645
5, 059
Receipts, principal markets
do...
20,106
18, 614
19, 421
20, 398
10, 883
5,745
8,253
16, 904
8,874
6,210
17, 333
16, 079
13, 943
Stocks, commercial, end of mo
do...
Corn:
5,324
1,855
5,580
1,266
1,467
1,121
1,207
5,274
1,663
267
608
5,796
1,867
Exports, including meal
do..
6,925
8,094
5,941
6,510
4,929
6,693
5,945
r 7, 076
6,S86
'7,248
8,588
Grindings
_do._
5,798
' 6, 874
Prices, wholesale:
.56
.54
.50
.63
.48
.51
.59
.58
.48
.58
.48
.51
No. 3, yellow (Chicago)*
dol. per bn_.
.62
.60
.59
.55
.50
.53
.67
.66
.57
.74
No. 3, white (Chicago)
do.
(0
Weighted average, 5 markets, all grades*
.57
.51
.47
.56
.50
.64
.52
.49
.46
.51
.58
dol. per bu_.
^2,619,137
Production (crop estimate)
thous. of bu
21,923
22, 655
31, 609
26, 723
11, 690
12, 562
23,333
11, 864
12.611
13,126
17, 381
11,996
Receipts, principal markets
.do...
9,469
13,135
15, 893
11, 584
9, 633
12, 759
12, 077
8,656
20,170
8,125
7,777
17, 042
Shipments, principal markets
__do-.
5,955
45, 851
27, 541
38, 202
34,142
23,145
14, 947
14,192
42, 307
40, 575
39, 262
34, 568
30,880
Stocks, commercial, end of mo
do__
39, 704
Oats:
117
133
162
81
57
101
154
112
93
72
Exports, including oatmeal
do_.
228
Price, wholesale, No. 3, white (Chicago)
.41
.35
.39
.36
.43
.29
.30
.32
.34
.34
.42
.43
dol. perbu.>937,
215
.43
Production (crop estimate)
thous. of bu
5,632
12, 528
4,756
6,261
4,178
6,303
6,673
18, 625
4,926
4,540
4,327
4,461
4,751
Receipts, principal markets
do..
14, 552
13,199
12,054
6,204
14, 681
16,104
5,551
10, 312
5,695
8,979
7,539
6,784
7,867
Stocks, commercial, end of mo
do
Rice:
304,
543
220,
315
381,
765
89,926
107,179
216,
072
292,
278
287,
517
274,
893
283,
341
247,142
241,
755
316,
774
Exports§
pockets (100 lb.)..
32,127
37, 528
8,568
58, 365
27,572
83, 257
70, 691
84,857
19, 072
23, 636
40, 905
90,116
75, 647
Imports§
do-_
Price, wholesale, head, clean (New Orleans)
.037
.038
.040
.033
.033
.039
.038
.033
.033
.033
.039
.039
dol. perlb._
b
52, 306
Production (crop estimate)
thous. of bu.
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
1,805
1,375
679
919
390
2,360
982
681
180
428
368
967
thous. of bbl. (1621b.)-Shipments from mills, milled rice
1,122
1,083
857
972
1,146
1,041
1,080
1,024
912
758
1,108
802
1,129
thous. of pockets (1001b.)..
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
3,282
3,029
1,706
3,410
2,994
2,890
2,595
2,092
1,552
3,017
2,894
3,079
thous. of pockets (100 lb.)__
California:
497,
338
167,
793
89.
892
354,
776
270,
965
486,
207
154,
940
293,
569
160,
345
203,
447
197,
332
97,
273
Receipts, domestic rough
bags (1001b.)-- 328, 769
65, 521
68, 417 140, 976
91, 480
141, 744 136, 287 144, 414
97, 009
97, 767 130, 025 174, 422 224, 541 123, 603
Shipments from mills, milled rice
do
Stocks, rough and cleaned
(in terms of
389, 027 466,045 544, 057 574, 503 545, 331 458, 505 437, 830 445, 605
cleaned rice), end of mo...bags (1001b.).. 455,143 301, 497 264, 633 258,494
Rye:
1
0
85
0
79
272
90
88
Exports, including
flour
thous. of bu_.
(a)
(ffl)
(a)
(°)
C)
.67
.42
.67
.70
.50
.43
.51
.52
.70
.43
.51
.67
Price, wholesale, No. 2 (Mpls.).-dol. per bu._
.53
* 39, 249
Production (crop estimate)
thous. of b u . . <*36,476
3,160
1,295
3,455
2,053
2,070
1,455
1,045
1,955
1,470
795
1,768
1,478
1, 448
Receipts, principal markets
do.
9,857
10, 577
9,954
10, 540
7,384
10, 212
10,120
10,138
7,153
6,813
7,708
9,246
10, 048
Stocks, commercial, end of mo
dod
e
May 1 estimate.
f Revised.
° Less than 500 bushels.
* December 1 estimate.
No quotation.
1
Discontinued by reporting source.
* Represents commercial production only; total production is not available.
tFor comparable monthly figures beginning 1918, see table 13, p. 17 of the March 1939 issue.
*New series. Data for price of milk beginning 1922 and average price of corn beginning 1918 appear in tables 38 and 39, p. 18 of the August 1939 Survey. Data on price
of No. 3, yellow corn, Chicago, are shown in table 20, p. 18 of the April 1940 issue.
tRevised series. For revisions in condensed and evaporated milk production in 1937, see p. 41 of the December 1938 Survey; 1938 revisions and revisions for 1939 not shown

on p. 42 of the May 1940 Survey will appear in the 1940 Supplement. Revisions for 1938 for carlot shipments not shown in the December 1939 Survey will appear in a subsequent
issue.
http://fraser.stlouisfed.org/
§Revised 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

43

SUEVEY OF CURRENT BUSINESS

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

1940
April

1940

1939
April

May

June

July

August

September

DecemOctober November
ber

January

Febru- March
ary

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—
Continued
Wheat:
Exports:
Wheat, including
flour§
thous. of bu_.
Wheat only§
do_
Prices, wholesale:
No. 1, Dark Northern Spring
(Minneapolis)
dol. per bu._
No. 2, Red Winter (St. Louis)
do.
No. 2, Hard Winter (K. C.)
do
Weighted av., 6 markets, all grades..do
Production (crop est.), total
thous. of bu
Spring wheat
do,.
Winter wheat
.._
_do..
Receipts, principal markets.
do
Shipments, principal markets
do.
Stocks, end of mo. world est
do.
Canada (Candian wheat)
do.
United States, total*
do.
Commercial
do.
Country mills and elevators*
do.
Merchant mills*.
do.
On farms*.
do.
Wheat flour:
Disappearance (Russell-Pearsall)
thous. of bbl__
Exports§
do
Grindings of wheat
thous. of bu_Prices, wholesale:
Standard patents (Mpls.)
dol. per bbl_.
Winter, straight (Kansas City)
do....
Production:
Flour, actual (Census)
thous. of bbl..
Operations, percent of capacity
Flour (Russell-Pearsall)
thous. of bbl
Offal (Census)
.
thous. of lb__
Stocks, total, end of month (Russell-Pearsall)
thous. of bbl _
Held by mills (Census)
do...

3,837
1,833

9,468
5,874

14,489
10,672

6,033
3,929

7,414
2,977

8,935
5,903

5,675
2,530

4,629
1,701

1.08
1.11
1.06
1.06

.78
.76
.70
.72

.86
.83
.76

.84
.73
.71
.75

.78
.69
.67

.76

.93
.88
.86
.90

.83

38,995
24,495

19, 799
16, 856

.65
.72

<*459, 691
28,438
9,459

99,006 43,924
16,000 25, 525 44,016
14,423 30,840 22, 791
16,851
11,174
359, 730 319,890 318,340
0)
0)
89, 281 135, 793
134,085 112,987 97,835
295,026
105, 595 74,851
64,178 81,334 149, 372 166,289
38,291
85,029
90, 372

0)
280,625

0)

4,173
1,452

2,485
597

2,650

3,816
1,430

6,728
3,704

1.03
1.04
.98
1.00
b
754,971
"191,540
563, 431
12,190
11, 510
14, 936 13,086

1.05
1.05
1.01
1.02

1.04
1.06
1.01

1.04
1.06
1.02
1.01

9,390
8,834

11,423
7,403

21,920
8,659

.91
.92

0)

0)

274, 841 335, 367 316,296
800, 519
161,987 151,015 141, 986
162, 542
137,332
338,658

0)

0)

427
37, 632

8,201
765
37,698

8,549
812
39,066

8,783
448
38,927

8,003
944
38, 833

9,552
645
43,746

11,279
669
51,101

9,946
623
43,025

7,944
579
37, 770

6,074
402
36,848

434
39, 323

508
36,400

5.77
4.86

4.87
3.47

5.23
3.60

5.16
3.58

4.74
3.41

4.90
3.36

5.76
4.36

5.58
4.20

5.70
4.28

6.17
5.01

6.02
4.80

5.66
4.73

8,244
55.7
8,916
656," 277 665,468
53.7

8,432
9,522 11,191
8,440
9,428
8,298
8,516
57.4
75.9
60.3
61.5
56.3
55.4
55.0
9,063
10, 347 12,148 10, 779
8,929
9,311
9,293
693, 372 699, 737 689, 557 772, 787 890, 697 752, 851 655,454

0)

0)
301, 434
288, 391
310,855
090 437,968
614,904 119, 001 292,
110, 761 105,401
132,842
80, 817
128,846
94, 266
114, 231
157,
484
238,985

8,649
8,119
8,025
56.3
55.0
56.4
9,243
8,523
8,221
635,415 682, 637 630,066

5,150

5,100

5,000
3,641

5,150

5,300

5,500
4,058

5,710

5,625

6,475
5,165

643
37, 812
5.70
4.79
8,320
54.1
657,156

LIVESTOCK
Cattle and calves:
Receipts, principal markets.thous. of animals.Disposition:
Local slaughter
do.
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Beef steers*
dol. per 1001b_.
Steers, corn fed
do
Calves, vealers
do
Receipts, principal markets, thous. of animals_.
Disposition:
Local slaughter
do.
Shipments, total
do.
Stocker and feeder
__do.
Prices:
Wholesale, heavy (Chi.)....dol. per 100 lb_.
Hog-corn ratio*
bu. of corn per cwt. of live hogs._
Sheep and lambs:
Receipts, principal markets, thous. of animals..
Disposition:
Local slaughter
__
do
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes
dol. per 1001b._
Lambs
do.
MEATS
Total meats:
Consumption, apparent
mil. of lb_.
Exports*
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of lb-_
Exports^
do
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb__
Production (inspected slaughter).thous. oflb__
Stocks, beef, cold storage, end of mo
do
Lamb and mutton:
Consumption, apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Pork (including lard):
Consumption, apparent
do
Exports, total
__do
Lardf
___do
Prices, wholesale:
H a m s , smoked (Chicago)
dol. perlb._
Lard, in tierces:
Prime, contract (N. Y.).__
do
Refined (Chicago)
do

1,467

1,737

1,476

1,667

1,764

2,117

2,438

1,912

1,404

1,565

1,247

1,359

974
568
244

581
233

1,068
647
240

934
546
187

971
664
242

972
795
375

1,019
1,074
546

1,124
1,270
743

963
973
549

833
572
273

997
548
200

810
433
163

825
516
215

9.46
11.22
9.93

10.02
11.22
9.56

9.68
10.59
9.68

9.22
9.66
9.13

9.30
9.53

9.09
9.26
10.03

10.23
10.68
11.09

9.87
10.07
10.78

9.63
9.86
9.75

9.59
10.00
9.66

9.46
10. 44
11.50

9.08
10.53
10.47

9.31
11. 34
10.69

1,554

2,410

2,105

1,948

2,007

1,995

2,458

2,847

3,331

3,772

2,922

2,710

1, 868
713
43

1,509
485
44

1,822
575
48

1,535
560
43

1,394
546
35

1,451
550
36

1,458
534
39

1,825
617
37

2,177
665
40

2,482

2,753
1,007
47

2,074
841
43

1, 964
749
49

5.46

6.91

6.68

6.39

6.03

5.75

7.54

6.97

5.95

5.15

5.25

4.93

4.94

8.4

14.5

13.2

11.9

13.1

12.0

12.6

13.7

12.5

10.0

9.7

9.1

8.7

1,876

1,993

1,951

1, 711

2,042

2,392

2,625

2,607

1,907

1,514

1,728

1,424

1,440

1,046
828
156

900
1,082
251

1,070
884
235

913
804
167

1,040
261

1,419
504

671
141

1,071
653
119

559
84

2.97
9.25

3.17
8.85

3.38
7.93

1,075
1,520
693
3.85
9.00

944
984
429

4.60
9.38

1,064
1,564
613
3.59
9.07

4.39
8.84

4.33
8.38

4.60
8.60

1,053
48
1,033
699
69
452, 721 452,940
1,525
1,114

1,138
39
1,037
573

1,132
40
1,065
478
59

1,169
31
1,162
452
58

1,157
37
1,285
562

1,156
42
1,410
808
95

1,273
64
1,482
977
104

476, 716 503, 357 494, 208 457, 231 438,167
2,042
1,401
1,546
1,269
1,531

481,410
1,325

2, 595

5.10
9.67

1,165
28
1,133
1,033
87

943
30
955
758
63

1,105
42
1,127
761
65

467, 547 402, 876 479,116
1,491
710
1,036

1,073
43
1,083
749

824
620
5.53
9.64

1,054
61
1,214
1,093
107

' 1,132
30
1,165
r
1,100
101

424,174 '425,409
1,767
1,325

57,315
56,657
3,570

51,198
50, 790
1,956

.156
.159
.151
.166
.152
.150
.166
.162
.150
.159
444, 337 445,800 469, 534 495, 867 499,306 472, 202 445,234 475,578 415, 207 419,498
33, 591 33, 456 33.027 36,917 49, 242 67,672
76, 974 78, 573 74, 708 ' 72, 560
55, 539 53,193
53,010 56.028 62, 517 61, 608 58, 391 56,791 67,388
56,124- 54, 871
55, 398 53, 238 53,073
56, 599 63,030
62,147
59,088
57, 555 67,132 56, 281 54,677
1,791
1,837
1,893
3,499
2,459
2,965
4,187
4,803
4,412
4,488
4,257

640,382
23, 806
18, 849

25, 591
17, 531

570,476 566, 926 547, 518 605, 525 566, 582 613, 248 641,838 660, 957 723,992 573, 246 r651, 336
36, 990 37,403 42, 223 33,028 33,848 25, 700 33,008
36, 308 56, 576 52, 815 25, 356
25,303
22, 682 25, 339 22,848 24,693
19,091
25, 706 18,917 27, 988 25,133
20, 654

.168

.203

.168
.166
.168
453, 508 390, 623 466,306
61,959
36, 866 34,650

.207

.206

.203

.203

.206

.209

.185

.176

.171

.173

.168

.066
.067
.069
.061
.065
.060
.083
.071
.067
.070
.066
.067
.063
.072
.077
.079
.071
.075
.075
.104
.083
.078
.077
.073
.072
.070
d
'Revised.
& December 1 estimate.
i Temporarily discontinued; data not available since the outbreak of war.
May 1 estimate.
•New series. For data on United States wheat stocks beginning 1923, see table 29, p. 17, of the June 1939 Survey. For data on hog-corn ratio beginning 1913, see table 33,
p. 18, of the June 1939 Survey. Data on exports of meats beginning 1913 appear in table 46. p. 16, of the November 1939 issue. For price of beef steers beginning 1913, see table
page 18, of the August 1939 issue.
Digitized for40,FRASER
fRevised series. Data on exports of lard revised for period 1913-37 to include neutral lard; revisions are shown in table 47, p. 16, of the November 1939 issue.
http://fraser.stlouisfed.org/
§Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey.

Federal Reserve Bank of St. Louis

44

SURVEY OF CURRENT BUSINESS

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

June 1940

1939
April

May

June

July

Novem- DecemAugust September
ber October
ber

1940
January

Febru- March
ary

FOODSTUFFS AND TOBACCO—Continued
MEATS—Continued
Pork (including lard)—Continued.
Production (inspected slaughter) total
thous. of lb_. 622, 544 513,160 60fi* 478 585,804 534,284 510, 693 506, 341 600, 505 753, 588 906,801 939,102 742,054 690,346
Lard
do.._. 116,671 91,858 106,945 106, 218 94,453 91, 676 88, 611 102,914 137, 724 174,546 182,039 141,687 129,467
Stocks, cold storage, end of month
do.-_. 880, 322 656, 746 659, 587 645,173 594, 581 471, 310 379, 020 341,393 421, 227 631, 564 790, 776 907,293 ••921, 510
613,970 527, 213 520, 251 496, 796 454, 766 360,932 300,226 272, 655 332,272 469,459 588,601 650, 653 '652, 733
Fresh and cured
do
Lard
do.... 266,352 129, 533 1394 336 148,377 139,8H5 110,378 78,794 68,738 88, 955 162,105 202,175 256, 640 •"268, 777
POULTRY AND EGGS
Poultry:
Receipts, Smarketsf
thous. of lb_. 19,889 16, 217 ' 24, 945 28, 494 r 27, 844 ' 25, 759 ' 30,101 37,224 81,135 r 77, 806 32,937 22, 671 22, 054
86,418 70,568 66,796 67,470 64,918 62,870 63,164 79,228 127,649 167,643 166,962 144, 759 115,442
Stocks, cold storage, end of month
do
Eggs:
2,238
2,0.65
1,161
2,311
1,589
967
1,017
1,734
Receipts, 5 markets
thous. of cases..
619
608
954
803
Stocks, cold storage, end of month:
3,309
5,880
3,357
6,977
7,024
••854
81
Shell
thous. of cases..
5,430
3,519
1,580
57
532
Frozen
thous. of lb_. 79,328 88,867 117,900 141, 456 144, 359 135,928 121, 471 104,282 87,802 72, 279 56, 249 38, 070 r 44,199
TROPICAL PRODUCTS
Cocoa:
14,130
16,093 23, 311 13, 707 27, 215 28, 366 17, 032 22,951
Imports
long tons. 11,886 32,052
30, 917 14,865
.0600
.0448
.0446
.0436
Price, spot, Accra (N. Y.),._
dol. per lb.
.0433
.0438
.0610
.0537
. 0538 .0556
.0517
.0561
.0588
Coffee:
.926
1,232
Clearances from Brazil, total..thous. of bags.
1,638
1,563
1,217
1,162
1,357
2,088
1,596
1,384
1,632
1,156
990
.539
610
To United States.
do....
767
774
724
731
1, 317
862
917
668
717
573
485
1,274
1,017
Imports into United States.
do....
1,302
1,187
1,055
1,056
1,095
1,469
1,560
1,228
1,225
1,443
1,511
Price, wholesale, Rio No. 7 (N. Y.)
.055
.052
.051
.053
.051
dol. per lb_.
.052
.051
.054
.053
.056
.056
.055
.052
1,341
Receipts at ports, Brazil
thous. of bags..
1,290
1,616
1,267
1,712
2,058
1,319
1,523
963
949
1,265
777
Visible supply, total, excl. interior of Brazil
thous. of bags..
7,916
8,249
7,960
8,079
8,017
8,334
7,918
8,163
7,644
7,662
7,251
8,059
895
805
860
781
846
643
846
930
944
994
1,053
1,213
United States
do
857
Sugar:
Raw sugar:
Cuban stocks, end of month
2,501 '2,611
2,263
2,038
1,570
1,294
1,082
804
1,183
2,226
526
624
thous. of Spanish tons..
United States:
339,755
324,172
401,523
308,672
362,129
349,
987
376,
814
337,292
247, 328 266, 456 285, 008 2S9, 291 333,186
Meltings, 8 ports
...long tons..
Price, wholesale, 96° centrifugal (N. Y.)
.028
.029
.029
.029
.029
.029
.034
.037
.030
.029
.028
.030
dol. per lb_.
Receipts: From Hawaii and Puerto Rico
156,155
184,440
137,011
127,
764
115,
750
84,140
163,
801
137, 264 122, 525 91,612
29,892 117, 576 129, 878
long tons..
Importsf
d o — 207, 784 180, 469 152, 564 217, 426 281, 731 250, 265 306, 639 171, 338 65,188 232, 668 111, 620 208, 979 211,027
Stocks at refineries, end of month ..do— 500,912 271, 306 357, 250 382, 443 351, 005 293,908 280,086 305,164 365, 491 378, 089 413,074 445,039 501, 547
Refined sugar (United States):
3,641
14, 529
6,557
8,723
3,778
8,997 18,995
13, 469 17, 627 14,213
13, 631 15,132
Exports
d o — 19,001
.056
.049
.050
.050
.050
.050
.064
.060
.056
.051
.051
.052
.054
Price, retail, gran. (N. Y.)
dol. per lb..
.044
.044
.044
.044
.043
.043
.052
.056
.048
.044
.044
.045
.046
Price, wholesale, gran. (N. Y.).
do
Receipts:
245 18,076 23, 352
3,846
1,284
9,799
2,527
10, 726
3,550
15, 418 25, 790 28, 710
From Hawaii & Puerto Rico..long tons.. 26,
53, 878 19,615 31, 799 38, 839 34, 511 41,251 63, 979 16,045
18, 588 63, 229 13,968
24, 452 35,073
Imports*
do.._. 45,689
10,706
25,303
19,
384
32,855
36,430 59,120 12,696 13,948 62,175
13,072 22, 275 31, 278
From Cubat
-do—
8,178
11,192
8,
829
11,015
*4,
482
4,710
1,557
3,288
4,153
2,176
3,794
893
915
From Philippine Islandsf
-do—
Tea:
8,785
6,724
7,499
6,798
8,863
7,307
7,653
9,953
8,056
11,927
11,954
Imports
thous. of lb_.
Price, wholesale, Formosa, fine (N. Y.)
.280
.280
.280
.280
0)
0)
0)
0)
0)
0)
()
0)
0)
dol. perlb..
182, 681 168, 308 161, 255 158,739
0)
0)
0)
0)
0)
0)
0)
0)
0)
Stocks in the United Kingdom.-thous. of lb..
MISCELLANEOUS FOOD PRODUCTS
16, 212 16, 223 15,169
12, 696 11,185
15, 256 24, 242 23, 442 24,966 20, 297 18,612 19, 338 18, 216
Candy, sales by manufacturers:]:-thous. of doL.
20,344 41, 554 43, 546 ' 38, 291 r 41, 622 • 45, 737 39, 208 • 38,411 35, 848 32, 050 26,166
Fish:
28, 380 25, 298
Landings, fresh fish, prin. portsf- thous. of lb-.
524, 393 257, 564 221, 785 211, 672
0)
0)
0)
0)
0)
0)
(0
0)
Salmon, canned, shipments
cases..
34,736
Stocks, cold storage, total, 15th of month
29, 756 35,295 46, 965 59, 940 72, 765 79, 383 83, 296 84, 571 92, 431 78, 563 62, 622 45, 592
thous. of lb..
Gelatin, edible:
2,029
Monthly report for 7 companies:
1,641
1,546
1,444
953
832
978
1,400
1,558
1,924
1,949
1,976
1, 811
Production
do—
1,737
1,178
1,418
1,468
1,353
1,441
1,387
1,509
1,194
1,571
1,618
1,559
1,531
Shipments
do—
7,009
6,296
6,520
6,496
6,096
6,716
5,488
5,080
4,970
5,335
6,385
6,033
5,616
Stocks
do—
Quarterly report for 11 companies:
6,323
4,114
7,515
6,356
Production
_
do—
7,974
9,478
10, 287
8,844
Stocks
do—
TOBACCO
Leaf:
Exports!
..thous. of lb.. 15,912 21, 777 24,502 17,146 15,940 33,773 45, 576 28, 532 30,457 31, 260
18,408
32, 550
5,790
4,783
Imports, incl. scrap §
do
6,865
6,463
6,491
6,724
5,285
8,425
5,159
9,478
6,174
7,765
7,541
Production (crop estimate)
mil. oflb..
* 1,770
Stocks, total, incl. imported types, end of
quarter^
mil. of lb..
2,137
2,217
2,719
2,899
Flue-cured,fire-cured,and air-cured.-do
1,705
1,819
2,319
2,411
Cigar types
do—
319
290
266
351
Manufactured products:
Consumption (tax paid withdrawals):
Small cigarettes
millions.. 14,820 12, 269 15, 445 16, 595 14, 260 16, 571 14, 790 15, 384 14,461 12,803 14, 568 13,163 13,021
Large cigars
thousands... 425,140 403,042 470, 580 486, 721 427, 533 500, 807 486, 865 551, 230 505,098 331, 204 388,085 375, 824 397, 490
Manufactured tobacco and snuff
thous. of lb.. 28, 481 25, 628 30, 499 30,107 26, 246 33, 291 30,361 30,239 28,436 24, 057 26,742 26, 857 27, 550
Exports, cigarettes!
thousands.. 509, 420 424, 857 592,851 593,218 691,696 641,931 714, 576
466,966 607,719 616,661 576, 914 537, 206
Production, manufactured tobacco:
22,893 27,150 27, 493 23,450 29,823 26,326 28, 749 25, 6J4 22,152
Total
thous. of lb__
24, 049
22,970
24,045
325
395
461
408
Fine cut chewing
do—
400
348
373
366
323
300
335
330
4,076
4,974
4,652
Plug
do
4,294
5,153
4,471
4,370
3,851
3,763
4,035
3,806
3,484
3,501
3,023
3,917
3,089
Scrap chewing
do
4,346
3,521
3,827
3,415
3,196
3,397
3,363
3,591
15, 045 17, 747 17, 979 15, 261 19,357 17,503
Smoking
_
do
19, 660 17,467
14, 421 15,165
15,835
16,087
426
534
484
Twist
do
405
560
482
518
515
449
454
481
399
'Revised.
'December 1 estimate.
i Temporarily discontinued.
t Revised series. Imports of raw and refined sugar revised beginning 1913; data not shown on p. 44 of the November 1939 Survey will appearjin a subsequent issue. Data
for receipts of poultry revised for 1939. Revisions not shown above are as follows: January, 23,490; February, 16,883; March, 17,936. Data for landings of fresh fish revised for
1939. Revisions not shown above are as follows: January, 23,069; February, 25,670; March, 30,971.
JFor monthly data beginning 1928 corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p. 17, of the January 1939 issue.
§Revised series. Data revised for 1937: see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.
•New series. Data on total imports of refined sugar beginning 1913 not shown on p. 44 of the December 1939 Survey will appear in a subsequent issue.
http://fraser.stlouisfed.org/
1 Tobacco stocks on a new basis are shown in table 13, p. 15, of the March 1940 Survey. In an early issue, this series will be substituted for the series currently shown
Federal Reserve Bank of St. Louis

45

SUKVEY OF CURRENT BUSINESS

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

1940

April

1940

1939
April

May

June

July

Au

S

ust

tember

October

Novem- December
ber

January

Febru- March

FOODSTUFFS AND TOBACCO—Continued
TOBACCO—Continued
Manufactured products—Continued.
Prices, wholesale:
Cigarettes
dol. per 1,000..
Cigars
.
do

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

261

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46. 056

126

104

149

114

121

9.501
5,622
4,762

9.576
3,546
3,163

11.30
9.584
3,773
3,208

0)

(0

(0

FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports§
thous. of long tons..
Prices, composite, chestnut:
Eetail
_
dol. per short ton_.
Wholesale
do
Production..
thous. of short tons..
Shipments
do....
Stocks, end of month:
In producers' storage yards.
do
In selected retail dealers' yards
number of days' supply..
Bituminous:
Exports§.
thous. of long tons..
Industrial consumption, total
thous. of short tons_.
Beehive coke ovens
do
Byproduct coke ovens
_.
do
Cement mills
__do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I ) . .
__do.__.
Steel and rolling mills.
do
Other industrial
do
Other consumption:
Vessels (bunker)
thous. of long tons..
Coal mine fuel
thous. of short tons_.
Prices:
Retail, composite, 38 cities
dol. per short ton..
Wholesale:
Mine run, composite
_do
Prepared sizes, composite
do
Production
..thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total
..do
Byproduct coke ovens
do
Cement mills
..do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
do
COKE
Exports
thous. of long tons..
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehivef
thous. of short tons..
Byproduct!
.-do
Petroleum coke...
do
Stocks, end of month:
Byproduct plants, total
__.do
At furnace plants.
do
At merchant plants
..do
Petroleum coke
...do

121
9.388
3,747
3,144

0)

137

336

194

9.078
5,296
4,842

9.154
5,073
4,206

10.55
9.148
3,530
2,959

86

238

559

160

130

400

8.667
2,912
2,611

8.601
3,832
3,147

10.64
8.649
4,776
4,287

9.031
4,919
4,333

9.160
3,936
3,329

10.83
9.156
3,862
3,435

716

1,129

1,172

1,219

1,365

994

47

47

57

58

37

1,746

1, 715

614

512

510

31,031
489
6,668
425
146
4,683
7,461
1,029
10,130

33,183
372
6,654
308
155
4,902
8,436
1,106
11, 250

28, 780
242
5,676
246
141
4,217
7,328
900
10, 030

178

111
255

129
308

110
268

8.45

1.68
4.320
4.425
44, 940

4. 318
4.457
39,105

4,296
4,395
' 35, 210
35,108
' 30, 208
*• 5, 305
408
r
200
r 9, 257
4,660
' 578
9,800
4,900

35
1,231
26, 076
160
5,632
418
206
3,561
6,724
725
8,650

250

984

1,192

1,209

1,525

22,390

20,518

6,457

3,032
5,915

4,501
7,450

8,020

6,930

24,980
117
5,517
503
130
4,025
6,492
766
7,430

6,400

2,827
6,042

23, 437
69
5,177
547
128
3,842
6,075
719

30,243

3,383

21, 772
72
4,748
559
124
3,541
5,903
665
6,160

29, 519

4,114

21, 521
81
4,361
530
123
3,317
5,748
671
6,690

4,406
7,322
1,055
9,830

191

97
200

92
238

140
261

158
315

207
31

402
131

823

93
226

39

416
125

678

79
122

i.29

399

531
138

980

9,120

540

493
140

25

4.421
4.345
r 9, 627

4.464
4.300
17, 880

4.246
4.238
27, 900

4.243
4.275
29,135

4.246
4.306
34, 688

4.271
4.362
38,150

4.332
4.436
45, 950

4.333
4.428
42, 835

4.322
4.404
37, 283

35, 740
30, 540
5,150
463
242
9,514
4,546
565
10, 060
5,200

31,746
28, 226
4,434

25, 413
22, 613
2,598

7,642
6,387

6,740
5,196

8,460
3,520

7,130
2,800

26, 991
22, 761
3,548
286
170
6, 695
4,484
518
7,060
4,230

29, 725
24, 665
4,535
342
192
7,002
4,242
512
7,840
5,060

33, 624
27, 424
5,632
357
229
7,500
4,224
542
8,940
6,200

36,943
30, 243
6,220
399
250
7,923
4, 338
573
10, 540
6,700

41, 919
34, 270
7,250
442
278
8,370
5,050
640
12, 240
7,750

45, 542
37,402
8,115
472
271
8,858
5,341
665
13, 680
8,140

44, 571
37,121
7,993
444
264
9,119
5,529
692
13,080
7,450

40, 222
33, 592
6,496
425
239
9,069
4,992
651
11,720
6,630

39, 077
32, 577
5,875
444
2,184
9,128
5,272
650
10,990
6,500

803

42

275
129

545

105
'241
9.37

4,275
4,307
32, 962

321
179

602
• 28, 538
211
5,830
337
'143
' 4, 029
7,288
'870
9,830

37

43

39

66

95

71

52

37

28

39

46

4.475

3.750

3.750

3.750

3.750

3.750

3.750

5.125

5.250

5.000

4.813

4.550

4.475

100
3,984

20
2,915
142

25
2,396
132

52
3,090
142

3,365
145

44
3,666
143

75
3,904
111

256
4,527
165

346
4, 567
159

314
4,718
155

238
4,707
116

155
4,017
131

135
4,125
130

2,016
931
1,085

2,967
1,091
1,876
734

2,751
951
1,800
716

2,657
931
1,726
710

2,772
945
1,827
733

2,921
916
2,005
682

2,812
868
1,945

2,600
806
1,794
652

2,607
836
1,771
647

2,561
896
1,665

2,008
842
1,166
628

1,706
784
922
628

1,638
800
838
624

99, 303
2,788
.960
105, 510
80

105, 755
4,186
.960
110, 541
83

104,687
3,279
.960
104, 607
85

106, 899
3,061
.960
110, 937
84

107,632
2,942
.885
80, 865
84

105, 505
3,235
.960
108,168
85

110,980
3,093
.960
114,198

104, 916
2,848
.960
111, 887
83

105, 835
2, 651
.960
114, 810
81

106, 530
1,948
.960
113,140
81

101, 766
2,244
.960
108, 668
81

110, 079
2,866
.960
120, 075
81

86,075
39,699
230,926
40,180
190,746
1,419

85, 580
39, 878
230, 279
40, 445
189,834
1,656

85, 049 85, 655
38, 427
38,902
226, 462 223,558
41, 817
41, 463
184,999 181, 741
1,641
1,608

84, 039
82,927
82, 718
81,112
38, 072 37, 372
35, 533
35,129
192,985 189,341 187, 579 191,164
36,922
37, 441
35,781
39, 427
155, 544 153, 560 150, 657 151,737
1,786
1,561
1,652
1,820

80, 223
35,478
195,836
40,033
155,803
1,892

79, 047
78,440
79,380
36,110
35, 943
35, 567
196,407 200, 704 207,407
40,871
40, 212
39,162
157, 245 160,492 166, 536
1,677
r 1, 578 r 1, 655

2,930

1,242
3,890
3,341

1,346
3,870
3,520

1,354
3,999
3,343

1,557
4,050
3,207

1,668
4,014
3,026

1,650
4,205
3,061

1,720
4,650
2,254

1,598
4,240
3,083

1,727
4,328
3,406

1,950
4,502
3,497

.039

.043

.043

.043

.043

.043

.042

.041

.041

.039

.039

.039

.039

28, 082
16, 548

24, 680
16,262

26,870
16,346

PETROLEUM AND PRODUCTS!
Crude petroleum :
Consumption (runs to stills)...thous. of bbL.
Imports§
do
Price (Kansas-Okla.) at wells...dol. per bbLProduction
..thous. of bbL.
Refinery operations
pet. of capacity _ _
Stocks, end of month:
California:
Heavy crude and fuel
thous. of b b L .
Light crude
do
East of California, total
do
Refineries
__do
Tank farms and pipelines
do
Wells completed
number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantsf,
thous. of bbl..
Railways (class I)
..do
Vessels (bunker)
do
Price, fuel oil (Pennsylvania)*
dol. per gal..
Production:
Residual fuel oil
thous. of b b L . .
Gas oil and distillate fuels, total
do.

3,388
.930

24, 750
13, 301

27,022
12,353

24,836
13,530

25, 644
12, 688

25, 299
13,246

26, 302
12, 975

27, 594
15,017

26, 088
13, 757

26, 944
14,433

r 1,446
4,100
3,082

1,251
3,350

'Revised.

1

Temporarily discontinued by reporting source.
•New series. Data beginning Jan. 1918, not shown above will appear in a subsequent issue.
fRevised series. Petroleum and products revised for 1937; see table 9, p. 15, of the March 1939 Survey. Revisions for 1938, which are minor, will appear in the 1940 Supplement. Beehive and by-product coke production revised for 1937; see p. 45 of the December 1938 Survey. Gas and fuel oil consumption in electric power plants, revised for
1938; see p. 45 of the June 1939 Survey.
SRevised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15, of the April 1939 Survey.




46

SURVEY OF CURRENT BUSINESS

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

1940
April

June 1940
1940

1939
April

May

June

July

August

September

DecemOctober November
ber

January

Febru- March
ary

FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTS!—Con.
Refined petroleum products—Continued.
Gas and fuel oils—Continued.
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl__
Gas oil and distillate fuels, total
do
Motor fuel:1
Demand, domestic
thous. of bbL.
Production, total
do
Benzol
do
Straight run gasoline
do
Cracked gasoline
do
Natural gasoline
do
Natural gasoline blended
do
Exports!
--do
Gasoline:^
Price, wholesale, tank wagon (N. Y.)
dol. per gal..
Price, wholesale, refining (Okla.)
do
Price, retail, service stations, 50 cities.do
Retail distribution!mil. of gal..
Stocks, end of month:
Finished gasoline, total
thous. of bbL.
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
do
Exports§
do
Price, wholesale, water white 47°, refinery
(Pennsylvania)
dol. per gal..
Production
thous. of bbL.
Stocks, refinery, end of month
.do
Lubricants:
Consumption, domestic.
do
Price, wholesale, cylinder, refinery Pennsylvania.
dol. per gal_.
Production
thous. of bbl_.
Stocks, refinery, end of month
do
Asphalt:
Imports!
short tons..
Production
do
Stocks, refinery, end of month
do
Wax:

1,729
.123
.046

375
.050

.161

417

Production
..thous. of lb_
Stocks, refinery, end of month..
do

19,534
21,058

21,397
22,088

22, 480
25, 659

25,025
27,581

26, 111
29,282

26,249
30,018

26,109
30,951

24,018
30,179

20,881
26,374

18, 764
21, 057

19,130
19, 615

19,160
18, 541

43,977
48,837
162
20,922
23, 521
4,232
2,983
' 3, 395

49,547
51, 384
130
22, 767
24,207
4,280
2,646
' 4,254

49,812
50,861
174
21, 782
24,810
4,095
2,682
«" 4,240

50, 508
51,896
191
22, 502
25,028
4,175
2.909
'3,454

53,828
52,161
210
22,371
26,180
3,400
3,092
'3,871

49, 347
51,890
225
21,833
25,700
4,132
3,237
r
4,055

49,687
54,974
259
23,611
26, 623
4,481
4,358
' 3,272

47,275
52, 691
267
22,415
25,621
4,388
4,286
r
2,439

43,694
52, 351
275
22,017
25, 589
4,470
4,018
' 2,985

40, 370
50, 243
272
21, 709
23,991
4,271
3,285
r 1,928

37, 557
47, 596
231
20, 409
22, 777
4,179
3,067
'1,788

44, 607
51,230
237
21, 774
24, 730
4,489
2,986
1,818

.114
.047
.132
1,796

.118
.049
.133
' 2,041

.111
.050
.135
2,054

.107
.050
.134
' 2,114

.107
.051
.135
' 2,186

.114
.053
.134
*• 2,037

.124
.053
.136
1, 981

.125
.052
.134
' 1,896

.127
.050
.134
' 1, 850

.127
.047

.127
.044

.124
.044

1,646

1,543

81,623
55,172
5,484

78,342
52,076
6,212

74,395
47,972
6,749

71, 824
44,196
7,123

66,448
41,046
6,624

65,498
41, 423
5,891

68,116
43, 516
5,140

71, 619
46,898
4,579

77,301
51,920
4,421

84, 863
60, 420
4,476

92, 721
68. 227
4,757

96,467
70, 274
5,393

5,042
691

4,368
631

3,570
460

3,710
753

4,436
802

4,638
560

5,019
1,089

6,023
563

6,613
631

7,642
356

6,263
279

6,273

.053
5,813
5,663

.053
5,909
6,551

.053
5,439
7,949

.051
5,390
8,855

.050
5,783
9,361

.050
5,806
9,952

.050
6,141
9,967

.050
5,642
9,019

.048
5,822
7,576

.048
5,375
4,918

.050
5, 945
4,302

.050
6, 570
4,114

1,770

2,132

1,902

1,982

1,963

2,207

2,656

1,927

1,825

2,054

1, 522

1,883

.105
2,672
7,886

.105
2,856
7,630

.105
2,800
7,427

.105
2,755
7,179

.105
3,056
7,069

.134
2,854
6,704

.166
3,575
6,639

.168
3,277

.184
3,478
7,142

3,308
7,328

.193
3,108
7,825

.170
3.335
8, 084

1,521
374,900
688,000

2,505
477,800
672,000

3,024
485,800
642,000

1,726
509,400
596,000

1,670
577, 300
529, 500

4,150
550,400
475,000

1,742
541,800
472,000

3,455
391,400
497,000

8,622
303,700
550, 000

4,619
207, 200
593,000

35,000
119,301

34, 440
113,925

111, 604

28,840
109,322

31,080
108,173

40,320
89,584

45,080
81,147

48, 440
81, 369

48, 440
75,648

48, 440
74, 575

49, 560
82, 631

47,320
90,373

r

r

1, 876
896
219, 600 324, 200
647, 000 699, 000

LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins§
thous. of 1b.
Calf and kip skins§.
do...
Cattle hides§...
do...
Goatskins§
do_._
Sheep and lamb skins§
do__.
Livestock (federally inspected slaughter):
Calves
thous. of animals.
Cattle
do...
Hogs
do...
Sheep and lambs
do...
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers-dol. per lb.
Calfskins, packers', 8 to 15 lb
do...
LEATHER
Exports:
Sole leather
_
thous. of lb.
Upper leather§
.thous. of sq. ftProduction:
Calf and kip
thous. of skins_.
Cattle hides
thous. of hides
Goat and kidf
thous. of skins ^
Sheep and lamb
do__Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb.
Chrome, calf, B grade, composite!
dol, per sq. ft.
Stocks of cattle hides and leather, end of month:
Total!
thous. of equiv. hides.
In process and
finished
do...
Raw!
do__.

22, 767
623
9,068
5,906
4,933

25, 454
2,505
11,374
5,260
4,858

27,026
1,939
10,388
6,332
5,189

22, 563
2,302
8,034
5,214
4,385

22, 682
2,685
7,128
5,236
4,619

25,093
1,867
9,308
5,362
5,370

24, 578
1,585
10, 611
4,013
4,807

21, 348
1,503
8,873
5,025
4,517

31, 360
1,980
13,062
4,576

33,197
1,461
16,828
5,821
5,114

30,383
1, b48
14,178
6,094
5,153

32, 421
1,055
16, 221
9,017
4,071

23, 855
1,005
9,669
6,836
3,997

774
3,610
1,355

457
677
2, 931
1,224

509
814
3,416
1,392

448
778
3,185
1,401

417
782
2,778
1,399

414
823
2,792
1,457

427
880
2,885
1,635

482
893
3,545
1,585

450
837
4,437
1,469

381
773
5,236
1,389

416
827
5,356
1,598

378
715
4,277
1,313

440
721
3,981
1,266

.127
.212

.097
.145

.105
.156

.110
.164

.115
.161

.116
.160

.146
.211

.165
.240

.146
.214

.144
.222

.140
.223

.129
.214

.126
.216

354
3,842

46
3,585

3,816

47
3,640

53
3,428

65
2,905

54
4,839

226
5,757

446
4,623

274
4,109

259
3,685

773
3,214

643
4, 456

1,168
1,674
3,421
2,774

1,187
1,739
3,445
3,015

1,227
1,717
3,668
3,066

1,064
1,619
3,311
3,096

1,155
1,949
3. 3G2
4,201

1, 078
1,814
3.075
3,768

1,162
1,928
3,707
3,939

1, 057
1,957
3,381
3,429

955
1,858
3,167
2,950

1,094
1,972
2,977

954
r 1, 892
'3,244
3,003

866
1,699
3,224
3,012

.345

.290

.294

.305

.305

.348

.374

.368

.355

.358

.348

.345

.466

.390

.391

.392

.392

.392

.419

.463

.453

.452

456

.455

.457

12, 995
9,226
3,769

13, 077
9,270
3,807

13,151
9,347
3,804

13, 050
9,233
3,817

12, 758
9,052
3,706

12, 653
8,867
3, 786

12, 556
8,846
3,710

12, 727
9,042
3,685

12, 997
9,276
3,721

148,420
81,850
66, 570

149, 591
88,480
61,111

184,099
111,927
72,172

161, 643
104,988
56,655

206,134
130, 500
75, 634

201, 356
130,109
71, 247

209,026
133, 362
75, 664

202,008
125, 360
76, 64S

144, 489
81,484
63,005

' 13, 029 • 12, 887
r
9,357
r 9, 203
' 3, 672 r 3, 684

12, 558
8,888
3,670

LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
Dress and semi-dress.

Work...

r

dozen pairs.
do...

.do...

125,954
70, 321
55, 633

154, 325
88,956
65, 369

155, 402
88, 336
67, 039

Revised.
!For petroleum and petroleum products, see note marked with a " ! " on p. 45. Retail distribution of gasoline revised for 1937-38; revisions for 1937 and 1938 not shown
on p. 46 of the June 1939 Survey will appear in a subsequent Survey. Revisions for 1939 not shown above are: January 1,549, February 1,428. Exports of gasoline revised beginning 1932, revisions not shown above will appear in a subsequent issue. Wholesale price of chrome, calf, B grade leather revised beginning January 1938; data not shown on
p. 46 of the January 1940 Survey will appear in a subsequent issue. Data for leather production and stocks of cattle hides and leather revised for 1939; see p. 46 of the May 1940
Survey.
IThe gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With this series included, it is possible to derive
figures of total production of motor fuels, as shown here. Data for benzol production beginning 1925 appear in table 52, p. 18, of the November 1939 issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




June 1940

47

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 19S7, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the April
1938 Supplement to the Survey

1940

1939
April

May

June

July

DecemSepOctober NovemAugust tember
ber
ber

January

Febru- March
ary

LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTUEES-Continued
Shoes:
Exports
thous. of pairs._
Prices, wholesale, factory:
Men's black ealf blucher
dol. per pair..
Men's black calf oxford t
do
Women's colored, elk blucher
do
Production, boots, shoes, and slippers: t
Total
thous. of pairs-.
Athletic...
.
do
All fabric (satin, canvas, etc.)
do
Part fabric and part leather
do
High and low cut, total
do
Boys' and youths'
do
Infants'
__
do
Misses' and children's
do
Men's.._
_
do
Women's
do
Slippers and moccasins for housewear
thous. of pairs..
All other footwear—
do

177

223

304

176

184

234

205

169

426

161

196

316

220
6.00
5.05
3.30

6.00
5.05
3.30

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.85
3.10

6.00
5.05
3.13

6.00
5.05
3.15

6.00
5.05
3.21

6.00
5.05
3.30

31,019
349
907
692
25, 553
1,046
1,703
2,825
7,587
12, 392

33,058
283
591
646
28,238
1,356
2,028
3,172
7,663
14, 019

32,708
314
530
358
21, 553
1,404
1,900
3,485
7,753
13, 011

32,313
303
456
293
26, 751
1,355
2,038
3,623
7,929
11,807

34, 212
276
255
385
29, 288
1,404
1,890
3,421
7,677
14,896

43, 946
365
239
576
37,119
1,848
2,167
4,221
10,106
18, 776

36,807
361
279
529
29, 993
1,505
1,981
3,681
8,592
14,233

37,273
442
336
678
29, 250
1,477
2,170
3,783
9,568
12, 252

32,129
385
243
566
24,696
1,172
1,923
3,228
9,036
9,336

28,690
323
277
873
23, 694
1,106
1,628
3,357
7,939
9,663

33,885
274
414
1,291
30, 298
1,169
1,838
3,903
8,985
14,403

35, 651
285
529
1,299
31,324
1,178
1,894
3,816
9,094
15, 343

2,854
663

2,523
111

3,064
889

3.776
733

3,679
329

5,316
330

5,396
251

6,283
283

5,898
341

3,285
239

1,253
355

1,870
345

2,288
'542

• 34, 551
311
••824
r 1, 048
• 29, 538
' 1, 067
1,821
3,614
' 8, 337
' 14, 700

LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports, total sawmill products*
M bd. ft._
Sawed timber*
_
do
Boards, planks, scantlings, etc.f
do
Imports, total sawmill products*
do
National Lumber Mfrs. Assn.:f
Production, total..
mil. bd. ft_.
Hardwoods
_
...do
Softwoods
do
Shipments, total
...do
Hardwoods
«.
do
Softwoods
do
Stocks, gross, end of month, total
do
Hardwoods
do
Softwoods
do
FLOORING
Maple, beech, and birch:
Orders, new
M bd. ft..
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Oak:
Orders, new_._
_
._
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
..do
SOFTWOODS
Douglas Fir:
Exports, total sawmill products*.__M bd. ft..
Sawed timber
do
Boards, planks, scantlings, etc
do
Prices, wholesale:
No. 1, common boards.-dol. per M bd. ft._
Flooring, 1x4, " B " and better, V. G.
dol. per Mbd.ft..
Southern Pine:
Exports, total sawmill products*._.M bd. ft_.
Sawed timber
do
Boards, planks, scantlings, etc
do
Orders, newt
mil. bd. ft..
Orders, unfilled, end of month
do
Price, wholesale,flooring._dol. per M bd. ft._
Productionf
mil. bd. ft..
Shipments!
do
Stocks, end of month
do
Western Pine:
Orders, newt
do
Orders, unfilled, end of montht
.do
Price, wholesale, Ponderosa Pine, 1x8, no. 2,
common (f. o. b. mills)..dol. per M bd. ft._
Productiontmil. bd. ft..
Shipments
_
do
Stocks, end of month
do
West Coast Woods:
Orders, new
do
Orders, unfilled, end of month
do.:..
Production t.
do
Shipmentst
do
Stocks, end of month
do

72,403
19,934
52,469
45,357

82,956
16,586
61, 726
58, 292

98,932
18,819
73,430
48,941

112,130
17,984
89, 254
54,692

115, 264
19,698
92,051
53,021

124,021
20, 256
99,156
54,222

100,834
14, 491
82,164
59,406

84,326
5,928
73,918
102, 606

73,669
6,563
60,088
73,935

84,832
17,063
62,104
53, 253

77,513
18, 278
49,416
53, 650

59, 734
13, 217
41,197
45, 373

58,409
14,909
43, 500
44, 088

2,199
341
1,858
2,211
338
1,874
7,553
1,825
5,728

1,968
296
1,672
2,012
326
1,687
8,067
2,057
6,010

2,235
302
1,933
2,205
325
1,880
8,098
2,033
6,065

2,252
301
1,951
2,262
348
1,914
8,095
1,985
6,110

2,143
303
1,841
2,157
354
1,803
8,082
1,940
6,142

2,401
352
2,049
2,534
392
2,143
7,956
1,904
6,052

2,303
359
1,944
2,552
431
2,121
7,705
1,842
5,863

2,363
377
1,986
2,616
470
2,146
7,440
1,759
5,681

2,250
382
1,869
2,208
414
1,793
7,474
1,729
5,745

2,002
359
1,642
1,848
306
1,542
7,665
1,807
5,858

1,817
338
1,480
1,846
329
1,516
7,610
1,817
5,793

1,845
354
1,491
1,864
348
1,516
7,621
1,823
5,798

2,050
339
1,711
339
1,759
7,565
1,824
5,741

6,350
9,900
6,850
6,950
19, 700

8,100
14,000
5,600
7,200
21,000

7,550
14,200
5,650
7,600
18,850

6,850
12,400
7,400
8,200
18,400

8,100
11,900
6,200
8,300
16,600

8,250
10,950
8,150
9,150
15,900

11,900
14,400
8,600
8,700
16, 000

8,650
14,150
9,000
8,800
16, 600

6,200
13,000
8,150
7,050
18, 050

4,800
11,575
7,000
6,000
19,125

5,800
11,125
7,150
6,050
20,125

6,200
11, 250
6,600
6,100
20, 700

6, 350
10, 625
6,350
7,025
20,035

34, 438
61, 242
41,190
41, 264
79, 397

26,128
47,199
28,565
30,604
87,191

32,937
41,137
35,447
37,999
83,635

36,058
39,793
34,268
37,401
79,503

36,713
39,523
34,126
36,985
76,165

47,117
46,191
41,180
44,666
72,679

58,230
64, 773
39,835
44,816
65,647

38,729
59,699
44,750
43, 739
66,397

21,890
47,191
42,497
35,626
71, 603

25,692
42,285
36,046
30, 599
77,066

44,622
56, 980
35, 252
29, 850
81, 295

42,338
66, 205
33,435
33, 312
81,012

39, 658
68,068
35, 266
37, 696
78, 471

33, 243
13, 603
19,640

29,486
11,485
18, 001

36,570
12,193
24,377

45, 028
10,992
34,036

48,105
11,507
36,598

55, 755
14,546
41,209

34, 280
8,972
25, 288

23,416
1,982
21,434

23,298
4,114
19,184

38,971
12, 619
26, 352

34, 959
14, 556
20, 403

25, 704
8,424
17, 280

31,103
11, 849
19, 254

19. 698

18.620

18.620

18.620

18.620

19.110

19.845

20.874

21.070

21.070

20.482

20.090

20.090

38. 220

35. 280

35. 280

36. 505

37.240

37.828

39.445

41.552

42.140

42.140

40.964

39. 690

39. 200

18, 348
5,838
12, 510
662
348
41. 662
636
645
2,028

20,857
4,954
15,903
618
360
39.968
608
601
2,099

24, 740
6,168
18, 572
675
346
40. 298
681
689
2,091

23, 476
6,668
16, 808
673
347
38.998
637
672
2,056

30, 028
7,916
22,112
624
341
39.383
626
630
2,052

18,821
5,529
13, 292
760
378
40. 568
689
723
2,018

28, 664
5,287
23,377
894
536
40.560
625
736
1,907

24,221
3,659
20, 562
661
431
42.998
670
766
1,811

23,332
2,258
21,074
545
343
42. 393
647
633
1,825

19,063
4,017
15,046
480
306
41.875
611
517
1,919

15,144
3,489
11, 655
513
334
41. 500
515
485
1,949

14,747
4,518
10, 229
503
357
41.798
545
480
2,014

10,141
572
331
41.873
621
598
2,037

400
287

366
225

402
222

443
238

454
272

509
298

600
415

470
377

302
254

329
262

325
279

29.09
389
397
1,664

24.81
349
340
1,706

24.90
498
409
1,795

25.08
520
432
1,883

25.42
484
423
1,939

25.65
551
489
1,965

26.81
501
489
1,977

28.61
492
514
1,954

29.64
430
431
1,953

28.99
291
321
1,923

28.77
215
309
1,829

300
282
28.86
212
297
1,744

29.30
279
351
1,672

556
517
612
606
981

513
376
519
549
970

660
402
528
549
955

572
437
566
580
950

547
487
519
537
946

772
483
580
673
869

674
570
577
632
838

514
521
600
609
839

513
444
579
519
908

463
452
516
487
930

656
507
535
521
953

522
513
529
538
961

546
520
600
592
976

12, 838
2,697

354
285

^Revised.

•New series. Forthe new series on exports of sawed timber and imports of sawmill products data beginning 1913 appear in tables 44 and 45, p. 18, of the October 1939
Survey. The new series on exports of total sawmill products, 1913-39, are shown in table 17, p. 18, of the March 1940 Survey. For Douglasfirand southern pine, the new
series on total exports represent a total of the items regularly shown. Note that the more definitive title "boards, planks, scantlings, etc." has been substituted for "lumber."
t Revised series. Wholesale prices of men's black calf oxfords revised beginning January 3938 because of style change with price of slightly different type substituted at
that time. Revised data for 1938 are shown on p. 47 of the September 1939 Survey. For revisions in lumber, all types, southern pine, western pine, and west coast woods
see the note marked with a "t" on p. 47 of the March 1940 Survey. Revised data for total exports of boards, planks, scantlinps, etc., 1913-39, are shown in table 17, p. 18, of
the March 1940 Survey. Production of boots, shoes, and slippers revised for 1939; data not shown on p. 47 of the May 1940 issue will appear in the 1940 Supplement.




48

SUEVEY OF CURRENT BUSINESS

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

June 1940

1939
April

May

June

July

DecemOctober NovemAugust September
ber
ber

1940
January

February

March

LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood, California:
Orders, new
..M bd. ft. 31, 450 26,387 26, 846 24, 498 23,168 32, 085 39, 727 30,782 22,005 17,749 25,331 21, 544
Orders, unfilled, end of month
do... 31, 371 29,676 28,181 24, 563 28, 377 28, 404 41,027 39,092 31, 445 28, 678 26, 517 26,416
Production.
do... 31, 207 27,930 31,614 28,262 25,421 32,989 30, 295 33,358 31,204 27,883 27,239 29,105
Shipments
.
do._. 31, 562 28,096 27, 806 27,469 23,497 32, 405 26, 772 32,603 28,019 20,802 23, 793 21,957
Stocks, end of month
do... 298,317 298,052 299,887 295, 551 296,426 298, 707 299, 358 296,462 298,397 297,976 296,026 301,176
FURNITURE
All districts:
66.0
53.0
53.0
50.0
51.0
59.0
63.0
67.0
65.0
63.0
62.0
60.0
Plant operations
percent of normal.
Grand Rapids district:
Orders:
7.0
2.0
4.0
3.0
3.0
5.0
7.0
8.0
10.0
6.0
8.0
5.0
Canceled
percent of new orders.
15
10
25
16
20
23
26
23
13
16
11
New
no. of days' production23
28
30
35
23
13
30
35
26
30
13
31
33
Unfilled, end of month
do.._
Plant operations
percent of normal61.0
42.0
47.0
47.0
50.0
56.0
56.0
63.0
65.0
67.0
63.0
65.0
14
12
13
13
18
19
21
20
16
16
Shipments
no. of days' production11
16
Prices, wholesale:
77.6
77.6
77.6
78.1
77.9
77.9
77.9
77.9
77.6
78.1
77.9
77.9
Beds, wooden.
1926=100.
Dining-room chairs, set of 6
do...
102.3
102.3
102.3
102.3
102.3
102.3
102.3
102.3
102.3
102.3
102.3
102.3
Kitchen cabinets.
.do...
88.1
88.1
88.1
88.1
88.1
88.1
88.1
88.1
88.1
88.1
88.1
88.1
Living-room davenports
do
87.2
87.2
87.2
87.2
87.2
87.2
87.2
87.2
87.2
87.2
87.2
87.2
Steel furniture (see Iron and Steel Section).

29, 704
32,472
28,727
27, 237
299, 227

63.0
6.0
15
25
58.0
16
102.3
88.1
87.2

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic) total §
long tons.. 612,906 394, 008 532,641 588,856 513, 664 477,078 575, 613 591, 856 605, 555 600, 437 583, 521 671, 301 663, 980
Scrap
do.... 221,152 240,124 384,881 398,888 350,066 291,896 330, 680 336, 775 272,656 206,402 187,457 234, 716 206, 928
30,851
6,740
6,674
32, 587
29, 874
14,709
8,274
28,142
28, 328
19,189
15, 216
44,083
5,096
Imports, total §
do
3,335
482
2,537
273
3,729
3,216
2,305
1,267
442
2,769
837
Scrap
do
3,971
29
Price, wholesale, iron and steel, composite
36.97
36.34
35.82
37.62
37.18
35.80
35.69
35.95
36.67
37.50
36.83
37.09
dol. per long ton.. 36.69
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
4,242
2,830
3,143
2,800
2,246
3,775
5,478
5,538
4,185
5,271
4,088
5,289
thous. of long tons.. 3,935
0
5,573
6,310
57
3,601
6,955
5,440
0
465
7,865
9,201
0
0
Shipments from upper lake ports
do
25, 967
25, 861
28, 507
23, 071
32,714
40,732
35, 440
18,106
39, 005
21, 862
30,189
22,791
35,853
Stocks, end of month, total
do
22,087
21, 610
24,196
18, 835
28,365
35, 516
30,805
15,155
33,944
18,412
25,901
18, 306
31,203
At furnaces
do
4,251
4,311
3, 880
4,236
4,349
5,216
2,951
3, 450
4,635
4,485
4,650
5,121
4,288
Lake Erie docks
do
189
222
237
217
213
304
163
257
162
203
167
209
179
Imports, total§....
do
Manganese ore, imports (manganese content) §
43
42
54
15
24
36
18
43
57
27
17
11
thous. of long tons..
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new.__
short tons.. 35, 290 29,183 27, 702 29,041 29, 892 40,005 64, 732 63, 835 51, 778 45,978 40,438 34,901 35, 730
42,163
39,881
53, 663
28,836
53,372
40, 529
30,840
30, 781
40,212
54,263
59,143
41,427
31,640
Production
do
51.7
65.2
35.3
48.7
64.2
48.9
37.8
37.0
47.9
66.3
69.6
50.5
38.8
Percent of capacity
Shipments
short tons.. 41, 975 33,666 32, 657 32, 566 26,169 33, 289 39, 215 49,807 54,038 53, 753 52,088 43,935 42, 975
Pig iron:
Furnaces in blast, end of month:
106,040 I 104,675
Capacity!
...short tons per day.. 106, 395 67, 379 67, 777 81,194 89,337 98, 241 118,188 135,033 138,975 136, 702 123, S
157
152
191
102
118
188
107
130
138
169
191
Number
157
Prices, wholesale:
22.50
22.50
22.50
20.50
22.50
22.50
20.50
20.50
20.50
20.50
22.50
21.50
Basic (valley furnace)
dol. per long ton.. 22.50
23.15
23.15
23.15
21.15
23.15
23.15
23.15
23.15
21.15
21.15
21.15
21.15
22.35
Composite
do
Foundry, No. 2, northern (Pitts.)
24.89
24.89
22.89
24.89
24.89
24.89
24.89
22.89
22.89
22.89
22.89
23.89
dol. per long ton.. 24.89
3,311
4,221
3,270
4,032
2,373
4,063
2,303
1,924
2,639
3,224
Productionf
thous. of short tons.. 3,137
4,167
2,979
Cast-iron boilers and radiators:
Boilers, round:
1,648
1,602
1,456
1,418
1,950
2,233
1,916
1,387
1,946
2,688
1, 930
2,181
Production
thous. of 1b... 2,292
1,207
1,079
1,740
2,117
1,177
1,427
1,749
2,537
5,445
1,203
1,051
4,634
2,882
Shipments
do
12,454
11,935
12,002
11,487
13, 565
19, 056
18, 463
13, 264
19, 421
16,010
18, 301
19,084
11, 905
Stocks, end of month
do
Boilers, square:
20,616
18, 790
16,525
14,816
16,429
21, 442
17, 273
17, 900
16,194
15, 284
20,925
15, 339
20, 696
Production
do
11,214
9,253
15,443
16,227
10, 933
11, 744
14, 577
25, 360
23, 751
16,807
39, 869
9,448
35, 593
Shipments
...do
88,
593
98,121
79,128
77,878
105,
043
126,130
80, 391
124, 581 120,651 105, 757
86,890
119, 839 124, 462
Stocks, end of month.
do
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
390
566
729
792
"•505
701
1,106
476
811
431
556
915
and grilles—thous. sq. ft. heating surface..
Ordinary type:
5,530
5,701
4,735
4,474
5, 647
4,276
4,655
6,754
5,671
4,350
4,187
5,299
5,299
Production
do
3,135
3,195
5,166
4,173
7,824
4,730
3,103
4,207
5,280
7,234
10,387
9,209
3,"'
Shipments
do
24, 222
26,829
21,424
21,767
21,653
34,975
34,875
33,902
32,007
34,963
28,133
24,543
Stocks, end of month
do
Boilers, range, galvanized:
Orders:
55, 026
55, 339
New
number of boilers.. 51, 062 69,772 68,191 59, 277 53,914 66,082 133,384 98,692 80,265 72,380 69,407 24,
532
19,161
44,213
18, 507
48,999
16,245
51,226
19,442
20,638
19,671
16, 694
61,494
Unfilled, end of month, total..
do
66, 039
59, 319
81,252
79,565
51, 012
62, 996
110,988
84,181
67, 610
53,454
47,894
69, 656
Production
do
66,
580
60,710
77,166
77, 534
51, 716
63, 670
66,995
82,492
60,475
50, 488
69, 059
88,584 108,960
Shipments
do
36, 253
34, 862
34,763
36, 794
34,158
31,472
32,057
30,677
31,442
28, 878
29, 475
Stocks, end of month
do
Steel, Crude and Semimanufactured
Castings, steel:
36, 612
40, 913
43,121
64,143
Orders, new, total
short tons.. 41, 353 34,388 41,660 37,774 34, 804 39,698 96,687 119,687
31.3
35.0
54.8
36.8
85.4
35.3
32.3
29.7
102.3
29.4
33.9
35.6
82.6
Percent of capacity
7,182
10,472
28, 262
8,302
52,146
11, 872
7,721
9,655
6,912
12, 621
58,530
42,213
Railway specialties
short tons..
67,454
58, 404
79, 732
80,146
85, 755
34,168
52, 078
40, 272
72,096
36, 232
41,359
42, 428
43,590
Production, total
do.
57.6
49.9
68.1
68.5
29.2
73.3
44.5
34.4
61.6
35.3
36.3
37.2
31.0
Percent of capacity
22, 847
28, 506
33,146
34,019
8,498
36,615
26,391
11,060
12,506
10, 229
12,449
9,751
Railway specialties
short tons.. 17,017
' Revised.
^Revised series. Data revised for 1937; see tables 19 and 20, pp. 14-15, of the April 1939 issue.
fRevised series. Data on pig iron have been converted from a long to short tonnage basis; earlier data will appear in a subsequent issue.



49

SUEVEY OF CUEEENT BUSINESS

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

1940

1940

1939

April

Sep- October Novem- DecemAugust tember
ber
ber

April

May

June

July

January

Febru- March
ary

METALS AND MANUFACTURES—Continued
IEON AND STEEL—Continued
Steel, Crude and Semimanufactured—
Ingots, steel:
Continued
Productionfthous. of short tons..
Percent of capacity...
Bars, steel, cold-finished, carbon, shipments
short tons..
Prices, wholesale:
Composite,finishedsteel
dol. per lb__
Steel billets, rerolling (Pittsburgh)
dol. per long ton__
Structural steel (Pittsburgh).
dol. per lb_.
Steel scrap (Chicago)
dol. per gross ton__
U. S. Steel Corporation:
Shipments, of rolled andfinishedsteel products!
thous. of short tons..

3,975
60

'3,353

' 3, 295 ' 3, 524 ' 3, 565 ' 4,242
61
'48
53
'56

' 4,769
'72

' 6,080
91

' 6,148
92

' 5,822
'91

' 5, 655
'82

' 4,409
'69

' 4,265
64

34,287

35,615

32,809

55,495

67, 599

67,977

61,591

57, 232

46, 277

45,405

.0264

.0262

.0261

. 0261

.0261

.0263

.0263

.0265

.0265

.0265

.0265

34.00
.0210
13.56

34.00
.0210
13.56

34.00
.0210
13.88

34.00
.0210
16.22

34.00
.0210
19.05

34.00
.0210
17.66

34.00
.0210
16.56

34.00
.0210
16.38

34. 00
,0210
15.75

34.00
f.0210
115. 69

1,087

1,346

1,406

1,444

1,146

1,009

[932

52

44,621

42,895

36,287
.0262
34.00
.0210
15.33

.0268
34.00
.0210
13.38

34.00
.0210
12.80

908

772

796

745

Steel, Manufactured Products

Barrels and drums, steel, heavy type:
Orders, unfilled, end of month
number.. 235,485 277,719 257,961 208,000
Production
do
951, 480 837,079 846,322 861,102
51.9
Percent of capacity
_.
53.5
51.1
52.8
Shipments
_
number.- 949, 054 837,320 845,517 850, 513
Stocks, end of month.
do
36,807
28,431
29,050 39, 639
Boilers, steel, new orders:
765
1,032
Area
.thous. of sq. ft..
878
877
Quantity
number..
834
1,098
Furniture, steel:
Office furniture:
Orders:
1,932
New
thous. of dol._ 2,219
1,590
1,769
1,169
Unfilled, end of month.
do
1,179
989
932
2,008
Shipments
do
1,745
1,712
1,684
Shelving:
Orders:
494
New
_
do
425
501
385
Unfilled, end of month
do
363
293
323
255
Shipments
do
499
460
433
379
Plate, fabricated steel, new orders:
Total
short tons.. 36, 213 35,844 34,036 33,959
Oil storage tanks
do
13,481
5,429
10,976
6,643
Plumbing and heating equipment, wholesale
price (8 items)
.dollars.. 236.86 234.82 234.77 234. 77
Porcelain enameled products, shipments!
thous. of dol.. 2,947
2,438
2,420
2,154
Spring washers, shipments •
do
170
183
184
171
Steel products, production for sale (quarterly):
Merchant bars
thous. of long tons..
'537
Pipo and tube
do
620
Plalss
do
' 500
Rails
do
Sheets, total
do
' 1, 458
Percent of capacity
_
52.7
Strip:
Cold rolled
do
110
Hot rolled-..
__
do
183
Structural shapes, heavy
do
474
Tin plate
do
556
Wire and wire products
do
'602
Track work, shipments...
short tons._ 7,654
6,832
6,819
6,658

235,772
750,276
46.0
756,890
33,025

247, 729 771,714 1,147,918 966,519 767, 591 450,032 335,183 243,081
851,087 1,203,820 1,612,384 1,636,273 1,468963 1,137,543 802,960 851,912
45.1
47.9
92.3
92.4
73.8
52.2
82.9
64.0
849,697 1,207,335 1,576,690 1,653,078 1,457,472 1,158,345 808,635 853,564
36,
033
34, 381
30,892 66, 586 49, 781 61,251
34,407
41, 708

772
1,033

890
1,175

1,752
1,380

1,089
997

802
659

554
477

534
489

558
411

761
•• 526

1,774
1,361
1,596

1,855
1,285
1,932

2,097
1,334
2,048

2,181
1,365
2,150

2,120
1,299
2,187

2,095
1,247
2,160

2,367
1,350
2,264

2,200
1,286
2,264

[ 2,097
h 958
2,424

407
291

411
263
440

421
266
418

526
335
456

540
494
534

504
443
556

481
444
479

475
368
552

31, 364
8,188
234.71

21,828
8,229

39,751
11,498

37,766
10,991

26,020
9,107

23,627
6,6§5

33,804
9,781

25,824
5,251

35,435
12,282

234. 87

235.19

235.33

236.33

236.40

236. 26

234.38

236.57

2,632
221

2,731
241

2,746
173

2,776

2,462
149

3,047
184

2,778
233

3,153
262

2,752
234

188
'1,817
65.6

'1,060
1,057
'933
282
' 2,629
95.5

856
755
777
470
2,075
71.8

152
'246
561
587
'687
4,916

221
'403
776
722
'904
6,768

276
158
479
624
708
8,446

r687
814
'561

5,330

5,402

5,658

6,640

6,762

6,898

NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
Imports, bauxite§_-_
long tons.. 33,449 38,288 51,027 43,629 44,805 40,644 33,133 45,660 54,801 68,826 50,456 54,651 53,024
Price, wholesale, scrap, castings (N. Y.)
,0913
.0925
.0713
.0950
dol. perlb-- .0863
.0702
.0948
.0713
.0703
.0950
Bearing metal (white-base antifriction):
Consumption and shipments, total
1,955
1,749
2,635
2,456
2,322
1,999
3,133
1,749
1,613
thous. of lb_- 1,664
1,602
1,380
2,034
429
475
789
794
672
741
517
629
Consumed in own plants
do
611
425
338
634
1,442
1,321
1,188
1,846
1,661
2,392
1,650
1,096
Shipments
do
1*370
1,042
1,177
1,137
1,400
Copper:
Exports, refined and manufactures §
short tons.. 25, 494 28,162 36, 303 39,350 35,168 45, 840 35,696 26,806 41,049 62,505 63,775 40, 745 39, 273
22,554
30, 550 20, 651 19,040 23,248
15, 360 19, 937 29,545 31, 558 30,538
16,176
17,G15
21,123
Imports, total§-__
_
do
28,698 • 22,485
28,134
13,012
17,451
15, 582 16,664
18,646
27,672 29,869
For smelting, refining and exports!.-do
19,728
18,128 21,992
Product of Cuba and Philippine Islands
1,026
1,464
1,364
136
1,688
184
135
128
1,395
9
180
short tons.- 2,101
814
2
314
1
1,122
459
224
1,072
2,342
903
Allother§
do
885
478
742
Price, wholesale, electrolytic (N. Y.)
.1116
.1115
.1222
.1228
.1195
.1026
.1164
.1228
.0978
.1027
dol. per r e - .1109
production:
Mine or smelter (incl. custom intake)
l
76,145 ' 85,796
408,775
short tons.. 84, 714 62, 548 58,600 59,672 54,850
0)
0)
(0
86,295
80,964
'379,841 80, 501 82, 761
57,339
58,368
68, 536 61,719
Refinery
do
0)
0)
0)
71,893
71,639
72,809
104,
545
*536,899
Deliveries, refined, total..
do
46,667 63,894 63,862 75,808
0)
0)
0)
0)
64, 376
68, 665 42,484
63, 215
91,428
M57,315
Domestic.
do
51, 225 53, 573 59, 681
0)
0)
0)
0)
7,517
2,974
9.594
13,117
»79,584
Export
do
10, 289 16,127
4,183
12,669
0)
0)
0)
0)
3
169,120 332, 513 337,155 335,012 316, 543
159,485 135,441 145,393 159,795
Stocks, refined, end of month
do
0)
0)
0)
()
Lead:
Imports, total, except manufactures (lead con- 4,787
2,958
4,164
2,762
4,496
4,063
tent) §
...short tons.- 2,866 16, 593 10,961
3,019
3,864
4,391
5,179
Ore:
37,949
35,937
37,649
37,963 30,614 33,589
Receipts, lead content of domestic ore.do
35,612 35,936 37,057 38,835
32,300
31,268 35,063
3,110
3,892
3,710
4,484
4,234
6,355
Shipments, Joplin district?
do
4,104
3,491
3,415
4,380
3,734
4,692
3,705
8
l
2
End of December.
' Revised.
Monthly data not available.
Total for August-December.
{Data for May, August, November 1939, and January 1940 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 Survey.
tSteel ingot production and steel shipments of the U. S. Steel Corporation have been changed from a long to short tonnage basis; monthly data beginning 1929 for steel
shipments appear in table 21, p. 18, of the April 1940 Survey; data beginning 1913 for steel ingot production are shown in table 26, p. 17, of the May 1940 issue. Date for porcelain
enamel products beginning 1937 are for 55 identical manufacturers and replace the series for 19 manufacturers formerly shown; data not shown on p. 49 of the March 1940 Survey
willFRASER
appear in the 1940 Supplement. Beginning January 1939 the Census reports also contain a series for 99 establishments.
Digitized for
• Data are for 6 manufacturers beginning January 1940.


s

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 Survey.

1939

1940

April

June 1940

April

May

June

July

August

1940
September

DecemOctober November
ber

January

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Metals—Continued
Lead—Continued.
Refined:
Price, wholesale, pig, desilverized (N. Y.)
dol. perlb.. 0. 0571
0. 0478 0. 0475
0. 0480
0.0485
0. 0504
0. 0550
0. 0545
0. 0550
0. 0550
0. 0547 0. 0508 0. 0519
Production from domestic ore...short tons.. 31,192
36, 704 43,026
37,237
34,926
36, 556
42,547
35,086
38,903
44, 748
47,149 40, 564 44,783
Shipments (reported)
do
37, 903 40,124
38,710
42, 636
44,881
46,353
46,563
45,025
59,889
66,060
64,365
39, 875 39,176
Stocks, end of month
; _._
do
74, 692
97,473
73,963
58,061
68,539
72,658
63,463 123,394 129,270 129,636 124,017 117,985
58,777
Tin:
Consumption of primary tin in manufactures
long tons—
5,760
5,190
5,780
5,240
5,920
5,900
7,630
7,540
6,940
' 6,680 '5,610 r 5,540
6,570
7,855
Deliveries
do
5,980
4,925
5,275
5,905
6,295
6,040
7,870
11,366
9,780
9,244
5,050
6,600
7,886
Imports, bars, block, etc
do
3,814
6,020
6,179
5,118
4,735
5,247
7,629
12,518
8,851
10, 334
4,427
6,499
.4682
Price, wholesale, Straits (N. Y.)_dol. per lb—
.4720
.4885
.4852
.4902
.4876
.5525
.5224
.5064
.4672
.4709
.6350
.4594
Visible supply, world, end of mo.t.long tons.. 32,239
37, 224 33,715
30,039
29,615
26,338
38,206
38,035
38,280
31,168
35,573
33,148 32,339
2,964
United States (excluding afloat)
do
3,385
4,388
5,339
3,387
3,613
3,536
3,283
3,302
2,635
3,413
1,749
2,078
Zinc:
Ore, Joplin district:^
Shipments...
short t o n s - 31,424
31,212
26,248
28,163
31, 049 39, 733
36,734
35, 611 28, 026 29,393
35, 748
41, 663
30,285
Stocks, end of month
do
5,454
6,749
7,204
9,294
7,601
9,701
4,097
4,798
7,851
9,958
13, 548
3,551
9,503
Price, wholesale, prime, western^St. L.)
dol. per lb—
.0575
.0452
.0472
.0450
.0564
.0575
.0450
.0598
.0450
.0610
.0650
.0553
.0650
Production, slab, atjprimary smelters
short t o n s - 54,601
42,302
57,941
57, 620
39, 669
57,158 54,532
39,450
42,225
53,524
43,036
40,960
50,117
Retorts in operation, end'of mo
number— 49,805
35,491
48,159
47,287 47,188 48, 080
36, 291
34,443
46,867
38, 763 36, 331
37, 729
43,109
51, 095
Shipments, total
short t o n s - 46, 978 40, 641 39, 607
43,128
57,551
37, 284
49, 928
64,407
53,468
73,327
53,048
69, 424
81, 234 130,380 133, 075 135,241 131,782 122, 814
73, 611
Stocks, refinery, end of mo
do
65, 602 67,086
61, 522
65,995
72,405
95, 615
Miscellaneous Products
Brass and bronze (ingots and billets):
5,521
6,735
5,026
6,006
5,851
Deliveries
short tons..
7,539
4,657
4,543
5,035
8,993
8,497
5,799 ! 6,134
8,214
Orders, unfilled, end of month
do
14, 034
15, 542
22,499
11,436
14,037
12, 688
11,065
14, 625
17, 878
13,459
17,500 ; 14,018
Plumbing fixtures, brass, shipments
1,582
1,532
1,721
1,514
1,554
1,992
1,577
1,668 I 1,735 ' 1,799
thous. of pieces..
2,109
1,820
1,330
Radiators, convection type, sales:
Heating elements only, without cabinets or
138
grilles
thous. of sq. ft. heating surface..
94
75
101
68
105
80
45
30 :
43
125
67
62
Including heating elements, cabinets, and
814
591
450
392
891
grilles
thous. of sq. ft. heating surface..
657
787
986
870
297
520
717
546
.191
.168
.191
.193
Sheets, brass, wholesale price, mill..dol. per lb—
.165
.190
.183
.167
.183
.183
.165
.170
. 183
Wire cloth (brass, bronze, and alloy):
391
366
382
468
343
363 j 350
Orders, new
thous. of sq. ft._
413
1,270
1,178
481
329
347
750
823
1,593
1,343
1, 216
1, 073
Orders, unfilled, end of month
do
793
1,513
2,125
1,829
830
1,005
444
392
616
567
476
489
Shipments
do
439
547
564
637
422
413
445
612
624
616
Stocks, end of month
do
582
637
593
638
627
621
560
585
549
MACHINERY AND APPARATUS
Air-conditioning systems and equipment:!
Orders, new:
4,493
6,121
4,954
5,931
4,657
Total,
thous. of dol._
4,979
4,691
5,743
4,527
0)
0)
0)
0)
2,702
3,901
3,322
2,631
2,498
Air-conditioning group
do..
2,818
3,328
3,193
3,014
0)
0)
0)
0)2
1,509
980
2
1,387
2
1,336
Fan-group
do..
1,327
1,422
1,310
1,318
955
()
()
()
521
811
1,412
690
Unit-heater group
do..
546
993
1,146
468
558
Electric overhead cranes:
Orders:
400
414
534
250
New
do —
569
383
434
445
467
274
844
823
438
1,683
2,368
2,172
1,743
Unfilled, end of month
do...
2,390
1,640
1,813
1,917
2,414
2,474
2,665
1,504
1,755
594
679
435
719
596
215
347
Shipments
do...
515
174
280
375
312
378
Exports, machinery. (See^Foreign trade.)
Foundry equipment:
Orders:
197.9
243.4
179.4
165.3
193.2
114.0
203. 6
108.9
134.9
131. 6
184.4
146.2
220.6
New
1922-24 = 100
231.2
226. 5
291.0
222.4
331.4
257.8
173.1
159.2
135.6
208.6
123.1
174.9
224.7
Unfilled, end of month
do—.
193.2
184.2
200.1
179.0
154.1
170.1
144.3
148.5
131.0
135.5
170. 7
143.8
132.6
Shipments
do..-.
Fuel equipment:
Oil burners:
Orders:
13, 108 11, 239 12, 883
12, 566
17,901
18, 758
15, 284
22, 748
36, 279
33, 657
17, 838
New
number.. 15, 889 11,346
2,880
3,050
2,905
2,767
4,375
3,639
6,451
5,040
5,967
5,456
4,966
5,181
6,952
Unfilled, end of month
.do..
12,963
13, 300
11, 522 12, 770
20, 085
14, 394 10, 640 15, 009
24, 660
35, 352
16,906
17,337
34, 658
Shipments
do.
16, 755
17,144 '15,672
18,165
16, 764
19, 642
16, 460
16, 656 21, 619 20, 214
19, 947
18, 854
16, 675
Stocks, end of month
do..
25
11
14
53
6
20
33
11
45
17
23
38
Pulverizers, orders, new
do.
Mechanical stokers, sales:
3,931
4,099
3, 307
4,762
6,205
8,225
3,473
5,078
9, 335
14,833
7,676
20,161
18, 040
Classes 1, 2, and 3__
do..
Classes 4 and 5:
111
149
207
128
125
215
164
267
266
279
439
376
376
Number
25, 515 28, 591 30, 177
39, 038
29, 677 32, 540 49, 255
51, 735
56, 419
51, 673
63, 899
63, 264
86, 714
Horsepower
Machine tools orders, new?
219.8
230.9
206.5
155.6
211.6
0)
av. mo. shipments 1926=100..
0)
0)
0)
0)
0)
0)
0)
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
40, 292 38, 540 37, 977
29, 441
52, 897
35, 961
55, 048
47, 439
43,908
units.. 33, 236 38,468 44, 216
52, 336
1,396
662
1,214
976
829
731
792
1,463
953
1, 138
860
949
Power pumps, horizontal type
do_._
964
17,469
14, 718 16, 060
13,389
20, 773
16,993
20,971
23, 067
18,452
17,444
Water systems, incl. pumps
do.. _
19, 029
^9,890
Pumps, measuring and dispensing, shipments:
Gasoline:
776
612
1. 685
1,070
2,201
741
Hand-operated
units.
1,346
1,601
962
1,129
736
768
875
6, 304
7,613
5,775
8,693
11, 578
8,751
Power
do—
12,017
7,624
11,430
9,637
9,419
9, 275
8,611
Oil, grease, and other:
14,
466
9,659
10,578
14,417
12, 554
16,086
Hand-operated
do
18, 579 13,919
17,085
15, 612
14,053
12, 468
14, 785
3,244
3,106
3,462
1,349
3,332
1,914
2,591
2,384
Power
do_
3,544
3,186
2,703
2,449
2,011
r
J
2
Revised.
Discontinued by reporting source.
Data are available only on a quarterly basis.
fRevised series. Air-conditioning data have been revised in their entirety, to exclude chiefly data on air-conditioning systems primarily for winter use. ^ Data on the
fan and unit-heater groups will be available on a quarterly basis in the future. Data for summer and year-round air-conditioning will be shown in a subsequent issue. World
visible supply of tin revised beginning January 1935 to include stocks of refined tin at all European smelters; data not shown on p. 50 of the November 1939 Survey will appear
in a subsequent issue.
IData for May, August, November 1939, and January 1940 are for 5 weeks; other months, 4 weeks.
JA new series based on the operations of manufacturers accounting for about 60 percent of the total dollar sales of machine tools has been compiled beginning January 1939.
Available data are as follows (percent of capacity): 1939—Jan., 52.5; Feb., 56.1; Mar., 58.7; Apr., 61.2; May, 63.6; June, 65.5; July, 65.8; Aug., 72.6; Sept., 74.6; Oct., 84.9; Nov.,
91.2; Dec, 93.3; 1940—Jan., 93.3; Feb., 92.9; Mar., 93.4; Apr., 93.4.




51

SURVEY OF CURRENT BUSINESS

June 1940
Monthly statistic
statistics
through December 1937, toM
gether with
vr*1*explanatory
notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1940

1939

April

A,„«,„*•
August

April

May

June

July

1940
Sepp
fATn £ flr

rw A u«,. NovemDecemoe
October
w
hber
pr
ber
tember

January

Febru- March
ary

METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS— Con.
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of doL.
Water-softening apparatus:
Shipments, domestic
units..
Woodworking machinery:
Orders:
Canceled..
thous. of doL.
New
-do
Unfilled, end of month
do
Shipments:
Quantity
..number of machines..
Value.
.thous. of doL.
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement

1,178

1,230

1,236

1,673

1,090

1,585

1,469

1,809

1,339

1,049

1,011

1,147

1,457

1,364

1,122

1,217

1,282

1,306

1,236

1,512

1,450

1,481

1,201

1,154

1,159

1,556

5
393
923

484

)
417
905

5
438

29
432
948

5
620
1,145

1
571
1,206

6
652
1,346

518
1,364

488
1,449

152
360

216
510

224
411

157
357

435

218
418

288
509

232
505

261
492

188
402

232
520

84
151

111
163

133
139

176
132

239
154

21$
129

165
118

87

180
227

101
159

55
90

84.1
77.5

87.8

78.2
76.0

91.6
94.3

98.5
116.4

123.0
136.5

132.0
125.1

121.9
161.7

124.8
97.3

110.4
97.9

113.7
115.9

only):*
Unadjusted
1934-36=100..
72
Adjusted--,
do
132
Electrical products:*
Industrial materials, sales billed... 1936= 100..
80.5
Motors and generators, orders received, .do
77.5
Transmission and distribution equipment,
orders received
1936=100..
97.7
Furnaces, electric, industrial, sales:
Unit
kilowatts..
4,697
1,934
Value
thous. of dol._
314
161
Electrical goods, new orders (quarterly)
thous. of dol__
Ironers, household, shipments*
u n i t s . . 11, 984 r 10,350
Laminated products, shipments, thous. of dol..
1, 320
830
Motors (1-200 hp.):
Billings (shipments), A. C
do
2,857
1,986
Billings (shipments), D. C
do
815
534
New orders, A. C.._
do
3,013
2,062
New orders, D . C
do
632
546
Power cable, paper insulated, shipments:
Unit
thous. of ft_.
628
700
Value
thous. of dol..
813
696
Power switching equipment, new orders:
Indoor
dollars..
75,161
0)
Outdoor
..do
279, 093
0)
Ranges, billed sales
thous. of doL.
1,939
2,943
Refrigerators, household, sales
n u m b e r . . 339,693 260, 204
Vacuum cleaners, shipments:
Floor
do
139, 768 100, 487
Hand-type
do
30, 441
24, 539
Vulcanized fiber:
Consumption of fiber paper
thous. of lb._
1,575
2,556
537
466
Shipments!
thous. of dol._
116,199
Washers, household, shipments *
u n i t s . . 135.179

()

4
534

111.2

97.8

115.3

103.2

146.5

151.6

137.3

123.6

121.3

r 132. 8

133.8

2,789
194

3,228
213

1,332
97

1,921
182

3,279
291

6,103
438

4,153
368

9,587
480

2,084
167

5,634
324

7,802
557

8,433
849

205, 567
7,216
901

7,741
805

11, 386
906

212, 001
10, 565
1,019

11,161
1,296

9,990
1,348

254, 302
11,854
1,306

10, 373
1,257

10,183
1,173

238, 846
12, 048
1,306

2,053
519
2,319
428

2,410
574
2,504
549

2,053
538
2,128
406

2,398
524
2,595
569

2,361
474
2,725
1,102

2,535
555
3,151
1,403

2,730
677
3, 276
1,047

3,103
797
3,472
1,867

2,733
582
2,417
813

2,686
775
2,679
622

2,693
860
2,958
803

566
674

652
718

716
773

783
860

676
781

1,074
824

752
656

655
731

554
721

561
641

564
720

89,809
346, 530
2,395
273,966

92, 347
217, 846
2,025
268,848

90, 302
283, 614
1,428
164,211

67, 963
259,436
1,799
94, 734

71, 449
240, 535
1,891
73,149

88, 485
321,761
1,714
62,055

126, 480
355,056
1,442
55,113

64,153
272, 658
1,019
92, 479

2, 832
234, 682

2,510

2,790
298,238

91, 055
23,322

80, 660
19,014

61, 492
15,197

74, 333
22, 268

93,851
26, 857

106, 539
31, 362

108, 338
32, 728

118,730
36, 471

92, 806
27, 362

116, 049
28, 324

147,120
31, 009

1,749
458
105, 266

1,735
441
120,076

1,725
1,971
437
528
104,817 I 132,297

2,284
548
138, 992

2,722
660
142, 830

2,594
748
102, 990

2,492
854
77, 270

2,808
660
119, 228

2,356
589
142, 318

2, 368
539
149, 730

(0
0)

(0
0)

()

PAPER AND PRINTING
WOOD PULP
Consumption and shipments: • !
Total, all grades.
short tons.. 703, 600 545,000 541, 000 519, 500 513, 000 572, 300 615, 300 683, 900 680,300 677,300 698, 400 645, 400 664, 400
Chemical:
Sulphate
do
299, 400 241, 400 223,400 221, 300 228, 200 256,800 262,900 296, 700 292,100 301, 500 311, 000 279,100 285, 500
Sulphite, total
do
224, 600 148,300 152,000 146,800 143, 300 154,100 187, 500 207, 200 207,800 198,900 202,700 200, 300 206,300
Bleached...
.do
90,600
96,300 119,000 130, 700 130, 200 124,300 126, 600 126, 300 125, 400
91,100
143, 400 92, 900 93,800
Unbleached..do
68, 500 76, 500 77, 600 74,600
56, 200 52, 200 57,800
74, 000 80, 900
81, 200 55,400
76,100
58,100
Soda
_do.
39, 900 47,100
40, 700 43,100
47,300
44, 000 36,300
48,600
46,900
33, 200 31, 200 36,300
37,100
Groundwood.
do.
135, 600 118, 900 128, 500 118, 200 110, 300 125, 200 125,000 133, 000 133, 000 128,300 137,800 125, 300 129, 600
Imports:
Chemical.-.
do.
65,951
96, 583 78,534 140,131 152, 719 137, 431 130,920 136, 843 194, 615 249, 886 204, 993 242,972 141,104
Groundwood
do.
14, 723
7,964
18, 562 17,403
19,694
19, 649 23, 574 21, 527 22,163
13, 403
9,867
30,465
19,199
Production: f
Total, all grades
do.
708, 600 538, 867 551, 778 524, 521 490, 111 554,811 576, 225 673, 634 672,813 678, 521 713, 600 647, 500 677, 700
Chemical:
Sulphate
do.
299, 500 232, 760 220, 440 220,435 226, 482 254, 379 256, 731 294,912 290,920 297,182 310, 000 280, 400 284, 500
Sulphite, total
do.
212, 300 141,941 161,362 153, 288 132,410 158,172 171,090 205, 394 207, 339 198, 575 213, 700 198,100 214, 000
Bleached
do
96, 678 108,486 129,396 130, 749 124, 353 134, 000 124, 200 133, 500
133, 900 87, 699 102,828
96, 678 82,164
Unbleached
do
75, 998 76, 590 74, 222 79, 700 73, 900 86, 500
62,604
78, 400 54, 242 58, 534 56, 610 50, 246 61,494
Soda
_
do
39, 944 46, 453 47, 244 48, 639 48,300
43, 900 36,131
38, 316 34, 363 29, 574 36,410
41, 900 43,100
Groundwood
_
d o . . . 152, 900 128,035 131,660 116, 435 101,645 105,850 108, 460 126,875 127,310 134,125 141, 600 127,100 136,100
Stocks, end of month: f
Total, all grades
d o . . . 159, 200 203,900 214, 700 219, 700 196,800 179,300 140, 200 129, 900 122, 400 123, 600 138, 700 140, 800 154, 200
Chemical:
Sulphate
do__.
24,800
21,800
35,100
33, 400 31,000
23,000
17,500
17, 000 39, 000 36,000
16, 500 17, 800 16, 900
Sulphite, totaldo...
80, 200 78,400
96,600
92,500
77,900
77, 600 88, 500 86, 300 94, 000
81, 800 87, 500 96,900 103,400
Bleached
do...
47,600
58, 800 48, 300 47,000
47,500
51, 500 52, 200 61, 200 67, 300 58,400
55, 000 52, 900 61, 000
Unbleached
do-_.
31,400
31,800
35,800
29,900
37,800
36,100
34,100
33,000
30,400
30, 300 35,300
33, 500 33,400
Soda
do...
4,300
5,200
4,900
4,200
6,800
4,900
6,400
4,800
6,900
4,200
4,000
6,700
5, 600
Groundwood
do.
30, 300 24, 200 18,500
24,300
29, 900 36,400
46,800
66,100
53, 700 73, 400 76, 600 74,800
28,100
Price, sulphite, unbleached
dol. per 1001b.
2. 13
2.28
2.85
1.95
1.95
1.95
1.95
2.28
2.51
1.95
2.85
2.96
2.83
PAPER
Total paper:t
Paper incl. newsprint and paperboard:f
Production
short tons.
971, 482 ••974,568 I'894,769 898,845
841, 287 867,193 828, 727 791. 703 935,382 957,628 1,073,961
Paper, excl. newsprint and paperboard:f
Orders, new
_.
short tons..
633,809 506,885
419,177 633,809
506,885 426,342 416,102 ' 395, 874 369,250 396, 762
371, 792 385, 927 378,077 356,741 419,177
Production
._.
..do
434,932 488,904
488, 904 484,993 464,540 • 459, 547 413,344 406, 780
412,156 434,932
390, 910 405, 549 371, 656 350,166 412,156
Shipments.
do
408,591
456,360 | 494,882
494,882 487,467 463, 241 •439,603 392,696 397,897
591 456,360
375,489 388, 287 376,096 368,370 408,
r
Revised.
& Less than $500.
«Pulp
used in the producing mills and shipments to the market.
0) Data discontinued by reporting source.
(2) Data not considered reliable because of inadequate coverage.
*New series. Data on battery shipments beginning 1934 appear in table 35, p. 17, of the August 1939 issue. Shipments of household washers and ironeis beginning 1929
appear in table 43, p. 17, of the October 1939 issue. For data on electrical products beginning 1934, see table 32, p. 18, of the June 1939 Survey; data are furnished by both
member and nonmember companies rather than member companies alone as therein stated.
tRevised series. Data on vulcanized fibre shipments revised beginning 1934; data not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue.
Data on total paper, and paper, excluding newsprint and paperboard revised beginning 1934. Previously reported data were distributed into months of 4 and 5 weeks; but in
the new series, weeks overlapping in two months have been prorated. These data also have been revised to exclude data on kraft board (previously reported in both paper
totals) since it is already included in the data for paperboaid. Revisions prior to March 1939 will be shown in a subsequent issue. Wood pulp data ha\e been revised be
ginning
1937. Revisions not shown on p . 51 of the April 1940 Survey will appear in a subsequent issue.



SURVEY OF CURRENT BUSINESS

52
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey.

1940

1939

1940
April

June 1940

April

May

June

July

August

September

DecemOctober November
ber

January

February

March

PAPER AND PRINTING—Continued
PAPER—Continued
Book paper:f
Coated paper:
Orders, new
short tons..
Orders, unfilled, end of month
do
Production
do....
Percent of potential capacity
Shipments
short tons_.
Stocks, end of month
..do
Uncoated paper:
Orders, new
do
Orders, unfilled, end of month
do
Price, wholesale, " B " grade, English finish, white, f. o. b. mills..dol. per 100 Reproduction
short tons..
Percent of potential capacity
Shipments
short tons..
Stocks, end of month t
do_._.
Fine paper:f
Orders, new
do___.
Orders, unfilled, end of month
do
Production
_
do
Shipments
do_...
Stocks, end of month...
do
Wrapping papenf
Orders, new
.do
Orders, unfilled, end of month
.do
Production
.do
Shipments
.do
Stocks, end of month
do
Newsprint:
Canada:
Exports
do
Production
do...
Shipments from mills
do...
Stocks, at mills, end of month
..do...
United States:
Consumption by publishers!
do...
Imports!
do...
Price, rolls (N. Y.)~
dol. per short tonProduction
.
short tons.
Shipments from mills
do...
Stocks, end of month:
At mills
..do...
At publishers!
do...
In transit to publishersf...
..do...
Paperboard:
Consumption, waste paper
do__.
Orders, new
do...
Orders, unfilled, end of month
do...
Production
do...
Percent of capacity
Waste paper stocks, at mills
short tons.

19,231
6,624
17,560
64.6
16,693
15,076

16,305
3,238
17,764
68.6
17, 885
12,433

17,126
2,861
18,579
66.5
17,409
13, 762

15, 920
3,205
17,425
64.8
15,946
15, 213

16,098
3,866
14,471
55.9
15,282
14, 265

17, 281
3,846
19,663
70.4
18,226
15,661

33,887
12,862
19,401
75.0
20,440
13,807

24,108
12,971
24,573
91.3
24, 516
13,897

106,471
48,031

93,841
39,237

85,786
28,184

92, 637
33,393

81,359
29,978

110,930
41,211

154,604
79,436

5.95
101,422
82.8
100,687
58,375

5.45
91, 571
77.1
90, 376

5.45

5.45
90, 662
73.4
87,680
61,913

5.45
81,972
68.0
84, 655
58,976

5.45
102,037
78.4
100,339
60,729

33,143
8,796

33,616
10,867
32, 202
32,636
60, 539

263,884
268,947
267,134
214,550

76.9
91, 523
59,431

14, 532
4,154
20,938
80.9
20,898
16,151

14,998
3,757
16, 227
56.4
16,136
16, 665

15,105
4,084
14,925
55.5
15,667
15,966

14,594
3,975

125,564
84,515

101,097 102,430
68, 694 61,368

91, 400
47,479

85,546
41, 760

98,783
41,804

5.45
104,068
86.4
111,469
50,827

5.65
122,283
97.6
122,901
50,797

5.70
117,290
93.6
117,079
51,010

5.95
5.89
5.95
110, 731 109,936 100,090
83.1
91.9
84.4
95, 403
110,950 103,999
51, 783 55, 249 59,876

5.95
98,186
79.6
99,065
58,483

36, 759
10, 470
38,932
37,983
61,110

76,807
41,103
43,753
45,435
59, 739

47, 567
40, 802
48,000
50, 035
57, 752

37,131
28,444
48, 824
47, 534
58,878

35,922
15,620
39,874
37, 708
65, 015

38,137

15, 667
39,671
38,991
65,019

15,754
8,853
24,464
90.9
22,864
16,134

14,101
55.3
15,479
13,949

35, 769
12, 280
39,666
38, 633
59,443

34,358
9,523
39,073
37, 236
61, 505

132, 560
47, 741
143,634
137,296
103,033

149, 067
53, 513
148,857
144,193
108, 088

137,412 136,047 156, 797
53,988 53, 252 59,025
134,997 134,402 151,608
136, 331 135,433 153, 028
105,986 97,934
96,296

252,879
140,355
160,380
169, 511
95,979

178, 743
142, 261
174,809
180, 657
91,261

155,156 150, 064 147, 507 131,901
65,994
108, 704 93, 528 77,850
176, 037 165,575 173,923 149,600
183,087 168, 365 163, 769 142.975
80, 603 78,219
86, 656 90,903

140,035
62, 586
148,805
145,044
91,935

162,352
220,843
214,255
212, 500

244,400
250,015
274,635
187,880

244,655
240,545
232, 261
196.164

253,997
288, 726
287,869
193,466

187,990
231, 823
211,322
196,762

205,655
251,279
235,304
212,737

254, 781 218, 488 216,095
230, 094 198,760 181.344
50.00
50.00
50.00
81,455
77, 836 84,126
79,972
80,959
78, 283

251,269
176,887
50.00
85,143
86,930

34,613
62,670

35.057
22, 011
44, 856
42>757
61,110

38,245
16,292
45, 429
43, 308
67, 765

200,174
227, 630
221,743
202,051

235,487
236,975
224,367
214,659

228,163
253,230
267,005
200,884

270,493
280,985
289,260
192,609

244,181 238,113
224,401 209,597
50.00
50.00
86, 277 77,393
85.412 77,463

231,788 224, 240 198,438
250, 668 216,580 201,991
50.00
50.00
50.00
85, 872 80,562
74,932
84,443
84, 628 75,354

206,108
195,644
50.00
80,000
79,060

238,667
250,005
50.00
77,309
78,559

257,578 240,571
282, 581 261,667
50.00
50.00
78, 591 78,886
79,364 81,410

16,680
23S,670
42,329

20,065
206,744
37,253

21,494
229,142
39,251

17,428
231.165
47,737

17,006
17.946
252, 625 277,624
43,459
41,484

16,696
283,315
47,815

15,923
285,333
50,073

17,602
12,952 16,119
13,399
295,675 284, 283 285, 776 278,306
38,061
50, 704 43, 948 42, 760

15,815
246,228
38,727

291,285
480,250
166,830
417, 566
70.9
225,577

262,918
347, 575
97,340
372,984
69.1
255,354

264,348
372,893
03,643
375,772
64.2
259,423

259,996
383,371
95,058
376, 509
66.6
255,677

255,830
382,682
108,427
366,605
63.9
257,889

314,316
454,817
119,502
443, 226
72.4
246, 219

320,073
628, 272
290,467
445,387
75.5
214,352

365,396
497, 834
285,935
506,466
85.6
218, 649

339,335
414,224
204,800
482,808
81.8
215,850

283, 228
393,123
173, 212
429,106
72.6
247, 393

280.033
398,125
140,269
430, 895
72.1
237,490

265,066
367,897
115, 266
399,970
70.8
241, 242

279,402
392,794
110,039
406,922
69. J
241,674

91,707

85,267

80, 246

80,115

76,903

86,401

94,993

102,186

87, 504

74, 389

90, 003

2,395
2,218
177

2,627
2,430
197

2,624
2,388
236

2,444
2,242
202

2,635
2,911
276

2,815
3,059
244

3,414
3,171
243

2,997
2,820
177

2,552
2,370

2,615
2,444
171

2,403
2,266
137

2,524
2,380
144

1,222
1,043
179

835
708
127

636
537
99

798
669
129

746
619
127

1,204
966
238

882
772
110

885
786
99

952
819

126,552
78
17,414

137,299
78
18,947

162,230
77
20,284

144,291
82
19,387

1,023
805
218
27,019
129,162
86
15,910

1,379
1,126
253

128, 583 112,194
81
76
16,466
16,549

681
569
112
25,530
134,664 140,463
84
86
15, 596 18,361

255, 259
240, 656
264, 620
169, 502

225, 752
251.032
244, 273
176, 261

PAPER PRODUCTS
Coated abrasive paper and cloth:
Shipments
.reams.
Paperboard shipping boxes:
Shipments, total
mil. of sq. ft.
Corrugated..
do...
Solid
fiber
do...
PRINTING
Book publications, total
no. of editions.
New books..
do...
New editions
do...
Continuous form stationery, new orders
thous. of sets.
Operations (productive activity)
1923=100.
Sales books, new orders
thous. of books.

953
807
146
137,820
17,387

108, 597 116,935
87
84
16,041
16,498

86,712 I 95,362

128, 245
80
17,399

RUBBER AND PRODUCTS
CRUDE AND SCRAP RUBBER
Crude rubber:
50,103 45, 268 45,484 48, 438 44,975
Consumption, totalf
long tons.
50,192
54, 978
51, 740 51, 402 57,155 55,677 49,636
For tires and tubes (quarterly)
do...
115, 695
96,033
--- 45,622 42, 586 71, 395 72, 496 43,088 59,257
Imports, total, including latexf
do...
70, 700 32,031
34,363
45,886
37,372 38, 586 ior
37,669
.192
.188
Price, smoked sheets (N. Y.)
dol. per lb.
.196
.159
.185
.164
.200
.166
.202
.165
.167
.199
.213
73,742 70,750 64,298 84,378
Shipments, worldf
long tons.
92,000 88,000 115,000 86.000 88, 000 108, 000 112,000
Stocks, world, end of monthf..
d o . . . 465,000 434, 000 424,000 401,000 411.000 388,000 386,000 401,000 382; 000 379, 000 434,000 430,000 447,000
Afloat, total
_
d o . . . 188,000 89,000 96,000 88,000 105,000 120,000 134,000 173,000 171,000 152, 000 175,000 193,000 211,000
54,046
For United States..
do_._ 102,557 57,918
51, 274 52,990
91, 095 90,285 112, 257 113, 619
66,717 68,310 100. 500 114,044
22,000 68, 931 66,020
16,000
18,000
London and Liverpool..
do___
63,878
31, 000 20,000
44,917 39,359
37,361
57,234
36,671
92,895
77,683
74,308
British Malaya
_
.do...
75,419
71,195
71,662
70, 214 96, 478 86, 223 72,054
83,010
69,139
76,228
162,450 188,074 187, 980 173,493 165, 450 152, 029 136,824 119,404 105, 205 125, 800 142, 363 134,328 • 142,418
United States!
.
_
do.
Reclaimed rubber:
17,019
16,298 12, 467 12, 584 13,844
17,560
Consumption!_
do...
16, 763 14, 500 17,596
12,607
15, 683 15, 783 17,647
13,839
20,447
16,568
14,070
19,060
18, 266
Production!
do...
15,120
19, 772 18,337
11,992
19,907
16, 399 17,138
25, 250 25, 530 27,019
Stocks, end of month.
do...
27,558 22,628 22, 771 23,058 21,339
22,362
26, 221
21,829
20, 645 21,185
47,649
Scrap rubber consumption
do.._.
34, 204
38, 321
' Revised.
§ Data revised for 1937; see table 20, p. 15, of the April 1939 Survey.
JChange in inventory due to physical check-up. Figures shown in earlier issues for months prior to May 1939 are not comparable with present data.
fRevised series. For book paper, see note marked with a "f" on p. 51 of the July 1939 Survey. 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. Newsprint consumption has been revised beginning 1923; see table
6, p. 10, of the March 1940 Survey. Data for fine and wrapping papers have been revised beginning 1934 to change data from 4- and 5-week totals to calendar-month figures by
prorating the overlapping weeks. Wrapping paper has also been revised beginning 1934 to exclude data for specialty paper and boards from this classification. These data
are still included in total paper excluding newsprint and paperboard. Revisions not shown above will appear in a later issue. Crude rubber imports revised beginning 1913
to include guayule rubber; see table 28, p. 18, of the May 1940 Survey. World shipments of rubber revised beginning January 1938; revisions not shown on p. 91 of the February 1940 Survey will appear in a subsequent issue. Data for crude rubber consumption, world stocks, and United States stocks, and reclaimed rubber consumption and production, revised for 1939; see note marked with a "f" on p. 52 of the May 1940 Survey.




53

SURVEY OF CURRENT BUSINESS

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

1940
April

1940

1939
April

May

June

July

August

SepNovem- December
tember October
ber

January

Febru- March
ary

RUBBER AND PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:!
Production
thousandsShipments, total
-_
do.-_
Original equipment*
do...
Replacement equipment*
do
Exports*
do.__
Stocks, end of month
do___
Inner tubes:f
Production
do__.
Shipments, total
do...
Exports*
do...
Stocks, end of month
do...
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous. of lb_

5,106
5,010
2,095
2,827
87
10,881

4,310
4,458
1,571
2,779
108
9,813

4,473
4,800
1,366
3,335
100
9,540

4,976
5,849
1,369
4,367
113
8,632

4,595
5,143
794
4,264
85
8,103

5,511
4,990
599
4,289
103
8,691

5,076
5,658
1,219
4,294
146
8,080

5,392
5,161
1,788
3,226
146
8,382

4,865
4,278
1,854
2,276
148
8,918

4,469
4,727
2,613
1,979
135
8,665

' 4,954
»4, 270
1,805
' 2, 360
105
r 9,348

' 4, 888
r 4, 112
1,974
r 2, 037
101
' 10,124

4,618
4,543
57
8,258

3,852
3,940
82
8,653

3,746
4,034
67
8,373

4,249
5,036
66
7,549

3,905
4,150
62
7,323

4,757
4,309
65
7,799

4,457
4,991
98
7,206

5,008
4,948
108
7,279

4,508
3,967
127
7,710

3,784
4,394
92
7,036

4,287
3,827
76
7,634

4,211
3,810
71
7,897

4,400
4,114
60
8,183

5,044
6,389
15,018

5,062
4,761
15,319

4,869
4,532
15, 656

62,737

67,877

' 5,007
' 4, 346
2,050
' 2, 203
93
• 10, 747

75,799

RUBBER AND CANVAS FOOTWEAR
Production, total
Shipments, total
Stocks, total, end of month

thous. of pairs.
do...
do...

5,128
3,902
16,881

5,216
4,414
18,083

5,033
4,017
19,055

4,866
4,192
19, 729

3,280
4,894
18,115

5,090
6,213
16,956

4,713
6,452
15, 218

5,332
5,916
14, 619

6,049
5,473
15,195

5,376
4,185
16,388

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

0)

0)

()
12, 369
56.6
13,401
21,326
5,727

11,937
56.3
13,104
20,160
5,254

0)

0)

(0

12, 539
57.3
12,829
19,870
4,854

11,053
52.2
10,147
20,779
4,824

9,488
42.9
6,785
23,449
5,165

6,205
28.6
3,889
25,760
5,617

5,040
24.8
4,905
25, 896
6,304

7,917
36.3
7,715
• 26,120
'6,487

1,027

1,168
1,213
376

1,148
1,160
397

1,282
1,215

1,022
958
375

1,043
877

833
788
281

749
710
271

783
781
285

12.118
199,945
361, 264

12.059
177,165
393,393

12.038
189, 287
416,302

12.036
167,348
451,390

12.043
183, 201
466,150

12.083
167, 329
468, 357

12.080
129,252
483,173

12.112
58,914
503,967

12.126
' 84,238
482, 690

12.124
118,948
440, 267

79,349
256,825

252, 395

62,658
248, 673

66,906
245,967

62, 527
241,785

64, 278
236, 784

54,127
243, 491

37,645
257, 469

15,399
282,992

' 23, 373
281,311

36, 802
279, 328

4,639
1,208

4,692
1,274

5,103
1,413

4,899
1,337

6,172
1,635

5,439
1,473

5,511
1,478

4,868
1,337

4,271
1,173

4,028
1,092

3,658
945

4,506
1,123

3,612
45,761

6,647
43,002

6,844
44,079

6,386
44, 214

9,038
44,169

8,149
43,719

8,947
42,192

5,885
42,261

2,654
43,384

1,089
42,374

2,096
42,159

2,525
42, 953

81,994
327,847

105,173
307,810

306,435

95,180
305,242

107,771
319,464

90,184
316,376

89,700
324,886

88,422
339,038

67,659
362,492

38,882
366,680

' 49, 606
355, 041

60,919
351, 036

4,071
65.4
3,978
8,336

4,516
69.7
4,485
8,293

4,662
72.0
4,618

4,593
73.8
4,158
8,572

4,802
71.4
4,766
8,548

4,250
68.3
4,979
7,739

4,300
69.1
3,884
8,374

4,046
65.0
3,114
9,237

4,263
61.6
3,726
9,601

4,123
64.3
3,831
9,807

4,606
69.1
4,231
10, 078

(*)
(»)

8
8

I

()

0)

0)

10,043
47.4
10, 829
25,334
6,638

9,674
45.7
9,654
23,837

11,185
50.9
12, 748
22, 251
5,728

11,953
56.5
12,715
21,477
5,797

726
743
282

583
552
374

762
792
377

814

12.132

12.026
178,903
374, 572

12.077
209, 716
351,155

62,982
277, 291

12,644
57.9
11,757
22, 361
5,928

0)

0)

0)

0)

CLAY PRODUCTS
Bathroom accessories:
Production.
thous. of pieces..
Shipments
do
Stocks, end of month
do
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous..
Shipments
thous. of brick..
Stocks, end of month
do
Face brick:
Shipments
do....
Stocks, end of month
do
Floor and wall tile shipments:*
Quantity
thous. of sq. ft..
Value
..thous. of dol..
Vitrified paving brick:
Shipments
thous. of brick..
Stocks, end of month
do
Hollow building tile:
Shipments
.short tons..
Stocks, end of month
do
GLASS PRODUCTS
Glass containers:!
Production
thous. of gross_.
Percent of capacity..
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
GYPSUM AND PRODUCTS
Crude:
Imports
short tons..
Production
do
Calcined 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..
r

4,584
68.8
4,339
10, 234

()

()

8

1,023
63.1

7,268
740
45.6

12,367

8
8
729
44.8

6,212

8

690
42.6

10,450
867
53.4

()

720
44.3

13,663
914
56.2

15,812
1,143
70.5

8

17, 257

13,175

14, 302

18,477
1,189
73.2

1,413
87.1

1,099
67.7

1,107
68.2

()

()

()

291,810
845, 524
773,634

445, 756
995,760
840, 245

530,089
813,129

244,163

286,391

230,207

131, 547

297,267
113,721
7,781
486,494
25, 515
8,581

342,060
102,400
7,949
533,790
28,219
9,026

290,358
98,887
15,955
394,592
30,898
7,335

235,890
93,344
5,819
344,553
29, 951

172,869
584, 627
577, 799

Revised.
i Discontinued by compilers; data on an index basis appear on p. 20.
> Discontinued by reporting source.
•New series. For data on floor and wall tile beginning 1935, see table 31, p. 18, of the June 1939 Survey, For the new series on pneumatic casings and inner tubes see
tables 27 and 28, pp. 16-18, of the May 1939 Survey.
tRevised series. Data for pneumatic casings and inner tubes revised for 1936, 1937, and 1938; see tables 27 and 28, pp. 16-18, of the May 1939 Survey. Data for glass
containers revised beginning 1936; revisions not shown on p. 53 of the January and p. 92 of the February 1940 issues will appear in the 1940 Supplement. The changes are
generally minor.




54

SURVEY OF CURRENT BUSINESS

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

June 1940

1939
April

May

June

July

August

1940
SepNovem- Decemtember October
ber
ber

January

Febru- March
ary

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs..
Shipments. _
do
Stocks, end of month
do
COTTON
Consumption
Exports (excluding linters) § thous. of bales._
Imports (excluding linters) §
do
Prices received by farmers
dol. per lb._
Price, wholesale, middling (New York)...do
Production:
Ginnings (running bales)* thous. of bales..
Crop estimate, equivalent 500-lb. bales.do
Movement into sight
do
Stocks, world, end of month*
do
American cotton
do
In the United States...
.do
On farm and in transit
do
Warehouses
do
Mills
do..__
In foreign countries
do
Foreign cotton
do

10,679
10,133
25,302

11,024
10, 577
22,823

11,796
10,891
23, 789

11,218
10,294
24, 773

9,819
9,483
25,133

12,448
12,924
24,681

11, 977
12,820
23, 861

13,194
13,156
23, 923

12,987
12,451
24,482

10, 411
10,259
24,658

11, 702
11,149
25, 212

11, 334
11,422
25,124

11,097
11,465
24,756

623,893
345
11
.100
.109

543,187
178
13
.082

606,090
143
14
.085
.096

578,436
114
12
.087
.099

521,353
107
16
.088
.097

628,448
219
13
.087
.094

624,902
649
10
.091
.093

686,936
886
14
.087
.093

718, 721
584
11
.088
.098

652, 695
807
10
.097
.110

730,143
1,027
9
.101
.111

662, 659
747
37
.100
.111

626, 331
434
10
.100
.109

137

1,402

6,687

10,085

11,112

276
28,656
16, 766
14, 921
718
12, 948
1,255
1,845
11,890

296
26,155
15, 772
14,171
646
12,393
1,132
1,601
10, 383

870

2,761

23, 723
14, 826
13, 487
595
11, 920
972
1,339
8,897

565
21,462
14, 030
12,956
550
11, 591
815
1,074
7,432

3,093
0)
\l)
23, 475
22,413
«- 22, 260 r 20, 782
7,280
3,918
14,151
15,441
1,417
1,215
1,631

2,288
\l)
21, 261
19, 463
2,266
15,457
1,734
1.798

11, 276
*> 11,812
1,548

11, 405

485
12,943
815
10,709
1,419

0)

24,431
23,411
11,025
11,774
606
1,020

0)

0)

0)

r

0)

1,140
0)
v )
20,144
18,923
»• 18,112 r 16,369
1,741
1,454
14, 554
13, 179
1,811
1,730
2,032
2,554

0)

0)

11,477

0)
0)
15, 082
1,223
12,157
1,702

0)

0)

0)
0)

13,928
1,008
11,373
1,547

8

COTTON MANUFACTURES
Cotton cloth:
Exportsf
__.thous. of sq. yd.. 34, 943 29, 726 23, 980 26, 982 28, 674 23, 878 30,023 40,494 35, 564 37, 899 33,311 33, 346 34, 865
5,813
6,566
7,151
6,750
6,776
5,581
11,189
11,774
11,859
10, 332
16, 322
4,808
Imports!
do
9,415
Prices, wholesale:
10.52
11.41
10.01
9.84
14.56
9.33
15.83
14.93
13.61
12.25
13.36
11.59
Mill margins*
cents per lb__ 11.40
.042
.045
.047
.047
.050
.042
.054
.055
.053
.051
.053
.054
Print cloth, 64 x 60
dol. per yd._
.049
.049
.052
.049
.053
.053
.059
.063
.066
.062
.069
.065
Sheeting, unbleached, 4 x 4
do
.068
.058
Finished cotton cloth:J
Production:
127,858 131,715 127,104 127,634 137, 722 153, 025 173,256 165,624 152, 215 139, 289 129,174 127, 278
Bleached, plain
thous. of yd__
90,267 102, 281 106,678 120,460 123,154 109, 419 101, 511 100, 707 103, 328
97, 270
98, 292
89,020
Dyed colors
do
6,543
7,305
4,962
5,782
5,843
8,056
8,322
6,516
5,524
4,597
4,581
5,060
Dyed, black
do
99, 242 113, 380 124,201 117, 393 113,100 111, 666 106, 916 110, 882
90, 265
87,281
109, 250 108, 736
Printed
do
Spindle activity:
Active spindles
thousands.. 22, 301 22,123 21,970 21, 771 21, 939 22,012 22, 232 22,659 22, 774 22, 778 22,872 22, 804 22, 555
6,895
7,399
6,621
7,908
7,573
7,695
8,581
8,803
8,040
9,223
8,266
7,921
Active spindle hrs., total
mil. of hrs_. 8,012
262
321
269
290
313
297
306
342
353
322
369
331
Average per spindle in place
hours. _
317
92.1
81.9
84.7
82.5
85.1
97.9
101.3
100.7
81.9
92.5
102.6
99.6
94.4
Operations!
pet. of capacity..
Cotton yarn, wholesale prices:
.225
.235
.238
.240
.274
.228
.266
.277
.255
.228
.279
.272
.248
22/1, cones (factory)
dol. perlb..
.313
.315
.338
.303
.303
.351
.350
.303
.365
.375
.378
.344
40/s, southern spinning, Boston*
do
.378
RAYON AND SILK
Rayon:
924
827
825
679
870
691
963
925
897
811
925
r 791
827
Deliveries, yarn, unadjustedf—1923-25=100. _
1,962
3,457
4,159
3,503
3,322
3,423
4,062
6,750
3,108
5,104
2,607
5,677
Imports!
thous. of lb__
1,279
Price, wholesale, 150 denier, first quality
.52
.51
.51
.53
.53
.53
.53
.51
.51
.53
.53
.53
.53
(N. Y.)
dol. perlb..
26.4
43.4
33.3
19.3
6.4
41.7
13.1
9.4
8.3
7.0
11.6
'10.4
Stocks, yarn, end of mo.*
mil. of lb.._
7.7
Silk:
Deliveries (consumption)
._
bales.. 21. 740 27, 802 26,150 26, 256 26,134 33, 095 36, 869 41,858 32, 241 21, 128 29, 506 22, 485 21,685
2,614
4,495
7,262
3,943
3,592
4,050
5,322
2,175
2,213
6,936
5,423
4,972
Imports, raw
thous. of lb._ 2,494
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
2.641
2.534
2.648
2.993
3.921
3.061
2.393
3.271
2.951
3.394
3.683
dol. perlb.. 2.681
Stocks, end of month:
Total visible supply
bales. _ 85, 798 77, 238 61, 601 60, 709 73, 348 81,060 89,160 89,135 92, 527 109,110 87,025 83, 306 87, 087
25,060
19, 209
27, 760
55, 610
50, 306
24,201
45, 887
42, 698
20, 738
35,935
41, 927
59, 225
United States (warehouses)
do
25, 748
WOOL
Imports (unmanufactured)!
thous. of lb__ 22, 065 16, 826 20,542 14, 771 14,054 16, 709 29, 625 19, 832 22, 909 26, 035 45, 082 37, 212 38, 529
Consumption (scoured basis) :1
27,489
24, 707
22, 378
20, 244
23, 772
25,006
31, 302
17, 709
19, 567
28,189
33,984
26,436
17, 471
Apparel class
do
7,984
9,604
6,291
7,665
8,544
8,159
11, 274
9,703
7,340
9,238
Carpet class
do
5,852
8,847
8,658
Operations, machinery activity (weekly average) :11
Looms:
Woolen and worsted:
1,698
1,577
1,761
1,551
1,792
2,046
1,587
1,338
2,041
1,129
' 1, 790
1,853
Broad.
thous. of active hours.. 1,088
69
82
84
96
78
80
62
69
72
103
58
52
69
Narrow
do
147
179
196
221
197
195
198
185
213
186
176
200
183
Carpet and rug
do
Spinning spindles:
74,381
77, 201
72,136
73, 650
74,172
70, 764 • 56, 784
55, 699
81, 686
73, 328
63, 346
80, 428
54,658
Woolen
do
84,179
71, 432
77,654
81, 961 106,1S5 103,487
82, 889
71, 344
67, 472
51, 750
67,609
79,174
51,173
Worsted
do
132
144
133
136
144
137
100
95
157
127
117
168
87
Worsted combs
do
Prices, wholesale:
.72
.73
1.02
1.06
.93
.71
1.09
1.02
.90
1.06
Raw, territory, fine, scoured
dol. per lb._
.32
.32
.33
.45
.46
.49
.39
.35
.28
.30
.47
.43
.36
Raw, Ohio and Penn.
fleeces
do
Suiting, unfinished worsted, 13 oz. (at fac1.683
1.683
1.931
1.683
1.906
2.178
2.116
1.931
1.683
1.683
2.178
2.178
2.178
tory)
dol. per yd..
Women's dress goods, French serge, 54" (at
1.015
1.015
1.101
1.163
1.163
1.158
1.015
1.015
1.015
1.163
1.188
1.188
1.188
mill)
dol. per yd.
Worsted yarn, 32's, crossbred stock (Boston)
1.13
1.15
1.45
1.38
1.30
1.13
1.53
1.46
1.42
1.30
1.13
1.13
1.34
dol. per lb._
r
Revised.
* As of December 1.
•Total ginnings to end of month indicated.
1
Data not available since the outbreak of the war.
JSee note marked with a " t " on p. 54 of the July 1939 Survey.
IData for April, July, October 1939, January and April 1940 are for 5 weeks: other months, 4 weeks.
{Revised series. Cotton spindle activity revised beginning August 1933; see table 18, p. 18, of the March 1939 issue. Data on rayon deliveries revised beginning January
1936; revisions not given on p. 94 of the February 1939 Survey will appear in a subsequent issue. Data on cotton cloth exports revised beginning 1913; see table 48, p. 17, of
the November 1939 issue. Wool machinery activity revised for 1939, revisions not shown on p. 54 of the May 1940 Survey will appear in a subsequent issue.
*New series. The data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and Financial
Chronicle. Data beginning 1920 appear in table 34, pp. 15 and 16 of the August 1939 Survey. Data on total stocks of foreign cottons and total world stocks of all cottons beginning August 1934 and all other series beginning August 1938 have been revised. Revisions not shown on p. 54 of the January 1940 issue will appear in a subsequent issue.
For cotton cloth mill margins data beginning 1925 are shown in table 51, p. 18 of the November 1939 issue. 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 appear in table 22, p. 18, of the April 1940 Survey. The series
on cotton yarn, southern, single, carded, 40/s cones, at Boston has been substituted for the New Bedford series formerly shown, which has not been available since August 1934.
The New Bedford price for the period September 1934 to October 1939 was computed from the Boston price on basis of the relationship expressed between the two series in
1933. Monthly data 1933-38 for the Boston series will be shown in a subsequent issue.
 §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.


SURVEY OF CURRENT BUSINESS

June 1940

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

55

1939
April

May

June

July

August

1940
September

DecemOctober November
ber

January

Febru- Marrh
ary

TEXTILE PRODUCTS—Continued
WOOL—Continued
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

13,553
8,104
5,449

17,173
10, 241
6,932

31,461
25,641
5,820

55,614
51,401
4,213

55, 355
51, 247
4,109

39,228
35,287
3,941

24, 410
19, 046
5,363

()
11,991

0)

0)

0)

0)

4,678

5,601

118, 614
40,997
32, 201
8,796
77, 517
57, 260
20, 257

123,096
39,602
31, 357
8,245
83,494
63,128
20,366

(0

(0
0)

4,040

109,533
44, 286
31,102
13,184
65,247
29. 776
35,471

0)

0)

3,247

5,342

0)

0)
96,149
41,534
27,980
13, 554
54,615
22,250
32, 365

MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production^..
pet. of capacity.
Stocks, end of month
thous. of gross.
Fur, sales by dealers
_
.thous. of dol.
Pyroxylin-coated textiles (artificial leather):!
Orders, unfilled, end of mo.-thous. linear y d .
Pyroxylin spread
thous. of lb_
Shipments, billed
thous. linear y d .

30.4
34.9
35.7
6,431
6,014
6,403
' 1, 285 ' 3, 273 '4,402

38.8
6.498
' 4,137

41.0
6,539
3,525

34.6
6,641
2,293

25.6
6,280
2,695

28.6
6,232
2,686

26.3
5,873
2,405

32.1
5,681
3,155

40.4
5,697
3,155

46.5
5,784
2,660

44.0
5,927
2,250

2,118
4,772
5,006

2,252
4,643
4,576

1,887
4,727
4,759

2,087
4,710
4,387

2,243
4,351
3,971

2,415
5,581
5,143

4,562
6,243
5,807

3,578
6,371
6,482

3,132
5,413
5,556

2,797
5,038
5,148

2,886
5,131
5,061

2,398
4,930
4,802

2,227
4,769
4,978

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totals
Commercial (licensed)
For export

number..
do
do

AUTOMOBILES
Exports:
Canada:
Assembled, total.
number..
Passenger cars
do
United States:
Assembled, total§
do
Passenger cars§.
do
Trucks§
do
Financing: f
Retail purchasers, total
thous. of dol..
New cars.
do
Used cars
do
Unclassified
do
Wholesale (mfrs. to dealers)...
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number. _
Hand-type...
_
do
Production:
Automobiles:
Canada, total
do
Passenger cars
_
do
United States (factory sales), total...do
Passenger cars
_
do
Trucks
do..._
Automobile rims..
thous. of rims..
Registrations:
New passenger cars
number_.
New commercial cars
do
Sales (General Motors Corporation):
To consumers in U. S
_.do
To dealers, total*
do
To U. S. dealers....
do
Accessories and parts, shipments:
Combined index
Jan. 1925=100._
Original equipment to vehicle manufacturers
Jan. 1925=100..
Accessories to wholesalers
do
Service parts to wholesalers
do
Service equipment to wholesalers
do

379
270
109

-•474
••318
156

'523
'374
149

'482
'360
122

'579
'441
138

'453
'391

233

482
439
43

406
344
62

565
271
294

447
241
206

420
250
170

4S9
298
191

730
443

2,274
1,592

5,480
4,075

6,027
4,630

4,821
3,040

6,154
4,804

1,913
934

1,202
586

4,874
2,386

4,901
1,947

4,980
2,258

4,776
2,611

4,782
2,797

15,793
8,184
7,609

27,087
16,213
10,874

25, 220
14,430
10,790

27, 087
16, 213
10,874

19,183
8,375
10,808

11, 592
3,985
7,607

7,834
4,493
3,341

18,140
9,461
8,679

19, 676
10, —

22, 688
11,885
10,803

23,032
13, 476
9,556

20,145
9,837
10, 308

26,497
10,863
15,634

121,919
69, 087
52, 214
618
155, 736

141, 790
78, 587
62,449
754
145, 457

138, 572
76, 249
61, 701
621
122, 684

121, 737
67, 000
54,192
545
100, 490

116, 748
62,074
54,103
571
47, 058

94,316
47, 313
417
65, 310

109, 793
59, 525
49. 734
534
130, 332

113,941
64, 000
49, 463
478
134,922

119, 637
69, 705
49,408
524
179,930

••105, 277
' 59,160
45, 617
500
189,184

110, 371
60, 395
49, 487
489
187,466

143,483
83,054
59,879
550
212, 331

65
34,135

65
34, 790

76
35, 501

90
37, 606

75
35, 527

76
38,821

77
35,804

77
38,471

67
33, 737

76
37, 869

59
31, 824

74
30, 600

68
35,358

19,G87
13, 487
432, 746
362,139
70,607
1,823

16,891
12, 791
337,375
273, 409
63,966
1,348

15, 706
11, 585
297, 542
237,870
59, 672
1,244

14,515
10, 585
309, 738
246, 704
63, 034
1,020

9,135
5,112
209, 359
150, 738
58,621

3,475
1,068
99,868
61, 407
38,461
971

3,921
3,494
188, 757
161, 625
27,132
1,585

11, 296
7,791
313, 392
251, 819
61, 573
1,882

16, 756
9,882
351, 785
285, 252
66,533
1,783

16,978
11,491
452,142
373, 804
78, 338
2,07]

17, 213
12, 579
'432,279
r
362. 897
' 69, 382
2,164

18,193
16,612
12,025
12, 779
'404,032 '423, 620
'337, 756 '352, 922
' 66, 276 ' 70,608
1,918
1,850

268, 335
46, 063

280, 834
45, 381

243, 741
40, 482

229, 308
44, 747

182, 633
43, 523

141, 633
32, 983

212, 586
37,923

231, 571
41, 286

246, 544
37, 460

260, 216
45, 650

224,625
41, 336

312,371
53,093

132,612
142, 002
126, 275

129, 053
128,453
112,868

124, 618
139, 694
124,048

102, 031
84, 327
71,803

76,120
12,113
7,436

56, 789
53, 072
47, 606

110, 471
144, 350
129,821

162,881
200, 071
180,133

156,008
207, 637
188, 839

120, 809
181, 088
164,925

123,874
174, 572
160, 458

174, 625
193,522
181,066

170

136

128

125

110

117

128

146

135

143

178

156

164

178
91
174
140

129
132
150
105

120
115
154
108

115
113
166
108

94
113
154
97

104
166
106

133
94
173
106

159
106
183
101

154
107
167
91

177
101
127

201
91
141
104

167
8(5
145
118

174
82
158
139

183.481
196; 747
183,900

RAILWAY EQUIPMENT
(Association

of American

Railroads)

Freight cars, end of mo.:
Number owned
thousands..
Undergoing or awaiting classified repairs
thousands. .
Percent of total on line
Orders, unfilled
-.cars..
Locomotives, end of mo.:
Undergoing or awaiting classified repairs
number.Percent of total on line
Orders, unfilled
._.number.(17. £ . Bureau

of the

1,662

1,657

1,654

1,653

1,650

1,644

1,642

1,641

1,638

1,640

1, 643

1, 645

160
9.9
17,460

221
13.5
6, 391

231
14.2
9,261

223
13.7
10,062

229
14.0
8,448

225
13.8
8,754

195
12.1
23, 028

168
10.4
28, 906

159
9.8
36,193

154
9.6
37, 049

155
9.6
34, 509

155
9.6
28,112

155
9.6
21,112

6,675
16.4
54

8,175
19.4
61

8,640
20.6
63

8,382
20.1
60

8,059
20.3
72

8,337
20.0
63

8,125
19.6

7,558
18.3
64

17.0
44

6,507
15.9
51

6,324
15.5
77

6,496
16.0
70

6, 601
16.2
59

Census)

Locomotives:!
192
168
163
169
Orders, unfilled, end of mo., totaL.number-148
151
150
122
165
184
156
179
136
130
164
133
160
Domestic, total..
_
do
138
143
113
146
118
132
140
140
139
102
92
98
100
92
Electric
do
78
90
72
110
113
72
35
60
21
Steam..
_
_.
..do
42
60
46
30
27 I
40
f
Revised.
» Preliminary.
* Not available.
*New series. Data represent sales to United States and Canadian dealers only; discontinued series included sales of overseas subsidiaries, which are no longer available.
Data on the new basis appear in table 10, p. 12, of the March 1940 issue.
fRevised series. Data on pyroxylin-coated textiles revised beginning January 1938; see note marked with a "f" on p. 55 of the November 1939 Survey. Data on shipments
and unfilled orders, locomotives, revised beginning January 1939 on the basis of a more definite segregation between railroad locomotives shown above and mining and industrial electric locomotives shown on p. 56. Quarterly data beginning 1939 are available from the Bureau of the Census for Diesel-electric, Diesel-mechanical, and gasolinemechanical or steam locomotives, in addition to the data for industrial electric locomotives shown on p. 56 which are for trolley or third-rail and storage-battery locomotives.
Digitized forData
FRASER
on automobile financing revised beginning 1933, see table 11, p. 13, of March 1940 issue.
1 Excludes military planes for domestic use.
§Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

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

i

April

May

June

TRANSPORTATION
RAILWAY EQUIPMENT—Continued
(17. S. Bureau of the Census)
Locomotives— Continued. 1
Shipments, domestic, total
...number..
Electric
_
.do
Steam
do
Industrial electric (quarterly):
Shipments, total
do
For mining use
___
do
(American Railway Car Institute) f
Shipments:
Freight cars, total
number..
Domestic
do
Passenger cars, total
do
Domestic
do
(U. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives, total§
number..
Electric§
_
-do
Steam
do

INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS

Shipments, total
Domestic
Exports

number.
do...
do...

WORLD SHIPBUILDING
(Quarterly)
Launched:
Number
ships.
Tonnage..
..thous. gross tons.
Under construction:
Number
ships.
Tonnage
thous. gross tons _

1940

1939

1940
April

June 1940

July

I August

Sep*
tember

October

°ber m "

D

March

bCerm"

EQUIPMENT—Continued

39
32
7
80
67

87

5,900

5,400
1
1
26

1,313
1,313
12
12

279
279
15
15

2,149
2,148

882

813
804
9

799
740
22
22

1,160
1,110
12
12

2,616
2,616
54
54

4,366
4,136
36

5,160
5,083
0
0

10

109
98
11

129
93
36

61

249
549
719
2,859

140
99
41

152
118
34

131
112
19

5,242
5,142
14
14

.,588

13

16
10

125
119

132
119
13

0)
0)
0)
0)

0)
0)
0)
0)

CANADIAN STATISTICS
Physical volume of business:
Combined index
1926 = 100..
125.2
133.1
125.8
138.6
123.0
121.4
120.5
133.0
116.7
133.3
131.2
121.4
Industrial production:
145.2
Combined index
do
136.2
124.4
127.5
128.3
119.1
123.9
139.7
139.0
138.2
127.0
123.3
52.1
61.6
59.6
59.7
48.6
51.1
Construction
do
53.6
43.2
40.3
61.7
61.2
48.9
239.8
243.4
238.8
241.1
246.0
226.4
Electric power
do
235.6
245.6
239.2
239.0
235.5
248.1
134.2
112.9
116.5
121.3
109.5
146.8
112.3
143.7
Manufacturing
do
136.9
123.3
113.3
136.9
125.4
120.6
126.4
130.7
120.2
114.2
139.3
Forestry
do
127.6
142.4
119.0
112.6
128.7
200.9
228.9
233.2
223.2
219.6
238.5
194.2
Mining
do
202.4
185.7
232.7
236.7
215.6
Distribution:
118.3
118.4
Combined index
...do
110.6
109.6
116.8
119.1
119.7
115.9
112.9
114.3
115.8
111.5
82.0
95.6
Carloadings
do
76.8
69.2
83.1
82.6
86.7
71.3
80.0
84.0
73.4
81.1
112.8
122.1 I 122.8
115.1
106.3
123.7
130. 5
120.3
106.9
114.3
96.8
118.1
Exports (volume) t
do
93.2
102.0
86.1
78.0
107.4
108.1
109.7
99.7
102.1
83.5
91.2
87.7
Imports (volume)
do
135.9
138.0
139.6
141.8
139.3
138.3
137.3
137.1
Trade employment
..do
138.0
137.5
141.7
137.2
Agricultural marketings:
101.3
112.4
174.4
96.5
134.8
40.5
76.8
Combined index
do
101.3
36.7
60.3
102.6
151.1
105.7
117.7
196.5
96.0
Grain...
do
148.0
107.1
29.2
105.9
33.8
76.5
166.2
58.5
81.9
83.2
Livestock
do
75.2
70.1
75.7
99.6
75.6
87.5
70.5
78.3
88.7
68.1
Commodity prices:
85.6
83.1
82.9
83.0
Cost of living
do
85.1
83.1
85.0
85.3
85.7
83.1
82.9
84.7
'85.1
Wholesale prices
do
83.1
83.2
73.4
82.6
73.3
72.6
80.3
81.7
73.7
79.3
78.2
72.4
82.8
Employment (first of month):
111.9
116.2
114.4
113.1
117.5
119.6
123.6
Combined index
do
106.2
115.8
121.7
122.7
113.5
104.9
59.6
68.8
58.1
115.3
146.3
152.2
117.6
94.2
133.1
131.5
Construction and maintenance
do
91.6
93.8
55.4
123.4
120.5
118.2
111.4
112.8
115.3
122.1
108.4
111.3
119.7
122.2
122.6
107.1
Manufacturing
do
164.4
168.4
160.5
165.6
168.0
171.0
164.7
155. 8
164.1
170.3
157.4
171.3
167.1
Mining.
do
133.4
131.8
141.8
149.8
151.7
135.2
133.2
147.6
136.1
133.7
132.9
132. 6
131.4
Service
do
137.6
136.4
136.6
135.5
134.9
140.2
135.1
137.4
138.6
131.1
144.7
149.9
134.9
Trade
do
82.8
83.3
86.5
87.5
90.0
90.6
81.4
87.6
94.8
89.7
83.0
79.3
84.5
Transportation
do
Finance:
2,832
2,674
2,390
2,377
2,930
3,057
2,955
2,413
2,899
2,473
2,839
2,831
Bank debits
mil. of dol._
132
99
154
95
136
111
120
105
94
89
83
93
Commercial failures*
number...
Life insurance sales, new paid for ordinary!
32, 244 28, 558
37,117
34, 677
36,062
33,726
36, 692
31,820 30, 265
thous. of dol.. 32,248 28, 229 33, 657 35,766
Security issues and prices:
89,109 154,583 213,421 111, 462
50, 590 268,083
60, 890
78,996 322, 906 116,510 95,037
73,733 113, 451
New bond issues, total
..-do
72. 4
74.4
68.1
78.3
76.5
74.0
73.4
75.1
73.4
67.5
68.4
67.0
66.8
Bondyieldsf
..1926 = 100..
97.0
94.2
101.2
100.1
106.0
103.6
99.0
96.2
99.2
99.7
99.1
97.0
97.3
Common stock prices
do
Foreign trade:
90,854
91, 419
98,490 101,973
72,314 83,465
77, 570 76, 641 76, 476 82,457
Exports, totalf
thous. of dol._ 84,693 50, 987 80, 774
5,082
10, 358
15, 641 16, 849
20, 635 34,412
2,832 13, 655
14, 637
13, 781 10, 273
8,628
6,598
Wheat
_
thous. of bu__
725
379
573
417
903
275
401
444
716
516
403
559
Wheat flour
thous. of bbl..
71,104
62,
708
84,
561
73,564
~85,~980
79,053
72,109
76,734
41,
908
63,709
72,
958
58,
580
71,042
Imports
thous. of dol..
Railways:
229
295
248
215
195
210
199
179
196
270
200
195
Carloadings
_.-thous. of cars..
Financial results:
42,960
39,681
33,232
25,191
27,
794
29,
774
36,703
30,
495
29,
680
26,160
30,000
30,145
Operating revenues
thous. of dol._
29, 571 26,985
25,146
25, 855
22, 906 25, 261 24,296 26, 038 27, 054
24,552
25,422
Operating expenses
do
25, 643
1,429
12,049
10,083
3,373
11,222
8,199
1,029
3,190
601
529
3,335
Operating income
do
3,271
Operating results:
2,394
2,114
4,800
3,753
3,371
2,791
1,957
2,431
1,819
2,976
Revenue freight carried 1 mile_mil. of tons..
2,757
2,559
180
153
115
144
134
101
196
168
186
Passengers carried 1 mile
.mil. of pass..
134
129
168
Production:
Electrical energy, central stations
2,607
2,293
2,381
2,590
2,535
2,526
2,197
2,333
2,246
2,206
mil. of kw.-hr..
2,367
2,426
88
66
66
86
95
105
84
46
58
53
60
Pig iron.
thous. of long tons..
87
92
147
122
124
150
150
166
121
111
Steel ingots and castings
do
100
108
153
140
157
1,960
1,382
1,927
2,090
1,600
1,266
1,192
1,114
1,106
Wheat
flour
thous. of bbl._
1,188
1,247
1,257
'Revised.
* Data not available since the outbreak of the war.
*New series. Data compiled by Dun and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 1934
appear in table 54, p. 18, of the November 1939 issue
§Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey.
fData on life insurance sales revised beginning January 1936. Revisions not shown on p. 56 of the September 1939 Survey will appear in a subsequent issue. Revised
data on value of exports beginning 1926 are shown in table 15, p. 17, of the March 1940 issue. For the index of volume of exports, revisions are available for 1938-39. Data not
shown on p. 56 of the January 1940 Survey will appear in a subsequent issue. Indexes for the period 1926-37 are available only on the old basis. Data on bond yields revised
beginning 1932; revisions not shown on p. 56 of the March 1940-Survey will appear in a subsequent issue. Data on railway equipment shipments revised beginning 1918; see

table 14, p. 16, of the March 1940 Survey.

http://fraser.stlouisfed.org/
USee footnote marked
Federal Reserve Bank of St. Louis

with a " t " on p. 55.

u. s. GOVERNMENT PRINTING OFFICE: 1940

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
40
Foodstuffs and tobacco
41
Fuels and byproducts
45
Leather and products
46
. Lumber and manufactures
47
Metals and manufactures:
Iron and steel.
48
Nonferrous metals and products
.
49
Machinery and apparatus
50
Paper and printing
51
Rubber and products
„__
52
Stone, clay, and glass products
53
Textile products
54
Transportation equipment
.»
55
Canadian statistics
56

CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
Abrasive paper and cloth (coated)
52
Acceptances
-_
30
Accessories—Automobile
55
Advertising
23
Agricultural products, cash income received
from marketings of
20
Agricultural wages, loans...29,30
Air-conditioning equipment
50
Air mail
23
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, 29, 54
Asphalt
46
Automobiles
19, 23, 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
48, 49
Bonds, prices, sales, value, yields
30,35
Book publication52
Boxes, paper..
52
Brass
____
50
Brick
53
Brokers' loans
30
Bronze
50
Building contracts awarded
21, 22
Building costs
22
Building materials
20, 47, 53
Building permits issued
21, 22
Butter
„
41
Canadian statistics
56
Canal traffic
37,38
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, 45
Civil-service employees
.
26
Clay products
25, 27, 28, 29, 53
Clothing
20, 24, 25, 26, 27, 28, 29, 54
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, 22
Costs,.
22
Highways
22
Wage r a t e s . . .
29
Copper
49
Copra and coconut oil
39
Cost-of-living index
20
Cotton, raw and manufactures
20, 21, 54
Cottonseed,
cake and meal, oil
39




Page
Crops
19,20,42,43,44,54
Currency in circulation
32
Dairy products
19,20,41,42
Debits, bank
_
30
Debt, United States Government
32
Delaware, employment, pay rolls
26, 27, 29
Department-store sales 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-- 40, 41
Electric street railways
.
37
Employment:
Cities and States
26
Nonmanufacturing
26
Emigration
38
Enameled ware
49
Engineering construction
22
Exchange rates, foreign
32
Expenditures, United States Government-—
32
Explosives
-__
38
Exports..
36
Factory employment, pay rolls
25, 26, 27, 28
Fairchild's retail price index
20
Fares, street railways
37
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
23
Fish oils and
fish
.
39, 44
Flaxseed
40
Flooring, oak, maple, beech, and birch
47
Flour, wheat
43
Food products
.
20,25,26,28,29,41
Footwear
46, 47, 53
Foreclosures, real estate
23
Foundry equipment
50
Freight carloadings, cars, indexes
37
Freight cars (equipment)
.
55
Freight-car surplus
37
Fruits
20,42
Fuel equipment.
50
Fuels
. _ 45,46
Furniture
48
Gas, customers, sales, revenues
41
Gas and oil fuels
.
,
45, 46
Gasoline
46
Gelatin, edible
-__
44
General Motors sales
55
Glass and glassware
_„_ 19, 25, 27, 28, 29, 53
Gloves and mittens
46
Gold-..
32
Goods in warehouses
-~
23
Grains
. . - 20,34,42,43
Gypsum
53
Hides and skins
21, 46
Hogs
__43
Home loan banks, loans outstanding
23
Home mortgage insurance
23
Hosiery
.
54
Hotels
26,28,38
Housing
20, 22, 23
Illinois, employees, factory earnings
26, 27, 29
Imports
36,37
Income payments
19
Income-tax receipts
32
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
19,49,50
Leather
19, 21, 25, 26, 27, 28, 29, 46
Leather, artificial
.
55
Linseed oil, cake, and meal
40
Livestock
19, 20,43
Loans, agricultural, brokers', real estate. _ 23, 30, 33
Locomotives
. 55, 56
Looms, woolen, activity
54
Lubricants . . .
46
Lumber
20, 25, 27, 28, 47
Machine activity, cotton, wool
54
Machine tools, orders
,
50
Machinery
_ 25, 27, 28, 50
Magazine advertising
.
23
Manufacturing indexes
.
19
Marketings, agricultural
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
_ 41,42
Minerals
______ 19,26,28,45,49
Naval stores
39
Netherlands, exchange rates
32

Page
New Jersey, employment, pay rolls
26, 27
Newsprint
52
New York, employment, pay rolls, canal
traffic—
__
26,27,37
New York Stock Exchange
35,36
Oats
.
42
Ohio, employment
26
Ohio River traffic
38
Oleomargarine
40
Oils and fats.__
39,40
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
23, 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
32,34,35,36
Pullman Co
38
Pumps
50, 51
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
24
Rural general merchandise
25
Rice
42
Roofing
40
Rubber, crude, scrap, footwear, tires
19,
20, 25, 26, 27, 28, 29, 52, 53
Savings deposits
«.
31
Sheep and lambs
«,
43
Shipbuilding
-_56
Shoes
21, 25, 26, 27, 28, 29, 46, 47
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, 21, 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
„
38
Sulphuric acid
38
Superphosphate
39
Tea
20,21,44
Telephone, telegraph, cable, and radiotelegraph carriers
38
Textile products
54, 55
Tile, hollow building
53
Tin
_
20, 21, 50
Tobacco
19, 26, 27, 28, 29, 44, 45
Tools, machine
-__.—
50
Trade unions, employment
26
Travel
_
_._
38
Trucks and tractors, industrial, electric
56
United States Government bonds
35
United States Steel Corporation
36,49
Utilities
32, 34, 35, 36
Vacuum cleaners
51
Variety-store sales index
24
Vegetable oils
39, 40
Vegetables_
20,42
Wages
28, 29
Warehouses, space occupied
-_23
Waterway traffic
_
_ . - 37, 38
Wholesale prices
_
_ - - 20, 21
Wire cloth
_
50
Wisconsin, employment, pay rolls, and
wages
_
26, 27, 29
Wood pulp
_
--_
51
Wool
_
54,55
Zinc
19,50

U. S. DEPARTMENT OF COMMERCE
HARRY L. H O P K I N S , Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
JAMES

W.

YOUNG,

Director

Washington Divisions and Chiefs
Administrative Assistant: John S.
Collins.
Accounts: H. W. Haun.
Automotive-Aeronautics Trade: Paul R.
Mattix.
Business Review: M . Joseph Meehan.
Chemical: Charles O. Concannon.
Commercial Intelligence: Frank R. Eldridge.

Commercial Laws: Guerra Everett.
Correspondence: R. H. Brasel.
District Office: Robert Sevey.
Editorial: Griffith Evans.
Electrical: John H. Payne.
Files: W. F. Smith.
Finance: Amos E. Taylor.
Foodstuffs: Fletcher H. Rawls.
Foreign Service Liaison: George Wythe.

Foreign Tariffs: Henry Chalmers.
Foreign Trade Statistics: Bernard Barton.
Forest Products: Phillips A. Hayward.
Leather and Rubber: Everett G. Holt.
Machinery: L. M. Lihd.
Marketing Research: Nelson Miller.
Metals and Minerals: Walter A. Janssen.

Motion Picture: Nathan D . Golden.
National Income: Robert R. Nathan.
Regional Information: Louis Domeratzky.
Specialties: Horace B. McCoy.
Textiles: Edward T. Pickard.
Tobacco: B. D . Hill.
Transportation: Thos. E . Lyons.

District Offices and Managers

Cooperative Offices

Atlanta, Qa.: W. H. Schroder, 327 New Post Office Building.
Birmingham, Ala.: Harry J. White, 242 Federal Building.
Boston, Mass.: 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, III.: George C. Payne, 357 U. S. Courthouse.
Cleveland, Ohio: Joseph W. Vander Laan, 400 Union Commerce Building.
Dallas, Tex.: Harold M. Young, Chamber of Commerce Building.
Detroit, Mich.: Richard Stephenson, 371 New Federal Building
Honolulu, T. H.: Marion A. Leonard, Aloha Tower.
Houston, Tex.: Chester Bryan, Federal Office Building.
Jacksonville, Fla.: C. Parker Persons, Federal Building.
Kansas City, Mo.: David I. White, 724 Dwight Building.
Los Angeles, Calif: Walter Measday, 1540 U. S. Post Office and'Courthouse.
Louisville, Ky.: 654 Federal Building.
Memphis, Tenn.: Noland Fontaine, 229 Federal Building.
Minneapolis, Minn.: Silas M . Bryan, 201 Federal Office Building.
New Orleans, La.: Harold C. Jackson, 408 Maritime Building.
New York, N. Y.: John F. Sinnott, 602 Federal Office Building^Churchland Vesey
Streets.
Norfolk, Va.: W. Duval Brown, 409 Federal Building.
Philadelphia, Pa.: William M, Park, 1510 Chestnut Street.
Pittsburgh, Pa.: Charles A. Carpenter, 1013 New Federal Building.
Portland, Or eg.: Howard E. Waterbury, 215 New Post Office Building
St. Louis, Mo.: Clyde Miller, 635 New Federal Building.
San Francisco, Calif.: John J. Judge, 311 Customhouse.
San Juan, P. R.: A. Cyril Crilley, P . O. Box 4272, 305 Ochoa Building.
Seattle, Wash.: Philip M . Crawford, 809 Federal Office Building.

(Under direct supervision of Washington headquarters)
Cincinnati, Ohio, Emma Herier, Chamber of Commerce Building.
Denver, Colo., Elizabeth Pettus, 518 Customhouse.
Indianapolis, Ind., Francis Wells, Chamber of Commerce Building.
Milwaukee, Wis., H. W. Gehrke, Milwaukee Association of Commerce.
Mobile, Ala., Annie Howard, XJ. S. Courthouse and Customhouse Building.
Rochester, N . Y., Andrew P . Moody, Chamber of Commerce.
Savannah, Ga., Joseph G. Stovall, 403 U. S. Post Office and Courthouse Building.
Wilmington, Del., Margaret V. Donnelly, 319 New Federal Building.
Jointly supervised by district offices and local commercial organizations. Address:
Foreign Trade Secretary, Chamber of Commerce, with following exceptions:
(1) United Chambers of Commerce, (2) Association of Commerce, (3) Manufacturers' Association, (4) Maine State Chamber of Commerce, (5) Department of Conservation and Development.
Akron, Ohio
Anniston, Ala. (1)
Baltimore, Md. (2)
Beaumont, Tex.
Binghamton, N . Y.
Bridgeport, Conn. (3)
Charlotte, N. C.
Chattanooga, Tenn. (3)
Columbus, Ga.
Columbus, Ohio
Dayton, Ohio
Erie, Pa.
Fort Smith, Ark.
Fort Worth, Tex.
Greensboro, N . C.

Hartford, Conn. (3)
Keokuk, Iowa
Lake Charles, La. (2)
Laredo, Tex.
Longview, Wash.
Lowell, Mass.
Miami, Fla.
New Haven, Conn.
Newark, N . J.
Oakland, Calif.
Oklahoma City, Okla.
Omaha, Nebr.
Pensacola, Fla.
Portland, Maine (4)
Providence, R. I.

Raleigh, N. C. (5)
Richmond, Va.
Rockford, 111.
San Antonio, Tex.
San Diego, Calif.
Spokane, Wash.
Springfield, Mass.
Syracuse, N . Y.
Tacoma, Wash.
Tampa, Fla.
Toledo, Ohio
Trenton, N . J.
Waterbury, Conn.
Wichita, Kans.
Worcester, Mass.

Commercial Activities of the Foreign Service of the United States
The Department of Commerce advises with
and directly assists American business interests in matters concerned with foreign trade,
and determines the nature of commercial information to be obtained regarding markets
and economic conditions abroad, and is
charged with the compilation and analysis of
such information and its dissemination in the
United States.
The Foreign Service of the United States
is under the direction of the Secretary of
State, and in accordance with existing statutes, responsible for the protection and promotion of American foreign trade in foreign
markets and for the collection and submission
of information on foreign markets and economic conditions abroad.
While the Foreign Service establishments of
the Department of State throughout the world
are prepared to give specific information desired by American firms as to market conditions for their products and the names of
prospective agents, it is generally advisable
for American firms, however, in the first instance, to communicate with the Bureau of
Foreign and Domestic Commerce, Washington,



D. C, or the appropriate district office since
the information desired is frequently in the
possession of the Bureau of Foreign and Domestic Commerce from reports already submitted by the Foreign Service establishments
of the United States abroad or from other
official or unofficial sources.
In the event that the desired information
is not available in the Bureau of Foreign and
Domestic Commerce, appropriate instructions
will be sent to the Foreign Service officers
concerned.
Commercial Attache's, charged with the
promotion of American trade and with the
study of commercial, industrial, and financial
developments, form a part of the following
diplomatic missions.
American Embassies
Berlin, Germany.
Bogota, Colombia.
Brussels, Belgium.
Buenos Aires, Argentina.
Caracas, Venezuela.
Habana, Cuba.
Istanbul, Turkey.
Lima, Peru.
London, England.

Madrid, Spain.
Mexico, D. F. f Mexico.
Panama, Panama.
Paris, France.
Rio de Janeiro, Brazil.
Rome, Italy.
Santiago, Chile.
Shanghai, China.
Tokyo, Japan.

American Legations
Athens, Greece.
Cairo, Egypt.
Copenhagen, Denmark.
Guatemala, Guatemala.
The Hague, Netherlands.
Managua, Nicaragua.
Oslo, Norway.

Ottawa, Canada.
Pretoria, Union of Sout
Africa (address Comme
cial Attachfi, % Consula
General, Johannesburg
Quito, Ecuador.
Stockholm, Sweden.

Inquiries relating to the market condition
in the countries listed above should be ad
dressed as follows, e. g.:
"The Commercial Attache*, American Em
bassy, London, England," or "The Commei
cial Attache*, American Legation, Guatemala
Guatemala."
Inquiries on the part of American firms t
the Foreign Service establishments not liste
above should be addressed as follows, e. g.:
"The American Consul, Sao Paulo, Brazil.
A complete list of the Foreign Service estat
lishments of the Department of State through
out the world may be obtained upon reques
from the Department of State, Washingtor
D. C, or from the nearest district office c
the Bureau of Foreign and Domestic Con
merce.