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SURVEY OF
CURRENT
BUSINESS
JUNE 1942
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
EXECUTIVES...!
As an Executive or Administrator Who Can Do Things
YOU Are in a Key Position To Help Your Country
IHERE is urgent need for high-grade
personnel to serve our Government
in the war program. Some of the
types of executives needed are:
m Industrial consultants or management engineers.
© General executives or administrators
with experience in fields such as:
a. Heavy industries, machine tools,
iron and steel, nonferrous metals, light and heavy machinery.
h. Transportation, including ocean
shipping, rail, or motor carriers.
c. Foreign trade, with knowledge
of the economic and political
conditions of various countries
gained either through direct
experience in those countries
or through import-export firms.
© Executives with experience in labor
relations, personnel management, and
industrial training.
© Administrators familiar with purchasing, storage, warehousing, and
inventory control.
Compensation
for these positions
ranges from $3,800 to $8,000 per year.
Many of you may be earning three to
UNITED
STATES CIVIL
five times this amount, yet this provides you an opportunity to render
significant, patriotic service to your
Government. All appointments are
on the basis of war service, not to exceed the duration of the war and six
months thereafter.
Discovering
competent individuals
who can ably execute the duties of
these important positions is one of the
responsibilities of the U. S. Civil Service Commission. The Commission is
now establishing a reservoir of material on qualified candidates for all
types of high-grade positions, including executive, administrative, technical, and professional (except Law) for
the purpose of supplying the needs of
the war agencies.
I
Have your secretary write to
the Administrative and Management Placement Section,
U. S. Civil Service Commission,
Washington, D. C, requesting
an application. Please mention this notice.
SERVICE
COMMISSION
SURVEY OF
CURRENT BUSINESS
JUNE 1942
ECONOMIC HIGH LIGHTS
2
THE BUSINESS SITUATION
3
Durable manufactures expanding
3
Increased tank car shipments of petroleum products
4
Sugar shortage
5
BUSINESS INVENTORIES IN THE WAR PERIOD
6
CORPORATE PROFITS AND NATIONAL INCOME ESTIMATES,
QUARTERLY, 1938-42
13
PRICE CEILINGS AND
AMERICAN ECONOMY
19
WARTIME
CONTROL
OVER
THE
STATISTICAL DATA:
Monthly business statistics
General index
S—1
Inside back cover
Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued through
the Bureau of Foreign and Domestic Commerce, CARROLL L. WILSON, Director
Volume 22
Number 6
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS, $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.
Foreign subscriptions, $3.50. Price of the 1940 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
1
SURVEY OF CURRENT BUSINESS
June 1942
Economic Highlights
Better Freight Car Use Cuts Loadings
Farm Prices, Income Continue Advance
Recession of carloadings below 1941 is partly due to significant
lag in miscellaneous loadings, which in May averaged less
than 20,000 cars weekly above last year. But chief factor is
drastic reduction in loadings of merchandise in less-than-carload
lots. Minimum weight of 6 tons for such carloads became
effective May 1 . . . should save several million out of 8 mil-
Farm income continues to increase in one of the most striking
economic aspects of war period. Heavy foreign requirements
for food and other agricultural products, combined with expanding demands of better-paid war and other workers, provide basis
for spectacular rise—35 percent in the past year—in prices
realized by farmers for their output. Government during this
INDEX
175
THOUSANDS OF CARS
180
^ N / * " l ^
150
PRICES RECEIVED BY FARMERS
(AUGUST 1909-JULY
.
140
1914 = 100)
_. _ .
100
100
75
'CASH INCOME FROM FARM MARKETINGS
(1924-29 = 100)
I I
!
!
i
l
l
I
I
I
1
1
!
!
1
1
1
1
1
1
50
1
1942
1941
Weekly Freight Carloadings of L. G. L. Merchandise
lion 1. c. 1. carloads last year, when average shipped in these
cars was only 5.3 tons. Effect is principally to curtail duplicate,
excessive service, rather than volume of merchandise shipped.
Need to limit new car construction to conserve materials and
convert plants employed in car building . . . and at same time
insure prompt, adequate transportation for war and essential
uses . . . makes imperative improved utilization of freight cars.
Minimum 1. c. 1. load will be raised to 10 tons by next September.
Object—to provide a cushion of 50,000 or more cars per week
against supurging war industry freight.
1939
1940
1942
Indexes of Cash Income From Farm Marketings, Adjusted for Seasonal
Variations, and Prices Received by Farmers
period bought over 1 billion dollars of food products largely for
shipment to other United Nations. Farm production, up
to meet these requirements, supplies domestic consumers
liberally with most foods. Farmers' returns . . . in first 4
months nearly 50 percent greater than last year . . . will probably increase 2 billions to a near-record of 13.7 billions for all of
1942. Farm prices and income have now largely attained objectives of Government programs since 1933. But many farm
product prices, still exempt from formal control, are free to
advance further . . . increase the cost of living.
Summer Stocking of Coal Vital Wartime Measure
Building up consumers' coal
stocks this summer is vital precautionary measure. Slackening
in coal production and shipments
would place unnecessary burden upon railroads in autumn
and winter to fulfill seasonally
larger requirements for railroad
fuel, electric power generation,
and heating . . . might result
in serious stringency. Expected
increase of perhaps 10 percent
in coal consumption this coming winter might exceed railroads'
coal car capacity. Reduced supplies of fuel oil on East Coast also
create important need for more
extensive use of coal. Emergency
loading of coal in box cars is possible . . . but serious strain upon
all railroads' freight car and lo-
MILLIONS OF NET TONS
80
20
1940
1941
1942
Production, Consumption, and Stocks of Bituminous Coal
comotive equipment is foreseen
Planned wartime mobilization requires optimum off-season use of
railroad facilities.
Bituminous
coal stocks at the end of April
were the largest on record for
this season . . . approached last
winter's all-time peak . . . as coal
loadings, which had been laggard,
were stepped up in mid-April and
continued during May at the
highest level for the month in almost two decades. Coke shipments are likewise heavy; the current volume of ore loadings is unprecedented. The result—surplus (serviceable but inactive)
gondola and hopper cars number
under 5,000. But another 30,000
await repairs . . . could aid in
stocking coal.
June 1942
SURVEY OF CURRENT BUSINESS
The Business Situation
activity is increasingly taking on the
BUSINESS
aspect of economic warfare. Business developments in May and early June are best understood as
phases of the economic struggle. Production of war
goods rose while production of consumer goods fell.
War expenditures by this Government almost reached
the 4-billion-dollar monthly level and promise to total
around 47 billion for the year. National income payments are estimated at 8.8 billions in May but people
increasingly saved their money as total retail sales
dropped to 4.4 billions in dollar value and in physical
volume fell 23 percent below last May.
Merchants, anticipating the several deadlines set by
the War Production Board for the cessation of various
consumer-goods' production, received from manufacturers in April spectacular additions to their inventories
(see table 2, p. 7.). Consumers got their first experience
of rationing. Plans for much wider extension of rationing are being drafted. Wholesale prices, as reflected in
the Bureau of Labor Statistics general indexes, responded to the setting of price ceilings by ending the
month almost precisely where they began it. The
Office of Price Administration undertook its tremendous task of administering and enforcing the ceiling
prices.
Industrial production in May according to available
indications, appears, on balance between expanding
war output and contracting consumer-goods production,
to have changed but little. The new high attained
by the Federal Reserve seasonally adjusted index in
April and apparently held in May tends to dispel
fears, that had been entertained earlier, of a temporary
slump during the height of the industrial conversion to
war activity. It is believed that the output of war
goods will gain so fast from here on as to more than
offset any foreseeable decline in civilian industries.
Activity underlying the mounting production index
is nevertheless a welter of new and converted plants
tuning up, others shutting down, uneven flow of materials, labor migration, and various sorts of bottlenecks.
The War Production Board in May applied for the first
time in this country the principle of concentration of
output. Large-scale producers of stoves were ordered
to cease production after July 31, while smaller companies were permitted to continue the output of ceitain
models. The manufacturing facilities of the large producers are, of course, freed for turning out war goods.
The scrap industry continues to grow in importance as
the need increases for reclaimed materials of many
kinds. The War Production Board brought more materials under complete allocation, including some chemicals important in making war supplies, and ordered
more industries, chiefly in the consumer durable group,
to limit or entirely cease output.
Durable Manufactures Expanding.
The durable goods industries, accompanied by the
minerals, have led the industrial advance. Transportation equipment, as may be seen in figure 1, continued
its spectacular rise which reflects, of course, airplane
and other war goods output. It was well seconded by
machinery production which also includes war materials.
Great Lakes shipments of iron ore in the season up
to June 1, amounted to more than 21 million tons.
These large shipments were made possible through the
construction of new freighters and conversion of others,
among them former grain ships.
Both open-hearth and electric furnaces are operating
close to capacity with the supply of scrap currently
favorable and stoppages for repairs held to a minimum.
Ordinarily, ingot production would be expected to fall
somewhat during the hot summer months. Exceeding
the May record of 7.4 million tons before October will
be a challenge to labor and management.
Figure 1.—Indexes of Production of Selected Durable Manufactures, Adjusted for Seasonal Variations
1935-39= 100
400
/
/
/
/
300
/
TRANSPORTATION 'OUIPMENT.
£
/£/?
MA CHIP
^C-
,'
oooooooo
V\
°/
f
\
\
^-—1
IRON AND STEEL\
,
>° \
/CEMENT ^'
\
'—\
100
^
V
" ' ^
_ ^
^^^LUMBER
1
1
I
!
!
!
!
1940
1
1
!
!
1
I
1941
I
1 1 1 1 1 1 i 1
1942
Source: Board of Governors of the Federal Reserve System.
Lumber production continues to lag behind new
orders and shipments. Statements of 470 reporting
mills reveal that for the first 20 weeks of 1942, production was 3 percent below the level for corresponding
weeks of last year. Shipments were larger by 6 percent and new orders by 9 percent. Unless the present
rate of production can be increased, lumber may soon
be in a critical category similar to steel. Basic factors
explaining this situation are diversion of labor to higher
SURVEY OF CURRENT BUSINESS
paid jobs, a log shortage on the west coast, unfavorable weather conditions earlier in the year, and increased costs.
Production of cement continues to increase in response to heavy demand. The type of building operations projected for the year will require more than
the usual amounts of cement. For the first 5 months
output has been about one-quarter larger than in the
same months last year. Because the industry operated through the winter at unusually high levels,
however, it has not been possible for it to score the
usual seasonal gains as winter yielded to spring, and
consequently the seasonally adjusted index pictured in
figure 1 shows a large slump.
The nondurable goods production index, seasonally
adjusted, maintained the gradual decline in evidence
since last autumn. Numerous industries participated
in this decline. Chemicals and cotton textiles, both
Figure 2.—Indexes of Production of Selected Nondurable
Manufactures, Adjusted for Seasonal Variations
1.935-39 = 100
200
Rayon deliveries continue at high levels despite the
moderate decline since the first of the year. Industries
which formerly used silk and nylon are adjusting their
operations to use rayon as the principal substitute.
Production of women's full fashioned rayon hosiery is
increasing. Rayon staple is also being used to a much
greater extent in combination with wool as a means of
wool conservation. The present expectation is that
even military uses for rayon fabrics will increase from
now on. Demand remains ahead of rayon production.
Figure 3.—Tank Car Shipments of Crude Petroleum and Its
Products Into 17 Eastern States and the District of Columbia, Daily Average Basis
THOUSANDS OF BARRELS
800
r
600
f
/
400
/
200
f
N
COTTON CONSUMPTION
1
27
150
June 1942
RAYON DELIVERIES,
O°P°°
^/~o/
194!
1 1
1 J i 1
1942
0 0 43-B09
Source: Office of the Petroleum Coordinator for War.
Increased Tank Car Shipments of Petroleum Products.
100
50
1940
1
1941
1942
DD 42-189
Data for April 1942 were not available in time to include them in this chart.
Tank car deliveries of petroleum products to the
East Coast area, as shown in figure 3, averaged over
600,000 barrels daily during May. Other measures being taken to supply the East Coast include relocation
and rebuilding of pipe lines, but probably will not raise
the total inland deliveries much above 1,000,000 barrels
daily by the end of the year—perhaps 300,000 barrels
short of present curtailed requirements, with gasoline
Source: Board of Governors of the Federal Reserve System.
East Coast Demand and Supply of Petroleum
contributing heavily to war materials output, were, as Table 1. —Products,
October 1940-September 1941
is evident from figure 2, outstanding exceptions.
[Millions of barrels]
Chemical output continues the strong rise under way
for the last year.
1941
1940
Nearly three-quarters of all cotton textile mills have
Item
Total
Fourth
First
Third
Second
war orders, which in some cases employ from 30 to 40
quarter quarter quarter
quarter
percent of their capacity. Demands of the armed
Demand:
forces for various cotton fabrics run into hundreds of
216.6
52.9
58.4
46.0
59.3
Gasoline
159.5
41.2
38.2
44.7
35.4
Residual fuel oil
millions of yards. Another important element in the
89.1
26.9
15.7
33.9
12.6
Distillate fuel oil
36.1
11.8
6.4
11.6
6.3
Kerosene
demand for cotton manufactures, estimated by the
16.8
3.7
5.1
3.3
4.7
Lubricants
27.4
5.8
7.9
5.4
8.3
All other
Department of Agriculture to require more than 3
545.5
142.3
144.9
131.7
Total
126.6
million bales, is the need to replace imported raw
Supply:
fibers and manufactures such as jute, silk, flax.
86.2
20.8
20.8
20.3
24.3
By boat, foreign
4.6
1.4
1.6
1.1
0.5
By boat, California
The wool textile industry, despite the decline of its
437.8
113.1
109.7
By boat, Gulf
109.4
105.6
2.7
10.0
1.9
By pipe line
4.0
1.4
output since the year end, is in the best statistical
0.2
0.0
3.0
0.0
2.8
By tank car and barge
position in recent years. Its backlog of unfilled orders
541.6
133.2
138.2
Total receipts
133.0
137.2
-3.9
-11.9
-9.1
+6.5
+10.6
Change in all stocks
is at record levels. Military orders, in amounts greater
545.5
142.3
144.9
131.7
Total supply
126.6
than total World War I production, form an important
part of this backlog.
Source: U. S. Bureau of Mines.
June 1942
SURVEY OF CURRENT BUSINESS
and nonessential use of light fuel oil rationed to 50
percent of normal. The necessity of strict rationing
will continue, occasioned by inability of inland facilities
fully to replace tankers formerly the chief means of
supplying the East Coast, as indicated in table 1.
In the Pacific Northwest, tank car deliveries have
likewise been increased, while gasoline consumption
is curtailed to two-thirds of normal demand.
juices without extracting any of the sucrose for the
manufacture of sugar. Thus, a gallon of high-test
molasses, weighing about 12 pounds, contains about 9
pounds of sugar solids as compared with about 6%
pounds for a gallon of blackstrap molasses of the same
weight.
Figure 4.—Estimated Consumption" of Sugar (Short Tons,
Raw Value) in Continental United States, 1941
Shipping Shortage—Not Sugar Shortage
Early this year a shortage of sugar, principally in
the northeastern section of the country, had developed
because of the following factors:
1. The dependence of the northeast on imported raw
sugar from the Philippines, Hawaii, Cuba, and Puerto Rico.
2. The complete loss of supplies from the Philippine
Islands.
3. A partial loss of some supplies from Hawaii.
4. The plan to utilize a large portion of the cane supply
in Cuba for the production of high-test molasses.
5. The plan to provide large supplies to Great Britain
and Russia.
6. Large purchases by consumers, principally for the
purpose of hoarding.
The shortage of potential supplies has been alleviated
since the first of the year by several factors. Today
the key to the situation is not so much a shortage of
offshore sugar as it is a shortage of shipping to move
it to the United States.
In 1941 the consumption of sugar reached record
levels because of increased consumer purchasing power.
In times of prosperity consumption of sugar by industrial users increases rapidly. In figure 4, the estimated
uses by various types of consumers in 1941 are indicated.
The demand for sugar has been strictly limited by
the rationing program instituted by OPA. Recent
receipts of sugar from offshore areas, together with
domestic supplies, are in excess of rationed requirements. Of course, an increase in the stocks on hand
within the United States is advisable, in order to insure
against any shortage of supplies, as happened in the
first part of 1942, that may be occasioned by transportation difficulties.
The current sugar shortage is not caused by the
necessity to use sugarcane as a basic raw material for
the production of industrial alcohol. Rather, it is the
inability to obtain ships to move to the United States
the large quantities available in offshore areas. Supplies
are accumulating in offshore areas, and next year's
crops should show further increases. When normal
shipping can be resumed, supplies can be moved to the
United States to alleviate the present shortage.
In recent years alcohol has been produced principally from high-test and blackstrap molasses. Blackstrap molasses is a by-product of the manufacture of
raw and refined sugar. High-test, or invert, molasses,
however, is manufactured directly from sugarcane
CANDY a CONFECTIONARY
478,000 = 6 . 4 %
0.0 42- 187
TOTAL 7 , 4 3 3 , 0 0 0 SHORT TONS
Source: U. S. Department of Commerce.
With the quota system limiting the export of Cuban
sugar to the United States, and the International Sugar
Agreement restricting the quantity of sugar that Cuba
could sell in the world market, large amounts of sugarcane that ordinarily would have been made into sugar
were converted directly into high-test molasses. Industrial alcohol producers in the United States and Great
Britain purchased this surplus high-test and used it in
the manufacture of industrial alcohol.
High-test and blackstrap molasses were two of the
cheapest raw materials available for the production
of alcohol. Prior to the time that supplies of sugar
from the Pacific Ocean areas were cut off by the Japanese attack, it had been planned that over 1,300,000
short tons of sugar equivalent of sugarcane would be
converted into high-test molasses to supply the raw
material necessary for the production of industrial
alcohol. Industrial alcohol is an ingredient in the
manufacture of many essential war chemicals and
smokeless powder.
Larger Sugar Supplies Offshore.
The War Production Board has been converting the
facilities of beverage distilleries to the production of
industrial alcohol and equipping molasses distilleries on
the Atlantic Coast for the use of grain. Despite the
(Continued on p. 26)
6
SURVEY OF CURRENT BUSINESS
June 1942
Business Inventories in the War Period
By Frederic C. Murphy and Louis J. Paradiso
T
HE vital importance of the Nation's business inventories arises from the fact that war developments
have caused demand to overreach supplies in innumerable areas of the economy. Demand has been lifted
to unprecedented heights by the material requirements
of the war program, by the needs of our allies, and by
the tremendous volume of domestic purchasing power
generated by wartime expansion. Supplies would be
insufficient to satisfy all of these competing demands
even if there were a normal flow of commodities at
maximum capacity rates. But the situation has been
further aggravated by the loss of many important supply sources to the enemy, plus the enormous difficulties
surrounding wartime shipping and transport. Thus, in
a period when we are more than ever thrown upon our
own resources and, at the same time, embarked upon a
war program that will tax our industrial potential to
the utmost, it is most pertinent to inquire into the
influence of both inventory size and policy on our national effort.
The national effort at the present time is dominated
by two major economic needs. These are, first, the
rapid transfer of materials and resources to war production and, second, the minimizing of inflationary pressures throughout the economy primarily resulting from
this transfer. Since our main object is the production
of the materials necessary to win the war, there arises
the specific problem of ensuring the adequacy and proper
distribution of supplies for maximum WSLT output. The
reduction of inflationary pressures in this period can be
assisted by an even flow of the remaining supplies to
final consumers with only the minimum necessary
amounts held up in inventories.
The problem involves two lines of approach with
respect to inventories. The first consists of allocating
those strategic and essential materials in which definite
shortages are indicated so that no unnecessary accumulation results. Of course, this does not preclude further
stock piling of certain materials by both Government
and industry consistent with wise planning. The second line of approach is to prevent further over-all
accumulation of all business inventories in order to
bring them into line wTith requirements. The result
of this will be to divert resources of materials and labor
from production of unnecessary inventories to production for war and for essential civilian needs. At the
present time large quantities of materials are tied up in
business inventories. Moreover, a not insignificant
i The authors wish to acknowledge the contribution of Morris Kaufman, who
assisted in the methodology and in the preparation of much of the statistical material;
and Reba L. Osborne, who assisted in the preparation of the data bearing on retail
inventories.
proportion of our productive resources has been engaged
for more than a year in adding to the size of these stocks.
It will be shown below that this piling up was considerably in excess of previously established relationships
prevailing between inventories and output. The possibility of putting part of existing materials into active
use and of freeing for immediate needs the productive
resources now, in a sense, immobilized by unnecessary devotion to inventory accumulation, is of vital
moment in the present period.
It is the purpose of this article to trace the rise in
business inventories since the outbreak of the war almost 3 years ago and to appraise this movement in
terms of the current situation. The analysis will be
centered primarily on broad movements of business
inventories—manufacturers, wholesalers, and retailers—
rather than on specific commodities that enter in
these inventories. It is developed for the most part
from monthly data on manufacturers' inventories which
have been collected by the Bureau of Foreign and
Domestic Commerce since 1939.2 Monthly estimates
of the value of wholesale and retail stocks have been
made to complete the business inventory picture.
Size of Business Inventories.
Business inventories are at an all-time peak. For
almost 2 years the economic factors that make for
inventory accumulation have asserted themselves with
increasing vigor. The rising tempo of business activity
over the period has, of course, demanded larger stocks.
To this was added further accumulation due to fears
of shortages and higher prices.
Combined stocks of manufacturers, wholesalers, and
retailers were estimated at about 28.5 billion dollars
at the end of March of this year. Of this total manufacturers held 16.5 billion, wholesalers 4.9 billion, and
retailers 7.0 billion. Since the beginning of 1941 the
value ol these inventories increased every month at
an average rate of almost 500 million dollars per month.
Although higher prices accounted for one-third to onehalf of the rise, increases have been in record volume
in terms of both quantity and value. The most rapid
rise took place during the last half of 1941, resulting
in a total accumulation for the 12 months of that year
of 6 billion dollars. Despite priorities, allocations,
curtailments, and scarcity of many materials, the value
of inventories continued to increase during the first
quarter of 1942 at an annual rate of 5 billion dollars.
2
For a description of the composition and coverage of these data, see Survey oj
Current Business, September 1940. Revisions of these data are contained in the
issue of January 1942.
SURVEY OF CURRENT BUSINESS
June 1942
Figure 6.—Indexes of Value of Manufacturers' Inventories by
Stages of Fabrication
Figure 5.—Value of Business Inventories
BILLIONS OF DOLLARS
20
AVERAGE MONTH 1939 = 100
300
200
GOODS IN PROCESS .
^^
>
? **
100
90
80
70
60
8
1936
1937
1938
gS
1940
1939
1942
0.0 42 -191
Source: U . S. D e p a r t m e n t of Commerce.
[Millions of dollars]
E n d of year—
1935
1936
1937
1938
1939
1940
1941
8,210
9,650
11,213
9,994
10, 659
11, 920
15, 747
Whoiesaiers
3,029
3,546
3,890
3,319
3,549
3,730
4,697
Retailers
4,416
4,717
5,033
4,882
5,117
5,549
6,637
Total
15, 655
17,913
20,136
18,195
19, 325
21,199
27,081
Note.—For a brief description of the methods used in estimating these inventories'
see notes at the end of the article.
Source: Bureau of Foreign and Domestic Commerce, Division of Research and
Statistics, Current Business Analysis Unit.
Each of the three business groups showed significant
advances. As table 2 shows, from the beginning of
1941 to the end of March of this year, manufacturers
increased the value of their inventories by 4.5 billion
dollars, compared with an increase of 1.2 billion by
wholesalers, and 1.4 billion by retailers.
Manufacturers Inventories.
In manufacturing, the piling up of inventories was
broadly distributed through all major industries. The
durable goods group, which includes most of the industries directly engaged in fabricating war materials,
increased the value of their holdings by 2.5 billion
dollars, from the beginning of last year to the end of
March of this year. The nondurable goods group also
showed similar substantial gains—2.1 billion. (See
table 3.) The rise has been further characterized by
tremendous increases in the stocks of raw materials and
goods in process.0 As shown in table 4, raw'materials
stocks increased 2.4 billion dollars, while goods in
process increased by 1.6 billion. The value of finished
goods inventories, on the other hand, increased only
one-half billion dollars.
s
T h e break-down of inventories by degree of fabrication is based on reports of
manufacturing corporations made to t h e Bureau. T h e indexes of finished goods
inventories constructed from these basic daia are adjusted to the 1939 Census value
of finished goods inventories. Since the Census provides only the total of raw materials and goods in process inventories, dollar figures for each of these categories were
estimated on the basis of the proportions shown by the corporation sample. It is to
be emphasized t h a t the category " r a w materials" includes all commodities which
corporations consider to be raw materials from the standpoint of their activity. R a w
material inventories for a particular business m a y therefore include fabricated products produced in earlier stages of manufacture. It m a y be noted t h a t on the basis
of this classification present raw material inventories constitute about 45 percent
all inventories, while goods in process constitute about 25 percent.
forofFRASER
Digitized
^ i
1'"
^FINISHED GOODS
( |
) (
1939
f t
I
1942
. . . . . l . . . . .
1941
I M M I
1940
0.0 42-192
Source: U. S. Department of Commerce.
Table 1.—Value of Business Inventories, 1935-41
Manufacturers
ooo,|
RAW MATERIALS
50
o"
<o<S
Only part of the rise in inventories of raw materials
and goods in process, however, was necessary to sustain
the higher levels of shipments, which increased by
about one-half over this period. Some of the inventory
rise represented accumulation above the amounts
needed to sustain current operations. Chief reasons for
this lie in stocking up in anticipation of further price
rises, further curtailments, and shortages of labor and
materials.
Table 2.—Value of Business Inventories
[Millions of dollars]
E n d of month
1938
December..
Janunry...
February.
March
April
Api
Ma
June
July
August
September.
October
November.
December..
Manufacturers
April 00 __
Retailers
Total
9,994
3,319
4,882
18.195
10,024
9, 976
9,894
9, 786
9,734
9, 683
9,747
9,824
9,829
10, 069
10, 388
10, 659
3, 447
3,493
3,514
3,510
3, 439
3,400
3, 457
3,447
3, 503
3,599
3,606
3, 549
4,769
4.727
4,929
5,198
5,203
5,146
4,979
4,974
5,148
5,264
5, 454
5,117
18, 240
18.196
18, 337
18, 494
18, 376
18,229
18,183
18, 245
18, 480
18,932
19, 448
19, 325
3,691
3,723
3,738
3,684
3,613
3,581
3,677
3, 688
3,745
3,784
3,769
3,730
5,017
5,031
5,200
5, 477
5, 523
5,396
5,250
5, 143
5,386
5, 545
5,841
5,549
19, 597
19, 749
19,926
20, 090
20,117
19. 970
20, 078
20,088
20,468
20, 881
21, 306
21,199
3,915
3.972
4,078
4,110
4,156
4,220
4,316
4,337
4,384
4.533
4, 596
4,697
5,467
5,471
5, 728
6,045
6,087
6,118
21, 491
21,641
22.143
22, 676
23, 038
23, 459
23, 994
24, 437
25, 059
24, 916
26, 726
27.081
4,833
4.867
4,899
4,812
6,620
6,712
January
February..
March
April
May
June
July
August
SeptemberOctober
November.
December..
1941
January.
February..
March
April
May
June
July
August
SeptemberOctober
November.
December..
January-.
FebruaryMarch
Wholesalers
16, 096
16, 201
16, 464
16, 672
6,117
6,185
6.423
6,653
6, 951
6,637
6, 954
7,337
27, 549
27, 780
28, 317
28, 821
(?) Preliminary.
Source: Bureau of Foreign and Domestic Commerce, Division of Research and
Statistics, Current Business Analysis U n i t . For a description of the method used in
estimating the inventory series see notes at the end of this article.
SURVEY OF CURRENT BUSINESS
15
20
25
30
SHIPMENTS, TOTAL FOR QUARTER (BILLIONS OF DOLLARS)
35
DD 42-SOZ
Note.—The trend line was determined from data for 1939 through the second quartet
of 1941 only.
Source: U. S. Department of Commerce.
total shipments for the corresponding quarter. The
line of relationship AB shown on figure 7 was determined by the data from 1939 through second quarter
of 1941. This line represents a "normal" inventoryshipments relationship in the sense that changes in the
inventory levels were, on the average, proportional to
corresponding changes in shipments. As a check, a
similar relationship was obtained by including annual
data back to 1929.
Significant deviations from this line indicate "abnormal" holdings in relation to shipments. The fact that
the points corresponding to the last quarter of 1941
and the first quarter of 1942 are substantially above
the line of relationship, suggests that for each of these
quarters inventories were in excess of current needs.
A measure of the approximate size of this excess is
given b}^ the vertical distances of the points above the
line of relationship. Obviously this procedure can give
only an approximation to the amount of "excessive"
inventories during any period since inventories throughout the past periods might have always been excessive
in terms of current needs. If so, this condition would
be reflected in the line of relationship.
Figure 8.—Relationship Between Manufacturers' Inventories
and Shipments, Durable Goods Industries
9
i
i
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|
|
1
CO
<
i
DOLL
10
On the basis of this analysis, it is estimated that at
the present time total manufacturing inventories are
about 10-15 percent in excess of the amount needed to
support current shipment rates. Shipments, however,
are expected to rise during the remaining three quarters
of this year. Taking into consideration the size of the
1942 war program, the effect of curtailment in output
of civilian goods, and the effect of price ceilings, manufacturing production in 1942 is expected to be 18 percent above that of 1941, while the averege wholesale
price of commodities other than farm products is
expected to increase by 13 percent. These factors will
lift total value of shipments to approximately 120
billion dollars in 1942, an increase of 28 percent over
1941. Shipments during the first quarter of this year
were at an annual rate of 110 billion. Figure 7 shows
inventory needs associated with the projected shipments for the remaining three quarters of this year
on the basis of the inventory-shipment relationship.
It is apparent from the chart that the present level of
manufacturers' inventories would he sufficient to meet
even the high levels of shipments which are expected
to be reached by the last quarter of this year. This
means that the present rate of inventory accumulation,
which during the first quarter was at an annual rate
of 5 billion dollars, is not necessary to support the
expected higher rates of manufacturing activity.
1942
D
Figure 7.—Relationship Between Manufacturers' Inventories
and Shipments, All Industries
June 1942
LL.
1 y
/
O
CO
Z
O
I
j
_l
i
(BIL
The large accumulation of inventories by manufacturers during the past year is clearly brought out
by the relationships of inventory to shipments shown
in figures 7, 8, and 9. These relationships are shown
by quarters from 1939 through the first quarter of
1942 for total manufacturing, the durable goods industries, and the nondurable goods industries. The location of a point on the chart corresponding to any particular quarter is determined by the average value of
inventories during the quarter and by the value of
cc
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AVE RAGE
8
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1940,
y 5
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3
z
4
4
j
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i
6
8
!O
12
SHIPMENTS, TOTAL FOR QUARTER (BILLIONS OF DOLLARS)
i4
CD 42-ZC4
Source: TJ. S. Department of Commerce.
Even if manufacturers' inventories were maintained
at the March level they would still be more than sufficient to support expected shipments during the rest
of the year. As figures 8 and 9 indicate, this conclusion can be drawn with respect to inventories of both
durable and nondurable goods groups. Furthermore,
similar analyses made for the major subindustries
June 1942
included in these groups show this condition to be
generally prevalent. Variations exist, of course, in
degree. Industries whose present stocks are most
closely in line with shipments are particularly those
closely associated with the war program, such as aircraft, railroad equipment and the machine tool industries. At the same time other industries, even though
engaged in war work, hold inventories which are
more than sufficient to support expected production.
This general overstocking is quite significant both
for the war effort and the smooth functioning of our
economy. It indicates that we have an important
economic weapon readily at hand for use in the twin
battles of war and inflation. Some of these "abnormal"
stocks can be drawn upon for war production and, in a
period of rapidly dwindling production for civilians
they can also be drawn upon to relieve shortages.
While the absolute amounts of some of these stocks
may be small, this process will nevertheless provide
materials at the vital margins of production and demand.
In the military sphere this means additional material
for the armed forces while in some civilian lines it will
certainly absorb purchasing power and ease the problems of rationing.
Of greater importance than the reduction of inventories in the stockpile sense is the release of productive
resources that have been engaged in inventory building
these many months. In an expanding war economy
increases in inventories absorb a part of our industrial
resources varying with the magnitude of the accumulation. Our estimates indicate that 5 to 10 percent of
our industrial resources were so absorbed in 1941 and
even in the first 3 months pi the present year. Thus,
a policy directed toward preventing further unnecessary
inventory rises would free these labor, plant, and material resources for production for immediate use.
Further over-all inventory investment at this time
definitely detracts from the efficiency of the national
effort, although industries engaged in war output will,
of course, continue to increase stocks as expansion progresses. In this respect the situation is in sharp contrast with that of 1937 and 1939 when inventory
investment combined with other types of capital formation to bring idle resources into production. At the
present time the problem is not so much that of bringing
idle resources into productive use as it is of speedily
diverting all possible resources to essential use. All
unnecessary investment hinders this process and investment in inventories not essential to support activity
is little different from investment in lionessential plant,
equipment, and housing.
Inventories Available for Consumers.
While the general inventory picture presented in the
previous sections relates to the total economy, particular
interest attaches at this time to those inventories destined for consumers. These are now important in view
of the widespread and progressively more severe curtail463066—42
2
9
SURVEY OF CURRENT BUSINESS
Table 3.—Value of Manufacturers' Shipments and Inventories, by Months
[Millions of dollars]
Monthly shipments
Year and month
Total all
industry
Total inventories (end of
month)
Total
Total
Total
all Total nonduradurable nondura- Total
industry durable
goods ble goods
goods ble goods
1938
December.
9,994
4,646
5,348
1939
January
February.. .
March
April
May
June
July
August
September..
October
November..
December..
4,125
4,102
4,770
4,315
4,479
4,583
4,158
4.785
5,356
5,642
5,359
5,231
1,750
1,699
2,023
1,886
1,956
2,018
1,758
1,957
2,223
2,586
2,532
2,548
2,375
2,403
2,747
2,429
2,523
2,565
2,400
2,828
3,133
3,056
2,827
2,683
10,024
9,976
9,894
9,786
9,734
9,683
9,747
9,824
9,829
10, 069
10,388
10, 659
4,641
4,663
4,654
4,593
4,531
4,496
4,494
4,546
4,580
4,719
4,885
5,046
5,383
5,313
5,240
5,193
5,203
5,187
5, 253
5,278
5,249
5,350
5,503
5,613
5,037
4,905
5,167
5,107
5,254
5,162
4,985
5,515
5,787
6,526
6,203
6,325
2,350
2,247
2,398
2,440
2,509
2,482
2,345
2,484
2,736
3,265
3,108
3,333
2,687
2,658
2,769
2,667
2,745
2,680
2,640
3,031
3,051
3,261
3,095
2,992
10, 889
10, 995
10,988
10,929
10, 981
10,993
11,151
11, 257
11,337
11, 552
11,696
11,920
5,146
5,220
5,229
5,191
5,226
5,236
5,283
5,415
5,532
5,670
5, 804
6,021
5,743
5,776
5,759
5,738
5, 755
5,757
5,868
5,842
5,805
5,882
5,892
5,899
6,357
6,355
7,165
7,452
7,773
7,897
7,902
8,130
8,619
9,167
8,178
9,098
3,293
3,303
3, 743
3,879
4,132
4,221
4,173
4,079
4,332
4,731
4,295
4,836
3,064
3,052
3,422
3,573
3,641
3,676
3,729
4,051
4,287
4,436
3,883
4,262
12,109
12,198
12,337
12, 521
12, 795
13,121
13, 561
13,915
14, 252
14,730
15,179
15, 747
6,146
6,251
6,364
6,684
6,803
6,968
7,224
7,442
7,705
7,895
8,140
5,963
5,947
5,973
6,022
6,111
6,318
6,593
6,691
6,810
7,025
7,284
7,607
8,899
8,882
9,630
9,601
4,531
4,542
4,992
5,027
4,368
4,340
4,638
4,574
16,096
16, 201
16,464
16,672
8,308
8,383
8,505
8,697
7,788
7,818
7,959
7,975
1940
January
February
March
April
May
June
July
August
September
October
November
December
1941
January
February...
March
April
May
June
July
August
September..
October
November,.
December. _
1942
January..
February..
March
April ( p ) . .
(p) Preliminary.
Source: Bureau of Foreign and Domestic Commerce, Division of Research and
Statistics, Current Business Analysis Unit. Data based on reports of manufacturing
corporations in connection with the Industry Survey.
ment being applied to civilian goods. Their size and
distribution bear significantly on the problems of rationing. While there is little information available on the
distribution either by regions or by firms, the over-all
magnitude of these inventories can be estimated with
reasonable accuracy.
Inventories of finished consumer goods held by manufacturers, wholesalers, and retailers are estimated at
approximately 17 billion dollars at the end of March of
this year in terms of prices paid at retail. Of this total
almost 9 billion w^ere held by retailers, the balance distributed about equallv between manufacturers and
wholesalers. Inventories carried at book values have
been marked up by the ratios necessary to convert
them into retail prices.4 In making this estimate a
4
These ratios were based on cost of goods and sales data available for corporations
in Statistics of Income, Bureau of Internal Revenue. To convert inventories at book
value to inventories in terms of retail prices, retail book values were marked up 40
percent, wholesale by 60 percent and book value manufacturers finished goods inventories by 100 percent.
10
SURVEY OF CURRENT BUSINESS
figure of 90 percent was used as the proportion of retail
inventories destined for consumers, while for wholesalers and manufacturers the amounts were 60 and 40
percent, respectively.5
Present consumer inventories represent about a 4month supply, when compared with the estimated consumer expenditures for commodities of 52 billion dollars
in the current year. This estimate, of course, represents
an average situation and should not obscuie the fact
that there is wide variation about this average. The
distribution of consumei stocks undoubtedly varies
widely area by area, firm by firm, line by line. For
example, stocks of department stores vary by lines from
over a year's supply to less than 1 month's supply.
Figure 9.—Relationship Between Manufacturers' Inventories
and Shipments, Nondurable Goods Industries
DOL LARS)
9
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AVtIRAGE
£
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1941
J
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a:
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M1
NVE
1939
4
SHIPMENTS, TOTAL FOR QUARTER
(BILLIONS OF DOLLARS)
DO 42-ZC3
Source: U. S. Department of Commerce.
However, the fact that only a 4-month supply, on the
average, of consumer goods exists, suggests that the
satisfaction of consumer needs is primarily dependent
on the continuing flow of materials through the established system of production and distribution. The
notion that we can live on the goods already produced
for even a moderately long period of time can at once
be dispelled. A further limitation is placed on the
volume of what might be termed "free" stocks by the
fact that some inventory is necessary to maintain
activity. Widespread cessation and curtailment of
production must therefore lead rapidly to rationing of
many consumer goods with others disappearing from
the shelves under the operation of first-come first-served
procedure.
s For retail and wholesale trade these percentages were estimated by roughly allocating inventories as between producer's and consumer's on the basis of data available in the 1939 Census of Business. For manufacturing similar allocations were
made on the basis of inventory data by industrial groups reported in the monthly
Industry Survey of the Department of Commerce.
June 1942
Retail Inventories.
While stocks of consumer goods in the hands of
retailers, wholesalers, and manufacturers constitute
a 4-month supply on the average, stocks now held by
retailers alone constitute slightly more than a 2-month
supply in relation to current retail sales. Sales in
March of this year were little changed from a year ago.
Retail stocks, on the other hand, were 22 percent above
last year. However, wide variations in the inventory
rise occurred by commodity lines. For example, data
for department stores collected by the Federal Reserve
Board, as of the end of January, indicate that inventories of household appliances were 127 percent above
the previous year, while hosiery and household furniture rose 87 and 47 percent, respectively; at the other
end of the scale many apparel items such as dresses,
coats, suits, furs, and shoes had increases ranging from
6 to 20 percent.
Despite the fact that retail inventories are relatively
small in that they constitute on the average a little more
than a 2-month supply, they are nevertheless very high
in terms of their normal relation to sales in past periods.
Figure 10 shows the relationship for retail trade similar
to that presented for manufacturing in figure 7. To
remove the seasonal element, both inventories (expressed at cost) and sales have been adjusted for
seasonal variations. It is apparent from the figure that
from the beginning of 1939 to the third quarter of 1941
changes in inventories were almost directly proportional
to changes in sales. The relation expressing this condition is represented by the line CD. But during the past
three quarters significant departures have occurred
from the relationship. As in the case of manufacturing
inventories, retail inventories soared high above the
previously established line of relationship. Price rises
do not alter this conclusion materially. The price
component is contained in both inventories and sales
and a study of price movements indicates that over this
period retail and wholesale prices of consumer goods
have risen at about the same rate.
From this it can be concluded that retail inventories
at the present time are about 15 percent above what is
needed to support current sales. But in contrast to
the situation in manufacturing, future developments
will tend to make this level of inventories even higher
in relation to expected sales. Whereas manufacturing
output is following a rising trend, retail sales are expected to decline to levels prevailing in late 1940 and
early 1941. Thus the present size of retail inventories
is approximately 25 percent larger than is needed to
support these lower sales. In order to show this, estimated retail sales for the remaining three quarters of
1942 have been superimposed on the relationship line.
It is clear that some of the resources which are currently engaged in further building up retail inventories
can be freed for more necessary use. Moreover, goods
now embodied in retail inventories at a cost value of
SURVEY OF CURRENT BUSINESS
June 1942
Figure 10.—Relationship Between Inventories and Sales of
Retail Stores, Adjusted for Seasonal Variations
10
^
II
12
13
14
SALES, TOTAL FOR QUARTER (BILLIONS OF DOLLARS)
DD
15
^_ZQ5
Note.—The trend line was determined from data for 1939 through the second quarter
of 1941 only.
Source: U. S. Department of Commerce.
nearly 2 billion dollars can be run off to supplement the
restricted volume of goods to be produced for consumers.
As consumer goods become scarce a major inventory
problem is posed by the possibility of progressive shifts
in inventory pressure to items previously considered
in ample supply. Unable to get certain commodities,
consumers will shift their demand to goods that are
at the moment relatively more plentiful. Retailers
will tend to stock up on these goods in anticipation of
this development. Hence, further inventory accumulation may occur in particular lines where future shortages are expected. Illustrative of this are the large
percentage increases in certain types of retail inventories that have occurred during the past year. It can
also be seen in the movement of manufacturers' inventories over the past 2 years. Durable goods inventories
increased at a faster rate than the more generally
plentiful nondurable goods in the early period of war
expansion.
As future supplies of many nondurables became more
uncertain manufacturers increased their rate of accumulation of these goods, so that by the final quarter
of 1941 increases in the value of nondurable goods
inventories had surpassed even the record accumulation
of durables. Activities of the War Production Board
and its predecessors relative to the conservation of
scarce materials further reflect this movement. Earlier
conservation orders were concerned with such durable
commodities as aluminum, magnesium, nickel, tungsten,
and copper, whereas more recently they have spread
to such nondurable products as wool, fats and oils, sugar
and pulp.
Although price ceilings remove one of the strong
incentives for inventory accumulation, there are still
powerful motives for further retail stockpiling in pro
11
gressively less scarce items. Unless this is forestalled
it will lead to further unbalance and maldistribution
of such stocks, as well as hasten and complicate rationing programs. Involved here is the whole problem of
insuring equitable distribution of available stocks among
business enterprises and geographic areas. The Governament can hardly stand by and permit particular
firms or areas to sew up by forward buying a major
share of scarce goods available for distribution.
Involved too are the interests of many small concerns. Here the problem is one of effectually rationing
scarce commodities to business firms to insure equitable treatment rather than to permit distribution to
continue on a first-come first-served basis. The solution of this problem can probably be achieved in general by some running off of present stocks combined
with a policy of preventing further unbalanced accumulation.
Wholesalers' Inventories.
Stocks of goods held by wholesalers have been relatively more stable than those of retailers and manufacturers. At the end of March of this year they were
valued at 4.9 billion dollars, up 20 percent from last
year. Wholesale sales, on the other hand increased
27 percent from March of 1941. A relation between
wholesale inventories and sales similar to those for
manufacturers and retailers indicates that wholesale
inventories did not break away from the line of relationship until the fourth quarter of 1941. The size of
the excess inventory as of the present time is considerably smaller than that shown for the other two types
of activity. This is estimated at only 5-10 percent
above the inventories needed to support current sales.
Thus wholesale stocks are not so much out of line with
present sales.
Inventory Control.
From the preceding analysis it is clear that control
over inventories is as essential to the efficiency of the
war effort as are controls over other segments of the
economy activity. Already some steps have been
taken which directly or indirectly have influenced the
course of inventory accumulation. So far these have
applied primarily to particular scarce materials in the
manufacturing field; they are being continuously extended in this area as shortages become more widespread. Price ceilings and rationing policies make
imminent the extension of inventory control both on a
voluntary basis and by government action in the
wholesale and retail areas. Voluntary measures will
be directed primarily toward an orderly reduction of
inventories over time with the view toward maintenance
of the merchandising organization as a going concern.
Action by government will probably be concerned with
the proper distribution of existing supplies among
consumer outlets.
12
SURVEY OF CURRENT BUSINESS
The activity of the War Production Board and its
predecessors has already affected the size and distribution of many inventories. Earlier priority orders
generally contained broad directions as to the delivery
of materials and often specified that a percentage of
production should be set aside in a pool for allocation
purposes. Inventory provisions blanketing the entire
field of scarce materials were contained in General
Metals Order No. 1 and Priority Regulation No. 1.
These stipulated that inventories should not be built
up in excess of a practicable working minimum. Such
a provision was obviously susceptible to a broad interpretation. Rising prices, fear of shortages, slower deliveries, and other factors tended to nullify the objective
of the provision. As a result many inventories continued to increase at phenomenal rates.
Table 4.—Dollar Value of Manufacturers' Inventories by
Stages of Fabrication
[Millions of dollars]
End of month1938
December.
Goods in
process
Raw materials
Finished
goods
Total
4,075 I
1,569
4,350
9,994
4,050
4,018
3,949
3,875
3,806
3,711
3,706
3,723
3,893
4,114
4,316
4,515
1,559
1,578
1,581
1,583
1,584
1,590
1,673
1,728
1,765
1,831
1,894
1,889
4,415
4,380
4,364
4,328
4,344
4,382
4,368
4,373
4,171
4,124
4,178
4,255
10, 024
9,976
9,894
9,786
9,734
9,683
9,747
9,824
9,829
10, 069
10,388
10,659
January
February..
March
April
May
June.
July
August
September.
October
November .
December-.
4,557
4,541
4,518
4,438
4,421
4,346
4,372
4,433
4, 531
4,679
4,800
4,936
1, 935
1,955
1,964
1,948
1,968
2,017
2,067
2,144
2,232
2,325
2,407
2,464
4,397
4,499
4,506
4, 543
4,592
4,630
4,712
4,680
4,574
4,548
4,489
4,520
10,889
10,995
10,988
10,929
10,981
10, 993
11,151
11,257
11,337
11,552
11, 696
11, 920
1941
January.
February..
March
April
May
June
July
August
September.
October
November.
December-.
4,972
4,977
5.103
5,247
5,413
5, 508
5,734
5,971
6,222
6,458
6,724
7.104
2,561
2,680
2,772
2.863
2,966
3,126
3,296
3,476
3,670
3,809
3,865
3,961
4,576 j
4,541
4,462
4,411
4,416
4,487
4,531
4,468
4,360
4,463
4,590
4,682
12,109
12,198
12, 337
12, 521
12, 795
13,121
13, 561
13,915
14, 252
14,730
15,179
15, 747
4,007
4,010
4,098
4,147
4,873
4,906
4,986
5,062
16,096
16, 201
16, 464
16, 672
1939
January..
February. .
March
April
May
June
July
August
September .
October
NovemberDecember..
1940
1942
JanuaryFebruary .
March
April (p)._
7, 216
7,285
7,380
7,463
S
i
I
;
(p) Preliminary.
Source: Bureau of Foreign and Domestic Commerce, Division of Research and
Statistics, Current Business Analysis Unit. Data based on reports of manufacturing corporations in connection with the Industry Survey.
The inevitable outcome has been the gradual tightening of priority regulations evident in recent months.
Government allocation of the entire supply of many
scarce commodities is now bringing inventories under
better control. Allocation procedure subjects both
the delivery and acceptance of materials to the authority
June 1942
of the Director of Industry Operations. In determining
allocations the inventory position of applicants is taken
into account. More than 100 conservation orders have
been issued which follow a general pattern of prohibiting the use of scarce commodities in a list of civilian
manufactures and curtailing the amounts to be used in
others. Inventories are further affected by limitation
orders curtailing the production of numerous finished
products.
These conservation and limitation orders have frozen
many stocks, limited the use of others, and released some
materials for more essential purposes. Many released
materials flow to approved users through normal commercial channels. In addition an Inventory and Requisitioning Branch has been established in the War
Production Board to facilitate this process. The
Brarch arranges voluntary sales of supplies freed by
priority orders and requisitions other materials needed
for war production. It also purchases idle and excessive stocks with funds provided by the RFC. To
date seven purchase salvage programs have been
inaugurated covering aluminum, tin and tin alloys,
firearms, nickel, magnesium, and copper and copper
base alloys.
The extension of these activities in connection with
particular commodities, combined with broader controls
over inventories in general, gives promise that inventories will be more and more effectively utilized to win
the war.
Notes on Method Used in Estimating Inventory Data.
Manufacturing.-—Data on manufacturing inventories
for the period 1939 to date are based on reports to the
Bureau by approximately 1,200 manufacturing corporations, and are adjusted to Census data for 1939. For
a detailed description of the method see Survey of
Current Business for September 1940 and January
1942. These data are currently published in the
Survey of Current Business. Annual data from 1935
to 1939 were based on reports to the Bureau of Internal
Revenue, published in the Statistics of Income and
Census data for 1937.
Retail.—Relatively few data are available on retail
inventories. Although the estimates given in this
article are necessarily rough, they do indicate the trend
over the period. Census data were used for the beginning and end of 1939. From 1939 to date the data were
estimated by a combination of direct measurements and
indirect estimates. Data on department store stocks
as reported by the Federal Reserve Board were used
together with inventory data reported to the Bureau by
variety stores, chain drug stores, men's wear, and shoe
stores. Field stocks of automobiles as computed by
the Bureau were also utilized. The total of these inventories comprised about a third of total retail
inventories reported in the Census of Business for 1939.
{Continued on p. 26)
June 1942
SURVEY OF CURRENT BUSINESS
13
Corporate Profits and National Income
Estimates, Quarterly, 1938-42
By Tynan Smith and Charles Merwin
an uninterrupted and substantial inFOLLOWING
crease during 1940 and 1941, seasonally adjusted
corporate profits after reported tax deductions, declined in the first quarter of 1942, according to reports
now available. Unadjusted net profits in that quarter
maintained a slight margin over the first quarter of
1941 but showed a decrease to an estimated 1,517 million
dollars from 2,056 million in the fourth quarter of last
year. After adjustment for seasonal factors in the
industries where this correction is still relevant, however, profits appear to have dropped off about 8 percent from the final period of 1941 and 3 percent from
the average level of 1941. The decline resulted primarily from provisions for an expected increase in
taxes, and, to a lesser extent, from stoppage of automobile production at the end of January.
The decline in corporate profits was dominated by the
decrease in reported earnings of manufacturing concerns, a movement that w^as reinforced by fairly sharp
decreases in profits of power and gas and wholesale
trade companies. Declines in profits of railroads and
retail corporations of considerably less than the customary seasonal tended to limit the drop in the adjusted
index of total corporate profits. Changes in earnings of
other industries deviated by only small amounts from
the seasonal movements that have characterized the
past few years.
These estimates of total corporate profits, which
were developed in order to make possible quarterly
estimates of national income, are necessarily based
upon currently issued corporate income statements.
Such reports can ordinarily be used to provide a fairly
adequate sample, but at the present time a difficulty is
introduced in corporate accounting by the fact that
tax liabilities for the current year are not definitely
determinable. Thus, while the estimates appear to give
a reasonable indication of the recent course of profits
after taxes, they are nevertheless subject to revision as
more complete data become available.
Quarterly Movement of National Income.
With the estimation of quarterly profits, it is now
possible to calculate national income on a quarterly
basis.1 Such estimates appear in table 1. The first
1
Estimates of monthly income payments running back to 1929 have been issued
by the Department and appear regularly in the Survey of Current Business. The
principal difference between income payments and national income (other differences
are set forth below) lies in the fact that the former series excludes and the latter includes retained earnings of corporations.
three columns show seasonally adjusted indexes of
national income and of corporate profits and the annual
rate, in billions of dollars, at which income was flowing
in each quarter. The remaining columns present a
type-of-income break-down of total national income in
billions of dollars unadjusted for seasonal.
In the first quarter of 1942 national income was running at an annual rate 2 of 108.8 billion dollars, an alltime high, some 5.8 billion above the last quarter 1941
rate and 22.8 billion above the level in the first quarter
of 1941. The dollar amount of the quarter-to-quarter
increase in the annual rate of national income flow has
been about the same for the past year, roughly 6 billion
dollars per quarter. As a consequence, the percentage
increase in the annual rate has been tapering off gradually. In actual dollars, total national income aggregated 25.7 billion dollars in first quarter 1942, compared
w^ith 20.8 and 26.5 billion dollars in the first and final
quarters, respectively, of 1941. (See table 1.)
Corporate savings, representing net profits after deduction of cash dividends as well as taxes, are estimated
at a half billion dollars for the first quarter of 1942.
This compares with a figure of about the same magnitude in the first and last quarters of 1941. Corporate
savings were negative throughout the year 1938; but in
the final quarter of that year the excess of cash dividends
over corporate profits became noticeably smaller, and
by the second quarter of 1939 corporate savings had
become positive. They have since been positive in
every quarter.
The remaining columns of table 1 show essentially the
same series already issued in this Department's monthly
income payments releases.3 Since the present compilation is distinguished primarily by the corporate profits
component, this latter series will be discussed in the
following sections and described in detail in the section
on sources and methods.
2
Annual rate is not to be confused with annual total. If national income continued
at the same level for four successive quarters, the annual total and the annual rate
based on any one of the four quarters would be identical. But where the quarterly
flow of income is not stable, the annual rate will equal the annual total only by coincidence. The annual rate is calculated by taking four times the dollar total of national
income for a given quarter adjusted for seasonal variations.
3
The differences are small, and enter exclusively into the compensation of employees
item. To pass from this series as shown in monthly income payments to that shown
here, deduct (1) direct relief, (2) Federal pensions to veterans and adjusted service
certificates, (3) benefit payments under Social Security and Railroad Retirement
programs, and (4) retirement payments to Government employees; and add (1
employer and employee contributions to Social Security and Railroad Retirement
programs, and (2) contributions to Government retirement systems.
14
SURVEY OF CURRENT BUSINESS
June 1942
Table 1.—Adjusted Indexes of National Income and Corporate Profits, Annual Rate of National Income, and Nationa I Income
by Distributive Shares, Quarterly, 1938-42
Adjusted indexes
(193910=0)
National income by distributive shares
Annual
rate of
national
income
Year and quarter
National
income
Corporate
profits
Total
national
income
Salaries
and
wages
Total
compensation of
employees
Other
labor
income
I
Entrepreneurial
income
and net
rents
Interest
and dividends
Corporate
savings
Billions of dollars
1938
I
II
HI
IV
-Total
I
II
III
IV
__
Total
I
II
HI
IV
-----
1939
"
10.1
10.1
10.1
10.9
.8
1.0
1.0
1.1
11.0
11.1
11.1
11.9
3.1
2.9
3.1
3.3
1.9
2.1
2.0
2.3
-.5
90.7
39.2
64.2
64.2
41.2
3.9
45.1
12.4
8.2
-1.5
78.0
89.3
108.7
124.0
67.9
68.6
71.6
74.9
16.6
17.2
17.6
19.5
10.6
10.8
11.0
12.0
1.0
11.6
11.9
11.9
12.9
3.1
2.0
-i
1.0
.9
.9
3.1
3.4
3.7
2.1
2.0
2.7
.1
.3
.2
-.5
-.3
-.2
- - -
100.0
100.0
70.8
70.8
44.4
3.8
48.2
13.3
8.9
.4
105.7
106.8
109.1
114.7
118.1
125.8
130. 0
147.7
74.8
75.6
77.2
81.2
18.2
18.7
19.2
21.3
11.5
11.9
12.2
13.3
.9
.9
.9
.9
12.5
12.9
13.1
14.3
3.3
3.2
3.5
3.8
2.1
2.3
2.2
2.8
.2
.3
.4
.3
109.1
130.4
77.3
77.3
49.0
3.7
52.7
13.8
9.4
1.3
121.6
130.6
137.9
145.5
153.7
173.8
175.6
178.6
86.0
92.4
97.6
103.0
20.8
22.9
24.5
26.5
13.6
14.9
15.8
16.9
.9
1.0
.8
.9
14.6
15.9
16.6
17.8
3.6
3.9
4.6
5.3
2.2
2.4
2.3
3.0
.5
.7
.9
133.9
170.4
94.7
94.7
61.3
3.6
64.9
17.4
9.9
2.6
153.7
164.5
108.8
25.7
17.3
.9
18.2
4.8
2.2
.6
1941
... _
Total
-1942
_
I
15.4
15.6
15.8
17.4
-
Total
.
64.6
61.8
63.4
66.9
-
------
I
II
HI
IV
25.9
26.3
41.2
63.4
96.0
96.9
101.2
105.9
1940
_
91.3
87.3
89.6
94.6
i Figures do not necessarily add to totals because of rounding.
Quarterly Profits by Industrial Divisions.
The quarterly estimates of total corporate profits,
unadjusted for seasonal variations, are shown by major
industrial divisions in table 2. The manufacturing
and trade estimates in this table are further classified
by industrial subgroups in table 3. As in the annual
national income series, the profits here shown are
designed to correspond conceptually with those reported
to the Bureau of Internal Revenue, after deduction
from the latter of dividends received from domestic
corporations, capital gains and losses, and of income
and excess profits taxes. For the years 1938-41, the
present quarterly series are merely interpolations of
this Department's annual estimates. Thefirstquarter
1942 estimate represents extrapolations from the first
quarter 1941 figures, modified where necessary by
similar extrapolations from the fourth quarter 1941
estimate. As explained in the section on sources and
methods, the bulk of the interpolations and extrapolations were made by means of sample data.
The annual estimates, in turn, are based on compilations of Federal income tax returns for the years through
1939. The 1940 and 1941 figures represent extrapolations of the 1939 total effected through a sizable sample of
annual corporate reports. Subsequent to the preparation
of the 1941 estimate published in the February 1942
issue of the Survey of Current Business, a large number
of 1941 reports of corporations have become available.
Tabulation of these reports indicates that the percentage increase between our 1940 and 1941 totals for
profits is a little too low. Revision of the 1941 figure
is being postponed, however, until certain preliminary
tabulations of Federal income tax returns for 1940 are
released. These are expected shortly, at which time
the present quarterly series will be revised to the new
annual levels for 1940 and 1941.
In the meantime, the figures released here are believed to give an approximate view of the movement
of total corporate profits in recent years. In particular, the relationship of first quarter 1942 profits to
those in 1941 is more realistically pictured in these
estimates than by a simple aggregate of currently
available reports.
Aggregates of profit reports available on a current
basis suffer from two sources of bias: (1) the exclusion
of small companies, and (2) the inclusion of a disproportionate number of companies in particular industries.
In the past the unrepresentativeness of the size distribution of available corporate reports has tended to make
the increase of profits in periods of rising business
activity smaller than the rise in total corporate profits.
No correction has been made for this factor since it is
difficult at the present time to determine to what
extent armament production has altered the usual
relationship between earnings of large and small
companies.
15
SURVEY OF CURRENT BUSINESS
June 1942
Table 2.—Estimated Corporate Profits After Tax by Major Industrial Divisions, Quarterly, 1938-42
[Millions of dollars]
Year and quarter
Total
Agriculture
Manufacturing
Mining
Contract Transporta- Power and Communiconstruction
tion
cations
gas
1938
I
II .
Ill
IV
.
.
. .
Total
1939
I
II
III
IV
Total
1940
I
II
III. _ _ . . ..
IV
Total
1941
III .„
III.
IV
Total
1942
I
Trade
Miscellaneous l
Service
Finance
188
232
437
801
3
3
3
4
-7
-21
-17
9
133
144
214
418
2
2
3
3
-73
-31
80
102
79
74
70
95
32
35
34
43
20
31
56
133
58
58
60
60
5
5
4
6
-64
-68
-70
-72
1,658
13
-36
909
10
78
318
144
240
236
20
-274
706
839
1.112
1,571
3
3
4
5
3
-10
13
40
454
549
633
952
2
3
4
5
10
10
149
182
108
97
96
115
39
46
48
52
89
140
160
208
60
64
69
73
12
12
11
13
-74
-75
-75
-74
4,228
15
46
2, 588
14
351
416
185
597
266
48
—298
1,130
1,205
1,358
1,820
5
4
5
6
33
19
30
49
727
803
809
1.061
6
10
12
14
50
79
168
211
127
107
96
112
54
53
49
59
101
100
156
257
76
80
86
94
21
17
10
17
-70
-67
-63
-60
5,513
20
131
3,400
42
508
442
215
614
336
65
-260
1,476
1,746
1,928
2,056
5
4
7
9
52
52
60
56
894
1.070
1.114
1,197
16
18
22
21
152
198
302
229
127
93
65
106
50
53
50
57
112
181
220
287
102
112
122
119
21
18
18
25
-55
-53
-52
-50
7,206
25
220
4,275
77
881
391
210
800
455
82
-210
1.517
7
52
870
18
184
100
48
148
115
23
-48
i T h i s item is consistently negative for 2 reasons: (a) investment trusts, which form a major component of this division, receive a large part of their income as dividends
deduction of which from net income leaves a negative item; and (b) the international flow of dividends, also included this division, is generally negative on balance, representing a net outflow of dividend p a y m e n t s .
Table 3.—Estimated Quarterly Profits After Tax of Manufacturing and Trade Corporations by Industrial Subgroups, 1938-42
[Millions of dollars]
I
1938
II
III
IV
Total...
1939
I
II _
III
IV
Total...
1940
I
II
III
IV
Total _._
1941
I
II
III
IV
* Total...
I
.
Total
manufacturing
Food,
beverages, a n d
tobacco
Textiles Lumber
and its
and
leather products
Paper
and
allied
products
Printing
and
publishing
41
43
59
76
-21
-19
-23
-10
Chemicals
Oil
refining
Metal
a n d its
products
Automobiles and
equipment
Rubber
and
miscellaneous
15
21
44
29
34
119
0
11
0
59
17
8
25
14
20
31
56
133
13
13
12
42
7
18
44
91
Stone,
clay
and
glass
Total
trade
Wholesale
trade
Retail
trade
133
144
214
418
72
78
96
95
-32
-26
-3
19
-11
-9
1
3
COMCO OO
Year and
quarter
13
19
3
13
909
341
-42
-16
27
48
219
-73
45
226
70
64
240
80
160
454
549
633
952
100
120
144
139
29
34
44
63
4
8
12
15
9
13
18
35
18
37
10
20
76
80
97
129
7
11
15
21
17
26
32
39
107
126
179
359
61
65
36
98
26
29
46
34
89
140
160
208
44
68
67
73
45
72
93
135
2,588
503
170
39
75
85
382
54
114
771
260
135
597
252
345
727
803
809
1,061
120
132
140
157
48
45
51
60
16
21
25
31
25
31
30
24
27
40
15
20
99
99
101
123
19
16
14
16
21
34
36
42
233
260
315
412
81
83
34
129
38
42
48
47
101
100
156
257
44
29
62
102
57
71
94
155
3,400
549
204
93
110
102
422
65
133
1,220
327
175
614
237
377
894
1,070
1,114
1,197
122
150
176
160
62
85
78
74
30
31
38
46
22
29
36
38
29
31
21
29
109
125
121
125
15
25
34
31
34
46
47
48
331
378
414
487
94
109
71
106
46
61
78
53
112
181
220
287
58
88
91
93
54
93
129
194
4,275
608
299
145
125
110
480
105
175
1.610
380
238
800
330
470
870
125
55
33
30
14
101
21
27
354
60
50
148
53
95
2
1942
In order to correct for the industrial unrepresentativeness of the sample, the more important source of bias,
each industrial group in the sample was weighted
according to its relative importance in the total picture
of corporate profits. An illustration will demonstrate
the necessity for weighting the sample data by industry.
Profits of automobile manufacturers in first quarter
1942 were some 37 percent under their first quarter 1941
level (see table 3), primarily because these companies
have been converting their plants to arms production.
Most of the large automobile companies issue quarterly reports. Hence, their net profits constitute a far
larger proportion of the total net profits of those corporations which issue quarterly reports than of the total
net profits of all corporations, or even of all industrials (in case the sample is restricted to industrials).
16
SURVEY OF CURRENT BUSINESS
Similarly, the heavy iron and steel producers showed
a drop in net income for the first quarter of 1942 as
compared with the corresponding period of 1941. But
manufacturers of machinery, transportation equipment (except autos), and other metal products either
showed gains, or considerably smaller losses. Hence
the metal products group as a whole, giving each subgroup its due weight, showed a modest gain.
Contingency Provisions and Tax Allowances.
In accounting for profits, corporations sometimes
make special provisions for contingencies in addition
to their customary allowances for income and excess
profits taxes. Both of these items have been given
special treatment in the present quarterly series.
In reporting taxable income to the Bureau of Internal
Revenue contingency provisions fall into the category
of unallowable deductions. Since our estimates of
annual profits for national income purposes follow this
statutory concept, all provisions for contingencies
actually reported as such have been added back into
net income. In the first quarter of 1942 the frequency
of such provisions appeared to be higher than in any
other quarter, a number of companies charging off
sizable amounts as "post-war" reserves.
There is some evidence that other companies have
made such provisions without mentioning them specifically in published reports. If the proportion of unreported charge-offs in the first quarter of 1942 was
larger than that in the first quarter of 1941, then the
level of profits in the later period shown by the present
figures is too low. First quarter 1942 profits, that is,
would be above, rather than on an approximate par
with, first quarter 1941 earnings.
The quarterly estimation of tax liabilities is a difficult
task during periods of fluctuating business and changing
tax laws, and leads to erratic fluctuations in reported
quarterly profits after taxes. For this reason, annual
tax liabilities were apportioned over the four quarters
in the years 1938-41 in order to reveal more accurately
the short-period changes in profits. For the first
quarter of 1942, however, tax allowances were taken as
reported by the companies in the sample. Inasmuch as
the new tax bill for 1942 has not yet been acted upon,
corporations have had to anticipate their tax liabilities.
Some companies in allowing for 1942 tax liability
stated that they used the existing 1941 rates; but the
great majority commenting on this point allowed for
"moderate" or "substantial" increases in tax rates and
a number allowed for the 55 percent combined normal
and surtax rate proposed by the Treasury Department.
A considerably larger number, moreover, appears to
have employed this latter rate, although they made no
specific mention of it. The results of such allowances
are summarized in table 4, showing the percentage of
tax allowance to net income before tax for those companies in the sample giving this information for the
first quarters of 1941 and 1942.
June 1942
Table 4.—Percentage of Tax Allowance to Net Income Before
Tax for Sample of Companies in Selected Manufacturing
and Trade Subgroups, First Quarters of 1941 and 1942
Percentage of tax allowance
Number of
companies
Industrial subgroup
First quarter First quarter
of 1941
Food and beverages _
Textiles and leather
Lumber and its products
Paper and allied products
Printing and publishing
Chemicals
Oil refining
_.
Stone, clay, and glass
Metal and its products
Automobiles and equipmentMiscellaneous manufacturing
Wholesale trade
Retail trade
of 1942
23
8
7
14
4
28
19
12
112
27
8
55
73
57
74
76
60
36
66
68
62
64
4
10
50
63
In every industry group the percentage allowances
for the later quarter are considerably higher than for
the earlier, and in some groups—printing and publishing, textiles and leather, lumber, wholesale trade—the
increase is striking. We have here the principal reason
for profits in these two quarters being at approximately the same level, in the face of a continuing sharp
expansion in business. The dampening effect of the
tax item (Federal and State) on corporate profits in the
last few years is shown clearly in the following figures
for all corporations in billions of dollars:
Year
1938
1939
1940
1941
.
-
Net income
before tax
Income and
excess profits
taxes
2.9
5.7
8.3
14.1
1.2
1.5
2.8
6.9
Net income
after tax
1.7
4.2
5.5
7.2
Sources and Methods Used in Estimating Quarterly
Profits
Quarterly estimates of net profits of all incorporated business
were obtained by distributing annual profits for each industrial
group according to the quarterly movements shown by the
profits of a sample of the corporations in that group. The quarterly profit series in the mining, manufacturing, trade and service
industries were based on a sample of 556 corporations for which
quarterly earnings data were available from 1938 through 1941.
The series for the remaining industries were based on quarterly
profits and production data obtained from other sources. Methods
used in deriving the estimates are described by industrial groups
in the following sections.
Corporate Sample.
Quarterly earnings data are available from 1938 through 1941
for 556 industrial corporations, although a larger number of
companies have been reporting earnings quarterly in the past
year or two. In order to maintain a consistent sample throughout the period and to avoid the difficulties involved in linking
together a changing number of companies the sample was restricted for the present to those companies for which quarterly
data were reported for the entire 4-year period.
Although the sample includes primarily the larger companies
in each industry, there is no reason to believe that quarterly
profits show a substantially different pattern for smaller than for
larger companies. However, in the past, it has been true that in
periods of expanding business the earnings of smaller companies
SURVEY OF CURRENT BUSINESS
June 1942
have tended to increase faster than the earnings of large companies. Consequently, using the relative movement in net
profits of the sample for the first quarter of 1942 to estimate the
total net profit for all corporations in each industrial group is
likely to result in a downward bias. This underestimation may
not be considerable since the large corporations included in the
sample earn a substantial portion of the net profit in most of the
industries.
The corporations were classified according to the Standard
Industrial Classification developed by the Division of Statistical
Standards, Bureau of the Budget. Each corporation was assigned to an industrial group on the basis of its major pre-war
activity. This classification is substantially the same as that
now used by the Bureau of Internal Revenue in tabulating
corporate income-tax returns, compilations which are the basis
of the annual net profit figures for each industry used in national
income estimates.
The number of corporations included in the quarterly sample
and a, comparison of the nst income of the sample with that of
all corporations by industrial groups for 1939, the most recent
year for which income-tax tabulations are available, are shown
in table 5.
Table 5.—Comparison of Net Income of the Sample with
that of All Corporations, by Industrial Groups, 1939
Industrial groups
income
income Net
Number of Xet
of all corcompanies of sample porations
in sample
(Millions of dollars)
MiningManufacturing
Foods and beverages
Textiles and leather
Lumber and its products
Paper and allied products
Printing and publishing
Chemicals
Oil refining
Stone, clay, and glass.
Metal and its products
Automobiles and equipment.
Miscellaneous
Trade...
Retail
WholesaleMotion pictures,.
Percentage
of sample
to all corporations
59
68
47
i 145
458
42
20
15
29
8
49
28
21
188
45
13
1,218
141
21
4
32
5
249
91
37
372
257
9
2 2, 438
402
170
39
75
85
382
51
114
770
260
87
50
35
12
10
43
6
65
169
32
48
99
10
31
23
8
63
45
18
597
345
252
8
21
24
1
11
13
7
The coverage of the sample in the mining and oil refining industries is overstated
primarily because of the omission of depletion from many of the published reports and
the2 inclusion of substantial depletion charges in the income tax reports.
This total does not agree with the total profit of manufacturing shown in tables 2
and 3 since the tobacco and rubber groups are omitted because no sample was available for either of these groups.
Moody's Industrial Reports were the source of the quarterly
earnings data collected for the sample corporations. The following three items were obtained whenever available: (1) net
profit after all charges and taxes, (2) income and excess profits
taxes including Federal, State, and foreign, and (3) net profit
before income taxes. Most of the corporations reported quarterly provisions for income taxes as a separate item for at least
part of the period. Where the tax provisions were given only
for a 6-month period it was sometimes possible to estimate the
tax provisions for the two quarters. In nearly every case the
figures for the fourth quarter had to be computed by subtracting
the totals for the first 9 months from the annual totals. The
problem of converting fiscal years to calendar years arose in a
few cases and was handled by allocating the fiscal quarter to
that calendar year quarter which covered the major portion of
the fiscal quarter.
The net profit figure appropriate to national income estimation is that reflecting income from current activity. It is necessary, therefore, to eliminate charges for contingency reserves and
extraordinary items such as gains and losses from the sale of
capital assets. In only a few cases do gains and losses on the
sale of capital assets appear in quarterly reports, but a fairly
large number of corporations reported charges for special re
463066—42
3
17
serves, particularly in 1941 and the first quarter of 1942. In most
of these cases sufficient information was available to indicate
the proportion of the annual charge for special reserves to be
allocated to each quarter, but in a few instances it was necessary to distribute the charge evenly over the four quarters.* The
effect of this adjustment was to raise the net profit estimates, particularly for the last quarter of 1941 and the first quarter of 1942.
Another factor which affects the comparison of earnings
figures is the increasing use of the "last in, first out" method of
valuing inventories. Many companies, rather than setting up
special reserves to provide for the effect of possible price declines
on present inventory values, have switched to the LIFO evaluation procedure which virtually eliminates gains or losses on
inventory valuations. The data were not available to permit
an accurate appraisal of the effect of this factor, but in a few
instances enough information was given to show that the change
to the LIFO method resulted in a material decline in net profits.
Quarterly allocations for income taxes as made by the corporations themselves are necessarily erratic, especially during a period
such as the last 2 years when tax rates have been subject to considerable change. For this reason the net profit after taxes as
reported by a company for any one quarter does not necessarily
give a realistic picture of the operations of the company during
that quarter. In all cases in which the quarterly net profit before income taxes was obtained, the quarterly net profit after
taxes was adjusted by distributing the annual income and excess
profits taxes over the four quarters proportionately to the net
profit before taxes. Quarters in which negative net profit before
income taxes occurred were regarded as having no tax liability
and the income taxes were prorated over the remaining quarters.
Fiscal years rather than calendar years were used in making the
tax adjustments since income and excess profits taxes are based
on the fiscal year.
The assumption was made that annual income taxes accrued
quarterly in the same proportion as net profits before taxes.
This assumption is not strictly true since taxable income does
not necessarily equal net profit before income taxes as reported
by the company. There is also a tendency for certain income
statement adjustments to be concentrated in the fourth quarter
rather than accrued in each of the four quarters. However, the
error involved in making the tax adjustment is not as serious
as the error involved in relying on the quarterly tax allocations
made by the corporation. Tax adjustments were made for at
least a portion of the period from 1938 to 1941 for nearly all
corporations included in the sample, and for a good many of the
companies adjustments were made for the entire period.
Application of the Sample Data.
The sum of the quarterly net profits after taxes, using the
figures adjusted for income tax allocations whenever available,
was obtained for each minor industrial group. A moving
average centered on the third quarter was computed and a
central tendency of the ratios of the quarterly totals to the
moving averages was used as an index of seasonal variation for
each quarter. Dividing the quarterly totals by these indexes
gave a seasonally adjusted series for the sample group of corporations.
These two sample series, the seasonally unadjusted and adjusted, were used to derive quarterly net profit series for the corporate universe in each industrial group. Preliminary quarterly
profits figures for 1938 and 1939 were obtained by applying to
the quarterly profits shown by the sample the ratio of the annual
total of all corporations in a given industry in 1938 to the total
of the sample group for that year. The series for these 2 years
was then adjusted by the Bassie method,4 adapted for use on
V. Lewis Bassie, "Interpolation Formulae for the Adjustment of Index Numbers,"
presented at the annual meeting of the American Statistical Association, December
1939. The Bassie method is used to smooth out the discrepancy between estimates
for the fourth quarter of 1 year and the first quarter of the following year. This discrepancy results from the year-to-year change in the proportion of total net income
covered by the sample.
18
SURVEY OF CURRENT BUSINESS
quarterly series, and the adjusted figure for the last quarter of
1939 was used to extrapolate the 1940 figures. The Bassie adjustment was then applied to 1939 and 1940, the adjusted figure
for the fourth quarter of 1940 was used in extrapolating 1941, and,
finally, the last 2 years were adjusted by the Bassie procedure.
By extrapolating each year on the basis of the adjusted figure for
the fourth quarter of the previous year, the amount of adjustment was held to a minimum.
In order to obtain estimates of corporate profits for the first
quarter of 1942, the net profits after income taxes for the first
and fourth quarters of 1941 and the first quarter of 1942 were
summarized by industrial groups for nearly 500 corporations for
which the first quarter 1942 income reports were available. The
ratio of the sample figure for first quarter of 1942 to that for the
first quarter of 1941 was applied to the first quarter 1941 unadjusted figure for each industrial group, and a corresponding
ratio of first quarter 1942 to fourth quarter 1941 for the sample
was applied to the fourth quarter 1941 unadjusted figure for each
industrial group. In most cases these two estimates yielded
similar results, but where they were substantially different, the
tendency was to select a figure which leaned toward the estimate
obtained from the ratio of the two first quarters. The figure
selected as an estimate of the unadjusted net profit for the first
quarter of 1942 was then adjusted for seasonal variation in those
industries where this correction is still being made.
Procedure by Industries.
Agriculture.—The annual totals were distributed over the
quarters according to the movement of entrepreneurial income
in agriculture, both unadjusted and adjusted for seasonal variations. This entrepreneurial income series is one of the components
of the income payments series released monthly by this Bureau.
Mining.—The corporate sample was divided into five subgroups—metal, anthracite, bituminous, oil and gas, and other
mining—and estimates for each were computed separately and
then added to obtain the total. This procedure was designed
to secure proper weighting for each component.
Manufacturing.—Eleven minor groups are shown for this
industry, some of these minor groups being made up of subgroups. The computation of quarterly profit series for the
manufacturing groups was based on the corporate sample figures, with the exception of tobacco and rubber. None of the
large cigarette manufacturers reports profits quarterly. In view
of the fact that available information indicated very little seasonal variation, the annual totals were divided evenly over the
four quarters and added to the food and beverage series. The
first quarter 1942 estimate assumes a continuation of the 1940
to 1941 downward trend. Due to the unavailability of quarterly
profit data for the rubber group it was necessary to use production figures for distributing the annual totals. For the first
quarter of 1942, since production figures were unsatisfactory,
shipment figures were used to obtain an estimate with an allowance made for expected higher taxes. The miscellaneous manufacturing group was computed separately and added to the
rubber group.
It was decided that the seasonal factor no longer applied to the
textiles and leather group since the beginning of 1941, due to the
effect of army orders, so the unadjusted series was also used as
the adjusted series for the last five quarters. The same considerations also applied to the chemical, rubber and automobile
groups for all of 1941 and the first quarter of 1942. The metal
manufacturing industry approached peak capacity early in 1940
and the seasonal factor did not apply to this group during 1940,
1941, and the first quarter of 1942. In all these cases the unadjusted figures were also used in the adjusted series.
The metal group, a large segment of total manufacturing, was
divided into five subgroups: Iron and steel, nonferrous metals,
electrical machinery, other machinery, and transportation equipment other than automobiles. The weighting of these subgroups
implicit
in the sample total is approximately the same as that of
June 1942
the total of all corporations in this group as shown by Statistics
of Income.
Contract construction.—An index of the quarterly activity in
the construction industry published in the May 1942 issue of the
Survey of Current Business, was used to distribute the annual
corporate net profit in this industry.
Transportation.—The quarterly profits in this industry were
computed separately for minor groups. The monthly series
of net income for railroads, unadjusted and seasonally adjusted,
compiled by the Board of Governors of the Federal Reserve
System, was used for the railroad group. The net profit series
for pipe lines and motor transport were based on quarterly income
statements compiled by the Interstate Commerce Commission.
The water transport series was based on a sample of published
corporation reports, while data on air transport profits were
obtained from the Civil Aeronautics Board. Street railways
profits, a negligible item, were distributed evenly over the four
quarters and then smoothed to even out the inter-year gap.
Power and gas.—A sample of 28 companies compiled by the
Board of Governors of the Federal Reserve System was used as
the basis for distributing the totals for the industry.
Communications.—A series showing net income after taxes
for 33 telephone companies compiled by the Board of Governors
of the Federal Reserve System, to which was added series for
3 telegraph and 5 cable companies, was used in deriving quarterly profit figures in this industry.
Trade.—The corporate sample provided the basis for the
quarterly profit series. Figures for retail trade and wholesale
trade were computed separately.
Finance.—The annual totals of corporate net profits were
distributed over the quarters on the basis of a smooth curve.
There was no evidence of any seasonal pattern in data available
for commercial banks. Income in the field of finance is chiefly
obtained from interest charges and accrues at a constant rate.
Although losses on bad assets are charged off at irregular intervals
it is more sound, from an economic point of view, to regard them
as accruing evenly over the year. Since this industry was considered to have no seasonal factor the adjusted series was the
same as the unadjusted.
Service.—The annual totals in this industry were divided in
half. One-half was distributed according to the movement
of the quarterly profits in the motion-picture industry as shown
by the corporate sample. The other half was distributed
evenly over the four quarters.
Miscellaneous industries.—The totals for this group were
distributed according to a smooth curve since no quarterly data
were available and there was no other reasonable assumption
upon which to base a distribution. First quarter 1942 estimate
is an extension of the 1941 trend. No adjustment was made
for seasonal variations. The net balance of international
dividend payments, included with this group, adjusts total
corporate profits for the net outflow or inflow of dividends.
The concept of quarterly profits offers no more difficulties
than the concept of annual profits. Economic activity is a
continuous process and to establish records covering 3 months
of the process is no different from establishing records covering a
12-month period. Both periods are arbitrary. However, since
12 months is the accepted accounting period, certain accounting
adjustments are made only at the end of the year and are thus
concentrated in the fourth quarter. Most of the corporations
have fiscal years which coincide with the calendar year and so,
there is little tendency for the effect of these year-end adjustments of individual concerns to cancel out in the total. Another
difficulty is that quarterly accounting statements are usually
very condensed; frequently only one figure for net income is
reported and such a figure may include items which should be
eliminated for our purposes. Although numerous adjustments
were made to include contingency reserves in profits it is probable
that many companies in the sample made charges for special
reserves without indicating that fact in their reports.
June 1942
SURVEY OF CURRENT BUSINESS
19
Price Ceilings and Wartime Control Over
the American Economy
By Charles A. R. Wardwell and Gerald J. Matchett
T has happened here—general price control is on the
Igovernmental
books. Price ceilings mark a sweeping extension of
wartime management over the Nation's
economy. They will require, perhaps, the greatest
administrative effort in our economic annals. They
must be expected to raise numerous and grave problems—not the least of which will be to prevent some
further rise in the price level, for important prices are
•still exempted from control. Finally, price control,
to achieve its objective, must be supported by effective fiscal measures and rationing.
During World War I, a previous generation of
Federal Administrators grappled with the inflation
problem and invoked price controls. These, however,
were of the selective type. Only prices of materials
basic to the Nation's food, fuel, and munitions supply
were singled out for restraint. In all, 573 commodities
were brought under Government control by various
agencies at some time during the war, most of them at
the manufacturers' or wholesalers' level. These controls began during the summer of 1917 and lasted until
December 31, 1918. They were effective, as long as
they were operative, in promoting reasonable stability
among the controlled prices. The uncontrolled goods,
of course, were free to rise. They did so, rising nearly
one-fourth during the year and a half of price control,
and accounting for the entire price level rise in this
period. After controls were removed, prices generally
resumed their uneven rise until the postwar inflation
peak in 1920. Of the total wartime inflation, roughly
six-tenths occurred before price controls were instituted,
about one-tenth while they were in effect, and the other
three-tenths after controls were removed.1
Price Control Task of Tremendous Magnitude.
The General Maximum Price Regulation is unique,
therefore, not in its application of price controls to the
American economy but rather for its sweeping character. Not just 573 prices as in World War I but, with
notable exceptions, all goods and many services; not
just at wholesale but also at retail. If the number of
retail establishments now in business is substantially
the same as at the time of the 1939 Census, there are
approximately 1,800,000. For most of the numerous
individual articles offered at retail in each of these
establishments there is a price ceiling. The ceilings
on the same article will differ from one establishment to
1
Readers interested in further study of price control in World War I may refer
to "Government Control Over Prices," by Paul Willard Garrett, assisted by Isador
Lubin and Stella Stewart, War Industries Board Bulletin No. 3, 1920.
the others. These retailers will buy from roughly
200,000 wholesalers who in turn will buy from approximately 180,000 manufacturing establishments. Each
wholesaler has a ceiling price on each article he handles
and likewise each manufacturer has a ceiling price on
each article he makes and sells. Thus there are
literally tens of millions of ceiling prices and profit
margins and 2 million business establishments with
various problems growing out of price relations—vital
problems which may determine whether each one of
them stays in business or not—now firmly ensconced
on the doorstep of the Office of Price Administration.
Price Control Only One Phase Of Economic
Mobilization
The significant features of the current price level
situation will escape any observer who fails to realize
that they are merely one part of the whole problem of
economic mobilization for war. Hence before discussing the problems of price control as such, we shall gain
perspective if we first orientate ourselves with reference to some of the fundamentals of the program for
total economic mobilization.
Total war—for survival—means that a maximum
proportion of all the economic resources of the Nation
must be brought to bear against our enemies in both
defense and offense. This means the arraying for
war purposes of a maximum proportion of our natural
resources, of our manpower, and of our capital equipment. No household can escape participation in one
wa}^ or another in the common effort.
The overshadowing economic problem is production:
a maximum of war goods for the Armed Forces and the
remainder—a residual , as large as practicable—for
civilians. Vast war expenditures by the Government
are necessary. These create several closely interrelated subsidiary problems: that of raising revenues,
that of averting inflation as the floodtide of consumer
purchasing power is confronted by a diminishing
supply of consumer goods, that of rationing scarce
goods equitably, and others. But the supply problem
always comes first—ample supplies for the fighting
forces and as ample as can be for civilians. To accomplish this, the Government is bound to take any necessary measures to ensure that adequate quantities of
materials, of labor, and of management flow into the
war industries, largely out of civilian lines. Whether
this conversion of the economy is achieved by the
20
SURVEY OF CURRENT BUSINESS
hope of profit, by patriotism, or by some sort of compulsion, it must be done.
Prior to the General Maximum Price Regulation, the
Government built up the war industries chiefly by
ordering cessation or limitation of civilian goods output,
and by priorities and the allocation of materials and
equipment. Other means of fostering these industries
were, increasingly, allocation of transportation, of fuel
and of power. Price control, from this viewpoint, and
quite in addition to its power to check inflation, is also
another instrument for the Government to use in mastering the basic problem of wartime supply and mobilization. It enables the Government to hitch to economic
mobilization the basic functions of the price mechanism
as it operated under free enterprise.
Functions of Prices.
June 1942
same development has already taken place in Great
Britain, Russia, Germany, and other warring nations.
Our economy cannot otherwise be effectively mobilized
for total war.
Purposes of Price Control.
The Emergency Price Control Act of 1942, whence
come most of the Government's powers over prices,
set forth nine broad objectives as the purpose of the
Act. Prevention of inflation is one major goal specified.
Another is the assuring of adequate production. A
third is to prevent dissipation of defense appropriations
by excessive prices. Price control broadly viewed,
therefore, can be considered as one of the most important
measures—but only one of them—available to the
Government for effecting economic mobilization for
war and for distributing equitably over all groups in
the community the costs and sacrifices necessary to the
Nation's war effort.
It is fully to be expected, therefore, that the Government will exercise its control over prices to prevent
inflation as completely as possible, directly or indirectly
to encourage certain types of production and discourage
others, and also to encourage certain types of consumption wiiile discouraging other types.
Most of the concern about inflation seems to have
focused on the cost of living. Our estimates (admittedly
rough) indicate that in the year ending June 30, 1943,
the Federal Government alone will purchase about as
many goods and services as will be available to the
entire body of civilian consumers. Within a short time,
therefore, the Office of Price Administration expects to
bring an important share of the Government's purchases
under formal control.
One vital function the price system helped to perform
was to guide the flow of capital, materials, labor, and
management into alternative fields of endeavor. Price
changes, as these influenced profits, were perhaps the
chief factor determining the relative quantities in which
various goods and services were produced. High or
rising prices were an invitation to productive factors
to move into a given field to increase output there.
Low or falling prices tended to divert productive
resources and thus discourage production. In those
fields not subject to superior controls, prices will still
function in this manner.
For some months, however, the flow of materials and
equipment has been guided to an increasing extent by
the War Production Board. From now on the flow
of labor will be increasingly subject to the War Manpower Commission. Prices and profit margins will still
guide the flow of productive resources not otherwise Companion Measures Will Follow to Supplement Price
Control.
guided—but the prices set will be subject to the jurisdiction of the Office of Price Administration. AccordThe exact nature of all of the companion measures
ingly this agency can adjust profit margins favorably in that must operate along with price regulation in the
cases where it wishes to encourage output or distribu- joint mobilization efforts has not been determined.
tion, and squeeze the margins in cases where it is neces- What these forthcoming measures must do, however,
sary in the national interest to discourage the output is abundantly clear. First, they must mop up most of
and sale of an article.
the consumer purchasing power over and above the
Another vital function of prices was to guide con- amounts needed to buy the available supplies of consumption. Low prices were an invitation to purchase sumer goods and services at their ceiling prices or less.
more, and high prices, less, of any given article. Hence This will be accomplished by higher taxes collected in
both the choice of goods and the amounts purchased one way or another from consumers and also by much
by individual consumers, were determined by prices on larger purhcases of war bonds by consumers out of
the basis of ability to pay. Prices will still influence their current incomes. The more adequate these fiscal
consumer choices, but they will increasingly be those measures are to effect this purpose, the less wdll be the
prices set by the Price Administrator rather than by pressure against the price ceilings and the simpler will
market decisions. And the quantities consumed per be the enforcement problem of the Office of Price
person, at least in the case of scarce articles, will be Administration.
determined by OPA ration regulations as well as by
Secondly, other measures wdll be needed to stabilize
ability to pay.
the prices so far exempted from control. Some of these
Hence in one way or another, various Government exemptions threaten cost-of-living stabilization, such as
agencies have either assumed the traditional functions prices of personal services and food consumed in eating
of the price system or will supplant them by more places. Others threaten the cost of doing business,
direct controls over production and consumption. The such as wages and salaries. Whatever may be the
21
SURVEY OF CUREENT BUSINESS
June 1942
measures designed to prevent the further rise of these
and other exempted items, it is clear that they must rest
upon fundamental criteria which are themselves solidly
rooted in broad social policy. Involved, of course, is
the whole question of the distribution of the national
income and the standards of living of the various groups
in the community in wartime.
Another companion measure needed to supplement
price control in wartime management of the standard
of living is the rationing of all scarce goods and services.
This is inevitable as obviously it would be contrary to
the national welfare to permit the first few people in
line, on the first-come first-served basis, to buy up most
of the available supply and leave only remnants for the
others. There is oiie special aspect of rationing important enough to mention in passing. This is the
need for rationing of inventories of scarce goods among
distributors. Unless this is done, grave problems of
maldistribution of merchandise among mercantile outlets and between different localities may arise to disrupt
the equitable flow of scarce goods to consumers.2
Basic Problems of Price Control
The adoption of universal price ceilings raises many
difficult problems, several of which are considered
below. The results of price ceilings will be direct and
indirect, foreseen and unforeseen. One thing, however,
is clear: If price control is to develop in an orderly
manner, basic criteria must be established as benchmarks for determining solutions to various types of
problems as they arise.
Problem of Adjusting Compressed Profit Margins.
One of the important problems of price control
centers around the effect of ceiling prices upon the
distributive trades. The profit position of a wholesaler or retailer depends upon two factors: namely,
the volume of business and the relationship between
the selling price and the cost price of each article
handled.
With the production of many consumer commodities
either stopped completely or drastically curtailed,
many concerns will suffer a decline in the volume of
business. The dollar value of goods likely to be available to consumers during the fiscal year 1943 is roughly
estimated at only about 85 percent of that so available
in the calendar year 1941. This declining volume of
business will be an increasingly important element
acting to compress profit margins. While it will affect
some lines of business more drastically than others,
few will escape entirely.
The distributor cannot look to prices moving freely
upward to maintain his profit position, for the price
structure has been frozen at the March level for a
majority of commodities in which he trades. While
2 For further discussion of this point, see the article by Frederic O. Murphy and
Louis J. Paradiso, p. G of this issue of the Survey of Current Business.
prices of manufacturers, wholesalers, and retailers have
been rising at approximately a similar rate since February 1941, the rise has been uneven. Many retailers'
prices have lagged behind wholesalers' and manufacturers' prices. Consequently, many distributors will
be subjected to a double squeeze—a volume squeeze
and a price squeeze. In the long run, the volume
squeeze will probably be more important than the
price squeeze for certain lines.
Price Squeeze an Individual Problem.
An analysis of the retail price squeeze would necessitate a comparison of the price and cost of every
commodity sold by every retailer. The average retail
price lag has little meaning, and can certainly not be
used as a guide in making price adjustments. Different
groups of retailers are affected differently because wholesale price movements have been uneven as between
commodities. (See fig. 14.) Between March 1941
and March 1942, for example, wholesale prices of dairy
products and meats increased 17 and 31 percent, respectively. Prices of housefurnishing goods increased
15 percent, shoes 16 percent, woolen goods 17 percent,
and cotton goods 39 percent.
Table 1.—Annual Stock Turn-over by Type of Retail Business,
1939
[Number of turns per yearj
Type of business
Meat markets.Dairy and poultry products stores
Grocery and meat stores
Bakery shops
_
Confectionery stores
Grocery stores (without meat)Farmers' supply stores
.
Coal and other fuel dealers..
Cigar stores and stands
Alcoholic beverages
Country general stores
Women's ready-to-wear shops
Florists and nurseries-..
Lingerie, hosiery, millinery, and accessory stores
Lumber and building material dealers, _
Drugstores
_
__.-..
Farm implement dealers
Housefurnishings stores.
Stationery stores.
Furniture stores
Floor coverings stores
_
Paint, wall paper, and glass concerns....
Musical instrument stores
Fur shops
Dry goods and general merchandise
stores
Hardware stores
_._
Family clothing stores.
Custom tailors
Men's clothing shops
Shoe stores..
_
Jewelry stores..
Average
turnover for
profitable
concerns
Range of usual profitable
turn-over experience
Lower
limit
Upper limit
53.9
29.6
13.8
12.8
11.0
10.2
8.7
8.3
7.8
6.5
4.0
3.8
3.7
32.3
<*.3
9.4
9.4
6.2
7.8
5.7
5.6
4.5
4.2
2.6
2.6
1.7
79.4
353.7
18.5
21.7
16.3
14.0
14.9
12.8
12.9
9.4
6.4
5.6
8.9
3.5
3.3
3.2
3.0
2.9
2.9
2.8
2.7
2.7
2.2
2.1
2.1
2.1
2.2
2.1
2.2
1.8
2.0
.1
2.0
.5
.5
7.0
4.9
4.5
4.9
5.1
4.9
4.1
10.5
3.5
12.0
12.3
2.0
2.0
1.9
1.9
1.9
1.8
1.2
1.4
1.6
1.4
.7
1.3
1.4
2.8
2.7
2.7
7.1
2.5
2.4
1.8
a This figure seems inexplicably low.
Source: Dun and Bradstreet, Inc., Standard Ratios for Retailing, 1940.
Even retailers engaged in similar business are affected
differently because pricing policies were not uniform.
If a retailer determined his mark-up by replacement
costs, he is subject to no price squeeze, for his March
selling price in this case is determined directly by the
prices that he had to pay in March. Many retailers
22
SURVEY OF CURRENT BUSINESS
June 1942
use as the base for their mark-up the average cost of Figure 11.—Indexes of Cost of Living and Wholesale Prices in
Canada.
their inventory. Where the rate of inventory turnover
1935-39 ' 100
is very rapid, the average inventory cost is close to the
replacement cost and the price squeeze is negligible.
The retailer whose business is on a month-to-month
basis and who had acumulated no large stock of goods
will suffer little price squeeze from the General Regulation. The retailer, on the other hand, who participated in the general movement of forward buying and
who had accumulated large stocks of goods will probably
be more severely affected.
100
The rate of inventory turnover gives some clue as to
the commodities and retailers most subject to the price
90
squeeze. According to the Dun and Bradstreet 1939
1941
1942
1940
1939
0.0. 42-139
Survey of Fifty Types of Retail Trades, inventory
Source: All data from the Canadian Department of Trade and Commerce. Index
turnover differed widely not only from commodity to
of Wholesale Prices was recomputed to the 1935-39 base by the U. S. Department of
commodity, but also from store to store. Table 1 Commerce.
indicates this for selected types of retail business. In
general, stock turns were most frequent in the case of 1939 and November 1941 living costs advanced 15 perfood stores. Meat markets, for instance, experienced cent and wholesale prices 30 percent—increases coma turnover approximately once a week. At the other parable to those in the United States up to the issuance
extreme, jewelry stores, shoe stores, and men's clothing of the General Regulation. Since December 1, 1941,
shops among others, turned their stock little more than cost-of-living price indexes of the Department of
once a year. In most lines experience from store to Trade and Commerce have held remarkably stable
store was far from uniform. While a high rate of turn- through April varying between 115.4 and 115.9
over means that the price squeeze is insignificant, a slow (1935-39 = 100). Wholesale prices have increased
turnover, of course, does not necessarily imply the about 1 percent during this period. Wholesale prices
converse because the pricing policy and the spread of consumer goods have declined slightly, while retail
between wholesale and retail prices may still have prices of these commodities remain at the December
afforded an adequate margin.
level. Canadian control is broader than our own.
Agricultural
commodities in general are not exempted
Canadian Experience.
and
wages
are
tied to the cost of living.
Because of the similarity of the Canadian price
control system to our own, a brief review of Canadian
experience will demonstrate how some of these problems
of margin adjustment may be met. The base period
in the Canadian regulation is September 15 to October
11, 1941. Beginning on December 1 of last year no
retailer was to charge a price higher than he charged
in the base period.
Ceilings were not imposed upon wholesale prices.
Where retailers could not sell at the base period price,
wholesalers' and manufacturers' prices were rolled
backward. In making adjustments, the authorities
have calculated the total available margin and divided
it up among processors and distributors on some equitable
basis. The Canadian price authorities have had no
compunction about changing prices either upward or
downward save at the retail level. Only under special
circumstances were retail prices of a concern increased.
If a merchant, for instance, was selling some commodity
as a loss leader during the base period, he was allowed
to bring his selling price in line with that of his competitor. Some commodities have been allowed to
disappear from the market.
The results of 5 months of Canadian price control
are revealed in figures 13 and 14. Between August
Criteria for Margin Adjustments.
The value of consumer goods at retail in the United
States amounted to about $43.5 billion in 1939. The
cost of distributing these goods was allocated as follows:
Wholesale costs $2.9 billion, and retail costs $12.1
billion. Thus the wholesale-retail distributive margin
(omitting transport costs) totaled $15 billion, or nearly
35 percent of the retail value. It is this 35 percent
(which remains fairly constant) that the OPA has available, on the average, to divide among those distributing
consumer goods.
There are two criteria upon which adjustment of
profit margins may be based. The authorities may
consider either the margin on each commodity separately, or they may consider the total profit position
of a firm. These two criteria, both of which have been
used by the Canadian authorities, lead to different
results. If the authorities consider the total profit position of a firm and find it to be favorable, adjustment may
be denied in the case of a particular commodity upon
which a loss is being sustained. The seller then must
decide whether or not to continue the production or
sale of the commodity in question. In short, this
23
SURVEY OF CURKENT BUSINESS
June 1942
method tends strongly to result in the disappearance
of many commodities from the market altogether. It
is clear, of course, if the commodities concerned are
Figure 12.—-Indexes of Wholesale and Retail Prices of Consumer Commodities in Canada
5 - 3 9 = 100
100
Stabilization Corporation was created and provided
with an advance of 10 million dollars from Government
funds. The cost of the subsidies amounted to more
than 2 million dollars for the first 5 months. It is
expected that payments will eventually exceed this
rate, although the extension of control in the United
States has made easier the Canadian efforts. Nearly
one-half of the rise in the costs of imported leather is
being met by a subsidy. Milk producers are receiving
payments to encourage the output of dairy products.
Table 2 gives a list of subsidy payments granted through
April 21, 1942. It is significant that while the majority of payments in number have been made for import commodities, the bulk of the payments have gone
to support milk production and the production of shoes.
Table 2.—Price Stabilization Subsidies in Canada *
90
1939
1940
194!
Source: All data from the Canadian Department of Trade and Commerce. Index
of Wholesale Prices of Consumer Commodities was recomputed to the 1935-39 base by
the U. S. Department of Commerce.
vital war materials or essential civilian commodities
this criterion could not be used and some form of
relief would have to be granted.
Business, however, cannot rely entirely upon the
Price Administrator for relief as profits diminish.
Energetic action must be taken to reduce costs to a
minimum. Economies may be effected by using a
smaller labor force, by cutting down on deliveries and
other free services, by a reduction of advertising, by
greater standardization of commodities, and by concentrating on a smaller selection of stock and faster
turnover.
Subsidies.
Finally, some relief—primarily to producers—may
be granted through payment of subsidies. The Office
of Price Administration has had some experience with
subsidies which encourage production without upsetting established ceiling prices. Last January, differential prices were established for lead, copper, and
zinc. The Metals Reserve Company was directed to
purchase all lead, copper, and zinc output beyond
certain quotas at prices respectively 42, 41, and 33
percent above their basic ceiling prices. Purchasers
continue to buy at the ceiling price, the Government
paying the premium price as a subsidy to the producer.
The merits of this type of subsidy are that the ceiling
is not punctured, the bulk of the output is obtained at a
price no higher than the ceiling price, and the supply
subject to higher costs is encouraged.
In Canada, the Prices Board adopted subsidies for
the maintenance of ceiling prices in the case of unabsorbable differences in the domestic price system,
and also to compensate for differences between the
home and foreign markets. The Commodity Prices
Commodity
1942
Domestic commodities
Milk
Footwear
Leather garments
Imported commodities:.
All commodities
Subsidy
payment
$1, 974, 762
1,387,630
584,355
2,777
154, 219
2,128,981
i Subsidies, up to and including Apr. 21, 1942, paid by the Commodity Prices
Stabilization Corporation, Ltd.
Source: House of Commons of Canada, Debates for Apr. 23,1942.
In Great Britain an elaborate subsidy system has
been developed for keeping in check cost-of-living prices.
The Ministry of Labour's cost-of-living index wras less
than 1 percent higher in April 1942 than in April 1941.
Large subsidies amounting to £125 million in 1941 were
chiefly responsible for holding these prices down in the
face of advancing wholesale prices.
Basic criteria will be needed to guide the granting of
subsidies. In order to keep payments to a minimum,
the Administrator must first determine wrhich commodities are essential and which may be foregone for the
duration. Subsidies will be warranted only to maintain
or increase the supply or essentials where production is
being discouraged by the ceiling and in general they will
be granted at the manufacturers' level.
Guarding Against Quality Deterioration.
There is no simple answer to the problem of quality
deterioration. It is complicated by the fact that military requirements for scarce materials may often necessitate the substitution of other materials in the manufacture of civilian commodities. If the substitute
materials used are cheaper, prices should be reduced
accordingly. There is risk, however, that some manufacturers, without such cause, may deliberately reduce
the quality of products and sell the less useful goods at
regular prices as a means of evading the Price Regulation. It is this type of quality deterioration that must
be prevented, and to do so will call for constant vigilance
on the part of the Price Administrator's technical
experts.
24
New Commodities and Trading Up.
SURVEY OF CURRENT BUSINESS
June 1942
because authorities believed March prices to be suffiThe problem of establishing a price ceiling for new ciently high to allow their prices at the farm to attain
commodities is one which will call for increasing atten- the stipulated levels.
tion, and it is not one that can be easily solved. At the Figure 13.—Indexes of Wholesale Prices and Cost of Living in
manufacturers' level, the cost of production will be an
the United States
1935-39 = 100
important element to consider. For wholesalers and
140
retailers, the Canadian polic}^ may be followed of allowing a mark-up comparable to that for commodities
130
WHOLESALE PRICES
made of similar materials. As substitutes are found to
FARM PRODUCTS
120
replace those banned because they require critical materials many new commodities are likely to appear. On the
WHOLESALE PRICES-ALL COMMODITIES
OTHER THAN FARM PRODUCTS AND FOODS
other hand, slight changes in the specifications of a commodity do not really constitute the introduction of a
100
COST OF LIVING new commodity. Where this is done with the intent of
WHOLESALE PRICES WAGE EARNERS AND
FOODS
LOWER-SALARIED WORKERS
IN LARGE CITIES
evading the ceiling, the Administrator can discourage
it by refusing to grant a higher ceiling price.
Trading up may also become prevalent. This would
1939
1942
involve the discontinuance of low-priced lines in favor
Source: All data from the U. S. Department of Labor. Index of Wholesale Prices
of higher-priced lines affording larger profit margins.
was recomputed to the 1935-39 base by the U. S. Department of Commerce.
One solution would be to grant a subsidy for the proSecond, the act through its definition of a commodity,
duction of the low-priced commodity if it is desirable
that it remain on the market. Trading up would defeat specifically excluded, among other things, wage rates,
the purpose of the price ceiling by raising the cost of utility rates, security prices, real estate, periodicals,
living of those who ordinarily buy the low-priced com- and personal and professional services. In addition,
modity. In addition, the manufacture of more expen- the Regulation excluded commodities for which no
sive goods often uses more materials and labor. These organized market exists, such as fresh fruit and vegeresources should, where needed, flow into war industries tables, and^certain basic raw materials already covered
by ceilings. Nor was any control placed over the prices
instead.
charged by restaurants and other eating establishments.
Enforcement.
The most important exceptions, however, from the
Enforcement of price ceilings in all transactions for point of view of influence on other prices, are agriculall covered commodities obviously poses a tremendous tural prices and wage rates.
administrative problem. Unless complete cooperation
In view of the swift rise which has occurred in the
of both buyers and sellers is won, this is apt to provide prices of agricultural products, under the impact of
a critical test of the entire control project. As long as wartime demands and in conjunction with the farm
shortages are not serious it will be to the advantage of programs of the Government, the exemption of many
the consumer to cooperate with the authorities in order agricultural commodities from the March ceiling raises
to keep down his cost of living. The real test will come a rather important question as to the stabilization of
when and if shortages develop.
the cost of living. From August 1939 to March 1942,
As rationing becomes extensive, enforcement of the the Bureau of Labor Statistics' indexes of the wholesale
ration will be added to enforcement of price. In every prices of farm products and foods increased by 69 and
other country where price and ration controls are in 43 percent, respectively, compared with the 30-percent
force, black markets have developed as some people increase for the combined index. (See figs. 13 and 14.)
persisted in getting scarce goods even if illegally.
The Emergency Price Control Act provided four
Hence our problem will be to keep black markets at a alternatives for determining how far agricultural prices
minimum. Enforcement here will be eased if adequate are to be allowed to rise before a ceiling may be immeasures are taken to absorb surplus consumer pur- posed. For the majority of farm products no ceiling
chasing power.
may be imposed until prices reach 110 percent of
parity.1 Since the beginning of the year, agricultural
Influence of Exempted Prices and Costs.
i No maximum price shall be established or maintained for any agricultural comTwo of the most important types of exemptions from modity below the highest of any of the following prices, as deter mined and published
the Secretary of Agriculture: (1) 110 per centum of the parity price for such comprice control resulted from provisions of the Emergency by
modity adjusted by the Secretary of Agriculture for grade, locati'o n, and seasonal
Price Control Act itself. First, many agricultural com- differentials, or, in case a comparable price has been determined for s u ° h commodity
under subsection (b), 110 per centum of such comparable price, adjusted in the same
modity prices were left uncontrolled because they had manner,
in lieu of 110 per centum of the parity price so adjusted; (2) the market price
not yet reached the minimum levels at which ceilings prevailing for such commodity on October 1, 1941; (3) the market price prevailing
such commodity on December 15,1941; or (4) the average price for such commodity
may be imposed. Nevertheless, many processed agri- for
during the period July 1, 1919, to June 30, 1929. Emergency Price Control Act of
cultural items were brought under the Regulation 1 P42, Sec. 3 (a).
25
SURVEY OF CURRENT BUSINESS
June 1942
prices have been fluctuating around parity. In March
they were 97 percent of parity, but by mid-May the
parity level had again been reached. A comparison of
May prices and minimum ceiling prices for a number of
products is given in table 3.
Table 3.—Minimum Price Ceilings for Selected Agricultural
Commodities
Minimum price ceiling Peralternatives i
cent by
which
actual
Actual
price
May
15,
1942
Commodity and unit
Rye
ct. per bu._
Hay
-dol. per ton..
Barley
ct. per bu_Turkeys, live
ct. perlb..
Wheat
ct. per bu_.
Buckwheat
__ do _
Sweetpotatoes
do
Beans
dol. per 100 lb
Corn
ct. per bu_.
Oats
do
Eggs 2
ct. per doz
Peanuts.
ct. per lb._
Flaxseed
dol. per bu..
Chickens, live
.ct. per lb_.
3
Cottonseed
_.-...dol.
per ton_.
2
Butterfat
ct. per lb_.
Cotton 3
...do
Potatoes
--Ct. per bu._
Apples
--.dol. per bu-.
Lambs 3
dol. per 100 lb-_
Wool
ct. per lb
Hogs 3
dol.
per 100 lb _
Veal calves 3
do
Beef cattle 3
do
Rice
ct. per b u . -
59.4
10.82
62.0
19.1
99.8
83.1
105.6
4 38
81.4
51.6
26.5
6.30
2.43
18.4
43.99
38.6
19.17
114.8
1.56
11.62
40.2
13.28
12.45
10.65
177.5
Parity
110
price
perMay
cent
of
15,
1942 parity
price
May
Average
price
July
1919May
June
15,1942 1929
109.4
18.04
94.1
21.9
134.4
111.0
133. 5
5.12
97.6
60.6
26 8
7.30
2.57
17.3
34.28
37.9
18.85
108.1
1.46
8.94
27.8
11.05
10.26
8.24
123.6
120.3
19.84
103.5
24.1
147.8
122.1
146.8
5 63
107 4
66.7
29.5
8.03
2.83
19.0
37.71
41.7
20.74
118.9
1.61
9.83
30.6
12.16
11.29
9.06
136.0
price
Actual must
price rise or
Dec. fall to
reach
15,
1941
minimum
ceiling
price
57.8
94.7
13.53
9.43
69.3
56.1
28.8
20.9
132.5
102.2
105.6
64.9
86.6
134.4
4.93
5.77
66.9
88.9
47.4
45.2
33.2
34.1
4.79
5.83
2.34
1.78
21.1
15.8
36.17 i 44.65
44.0
36.0
21.47
16.23
82.7
124.1
1.46
1.09
11.12
10.13
34.1
37.1
10.32
9.77
11.18
9.56
7.18
9.34
126.0
143.9
items as an offset to smaller returns from commodities
subject to ceilings. The Price Control Act itself,
moreover, forbids ceiling prices upon processed agricultural commodities if the effect is to prevent farm
products from attaining their minimum ceilings. For
this reason, the March ceiling prices on canned citrus
fruits and juices were removed early this month, and
other food ceilings may have to be eliminated or revised
upward.
Figure 14.—Percentage Change in Wholesale Prices of Selected
Commodities in the United States
PERCENTAGE
+ 125
/ ~ ~ ~ ~ ~ COTTONSEED OIL
/
~ ~ ~ WASTEPAPER, NO I, MIXED
•100
+103
+83
+67
+51
+48
+47
+39
+32
+32
+29
+29
+27
+16
+15
+14
+14
+12
" ~ ~ ~ C O T T O N , MIDDLING
PORK, FRESH
EGGS, FRESH, FIRSTS
PRINT CLOTH, 38 '/2 - I
+ 50
/HEAT, NO 2 HARD
/INDOW SHADES, 3 6 " IN.
+8
+2
'
-8
-9
-12
-19
The Department of Agriculture estimates that about
75 percent of the commodities contained in the index
used to compute parity for agricultural products are
covered by the General Regulation. Parity undoubtedly will not advance as rapidly as in the past
because only 25 percent of the commodities bought by
farmers are still free of price control. There evidently
can be some further increase, however, and in addition
agricultural prices are still free to rise 10 percent, on
the average, beyond such parity levels.
According to the Bureau of Labor Statistics, about
one-fourth by value, of the commodities contained in
its wholesale price index is exempt from price control.
In its retail cost-of-living index, roughly 70 percent of
the goods and services are subject to the Regulation,
and many of the exempted items are under other
controls. It appears quite probable, nevertheless, that
both the wholesale and retail price indexes will continue
to register some advances as the result of continued
price increases in uncontrolled items. These latter may
possibly rise even faster than in the past by reason of
sellers endeavoring to expand their margins on such
4
DENATURED ALCOHOL
' //
v
12 Minimum price ceiling in italics. Oct. 1,1941, price ceiling alternative omitted.
Seasonally adjusted.
3
Latest figures, revising table published in the Congressional Record, M a y 26,
1942,
p . 4722.
4
Minimum ceiling is the approximated price on Oct. 1, 1941, which was $50.36 per
ton.
Source: U. S. Department of Agriculture and Office of Price Administration.
463066—42
CHANGE
, OVERALLS, 2 2 0 DENIM
RAW SUGAR, 9 6 °
DOUGLAS FIR, NO I COMMON
'_ COWHIDES, LIGHT NATIVE
BUTTER, FIRSTS
- - - MEN'S TROUSERS, SERGE
DESKS, FLAT TOP, WOOD
~~ BURLAP, IOi/2-OZ, 40-IN.
.
- - B E E F , DRESSED, FRESH
WOOL, DOMESTIC, TERRITORY
ACETIC ACID, 9 9 . 5 % , GLACIAL ,
- WHITE LEAD, IN OIL
- TIN, PIG
'COPPER, ELECTROLYTIC
SULFURIC ACID, 66°, COMMERCIAI
LINOLEUM, INLAID
JEWSPRINT, ROLLS, CONTRACT
STEEL SCRAP
ZINC SCRAP
FEB. 15, 1941
-25
APRIL 14, 1942
Source: U. S. Department of Labor.
The exemption of wage rates means that for most
businesses the largest single element of cost is free
from formal control. The only notable exception to
this is in the instance of wage-rate disputes that come
before the National War Labor Board. Under the
most favorable circumstances, wage advances may
perhaps be retarded without formal controls. For
labor is thoroughly aware of its responsibilities under
the President's April program. Unless labor costs are
kept to reasonable levels, however, the Office of Price
Administration will be faced with a decisive test of its
entire program. For rising labor costs, despite the
economies of production and distribution that may be
effected, must sooner or later lead either to the revision
of price ceilings, to deterioration of quality, or to the
reduction of output and distribution in many civilian
goods lines. This problem evidently must be squarely
met if Government management of the wartime standard of living is to be successful.
26
SURVEY OF CURRENT BUSINESS
Summary of Probable Effects of Price Ceilings
Price control and the reduction of the unit volume
of consumer goods will bring profound changes in the
distributive trades. The variety of goods offered for
sale will diminish. Some commodities will disappear
from the market completely. Fewer services will be
offered in connection with the sale of commodities.
Whereas formerly distributors competed with one
another for consumer trade, competition may now be
just as intense in the struggle to obtain merchandise.
The consumer will be less well served.
For the duration, manufacturers and distributors of
consumers' goods will be a less significant element in
the total economy. Failures and retirements among
them will increase. Those manufacturers who can
shift to war goods will suffer very little save during
the immediate adjustment period. While cases of
individual hardship are bound to be numerous, portions
of the labor and resources released will be available for
use in war industries. Thus part of the losses suffered
by consumer goods manufacturers, distributors, and
their employees will be a gain to the war economv.
While many of the major cost-of-living prices may
be stabilized, the standard of living is bound to fall.
Civilian production will be severely curtailed. Accumulated inventories will be drawn down. In addition,
there is likely to be considerable deterioration in the
June 1942
quality of commodities and some further advance in
commodity prices.
In its fundamental policy-making decisions, the OPA
will in fact be faced with three principal alternatives.
The authorities may decide that quality deterioration
is preferable to allowing an advance in price. Or
they may further decide that price ceilings can be held
by removing or diminishing the upward pressure of
rising costs. To accomplish this end, they may refuse
to grant relief to marginal concerns who will then be
forced out of business. This will cut output of the
goods concerned but will also free labor and materials
and thus check the tendency for these cost prices to
rise. Or finally, rather than sacrifice quality or output,
the authorities may decide to grant relief through either
some form of subsidy or an increase in the price ceiling.
Such price advances as do occur, however, will
unquestionably be at a slower rate. How fast and how
much the rise is, will depend largely upon the energy
with which the remainder of the President's program
is put into effect. If the rise is to be a minimum, the
necessary measures must be adopted to remove surplus
purchasing power and to stabilize prices of goods and
services not now subject to the March ceilings. The
battle against inflation is essentially a battle with
many fronts. Hence it can be lost by a break through
on some unguarded front.
(Continued from p. 5)
tremendously increased requirement for alcohol in 1943,
resulting from the need to provide 180 million wine
gallons of alcohol for the production of 200 thousand
tons of butadiene as required by the synthetic rubber
program, a substantial reduction has been made in the
need for hightest molasses as a raw material in the
production of alcohol. This has released large quantities of sugar cane for the production of raw sugar.
Supplies of sugar obtainable in offshore areas are now
greater than were estimated in January. In Hawaii there
has been an increase of over 70 percent from the 500,000
tons expected at the beginning of the year. In Cuba
favorable weather conditions have increased yields.
The 50 percent reduction of the duty on sugar from
Peru to about 94 cents per 100 pounds makes it attractive for Peru, and all other countries which share in
the reduction, to ship sugar to the United States market.
Thus, there is currently available for shipment to the
United States, after allowance for export requirements,
more sugar than has been consumed in any one year
prior to 1941.
{Continued from p. 12)
The remainder was estimated on the basis of the
monthly movement of retail sales. Ketail inventories
at the end of a given month are very closely associated
with a 3-month moving average of retail sales centered
at that month. Thus, using the relevant monthly
retail sales indexes published by this Bureau, it was
possible to estimate the level of inventories for the
retail outlets not directly covered. These when
added to the reported inventories yielded an estimate
of the total held by retailers. The results were checked
with changes obtained from the Bureau of the Census
sample for independent stores at year-end periods.
Census data were used to estimate retail inventories as
of the end of 1935. For the end of 1936 and 1937
Census data were interpolated by the use of retail
inventories reported to the Dun and Bradstreet Survey.
Wholesale.—Since 1937 the Bureau of the Census
has published month-to-month changes in wholesale
inventories by kind of business on the basis of a sample
of reporting firms. The sample is sufficiently reliable
to provide a basis for estimating total wholesale inventories. This was done by combining the reports
to the Bureau of the Census into four broad business
classifications and adjusting inventories of the reporting
firms in each classification to the corresponding Census
totals published for the beginning and end of 1939.
Indexes were then computed for each group and these
were combined into a total by weighting according to
the relative importance of each group as shown by their
inventories in the 1939 Census. Year-end inventories
prior to 1937 were estimated hj use of Statistics of
Income data.
S-l
SURVEY OF CURRENT BUSINESS
June 1942
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1940 Supplement to the SURVEY OP CURRENT BUSINESS.
That volume contains monthly data for the years 1936 to 1939, 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 1936. Series added or
revised since publication of the 1940 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying
footnote indicating where historical data and a descriptive note may be found. The term "unadjusted" and "adjusted" used to
designate index numbers refer to adjustment of monthly figures for seasonal variations.
Data subsequent to April for selected series will be found in the Weekly Supplement to the Survey
Monthly statistics through D e c e m b e r 1939, together with explanatory notes a n d references
to t h e sources of t h e data, may b e found i n t h e
1940 S u p p l e m e n t to t h e Survey
1942
April
1941
April
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:
Total income payments
1935-39=100..
Salaries and wages
„._
do.
Total nonagricultural income
..do.
Total....
mil. of doL
Salaries and wages:
Total
do
Commodity-producing industries _. do
Distributive industries
do
Service industries
do
Government
_
do
Work-relief wages
do
Direct and other relief
do
Social-security benefits and other labor income
mil. of dol..
Dividends and interest
do
Entrepreneurial income and net rents and
royalties
___mil. of dol._
Total nonagricultural income
do
133. 6
141.5
134.1
7,092
137.0
146.0
137.9
7,937
138. 9
147.6
139.2
7,739
141.1
149.3
140.7
7,518
143.1
150.1
141.3
8,280
145.4
152.6
143.5
8,508
146.5
153.7
144.5
8,071
154.7
161.5
150. 3
9, 397
155.7
163.2
152.0
8,424
156.9
166.0
153.9
7,987
' 158. 6
' 168.6
' 156. 0
4,842
2,018
1,147
867
689
121
5,057
2,191
1,164
882
705
115
93
5,242
2,307
1,200
903
728
104
93
5,168
2,346
1,207
906
623
86
90
5,263
2,420
1,218
909
636
80
90
5,431
2,481
1,229
910
732
79
5,592
2,539
1,251
927
795
80
5, 555
2,505
1,245
924
802
79
90
5,830
2,550
1,400
951
842
87
92
5,665
2,533
(>
5,731
2,609
' 5,905
' 2,670
171
810
1,643
7,967
154
817
1,238
6,627
158
491
159
1,114
157
919
155
463
159
1,583
174
1,329
7,334
1,405
7,057
1,547
6,714
152
855
1,820
7,435
152
549
1, 293
6,518
151
918
1,691
7,328
1,725
7,109
1,733
8,456
p 108. 5
v 135. 0
v 114.5
v 154. 0
v 138.0
v 166.5
v 147. 0
74.0
93.0
77.5
107.0
108.5
114.5
82.5
83.5
96.5
82.0
110.0
108.5
118.5
83.5
86.0
96.0
81.0
110.0
107.5
117.5
90.0
99.0
98.5
83.5
112.5
107.5
122.5
90.5
123.0
102.0
144.5
110.0
95.0
109.0
112.5
114.0
87.0
99.0
120.0
122.5
129.0
88.5
161.0
111.5
101.5
121.0
124.5
128.0
92.0
137.5
112.5
101.5
123.0
131.5
122.5
106.5
128.5
134.0
124.5
143.0
131.5
153.5
132.0
161.7
172.1
158.3
8,784
6,068
2,766
(*)
()
129.4
136.6
130.2
7,147
92
()
()
()
72
95
)
'75
177
924
1,671
7,580
173
437
1,551
7,259
' 1,593
' 7,935
110.0
131.5
119.0
143.0
124.5
154.0
143.5
90.5
127.0
105.5
146.5
132.0
156.0
144.5
' 100.5
'127.0
104.0
' 147.5
'129.0
' 154.5
'157.0
AGRICULTURAL INCOME
Cash income from farm marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100Adjusted
do
Crops
do
Livestock and products
do
Dairy products
. do
Meat animals
do
Poultry and eggs
do
INDUSTRIAL PRODUCTION!
(Federal
Reserve)
Unadjusted:
165
144
167
167
159
162
Combined indext
1935-39=100..
155
168
160
v 172
168
'167
172
172
153
164
168
173
173
167
165
174
Manufacturestdo
P177
215
206
192
210
198
209
'196
199
Durable manufactures J
do
'181
P227
'220
191
192
P198
191
184
185
191
185
'183
193
181
Iron and steel t
do
198
122
148
145
140
P133
144
134
128
134
151
Lumber and products*
do
130
129
142
156
159
150
149
143
154
157
Furniture*
_
do
135
'147
'146
144
138
135
' 112
142
130
124
148
Lumber*
.do
128
'118
'120
227
231
214
248
216
206
229
224
255
Machinery*
._._
do
194
'265
'191
185
187
191
191
'193
190
189
Nonferrous metals* J.
do
184
'190
*185
'175
'171
'138
M55
'165
'174
Stone, clay, and glass products*..do
'161
132
'175
'169
'140
'142
184
174
137
161
177
163
132
185
181
Cement
do
171
139
141
166
163
165
160
159
164
173
Glass containers*
do
172
170
135
176
120
149
68
43
96
142
47
117
Polished plate glass
do
109
120
142
43
245
244
'304
229
229
269
Transportation equipment*!
do
'313
221
34
'275
206
'327
1,204
930
997
876
Aircraft**
_.do....
1,290
1,113
1,340
818
0)
0)
0)
0)
Automobile bodies, parts and as118
152
134
161
'105
136
146
142
135
120
sembly*
1935-39=100-.
164
74
164
110
123
47
Automobiles, factory sales eft- - -do
139
134
(
(2)
()
256
335
338
319
306
280
Locomotives*
do
237
0)
307
0)
0)
218
278
264
236
Railroad cars*
do
249
233
0)
196
233
0)
0)
0)
381
634
645
485
Shipbuilding (private yards) *.. do
560
428
353
(0
467
0)
0)
0)
••134
143
144
142
Nondurable manufactures
do
145
138
137
130
138
138
••137
13
120
137
118
122
Alcoholic beverages*
do
112
117
137
130
110
131
113
135
153
151
142
Chemicals*
do
158
153
148
138
136
139
165
J-125
122
131
127
123
130
Leather and products
do
124
129
120
119
126
'128
P124
126
126
125
116
137
Shoes*
...do
'120
132
122
125
130
'129
119
152
Manufactured food products*!-.-do
»124
»139
*159
128
112
137
*121
175
167
*99
*99
Dairy products*X
-do
v 142
188
134
181
J-127
132
116
*>133
173
152
Meatpacking
do
135
134
119
121
119
119
'131
141
146
'151
152
Paper and products*..
do
152
151
149
143
137
139
155
145
150
159
'159
Paper and pulp*
do
160
155
151
147
140
143
161
126
131
136
132
129
135
Petroleum and coal products*
do
134
128
120
129
122
148
154
153
160
161
161
153
Coke*
do-.-_
152
154
133
154
'160
122
128
134
Petroleum refining
_.do
124
132
128
131
124
119
125
116
126
121
138
Printing and publishing*
do
126
131
125
125
127
124
116
1
'126
162
130
134
Rubber products*
do
131
192
157
153
0)
0)
0)
0)
157
154
150
15
158
Textiles and products
_.do
151
155
150
155
157
156
160
P152
161
177
169
Cotton consumption*
do
'165
156
160
'161
174
162
167
170
169
172
180
170
Rayon deliveries*!
do
174
168
173
158
173
179
50
10
0)
Silk deliveries*
do
32
66
73
15
69
0)
0) , 0)175
166
164
161
Wool textile production*
do
165
169
163
166
152
157
155
122
148
133
126
119
134
132
121
128
Tobacco products
do
121 !
113
123
117
'Revised.
*
Preliminary.
cTFormerly
designated
as
"automobiles."
°
Publication
of
data
discontinued
to
avoid
disclosure
of
military
payrolls.
1
Included in total and group indexes but not available for publication separately.
* Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts, and assembly
series, which is more representative of production by the automobile industry.
tRevised series. Earlier data on income payments revised beginning 1929 will appear in a subsequent issue. For industrial production series, see note marked with a
"f" on p. S-2.
•New
series. See note marked with a "f" on p. S-2. ^Revisions appear in the September 1941 Survey see note marked with a " f on p. S-2.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
8
S-2
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, m a y be found in the
1940 Supplement to the Survey
SURVEY OF CUERENT BUSINESS
1942
June 1942
1941
April
April
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTION!—Con.
Unadjusted—Continued.
Minerals }
1935-39=100..
Fuels*
do
Anthracite
do
Bituminous coal
do
Crude petroleum
do
Metals*}
do
Copper*.
do
Lead
do
Zinc}
do....
Adjusted:
Combined index}
do
Manufacturers}
...do—
Durable manufactures}
do
Iron and steel}
do
Lumber and products*
.do
Furniture*
.do
Lumber*
.do
Machinery*
do
Nonferrous metals*}
do
Stone, clay, and glass products*..do
Cement
do
Glass containers*
do
Polished plate glass
do
Transportation equipment*}
do
Aircraft*}
do.-_
Automobile bodies, parts and assembly*
1935-1939=100Automobiles, factory salesd"}--..do
Locomotives*
do
Railroad cars*
do
Shipbuilding (private yards)*..do...
Nondurable manufactures
do
Alcoholic beverages*
do
Chemicals*
do._.
Leather and products
do...
Shoes*
do...
Manufactured food products*}...do...
Dairy products*}.
do.._
Meat packing
_
do...
Paper and products*
do...
Paper and pulp*.
do...
Petroleum and coal*products* d o . . .
Coke*
do...
Petroleum refining
.do...
Printing and publishing*
do...
Rubber products*
do...
Textiles and products
do...
Cotton consumption*
do...
Rayon deliveries*}
do...
Silk deliveries*.,.
do...
Wool textile production*
do...
Tobacco products
do...
Minerals}
-...
.do...
Fuels*
do...
Anthracite.
do
Bituminous coal
.do...
Crude petroleum.
do...
Metals*}
do...
Copper*}
.do...
Lead}
-.
do...
Zinc}
do...
P125
v 120
v 122
v 150
v 107
M58
v 175
v 134
P149
v 127
P274
v 182
P156
161
0)
()
0)
0)
0)
p 138
P168
v 121
P136
" P141
160
0)
J>151
177
170
0)
r 127
P130
P125
P 114
P178
P105
p 156
P170
87
76
18
116
149
156
121
133
127
118
88
126
118
181
159
117
127
131
123
116
132
120
181
152
116
136
130
121
107
128
119
184
147
110
125
134
125
120
135
122
187
152
116
131
137
129
122
144
124
182
152
120
135
138
131
123
142
127
'181
156
119
134
135
130
99
143
128
161
157
128
131
'125
129
94
138
129
'98
159
124
138
'126
131
104
144
129
'91
158
131
138
••124
130
121
141
127
'90
160
140
146
118
122
116
140
115
'98
'165
131
171
178
222
191
143
153
138
248
'194
'199
249
184
65
'304
172
'180
'226
193
144
146
143
255
190
' 189
236
178
49
'313
172
180
'230
198
'134
'145
'128
'265
'184
'171
188
187
41
3
144
153
180
181
132
139
128
194
183
r 141
139
135
142
196
818
124
122
237
196
353
131
'108
133
115
119
123
135
126
134
136
121
133
119
118
158
150
' 161
158
74
152
120
95
86
71
22
113
149
152
119
133
154
160
190
183
132
152
122
206
189
143
134
148
142
228
876
159
164
195
184
135
155
125
214
186
' 149
138
155
152
243
930
160
165
199
185
141
161
131
216
192
151
143
154
146
255
997
160
166
199
185
140
152
134
224
189
154
148
158
133
241
1,113
161
167
203
192
136
149
129
227
192
'157
154
163
120
245
1,204
163
169
207
191
135
146
129
231
185
158
159
168
102
269
1,290
166
' 172
'208
191
135
148
128
229
190
'162
164
168
105
'275
1,340
152
151
256
218
381
135
114
136
124
128
123
129
132
142
145
125
148
122
122
162
157
'165
169
71
165
119
126
121
80
149
114
152
159
115
127
161
148
280
233
428
139
122
144
132
138
127
124
124
145
149
127
154
123
128
192
156
160
173
73
163
118
132
129
126
153
120
151
155
117
136
168
154
307
233
467
138
130
146
130
134
126
126
125
146
150
128
154
124
127
153
155
162
173
77
157
114
131
127
137
146
119
151
156
114
125
141
93
306
236
485
139
128
145
122
121
132
127
134
147
152
130
154
126
129
130
154
160
170
56
166
118
132
129
162
147
119
148
155
116
131
134
74
319
249
560
137
131
146
120
118
P130
*139
126
144
149
132
152
128
125
131
151
156
168
34
169
121
131
128
127
139
124
145
154
120
135
146
110
335
278
634
139
129
148
125
123
P134
?146
133
146
150
133
153
129
127
134
150
161
172
10
164
128
130
127
116
127
128
••146
151
119
134
142
123
338
264
645
144
109
149
'134
134
167
174
'215
196
138
149
132
241
193
'167
191
165
67
280
0)
120
(2)
(0
0)
0)
141
116
152
128
131
P141
P146
P137
P156
196
277
288
255
304
247
144
207
290
308
276
307
269
154
229
330
316
298
289
429
164
212
295
339
294
281
301
159
196
257
309
290
223
265
157
202
260
304
265
249
258
165
193
239
359
246
213
227
163
0)
118
(2)
0)
0)
0)
143
139
154
'127
'125
P140
P154
135
153
159
135
153
133
136
0)
156
167
179
15
166
132
131
128
97
125
132
'147
152
127
131
142
155
162
139
160
135
130
0)
154
155
'179
129
' 131
127
89
124
132
' 153
157
122
138
158
169
180
0)
161
132
131
128
89
129
132
' 150
161
131
138
212
265
314
326
225
258
178
232
332
396
367
248
413
167
268
414
347
414
245
719
174
148
153
'161
135
161
131
'128
0)
0)
'105
(2)
0)
0)
0)
142
133
158
120
117
p 141
P153
(0
)
0)
0)
0)
'139
116
'161
'120
'116
P137
P150
141
149
'155
131
161
126
125
0)
157
174
174
'144
150
156
126
'160
120
'121
(')
152
169
175
155
130
129
125
110
120
128
'151
158
140
146
0)
0)
148
125
127
122
113
146
114
' 154
'162
134
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*
New orders, total
Jan. 1939=100.
Durable goods
do.
Electrical machinery
do
Other machinery
do
Iron and steel and their products
do
Other durable goods
do
Nondurable goods
do.
P293
P449
P549
P466
P281
*>669
P 193
292
463
452
648
256
645
182
274
427
477
442
256
673
176
161
183
154
183
185
' 184
'188
170
168
163
199
199
P199
Shipments.total
average month 1939 = 100.
220
215
212
'214
'228
183
192
235
232
p 237
195
207
197
Durable goods
do
190
178
133
152
174
95
173
131
133
P130
192
202
178
Automobiles and equipment
do
230
218
226
211
260
201
257
249
195
P259
Electrical machinery
...do
207
214
208
233
222
232
229
247
209
270
260
191
P281
192
218
199
Other machinery
do
201
207
216
200
208
210
211
208
179
Iron and stee] and their products
do
195
201
198
Transportation equipment (except
671
382
571
'803
018
1,004
'829
608
429
438
486
367
1, 090
automobiles)
do.
197
186
186
196
194
176
187
185
161
v 192
170
179
171
Other durable goods
- do _
164
155
157
171
173
161
157
149
132
P168
134
141
137
Nondurable goods
do
175
168
163
176
181
170
168
155
151
P 173
Chemicals and allied products...
do.
155
164
3.55
163
150
151
162
171
160
152
140
122
P157
128
137
131
Food and kindred products
do.
165
175
171
173
173
171
169
154
140
p 165
Paper and allied products
do.
145
149
147
137
142
139
130
133
141
131
137
109
P132
Petroleum refining
do.
120
126
129
177
150
149
147
144
131
172
157
150
P159
166
182
165
Rubber products
do
1S6
171
183
200
204
184
179
176
154
» 215
Textile-mill prod ucts
do 148
161
155
153
144
149
180
172
150
149
146
125
Other nondurable goods
do_
120
115
121
' Revised. * Preliminary, i See note 1, p. S-l. 2 See note 2, p. S-2. cTFormerly designated as "automobiles." }See note marked " t . "
{Revised series. Revised indexes of industrial production for 1919-39 (1923-39 for industrial groups and industries'), including the new scries, are available on pp. 12-17 of the
August 1940 Survey, except for subsequent revisions in the series marked with a " } " and data for all years for the new series on "automobile bodies, parts and assembly;" data
for the latter series and revisions for the series marked " } " (with the exception of revisions in the zinc series and resulting changes in the combined indexes for minerals and
metals) are available in table 24, pp. 24 and 25 of the September 1941 Survey; the latter table includes also revisions of 1940 data for petroleum and coal products, coke, textiles
and products, wool textiles, fuels and anthracite. Revisions for zinc and the combined indexes for minerals and metals will be shown in a later issue. In some industries,
recent conditions have obliterated seasonal movements and the seasonal factors have been fixed at 100 beginning at some time in 1939 or 1940; see latter part of note marked
with a " t " on p. S-2 of the February 1942 Survey (except that the date for the automobile series given at end of note should read September 1941 instead of 1940).
"New series. For industrial production series, see note marked with "f". For description of data on manufacturers' orders and shipments and February to June 1939
indexes of new orders see pp. 7-13 September 1940 Survey; see subsequent monthly issues for later indexes of new orders. Revised figures beginning January 1939 for shipments
will be shown in a subsequent issue.
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
S-3
SURVEY OF CURRENT BUSINESS
1941
1942
April
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
March
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*-Con.
Inventories, total
average month 1939=100Durable goods
do...
Automobiles and equipment
do...
Electrical machinery
do
Other machinery
do...
Iron and steel and their products
do...
Transportation equipment (except automobiles)
average month 1939=100.
Other durable goods
do-._
Nondurable goods
do-..
Chemicals and allied products
do.._
Food and kindred products
do...
Paper and allied products..do
Petroleum refining
do...
Rubber products
do
Textile-mill products
____do._Other nondurable goods
_do.__
p 167. 7
P 187.5
p 202.9
v 264.2
p 199.1
p 127.2
126.0
140. 2
155. 2
172.9
140.0
122.5
128.7
144.1
155.1
183.9
144.1
124.5
132.0
146.7
152.8
190.6
146.4
125.5
136.4
150.3
138.3
198.7
151.1
126.9
140.0
155.8
163.9
206.5
156.5
126.5
143.4
160.5
187.6
212.5
158.7
126.0
148.2
166.2
195.0
225.5
166.4
125.9
152.7
170.3
193.3
231.6
173.3
127.8
158.4
175.5
193.3
134.1
180.0
129.2
161.9
179.2
190.8
243.9
187.5
J27.2
163.0
180.8
190.0
250.3
191.4
125.5
'
'
'
'
'
'
p 759. 7
p 142. 6
v 150.4
P 158.0
p 159.0
p 140.7
p 114. 5
p 154. 3
p 157.3
p 152.7
375.1
114.6
113.6
118.9
113.0
119.4
102.7
140.4
124.2
104.1
403.1
116.5
115.2
118.4
117.3
117.6
103.2
143.1
126.6
105.3
428.4
118.0
119.2
119.5
123.0
118.8
104.9
143. 3
129.4
111.9
467.4
121.8
124.3
122.9
133.2
122.1
106.3
145.8
135.3
115.0
504.7
123.8
126.2
125.2
139.9
124.2
105.8
141.4
132.1
117.1
552.2
125.0
128.4
126. 0
142.8
125.4
107.7
133.5
133.6
121.9
600.2
127.4
132.5
128.2
146.7
128.5
110.4
131.8
137.6
128.9
618.2
130.9
137.4
132.0
153.4
132.0
111.9
134.6
143.5
134.1
663.4
136.4
143.5
143.7
162.0
135.1
113.2
143.6
147. 3
138.7
693.9
139.5
146.9
147.8
163.6
134.4
113.4
149.7
151.5
145.4
709.1
140.6
147.4
150.9
158.9
137.8
115.5
149.6
154.1
147.3
'
'
'
'
'
'
'
165. 6
183. 4
193. 6
255. 5
195. 0
125. 7
732. 5
141. 3
150.1
155. 6
156. 8
140. 0
115.0
155. 4
' 156. 2
' 155. 6
COMMODITY PRICES
COST OF LIVING
National Industrial Conference Board:
Combined indexf
1923=100.
Clothing
_
_
.do...
Foodt
do...
Fuel and light
_-.do._Housing...
do.__
Sundries
_ _ _ do.. _
U. S. Department of Labor:
Combined index*
1935-39=100Clothing*
-do...
Foodf
do...
Fuel, electricity, and ice*
do...
Housefurnishings*
.do...
Rent*
_
do...
Miscellaneous*..
_
do...
PRICES RECEIVED BY FARMERS§
U. S. Department of Agriculture:
Combined index
1909-14=100.
Chickens and eggs
do...
Cotton and cottonseed
-do
Dairy products
_._
__do—.
Fruits
_-dO-_.
Grains
do...
Meat animals
do
Truck crops
do...
Miscellaneous
..do
RETAIL PRICES
U. S- Department of Labor indexes:
Anthracite
1923-25=100.
Bituminous coal (35 cities)
do
Food (see under cost of living above).
Fairchild's index:
Combined index.
Dec. 31, 1930=100-.
Apparel:
Infants'
do
Men's
_.do
Women's
_
-do
Home furnishings..do
Piece goods
do
97.1
88.4
98.8
90.1
91.0
104.1
86.9
73.3
81.0
86.4
87.8
98.3
87.4
73.6
82.2
86.4
88.0
98.5
88.5
73.6
85.5
86.7
88.2
98.6
73.8
86.2
87.8
88.4
98.7
89.4
74.5
87.3
88.6
88.6
98.8
90.8
76.9
89.4
89.4
88.9
99.8
92.0
78.3
90.7
90.0
89.2
101.5
92.9
79.6
92.2
90.2
89.5
101.9
93 2
8(U
92.6
90.3
89.9
102.2
94.5
82.4
95.2
90.3
90.1
102.5
95.1
84.5
95.7
90.4
90.4
102.9
96.1
85.8
97. 5
90.4
90.7
103.5
115.1
126.9
119.6
104.2
121.6
109.1
110.6
102.2
102.4
100.6
101.0
102.4
105.4
102.2
102.9
102.8
102.1
101.1
103.2
105.7
102.5
104.6
103.3
105.9
101.4
105.3
105.8
103.3
105.3
104.8
106.7
102.3
107.4
106.1
103.7
106.2
106.9
108.0
103.2
108.9
106.3
104.0
108.1
110.8
110.7
103.7
112.0
106.8
105.0
109.3
112.6
111.6
104.0
114.4
107.5
106.9
110.2
113.8
113.1
104.0
115.6
107.8
107.4
110.5
114.8
113.1
104.1
116.8
108.2
107.7
112.0
116.1
116.2
104.3
117.2
108.4
108.5
112.9
119.0
116.8
104.4
119.7
108.6
109.4
114.3
123.6
118.6
104. 5
121. 2
108.9
110.1
150
131
158
142
118
120
190
158
136
110
104
88
121
89
90
'136
147
94
112
107
98
124
89
93
'136
'130
118
118
107
126
97
96
'142
146
98
125
127
121
132
93
98
'151
130
107
131
130
128
135
100
99
'155
133
128
139
141
150
140
89
106
139
146
144
145
107
101
'163
'154
135
157
136
148
98
103
'149
158
128
143
153
138
148
98
112
'157
162
154
149
147
143
148
102
119
'164
204
169
145
135
150
147
98
121
' 173
161
133
146
130
151
144
111
122
r 180
136
132
87.5
95.9
83.0
90.1
82.8
90.1
82.4
90.5
84.6
92.0
86.6
93.8
88.3
94.9
88.7
95.8
'6.7
96.7
88.9
98.7
102.6
105.2
106.2
107.5
108.3
110.2
111.9
112.5
100.0
93.3
100.4
104.9
97.1
101.2
95.5
104.1
106.9
99.9
102.1
96.5
105.7
108.5
101.6
103.2
97.5
106.9
109.5
103.7
103.7
98.1
107.7
110.2
105.0
J04.9
101.1
109.1
112.7
107.1
106.7
102.7
111.2
114.3
110.8
107.5
101. 2
112.1
115.1
111.8
113.4
95.5
96.3
97.7
108.6
105.6
113.2
115.8
112.6
97.6
89.5
93.9
97.7
97.7
89.7
94.3
98.1
90.1
95.3
100.4
91.3
98.7
91.5
96.9
102.4
93.3
145
131
164
144
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 quotations*).1926=100..
83.2
87.1
92.4
92.5
91.8
84.9
90.3
97.6
88.8
96.7
96.0
Economic classes:
Manufactured products
do
98.9
85.5
87.1
88.6
90.1
91.5
92.8
93.9
94.6
96.4
97.0
97.8
Raw materials
do
100.0
77.5
79.7
83.6
90.2
86.1
87.6
92.3
96.1
97.0
98.2
90.0
89.7
Semimanufactured articles
do
85.1
86.4
87.6
92.8
89.5
89.7
87.9
90.1
92.0
92.3
91.7
90.3
89.9
Farm products
do
74.4
76.4
82.1
104.5
87.4
90.6
94.7
85.8
101.3
102.8
91.0
90.0
100.8
Grains
_
do
70.9
74.5
75.9
91.5
79.0
91.0
84.3
76.3
95.3
93.8
95.9
85.3
81.4
86.2
88.0
93.0
Livestock and poultry
do
118.3
99.0
97.4
90.6
109.3
113.8
101.1
94.5
105.7
Commodities other than farm products*
99.0
85.0
1926=100..
86.6
88.0
91.9
89.3
90.7
92.7
92.8
93.3
96.2
95.5
94.8
98.7
77.9
Foods
._
..do
79.5
83.1
84.7
87.2
89.3
90.5
94.6
93.7
96.1
89.5
88.9
90.2
76.8
Cereal products*
_
.do
78.2
79.8
80.3
81.5
85.9
89.3
91.1
85.8
86.4
91.1
90.6
94.1
81.0
Dairy products
...do
81.6
84.3
87.7
90.3
96.3
95.5
95.0
96.0
93.3
95.2
94.3
97.7
63.8
Fruits and vegetables...
do
64.0
73.0
69.4
70.3
77.9
73.8
85.2
70.7
75.8
78.3
87.7
112.8
85.6
Meats
do
87.2
90.8
93.8
97.5
90.8
95.3
104.0
101.6
99.4
93.6
109.2
Commodities other than farm products and
87.4
95.7
85.9
88.6
foods
1926=10089.7
90.8
93.4
93.5
93.7
91.6
94.9
94.6
95.2
110.2
100.4
Building materials
.do
100.1
101.0
103.1
105.5
107.5
107.8
110.1
110.5
106.4
107.3
109.3
98.0
Brick and tile
_
do
91.9
92.5
91.7
94.2
95.1
96.6
96.7
97.1
97.0
96.9
95.7
96.6
94.1
Ceni entj
do
91.5
91.9
92.1
91.0
92.1
93.1
93.4
93. 6
92.2
92.7
93.4
93.4
131.8
Lumberf
do
116.8
117.6
116.7
122.3
128.7
127.5
129.4
133. 1
129.1
129.5
132.7
131.6
100.6
Paint and paint materials*
do
89.3
90.3
91.6
88.7
95.3
93.3
96.5
100.8
99.9
94.7
96.0
99.1
'Revised. * Preliminary. -Number of quotations increased to 889 in January 1941. JFor monthly data beginning 1933, see p. 18 of the April 1940 Survey.
§Data for May 15, 1942: Total, 152; chickens and eggs, 134; cotton and cottonseed, 159; dairy products, 143; fruits, 131: grains, 120; meat animals, 189 truck crops, 152;
miscellaneous, 138.
fRevised series. National Industrial Conference Board's index of cost of living and food component and index of wholesale prices of Timber revised beginning 1935, see
tables 5 and 7, respectively, p. 18 of the January 1941 Survey; since June 1941, the Board's food index is based on its own data collected in 56 cities, theretofore, it was based on
the Department of Labor's series. For the Department of Labor's revised index of retail food prices beginning 1913, see table 51, p. 18 of the November 1940 Survey. Earlier
revised indexes for meat animals will be shown in a subsequent issue.
*New series. For description of data on manufacturers' inventories, see pp. 7-13 of the September 1940 Survey, and for revised figures beginning December 1938, sse table
40, p . 22 of the January 1942 Survey. For data beginning 1913 for the Department of Labor's cost of living series, see table 19, p. 18 of the May 1941 Survey; for index of
prices of commodities other than farm products beginning 1913, see table 36, p. 18 of the September 1940 Survey. Data beginning 1926 for cereal products, and 1913 for paint
and paint materials will be published in a subsequent issue.
S-4
SURVEY OF CUREENT BUSINESS
Monthly statistics through December 1939, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1940 Supplement to the Survey
June 1942
1941
April
May
June
July
SepAugust tember
October
Novem- December
ber
January
1943
Febru- March
ary
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor Indexes—Con.
Commodities other than farm products and
foods—Continued
Chemicals and allied products! ..1926=100
Chemicalst
do
Drugs and Pharmaceuticals t
do
Fertilizer materialst—
do
Oils and fats*
_
do
Fuel and lighting materials
do
Electricity
do....
Gas.-.
do
Petroleum products
do
Hides and leather products
do
Hides and skins
do
Leather
do
Shoes
do
House-furnishing goods__,
do
Furnishings
do
Furniture
do
Metals and metal products
do
Iron and steel
do
Metals, nonferrous
do
Plumbing and heating equipment--do
Textile products
do
Clothing
do-...
Cotton goods
do
Hosiery and underwear
do
Rayon*.
do
Silk*
do....
Woolen and worsted goods
do
Miscellaneous
do
Automobile tires and tubes
do
Paper and pulp
..do
Wholesale prices, actual. (See under respective
commodities.)
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
Retail food pricesf
Prices received by farmers
Cost of livingf
1923-25=100.
do—
do—
do—
83.6
86.8
98.7
71.1
80.6
75.6
67.7
80.1
55.3
106.4
110.3
96.9
110.1
91.4
98.0
84.3
98.1
96.1
84.4
83.0
83.0
90.9
91.0
61.3
29.5
49.1
94.1
79.6
58.8
96.7
83.8
87.2
99.9
69.9
80.6
77.9
67.2
81.0
59.9
107.8
112.4
97.9
111.7
93.1
99.0
87.0
98.3
96.5
84.5
83.1
84.5
91.6
94.6
61.9
29.5
51.2
94.6
80.6
58.8
98.0
85.2
87.3
100.0
74.0
83.7
78.5
111.0
90.3
72.5
102.9
81.8
86.4
97.5
71.0
69.3
72.9
69.2
78.1
51.9
103.9
104.7
95.6
107.8
90.4
97.1
83.4
97.9
95.9
84.3
83.0
81.0
88.7
86.8
61.1
29.5
48.3
93,3
78.6
58.8
94.5
101.9
105.8
98.0
104.7
121.0
125.8
133.7
117.1
118.6
123.9
131. 2
116.4
115.6
119.5
124.5
114.9
113.4
118.6
117.6
114.4
97.1
96.4
126. 7
79.2
108.8
58.4
119.2
123.5
101.3
126. 7
102.8
108.0
97.5
104.6
97.1
85. 6
98.5
97.7
107.8
113.8
70.6
30.3
0)
60.9
109. 4
112.5
98.1
114.7
94.4
99.7
88.9
98.5
96.8
84.7
83.2
86.2
93.9
96.1
62.9
29.5
51.4
96.5
82.0
58.8
86.0
87.5
100.1
75.3
87.3
79.0
66.4
78. 3
61.4
110.2
112.2
98.5
116.1
95.4
100.7
89.9
98.6
96.9
84.4
86.8
88.3
95.1
101.5
63.8
29.5
52.0
98.2
83.7
60.8
100.7
111.5
117.1
112.2
113.8
87.4
88.2
104.4
76.6
91.3
79.2
66.7
81.7
61.7
111,3
112.1
100.0
117.1
97.2
102.1
92.2
98.6
96.9
84.4
87.1
89.7
96.1
104.2
64.4
29.8
89.7
88:4
124.1
77.3
93.4
79.6
66.2
78.9
61.7
112.6
113.1
100.9
118.8
99.5
104.4
94.4
103.1
97.0
84.6
87.8
90.9
97.8
105.2
66.6
30.3
88.3
123.2
77.3
92.9
78.8
68.2
77.5
60.4
114.1
114.0
101.1
120.5
100.6
105.2
95.8
103.3
97.1
84.8
87.9
91.1
97.9
105.4
67.0
30.3
96.0
95.3
126.3
78.6
106.4
78.2
97.0
96.3
126.5
79.3
108.2
78.0
97.1
96.4
126. 5
79.5
108.8
0)
0)
91.3
88.6
123.0
77.8
101.9
78.4
67.4
77.4
59.8
114.8
115.9
101.3
120.7
101.1
105.6
96.6
103.3
97.0
84.8
89.1
91.8
98.4
107.5
67.0
30.3
76.4
59.5
114.9
115.3
101.4
121.1
102.4
107.2
97.4
103.5
97.0
85.4
93.6
93.6
101.1
110.5
69.0
30.3
77.0
58.9
115.3
115. 5
101.4
121.8
102. 5
107.4
97.4
103. 6
97.0
85.6
97.9
95.2
105.3
111.4
69.6
30.3
77.1
58. 3
116.7
116. 6
101.5
124.3
102. 6
107.7
97.4
103.8
97.1
85.6
98.2
90.6
106. 6
112.6
69.8
30.3
101.4
85.1
60.8
101.7
102.3
86.4
65.5
101.9
102.6
87.3
67.4
102.2
102.7
87.6
67.4
102.5
103.0
89.3
71.0
102.8
104.3
89.3
71.0
102.9
108.7
89.7
71.0
102.9
109.7
114.3
105.7
112.0
109.0
113.4
105.7
110.5
108.9
111.9
108.9
109.5
107.6
111.9
102.8
109.2
104.9
108.9
98.6
107.6
104.1
108.3
101.4
107.0
103. 2
106.6
100.7
105.8
96
68
118
82
111
89
128
100
' 125
>-99
'125
'95
0)
0)
0)
0)
0)
CONSTRUCTION AND REATJ ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded ( F . R . indexes):
Total, unadjusted
1923-25=100..
Residential, unadjusted
do
Total, adjusted
do
Residential adjusted
do
F . W . Dodge Corporation (37 States):
Total projects
number..I
Total valuation
thous. of d o l . .
Public ownership.
do
Private ownership
do
Nonresidential buildings:
Projects
number..
Floor area
thous. of sq. f t . .
Valuation
thous. of doL_
Residential buildings, all types:
Projects
number..
Floor area
thous. of sq. f t . .
Valuation
thous. of doLPublic works:
Projects
number..
Valuation
thous. of dol_.
Utilities:
Projects
number..
Valuation
thous. of do] _.
New dwelling units provided and permit valuation of building construction (based on
bldg. permits), U . S . p e p t . of Labor indexes:!
N u m b e r of new dwelling units provided
1935-39=100Permit valuation:
Total building construction
do
New residential buildings
do
New nonresidential buildings
do
Additions, alterations, and repairs.-do
Estimated n u m b e r of new dwelling units provided in all u r b a n areas ( U . S. D e p t . of
Labor) :f
Total
number..
1-family dwellings
do
2-family dwellings
do
Multifamily dwellings.
do
Engineering construction:
Contract awards ( E . N . R.) § thous. of d o l . .
r
117
93
103
80
121
104
101
135
111
117
101
153
118
139
115
159
111
152
112
162
105
161
105
137
84
145
87
122
71
138
74
33,167
498,742
354, 575
144, 167
36, 380
406,675
184,009
222, 666
48, 531
548, 700
267, 454
281, 246
46, 950
539,106
313, 650
225, 456
49, 637
577, 392
348, 495
228, 897
50, 551
760, 233
520,430
239, 803
41,497
623, 292
403, 495
219, 797
40,920
606,349
371,345
235,004
29,150
458,620
297,865
160, 755
22,941
431,626
287, 722
143,904
23,862
316,846
198, 251
118, 595
40, 000
433,557
310,249
123,308
55, 843
610.799
472, 817
137, 982
5,208
51, 281
234,939
5,233
31, 509
143,304
44, 596
202,492
6,262
31, 898
200, 456
8,339
38, 242
220,612
10, 766
63,802
286, 741
7,822
46, 810
218, 288
9,907
54, 417
269, 553
4,978
31,023
192,936
3,619
24,908
171,016
3,245
21,113
123,231
4.600
31', 576
169. 606
5. 982
42, 456
231,834
26, 683
38, 341
162, 097
29,499
41, 978
166, 462
38, 093
54, 571
201, 274
38, 527
52, 098
205, 634
39,429
52, 895
205, 049
37, 234
62, 773
231, 529
31, 791
43, 624
175, 713
29, 246
45, 403
171, 772
22, 633
30,170
116,468
18,344
25, 591
104, 276
19,838
26,864
102,758
34,492
41,836
168,014
47, 731
50, 770
219, 276
945
58, 47'
1,283
71,426
1,589
96, 501
1,701
99, 631
1,487
101,074
1,871
134,054
1,419
131,123
1,266
94, 563
1,086
88, 436
715
105,989
567
64, 428
681
58, 535
1,725
92,148
331
43, 229
365
25, 483
403
48, 433
460
33, 385
680
107, 909
465
50, 657
501
70, 461
453
60, 780
263
50, 345
212
26,429
37,402
405
67, 541
220.5
273.9
253.6
283.5
264.2
253.1
244.5
198.8
171.5
120.7
121.5
223.5
186.0
90.8
161.0
43.1
93.4
192.9
241.1
168.4
125.6
177.9
221.6
147.7
135.4
195.8
247.7
162.3
140.5
178.5
236.4
135.9
131.9
161.5
233.2
100.0
125.8
156.0
219.8
104.1
112.6
136.6
180.3
89.7
130.9
103.9
147.2
66.0
83.6
104.4
114.1
93.1
81.6
85.7
129.9
168.0
104.2
103.4
145.5
68.6
95.8
48,045
37,835
2,948
7,262
43.885
34,942
2,616
6,327
47,994
38, 587
2,681
6,726
45,025
36,072
2,421
6, 532
41. 622
34,667
2,363
4,592
40,389
34,395
2,888
3,106
33,646
28,354
2,310
2,982
27,868
20,833
1,550
5,485
19,338
15,433
1,353
2,552
381,563
409,371
589, 221
958,663
529, 561
514,251
406,332
634, 823
729, 485
898, 696
269,689
65.6
88.5
628, 780
Revised. *> Preliminary. § Data for May, July, and October 1941 and January and April 1942 are for 5 weeks; other months, 4 weeks. J No quotation.
*New series. For indexes of rayon and silk prices beginning 1926, see table 29, p. 18 of the May 1940 Survey. Data beginning 1926 for price index for oils and fats will
appear in a subsequent issue.
fRevised series. Data for chemicals and allied products and subgroups revised beginning 1926; see table 32, p. 18 of the August 1940 Survey. Indicated series on "purchasing power of the dollar" revised beginning January 1935; see table 4, p. 18 of the January 1941 Survey. Revised data beginning September 1929 for indexes of new dwelling
units provided and permit valuation of building construction are shown in table 7, p. 17 of the March 1942 Survey. Revised data on number of dwelling units provided for
1939 are shown on table 18, p. 17 of the May 1941 Survey. Estimates beginning January 1940 cover urban areas as defined by results of the 1940 Census; a few revisions in
data for 1940 as shown on p. 22 of the June 1941 Survey, are available on request.
S-5
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the April
1940 Supplement to the Survey
1941
April
May
June
July
SepAugust tember
October
Novem- December
ber
January
1943
February
March
3,464
1,451
1,110
903
7,091
3,972
1,727
1,392
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
Totalf
'_
.thous. sq. y d .
Airports*
do
Roads..
do
Streets and alleys—.
do
Status of highway and grade crossing projects
administered by Public Roads Admn.:
Highways:
Approved for construction:
Mileage
..no. of miles..
Federal funds
thous. of dol.
Under construction:
Mileage
no. of miles..
Federal funds
thous. of dol..
Estimated cost
do
Grade crossings:
Approved for construction:
Federal funds
do
Estimated cost
do
Under construction:
Federal funds...
do
Estimated cost
do
5,042
1,358
2,087
1,596
7,782
2,804
3,425
1,553
8,776
3,112
3,878
1,786
17,124
9,594
4,825
2,706
9,567
3,606
3,910
2,051
6,072
1,624
2,635
1,814
6,975
2,885
2,460
1,630
4,344
535
2,570
1,239
8,176
2,964
3,197
2,015
4,726
2,490
1,139
1,098
3,621
42,405
3,765
42, 755
4,118
3,879
47, 264
3,557
44, 693
2,899
38, 404
2,749
38,850
2,635
39, 259
2,259
34,014
1,967
30, 789
1,796
1,562
28,344 ' 24,612
7,044
8,176
7,809
7,417
8,615
136, 512 131, 914 128, 351 121, 384 117,669
268,926 260,555 253, 703 239, 336 228,623
6,802
6,778
119, 233 123, 405
225, 527 226, 543
8,334
8,921
9,054
8,840
8,777
126, 387 134, 641 139,401 141, 569 138,675
246,119 261, 530 270, 967 276,100 272,079
11,851
13,122
10,208
11,588
10,005
11,810
8,542
9,314
8,047
8,761
7,490
8,210
41, 520
42, 920
40,464
41, 932
37, 742
39, 323
35,928
38,300
34, 754
37,140
34,576
36, 913
221
218
235
205
223
223
219
235
209
224
223
219
235
210
224
225
222
238
212
226
229
224
240
215
230
231
225
241
215
230
237
232
247
221
236
197.8
200.3
201.9
203.3
203.3
203.3
204.0
206.5
99.6
135.3
120.8
120.7
100.5
136.1
121.5
121.3
100.7
136.3
122.8
121.5
100.7
136.3
122.5
121.5
100.7
136.3
123.5
122.6
100.2
136.0
123.2
122.5
101.4
137.0
124.2
123.8
101.4
137.0
124.2
123.9
101.9
137.5
125.6
124.4
101.3
136.9
122.7
120.8
101.6
137.1
123.8
121.1
102.2
137.7
124.3
121.5
102.4
137.9
124.7
121.7
102.4
137.9
124.6
121.7
102.4
137.9
126.2
123.4
102.1
137.7
126.0
123.4
102.9
138.4
125.3
124.4
102.9
138.4
125.3
124.5
103.2
138.8
126.6
124.9
100.7
133.7
122.3
122.2
100.3
134.3
121.9
121.5
100.9
134.8
127.3
122.0
101.8
135.5
128.0
122.6
102.0
135.7
128.7
122.8
102.1
135.8
128.4
122.8
102.1
135.8
128.8
123.2
101.3
135.3
128.3
123.1
102.5
136.2
127.1
124.1
102.5
136.2
127.1
124.3
102.8
136.8
128.5
124.7
95.6
132.1
114.5
118.0
95.2
132.1
114.6
117.8
94.6
133.6
115.0
116.8
97.0
135.9
117.3
118.3
99.3
137. 5
118.9
120.0
99.5
137.7
120.4
120.3
100.0
138.0
119.0
120.3
100.0
138.0
119.5
120.8
97.1
136.1
117.6
120.4
99.9
137.9
120.0
121.4
137.9
120.0
122.1
100.3
138.3
121.9
122.5
103.2
141.1
119.5
122.5
93.7
131.9
110.9
117.0
93.1
131.9
111.0
116.6
92.1
134.2
110.4
115.5
95.2
137.1
113.3
117.3
98.1
139.1
115.3
119.5
139.3
117.6
119.9
98.8
139.7
115.8
119.9
139.7
117.4
120.3
95.1
137.2
114.9
119.8
98.5
139.4
117.7
120.8
98.5
139.4
117.7
121.7
98.8
139.8
118.9
122.1
272.3
255.6
256.8
258.2
260.4
263.1
264.5
266.1
266.2
267.6
269.4
269.7
271.8
122.4
120.5
125.9
111.2
108.7
116.1
111.6
108.8
117.0
112.4
109.2
118.6
113.6
110.7
119. 3
115.1
112.6
120.0
116.5
114.4
120.7
118.5
116.0
123.3
119.2
116.9
123.9
119.9
117.7
124.2
120.6
118.6
124.5
121.2
119.3
125.0
122.0
r 120.0
r
126.0
13,000
13, 535
20,459
21,255
37, 648
39, 300
16, 753
17, 812
37,384
38, 972
238
232
248
221
237
213
213
230
196
216
215
214
231
196
218
207.3
195.2
105.4
137.7
125.7
124.4
134.0
119.6
121.0
105.7
139.0
126.7
124.9
17, 798
18, 765
39, 548
40, 939
14, 662
15, 820
42, 778
44, 249
12, 423
13, 553
42, 328
43, 771
215
214
231
197
219
219
216
233
203
223
221
218
234
204
223
195.7
197.5
99.7
134.0
119.9
121.1
99.2
134.9
119.3
120.3
101.7
136.6
123.0
121.3
101.7
136.6
123.2
121.4
106.4
137.1
128.6
124.8
100.8
133.7
122.1
122.1
103.7
139.3
122.3
122.8
37, 714
39,452
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
.1914=100
American Appraisal Co.:f
Average, 30 cities
1913=100..
Atlanta
___do,
New York
_
do.
San Francisco..
_
do.
St. Louis
do.
Associated General Contractors (all types)
1913=100 _.
E. H . Boeckh and Associates, Inc.:§
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U, S. av., 1926-29=100.New York
do_
San Francisco
_.do.
St. Louis
_do_
Commereial 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.
Residences:
Brick:
Atlanta
do.
New York
_do.
San Francisco
__do_
St. Louis
do.
Frame:
Atlanta
do_
New York
_.do.
San Francisco
do.
St. Louis
do.
Engineering News Record (all types) §
1913=100..
Federal Home Loan Bank Board:f
Standard 6-room frame house:
Combined index....
1935-1939=100.Materials
do.
Labor
do.
207
195.0
215
211
218
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance: |
Gross mortgages accepted for insurance
thous. of dol__ 69,225
92,406 119, 566 122,963 114,247 107,137 104, 937 94, 948 70, 799 75,435 66,952 104, 566 141,443
Premium-paying mortgages (cumulative)
thous. of dol___ 3,916,421 2,968,407 3,033,684 3,108,723 3,190,690 3,261,476 3,335,703 5,423,183 3,503,681 3,596,491 ,690,214 ;,769,496 3,849,549
Estimated new mortgage loans by all savings
and loan associations, total..-thous. of dol__ 99, 047 120,631 130, 953 133, 640 132, 972 129, 727 129,934 127,938 104,749 100, 208 79, 533 76, 756 87,367
Classified according to purpose:
Mortgage loans on homes:
Construction..
do
40,975 44,207 44,918 42,987 40,782 37, 722 30,103 30,290 22,791
20,488
20, 799 21, 775
Home purchase
do
54, 781 55,993
48,311
52,196
55, 682 55,973 58,052 59,874 48,816 43,145 34,127 33, 769 40,930
Refinancing..
do
18, 506 17,891
14, 508 16,905
16,283
13, 340 14,424 12, 854 12, 325 13, 225
16, 816 15, 785 15,871
Repairs and reconditioning
..do
5,930
5,633
6,368
5,571
4,083
5,361
4,267
5,884
4,170
3,190
3,138
3,547
6,022
Loans for all other purposes-..
..do
10, 761
9,916
10,361
9,411
7,772
8,223
8,179
9,345
6,571
6,725
7,890
9,534
Classified according to type of association:
Federal
_
thous. of dol... 38, 484 51, 371 55,396 57,542 56, 564 57, 592 54,786 52, 507 41, 910 41,182 31,142 31,919
36,325
State members.
.do
43, 937 50,956
54,495 54,857 55, 676 54, 542 54,303 54, 930 46,890 43, 960 35, 312 33, 939
38,030
Nonmembersdo
18, 304 21,062 21,241
16,626
20, 501 15,949 15,066
20, 732 17, 593 20,845
13, 079 10,898
13,012
•• R e v i s e d .
§Beginning with the September 1940 issue of the Survey, indexes computed as of the first of the month are shown as of the end of the preceding month. The Engineering
News Record index is similarly shown in the 1940 Supplement as of the end of the preceding month.
IFigures include mortgages insured under the defense housing insurance fund beginning April 1941 for gross mortgages accepted for insurance and beginning June 1941 for
premium-paying mortgages.
^
•New series. Earlier data for concrete pavement contract awards for airports and for the total revised to include airports, not shown in the Survey beginning with the
March 1941 issue, will appear in a subsequent issue.
tRevised series. Revised indexes of the American Appraisal Company beginning 1913 are available in table 44, p. 13 of the November 1940 Survey. For revision in total
concretefawards, see note marked with an "*." Data beginning 1936 for the Federal Home Loan Bank Board's revised index of construction costs are shown on p . 26 of the
October 1941 Survey.
S-6
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
June 1942
1941
April
April
June
May
July
1942
September
August
Novem- December
ber
October
January
February
March
CONSTRUCTION AND REAL ESTATE—Continued
1
!
REAL ESTATE-Continued
Loans outstanding of agencies under the Federal Home Loan Bank Board:
Federal Savings and Loan Ass'ns, estimated
mortgages outstanding
thous. of dol.. 1,845,789 1,628,421 1,657,647 1,088,297 1,717,507 1,750,934 1,775,284 1,802,632 1,816,357 1,825,108 1.835.133 1,829,798 1,836,635
Fpd HOIDP Loan Bk? outstanding advances
to member institutions
thous. of dol.. 185,298 141,828 145,273 169,897 168,145 172,628 178,191 184,311 187,084 219,446
206.068 197,432 191, 505
Home Owners' Loan Corporation, balance of
loans outstanding..
thous. of doL._ 1,709,064 1,899,856 1,885,087 1,870,305 1,854,824 1,840,686 1,824,672 1,809,074 1,794,111 1,777,110 1. 758.213 1,742,116 1,724,229
Index adjusted
Fire losses
1935-39=100
thous. of dol..
29.1
27, 960
41.1
29, 330
38.3
25, 637
36.7
24,943
37.3
23, 698
33.5
24,122
32.9
24, 668
34.2
30,833
32.4
31,261
31.9
23,822
32.1
35, 655
30.9
30,819
••29.5
30, 505
80.4
47.5
69.4
74.8
94.2
DOMESTIC TRADE
1
ADVERTISING
Frinters' Ink indexes, adjusted:§
Combined index
1928-32=100...
52.6
Farm papers
-..
-do
67.9
Magazines.__
...do
74.7
Newspapers
do
Outdoor.
-do
Radio advertising:
9 372
Cost of facilities, total
thous. of dol..
531
Automobiles and accessories
do
115
Clothing.
do
45
Electrical household equipment!
do
44
Financial
do
2,785
Foods, food beverages, confections
do
52
House furnishings, etc.f
do
1,058
Soap, cleansers, etc
._-do
1,293
Smoking materials
-do
2,843
Toilet goods, medical supplies
do
605
Allothert
do
Magazine advertising:
14,847
Cost, total
do
1,094
Automobiles and accessories._
do
905
Clothing
do
244
Electric household equipment
..-do
402
Financial
do....
2,466
Foods, food beverages, confections
do
815
House furnishings, etc
do
593
Soap, cleansers, etc
...do
206
Office furnishings and supplies
do —
736
Smoking materials
do
2,771
Toilet goods, medical supplies
do
4,614
All other,
do
2,168
Linage, total
thous. of lines..
Newspaper advertising:
Linage, total (52 cities)
do.... 107,055
21,649
Classified-..
do
85, 406
Display, total.
do
2,416
Automotive
-do
1,704
Financialdo
17, 821
General
do
Retail.d o . . . . 63, 464
89.0
68.8
84.1
83.2
83.5
91.0
63.3
83.6
85.0
90.7
87.8
64.5
82.1
80.7
84.5
88.6
56.9
91.6
78.5
92.5
90.5
68.3
86.5
81.9
90.7
61.8
85.0
81.4
110.0
89.1
67.7
86.3
82.1
85.5
89.5
63.2
92.0
83.2
70.3
8,675
632
53
44
99
2,525
'31
1,045
1.347
2,589
'311
8,601
655
70
44
100
2,600
'18
994
1.383
2,444
'294
8,429
663
38
55
99
2,531
'20
957
1,284
2,449
'332
8,235
672
31
44
99
2.220
' 16
1,092
1,315
2,507
'240
7,964
637
46
55
76
2,137
'20
1,009
1,302
2,434
'250
8,117
630
67
43
63
2,220
'16
999
1,252
2,592
'234
9,679
771
59
44
39
2,730
'58
1,060
1,321
3.151
'446
17,978
2,816
1,126
832
449
2,444
1,096
548
235
795
2,507
5,130
2,686
18, 738
3.086
1,166
849
454
2,410
1,403
567
301
943
2,340
5,219
2,515
15,427
2.267
803
612
380
2,292
893
397
198
863
2,456
4,267
1,890
10,823
1,416
222
315
277
2,109
320
275
122
763
2,033
2,972
1.716
11, 279
1,346
675
196
278
2,110
286
331
241
606
2,009
3,202
2,066
14, 643
1,254
1,337
276
412
2,133
829
333
359
699
2,435
4, 576
2.514
119,230
24,911
94,318
6,906
1,976
17,625
67,811
122,443
25, 624
96, 818
6,939
1,743
18,314
69,822
108, 432
24, 294
84,138
4,918
1, 664
16,362
61,193
88,828
22, 378
66, 451
3,108
1,889
13,094
48, 360
78.1
79.0
80.2
80.2
1,804
1,732
1,500
2,062
2,106
4,845
46, 535
99.4
67.4
92.8
91.3
112.3
80.5
51.5
72.3
74.5
80.6
81.0
49.3
72.7
75.3
83.1
9,723
834
73
55
51
2,752
'74
991
1,250
3.078
'566
10,412
948
61
44
41
2,936
'58
1,157
1,351
3,218
'597
10, 285
818
87
45
41
3,102
'66
1,118
1, 356
3,094
'728
9,382
713
84
45
41
2,845
'59
998
1,215
2,846
'536
17,885
2,118
1,389
436
376
2,893
1,214
455
291
782
2,939
4,994
2,534
18, 235
2,145
1,029
430
482
3,010
996
503
374
870
3,053
5,343
2,682
15,928
1,116
880
476
355
2,555
756
331
329
705
2,679
5.744
1,937
10, 486
659
383
103
'318
1,937
'299
242
177
733
1,853
' 3, 782
1,940
' 13,044
641
6bO
227
'357
' 2, 648
373
515
'237
'673
' 2, 675
' 4,037
2,130
2,922
' 4, 744
2,331
95. 707 107,160
23, 306 21, 745
72,401
85, 415
3, 034
2,980
1,337
1,534
11,692 15,343
56, 338 65, 558
123, 815
22,010
101,805
5,607
1, 551
19,993
74, 654
120, 624
21,008
99,615
4,841
1,515
20,002
73,258
125,484
20, 534
104,950
3,291
1,702
17,047
82,910
89, 341
19,064
70,377
1.320
2, 204
13, 076
53, 677
87,944
18,192
69,752
1,560
1,339
14,662
52,191
106, 908
21,975
84,932
1,938
1,849
16, 268
64, 878
79.9
79.5
80.6
81.7
82.8
83.4
'83.9
85.0
1,638
1,343
1,332
1,412
1,229
1,414
1,353
1,172
1,279
2,083
2,213
2,255
2,217
2,366
2,231
4,794
46,898
4,821
47,001
4,702
47, 643
4,636
47, 573
4,932
50,413
5,207
53,186
4,931
50, 334
5,826
57, 537
5,743
58,379
5,317
59,823
6,997
87, 793
15,054
118,156
14,802
116, 544
14, 516
116, 275
14,833
122,895
14, 567 14, 795
122, 493 128,836
17,084
149,199
15,464
134, 759
17, 557 15,707
149, 204 135, 685
14, 525
138, 264
19,134
210, 702
34, 486
4,193
33,722
3.961
31, 202
3,824
30, 637
3,887
36,948
4,424
33,805
3,821
32, 567
4,152
30, 534
3,919
34, 503
4,398
' 10, 282
645
83
56
'54
3,112
'67
1,125
1,298
3,122
'551
15,811
759
1,242
237
'392
2,941
798
763
243
790
I
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses
percent of total..
NEW INCORPORATIONS
Business incorporations (4 States)
number..
POSTAL BUSINESS
Air mail: Pound-mile performance.-.millions..
Money orders:
Domestic, issued (50 cities):
Number
thousands5,673
Value
.thous. of dol.. 59,746
Domestic, paid (50 cities):
Number
thousands.. 17,
Value
-thous. of doL. 164,302
Receipts, postal:
50 selected cities
do
0)
50 industrial cities
do
0)
30,442
3,712
33,087
3,948
48,802
6,161
RETAIL TRADE
4,464
All retail stores, total sales *
..mil. of doL4,626
4,930
4,606
4,509
4,638
4,675
3,716
4,480
4,534
' 4,340
5,473
4,211
Durable goods stores *
do
830
1,441
1, 590
1,484
1,383
1,258
1,062
1,128
1,067
1,237
778
665
767
3,635
Nondurable goods stores *
do
3,185
3,121
3,126
3,341
3,380
3,418
3,466
3, 517
3,051
4,236
3,444
' 3, 562
By kinds of business: *
4(5
Apparel
--do
365
348
300
253
334
393
387
290
388
557
376
'440
212
Automotive.._
...do
804
893
972
891
617
445
528
518
522
215
222
295
371
Building materials and hardware
do
314
339
343
346
353
360
312
366
249
331
266
316
171
Drug
.do
159
144
155
149
155
158
156
159
152
211
163
'167
423
Eating and drinking
do
341
344
356
355
383
383
384
393
409
363
'411
381
1,220
Food stores
do
1,063
984
1,053
997
1,050
1,052
1,125
1,090
1,090
1, 218
1,180
I>216
259
Filling stations
do
276
314
342
349
311
322
318
289
290
245
274
236
700
General merchandise
-do
661
636
654
601
549
706
735
724
541
1,106
613
680
206
House furnishings
do
201
232
245
203
197
202
200
194
261
171
203
170
Other retail stores.
..do
473
473
504
471
459
458
479
465
568
457
408
'482
r
1
Revised.
§Includes data for radio advertising not available separately since November 1940.
Discontinued.
t Revised series. Data beginning 1926 for the index of nonfarm foreclosures are shown on p. 26 of the JOctober 1941 Survey, Earlier revised data for radio classifications, electrical household equipment, household equipment, house furnishings, and "all other" will be shown in a subsequent issue.
•New series. For data on sales of all retail stores, beginning 1935, see table 5, p. 24 of the October 1941 Survey, Pearlier data for dollar sales of durable goods stores,
nondurable goods stores, and retail stores by kind of business will appear in a subsequent Issue.
•
11
•
J
_ *
r^.
2
1
1_
_
_
_
***
»
A
1
1 y-v
,
1
-
n
M
-
s~*
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
S-7
SURVEY OF CURRENT BUSINESS
1941
1942
April
April
May
June
July
SepAugust tember
October
Novem- December
ber
January
1942
Febru- March
ary
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail stores, indexes of sales:*
Unadjusted, combined i n d e x . . . 1935-39=100-.
Durable goods stores
do
Nondurable goods stores
do
Adjusted, combined index
do
Durable goods stores.
do
Nondurable goods stores
__do
By kinds of business, adjusted:*
Apparel
do
Automotive
do
Building materials and hardware
do
Drug
do
Eating and drinking
...do
Food stores
do
Filling stations
do
General merchandise
do
House furnishings
..do
Other retail stores
-..
-do
Automobiles, value of new passenger-car sales:f
Unadjusted
1935-39 = 100..
Adjusted
do
•Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
average same month 1929-31 = 100..
Apparel chains
do
Drug chain-store sales:*
Unadjusted
1935-39=100..
Adjusted
do
Grocery chain-store sales:f
Unadjusted
1935-39=100..
Adjusted
do
Variety-store sales, combined sales, 7 chains:f
Unadjusted
-1935-39 = 100..
Adjusted
do
Chain-store sales and stores operated:
Variety chains:
S. S. Kresge Co.:
Sales
..thous. of doL.
Stores operated
..number..
S. H . Kress & Co.:
Sales
thous. of doL.
Stores operated
number..
McCrory Stores Corp.:
Sales
thous. of dol..
Stores operated..
number,.
G. C. Murphy Co.:
Sales
thous. of dol..
Stores operated.__
number, _
F. W. Woolworth Co.:
Sales
thous. of doL.
Stores operated..
number..
Other chains:
W. T. Grant Co.:
Sales..
thous. of doL.
Stores operated.
number._
J. C. Penney Co.:
Sales
thous. of dol..
Stores operated
number..
Department stores:
Collections and accounts receivable:
Installment accounts:
Index of receivables*.Dec. 31, 1939=100..
Collection ratio
percent..
Open accounts:
Index of receivables*.Dec. 31, 1939=100..
Collection ratio
percent..
Sales, total U. S., unadjusted... 1923-25=100__
Atlantaf.
1935-39=100..
Boston
1923-25 = 100..
Chicagof
.1935-39=100..
Cleveland
1923-25=100..
Dallas
do
Kansas City
1925=100Minneapolisf
1935-39=100.
New York
1923-25=100..
Philadelphia!
1935-39=100..
Richmond*
do...
St. Louis
1923-25 = 100
San Franciscof
1935-39=100
Sales, total U. S., adjustedf
1923-25=100..
Atlantat
1935-39=100.
Chicagof
do...
Cleveland
1923-25=100..
Dallas
do.
Minneapolisf
1935-39=100..
New York
1923-25=100..
Philadelphia!
1935-39=100. Richmond*
do
St. Louis.-.
1923-25=100..
San Franciscof
1935-39=100..
Installment sales, New England dept. stores
percent of total sales..
137.7
101. 2
148.6
136.9
103.5
147.7
143.0
182.9
130.1
137.1
166.2
127.7
148.6
196.7
133.0
142.5
174.8
132.0
146.0
190.3
131.7
139.0
163.9
130.9
136.6
172.1
125.1
144.7
169.5
137.0
141.0
155.6
136.3
150.5
163.5
146.3
140.9
137.2
142.1
136.4
137.8
135.9
139.3
137.7
139.8
132.3
128.4
133.6
145.8
139.6
147.8
140.1
134.1
142.0
166.0
153.9
169.9
136.3
135.4
136.6
126.8
94.7
137.2
146.7
116.5
156.5
124.0
91.0
134.7
140.2
110.2
149.9
' 132.8
96.9
' 144.4
r 139. 0
108. 4
r
148. 9
152. 0
50.0
174.4
147. 0
166.4
153.1
127.0
136.2
149. 8
153.1
128.2
181.3
147.4
124.3
134.1
123.3
135.7
119.5
145.9
145.7
133.6
197.6
142.7
128.9
138.5
127.7
141.2
122.9
151.5
150.0
125.7
172.9
152.7
127.6
136.7
129.7
135.5
122.7
149.9
149.1
136.8
173.4
161.4
132.3
141.4
130.2
152.5
130.8
165.9
153.6
165.6
154.8
164.9
137 5
146.6
139.0
144.1
147.0
181.2
156.6
140.8
116.3
161.0
134.0
147.5
132.3
143.4
131.0
149.0
145.4
123.3
112.4
155.3
131.0
145.6
136.2
144.7
120.2
135.2
142.6
145.9
116.4
156.6
139.2
148.7
143.4
142.5
132.9
149.7
148.8
132.1
119.2
164.0
135.8
147.8
140.8
141.0
123.5
138.6
141.7
176.9
67.4
178.1
141.7
152.8
155.3
158.7
148.5
168.2
165.0
157.9
54.4
179.8
138.7
156.9
150.4
151.0
139.8
167.0
161.3
r
235
189
246
210
214
182
169
196
91
104
57
57
100
93
114
128
104
162
164. 0
174.0
132.0
148.0
132.0
145.0
133.0
136.3
141.0
159.0
151.0
184.0
147.0
164.0
146.0
153.0
151.0
162.0
157.0
178.0
164.0
188.0
165.0
178.0
169.0
208.0
? 124. 8
i 129.0
• 107. 8
111.4
112.2
116.0
109.7
116.1
109.9
115.3
113.9
119.9
113. 5
118.2
111.6
110.0
116. 9
116.4
164.9
121.3
120.7
126.0
110.8
118.5
' 124.4
'125.0
M75.3
v 170.2
136.9
132.9
137.6
135.6
142.6
140.4
140.6
143.4
143.9
149.9
145.0
147.9
153.4
152.6
155.6
155.6
164.7
159.9
170.5
175.8
169.6
168.8
' 169.6
r
167.9
v 123.1
v 127.0
116.1
116.4
110.2
114.0
111.3
116.8
111.9
122.2
113.1
128.9
120.4
125.3
122.0
123.9
130.7
127.0
249.6
113.9
97.0
132.3
108.1
136.1
"•116.1
' 133.6
14,437
672
13,314
673
13,443
673
12,127
672
12,016
672
13,366
671
12,809
671
14,102
671
14,832
674
27, 515
675
11,854
673
11, 750
671
13,174
671
8,640
244
8,062
242
7,958
242
7,724
242
7,582
242
8,022
242
8,483
242
8,427
242
8,458
242
17,376
242
7,274
242
7,203
242
8,503
243
4,788
203
4,241
199
4,101
200
3,923
200
3,948
201
4,320
201
4,164
201
4,422
201
4,655
201
9,398
202
3,819
202
3,739
203
4,373
203
5,934
207
4,949
204
5,302
204
4,931
204
4,971
204
5,379
204
4,870
204
5,575
204
5,608
205
10,898
207
206
4,469
206
5,091
206
33,136
2,013
29,494
2,015
29,778
2,020
27,653
2,018
28,398
2,018
30, 713
2,019
30,097
2,018
32,614
2,025
33,776
2,024
62,498
2,024
28,345
2,021
27,466
2,019
30,266
2,017
12, 363
494
9,805
493
10,603
493
9,537
493
8,730
493
10,070
493
10,063
493
11,864
493
12,174
494
23, 518
495
8,983
496
8,417
496
10,470
495
36, 531
1,609
27, 547
1,591
29,382
1,591
• 28,403
1,593
26,145
1,593
32,403
1,596
• 33,648
1,598
38,711
1,603
40,417
1,605
' 59, 520
1,605
30,589
1,606
25,407
1,607
32, 348
1,608
99.6
21.4
101.7
18.8
103.3
19.0
102.6
17.7
101.2
17.6
107.6
18.8
110.5
18.9
110.4
19.3
110.4
19.2
116.4
20.1
108.8
20.2
104.8
19.7
103.3
21.7
90.3
47.0
115
148
93
133
128
128
111
147
156
120
80.1
46.1
106
137
86
120
115
117
'95
122
100
126
143
111
128
104
141
118
105
118
119
••102
133
137
105
132
81.1
47.7
105
136
89
125
111
124
100
122
95
124
148
105
129
105
138
124
103
124
124
99
126
142
105
134
79.4
46.2
100
114
82
119
105
110
85
114
98
116
126
92
126
104
134
123
107
123
115
102
121
138
100
136
71.0
46.1
79
102
63
92
85
93
79
93
81
89
109
82
120
115
148
131
117
132
131
114
135
154
119
144
78.0
45.0
106
144
82
122
120
128
106
127
100
115
140
106
154
134
163
154
145
166
145
134
155
185
141
168
90.6
45.1
125
158
100
151
130
151
114
142
125
134
154
128
156
116
146
137
124
136
124
120
125
151
120
149
92.5
46.9
112
138
98
123
109
127
106
140
112
136
165
119
145
105
125
117
105
113
117
98
119
134
106
138
93.5
48.6
133
169
103
146
136
150
106
123
130
168
168
133
158
116
154
133
127
134
123
109
132
160
114
151
117.7
46.3
197
245
165
213
197
222
183
198
194
238
265
190
235
111
140
126
115
128
127
107
127
142
115
138
100.3
50.3
108
123
99
121
112
122
100
122
104
115
128
110
129
138
159
154
149
161
152
132
161
182
138
167
88.0
45.2
99
122
74
114
103
108
85
95
94
117
114
101
132
126
141
135
130
127
134
116
157
165
117
160
89.1
46.1
118
•152
'94
'136
126
129
110
125
' 106
140
161
125
148
124
152
-•141
'139
133
123
120
149
'165
130
161
8.4
10.7
10.8
9.5
11.8
17.4
12.0
10.8
11.4
9.2
106
132
155
120
"117
153
134
121
132
""116'
6.3
10.5
171.4
50.6
174. 7
' 141.7
r
157. 5
- 150. 9
' 127.1
138. 4
r
176.0
'357.3
r
' Revised. * Preliminary.
tRevised series. For revised data on value of new passenger-car sales beginning 1929, see p. 20 of the August 1941 Survey, and for an explanation of the revision, pp. 18 and
19 of that issue. Seasonal factors have been revised beginning August 1941 to take into account the effect of restricted production. Revised data on grocery chain-store sales
indexes will appear in a subsequent issue. Revised indexes oi variety store vsales beginning 1929 appear in table 30, p. 10 of the August 1940 Survey. Indexes of department-store sales in Atlanta, Minneapolis, and San Francisco districts revised beginning 1919, and Chicago and Philadelphia beginning 1923; for Atlanta, see table 53, p. 16,
of the December 1940 Survey; for Minneapolis, table 20, p. 18 of the May 1941 Survey; revised Chicago, Philadelphia, and San Francisco data will appear in a subsequent issue.
For revisions in adjusted index of United States department-store sales for 1935-39, see note marked with a "t" on p. 25 of the January 1941 Survey.
*New series. For earlier data beginning 1935 for indexes of sales of retail stores, see table 5, p. 24 of the October 1941 Survey. For data on drug-store sales beginning July
1934, see table 1, p. 11 of the November 1940 Survey. Indexes of department store receivables beginning January 1940 are available on p. S-7 of the September 1941 Survey.
Data beginning 1923 for the new indexes of department-store sales for the Richmond district will appear in a subsequent issue.
S-8
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the April
1940 Supplement to the Survey
1941
April
May
DOMESTIC
RETAIL TRADE—Continued
Department stores—Continued.
Stocks, total U. S., end of month:
v 121
Unadjusted..
1923-25=100-.
v 117
Adjusted
do—
Other stores, installment accounts and collections:*
Installment accounts outstanding, end of mo:
Furniture stores
Dec. 31, 1939=100.. 99.5
90.6
Household appliance stores.
.do
Jewelry stores..
do
93. r
Ratio of collections to accounts at beginning
of month:
12. 6
Furniture stores
percent-.
12.4
Household appliance stores
do
19.2
Jewelry stores
..do—
Mail-order and store sales:
Total sales, 2 companies
thous. of doL. 133, 905
57, 604
Montgomery Ward & Co
do
76, 301
Sears Roebuck & Co
.do
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31=100.. 175.6
183. 3
East
do
202. 0
South
do
155. 9
Middle West
do....
200.1
Far West
do
191.1
Total U. S., adjusted..
..do....
192. 4
East
-do
229.3
South
._
do—
167. 0
Middle West
~do....
Far West..do.... 224 0
June 1942
June
July
SepAugust tember
October
Novem- December
ber
January
1943
Febru- March
ary
TRADE—Continued
'111
87
95
92
108
97
110
95
86
92
83
93
97
102
112.5
121.7
94.2
111.2
120.4
98.3
110.0
117.1
95.7
108.9
112.5
98.4
110.0
110.1
122.9
104.9
103. 3
110.9
101.8
100.3
102.4
11.2
11.7
10.8
10.4
17.8
17.4
133, 787 145, 359 131, 439 121,175 145, 519 145,495
58, 068 60,520
52, 872 48, 305 57, 803 59, 780
75, 719 84, 839 78, 568 72, 870 87, 716 85, 714
11.8
11.2
17.7
11.5
10.8
18.4
11.4
11.7
23.2
12.0
11.4
18.9
11.4
11.4
17.5
' 12. 5
' 12. 7
'18.8
164,394
68,138
96, 256
152, 308
63, 345
88, 963
204, 339
85, 269
119,069
111,481
41,854
69, 627
99, 640
37,969
61, 671
131,894
55, 856
76,038
216.4
221.8
299.9
187.7
223.0
166.6
172.3
202.4
147.8
185.7
243.2
269.1
330.3
209.6
235.7
186.9
208.8
240.6
159.9
194.3
287.9
320.3
341.1
254.9
319.9
180.1
192.4
227.1
163.4
196.0
151.5
162.8
173.5
136.6
166.6
199.0
214.2
219.3
178.5
228.7
151.1
161.0
199.3
129.6
135.9
186.8
196.9
218.5
163.0
183.6
' 185. 6
204.9
224.0
165.2
194.5
211.4
228.2
248.1
186.4
236.3
84 i
104.0
106.5
92.0
107.4
112.5
93.4
10.7
10.3
15.5
11.4
10.7
16.8
151.7
163.4
' 182. 0
' 138.0
' 14G. 5
165.1
171.4
'
206. 5
r
147. 7
' 164.1
148.5
158.2
167.0
144.3
132.9
161.8
172.0
196.9
152.4
147.9
108.6
116.2
94.2
10.8
10.4
16.7
148.7
163.2
163.3
143.4
143.6
163.2
177.7
203.1
151.9
150.7
108.5
118.2
93.3
11.0
10.2
16.3
129.7
151.1
134.1
120.9
131.6
177.7
212.2
197.5
163.9
160.5
170.7
186.0
183.9
153.3
194.7
208.7
233.3
255.0
185.8
211.4
183.8
181.9
239.8
158.8
221.2
173.9
185.1
217.2
154.9
189.1
••108
r
100.8
' 9*5.8
I 97.6
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment estimates, unadjusted (U. S. Department of Labor):*
i Civil nonagricultural employment, total
thousands.. 40, 773 38, 228 38,902 39,475 39,908 40,292 40,710 40,783 40,756 41, 080 ' 39, 877 • 39,994 ' 40, 392
Employees in nonagricultural establishments, total
thousands.. 34, 630 32,085 32,759 33,332 33,765 34,149 34, 567 34,640 34,613 34, 9?,7 ' 33, 734 " 33, 851 • 34, 249
Manufacturing
..do
12,763
12.734 r 12,606 • 12, 724 • 12, 845
12,805
12,777
11,684
11,886
12,154
12,391
12,595
12, 897
860
876
'860
' Q(\Q
Mining...
do....
911
915
906
564
869
876
888
900
860
1,645 ' 1, 738
1,658
Construction
do
1,874
1,961
1,960
1,936
1,775
1,782
1,816
1,895
1,921
1,875
Transportation and public utilities.do
3,322
3,296
3. 255 ' 3, 249 ' 3, 277
3,365
3,367
3,113
3,185
3,239
3,290
3,326
3,344
6,686
'6,711
Trade
do
7,146
7,511
6,757
7,070
7.008
6,792
6,753
6,861
6,837
6,897
6,658
4.195
Financial, service, and misc
do
4,229
4,227
4,180 ' 4,180
4,256
4,325
4,174
4,235
4,260
4,300
4,300
4,264
'
4,
506
'
4. 623
Government
do
4,281
4,404
4,387
4,269
4,248
3,983
4,049
4,126
4,164
4,210
4, 732
a
)
Military and naval forces
do
2,071
()
(•)
2,014
1,992
1,546
1,662
1,740
1,857
1,944
C)
()
Employment estimates, adjusted (Fed. Res.):*
Civil nonagricultural employment, total
thousands.. 40, 882 38,329 38,824 39,296 39,903 ' 40,101 ' 40, 01G '40,192 ' 40,603 40, 905 ' 40, 906 " 40, 910 ' 40, 937
Employees in nonagricultural establishments, total
thousands.. 34, 739 32,186 32, 681 33,153 33,760 ' 33,958 ' 33, 873 ' 34, 049 '34,460 34, 762 ' 34, 763 • 34,767 ' 34, 794
12,826 ' 12, 81*
Manufacturing
-do
12, 789 ' 12, 863
11,636
11,886
12,221
12,605 ' 12, 615 ' 12, 548 ' 12, 599 '12,735
12, 847
852
'851
873
892
Mining
do
892
572
877
889
914
879
892
908
923
2,091 ' 2, 057
Construction—
do.... 1,956
1,924
2,061
2,156
1,776
1,683
1,859
1,698
1,644
1,668
1,666
'
3,
325
'3,313
Transportation and public utilities.do
3,310
3,325
3,322
3,292
3,303
3,133
3,192
3,220
3,264
3,302
3, 361
6,862 ' 6, 812
Trade
--do.... 6,669
7,043
6,907
7,017
6,989
6,968
6,803
6,781
6,865
6,944
7,027
Manufacturing, unadjusted (U. S. Department
' 135. 0
134. 2 r 132. 5 '133.8
134.8
135.2
122.6
124.9
127.9
133.1
135.4
130. 6
ofLabor)t
-1923-25 = 100.- 135.7
145.1 ' 147. 4
144.6
144.2 r 143. 3
Durable goodsf
do.... 149.3
144.0
142.1
127.7
131.3
135.1
137.6
138.7
Iron and steel and their products, not in136. 3 r 135.9 ' 135. 7
135.2
138.0
129.4
132.9
138.8
140.5
139.4
136.1
137.7
139.9
cluding machinery
1923-25=100.Blast furnaces, steel works, and rolling
149.3 ' 150.0
148.7
151.0
148.6
137.4
147.8
140.6
148.9
149.1
147.9
147.2
144.0
mills-.
1923-25=100..
'94.8
94.3
112.9
105.7
98.6
115.2
116.0
116.6
116.7
118.3
103.8
113.2
91.4
Hardware
_
do....
Structural and ornamental metal work
107.2 ' 110. 4
105.7
107.5
106.0
99.1
102.3
109.5
105. 5
107.4
109.3
110.0
1923-25=100-. 113.5
135.0
134.4 ' 136. 7 ' 130.9 ' 115. 9
130.1
145.0
109.5
120.5
132.0
138.8
145.3
Tin cans and other tinware..
_do._- 109.9
' 74. 0
'74.3
77.9
76.6
'74.1
79.8
80.4
73.8
74.7
76.8
79.5
81.0
73.7
Lumber and allied products
do.-.
108.4
106.8
r 101. 9 ' 102. 4 ' 101. 1
107.4
107.6
97.6
100.1
103,8
105.
6
108.4
97.5
Furniture
do
' 64. 1
'64.0
66.4
65.3
'63.7
69.5
70.4
65.2
65.7
67.1
70.0
70.7
64.9
Lumber, sawmills.
do....
189.7 ' 194. 0
181.4
183.4
185.0
180.1
178.6
156.2
162.5
167.7
172.3
176.5
197.7
Machinery, excl. transp. equipment-do
Agricultural implements (including trac164.1 ' 166. 2 ' 169. 1
167.2
167.5
168.5
170.7
171.8
171.4
169.9
170.7
172.0
tors)
1923-25=100.. 166.3
Electrical machinery, apparatus, and
154.0
'109.2
147.3
167.4
0)
168.8
158.8
163.8
168.7
0)
0)
0)
0)
supplies
— .1923-25 = 100-.
Engines, turbines, water wheels, and
1
352.5
257.2
271.5
339.5
0)
314.7
285.5
298.3
0)
325.0
0)
C
)
0)
windmills
1923-25=100148.8
147.8
147.0
150.4
152.1
145.6
160.6
130.0
134.9
139.1
142.6
Foundry and machine-shop products-do
154.8
157. 3
366.9
361.5
356.8
351.5
316. 7
327.4
338.5
346. 0
0)
0)
0)
Machine tools*
do
0)
217.6
217.9
212.5
218. 5
209.4
202.4
158.5
173.7
180.7
188.7
Radios and phonographs
do.... 211.1
206.5 ' 0)
210.4
146.1
145.1 ' 144. 9 ' 146. 4
147.4
146.4
145.5
143.6
138.7
139. 9
141.9
143.1
Metals, nonferrous, and products
do
r 147. 9
193.4 '191.5
193. 5
192.9
' 182. 5
184.3
189.3
189.7
0)
Brass, bronze, and copper products, do
0)
0)
0)
101.5
'
9
3
.
9
102.0
101.8
99.7
'
9
5
.
6
101.3
95.4
93.0
95.6
97.1
99.6
(0
Stone, clay, and glass products
do
76.2
77.7
'67.6
79.1
74.2
' 69. 6
79.4
70.1
69.2
72.7
74.7
77.6
Brick, tile, and terra cotta
do....
' 94. 3
133.1
132.4
' 127.8 ' 126.1
130.3
132.0
121.8
124.0
125.5
127.9
130.0
125.8
Glass
do
'68.3
210.4
215.6 ' 126.1
203.2
190.9
172.0
233. 4
166.3
171.7
177.8
179.0
210.2
208.9
Transportation equipmentf
do
5, 929. 2 6,305.1 6, 718.1 7, 231. 3 7,897. 3 8, 515. 7 ' 9,169. 7 9,696.1
0)
Aircraft*
do.-..
0)
r 224.1
0)
0)
129.7
100.2
116.2
Automobiles
_.,
do
124.1
128.9
132.4
134.1
134.8
126.9
110.9
84.5
0)
88.8
494.6 '533.3
442.5
' 295. 4 '310.1 ' 337. 9
375.3
388.3
Shipbuilding*
—
do....
0)
0)
0)
0)
'86.2
r
J
Revised.
° Not available for publication.
* Preliminary.
Included in total and group indexes, but not available for publication separately. 0)
fRevised series. For revised indexes, beginning in 1937 for all industries and January 1938 for durable goods, see table 12, p. 18 of the March 1941 Survey. Index for
transportation equipment revised beginning January 1939; see table 57, p. 17 of the December 1940 Survey.
•New series. Indexes of installment accounts and collection ratios for furniture, household appliance, and jewelry stores beginning January 1940 will be shown in a subsequent issue. Data for mining, construction, transportation and public utilities, Government, and military and naval forces are correct as published in table 11, on pp. 17
and 18 of the March 1941 Survey. Estimates of total civil nonagricultural employment, employees in nonagricultural establishments, manufacturing, and service industries
(included in the miscellaneous group) have been revised beginning January 1929 and trade beginning January 1935, to adjust monthly estimates to the 1939 Census levels of
employees in manufacturing concerns engaged in clerical, distribution, or construction activities, and retail trade employment, and tofiguresshown by the 1930 Census of
Occupations; the revised data will be published later. Adjusted estimates of employment beginning January 1929 will be shown in a subsequent issue. For indexes beginning
1923 for machine tools and shipbuilding, and index for 1931 through 1938 for aircraft, see tables 39 and 40, pp. 15 and 16 of the October 1940 Survey; for aircraft indexes (revised)
for 1939, see table 57, p. 17 of the December 1940 Survey.
S-9
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
April
April
May
June
July
August
1942
September
October
Novem- December
ber
January
Febru- .March
ary
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Mfg., unadj. (U. S. Dept. of Labor)—Cont.f
122.7
118.8
121.1
127.7
Nondurable goodsf
1923-25=100.
117.8
123.9
' 123. 0 ' 123. 2
124.8
' 122.1
128.7
127.3
125.4
Chemical, petroleum, and coal products
157.0
1923-25=100..
' 137.5
' 135. 9
' 140.0
'147.6
149.7
' 150. 9 ' 154. 7
' 158. 2
'143.1
'149.9
'149.8
'135.9
192.9
Chemicals
do
172.2
166.8
175.9
188.1
182.4
185.4
' 192. 5
180.1
' 183.8
' 185. 3
185.9
162.4
139. 0
Paints and varnishes.._
do
144.8
141.4
145.5
142.2
140.9
143.9
' 140. 7
144.8
143.9
142.6
'141.0
137.4
Petroleum refining
do
131.8
125.2
122.0
127.4
128.5
129.2
129.1
129.6
127.9
129.2
129.1
' 130. 8
120.5
310.3
Rayon and allied products
-do
327.0
323.5
324.4
327.0
329.3
325.0
322.9
312.6
321.1
315. 9
' 313. 2
317.9
132.7
135.2
127.4
' 145.8
Food and kindred products
do
' 133. 5
163.2
159.3
152.5
145.9
141.0
' 135.4
123.6
'131.6
149.6
152.2
Baking
do
149.0
150.2
153.5
149.5
152.7
154.5
153.7
151.5
150.0
146.5
' 150. 3
133.3
Slaughtering and meat packing
do
120.3
116.8
123.1
123.6
138.1
122.4
125.9
129.9
143.8
137.8
110.2
'134.0
100.3
101.0
Leather and its manufactures
do
95.5
98.1
101.1
100. 2
98.9
98.5
96.7
99.2
98.9
98.0
' 101. 9
97.3
Boots and shoes
do
93.0
94.9
98.1
95.2
98.3
95.4
96.6
95.2
92.3
95.8
94.7
'98.6
121.0
Paper and printing
.
do
120.8
121.6
123.0
123.9
' 123. 3
124.9
126.7
128.3
124.7
119.4
126.5
'121.9
129.7
Paper and pulp
__do
122.7
124.6
126.0
129.1
127.8
128.4
128.7
129. 5
120.3
128.2
' 129. 7
'129.6
94.3
Rubber products
-do
106.4
110.7
111.4
111.8
-98.9
111.5
111.2
110.3
99.6
105.0
111.6
'98.9
Rubber tires and inner tubes
do
72.8
83.3
87.4
84.9
75.2
86.3
86.7
82.3
86.5
86.0
86.1
'73.5
'74.2
Textiles and their products!-do
113.0
112.5
113.2
112.6
115.4
112.1
115.5
114.9
113.4
' 113. 5
'113.0
113.0
'111.1
r
105.2
105.1
107.0
106.2
106.9
103.7
106.3
106.4
106.1
Fabrics!
do
' 104. 9 ' 105.0
106.2
105,1
125. 6
124.2
122.2
121.9
129.6
123.2
Wearing apparel
do
126.2
131.3
129.0
124.9
' 119. 7
' 127. 7
'126.4
64.2
64.9
65.4
Tobacco manufactures
do
65.5
65.8
63.5
68.4
65.5
63.9
67.3
67.5
63.4
'65.4
135.0
124.9
133.3
Manufacturing, adjusted (Fed. Res.)t
do
128.7
133.3
134.9
122.0
134.4
132.3
132.8
' 135. 5
134.9
' 134. 7
147.7
129.5
140.2
134.0
141.5
126.3
143.7
Durable goodst
do
141.3
142.3
144.3
' 146. 6
146 8
' 146. 9
Iron and steel and their products, not in134.0
132.0
136.0
cluding machinery
1923-25=100..
128.3
139.1
140.2
138.9
139.7
138.2
138.3
' 139. 0
136.5
'134.7
Blast furnaces, steel works, and rolling
145
150
136
140
149
mills
1923-25=100..
149
150
150
148
149
149
148
148
90
115
116
118
114
Hardware
do
105
116
110
117
115
113
94
94
Structural and ornamental metal work
115
104
1923-25=100-.
101
103
105
107
112
107
106
108
107
107
113
Tin cans and other tinware
do
114
113
122
129
131
132
132
141
127
138
141
147
'122
74.2
74.2
75.9
Lumber and allied products
do
78.9
78.1
74.6
78.4
77.3
76.4
76.9
79.1
77.8
'75.3
101
101
106
Furniture
do____
104
108
107
103
101
104
105
104
105
'103
Lumber, sawmills
do
64
65
65
64
68
68
67
68
68
67
70
68
65
Machinery, excl. transp. equipment-do
183.4
' 187.2
190.8
' 194.4
167.3
155. 8
161.6
173.0
177.7
181.2
197.1
177.8
179.3
Agricultural implements (including tractors)
1923-25=100..
167
161
'160
161
170
166
158
182
172
175
181
180
156
Electrical machinery, apparatus, and supplies.- — —
1923-25=100..
0)
0)
(»)
0)
159
153
168
169
147
168
168
164
0)
Engines, turbines, water wheels, and
windmills
1923-25=100..
0)
0)
0)
0)
275
259
315
371
323
348
245
293
0)
Foundry and machine-shop products
1923-25=100..
134
139
129
149
143
146
148
150
147
155
153
157
160
326
337
Machine tools*
_
do
315
365
349
366
355
360
(0
0)
0)
0)
(0
184
Radios and phonographs
do
189
197
194
191
187
183
179
235
'220
'206
'250
251
144.1
Metals, nonferrous, and products
do
138.9
140.7
147.8
147.9
144.8
142.2
143.1
146.2
' 146.7
143.4
' 146.9
143.6
191
Brass, bronze, and copper products.do
181
183
193
195
194
191
191
(0
0)
0)
0)
0)
92.3
92.1
93.7
Stone, clay, and glass products.do
98.6
98.4
98.7
100.9
98.9
99.9
104.5
101.6
'96.9
94.6
70
69
Brick, tile, and terra cotta
do
69
73
74
74
76
77
75
80
73
78
71
121
124
122
Glass
do
131
130
130
133
131
134
132
'124
126
125
158.7
174.2
164.6
Transportation equipment!
do
196.1
193.1
195.2
208.9
204.5
205.4
214.6
' 217.9
'210.1
224.8
6,522
5,813
6,121
Aircraft*
do
7,160
8,779
9,799
7,897
9,459
(^
0)
0)
0)
0)
132
125
Automobiles
..do
128
149
127
139
128
129
84
96
111
81
80
341
Shipbuilding*
do
285
301
387
532
398
440
487
(0
0)
0)
0)
0)
Nondurable goodsf
do
118.0
120.5
123.7
126.3
125.5
125.6
123.8
123.8
123.5
124.9
126.0
' 123.1
123.0 ••133.7 ' 137. 5 '141.5 ' 143.9 ' 146.3 ' 145.7 ' 147.1 ' 148. 2
Chemical, petroleum, and coal'prod..do
' 154.4
'151.5
149.2
' 155. 6
155.5
Chemicals
do
172
173
168
179
180
184
163
181
' 192
'190
187
' 194
194
Paints and varnishes
do
140
145
136
145
144
135
143
145
148
144
144
'141
137
Petroleum refining
do
125
127
123
127
127
128
129
121
130
129
131
'132
132
Rayon and allied products
do
337
326
330
328
324
320
324
313
320
308
323
'309
317
Food and kindred products
do
135.0
137.3
138.4
140.9
132.5
138.8
140.7 ' 147.0
147.5
147.5
' 144. 3
' 148. 3
142.2
Baking
do
152
149
151
149
151
148
152
152
152
153
152
152
151
Slaughtering and meat packing
do
119
121
123
124
114
125
127
139
126
133
138
137
137
Leather and its manufactures
do
96.8
101.0
100.2
95.5
97.9
104.2
98.0
99.6
103.1
'98.8
96.3
'97.4
97.8
Boots and shoes
do
94
98
97
94
93
94
101
96
92
100
95
'93
94
Paper and printing
_
do
125.1
121.2
122.9
124.8
124.4
119.8
123. 4 ' 122. 4
124.9
124.8
125.2
125.9
121.4
Paper and pulp
do
125
126
120
123
128
129
129
130
128
128
130
' 130
130
Rubber products
do
111.7
113.0
113.3
103.9
98.7
106.1
110.1
110.1
109.6
111.6
'98.1
'99.8
93.5
Rubber tires and inner tubes
do
87
74
86
87
86
'74
82
83
87
86
85
'75
73
Textiles and their productsf
do
117.1
112.9
116.1
120.0
114.7
109.8
109.6
112. 9
113.3
113.2
111.7
' 109. 4
110. 7
Fabricsf
do
109.6
105.4
101.9
107.2
104.4
103.7
109.0
111.1
103.3
105.9
105.1
'102.7
104.8
Wearing apparel
do
128.8
124.7
124.9
126.6
128.2
127.0
135.0
119.8
122.5
124.0
126.9
' 120. 0
119.3
64.4
Tobacco manufactures
do
64.1
62.0
66.7
66.5
69.2
65.8
65.7
'66.1
65.0
65.8
65.0
65.6
Manufacturing, unadj., by States and cities:
State:
124.1
129.4
134.7
Delaware
1923-25=100-.
129.7
142.5
136.1
147.5
138.1
137.8
137.8
137.1
138.7
126.1
133.1
136.6
140.3
129.6
139.7
139.0
139.1
Illinois!
1935-39=100..
137.7
139.1
137.2
136.9
156. 6
149. 6
154.9
159.1
160.1
152.3
161.5
161.7
Iowa
1923-25=100
158.2
162.8
153.3
154.5
138.9
142.8
127.4
135.0
144.3
145.4
Maryland
1929-31 = 100..
131.9
146.4
153.4
147.0
149.5
' 157.4
99.1
99.1
99.5
94.9
97.6
100.2
Massachusetts
1925-27 =100..
96.1
100.1
99.2
100.5
100.4
101. 5
138.4
136.9
145.3
144.4
New Jersey...
1923-25= 100..
129.2
136.0
132.3
145.3
148.3
145.7
145.8
' 150.1
131.1
138.0
142.5
142.5
New Yorkf
1936-39=100..
126.8
129.2
128.0
141.1
141.2
143.4
145.4
138.9
134.6
136.6
138.6
137.5
Ohio!
do
125.9
131.8
129.0
137.2
136.9
135. 3
135.4
108. 7
110.3
110.6
110.9
Pennsylvania
1923-25=100__
102.6
106.7
113.3
104.4
111.0
111.5
110.3
112.5
'111.8
122.4
124.7
126.4
126.7
116.3
121.7
118.7
126.5
Wisconsinf
1925-27=100-.
125. 7
126.6
127.4
124.9
129.6
City or industrial area:
132.9
160.9
125.1
129.9
137.3
141.7
143.7
Baltimore
..1929-31 = 100..
144.8
146.2
146.9
154.1
' 157. 7
149.8
130.8
137.6
124. 5
128.1
135. 8
138.1
Chicago!
1935-39=100-.
138.4
139.4
140.2
139.0
140.6
139.1
137.9
128.5
141.0
121.7
125.3
130.1
132.7
Cleveland
.1923-25=100..
134.1
134.2
134.3
137.7
133.4
130.3
139. 6
119.6
115.7
120.3
123.8
96.0
116.0
115.0
Detroit
do
117.3
119.0
104. 6
97.4
102. 7
111.0
131.3
141.8
125.3
128.3
130.2
135. 4
136.9
Milwaukee
..1925-27=100..
135.9
134.9
135.8
134. 3
135.1
137.6
112.8
114.1
113.5
114.3
121.5
New York
do
125.7
126.7
124.7
125.1
(2)
109.1
103.6
106.7
110.5
111.8
114.3
116.3
118.1
Philadelphia
1923-25=100. 123.7
118.7
'117.6
' 120. 3
' 122. 4
112.9
108.3
109.9
115.6
117.1
117.1
Pittsburgh
do
118.0
118.4
119.3
119.3
' 118. 5
'118.5
'118.8
117.1
113.5
116.5
120.0
120.9
122.4
122.4
125.5
Wilmington.
_do
127.9
125.7
' 127.7
127.5
127.8
' Revised.
* Included in total and group indexes, but not available for publication separately.
2 In process of revision.
!Revised series. For revisions for all industries, durable goods and nondurable goods, see p. 18 of the March 1941 Survey. Index for transportation equipment revised
beginning January 1939; see table 57, p. 17 of the December 1940 Survey. Slight revisions were made in data for textiles and products and fabrics beginning 1933; revisions
prior to March 1939 which have not beerr published are available upon request. Revised indexes for Illinois beginning 1923 adjusted to census trends for the years 1923 through
1935 will be published in a subsequent issue. For revisions in Chicago indexes, see note marked with a " t " on p. 29 of the January 1941 Survey. Index for Wisconsin revised
beginning 1925; revised data not shown on p. 72 of the February 1941 Survey will appear in an early issue. Earlier monthly data on indexes beginning 1923 for Ohio factory
employment revised to 1935-39 base are shown on p. 17 of the March 1942 Survey. Earlier data for the revised New York State index will appear in a subsequent issue.
* New series. For indicated series see note marked with an "*" on p. S-8 of this issue.
S-10
SURVEY OF CUEEENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
April
June 1942
1941
April
May
June
July
1942
September
August
October
Novem- December
ber
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
I
EMPLOYMENT—Continued
Nonmfg., unadj. (U. S. Dept. of Labor):
Mining:
Anthracite-..
1929=100.
Bituminous coal
do...
Metalliferous_
do...
Crude petroleum producing
do___
Quarrying and nonmetallic
do._.
Public utilities:
Electric light and powerf..
.do...
Street railways and bussesf
do_._
Telephone and telegraphf
do...
Services:
Dyeing and cleaning
do...
Laundries
.do...
Year-round hotels
do.__
Trade:
Retail, totalf
do...
General merchandising!
do...
Wholesale
do_._
Miscellaneous employment data:
Construction, Ohiot
1935-39=100.
Federal and State highways, totalt.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.
Indexes: Unadjusted
1923-25=100.
Adjusted
do...
47.9
93.3
82.5
59.1
50.4
48.7
23.5
77.2
60.1
48.2
48.6
87.9
77.1
60.4
51.0
49.2
88.1
78.9
61.5
51.9
49.3
90.3
79.0
62.1
52.7
50.0
92.6
79.9
62.2
53.9
50.0
94.2
79.4
61.8
54.2
50.3
95.3
79.7
61.6
54.1
50.2
95.1
79.5
60.9
52.6
49.1
95.5
80.2
61.1
50.9
49.0
95.1
80.7
61.3
46.8
48.8
94.5
81.0
60.6
48.5
93.6
81.4
59.5
47.5
89.2
72.5
91.0
91.3
68.3
83.2
92.2
68.9
84.6
93.5
69.1
86.3
94.6
69.5
88.3
95.2
69.7
89.6
94.9
70.3
90.3
94.1
70.3
90.6
93.4
70.2
90.1
93.1
70.6
90.0
92.0
70.4
90.4
90.5
70.7
90.3
89. 6
71.3
90.2
121.2
110.2
95.0
117.2
104.9
95.2
120.6
108.3
96.3
122.7
112.0
95.0
121.7
115.8
94.5
118.9
114.6
94.5
121.5
113.0
95.7
121.2
111.2
96.2
117.2
108.9
96.1
113.3
108.4
95.3
109. 8
108.8
94.2
' 109. 5
' 107.6
'94.1
114.0
107.9
93.9
107.6
92.4
97.8
108.7
92.4
96.1
102.5
92.2
97.8
105.1
93.8
96.7
100.9
94.2
96.9
103.0
95.8
100.0
111.7
95.6
101.0
116.4
96.3
103.0
125.9
96.3
113.0
161.5
96.3
'95.4
' 105. 1
94.9
'94.0
' 103. 2
94.3
94.2
104.8
94.0
161.7
157.2
167.7
162.3
166.5
146.4
150. 8
163.0
139.8
235, 876 285, 397 318, 436 331,438 340,146 320, 301 300, 381 270, 202 224, 762
75,131
87, 038 127, 634 142,185 152, 691 158, 744 149, 800 135, 622 111,755
110,912 118,945 134,896 136, 651 138, 631 128, 415 124, 523 118, 559 110,311
125. 6
194, 092
49,113
105, 920
125.1
183, 559
44, 852
101,087
191.444
52, 975
102,023
1,251,283 1,306,333 1,370,110 1,391,689 1.444,985 1,487,925 1,511,682 1,545,131 1,670,922 1,703,099 1,805,186 1,926,074
172, 876 177,328 184, 236 185,182 186, 931 191, 588 194,265 199, 283 207,214 223,483 233, 403 238, 801
1,104
60.5
61.0
1,148
63.0
62.3
1,179
64.7
63.3
1,211
66.5
64.8
1.231
67.6
66.0
1,235
67.8
66.5
1,243
68.2
66.3
1,227
67.3
1,211
66.3
68.0
1.192
65.4
68.2
1,193
65.4
68.0
1.215
66.6
68.5
40.7
40.0
41.3
40.8
41.7
41.3
41.0
40.3
41.2
41.0
41.6
40.9
41.7
41.1
41.5
40.3
41.6
41.2
42.4
41.5
42.4
42.2
42.7
42.5
403
592
463
357
571
439
635
465
470
687
432
271
464
143
287
' 135
••218
'166
'236
512
567
7,113
321
420
2,172
143
227
1,504
143
226
1,326
212
305
1,825
295
358
1,953
198
348
1,925
228
339
1,397
30
59
476
25
'42
'329
57
'75
'350
5,097
1,825
5,156
1,539
5,126
1,623
624
4,982
1,597
630
4,699
1,446
671
4,356
1,396
1,108
4,229
1,488
935
4,234
1,327
583
4,413
1,603
493
4,899
1,956
439
4,888
1,532
427
' 4, 559
' 1, 567
' 511
4,270
3,914
3, 576
3,623
3,045
2,650
2,548
2,597
3,618
4,584
4,103
3 977
590
659
31, 574
684
30, 561
611
29, 307
572
26, 494
493
22, 942
430
21, 430
523
27, 847
797
41, 056
39, 884
803
43,035
6.04
3.89
.25
1.19
2.45
5.95
3.86
.24
1.08
2.54
6.31
3.71
.26
1.03
2.42
6.00
4.24
.29
1.40
2.55
5.43
4.14
.30
1.13
2.71
5.16
4.53
.31
1.16
3.06
4.87
4.13
.28
1.41
2.44
471
21,066
3.91
3.51
.24
1.44
1.85
4.76
4.71
.29
2.15
2.27
6.87
5.10
.30
1.61
3.21
6.00
4.78
.29
1. 35
3.14
6.99
5.36
.33
1.19
3.84
134.7
149.9
144.1
163.1
152.2
173.9
152.7
172.2
158.1
177.6
162.6
183.3
167.0
191.4
165.4
190.3
169.9
195.4
' 173.5
' 204.3
'178.3
210.7
' 182.9
'217.3
180.0
150.9
160.9
168.6
166.6
172.0
170.6
173.4
171.9
174.2
173.7
>• 178. 3
191.4
132. 9
164.1
135.7
172.7
141.5
179.9
150.2
181.6
123.8
183.3
145.7
178.4
148.7
181.1
151.5
183.2
147.4
185.0
137.7
184.5
133.4
190. 5
132.0
145.6
143.8
87.9
114.3
75.1
313.9
103.4
127.3
75.7
95.2
66.4
197.4
113.8
146.4
78.0
102.7
66.0
217.2
120.1
163.2
83.9
110.0
71.1
229.9
112.5
171.3
85.5
110.1
73.5
233.0
125. 2
184.7
92.3
116.1
80.3
213.4
123.6
187.6
90.8
118. 0
77. 5
248. 2
127.2
171.7
92.3
120.6
78.2
255.7
116.0
165.8
86.4
118.8
70.2
255.3
121.2
173.6
85.8
120.9
68.0
269.6
125.0
' 180.8
' 81.7
'111.1
' 67. 3
284.2
133.5
164. 6
86.0
' 115.8
r
71.9
294. S
' 140.2
'150.0
'86.7
'116.2
'72.9
r
307.8
248.7
229.6
229.0
233.3
228.4
227.5
230. 7
231.6
223.9
219.0
228.8
' 241.1
r
0)
192.3
215.3
224.0
232.0
240 0
241. 3
244.7
'241.9
0)
0)
372.4
444.1
484.7
' 507.9
' 546. 2
572. 9
615.5
676.3
(0
0)
152. 2
'471.5
163. 9
157.2
234.8
91.1
62.4
143.5
166.2
507. 2
191.5
166. 7
246. 6
97.8
69.1
150.3
177.8
529.3
200.4
174.6
262.2
100.2
71.8
153.5
176.5
534. 7
218.7
173.7
263.8
98.9
73.4
147.1
69.4
70.0
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl". Ind. Con. Bd. (25 industries)..hours..
U. S. Dept. of Labor (90 industries)
do
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 security operations (Soc. Sec. Bd.):
Placement activities:
Applications:
Active
file
thousands. New and renewed
do
Placements, total f
do
Unemployment compensation activities:
Continued claims
thousands..
Benefit payments:
Individuals receiving payments § ..do
Amount of payments
thous. of dol..
Labor turn-over in mfg. establishments:
Accession rate ...mo. rate per 100 employees..
Separation rate, total
do
Discharges
do
Lay-offs
do
Quits and miscellaneous
.-do
512
PAY ROLLS
Manufacturing, unadjusted (U. S. Department
of Labor) t
1923-25=100.,
Durable goods t
do
Iron and steel and their products, not including machinery
1923-25=100..
Blast furnaces, steel works, and rolling
mills
1923-25 = 100..
Hardware
do
Structural and ornamental metal work
1923-25=100..
Tin cans and other tinware
do
Lumber and allied products
...do
Furniture
do
Lumber, sawmills
do
Machinery, excl. transp. equip
do
Agricultural implements (including tractors)
1923-25 = 100..
Electrical machinery, apparatus, and
supplies
1923-25=100-.
Engines, turbines, water wheels, and
windmills
1923-25=100..
Foundry and machine-shop products
1923-25=100Machine tools*
do
Radios and phonographs
do
Metals, nonferrous, and products
do
Brass, bronze, and copper products do
Stone, clay, and glass products
do
i
Brick, tile, and terra cotta
do
I
Glass
do....1
223.8
(0
0)
r
193.4
' 136.8
250.4
0)
0)
0)
186. 0
194.7
191.4
187 .^
202.8
211.2
219.3
' 227.3
553. 4
596.3
599.1
578. 2
0)
0)
0)
0)
0)
234.0
261.7
267.0
254. 4
286.3
276. 6
296.0
' 290.7
182.6
185.9
185. 6
182.0 ' 192.1 ' 199.3 ' 279.0
' 209.1
206.2
202.
9
273.6
267.6
270.8
r 261.0
0)
0)
0)
0)
0)
104.2
109.5
105. 4
105.8
106.6
'98.0
' 103.6
104.2
' 102. 2
77.0
75.8
76.2
72.9
72.6
65. 2
' 68. 6
70.3
'
6
6
.
7
155.4
173.7
160.5
168.2
171.1
' 160. 6
164.1
'165.6 i '165.4
!
v Preliminary.
' Revised.
Included in total and group indexes, but not available for publication separately.
§ Data are a weekly average of the number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.
JTotal includes State engineering, supervisory, and administrative employees not shown separately; see note on p. 27 of the May 1941 Survey.
tRevised series. Telephone and telegraph indexes revised beginning 1932, other indicated nonmanufacturing employment series beginning 1929; see p. 17 of the April
1940 Survey, except for indexes for street railways and busses beginning 1932, which were subsequently revised as shown in table 27, p. 17 of the May 1940 issue. Indexes
beginning 1923 for Ohio construction employment are shown in table 8, p. 18 of the March 1942 Survey. Total placements revised to include placements formerly classified
as "supplementary" because of the omission of one or more of the steps necessary for a complete placement. Most of these placements were so classified because of lack of
registration and were largely placements in agricultural jobs. Only complete placements wore formerly shown in the Survey. Data comparable with the series here shown
will be published in a subsequent issue. For revisions in pay-roll index for all manufacturing and durable goods for 1938 and 1939, see table 12, p. 18 of the March 1941 Survey
*New series. For pay-roll indexes beginning 1923 for machine tools,see table 40, p. 16 of the October 1940 Survey.
233. 6
June 1942
SURVEY OF CUREENT BUSINESS
Monthly statistics through Deoember 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1943
April
S-11
1941
April
May
June
July
August
1942
September
October
Novem- December
ber
January
Febru- March
ary
EMPLOYMENT CONDITIONS AND WAGES—Contiimed
PAY ROLLS—Continued
Mfg., unadj. (U. S. Dept. of Labor)—Con.
Durable goods—continued
Transportation equipment! - -1923-25=100 _.
Aircraft*.
do
Automobiles
do
Shipbuilding*
._.do
Nondurable goodsf
do
Chemical, petroleum, and coal products
1923-1925 = 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
Manufacturing, unadj., by States and cities:
State:
Delaware
1923-25=100..
Ulinoisf
1935-39=100..
Maryland
_
1929-31=100..
Massachusetts
1925-27=100..
New Jersey
1923-25=100..
New Yorkt
1935-39=100..
Ohio*..
do..-Pennsylvania.
1923-25=100..
Wisconsinf
1925-27=100..
City or industrial area:
Baltimore1929-31*100..
Ohicagot
1935-39=100..
Milwaukee....
1925-27=100..
New York
do
Philadelphia
1923-25=100..
Pittsburgh...
do
Wilmington
do
Nonmfg.. unadj. (U. S. Dept. of Labor):
Mining:
Anthracite
1929=100..
Bituminous coal
..do
Metalliferous
__
do
Crude petroleum producing
.do
Quarrying and nonmetallic
...do
Public utilities:
Electric light and power!
-do
Street railways and busesf
do
Telephone and telegraph!..
-do
Services:
Dyeing and cleaning
do
Laundries
-do
Year-round hotels
..do
Trade:
Retail, totalt
do
General merchandising!
do
Wholesale
do
191.6
7,134.4
147.3
' 395.0
117.7
217.0
7,745.1
170.6
' 433.5
122.9
224.4
252.6
282.0
240.0
228.8
287.8
8,193. 5 9,045.7 10,303.0 11,145.8 '12,296.0 '13,182. 6
188.3
158.0
139.2
159.3
176.6
175.8
' 504.4
582.0
614.6
703.8
803.4 ' 829.1
127.9
130.7
136.3
139.5
139.6
137.4
144.4
2?0.6
293.4
177.4
177.8
387.6
152.8
160.7
160.2
115.0
109.9
133.1
171.9
129.7
104.4
128.6
126. 6
124.5
73.2
' 158. 5
208.3
157.9
142.4
342.3
125.2
140.9
115.1
92.3
89.1
121.2
139.1
122.3
106.3
107.0
104.1
106.2
58.9
' 165. 5
221.8
170.4
146.3
356.2
134.7
148.4
133.1
91.0
86.7
124.9
145.6
128.7
111.1
110.4
109.3
105.9
67.1
' 173. 6
232.7
177.8
156.7
362.4
144.4
154.4
137.8
97.2
91.9
128.6
157.7
141.1
122.4
111.4
111.6
104.1
70.2
'177.7
239.7
172.7
157.2
368.6
152.8
153.1
139.4
103.2
98.8
128.6
156.9
135.6
118.4
113.6
113.3
107.1
69.8
' 181. 5
247.2
171.5
159.1
368.2
165.5
155.2
142.9
104.7
100.7
130.9
162.7
138.8
116.4
119.3
114.4
121.7
70.0
' 188. 5
250.9
169.9
166.4
374.3
170.5
157.4
145.8
101.6
95.3
133.3
163.0
134.8
107.3
123.4
118.0
126.3
70.4
f 196.2
' 261. 4
173.8
168.0
386.4
163.0
157.6
151.1
100.5
93.3
135.9
165.4
138.0
111.8
122.4
120.2
119.2
75.6
199.0
195.9
276.3
137.6
225.3
217.9
137.3
151.6
174.3
104.0
147.5
153.8
167.0
r 114.4
142.5
150.1
161.6
189.2
110.2
161.1
161.3
176.6
121.7
150.9
156.0
170.5
196.2
114.5
169.0
166.2
186.3
127.2
159.5
159.9
170.2
202.5
117.2
173.9
170.4
188.3
126.3
154.6
169.5
178.7
207.9
116.9
173.0
184.3
190.4
131.1
163.8
173.7
180.5
215.2
121.3
189.3
194.5
190.9
131.2
164.6
179.0
157.7
178.0
178.4
148.7
151.7
115.9
114.7
131.6
124.1
194.5
158.2
157.8
118.0
126.4
138.4
134.9
200.6
166.1
163.9
119.1
134.0
143.9
138.8
207.4
168.9
159.3
123.3
136.8
140.5
141.3
212.8
174.8
169.7
134.3
139.1
146.3
146.0
44.7
118.4
97.0
62.8
57.9
24.3
15.8
78.9
57.8
47.0
33.4
107.2
81.5
58.8
53.2
51.2
107.2
85.3
59.9
55.7
34.8
105.4
79.3
61.4
55.5
113.6
84.5
122.0
107.6
72.0
107.1
109.6
72.7
110.5
111.4
76.2
113.0
105. 6
108.4
93.5
97.8
95.8
87.1
96.1
98.7
87.9
93.2
106. 5
92.0
91.7
98.6
83.4
91.5
96.0
84.6
380. 5
(0
132.8
(0
147.8
191.3
192.5
204.4
290.6
329.3
0)
(0
' 336. 9 [\'349. 9
0)
147.9
153.6
135.0
J
141.3
' 139. 0
' 142.1
'il44. 3
' 197.7
' 265.6
172.2
167.9
385.2
157.7
159.7
153.7
97.0
88.4
137.5
166.9
140.6
117.6
118.3
118.9
109.8
77.1
' 203.0
' 271. 7
175.9
173.9
391.2
157.2
157.5
168.9
106.7
99.5
144.1
169.8
136.9
108.6
122.1
123.7
111.6
76.8
' 205.0
' 278.0
172.5
171.1
392.4
' 154.7
158.2
182.3
107.3
101.0
' 136. 6
171.9
127.4
103.0
'119.7
122.0
' 107.8
72.6
'212.0
' 279.3
' 176. 6
178.3
391.3
'150.7
159.6
162 6
r
113.2
' 107. 6
' 135.2
' 174. 4
' 127. 4
'101.7
' 126. 9
' 123. 7
' 125. 4
'72.3
' 218.9
' 287. 8
' 179.4
' 179.6
' 394.4
' 150.6
' 160.6
' 159. 7
'117.1
' 112.2
' 134.8
p
175. 7
' 132.3
' 106.3
129.2
' 124.8
130.1
'70.6
169.5
183.7
224.5
120.7
188.5
190.0
195.7
136.2
173.2
171.9
181.7
221.4
119.5
190.0
186.7
194.9
135.2
170.5
182.4
188.4
234.0
125.7
198.5
194.2
202.8
139.6
172.9
188.7
192.4
251.5
132.6
210.2
210.0
210.9
' 144.7
182.2
193.8
194.3
'[259. 7
-1136.4
' 219.2
216.4
220.9
177.8
168.2
142.4
144.0
143.6
145.9
229.6
180.3
175.0
135.4
149.9
150.6
149.7
226.9
179.9
173.8
133.6
151.8
149.8
153.8
240.4
186.9
180.2
141.2
159.0
153.1
163.2
187.9
188.4
241.0
129.3
205.3
197.8
203.6
139.4
175.2
247.5
189.1
182.0
2
256.0
189.1
187.0
' 263.8
191.0
195.0
160.6
153.3
169.2
168.6
157.5
169.4
' 173. 9
' 158. 4
173.9
51.1
117.3
85.4
61.5
59.3
49.6
115.5
85.9
64.4
60.5
49.2
122.6
88.3
64.4
61.5
41.8
116.3
89.8
64.2
57.5
35.9
119.9
93.7
64.6
55.8
39.4
117.1
94.3
64.8
48.9
'49.6
118.2
'98.4
'64.8
'52.0
51.0
116.6
98.8
63.3
54.3
113.5
75.8
115.7
115.1
78.6
116.4
115.0
78.1
117.3
115.7
78.4
117.0
115.2
78.2
118.3
115.2
80.0
122.9
114.6
80.5
120.9
' 113.7
' 83. 7
' 120. 9
114.2
85.1
122.4
98.4
102.5
87.4
96.4
106.7
87.6
92.1
104.7
88.2
99.5
105.2
90.0
98.5
103.4
91.9
93.0
101.9
93.2
88.6
102.6
93.3
86.5
103.8
91.5
'85.6
' 102. 5
'92.6
92.9
104.2
92.0
95.2
100.1
88.2
94.0
97.5
88.0
94.0
99.3
89.8
95.8
106.6
90.9
97.3
110.9
92.0
98.5
117.8
91.6
107.8
151.1
92.8
'94.6
' 105. 7
91.8
<• 104.1
'93.7
0)
(0
()
()
r
93.9
188.1
93.9
105.1
93.9
WAGES
Factory average weekly earnings:
37.47 ' 37. 53
38.14
36.08
35.74
33.12
33.70
35.10
35.65
Natl. Ind. Con. Bd. (25 industries)..dollars..
34.26
34.10
31.89
36.15
IT. S. Dept. of Labor (90 industries)
do
29.17
33.70 ' 35.11 ' 35. 71
30.78
31.88
31.22
31.66
32.06
32.89
32.79
42. 00
Durable goods
do
33.54
38.62 ' 40. 91 ' 41. 52
35.57
36.91
35.84
36.55
36.82
37.92
37.63
Iron and steel and their products, not in39.01
36.99 ' 37. 31 ' 38. 29
36.41
36.49
cluding machinery
dollars. _
34.40
36.40
35.53
36.07
35.60
35.71
Blast furnaces, steel works, and rolling
39.13
40.20
40.93
39.26
38,63
39.06
37.81
37.87
39.46
38.90
38.81
mills
..dollars.38.98
35.11
34.08
Hardware.
do
28.64
29.89
31.26
29.20
31.42
31.35
32.29
32.07
31.90
33.02
Structural and ornamental metal work
38.07
39.
96
40.66
37.59
34.89
36.89
34.04
36.51
36.92
dollars._
33.71
36.13
36.98
28.97
Tin cans and other tinware
do
26.17
27.27
27.70
27.59
28.42
28.92
29.56
27.39
28.89 ' 29.64 ' 28.16
25.36
Lumber and allied products
do
22.16
22.57
23.57
23.21
24.68
24.47
25.12
24.12
24.30 ' 23. 80 ' 24. 94
27.11
26. 54
23.22
Furniture
do
24.35
25.12
24.68
25.49
26.03
26.71
26.07 ' 26.74 ' 25. 63
23.48
'
23.20
Lumber, sawmills.
do
21.02
20.74
21.89
21.60
23.49
22.72
23.22
21.79
21.48 '21.77
43.90
Machinery, excl. transp. equip
do
35.20
37.17
38.00
37.53
38.19
38.47
39.23
38.96
40.67
42.55 ' 43. 06
Agricultural implements (including
40. 69
35.96 ' 38. 28 ' 39. 82
37.46
36.72
37.12
37.32
36.62
36.31
tractors)
dollars..
37.52
36.88
Electrical machinery, apparatus, and
41.10
41. 52
40. 68
38.90
37.16
37.24
37.78
37.41
37.06
supplies
dollars..
34.41
36.68
37.01
Engines, turbines, water wheels, and
55.04
52.89
50.64
50.64
45.02
46.62
47.81
45.94
43.39
45.03
windmills
dollars..
38.30
Foundry and machine-shop products
41.09
42.90
41. 98
39.86
38.84
38.00
36.61
dollars. .
34.75
37.77
37.72
36.51
37.78
51.43
50. 87
41.10
Machine tools*.
do
42.79
43.22
42.80
43.53
44.74
45.54
45.17
48.82
50.81
33. 58
32. 84
25.31
Radios and phonographs
do
27.02
27.09
28.30
28.32
29.25
29.42
30.03
32.01
32.17
2
r
In process of revision.
i Included in total and group indexes, but not available for publication separately.
Revised.
t Revised series. For revisions in indexes for nondurable goods, for 1938 and 1939, see table 12,*p. 18 of the March 1941 Survey. Index for transportation equipment revised beginning January 1939, see table 57, p. 17 of the December 1940 Survey. Slight revisions were made in data for textiles and their products and fabrics beginning 1933;
revisions not shown on p. 27 of the May 1940 Survey are available upon request. Revised indexes for Illinois beginning 1923 adjusted to census trends for the years 1923 through
1935 will be published in a subsequent issue. For revisions in Chicago indexes, see note marked with a " t " on p. 29 of the January 1941 Survey. Earlier data for the revised
New York State index will appear in a subsequent issue. Index for Wisconsin revised beginning 1925; revised data not shown on p. 74 of the February 1941 Survey will appear
in an early issue. Telephone and telegraph pay-roll indexes revised beginning 1932, other indicated noninanufacturing pay-roll indexes revised beginning 1929; SQe table 19,
p. 17 of the April 1940 Survey.
•New series. Data beginning March 1931 on Ohio pay rolls are shown on p. 17 of the March 1942 issue; for other indicated pay-roll series, see last sentence of note marked
with an "*" on p. S-8 of this issue. Earlier monthly data for wage series on machine tools not shown on p. 29 of the March 1941 Survey are available upon request.
S-12
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1943
April
June 1942
April
May
June
July
August
1942
September
October
Novem- December
ber
January
Febru- March
ary
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average weekly earnings—Continued.
U. S. Department of Labor—Continued.
I
Durable goods—Continued.
33.78
34.30
Metals, nonferrous, and products.dollars._
34.74
35.22
35.09
33.12
' 38.19
' 36. 72
34.88
31.50
' 38.42
39.15
38.46
38.37
37.79
38.24
37.10
38.65
40.81
39.17
Brass, bronze, and copper prod...do
' 43. 54
44.02
35.70
' 43.62
27.02
28.04
28.49
29.38
27.64
28.28
29.21
30.03
27.98
Stone, clay, and glass products
do
' 28.04
26.50
' 29.76
24.59
24.97
25.13
25.71
24.58
26.52
25.72
'24.62
25.27
Brick, tile, and terra cotta
do
23.38
25.30
' 26.10
28.19
29.91
30.97
32.14
32.16
29.53
30.19
Glass
do
28.70
' 30.80
'31.75
29.28
' 32.15
49.02
40.51
42.70
43.00
43.60
39.90
Transportation equipment
_ do
41.72
36.41
49.29
43.74
41.23
' 49. 33
44.98
36.57
35.63
39.74
39.20
35.84
38.19
Aircraft*
do....
35.15
42.34
38.08
46.56
44.80
49.34
40.79
45.68
43.84
44.32
41.56
41.72
36.36
40.97
Automobiles __
do
48.92
41.09
49.36
52.49
45.54
43.83
45.90
47.84
41.00
46.82
Shipbuilding*. _
do
39.17
49.19
53.49
46.47
52.42
27.72
25.07
25.11
26.11
26.11
24.48
25.78
Nondurable goods
do
23.62
26.91
' 27.34
' 26. 95
25.38
Chemical, petroleum, and coal products
32.41
33.74
33.63
34.99
35.21
34.12
36.14
36.68
dollars __
30.96
' 36.46
33.78
' 36.17
35.48
36.38
36.04
' 37. 66
Chemicals. _
.__
do
39.40
34.24
' 38. 74
'37.89
' 39.02
' 36. 58
36.57
' 39.18
33.05
32.63
33.81
33.33
Paints and varnishes
do
35.27
32.56
34.13
31.57
33.30
' 34.66
32.65
33.88
37.14
38.26
38.74
40.33
40.14
Petroleum refining
_.do
42.57
41.74
36.64
40.33
42.64
38.57
41.09
28.16
29.06
28.35
30.42
Rayon and allied products
do
32.15
29.29
31.13
27.54
30. 50
31.95
28.60
31.71
26.68
26.36
27.08
27.14
29.10
Food and kindred products
do
28.28
25.56
27.40
' 28. 59
26.56
26.33
' 29.06
27.56
28.26
28.21
28.18
Baking
do
29.48
28.32
28.84
26.59
28.81
29.41
28.06
29.30
29.55
29.43
29.79
31.16
31.04
Slaughtering and meat packing _ do
31.82
27.14
30.77
30.70
30.63
30.31
33.02
22.09
23.68
22.99
23.59
26.49
24.87
23.71
Leather and its manufactures
do
21.87
23.16
26.16
23.97
25.08
20.89
22.53
21.66
22.07
25.32
23.36
Boots and shoes
do
20.84
21.45
' 24. 86
22.35
22.90
23.64
31.13
31.70
32.01
32.66
33.75
32.34
34.02
Paper and printing
do
30.54
32.98
' 33.47
32.04
' 33.34
29.07
30.49
30.97
31.73
33.50
32.40
28.31
31.98
33.31
Paper and pulp_
do
31.18
31.17
' 32. 82
32.82
33.18
34.70
33.54
36.10
33.50
31.62
34.37
' 34.73
Rubber products
do
32.65
33.78
34.55
38.88
39.54
41.41
37. 92
41.71
37.19
37.68
39.71
' 40. 23
36.19
Rubber tires and inner tubes
do
39.17
' 39. 85
20.13
20.55
20.33
21.91
23.23
22.29
19.48
21.56
' 22.91
Textiles and their products
do
21.73
21.04
' 22.14
20.09
20.43
20.28
21.80
22.84
22.46
19. 33
21.66
22.73
21.38
Fabrics
do
20.63
' 22. 32
20.22
20.90
20.48
22.21
24.31
21.79
19.91
21.28
' 23.44
Wearing apparel
do
22.68
22.18
' 21. 59
18.82
19.45
19.48
20.36
19.71
20.65
16.88
20.45
20.05
Tobacco manufactures
do
20.00
19.37
20.76
Factory average hourly earnings:
.818
.822
.888
.853
.799
.880
.845
Natl. Ind. Con. Bd. (25 industries)
do
.784
.828
.878
.744
.738
.809
.781
.770
IT. S. Dept. of Labor (90 industries)
do
.726
.803
.787
.758
.745
.708
.801
.822
.853
.806
.893
.843
Durable goods
do
.865
.785
.830
.871
Iron and steel and their products, not
.862
.863
.909
.916
.877
including machinery
dollars..
.858
.894
.875
.841
.871
.904
Blast furnaces, steel works, and rolling
.964
.991
.965
.967
.977
.988
.971
.983
mills
_
dollars..
.954
.968
.754
.737
.747
.765
.744
.749
.710
.707
Hardware
..do
.742
.736
.752
Structural and ornamental metal work
.852
.836
.904
.825
.840
'.895 ;
.846
dollars..
.857
.837
.782
.875
.664
.660
.708
.707
.720
.652
Tin cans and other tinware
do
.709
.703
.683
.669
.642
'.713
.570
.577
.602
.598
.620
.556
.602
.613
.590
Lumber and allied products
do
.588
.547
.607
.597
.640
.601
.626
.659
••.641
.584
Furniture
do
'.651
.617
.608
.570
'.644
.552
.573
.560
.572
.578
.594
.537
.572
Lumber, sawmills
-do
'.584
.573
.530
'.576
.832
.879
.836
.861
.914
Machinery, excl. transp. equip
do
.818
.906
.850
.844
.789
Agricultural implements (including
'.921
.886
.954
.890
'.917
' . 940
'.916
'.922
tractors)
dollars..
.872
.907
Electrical machinery, apparatus, and
.842
.860
.850
.829
.864
.906
.903
.855
.878
supplies
dollars..
.851
.782
Engines, turbines, water wheels, and
.967
.977
1.072
1.019
.936
1.130
1.101
1.056
1.005
windmills
dollais..
.996
.887
1.110
Foundry and machine-shop products
.818
.819
.881
.803
.849
.879
.829
dollars. .
.858
.874
.826
.780
.841
.831
.886
.943
.822
.928
.876
Machine tools*.
.do
.908
.926
.871
.850
.806
.664
.705
.751
.701
.661
.748
.697
Radios and phonographs..
do
.726
.739
.687
.644
.794
.831
.822
.821
.770
.872
Metals, nonferrous, and products, .do
.848
.865
.808
.749
Brass, bronze, and copper products
.834
.894
.876
'.957
.970
.887
.890
.918
dollars. .
.887
.816
.751
.710
.749
'.720
.717
.759
.762
.744
.736
.753
Stone, clay, and glass products
do
.721
.695
.639
.657
.645
.642
.669
.653
.655
'
.
6
7
5
.685
Brick, tile, and terra cotta
do
.648
.606
.769
.839
.782
.780
'.825
.836
.826
'. 830
Glass
do
.812
.782
.770
.945
1.042
.988
.976
1.019
1.069
1.050
1.059
1.003
Transportation equipment
.do
1.035
.923
.988
.794
.901
.812
.797
.870
.845
.957
.948
.951
Aircraft*.
do
.916
.788
.845
1.014
1.116
1.066
1.063
1.091
1.158
1.136
1.168
1.107
Automobiles
.do
1.079
.983
1.055
'.928
1.070
1.013
.954
1.059
1.075
1.060
1.086
1.043
Shipbuilding*
do
1.079
'.906
1.039
.641
.657
.650
.706
.695
'. 701
Nondurable goods
do
.629
.701
.668
.658
Chemical, petroleum, and coal products
.886
.838
.824
.806
.875
.889
.861
.881
.845
.881
dollars. .
.837
.773
.949
.886
.866
'.932
.863
.962
.921
.950
.897
'.943
Chemicals
do
.885
.839
.824
.781
.780
.789
.770
.818
.838
.808
'.832
Paints and varnishes
do
.784
.822
.755
1.107
1.030
1.020
1.109
LOOS
1.104
1.097
Petroleum refining
do
1.104
1.083
1.106
1.025
.995
.800
.729
.722
.775
Rayon and allied products
do
.712
.812
.773
.812
.797
.728
.746
.706
.718
.662
.672
Food and kindred products
.do
.657
.670
.723
.679
'.718
.703
.658
.655
.697
.674
.665
Baking
do
.674
.659
.698
.675
.696
.695
.672
.647
.791
.737
.738
.794
.731
.791
.786
Slaughtering and meat packing--do
.786
.780
.782
.766
.694
.649
.609
.599
.644
.590
.663
.630
.635
Leather and its manufactures
do
.658
.649
.615
.579
.616
.584
.573
.614
.567
.633
.605
Boots and shoes.
_
.do
'.629
.601
.618
.590
.555
.852
.825
.826
.841
.811
.862
.834
Paper and printing
do
.854
.855
.805
oon
. Sou
'.760
.727
.716
.739
.676
.769
.732
Paper and pulp
do
.747
.725
.666
.728
'.887
.845
.836
.870
.816
.894
.859
.859
Rubber products |
do
.875
.861
.804
' 1.085
1.060
1.048
1.037
i.079
'1.074;
1.043
1.046
1.008
1.058
Rubber tires and inner tubesX
do
1.062
.995
.589
.579
.550
.534
.596
.581
.530
.592
.583
Textiles and their products
do
.554
.569
.524
.574
.567
.534
.522
.576
.566
Fabrics
do
.520
.574
.551
.571
.533
.509
.620
.604
.582
.559
.633
.611
.550
.609
.629 i
.602
Wearing apparel-.
do
.596
.553
.549
.532
.523
.517
.537
.527
.509
.530
544
.525
Tobacco manufactures
do
.506
.520
Factory average weekly earnings, by States:
131.5
114.5
116.2
112.1
118.7
113.6
137.2
121.7
Delaware
1923-25=100..
128.3
131.6
134.6
114.7
107.2
137.3
125.4
128.9
125.1
132.3
144.0
130.3
135.5
140.3
141.8
129.2
Illinoisf
1935-39=100..
121.0
127.7
130.3
118.3
117.3
114.7
120.5
121.9
134.6
119.4
125.2
131.9
134.1
118.0
109.6
Massachusettst_—
1925-27=100169.3
151.0
149.5
146.6
157.1
178.9
157.4
163.9
170.3
'175.4
156.8
New Jersey
1923-25=100..
137.5
151.9
142.4
130.0
128.6
126.0
133.3
150.1
132.3
NewYorkf
1935-39=100.
137.5
146.4
148.8
'121.2
133.6
' 136.5
144.6
132.1
135.8
132.7
139.4
150.0
138.6
143.0
148.9
150.2
134.4
Pennsylvania
1923-25=100._
127.7
136.3
140.3
126.3
131.1
127.2
136.7
147.7
134.8
136.6
145.0
147.7
Wisconsin!
1925-27=100
122.6
131.4
130.2
'Revised
JData for rubber products and for rubber tires and inner tubes revised beginning October 1941 on the basis of more complete reports.
{Revised series. Indexes for Illinois revised to a 1935-39 base; for factor for converting average weekly earnings index on a 1925-27 base beginning 1935, see p. 29 of the
January 1941 Survey. Index for Massachusetts revised beginning 1935; earlier data will be published in a later issue. Revised indexes for Wisconsin beginning 1925 will be
shown in an early issue. Earlier data for the New York State index will appear in a subsequent issue.
*New series. Earlier monthly data not shown on p. 29 of the March 1941 Survey are available upon request;
S-13
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
1941
April
SepAugust tember
April
June
May
July
October
1942
Novem- Decem- January Febru- March
ber
ber
ary
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Miscellaneous wage data:
Construction wage rates (E. N. R.):1
Common labor
dol. per hour..
Skilled labor
do....
Farm wages without board (quarterly)
dol. per month.
Railway wages (avg., class I)..dol. per hour..
Road-building wages, common labor:
United States, average.do
East North Central
do
East South Central
do
Middle Atlanticdo....
Mountain
__
do
New England
do
Pacific
do
South Atlantic
_
do
West North Centraldo
West South Central
do....
PUBLIC ASSISTANCE
Total public assistance and earnings of persons
employed under Federal work programs!
mil. of doL .
Assistance to recipients^
Special types of public assistance
do
Old-age assistance*
..do
General relief
do
Subsistence payments certified by the Farm
Security Administration-..mil. of dol
Earnings of persons employed under Federal
work programs:
Civilian Conservation Corps._.mil. of dol..
National Youth Administration:
Student werk program
do
Out-of-school work program
do
Work Projects Administration
___do
Other Federal agency projects financed
from emergency funds t
mil. of dol -.
Earnings on regular Federal construction
projects*-.
mil. of dol..
0.788
1.54
0.725
1.48
0.741
1.49
0.747
1.49
0.753
1.50
0.753
1.50
0.761
1.52
0.761
1.52
0.768
1.52
50.90
40.44
.732
.730
.733
44.95
.727
.727
.733
45.47
.727
.45
.64
.34
.61
.54
.57
.72
.36
.45
.40
.48
.62
.34
.56
.57
.53
.73
.36
.49
.40
.49
.64
.36
.56
.60
.52
.73
.35
.51
.39
.50
.66
.35
.55
.60
.55
.73
.36
.51
.39
.50
.67
.36
.57
.59
.55
.76
.36
.50
.40
.49
.65
.37
.57
.62
.55
.79
.36
.50
.42
209
199
167
161
59
44
26
59
44
23
60
46
20
61
60
.49
.65
.37
.64
.63
.61
.89
.40
.52
.44
0.769
1.52
0.776
1.53
0.780
1.54
0.780
1.54
.745
47.77
.841
.860
.840
.49
.65
.37
.59
.63
.54
.80
.36
.52
.41
.49
.66
.38
.57
.60
.55
.79
.37
.53
.41
.45
.65
.36
.63
.63
.57
.85
.35
.55
.40
.43
.69
.37
.59
.62
.52
.82
.36
.51
.43
.68
.37
.57
.62
.52
.82
.37
.52
.42
159
161
160
170
157
159
61
46
19
62
47
19
62
47
18
'63
'48
19
64
49
19
64
48
19
58
2
5
62
188
194
C)
12
15
3
8
3
8
81
94
1
1
1
1
1
106
110
119
130
137
C)
1
116
157
167
167
366
FINANCE
BANKING
Acceptances and com'l paper outstanding:
Bankers' acceptances, total
mil. ef dol..
215
213
210
194
185
177
197
220
177
194
197
183
190
Held by accepting banks, total
do
138
144
131
148
170
164
161
161
139
146
144
154
146
Own bills__do
105
86
105
101
106
90
93
92
85
100
92
103
89
Bills bought-.
do
51
46
47
66
60
59
55
53
54
47
57
52
53
Held by others •
do
51
38
49
49
46
52
49
47
50
43
37
50
46
Commercial paper outstanding
do
371
354
275
295
299
330
373
384
375
378
387
381
388
Agricultural loans outstanding of agencies supervised by the Farm Credit Adm.:
Total, excl. joint-stock land bks.t.mil. of dol.. p 2, 887
2,982
2,988
2,986
2,988
2,891
2,924
2,954
2,975
2,906
2,873
2,878
2,876
Farm mortgage loans, total
_
do
2,395
2,332
2,411
2,426
2,467
2,458
2,448
2,437
2,296
2,361
2,380
2,311
2,343
Federal land banks
do
1,764
1,786
1,776
1,753
1,746
1,731
1,795
1,804
1,830
1,824
1,818
1,811
1,721
Land Bank Commissioner.._
do
616
622
637
634
630
626
575
610
604
597
586
590
580
121
Loans to cooperatives, total
do
85
96
111
90
90
119
99
133
128
129
130
125
Banks for cooperatives, incl. central
102
74
74
bank
mil. of dol..
68
80
94
113
101
109
111
83
110
106
Agr, Mktg. Act revolving fund
do
16
16
16
16
16
16
16
16
17
17
16
17
16
*470
440
453
Short term credit, totalf
do
431
450
410
431
398
397
450
400
417
440
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and banks for
258
212
217
225
227
219
229
225
cooperatives^
mil. of doL.
226
220
225
235
247
39
43
39
40
42
44
44
Otherfinancinginstitutions
.do
41
45
38
39
43
40
207
215
221
224
245
Production credit associations
do
194
221
208
187
188
191
203
219
Regional agr. credit corporations...do
7
7
7
6
6
7
7
4
6
5
4
4
7
122
125
129
130
130
129
*13O
121
128
Emergency crop loanst-.do
118
117
118
127
Drought relief loans
do
49
48
48
49
49
50
50
50
50
47
48
47
47
Joint-stock land banks, in liquidation..do
36
32
39
38
44
44
43
41
29
35
32
33
30
39,112
38, 731
39,919
42,135
40,947
42,461
Bank debits, total (141 cities)
do
46,463
41,152
39,964
37,773
51,717
44,261
44,807
New York City
do
19,148
16,077
20,598
17, 247
14,242
15, 079
15,654
15,657
16,124
17, 282
16,288
16,023
17, 056
Outside New York City
_do
27,315
24,033
24,310
23,074
23, 795
24,853
24,660
26,438
25,075
23, 531
27, 014
27,751
31,118
Federal Reserve banks, condition, end of mo.:
Assets, total
mil. of dol_. 24, 359 23,686 23,859 23,704 23,828 23,833 24,026 24,211 24,192 24,353 24, 288 24,322 24,187
2,234
2,280
Res. bank credit outstanding, total...do
2,267
2,412
2,293
2,468
2,309
2,312
2,275
2,264
2,361
2,369
2,355
4
2
2
c
Bills discounted...
_.
_do
9
c
2,184
2,184
2,184
United States securities
.do
2,357
2,184
2,184
2,262
2,184
2,184
2,254
2,184
2,243
2,244
Reserves, total
do
20,841
20,822
20, 571
20, 712
20, 533
20, 615
20, 583
20,603
20, 824
20,764
20,902
20,846
20, 821
Gold certificates
do
20,572
20, 569
20,504
20, 515
20,495
20,314
20,461
20, 204
20,325
20.322
20,317
20,510
20, 533
Liabilities, total
do.... 24,359 23,686 23,859 23, 704 23,828 23,833 24,026 24,211 24,192 24,353 24, 288 24,322 24,187
16,220
16,132
14,204
Deposits, total.
do
15,781
15,863
15, 521
15,489
15,466
15,213
14,678
14,441
14, 268
14, 715
Member bank reserve balances
do
12, 575
12,580
13,140
12,450
12, 927
12,619
12, 794
13, 227
13, 524
13, 724
13,051
13,151
12,658
E xcess reserves (estimated) _
do
4,557
3,085
3,073
4,796
5,169
5,771
5,801
5,210
5,215
2,791
3,828
3, 347
2,969
Federal Reserve notes in circulation..do
8,635
7,432
7,669
8,192
8,303
8,559
7,080
7,234
6,282
6,503
6,724
6,857
8,821
Reserve ratio
percent..
90.9
91.2
91.0
91.0
90.8
90.8
90.6
91.0
91.3
91.1
91.1
91.0
90.6
' Revised.
° Less than $500,000. »None held by Federal Reserve banks.
KConstruction wage rates as of May 1, 1942: common labor, $0,788; skilled labor, $1.54.
§Figures for special types of public assistance and general relief exclude the cost of hospitalization and burial. The cost of medical care is also excluded beginning September 1940; this item is included in all earlier data on general relief and infiguresfor July 1937-August 1940 on special types of assistance.
cf To avoid duplication these loans are excluded from the totals.
fRevised series. Total public assistance and "other Federal agency projectsfinancedfrom emergency funds" revised to exclude earnings on regular Federal construction
projects and also on projectsfinancedfrom Reconstruction Finance Corporation funds; revised data beginning January 1933 will appear in a subsequent issue. For revisions
in data on emergency crop loans published in the Survey prior to the September 1940 issue, see note marked "t" on p. 76 of the February 1941 Survey.
*New series. For data beginning 1933 for old-age assistance, see table 56, p. 17 of the December 1940 Survey. Data on earnings on regular Federal construction projects
beginning January 1933 will appear in a later issue.
Q
S-14
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the April
1940 Supplement to the Survey
June 1942
1941
April
May
Juno
July
SepAugust tember
October
Novem- December
ber
January
1942
Febru- March
ary
FINANCE—Continued
BANKING—Continued
Federal Reserve reporting member banks, con*
dition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. of dol_.
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol..
States and political subdivisions do
United States Government
do
Time, except interbank, total
do
Individuals, partnerships, and corporations
mil. of doL.
States and political subdivisions—do.._.
Interbank, domestic
do
Investments, total
do
U. S. Govt. direct obligations, total..do
Bills t
do.._.
Bonds
...do.._.
Notes
do
Obligations guaranteed by U. S. Government
.mil. of doL.
Other securities
do
Loans, total
do
Commerc'l, indust'l, and agricult'L_.do
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
Installment loans to consumers:*
By credit unions:
Loans made.
_
do
Repayments
do
Amount outstanding, end of month. _do
By industrial banking companies:
Loans made.
do—
Repayments
._
do
Amount outstanding, end of month..do
By personalfinancecompanies:
Loans made
do—
Repayments
-do
Amount outstanding, end of month..do
Money and interest rates:§
Bank rates to customers:
New York City
percent..
7 other northern and eastern cities do—
11 southern and western cities...
do
Discount rate (N. Y. F. R. Bank)
do....
Federal land bank loans
do
Federal intermediate credit bank loans.do....
Open market rates, N. Y. C :
Prevailing rate:
Acceptances, prime, bankers, 90 days
percent..
Com'l paper, prime, 4-6 months._.do
Time loans, 90 days (N. Y. S. E.)..do_...
Average rate:
Call loans, renewal (N. Y. S. E.).._do.-U. S. Treasury bills, 3-mo.*
do....
Average yield, U. S. Treasury notes, 3-5 yrs.:
Tax-exempt
.percent..
Taxable*.do
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
25,358
23, 712
24,311
23,949
24, 544
24,349
24,277
24, 258
24, 324
23,650
24, 747
24,712
24,197
24,636
2,096
1,506
5,128
23,173
1,903
386
5,476
23,612
1,870
390
5,449
23,667
1,604
463
5,443
24,029
1,750
470
5,444
23, 719
1,876
591
5,445
23,894
1,906
580
5,448
23,662
1,889
653
5,459
23,814
1,780
826
5,410
23,993
1,721
1,475
5,368
24,206
1,820
1,451
5,259
24,595
1,804
1,671
5,205
23,673
1,916
1,869
5,137
4,929
189
8,687
20, 111
13,730
1,669
9,705
2,356
5,269
181
9,043
17,680
10,812
869
7,753
2,190
5,240
183
9,220
17, 689
10, 974
929
7,833
2,212
5,243
174
9,272
5,268
156
9,355
18,335
11, 251
1,019
7,949
2,283
5,267
160
9,669
17, 872
11, 255
1,080
7,929
2,246
5,260
158
9,078
18,199
11, 279
1,074
7,952
2,253
18.101
10, 982
785
7,917
2,280
5,285
153
9,357
18, 379
11,318
797
8,277
2,244
5,232
155
9,405
18,432
11,860
990
8,342
2,528
5,172
173
9,040
18, 715
12,085
883
8,667
2,535
5,058
181
9,088
19, 087
12, 689
1,240
9,087
2,362
5,005
180
9,033
19,551
13,132
1,206
9,589
2,337
4,953
164
8,885
19,100
12, 705
680
9,671
2,354
2,675
3,706
11,094
6,731
409
441
3,115
3,753
9,870
5,532
354
465
3,022
3,693
10,226
5,673
367
571
3,038
3,579
10,453
5,897
371
529
3,309
3,611
10, 572
6,047
388
478
3,316
3,768
10,903
6,222
397
607
3,319
3,800
11,024
6,447
397
494
3,330
3,731
11,203
6,554
419
531
2,922
3,650
11, 259
6,593
428
548
2,964
3,666
11, 370
6,722
423
535
2,709
3,689
11,255
6,778
424
448
2,723
3,696
11, 392
6,902
422
471
2,684
3,711
11,394
7,003
424
408
395
1,246
30
1,842
445
1,235
40
1,799
451
1,239
42
1,883
453
1,244
40
1,919
439
1,253
43
1,924
436
1,256
45
1,940
428
1,257
39
1,962
431
1,265
37
1,966
427
1,256
422
1,259
35
1,974
409
1,248
37
1,911
410
1,250
37
1,900
407
1,245
29
1,878
19.3
25.3
184.3
34.3
26.5
203.2
35.3
28.3
210.2
32.7
26.8
216.1
30.8
27.1
219.8
29.6
27.0
222.4
24.0
25.9
220.5
25.2
28.0
217.7
23.0
26.2
214.5
25.0
28.1
211.4
17.9
29.9
199.4
18.6
25.6
192.4
25.4
27.5
190.3
41.7
277.1
51.6
46.6
296.5
52.5
47.5
301.5
51.8
47.0
306.3
49.5
46.7
309.1
46.1
46.1
309.1
38.4
42.4
305.1
43.0
45.1
303.0
40.8
44.1
300.3
44.9
47.6
297.6
38.3
46.0
34.8
39.7
285.0
'42.3
"45.4
••281.9
72.2
76.3
522.6
81.0
514.0
85.3
80.0
519.3
87.0
79.3
527.0
85.0
80.9
531.1
86.2
81.3
536.0
68.5
74.5
530.0
76.3
79.3
527.0
81.6
80.9
527.7
103.6
93.4
537.9
66.0
72.3
531.6
64.6
70.6
525.6
85.9
84.8
526.7
1.00
4.00
1.50
1.00
4.00
1.50
1.95
2.58
3.23
1.00
4.00
1.50
1.00
4.00
1.50
1.98
2.62
3.29
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.88
2.45
2.99
1.00
4.00
1.50
1.00
4.00
1.50
1.85
2.48
3.20
1.00
4.00
1.50
Me
Me
Me
1.00
4.00
1,50
Me
1.00
4.00
1.50
Ma
Me
Me
Me
1M
IH
IH
Yi
1.00
.108
1.00
.055
1.00
.049
.37
.67
.33
.62
.34
.62
5,628
5,575
5,555
1,304
30
1,307
29
1,309
28
n
m
1H
1.00
.299
1.00
.092
1.00
.082
1.00
1.00
.097
.52
.81
.44
.72
.38
.68
5,373
5,627
5,604
1,306
1,317
30
1,310
30
1.00
4.00
1.50
Me
IH
Me
H
1.00
1.00
.214
1.00
.250
1.00
.212
.41
.72
1.00
.242
.57
.90
.64
1.02
.47
.44
.93
1.44
.93
5,555
5,554
5,541
5,549
5,433
5,401
5,392
1,311
28
1,317
27
1,324
27
1,314
26
1, 310
25
1,307
23
1,305
24
1H
COMMERCIAL FAILURESf
Grand total
number
1,149
1,119
954
970
735
842
962
916
1,048
Commercial service, total
do
38
35
40
46
36
40
29
62
46
38
59
53
48
Construction, total
do
65
70
63
76
59
57
51
39
51
63
57
65
77
Manufacturing and mining, total.
do
146
191
165
166
138
181
166
123
167
146
141
159
188
Mining (coal, oil, miscellaneous)
do
9
3
6
4
5
4
4
5
4
6
Chemicals and allied products.
do
4
5
4
8
7
15
11
6
8
4
Food and kindred products
do
36
44
46
36
25
42
39
36
39
25
39
31
43
Iron and steel products..
do
4
7
3
5
8
7
4
6
1
4
5
5
Leather and leather products
..do
5
4
10
6
12
3
5
5
5
6
5
5
8
15
Lumber and products
do.
18
22
22
10
11
18
18
12
19
11
13
25
8
Machinery
do
13
5
7
7
7
8
6
5
7
3
8
10
18
Paper, printing, and publishing.
do
14
14
19
4
13
19
18
14
15
13
15
24
3
Stone, clay, and glass products
do
6
6
4
3
3
1
3
3
1
3
2
4
Textile-mill products and apparel
do
52
29
36
48
34
31
17
23
33
42
44
24
36
Transportation equipment
do.
3
3
3
2
3
2
2
2
2
1
3
3
2
Miseellaneous
do.
13
30
20
25
15
21
15
12
24
19
25
18
23
Retail trade, total
do_
624
745
735
570
619
585
460
516
529
540
604
650
589
Wholesale trade, total...
do.
108
100
65
74
98
81
67
69
57
87
81
85
70
Liabilities, grand total
thous. of dol.. 9,282 13, 827 10, 065
9,449
11,134
13,422
9,393
7, 333
9,197
13,469
9,916
1,631
12, on
Commercial service, total
do335
647
573
401
672
500
447
35S
448
863
589
927
1,194
Construction, totaldo.
913
1,120
684
1,732
1,033
1,072
594
577
618
851
1,161
920
896
r
Revised.
§For
bond
yields
see
p.
S-18.
1
No tax-exempt notes outstanding within maturity range after March 15, 1942. Average shown for March 1942 covers onlyfirsthalf of month.
t Certificate of indebtedness included in bills beginning April 1942.
t Revised series. For data beginning January 1940 and an explanation of the revision, see p. 32 of the March 1941 Survey. For previous revision of 1939 data, see p. 31 of the
March 1940 Survey.
*New series. For data beginning 1929 for industrial banking companies, personalfinancecompanies and credit unions, respectively, see table 35, p. 18 of the September
1940 Survey, table 25, p. 26 o( the September 1941 Survey, and table 27, T>. 26 of the October 1941 issue. The series on 3-months' bills of the U. S. Treasury represents the rate
on new issues offered within the month, tax-exempt bills prior to March 1941, taxable thereafter; earlier data will be published in a subsequent issue. Earlier data for the series
on taxable Treasury notes appear on p. S-14 of the April 1942 Survey.
June 1942
S-15
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the April
1840 Supplement to the Survey
1941
April
May
June
July
SepAugust tember
1942
October
Novem- December
ber
January
Febru- March
ary
FINANCE—Continued
I
COMMERCIAL FAILUBESt-Continued
Liabilities—0 ontinued.
4,421
3,155
6,698
3,799
4,189
2,879
5,651
Manufacturing and mining, total-.thous. of dol. 2,953
3,827
3,550
2,525
3, 739
2,777
202
157
56
146
577
Mining (coal, oil, miscellaneous)
do
48
104
429
99
328
184
182
299
82
61
73
254
Chemicals and allied products
do
156
185
226
103
19
55
200
73
22
451
547
Food and kindred products
..do
936
1,503
2,262
763
731
1,027
1,378
470
1,102
1,493
807
553
64
280
84
Iron and steel and products._
-.-do
257
93
88
126
66
128
173
116
166
159
314
Leather and leather products
do
53
20
110
188
72
37
117
63
119
99
204
238
165
451
215
201
342
333
366
456
Lumber and products
do
263
597
176
390
780
95
113
477
229
203
66
Machinery...
do
162
346
51
191
271
119
206
712
251
103
142
562
214
Paper, printing, and publishing
..do
429
240
584
70
493
168
81
55
16
28
Stone, clay, and glass products
do
98
272
17
4
33
124
250
95
83
877
357
434
238
Textile-mill products'and apparel
do
316
712
1,030
562
615
319
427
167
528
2
45
269
Transportation equipment
do
204
328
36
22
25
55
175
7
56
100
156
149
224
645
250
455
296
Miscellaneous
do
160
2,888
427
565
1,377
500
3,492
3,829
3,591
4,232
4,813
Retail trade, total
do
3,970
3,579
3,239
2,790
3,472
4,323
3,641
4,765
1,439
1,132
1,369
Wholesale trade, total
do
1,618
1,573
729
832
1,471
1,285
1,027
924
3,743
963
LIFE INSURANCE
Association of Life Insurance Presidents:
Assets, admitted, totalJ
mil. of dol.. 27,209 25, 655 25, 752 25,888 26,002 26,106 26, 245 26,376 26, 508 26, 662 26,817 26,928 27,080
5,105
4,820
4,851
5,012
5,047
4,796
4,882
4,924
4,959
5,023
Mortgage loans, total.
do
5,071
4,759
4,778
681
674
721
672
673
678
677
675
675
671
Farm
do
666
673
669
4.424
4,146
4,130
4,375
4,123
4,204
4,247
4,284
4,337
4,352
4,398
Other.do
4,093
4,109
1,436
1,593
1,585
1,474
1,605
1,575
1,558
1,541
1,483
1,618
1,488
1,452
Real-estate holdings
do
1,607
2,202
2,312
2,302
2,228
2,325
2,293
2,281
2,271
2,241
2,255
2,216
Policy loans and premium notes
do
2,347
2,335
Bonds and stocks held (book value), total
mil. of dol.. 16, 944 15,185 15,243 15,418 15, 582 15, 718 15,814 16,265 16, 368 16, 641 16, 528 16, 705 16,754
8,014
6,987
7,743
7,816
6,792
6,914
7,047
7,092
7,391
7,439
7,613
7,830
Gov't. (domestic and foreign), total-do
6,788
6,156
5,157
6,908
5,981
5,082
5,191
5,233
5,546
5,603
5,779
5,983
U. S. Government
do
4,961
4,962
4,043
4,304
3,972
4,068
4,108
4,255
4,309
4,351
4,224
4,238
Public utility
...do.... 4,369
3,931
3,965
2,737
2,680
2,659
2,711
2,748
2,747
2,682
2,687
2,671
2,763
2,755
Railroad
do
2,717
2,720
1,815
1,906
1,902
1,821
1,855
1,867
1,961
1,919
1,902
1,936
1,887
Other
do....
1,745
1,770
1,171
921
1,202
1,120
1,139
955
681
1,192
815
828
Cash
do....
1,201
986
524
542
530
542
597
541
585
587
Other admitted assets
do
601
554
588
533
Insurance written:®
Policies and certificates, total number
721
1,193
770
736
677
724
820
784
729
738
759
thousands..
809
729
68
33
32
246
32
55
42
49
62
38
Group.
do
42
24
34
454
404
459
418
499
456
502
438
431
470
Industrial
do
450
516
200
334
246
227
279
213
243
245
251
Ordinary
do
237
259
259
Value, total
thous. of dol.. 625,083 661, 627 657,027 648,144 660,125 645,046 699,549 730,327 681,479 1,141,316 955, 353 650,649 652,459
50,231
124,823 51,096
97,826
Group
.do
62,977 82,909
71,689 130,229 74, 794 89,360 298,817 49,076
46,765
139,022 147,462 151,391 135, 633 128, 783 131,329 128, 493 148,388 141,349 186,190 119, 820 126,492 140, 735
Industrial
.do
361,238 463,069 458, 871 449, 534 448,433 442,028 440,827 507,145 450,770 656,309 786, 457 473,926 413,898
Ordinary
.do
276,007 261,495 265,108 272,173 271,482 245,173 251,887 261,865 247,966 414,137 295, 827 272,778 291,538
Premium collections, total®
.do
23,113 21,414
25, 378 24,130
Annuities
...do
29,859 33, 693 20,732 21,478 22,840 23, 670 90,148 38,921
25. 389
14,968 12, 965
17, 842 15,040 18, 789
Group
do
12, 520 13, 782 13,149 13,828 14,637 11,949 24,757
14,142
Industrial
do.... 66, 272 61,977 56,964 61,120 52,341 56,423 60,842 55, 685 53,168 84,397 61, 281 57, 578 64, 257
171, 654 165,139 168, 613 168, 674 171,666 154,869 155, 739 168, 703 159,179 214,835 177, 783 174, 782 184,362
Ordinary
do
Life Insurance Sales Research Bureau:
462, 761 597, 203 604,162 594,164 582, 292 581,171 581,998 658, 339 581,692 879,492 1,001,653 634, 538 552,044
Insurance written, ordinary, total
do
New England
do. .. 37,131 47, 503 49, 078 47, 099 47, 531 44, 850 45,204 51,195 46,258 66,292 83,056 51, 310 42,030
Middle Atlantic
..do.... 118, 591 161,810 161, 514 154,975 153,032 147, 610 148,781 181,013 158,819 251,633 309, 292 175, 355 138, 708
East North Central.
do.... 106,487 136, 931 140,480 134,008 132, 766 131,895 131,367 152,179 135,360 196,569 220, 739 141, 939 126,330
West North Central
.do.... 44,931 56, 020 57,076 55,069 56,182 55, 746 55,457 59,526 52, 792 79,864 87, 332 60,218 53,182
South Atlantic
do.... 45,968 60,599 61,160 63,413 57,946 61, 535 61,115 66,130 57,874 90, 218 91, 272 60, 754 52,173
East South Central
do.... 18,950 24, 583 24,524 26, 792 23, 347 24, 233 26,556 24,845 23,383 34,154 38, 273 24, 742 24, 960
West South Central
._do.... 32,604 43, 591 41,650 45,385 43,173 44,993 43,619 45,507 40, 553 64,976 67, 602 44, 577 46, 534
11,998 15,854
Mountain
...do
15, 692
15, 355 15,110 15, 624 15,337 16,607 13, 910 20,480 21, 694 15,345 14, 533
Pacific
do.... 46,101 50, 312 52, 988 52,068 53, 205 54, 685 54,562 61,437 52, 743 75,306 82, 393 60, 298 53, 594
87
Lapse rates...
1925-26=100..
87
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
Argentina..
dol. per paper peso..
.298
.298
.298
.298
.298
.298
.298
.298
.061
.061
.061
.061
.061
Brazil, official
dol. per milreis..
.061
.061
.061
.061
.061
.061
.061
.061
.301
.301
.301
.301
.301
British India
dol. per rupee..
.302
.301
.301
.302
.301
.301
.301
.301
.884
.872
.877
.874
.878
.886
Canada-.
dol. per Canadian dol..
.882
.890
.888
.883
.891
.877
.874
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
Colombia—
dol. per peso._
.570
.570
.206
.206
.206
.206
.206
.205
.205
.205
.206
.205
.205
Mexico
do
.205
.205
4.035
4.035
4.035
4. 035
4.034
4.032
4.032
4.033
4.032
4.033
United Kingdom
dol. per £.. 4.035
4.025
4.031
Gold:
Monetary stock, U. S
mil. of dol.. 22, 691 22, 506 22, 575 22, 624 22, 675 22, 719 22, 761 22, 800 22,785 22, 737 22, 747 22, 705 22, 687
Movement, foreign:
Net release from earmark* __thous. of dol-- -20, 068 - 1 0 , 4 9 4 - 3 , 8 4 6
3,980 -27,728 -31,202 -46,786 -32,231 60,913 -99, 705 -38, 506 -109,277 - 6 5 , 525
2
Exports.
do
3
7
13
c
6
Imports.
do
171,994
30,719 37,055 36,979 65, 707 40,444
34,835
Production, estimated world total, outside
U. S. S. R
thous. of dol..
105, 525 105,140 105, 875 109,970 108, 535 109,935 111,265 107,940 105,105 105,175
Reported monthly, totalf
do
r 89,195 ' 88, 750 ' 89,581 ' 93,597 r 92, 443 ' 93,863 v 94, 919 v 91,599 f 88,834 v 89, 358 * 79, 769
46, 339 48, 212 47, 587 47,212 47,999 46,640 v 47,339 v 47, 564 v 44, 659
Africa
,
do
46, 512
47,871
13,147
14,746
14,198
15, 890 15,983
Canada
_..do
16,353
15,384
15, 721
15, 578 16,141 15,499
16,395
16, 700 14, 982 10, 034 10,959
United States
_
do
18, 781 19,740
18,463
17,413 20.807
16,340
15,948
Receipts at mint, domestic (unrefined)
fine ounces.. 141,288 292, 251 254,137 255,262 358,603 322, 506 385,350 338, 233 324,135 237,660 235, 571 134,028 -•141,110
11,485 11,566
11,160
11,175
Currency in circulation, total
mil. of dol_. 11,767
9,612
10,364 10,640
10,163
9, 732
9,995
9,071
9,357
Silver:
70
Exports
thous. of dol—
207
348
1,212
210
353
615
Imports
__--.__
do
4,221
4,099
4,686
3,561
3,356
4,346
3,347
()
.351
.351
.351
.351
Price at New York
dol. perfineoz._
.348
.348
.348
.348
.351
.348
.348
.348
.348
Production, world
.^.thous. offineoz
23,214 22,763
22,607 21.808 20, 474 18, 352 21,196 21, 368
22.394
20,359
1,478
1,722
1,538
Canada§..-do_.
2,058
1,852
1,625
1,640
1,660
1,681
1,484
1,902
7,471
8,062
6,944
5,973
5,548
Mexico
.do..
4,429
7,152
6,726
6,878
3,769
5,285
4, 844 "47470"
5,047
United States
do—
5,620
4,631
5,087
5,661
6,310
6,277
5,843
6,465
Stocks, refinery, end of month:
3,152
4,382
3,224
United States
do..
1,947
2,739
2,324
2,235
2,803
1,231
1,036
2,181
1,619
' Revised.
»> Preliminary.
• Publication of data discontinued.
J36 companies having 82 percent of total assets of all United States legal reserve companies.
® 39 companies having 81 percent of total life insurance outstanding in all United States lega] reserve companies. *Or increase in earmarked gold (—).
^See note marked "X* on p. S-15 of the February 1942 Survey in regard to changes that have affected the comparability of the data; a subsequent revision of the data for
Africa and the total reported monthly beginning April 1941 includes estimates for Sierra Leone and Nigeria and are as reported by the Bureau of Metal Statistics.
\ Data reported by the Canadian Government; see note marked "§" on p. 33 of the June 1941 Survey.
8
S-16
Monthly statistics through December 1939 together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
SURVEY OF CURRENT BUSINESS
1942
April
June 1942
1941
April
May
June
July
1942
September
October
Novem- December
ber
January
February
March
FINANCE—Continued
PROFITS AND DIVIDENDS
Industrial corporations (Board of Governors of
the Federal Reserve System): *
549
560
Net profits, total (629 cos.)
mil. of dol..
'420
'550
84
81
Iron and steel (47 cos.)
do
48
46
Machinery (69 cos.)__
.do
73
60
Automobiles (15 cos.)
do
Other transportation equipment (68 cos.)
mil. of doL.
56
56
62
»60
Nonferrous metals and products (77 cos.)
36
38
mil. of doL.
'40
28
30
Other durable goods (75 cos.)
do
'32
43
44
Foods, beverages, and tobacco (49 cos.) -do
42
56
Oil producing and refining (45 cos.)..do
53
52
52
Industrial chemicals (30 cos.)
do
P39
48
49
Other nondurable goods (80 cos.)
do
'46
36
46
Miscellaneous services (74 cos.)
do
'48
Profits and dividends (152 cos.):
284
297
Net profits
do
"277
Dividends:
24
23
23
Preferred
do
221
170
Common
do
* 134
165
Public utilities, except steam railways and telephone companies, net income (52 cos.) (Fed53.6
39.8
eral Reserve Bank of New York).mil. of doL.
Railways, Class I, net income (Interstate Com188.4
merce Commission)
mil. of doL.
103.2
138.4
Telephones, net operating income (91 cos.)
(Federal Communications C o m m i s 61.8
sion)
..mil. of dol._
58.6
72.3
Corporate earnings (Standard and Poor's):
v 116.2
Combined index, unadjusted*
1926=100..
108. 3
v 107. 9
v 106.3
v 121.1
111.8
Industrials (119 cos.)
do
v 83.0
112.6
59.9
Railroads (.class I)*
_
.do
v 126. 2
P 109.3
* 139. 6
Utilities (13 cos.)
do
PUBLIC FINANCE (FEDERAL)
War program in the United States, cumulative
totals from June 1940: *
97, 768 P112,999 P143, 372
88,207 68,373 80,604
52, 508 60,918 61,663
Program!
mil. of doL. '162, 458 39,418 40,838 40,861
85, 039 v 85,971 P102, 366
56,625
51,441
31, 587 35, 548 39,650 44,284
Commitments
-do
27,889
24,035
49,619
20, 517 v 22, 970 v 26,165
18,220
16,050
11,160
9,870
12,
676
8,757
Cash expenditures §
do
v 29, 734
7,763
6,770
14,431
58, 020 ' 60,099 62, 381 62,419
55,066
51,371
48,979 49, 540 50,936
Debt, gross, end of month
do.... 64,961
47,737
47,236
53,608
Public issues:
50, 551 ' 52, 555 54, 705 54,606
44,157
47,755
46,401
Interest bearing..
d o — 57,139 40,972 41,342 42,285 42,669 43,916
544
504
481
556
574
487
480
561
465
557
Noninterest bearing
do
548
550
Special issues to government agencies and
7,063
6,664
6,658
7,
333
7,190
5,834
6,120
7,358
trust funds
mil. of dol_.
5,707
6,324
6,470
Obligations fully guaranteed by U. S. Gov't:
5,673
6,930
6,929
5,666
5,673
6,316
'6,317
6,360
5,666
Total amount outstandingcf
t
DiiL of dol_.
6,550
6,930
6,928
By agencies: d1
937
1,269
1,269
1,269
1,269
930
937
1,269
1,269
1,269
Federal Farm Mortgage Corp
do
1,269
1,269
2,409
2,409
2,409
2,409
2,409
Home Owners' Loan Corporation f.do
2,409
2,409
2,409
2,409
2,409
2,600
2,101
1,802
1,802
1,492
1,741
2,409
1,492
2,409
Reconstruction Finance Corp
do.
2,101
1,492
1,492
1,741
1,741
2,101
2,101 1,882,011 2,089,336 1,860,445 2,557,103 2,630,968 !,629,839 3,436,301
Expenditures, total t
thous. of doL. 3,755,299 ,316,452 1,142,207 1,545,602
3,230,780 782,010 857 091 832, 233 1,600,253 1,563,712 1,327,393 1,533,678 1,445,603 1,846,555 2,100,754 5,201,081 2,796,958
National defense*
do
71, 820 112,840 106, 251 96,930 81,384
57,865
27,295 22,025 966.183 1,129,286 32,456
Agricultural adjustment program*
do.... 65,699 60,866
26,764 108,493 109,414 95,347 114,805 93, 564 92, 262 95, 887
91,019 143, 965 141, 554 130, 897 44,232
Unemployment relief* _ _
do
6,200 45,010
9,750
8,750 41, 540
48,260 28,075 11,580
9,360 22,113
9,565 132,075 105,707
Transfers to trust accountf
do...
31, 737 12,136 204, 886
74,604
15,490 232,446
76, 598 73,335 11,503 339,431 168, 554 14,311 169,359
Interest on debt*
do
7,951
8,556
3,270
6,710
15,392
1,070
2,740 15,553
17,128 24,828
2,289
1,335
Debt retirements
_
do...
1,171
2,654
34,223 230,161 262,055 219,696 226,154 253, 851 217,000 219,681
Allother*
d o . . . 240,653 227,030 91,850 194,322
Receipts, total
. . . d o . . . 732, 237 602,443 541,159 1,277,092 261, 726 244,864 1,136,079 488,758 730,198 1,214,417 614, 084 937, 281 3,547,800
Receip ts, net*
d o . . . 695,433 565,418 393,683 1,276,009 455, 556 553, 833 1,134,914 445,293 563,949 1,212,303 577, 647 757,976 3,547,169
35,187 27, 284 32, 559
34,040 29,967 32,926
32, 386 49,197 41,060 38,217 412, 942 396, 510 ^6,114
Custom
._
do...
36, 743 34,511 1,076,506 431, 294
1,159,387 555, 031 879,417 3,493,082
683,522 362,005 482,858 1,211,087
Internal revenue, total
..do
66, 229 767,098 133, 469 282, 506 3,082,627
68,308
63,271 916,170 399,783 500,132 779,917
Income taxesf
d o . . . 335,370 74,881
37,197
52, 576 256,955 48, 576
48,910 180, 561 41,376
43, 232 43,053 165,204 31,817 83,668 58,674
Social security taxes..
do...
47,926 172,696
Government corporations and credit agencies:
14,908
'
14,368
'
14,470
14,660
'
13,989
15,224 15,750
'
13,797
13,
277
'
13,810
13,108
13,282
Assets, except interagency, total._mil. of dol.
9,063
8,864
9,033
9,001
9,167
9,065
8,804
8,756
8,796
8,800
Loans and preferred stock, total
do
9,059
Loans to financial institutions (incl. pre1,074
1,114
1,079
1,060
1,072
1,075
1,046
1,076
1,101
1,115
1,099
1,103
ferred stock)
mil. of dol.
484
497
483
498
497
500
497
497
505
505
523
Loans to railroads
do
2,430
2,413
2,424
2,427
2,401
2,392
2,413
2,436
2,445
2,413
Home and housing mortgage loans, .do
2,427
Farm mortgage and other agricultural
3,123
3,105
3,112
3,134
3,191
3,128
3,227
3,152
3,100
3,334
3,117
3,288
loans.
mil. of dol.
1,934
1,957
1,996
1,553
1,933
1,738
1,511
1,472
2,026
1,690
1,409
Allother
.-do...
2,004
U. S. obligations, direct and fully guaran1,015
947
1,
027
1,021
1,058
925
967
1,060
905
897
teed.
mil. of dol.
751
689
714
782
698
671
653
664
623
636
792
608
Business property
do...
1,964
1,891
1,805
1,710
1,879
1,567
1,392
2,017
1,497
1,625
2,262
1,297
Property held for sale
do...
1,889
2,104
1,862
1,911
2,308
1,980
1,930
1,389
1,415
1,800
2,571
1,685
All other assets
do...
Liabilities, other than interagency, total
9,219
9,418
9,765
9,690
10, 231 10,306
9,417
10,142
9,297
9,620
10,123
9,377
mil. of dol.
Bonds, notes, and debentures:
6,324
6,324
5,705
6,937
5,697
6,939
6,937
5,690
6,371
6,370
6,560
Guaranteed by the U. S
do___
1,402
1,392
1,416
1,393
1,434
1,396
1,445
1,442
1,433
1,443
1,434
1,385
Other
-.
do...
1,952
2,049
2,111
2,325
1,974
1,859
1,604
1,761
1,741
2 497
1,492
1,432
Other liabilities, including reserves...do
428
432
434
430
431
427
424
426
425
*" 435
423
422
Privately owned interests
.do
Proprietary interests of the U . S. Govern5,
256
5,372
'
3,633
4,464
5.694
'4,349
'
3,
331
'3,239
3,436
'
3,261
3,388
3,484
ment
mil. of dol..
' Revised.
» Preliminary.
•Number of companies varies slightly.
o"The total includes guaranteed debentures of certain agencies not shown separately.
{Figures beginning February 1942 do not include $5,573,000,000, Naval Supply Bill, fiscal year 1943, approved February 7,1942, but not legally available until Julyl, 1942.
§Revised because of changes made by the Treasury in national defense expenditures. Earlier data beginning July 1940 are available upon request.
t Revised series. Data for total obligations guaranteed by the United States and for the Home Owners' Loan Corporation have been revised beginning September 1939
to exclude matured debt; earlier data shown in the Survey similarly exclude matured debt. For revised series under receipts and expenditures see note marked "*" on this page.
*New series. The new series on profits and dividends of industrial corporations of the Board of Governors of the Federal Reserve System have been substituted for the
F ederal Reserve Bank of New York's series. For a description of the series and earlier data see table 10, p. 21 of the April 1942 Survey. For explanation of the new series^on
the war program and earlier data see table 9, p. 21 of the April 1942 Survey. Net receipts represent total receipts less social security employment taxes which, beginning July 1940,
are appropriated directly to the Federal old-age and survivors insurance trust funds and do not appear as transfers to this fund under expenditures, as formerly; earlier data on
net receipts and revised data on income taxes appear in table 50, p. 18 of the November 1940 Survey, while earlier data for expenditures and transfers to trust accounts, revised
to exclude transfers to the old-age and survivors insurance trust fund, and data for the new items under expenditures are shown in table 31, p. 23 of the Noyember 1941 Survey,
with the exception of subsequent revisions beginning July 1940 in national defense, unemployment relief and all other expenditures which will appear in a later issue.
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
S-17
SURVEY OF CURRENT BUSINESS
1941
1942
April
April
June
May
August
July
1942
September
October
Novem- December
ber
January
February
March
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con.
Reconstruction Finance Corporation, loans outstanding, end of month:!
Grand totalf
thous. of doL. 3,556,094 2,019,992 2,088,763
Section 5, as amended, total
do
738,384 771, 727 752, 300
Banks and trust companies, including
99, 304
receivers
..thous. of doL. 67, 514 102, 702
Building and loan associations
do
6,434
4,813
4,594
Insurance companies
do
714
1,722
1, 696
196,512 173,118 174, 640
Mortgage loan companies
do
Railroads, including receivers
do
466,182 486,938 469, 658
1,028
2,408
All other under Section 5
do
2,435
Emerg. Rel. and Constr. Act, as amended:
Self-liquidating projects (including financ18,615
18, 550
ing repairs)
.thous. of dol.. 17, 415
Financing of exports of agricultural sur47
47
pluses
thous. of doL.
0
Financing of agricultural commodities
443
439
368
and livestock
thous. of dol__
Loans to business enterprises (including
participations)
thous. of doL. 140,290 114,478 154, 305
National defense under the Act of June 25,
1940*
thous. of doL- 1,395,212 188,244 239,194
Total, Bank Conservation Act, as amended t
thous. of doL_ 702,408 -759,054 r 757,212
75,859
74,497
Drainage, levee, irrigation, etc
..do
71,168
Other loans and authorizationsf
do
490, 849 r 91, 648 ' 92, 349
2,152,711 2,230,358 2,363,687 2,541,142 2,820,257 2,880,470 2,938,413
751, 305 740,224 737,864 738,058 725, 550 723, 604 734,171
1,988,673 3,166,909 3,361,947
725, 943 729, 730 734, 696
96, 702
4,356
1,669
176, 579
469, 634
2,365
92, 938
3,918
1,628
177,864
461,567
2,308
89, 787
3,574
1,551
180,517
460,953
1,482
88,088
3,370
1,532
182, 787
460,813
1,469
85,310
3,266
1,389
186, 389
447, 771
1,425
82,986
3,161
1,365
187,185
447,510
1,398
79,887
3,161
830
186,483
462,496
1,315
69,463
2,897
795
189,837
461,792
1,158
69,117
5,817
752
190,490
462,426
1,128
68,265
5,792
725
193,993
464,842
1,079
18,490
18, 291
18,124
18,085
17, 737
17,671
17, 578
17, 527
17, 515
17,452
47
47
47
47
47
0
0
0
0
0
439
437
437
436
434
434
434
431
431
403
151, 733
150,462
149,603
147,422
142, 618
145,654
152, 385
148, 591
146, 360
142,915
785,226
784,396
853,203
993,473 1,191,436
730,076 ' 728, 639 ' 725,482
74,343
74,044
72,814
435, 365 ' 405,199 r 451,155
719,873
72,068
451, 036
715,121 710,023
72,051
71,859
492, 226 • 493,156
306, 243
355, 741
409, 626
567,097
' 753,939 ' 750,170 r 734,569 ' 731, 979
78, 622
78,626
77,243
76,962
' 92, 025 "136, 361 r 236,174 r 261, 056
694,087
r
r
SECURITIES ISSUED
(Securities and Exchange Commission)*
Estimated gross proceeds, total
mil. of doL.
By types of security:
Bonds, notes, and debentures
do
Preferred stock
_
do
Common stock
..do
By types of issuers:
Corporate, total.
.do
Industrial
.do
Public utility.
do
Rail..
do
Other
do
Non-corporate, total
do
U. S. Government and agencies
do
State and municipal
do
Foreign Government
do. _..
Non-profit agencies
do
New'corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
do
Plant and equipment __
-do
Working capital
do
Repayment of debt and retirement of
stock, total
.mil. of doL.
Funded d e b t - .
do
Other debt
do
Preferred stock..
do
Other purposes
___do
Proposed uses of proceeds by major groups:
Industrial, total net proceeds..mil. of dol..
New money
do
Repayment of debt and retirement of
stock
mil. of dol__
Public utility, total net proceeds...do
New money
do
Repayment of debt and retirement of
stock
mil. of dol._
Railroad, total net proceeds
do
New money
do
Repayment of debt and retirement of
stock
mil. of doL.
Other corporate, total net proceeds.do
New money
do
Repayment of debt and retirement of
stock
mil. of doL.
708
950
1,411
635
1,087
718
457
1,878
i 449
2,319
1,345
2,335
709
701
4
2
935
10
4
1,389
18
4
619
12
4
1,051
32
4
712
4
2
439
14
5
1,820
4
54
1429
12
8
2,285
21
14
1,290
37
17
2,315
19
0
693
16
121
110
11
0
0
587
531
56
0
0
145
68
71
2
4
805
702
102
0
2
265
71
147
47
(•)
1,146
1,032
113
0
1
234
63
112
59
0
401
315
85
0
1
117
55
33
23
5
970
916
54
0
0
408
60
318
24
6
310
266
43
0
(a)
172
25
103
43
1
285
232
51
0
2
227
76
81
26
45
1,651
1,584
64
0
2
140
73
58
1
8
'309
'233
74
0
1
128
39
52
28
9
2,192
2,131
60
0
164
44
109
10
1
1,181
1,061
118
0
2
78
39
35
4
0
2,257
2,216
41
0
102
47
49
6
0
607
558
49
0
1
118
142
259
229
114
404
170
224
137
125
161
100
70
15
55
27
18
9
66
51
15
80
69
11
41
31
10
185
168
17
31
20
11
91
64
26
80
60
20
51
34
17
71
39
35
4
48
12
36
0
408
113
90
2
21
2
192
188
4
(•)
(•)
148
127
16
5
1
70
58
10
2
4
214
198
14
2
5
139
135
2
2
(•)
128
117
11
1
5
57
37
19
1
57
44
3
10
17
61
41
15
107
59
66
7
69
15
61
20
54
9
59
18
24
17
74
48
71
29
38
17
40
25
48
11
11
57
71
17
54
144
6
40
110
9
44
33
7
41
316
142
7
102
6
23
80
11
42
56
45
15
51
3
0
0
0
54
2
0
138
45
45
101
58
51
25
23
23
173
24
24
97
42
7
67
25
21
11
1
1
37
28
28
40
6
6
0
0
0
2
4
3
0
7
0
0
0
5
1
0
6
1
35
1
1
4
44
10
0
8
4
0
9
3
0
0
0
0
1
0
0
0
0
0
34
4
6
921,642
746,802
745,952
39,470
405,242
105,973
105,973
63,874
881,800
519,734
519,484
90,467
613,810
297,239
296,839
43, 569
472,424
361,029
361,029
327,403
273,962
64,840
64,840
34, 265
299,786
132,499
132,499
103,281
233,304
108,600
108,600
89,427
217,398
121,809
121,809
59,466
333, 238
181, 760
181, 760
87,186
178, 528
122, 021
122, 021
55,209
191,148
103, 551
103, 551
73,085
28,437
641
7,324
3,068
60, 945
55
0
2,875
74, 636
2,010
10, 387
3,434
30, 377
0
9,825
3,367
323, 825
0
1,603
1,975
22,140
0
8,458
3,667
49, 626
0
2,700
50,935
82,399
575
2,645
3,809
41,052
5,000
13, 360
54
32,436
0
36,887
17, 863
35, 595
0
18, 735
458
55, 510
0
15,040
2, 535
645,442
61, 040
850
5,440
36, 659
0
369,741
59,276
250
212,212
41, 058
400
0
33, 627
0
0
30,575
0
0
29, 238
0
19,173
0
19,520
42, 823
0
11,175
83,399
0
36,890
29, 922
0
21, 606
0
(a)
C)
C)
21
48
8
)
107
18
(Commercial and Financial Chronicle)%
Securities issued, b y t y p e of security, total (new
capital and refunding).
thous. of d o L . 262,148
N e w capital, total
.do
157,820
Domestic, t o t a l . . .
..do
157,820
Corporate, total
..do
97,114
Bonds a n d notes:
91,027
Long term
do
Short term
do
0
Preferred stocks..
do
4,265
Common stocks
do
1,822
F a r m loan and other Government agencies
thous. of d o L .
9,720
Municipal, State, etc
do
50,986
Foreign, total
_
do
0
r
•o
Revised.
^Includes repayments unallocated, pending advices, at end of month.
• Less than $500,000.
tFor revisions in 1939 data from Commercial and Financial Chronicle, see notes marked " $ " on p. 34 of the September 1940 and p. 35 of the March 1941 Survey.
fRevised series. For revisions in data on total loans of the Reconstruction Finance Corporation and "other loans and authorizations" published in the Survey prior to
the October 1940 issue, see note marked " t " on p. S-16 of the February 1942 Survey. Certain comparatively small revisions have been made in the grand total which are not
carried into the detail. 1941 revisions not shown above: Total, Bank Conservation Act, February, $767,594,000, March, $761,989,000; "other loans, etc.," February, $89,635,000: March,
$90,519,000.
*New series. National defense data include loans, participations, and purchases of capital stock in corporations created by the Reconstruction Finance Corporation to
aid in national defense. The new series on new security issues have been substituted for the data on security registrations. Earlier data will be shown in a subsequent issue.
i Excludes offering of $502,983,000 1% Treasury Notes of SeriesA-1946 which were allotted to holders of Reconstruction Finance Corporation notes of Series P , maturing
November 1,1941, and of Commodity Credit Corporation notes of Series E, maturing November 15,1941.
S-18
June 1942
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
April
April
May
June
July
August
1942
September
October
November
December
January
F
^ ™ - | March
FINANCE—Continued
SECURITIES ISSUED—Continued
{Commercial and Financial Chronicle)%—Con.
Securities issued, by type of security—Con.
Refunding, total
thous. of dol.
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
_tlious. of dol.
Municipal, State, etc
do...
Corporate securities issued by type of borrower,
total
.thous. of dol.
New capital, total—
-...
do...
Industrial
_
.do...
Public utilities.
do...
Railroads
do...
Refunding, total
.do
Industrial
__
do...
Public utilities
do...
Railroads..
_
do...
Domestic issues for productive uses (Moody's) :*
Total...
mil. of dol.
Corporate
do...
Municipal, State, etc
...do..-
104,328
104, 328
18,527
174,840
174,840
107,181
299,269
299,269
197,102
362, 066
362,066
113,390
316, 571
316,571
86,468
111,394
111,394
74, 427
209,122
209, 122
161, 391
167,287
1G7, 287
97, 050
124,703
124,703
42, 384
95, 589
95, 589
52, 055
151,478
151,478
82, 846
56, 503
56, 508
18, 801
87, 597
87,597
39,209
18,527
0
0
0
106, 472
709
0
0
161, 757
0
35,345
0
108, 087
0
5,303
0
75, 793
0
10, 525
150
72, 530
0
1,897
0
155, 881
0
5,398
112
96, 250
0
800
0
29, 336
0
13,049
0
50, 321
0
1, 734
0
81, 726
0
1,120
0
18,901
0
0
39,209
80,540
5,261
27, 725
39, 935
28,300
73,867
222, 860
25, 815
215, 553
14,550
25, 420
11,547
26,955
20, 776
34,822
35, 415
31, 675
50, 644
25,100
18, 435
33, 775
34, 857
26,5S0
11,027
21,315
27,073
115,641
97,114
96, 010
604
0
18, 527
12,977
5,550
0
146,650
39, 470
8,781
18, 401
9,100
107,181
37,007
39,186
4,000
260,976
63,874
19,459
3,775
36,715
197,102
51,170
138,882
0
203, 857
90, 467
29, 454
7,584
51, 235
113,390
21,886
83,317
6,860
130,038
43, 569
4,068
10, 559
22,852
86,468
34, 875
45, 593
0
401, 830
327,403
52, 018
238, 085
23, 300
74, 427
2,497
71, 625
0
195, 656
34,265
11,552
7,922
7,060
161,391
22, 782
102,098
34,837
200,311
103, 261
63,178
5,840
21, 329
97,050
16, 336
74, 658
4,000
131,811
89, 427
43,578
40, 687
1,210
42, 384
16, 890
21, 841
0
111, 520
59, 466
24, 018
7,203
27,745
52,055
16, 880
31,339
0
170, 032
87,186
46,150
28,101
9,890
82, 846
499
82,120
0
74,109
55, 209
24,067
25,970
3, 750
18,901
12, 626
6 275
0
112, 294
73, 085
40,818
24, 072
5,660
39,209
6,000
32,236
0
75
23
52
89
54
35
113
63
50
67
38
29
303
281
22
47
25
22
63
53
10
61
43
18
71
34
37
137
67
70
47
33
14
78
58
20
56, 092
113,570
101, 656
89,394
115,982
138,683
144, 806
81,995
151, 610
150,913
48, 269
169, 942
65,052
53,669
78,479
93,123
60,722
113,655
90, 578
99,988
118, 538
119,070
249
148
432
57
548
77
504
53
457
37
531
77
500
103
454
93
282
74
294
89
253
154
140
"7
178
111
515
195
300
247
606
199
368
265
622
185
403
262
616
186
395
255
628
189
388
266
628
189
460
262
633
196
396
260
628
186
414
255
625
195
409
264
600
211
368
289
547
219
308
274
534
203
307
262
531
195
306
249
95.63
97.54
60.29
94.32
98.25
47.01
94.22
98.08
47.67
94.80
98.60
47.79
95.04
98.92
47.11
94.86
98.58
48.85
94.74
98.27
50.79
95.25
98.72
50.75
94.80
98.30
49.83
94. 50
96.69
56.27
95.24
97.31
58.45
95.13
97.18
57.40
95.97
97.98
58.95
117.8
116.8
117.0
117.7
118.7
118.5
118.1
118.8
119.2
117.5
117.5
117.1
116.7
99.6
106.9
104.4
87.7
25.6
120.1
108.9
98.8
106.1
101.8
88.6
27.6
119.7
110.2
u
0
0
(Bond Buyer)
State and municipal issues:
Permanent (long term)
Temporary (short term)
thous. of dol.
...do...
46,527 ••51,260
38,277 -•183,744
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
mil. ofbu.
Corn
do...
SECURITY MARKETS
Brokers* Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net)
Cash on hand and in banks.
Money borrowed
Customers' free credit balances
mil. of d o l . .
do
do
.do
|
Bonds
Prices:
Average price of all listed bonds ( N . Y . S. E.)
dollars..
Domestic
do..._
Foreign
do
Standard and Poor's Corporation:
,
High grade (15 bonds)t-.dol. per $100 b o n d . .
M e d i u m and lower grade:f
Composite (50 b o n d s ) - .do
Industrials (10 bonds)
do
Public utilities (20 bonds)
do....
Rails (20 bonds)
do
Defaulted (15 bonds)t
...do....
Domestic municipals (15 bonds)
do
U . S. Treasury bondsf.
do.. ,
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
M a r k e t value
thous. of d o L .
Face value
do
On N e w York Stock Exchange:
M a r k e t value.._
do
Face value
do
Exclusive of stopped sales ( N . Y . S. E . ) ,
face value, total
thous. of d o L .
U . S. Government
do
Other t h a n U . S. Govt., t o t a l . . . do
Domestic
...do
Foreign
do
Value, issues listed on N . Y . S. E . :
t Face value, all issues
. m i l . of d o l . .
Domestic
...do
Foreign
.do
M a r k e t value, all issues
do
Domestic
do
Foreign
do
Yields:
Bond Buyer:
Domestic municipals (20 c i t i e s ) . . . percent. Moody's:
Domestic corporate
...do
B y ratings:
Aaa
do
Aa.
do
A
do
Baa
do
By groups:
Industrials
.do
Public utilities
_do
Rails
do
99.3
107.1
102.3
88.4
26.7
122.1
110.5
99.5
103.1
106.0
89.5
20.7
126.8
110.8
99.3
102.4
106.2
89.4
21.0
128.2
111.4
99.2
103.3
106.3
87.9
21.6
129.5
111.5
99.9
104.8
107.1
87.8
23.9
130.4
111.7
99.6
104.9
107.3
86.8
24.9
131.0
111.1
98.0
105.1
107.2
84.5
24.4
131.2
111.1
99.2
105.3
107.2
85.0
25.1
133.0
112.0
99.4
105.9
107.4
84.9
24.8
133.4
112.4
97.4
105.0
104.7
82.4
21.9
125.9
110.7
99 2
106'. 7
104.1
86.9
24.1
124.4
110.1
99,075
202,862
133,274
269,892
119, 252
218,628
95,055
173,215
116,272
222,973
87, 766
160, 891
105, 508
177,029
125,159
209,219
88,348
161,048
134,712
277,038
125, 744
256, 089
89,449
178,409
137, 003
306,812
88, 629
186,165
109,867
242, 720
100, 577
196,932
78,266
153, 363
98,274
201,056
74,506
144,101
89, 563
155,537
109,888
189,947
76, 382
145, 446
116, 561
251, 650
111, 586
237, 263
78, 643
165,002
121,066
286,211
174,011
545
173,467
162, 311
11,156
209, 471
1,497
207,974
194,885
13,089
169,272
948
168, 324
153,831
14,493
149,426
1,010
148,416
135,174
13, 242
189,118
2,598
186, 520
174, 588
11,932
140,157
1,431
138, 726
127, 515
11,211
140,963
1,319
139,644
127, 575
12,069
178,899
1,307
177, 592
163,413
14,179
140, 746
1,470
139,276
125,694
13, 582
224,737
1, 781
222,956
205, 251
17, 705
219, 955
1,138
218,817
206,145
12, 672
158,357
944
157,413
148,551
8,862
263,055
879
262,176
249,192
12,984
60, 572
57,466
3,105
57,924
56, 051
1,872
55,678
51,416
4,262
52,518
50, 515
2,003
55, 534
51, 278
4,255
52,322
50, 293
2,029
56,159
51, 952
4,207
53,237
51, 227
2,010
56, 041
51, 836
4,205
53,260
51, 279
1,981
56,101
51,900
4,201
53,217
51,165
2,052
56,387
52,192
4,195
53,418
51, 287
2,131
57,856
53,673
4,183
55,107
52,984
2,123
57,821
53,646
4,175
54,813
52, 732
2,080
58, 237
55,080
3,157
55,034
53, 257
1,777
59, 076
55, 924
3,152
56, 261
54, 419
1,842
60, 532
57,411
3.121
57,584
55.793
1,791
60,579
57,471
3,108
58,140
56, 308
1,832
2.33
2.26
2.14
2.07
2.07
2.08
2.02
1.90
1.93
2.24
2.36
2.51
2.38
3.34
3.39
3.37
3.34
3.30
3.29
3.30
3.27
3.26
3.35
3.35
3.35
3.37
2.83
2.98
3.30
4.26
2.82
3.04
3.38
4.33
2.81
2.99
3.34
4.32
2.77
2.95
3.31
4.31
2.74
2.90
3.26
4.28
2.74
2.90
3.24
4.27
2.75
2.91
3.24
4.30
2.73
2.87
3.21
4.28
2.72
2.86
3.19
4.28
2.80
2.95
3.27
4.38
2.83
2.96
3.30
4.29
2.85
2.98
3 29
4.29
2.86
3.00
3.32
4.30
2.96
3.13
3.95
3.06
3.16
3.96
3.02
3.13
3.95
2.96
3. 10
3.95
2.90
3.07
3.92
2.90
3.06
3.92
2.88
3.07
3.95
2.85
3.05
3.93
2.85
3.04
3.91
2.94
3.12
3.99
2.97
3. 13
3.93
2.98
3.15
3.94
3.00
3.17
3.94
* Revised.
JSee note marked " } " on p. S-17.
fRevised series. For data beginning 1931 on Treasury bond prices, which relate to partially tax-exempt bonds, see table 55, p . 17 of the December 1940 SURVEY. Earlier
data for Standard and Poor's bond prices are shown in table 36, p . 19 of the January 1942 SURVEY.
*New series. For data on domestic issues for productive uses beginning 1921, see table 34, p . 17 of the September 1940 SURVEY.
S-19
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
April
April
May
June
July
August
1942
September
October
Novem- December
ber
January
Febru- March
ary
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—Continued
Yields—Continued.
Standard and Poor's Corporation:
Domestic municipals (15 bonds)—percent..
XJ. S. Treasury bondst
do
2.44
1.98
2.20
1.96
2.14
1.92
2.08
1.91
2.03
1.90
2.00
1.94
1.99
1.94
1.91
1.88
1.90
1.85
2.25
1.97
2.33
2.01
2.55
2.09
2.58
2.00
Stocks
Cash dividend payments and rates (Moody's):
Total annual payments at current rates (600
companies)-.mil. of dol.. 1,805.62 t, 817. 77 1, 821.65 1,823. 85 1,821.08 1,822.61 1,828.35 1,840.31 1,889.13 1,927.69 1,926. 59 1,857. 45 1,850.15
938.08 938.08 938.08 938.08 938.08
Number of shares, adjusted
millions.. 938.08
938.08 938.08
Dividend rate per share (weighted average)
1.94
1.94
1.94
1.94
1.92
1.94
1.95
1.96
2.05
1.98
2.05
2.01
1.97
(600 cos.)-dollars..
3.01
3.01
3.01
3.01
3.01
2.81
3.01
2.99
2.88
2.88
2.88
3.00
2.81
Banks (21 cos.).
do
1.93
1.93
1.93
1.93
1.92
1.93
1.94
1.97
2.09
1.99
2.09
2.05
1.98
Industrials (492 cos.)
do
2.54
2.59
2.59
2.59
2.54
2.69
2.59
2.62
2.69
2.69
2.69
2.62
2.69
Insurance (21 cos.)
do
1.94
1.95
1.92
1.92
1.94
1.77
1.91
1.86
1.81
1.81
1.81
1.82
1.80
Public utilities (30 cos.)
do
1.57
1.57
1.56
1.56
1.56
1.77
1.58
1.58
1.77
1.77
1.77
1.58
1.77
Rails (36 cos.)._
do
Prices:
Average price of all listed shares (N. Y. S. E.)
51.4
51.5
56.7
56.5
55.9
48.7
49.2
42.6
54.0
53.2
51.6
47.8
44.5
Dec. 31, 1924=100..
Dow-Jones & Co., Inc. (65 stocks)
40.74
40.95
42.99
41.26
36.92
34.54
32. 92
39.73
39.53
37.86
36.79
43.01
42.90
dol. per share. .
119. 10 116.44
121. 57 127. 57 126.67
121.18 116.91
110.67
111.11
127.35
107. 28 101.62
97.79
Industrials (30 stocks)..
.do
14.41
18.66
17.61
18.48
18.50
18.62
17.65
14.38
12.15
17.30
15.93
13.83
11.06
Public utilities (15 stocks).
do....
28.01
29.60
29.28
28.48
28.11
30.19
28.54
25.33
26.09
28.25
27.92
27.85
24.56
Rails (20 stocks)
do
77.09
92.24
90.91
85.41
88.29
91.32
87.37
79.17
69.17
84.71
87.92
74.46
67.52
New York Times (50 stocks)
.do
133.77
162. 57 160.33
160.08 153. 71 145. 66 139.86
150.17 149.00 156.09
119.65
128.67
117.45
Industrials (25 stocks)
do
20.41
21.92
21.74
20.65
20.48
22.36
21.04
18.47
18.69
20.42
20.19
20.26
17. 59
Railroads (25 stocks)
.do
Standard and Poor's Corporation^
77.1
77.4
77.9
79.5
83.2
83.2
83.6
80.4
72.6
69.9
66.0
63.3
71.8
Combined index (402 stocks) .1935-39=100—
77.3
78.6
77.3
79.7
84.2
84.3
84.8
81.6
74.3
71.0
67.2
64.8
73.8
Industrials (354 stocks)—.
do
79,6
78.7
79.8
83.9
88.4
88.0
87.8
82.2
74.8
70.8
67.8
76.3
Capital goods (116 stocks)
do
74.8
74.2
76.8
76.7
80.2
81.2
82.9
79.0
66.2
63.9
61.8
67.6
Consumer's goods (191 stocks)
do
78.9
74.5
83.1
81.6
81.8
81.0
81.3
78.5
66.1
64.5
60.5
56.5
66.2
Public utilities (28 stocks)
do
70.7
68.4
71.2
70.9
73.8
74.4
72.6
70.3
68.4
65.0
61.1
69.0
61.0
Rails (20 stocks)
..do
Other issues:
60.4
84.6
72.1
70.9
82.9
88.4
78.5
73.8
62.6
85.1
89.0
87.6
84.9
Banks, N. Y. C. (19 stocks)
do....
Fire and marine insurance (18 stocks)
106.1
95.9
89.5
101.9
102.3
105.9
111.9
115.4
101.7
115.6
111.5
107.6
1935-39 = 100.114.0
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
..
thous. of dol._ 272,874 416, 674 384,462 411,012 611,464 415,088 512, 750 493, 760 509,040 1,085,599 512,503 296, 408 341,230
22,087 24, 682 24, 724 26, 636 62, 676 28,359
14, 018 16,391
17, 618 18,052 29,073
20,217
Shares sold
...thousands.. 13,585
On New York Stock Exchange:
Market value.
.thous. of dol.. 226,187 347, 710 323,885 350,146 522,475 346,227 426,839 413,341 422, 423 929,046 466, 932 251,187 287, 785
22,236
15, 356 13,194
18,021
19,099 46,891
10, 610 12,175
13, 740 22, 226 15,858
18,512
Shares sold
thousands.. 10,079
Exclusive of odd lot and stopped sales
13,545
10,875
15,052 36,387 12,994
7,926
8,580
11,178
9,661
10,451
17,871
13,137
(N. Y. Times)
thousands.
Shares listed, N. Y. S. E.:
37, 815 39, 608 41, 654 41,472 40,984
31,449
37,711
39,057 37,882 35, 786 36,228 35, 234 32,844
Market value, all listed shares
mil. of dol.
1,464
1,464
1,467
1,469
1,463
1,463
1,463
1,467
1,463
1,463
1,463
1,465
1,469
Number of shares listed
millionsYields:
6.4
6.4
7.3
7.7
6.1
5.8
5.9
5.9
7.2
7.1
6.3
Common stocks (200), Moody's
percent4.9
4.8
5.2
5.4
6.0
4.5
4.5
4.6
4.6
5.6
6.1
5.0
5.3
Banks (15 stocks)
do
6.5
6.6
6.9
7.3
7.2
7.7
6.2
5.8
5.9
5.9
7.7
6.4
7.4
Industrials (125 stocks)
_
-do
4.3
4.6
4.4
4.1
4.5
5.0
4.2
4.0
3.9
3.9
5.3
4.1
4.5
Insurance (10 stocks)
do
7.7
6.8
6.7
6.9
7.6
8.5
6.5
6.4
6.4
6.5
8.9
6.6
7.6
Public utilities (25 stocks)
do
7.4
6.5
6.3
6.8
8.2
8.2
6.4
5.9
6.0
6.3
8.3
6.5
7.2
Rails (25 stocks)
do...
Preferred stocks, high-grade (15 stocks),
4.15
4.05
4.02
4.04
4.11
4.15
4.21
4.38
4.52
4.10
4.15
4.07
Standard and Poor's Corp.f
percent._
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number..
Foreign
_._do..
Pennsylvania R. R. Co., total
do..
Foreign,.
_
do..
U. S. Steel Corporation, total
do._
Foreign
do _.
Shares held by brokers
percent of total
630,956
5,609
206,050
1,581
164, 785
2,605
25.30
632,293
5,481
205,724
1,535
164,262
2,590
25.00
637,020'
5,230
205,304
1,409
164,013
2,596
24. 90
633, 588
5,281
205,012
1,447
163, 732
2,584
25.40
FOREIGN TRADE
INDEXES •
Exports of U. S. merchandise:
Quantity
Value
Unit value
Imports for consumption:
Quantity
Value
Unit value _
1923-25=100.
do..
.do..
145
101
70
147
101
69
122
87
71
130
94
72
158
118
75
145
109
75
1226
1174
' 77
164
129
79
215
171
79
'148
127
'145
128
189
162
86
-
143
86
60
142
88
62
130
82
63
132
83
63
135
86
64
129
83
65
138
92
66
129
87
67
156
106
68
117
80
69
107
75
70
110
79
72
do..
do_do_.
VALUE•
385,454 384, 636 329, 776 358, 649 455, 257 417,139 i 666 376 491,818 651, 555 479,480 478, 531 608, 570*
Exports, total incl. reexports
thous. of dol_.
376,185 376,354 323, 728 348,890 438,264 406,057 1647,462 481, 630 635,179 473, 537 474, 896 602, 542
Exports of U. S. merchandise
do
287, 550 296, 930 279, 536 277,847 282, 513 262, 680 304,127 280, 525 343, 794 253, 654 254,038 272, 287
General imports
do
274, 593 281, 351 261,097 264,685 273,898 265,162 292, 303 276,224 338,272 256,129 r 239, 456 252,050
Imports for consumption
_
do
' Revised, t Partially tax-exempt bonds.
i Figure overstated owing to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
•The publication of detailed foreign trgde statistics has been discontinued for the duration of the war, effective with October data. Indexes of the volume of foreign trade in
agricultural products and data on the value of exports and imports by grand divisions and countries and by economic classes, which have been shown regularly in the Survey
are available through September 1941 in the February 1942 and earlier issues. For revised 1939 data on value of foreign trade see pp. 17 and 18 of the April 1941 issue.
fRevised series. Earlier revised data for Standard and Poor's stock prices and preferred stock yields are shown, respectively, in table 37, pp. 20-21 and table 39, p. 22
of the January 1942 Survey.
S-20
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1943
April
June 1942
April
May
June
July
August
1943
September
October
Novem- December
ber
January
Febru- March
ary
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue...
thous. of dol..
Operating income.
...
do
10, 814
72
Local Transit Lines
Fares, average, cash ratej
Passengers carriedf
Operating revenues
7.8060 7.8199
cents.. 1,004,698
846,416
thousands..
60,683
thous. of doL.
11,238
153
10, 839
74
10, 874
78
10, 926
11,942
78
12,143
101
11,904
95
14,051
131
7.8061 7.8144 7.8144 7.8144 7.8005 7.8005 7.8005 7.8005
857, 679 809, 340 792, 539 793, 570 828, 576 895,991 856, 773 941,924
61, 713 58,873 57,839 58, 463 59, 865 64, 603 61, 671 68,133
11,809
79
11, 582
90
7.8005 7.8033 7. 8033
946,315 885,128 1,003,196
68, 637 65,004 72, 561
Class I Steam Railways
Freight carloadings (Federal Reserve indexes):!
Combined index, unadjusted
1935-39=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-car loadings (A. A. R.):^
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, totalt--do
Box carsj
do
Coal carst
_
do
Financial operations:
Operating revenues, total
thous. of dol.
Freight..
do
Passenger
do
Operating expenses
do
Taxes, joint facility and equip, rents*..do
Net railway operating income
-do
Net income
do....
Operating results:
Freight carried 1 mile.
mil. of tons..
Revenue per ton-mile
cents..
Passengers carried 1 mile
.millionsFinancial operations, adjusted:*
Operating revenues, total
mil. of dol..
Freight
do....
Passenger
.do
Railway expenses .._
do
Net railway operating income
do
Net income
do
Waterway Traffic
Canals:
New York State
-thous. of short tons..
Panama, total
thous. of long tons
In U. S. vessels
do
St. Lawrence.
thous. of short tons..
Sault Ste. Marie
do....
Welland
do....
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....
136
135
176
159
100
90
81
218
142
143
160
200
159
117
101
80
267
141
108
38
120
130
96
82
103
203
131
112
45
137
130
113
93
102
266
130
131
117
167
135
107
82
102
276
138
135
138
182
130
124
91
102
266
136
136
131
170
141
123
69
101
265
141
139
156
189
136
126
88
102
152
139
138
127
172
149
163
70
99
283
139
138
150
200
149
112
83
100
156
140
167
160
125
80
99
271
141
139
158
199
152
103
84
99
155
141
145
140
172
149
122
111
102
261
150
130
133
176
138
111
84
97
149
135
144
138
165
147
104
146
101
232
151
127
121
165
140
97
95
97
178
133
141
135
168
143
115
117
101
199
150
135
121
159
146
118
93
99
204
144
128
125
182
129
113
97
96
69
138
137
111
167
145
124
101
100
246
149
129
136
184
140
125
95
93
46
134
140
119
153
156
142
99
97
186
152
3,351
645
56
196
141
50
525
235
1,503
56
28
12
2,794
163
38
159
136
46
648
214
1,390
190
31
139
4,161
676
64
205
184
57
795
387
1,792
72
34
17
3,510
642
54
175
172
39
638
301
1,490
71
34
17
3,413
578
53
174
230
38
603
313
1,425
67
27
20
4,464
840
66
248
224
55
784
386
1,861
47
19
11
3,539
652
52
176
167
59
618
286
1,529
41
15
10
3,658
675
53
184
149
82
641
271
1,603
42
18
10
4,318
790
64
214
194
82
768
277
1,929
61
28
18
3,046
575
54
153
155
53
582
77
1,396
75
27
32
3,858
797
71
208
212
65
711
65
1,729
60
22
22
375,008 442, 286 455,023
305, 230 370, 903 377, 534
37,493 44,832
274, 938 296, 590 298, 932
' 47,995 57,065 62,829
' 52,075 88, 630 93, 261
7,264 43,137 52, 800
485, 446
405, 503
47,402
310,035
69,097
106, 315
63, 528
493, 674
410, 213
49,773
313, 843
68, 513
111,318
65, 500
572,515
468, 007
66,116
366,781
103,740
101,995
57,900
10, 216
1,025
206
129
132
184
153
110
76
96
47
135 !
139
116
150
159
131
95
100
187
151
129
125
175
149
102
77
92
73
139
136
122
168
149
119
97
92
282
143
3,123
3.171
629
610
57
55
185 I
184
154
146
42
43
597
584
52
72
1,477
1,407
58
59
23
22
17
20
488,979 517,605 457,012 479, 560 480,691 462, 486
411, 241 440,122 385,241 389,223 392, 571 377, 593
43, 521 42,231
40,519 53,868 55,697
54, 746
312, 287 361, 502 335, 614 352,532 348, 781 327, 653
72,622 62, 446 52, 633 46, 480 62, 944 68,347
104, 070 93, 657 68, 765 80, 549 68,966
66, 486
59, 324 53, 676 29,226 55,492 26,130 ' 23, 716
540,118
445,490
59,106
360,011
' 87, 749
' 92, 359
48,230
31.615
1.052
2,170
43, 398
.932
2,140
44,036
.927
2,564
46,067
.947
2,756
49, 237
.902
2,936
47, 616
.928
2,527
51,135
.922
2,397
46,032
.904
2,299
44,545
.943
3,055
46, 666
.914
3,078
44,109
.926
2,895
51,853
382.1
309.6
41.4
323.2
59.0
'16.8
438.6
365.2
40.9
345.6
93.0
'50.1
473. 5
398.2
43.3
363.4
110.1
'67.8
470.9
395.1
42.3
370.5
100.4
'57.3
485.4
407.7
44.4
374.4
111.0
'65.2
464.1
389.5
41.6
379.4
84.7
'42.1
452.6
375.9
44.1
403.2
49.4
' 10.5
476.0
398.7
45.1
403.1
72.9
'33.1
486.2
403.2
49.4
409.8
76.4
'36.6
495.3
406.6
53.6
413.1
82.3
40.0
518.9
423.9
60.1
420.3
98.6
57.7
541.6
442.8
63.0
445. 5
96.1
52.4
250
2,057
1,080
308
7,865
••661
610
1,989
1,133
900
15,153
1,716
624
1,585
887
1,001
14,673
1,895
720
1,659
910
1,043
15,511
1,960
557
1,366
818
975
15, 235
1,858
507
1,481
719
944
14,401
1,620
700
1,719
882
948
13,923
1,688
534
1,546
818
774
12, 223
1,466
0
1,283
538
36
2,137
0
0
0
0
0
0
186
159
563
653
310
214
2,971
1,727
320
250
2,833
1,785
330
270
2,862
1,781
352
265
3,105
1,771
326
211
2,492
1,691
332
251
2,863
1,759
230
240
2,206
1,374
244
119
2,992
1,711
177
81
2,753
1,453
167
65
2,762
1,410
4,606
2,902
1,704
5,729
3,579
2,149
6,074
3,957
2,117
6,716
4,584
2,132
6,646
4,418
2,229
6,011
3,978
2,033
6,072
4,040
2,031
100
Travel
Operations on scheduled air lines:
10, 537 11,668
11,472 12,154
Miles flown
.thous. of miles..
12,472 12,127
11,352
12, 200 11, 501 10,855
9,979
11,127
1,352,181 1,462,121 1,544,111 1,822,217 1,842,858 1,962,284 1,760,770 1,689,093 2,385,786 2,531,162 '2,169,543 2,560255
Express carried
pounds..
308,644 363, 954 380,990 398,434 447, 316 455,647 420,393 324,546 298,680 300,900 286, 435 371,398
Passengers carried...
number..
114,749 133,979 141, 906 147,419 158,068 158,151 150,920 115,825 111,077 113,135 104, 220 139,061
Passenger-miles
flown.
thous. of miles. .
Hotels:
3.64
3.47
3.13
3.29
3.52
Average sale per occupied room
dollars_.
3.30
3.56
3.61
3.55
3.39
3.39
3.40
3.30
71
69
64
Rooms occupied
percent of total..
68
66
69
69
71
61
70
70
71
70
121
109
103
115
Restaurant sales index
1929=100..
'107
114
'108
101
108
103
100
107
106
Foreign travel:
15,958 12,409
13, 203 13,491
14,613
11,328 11,668
U. S. citizens, arrivals.
number..
8,991
10,799
18,779
9,502 17,277
10,739
13,718 11,807
U. S. citizens, departures..
do
8,748 11, 339
9,942
1,416
1,524
853
1,676
729
Emigrants
_
do
612
945
714
686
4,813
4,268
3,083
6,002
3,359
Immigrants
..do
3,911
2,256
2,188
2,581
3,015
4,362
5,673
4,878
5,734
Passports issued
do
5,057
4,687
5,177
4,331
4,549
5,790
5,523
5,145
r
Revised.
1 Data for May,
y, August,
g t , November 1941, , and Januaryy 1942 aree for 55weeks;
e e ; other months,
o t s , 44 weeks,
wees.
•New
d t on financial
fiil operations
ti
il
b i i
1921appear in
i table
t b l 33,
33 p. 16 off the
th September
S t b 1940 issue. The new series on taxes and joint
New series. Adjusted data
off railways
beginning
1921
facility and equipment rents is shown to provide figures for obtaining total railway expenses as given in the adjusted figures of financial operations.
t Revised series. Data on fares revised beginning August 1936; see p. 45 of the July 1940 Survey. Passengers carried revised to cover data for 188 companies. Data for
1940 on the revised basis differ only slightly from those shown in table 13, p. 8 of the March 1941 Survey. Revised indexes of freight carloadings beginning 1919 appear in table
23, pp. 21-22 of the August 1941 Survey.
{Beginning June 1941, data represent daily average for week ended on the last Saturday of the month; earlier data, daily average for last 8 or 9 days of the month.
• Data have been discontinued for the duration of the war.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-21
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1943
April
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
March
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Travel—Continued
National parks:
Visitors
_
.number..
Automobiles
_
do
Pullman Co.:
Revenue passenger-miles
..thousands..
Passenger revenues
thous. of dol-..
COMMUNICATIONS
Telephone carriers:
Operating revenues
thous. of dol. .
Station revenues.
do
Tolls, message
_
do
Operating expenses
do
Net operating income
do
Phones in service, end of month.thousands..
Telegraph and cable carriers:!
Operating revenues, totalf
thous. of doL.
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of dol_.
Cable carriers
do
Operating expenses!
do
Operating incomef
do
Net incomef
do
Radiotelegraph carriers, operating revenues
thous. of dol._
I
94,192 r 192,998 327, 550 578,071 1,029,648 1,112,293 430, 608 253,489
28, 203 ' 58,956 100,230 173,139 292,273 302,025 132, 359 78,112
766,222 714,012 897, 614 825,839 850,348 797,408 840,925
5,074
5,145
4,880
5,138
4,857
4,389
4,787
129,890
59,812
18,152
60, 767
17,477
59,338
16,821
60,808
17, 760
763, 624 1,017,616 1,273,822 1,208,162 1,288,858
4,776
5,608
6,929
6,421
6,935
118,132
75, 598
33,238
75,39®
20, 639
20, 232
119,933
75, 709
34, 783
77, 576
20,164
20, 366
120,113
75, 524
35,072
76,626
21,037
20,443
120,116
74,858
35, 543
80,329
18, 554
20, 535
119, 224
74,236
35, 266
77,934
19, 553
20, 657
121,259
76,470
35,029
79,159
20,477
20,817
124,000
78, 700
35,368
82,052
20,165
20,954
119,818
77,292
32, 526
79, 651
19,645
21,067
128,993
80,229
37, 782
87,307
32, 532
21, 206
128,257
79,974
37,441
82,935
21,166
21,362
123, 860
77, 771
34,961
79, 414
21,307
21,481
130,347
12,430
11,473
12,850
11,830
12, 728
11, 731
12,875
11, 734
12, 674
11,616
12, 555
11,461
12, 566
11,493
11,583
10,436
15,448
14,089
12, 732
11,563
11,697
10, 724
13,074
11, 940
510
957
10, 298
1,359
879
514
1,020
10, 691
1,330
873
997
10, 516
637
267
551
1,141
10,965
966
513
499
1,058
10, 758
1,065
568
518
1,094
10,830
782
401
553
1,073
10,809
784
316
533
1,147
10, 276
734
1,359
12,003
2,215
1,488
1,169
11,054
585
61
565
972
10, 246
465
663
1,134
10,889
918
1,348
1,354
1,337
1,386
1,264
1,205
1,316
1,197
1,442
1,163
1,092
915
.58
.58
.28
39,471
84,365
21,647
21,595
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption-..
thous. of wine gal..
Production
_.
do
Stocks, end of month..
do
Alcohol, ethyl:
Production
thous. of proof gal._
Stocks, warehoused, end of month
do
Withdrawn for denaturing
do
Withdrawn, tax-paid-.
do
Methanol:
Exports, refined
gallons..
Price, refined, wholesale:
Natural (N. Y.).__
-dol. per gal..
Synthetic, pure, f. o. b. works*
do
Production:
Crude (wood distilled)
thous. of gal..
Synthetic
do
Explosives, shipments
thous. of lb_.
Sulphur production (quarterly):
Louisiana
long tons..
Texas
do.
Sulfuric acid:^
Price, wholesale, 66°, at works
dol. per short t o n . .
FERTILIZERS
Consumption, Southern States
thous. of short tcns_.
Exports, total§
long tons..
Nitrogenous§
do
Phosphate materials§
do
Prepared fertilizers.
do
Imports, total§_.
do
Nitrogenous, total...
do
Nitrate of soda.
do
Phosphates.
do
Potash§
_
do
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)
dol. per ewt_.
Potash deliveries.
short tons..
Superphosphate (bulk):
Production.
_
_
do
Shipments to consumers
do
Stocks, end of month
do
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah), bulk!
dol. per 100 lb.
Receipts, net, 3 ports..
bbl. (500 lb.)..
Stocks, 3 ports, end of month.
do
Turpentine, gum, spirits of:
Price, wholesale (Savannah)
dol. per gal..
Receipts, net, 3 ports
bbl. (50 gal.)..
Stocks, 3 ports, end of month
do
OILS, FATS, AND BYPRODUCTS
Animal, including fish oils (quarterly):%
Animal fats:
Consumption, factory
thous. of lb_.
Production
do
Stocks, end of quarter.
do
Greases:
Consumption, factory
Production
Stocks, end of quarter
do_...
do
do
.58
41,045
12,451
12,652
1,511
14, 889
14,714
1,329
15,614
15, 678
1,095
15,035
15, 242
1,293
15, 264
15,065
1,089
17,100
16,908
861
18,302
18,185
740
16,977
16,965
724
26, 248
11,330
22, 789
2,449
29,651
10,000
26, 555
3,012
32, 224
10, 392
27,830
3,224
33, 021
7,108
27,564
34,299
10,117
27,327
3,071
35,757
6,491
30,433
3,435
36,393
7,143
32,604
2,555
37, 541
8,038
30,371
2,505
61,831
48, 580
16,668
21,605
7,545
9,340
(a)
.34
.30
.34
.30
.39
.30
.44
.30
.44
.30
.44
.29
.54
.28
.54
.28
.58
.28
.58
.28
463
4,241
31, 986
4,423
37, 891
436
4,663
39,460
417
4,725
41,273
450
5,006
41,363
487
5,085
43,676
502
5,416
42,629
529
5,104
37,486
557
5,663
38,879
36, 720
130,090
577,384
129,365
670,063
()
37,681
135,285
802, 576
36, 453
110,115
725, 579
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
71
58
164, 695 295,885
17, 783
15,675
141,557 270,646
407
201
33, 638 69,096
67,406
32, 591
16, 350 32,148
457
25
3
20
134
136, 503
13,196
105,919
2,879
118,139
108,759
67,594
780
5,951
168
)
186
267
1,030
1,003
1,060
1.470
1.494
39,943
1.503
56,039
1.503
53,646
1.503
59,897
1.503
57,113
1.503
51,402
1.503
56,386
16.50
16.50
16.50
1,390
74, 715
16, 748
49,481
1,580
120, 330
106,737
89, 565
3,551
1,891
258
81,971
6,014
74,082
317
99, 673
70,036
42. 134
1,194
1,512
104
66,651
11,688
48,265
2,311
74,439
62,840
27,341
303
8,307
1.470
24,477
1.470
13,232
1.470
58,228
1.470
41,094
397,497
373,846
777,152
419,411
165,359
770,723
373,864
68,813
808, 741
383,499
52,317
914,302
379, 267 364,505 413,240 419,946 487,558 487,164 457,302 480,018
65,150 130. 906 129,293
77,725 146,846 204,855
87, 581
80,113
978,014 1,022,410 1,051,966 1,050,633 1,049,268 1,082,860 1,017,847 911, 507
2.89
16,353
239,817
1.87
19,337
505,860
1.87
35,635
490,186
1.88
31.069
483, 751
2.13
33,706
461,157
2.45
29,886
428,945
2.49
29, 282
419,979
2.44
24, 526
372,983
2.64
34,516
297,168
.65
4,500
17,010
.42
6,358
25,022
.43
8,198
27,318
.42
10,064
31,978
.47
8,482
35, 617
.67
10,066
34,339
.76
10, 755
.78
10,942
26,389
.76
5,999
18,955
16.50
1.503
44, 994
16.50
2.89
3.16
34, 637 30,214
270, 383 269,496
.73
12, 231
15,676
.76
6,357
26,594
3.22
3.06
3,733
19,862
257, 926 250,110
.76
1,127
20,496
.73
784
16,675
337,010
644,024
684,475
338, 647
585,293
504,968
350, 722
761,446
461,497
395,967
776, 542
445,114
126,155
127,989
116,452
121,155
124,006
103,068
118,673
140,991
105,815
125,047
140,105
100,330
* Deficit.
§Data revised for 1939; for exports, see table 14, p. 17. and for imports, table 15, p. 18, of the April 1941 Survey.
*h Publication of detailed foreign trade statistics has been discontinued for the duration of the war.
Data are no longer available for publication.
^Revisions for quarters of 1940 not shown in the December 1941 Survey will be shown in a subsequent issue.
^The compilation of data on consumption, production, purchases, shipments, and stocks of sulfuric acid by fertilizer manufacturers formerly published in the Survey
has been discontinued. The Bureau of the Census is now collecting similar information from all producers of sulfuric acid; these data are available beginning September 1941.
fRevised series. Data for telegraph and cable carriers revised beginning 1934, see table 48, p. 16, of the November 1940 Survey. Wholesale price of gum rosin revised beginning 1919; see table 3, p. 17 of the January 1941 Survey.
* New series. Data beginning 1926 for price of synthetic, refined methanol will be shown in a subsequent issue. The series for natural refined methanol is the same
that has been shown in previous issues of the Survey.
Digitized series
for FRASER
S-22
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1943
April
June 1942
April
May
June
July
August
1942
September
October
Novem- December
ber
January
Febru- March
ary
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Animal, including fish oils, quarterly{—Con.
Fish oils:
Consumption, factory.
thous. of lb
54,554
50, 018
54,513
50,176
Production
do
83,140
6,271
81,685
7,128
162, 659
Stocks, end of quarter.
do
123, 661
189,916
171,398
Vegetable oils, total:
Consumption, crude, factory (quarterly) X
mil. of lb_.
788
1,027
1,106
1,048
7,185
7,428
11,437
11, 246
Exports
thous. of lb
4,729
11,017
(6)
Imports, total §.
do
93,221
53,087
82,135
69,
615
94,
756
59,559
(h)
5, 767
8,596
6,992
Paint oils f
do
13,322
7,120
10.856
(h)
87,453
44,491
75,143
All other vegetable oils f_
do
56, 293
48, 703
87, 636
(b)
723
762
Production (quarterly)X
mil. of lb.._
1,018
1,205
Stocks, end of quarter: %
700
Crude
..
do
660
902
895
300
497
Refined
_
do
513
450
Copra:
56, 403
64, 550
Consumption, factory (quarterly) t.short tons.
64,993
36,158
33, 766
Imports .
do
24, 943
26,872
18, 672
17,259
25,487
(b)
36,413
28,109
33, 789
Stocks, end of quarter t-- -- do --(*)
Coconut or copra oil:
Consumption, factory:
187, 302
184,118
Crude (quarterly) X
thous. of lb
184, 737
113,643
73,983
68,904
Refined (quarterly) X
. . . ..do
49,437
79,028
3,574
1,435
136
2,146
2,421
In oleomargarine
do
4,680
2,474
1,381
4,198
728
481
1,468
4,153
44,695
26, 884
Imports §
. . .
. . d o
41,155
46, 369
28, 273
30,973
(6)
Production (quarterly): X
70,444
81,054
Crude .
. d o
45,392
80,366
93,710
90, 962
Refined
.
.do
97, 464
65,972
Stocks, end of quarter: X
186, 290
176, 381
Crude
do
178, 463
135, 790
16, 994
15, 064
Refined
do
16 248
15,131
Cottonseed:
419
224
121
474
669
302
Consumption (crush)...thous. of short tons_.
586
317
107
505
413
79
185
1,040
22
1,264
44
218
679
105
86
Receipts at mills . - . .
.
do. -.
361
144
19
51
52
749
301
1,344
Stocks at mills, end of month
do
1,037
190
1,437
129
1,293
768
503
131
401
267
Cottonseed cake and meal:
102
114
1
Exports §
short tons
53
21
31
(b)
97,180 133, 762
52, 976
Production
_
. . do
35, 503
46,186 180, 929 294,821 255, 608 222, 533 206, 817 176, 833 139,742
84, 306
174,
385
291,815 356, 670 380, 366 370, 564 372, 208 338,711
311,403 256, 406 254, 729 224, 275 164, 444 131,618
Stocks at mills, end of month
do
Cottonseed oil, crude:
42, 978
Production
thous. of l b . . 72,671 102, 221
33, 779 129, 499 208,538 178, 276 154,450 146. 676 128,843 101,526
65, 538
26, 288
Stocks, end of month
do
79, 584 133, 228 159, 259 169,998 181, 533 170, 913 137,975
51, 961
105, 714 126,142
32,107
94, 710
29, 708
Cottonseed oil, refined:
317,273
402, 720
287,061
Consumption, factory (quarterly)!
do
292,882
12, 525
10, 816
11,883
14,129
14, 650
11, 444
12, 896
In oleomargarine
do
14, 427
14,738
10,131
13, 708
13,837
11,413
Price, wholesale, summer, yellow, prime
.136
.140
.129
.115
(N. Y.)
dol. per R^.124
.119
.086
.131
.137
.139
.118
.105
.140
63, 536 143, 761 142, 251 136,112 119, 437 130,622 127,442
76, 620
Production
thous. of l b . . 100,548 130, 735
32, 828
49, 627
96, 635
402, 540 476,030 423, 397 372, 756 294,005 234, 242 178, 724 203, 544 273,448 314, 330 322, 972 351,683 389, 010
Stocks, end of month
do
Flaxseed:
1,853
866
Imports
.
thous. of bu
1,139
1,177
1,286
1,051
(>)
Minneapolis:
3,682
490
805
662
742
8,323
1,777
704
721
643
Receipts
._
.
. do . .
1,292
722
708
412
144
185
67
297
120
101
311
141
140
Shipments
do
154
161
139
4,773
2,120
1,885
3,430
4,443
2,634
3,864
4,714
Stocks
.
. . .
do .
3,105
2,299
3,897
1,107
2,743
Duluth:
1,252
4
165
180
192
348
1,000
Receipts
_
. . do
17
178
193
3
5
219
319
310
105
Shipments
do
467
438
109
481
36
416
168
249
46
207
236
1,418
925
1,404
1,691
485
1,937
1,386
381
619
Stocks . .
do . .
1,067
1,026
247
Oil mills (quarterly):
12,175
9,386
Consumption X
do
13,065
13,425
12,385
3,501
Stocks, end of quarter
...do
12, 557
8,477
1.99
Price, wholesale, No. 1 (Mpls.).-dol. per bu-. 2.62
2.00
1.89
1.84
1.87
2.23
1.92
1.87
1.93
2.33
2.6C
1.87
Production (crop estimate)
thous. of bu_.
»31,485
Linseed cake and meal:
1,740
392
Exports§
thous. of lb
914
907
813
1,201
(6)
45,840
22, 360
28,880
Shipments from Minneapolis
..do
53, 760
32,120
37,400
34, 360
30,680
29,280
20,240
51,840
37,640 34,40C
Linseed oil:
141, 913
143,100
Consumption, factory (quarterly)t
do . .
146,147
153,62C
.114
.108
Price, wholesale (N. Y.)
dol. p e r l b . .
.108
.112
.141
.101
.108
.108
.107
.113
.113
.133
.119
236, 744
183, 309
251, 723
Production (quarterly)
thous. oflb-.
258, 72C
21,050
21, 900
17,950
21,500
"23~600~
Shipments from Minneapolis
do
21,350
20,300
21,600
15,750
24,300
22,250
22, 000
22,40C
150, 936
198, 579
161, 255
Stocks at factory, end of quarter^
do
235,897
Soybeans:*
13,175
Consumption (quarterly)
thous. of b u . .
15,873
19,232
20, 50C
Price, wholesale, No. 2, yellow (Chicago)
1.39
1.83
1.57
dol. per bu..
1.67
1.58
1.32
1.50
1.60
1.83
1.20
1.83
1.95
1.8G
1106,712
Production (crop estimate)
thous. of bu_.
Stocks, end of quarter
do
690
8,481
19,431
19,907
Soybean oil:*
Consumption, refined (quarterly)
90,803
104,210
thous. oflb .
98,205
118,28^
Price, wholesale, refined, domestic (N. Y.)
.124
.114
.114
.104
.135
dol. per lb_.
.125
.091
.126
.121
.132
.120
.135
.13,
Production (quarterly):
141, 584
115,686"
Crude
thous. oflb..
177,217
188,80!
Refined
do
96,951
126,301
108,850
151,998
Stocks, end of quarter:
34,909
29,666
68,450
Crude
do
86, 231
36,120
40, 589
Refined
.
do
41,846
56,63<
Oleomargarine:
25, 719
25,174
33,095
33,932
26,857
26, 759
33,754
25,909
32,147
Consumption (tax-paid withdrawals) ©.do
35, 848
30,583
31,767
29,721
Price, wholesale, standard, uncolored (Chi.150
cago). _.
dol. per l b . .
.133
.140
.140
.130
.130
.145
.140
.140
.140
.154
.153
.15(
Production©
-thous. of lb._ 28, 641
24,803
27,695
25,089
27,365
33,124
32,200
34,638
34,060
32,503
35, 071
32, 541
30,76*
« Not shown separately.
* Dec. 1 estimate.
* Publication of detailed foreign trade statistics has been discontinued for the duration of the war.
§Data revised for 1939; for exports, see table 14, p. 17, and for imports, table 15, p. 18, of the April 1941 Survey.
XRevisions for quarters of 1940 not shown in the December 1941 Survey will be shown in a subsequent issue.
•New series. Earlier data for the series on soybeans and soybean oil will be shown in a subsequent issue.
f Revised series. The series on imports of paint oils and all other vegetable oils have been revised to exclude data for oiticica oil from "all other" where they have bean,
included and include them with paint oils. Earlier data are available on request. The revision does not affect the total imports of vegetable oils.
©Data revised beginning July 1939, see note marked "f" on p. 40 of the April 1941 Survey.
S-23
SUEVEY OF CUKRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1943
April
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
March
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
Shortenings and compounds:
Production
thous of lb_.
Stocks, end of quarter
do
Vegetable, price, wholesale, tierces (Chicago)
PAINT SALES
dol. per lb._
Calcimines, plastic and cold-water paints:
Calcimines
thous. of doL
Plastic paints
__.
-do
Cold-water paints:
In dry form
do
In paste form
do
Paint, varnish, lacquer, and fillers:t
Total
_
do
Classified, total
-do
Industrial
do
Trade
do
Unclassified
do
327,615
50,474
410,382
45,967
.170
.111
342
55
233
60
315, 707
53,351
329, 867
60, 790
.133
.143
.145
.153
.156
.153
.156
.164
202
53
178
51
183
57
224
359
195
67
171
69
161
40
217
47
190
46
172
162
43
253
471
175
496
181
412
41,708
37,861
19, 200
18,661
3,848
185
428
47,044
42,032
19,190
22,842
5,012
196
323
51,138
46,178
21,454
24, 724
4,960
210
278
41, 368
37, 531
18, 727
18,804
3,837
45,176
39,745
17, 619
22,126
5,431
48,070
42,617
18,898
23, 719
5,453
.165
51,964
47,239
19,266
27,972
4,725
58,413
53,062
20, 544
32, 518
5,351
54,336
49,072
21,022
28,049
5,265
48,980
44,407
20,133
24, 275
4,573
48,647
44,140
20,247
23,893
4,506
279
462
50,363
45,334
19, 709
25,625
5,029
245
1,415
1,526
217
1,420
1,267
215
1,372
1,315
242
1,387
1,475
229
1,309
1,353
243
1,437
1,510
284
1,479
1,565
252
1,521
1,630
268
1,483
1,569
269
1,485
1,658
272
1,618
1,755
251
1,377
1,545
242
1,434
1,394
50
568
12
402
408
14
524
472
18
513
523
14
507
541
17
573
580
19
585
622
21
630
723
22
558
624
23
501
550
24
585
542
33
567
504
22
519
3,607
3,461
2,255
2,102
2,319
2,146
2,457
2,264
2,467
2,346
2,670
2,506
2,991
2,813
3,439
3,453
2,979
2,777
3,397
3,165
3,789
3,597
3,478
3,225
3,644
3,444
3,141
806
1,255
1,080
3,753
987
1,564
1,202
3,570
981
1,436
1,153
4,062
1,178
1,549
1,334
3,981
1,157
1,543
1,281
4,146
1,227
1,535
1,385
4,737
1,345
1,724
1,668
3,825
1,070
1,315
1,441
3,033
813
955
1,265
2,743
675
761
1,307
3,085
782
862
1,441
3,692
969
1,132
1,258
266
262
513
CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Consumption in reporting company plants
thous. of l b _ .
Production
do
ShipmentscTdo
Cellulose-acetate:
Sheets, rods, a n d tubes:©
Consumption
in reporting company
plants
_
.thous of lb._
Production.
_do
Shipmentscf
do
Moulding composition:
Production _
.do
Shipments t
do
ROOFING
Asphalt prepared roofing, shipments:
Total
thous. of s q u a r e s . .
Grit roll
do
Shingles (all types)
do
Smooth roll
do
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total •
mil. of kw.-hr
B y source:
Fuel
do
Water power
...do
B y type of producer:
Privately and municipally owned electric
utilities
_
. . m i l . of k w . - h r . .
Other producers
do
Sales to ultimate customers, total t (Edison
Electric I n s t i t u t e ) .
mil. of kw.-hr.Residential or domestic
do
Rural (distinct rural rates)
do
Commercial and industrial:
Small light and power
do
Large light and power.
do
Street and highway lighting
..do
Other public authorities
do
Railways and railroads
do
Interdepartmental
do
Revenue from sales to ultimate customers t
(Edison Electric Institute)
thous. of d o L .
14,586
12,885
13,616
13, 671
14, 226
14, 540
14,348
15,236
14,481
15,639
15,646
14,102
15,053
8,983
5,603
8,051
4,834
9,363
4,253
9,614
4,056
9,838
4,388
10,610
3,930
10, 351
3,997
11,034
4,202
10,395
4,086
11,148
4,491
11,050
4,595
9,664
4,438
' 9,438
r
5,615
12,949
1,637
11, 575
1,309
12,105
1,511
12,173
1,498
13,037
1,503
12, 874
1,473
14, 215
1,424
14,110
1,536
12,612
1,491
13,322
1,731
11,126
1,903
155
11, 346
1,909
231
12,087
1,969
329
12,146
2,031
297
13, 678
1,558
12,380
2,092
226
13,050
1,431
10,930
1,990
133
12, 742
1,484
11, 634
1,927
283
12,308
2,266
170
12, 768
2,393
148
1,925
5,941
160
241
485
54
1,912
6,234
146
243
482
50
1,980
6,346
138
240
461
40
2,045
6,479
140
247
472
41
2,131
6,730
154
259
473
40
2,120
6,771
170
251
467
40
2,100
6, 951
193
275
501
42
2,163
6,672
206
281
503
47
2,189
6,882
224
301
569
63
210, 704
210,134
223, 515 226,043
228,884
234,153
239,611
10,153
9,373
295
473
10,265
9,492
293
469
30, 496
17,011
2,165
11,151
10, 296
9,533
283
468
27,849
15,613
1,349
10,696
10,320
9,555
283
470
27,091
15,109
1,108
10, 718
10,402
9,619
308
466
29,210
16,746
1,203
11,079
10,417
9,617
333
456
31,845
17,462
2,402
11, 747
10,428
9,618
351
450
35, 724
15,879
7,491
12,086
10,474
367
451
39,892
16,200
10,752
12,618
10, 434
9,616
344
465
35, 596
16,414
7,038
11,932
10,416
9,631
305
468
32, 919
16, 740
4,286
11, 692
43, 705
18,268
12,294
12, 796
10, 482
9,651
359
463
42, 357
17,672
11,917
12, 425
32, 719
21,036
4,407
7,129
32,032
22,434
2,511
6,961
30, 623
22,211
1.634
6,676
28, 303
20, 731
1,079
6,401
27,802
20, 360
923
6,411
29,887
22,003
1,118
6,657
31,854
22, 712
1,941
7,063
33,692
21, 908
4,248
7,373
36,107
22,042
6,191
7,693
38,680
23,016
7,728
7,739
37, 759
21,924
7,960
7,684
214, 329 217,827
GAS
Manufactured gas:f
Customers, t o t a l .
_..
.thousands..
Domestic
.-do
House heating
do
Industrial and commercial
do
Sales to consumers, total
.mil. of cu. ft._
Domestic
__
.do
House heating
do
Industrial and commercial
..-do
Revenue from sales to consumers, total
thous. of dol__
Domestic
do
House heating
do
Industrial a n d commercial
do
Natural gas:f
Customers, total
thousands. _
Domestic
do
Industrial and commercial
...do
Sales to consumers, total
mil. of cu. ft._
Domestic
do
Ind'l., com'l., and elec. g e n e r a t i o n . . - d o
Revenue from sales to consumers, total
thous. of d o L .
Domestic
do
Ind'l., com'l., and elec. g e n e r a t i o n . . . d o
7,831
7,235
593
140,740
43,480
96,185
48,805
28, 273
20, 373
7,849
7,823
7,268
7,271
578
550
119, 955 110,420
28,814 21,039
89,014 87,003
38,935
20,593
18,062
33,662
16,327
17,059
7,882
7,868
7,311
7,334
545
553
110,163 110,966
18,259
16,792
89, 791 91,328
31, 920
14,458
17,115
31,417
13, 534
17, 540
8,215
7,942
8,012
8,174
7,392
7,585
7.444
7,554
548
565
628
617
115, 379 127,179 143,343 160,937
17,812 22, 400 36, 976 50,694
94,873 102,073 103,639 107,125
32,131
13,836
17,973
36, 739
16,883
19, 528
46,461
24,655
21,433
56,124
32,242
23,448
8,171
8,183
7,554
7,572
614
609
178, 028 174, 389
67, 790 62,485
107, 521 108,679
67,665
42,000
25,241
63, 760
38, 433
24,816
*• Revised.
©"Includes consumption in reporting company plants. ^Excludes consumption in reporting company plants.
• Monthly data for 1920-39, corresponding to averages shown on p . 97 of the 1940 Supplement, appear in table 28, p p . 17 and 18 of the December 1940 Survey; revised data
for all months of 1940 are shown on p . 41 of the June 1941 Survey.
© D a t a do not include cellulose acetate salety glass sheets.
fRevised series. Manufactured and natural gas revised beginning January 1929; earlier data will appear in a subsequent issue. Revised electric-power sales and revenue
from sales beginning 1937 will be shown in a subsequent issue. D a t a on sales of paint, varnish, lacquer, and fillers cover 680 companies and replace the series for 579 companies
for
FRASER
previously
shown in the Survey; earlier data will be shown in a subsequent issue.
Digitized
S-24
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1943
April
June 1942
April
May
June
July
August
September
1943
October
Novem- December
ber
January
Febru- March
ary
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
5,844
6,126
6,554
5,913
5,291
Production
thous. of bbl.. 5,728
5,170
6,055
5,240
5,030
5.385
5,678
6,268
Tax-paid withdrawals
do
4,557
8,605
8,384
8,950
8,848
9,038
9,026
Stocks.
do
8,645
Distilled spirits:
9,716
14,726
12, 521 11,075
9,881
21, 201
Production..
thous. of tax gal..
14,732
9,641
8,027
9,281
8,992 10,092 11,969
Tax-paid withdrawals..
..do
9,722
1,052
860
727
855
Imports
..thous of proof gal..
1,549
1,535
Stocks
thous. of tax gal._ 6543, 512 547,018 549,979 551,424 551,435 549, 275 547,678
Whisky:
9,058 11,860
7,764
6.571
9,424
Production
_
do
9,560
12,025
6, 631
6,606
7,104
9,212
Tax-paid withdrawals
do
7,210
6.147
7,531
653
111
Imports
thous. of proof gal..
788
1,423
991
1,448
Stocks..
thous. of tax gal.. 521, 503 500,097 503,040 504,081 503, 567 501, 587 499, 503
Rectified spirits and wines, production, total
4,625
4,399
5,415
5,789
5.871
thous. of proof gal..
5,393
5,195
3,902
4,321
Whisky..
do....
4,3*8
4,807
4,715
3, 418
4,224
Indicated comsumption for beverage purposes:
11,130
15,549
All spirits
thous. of proof gal..
12, 248 13,028
13, 515 12,698
9,294
Whisky
do....
10, 724 10,084
11,017
13, 561
11,641
Still wines:
1.709
1,636
2,663
9,375 95,884
Production
thous. of wine gal..
1,365
10,123
8,051
7,843
7,018
7,580
Tax-paid withdrawals.
do
7,270
132
134
125
169
90
Imports.
.-do
158
135, 310 128,003 117, 887 111, 570 106,377 136,457
Stocks
do
Sparkling wines:
141
119
77
95
151
Production
do
40
59
112
61
71
52
Tax-paid withdrawals
do
7
6
4
11
5
7
Imports
do
817
647
761
794
744
811
Stocks
do
4,989
4,920
8,207
3,842
4,074
7,783
4,421
4,521
7,446
4,432
3,970
7,672
4,438,
3,763
8,148
5,154
4,577
8,491
30.667
10,505
<•)
555,462
20,768
11,108
18.778
8,586
18, 535
9,233
12,903
9,413
10,571
11,312
558,967
567,403
574,937
577,140
11,828
8,143
13,632
6,832
13,088
6,519
11,486
6,417
505, 557 511,211
516,456
13,834
7,602
(a)
504,041
'542,
884
10,020
7,501
519, 790 520, 765
6,330
5,167
5,943
5,040
4,583
3,772
6,006
4,627
4,881
6,481
5,627
130,886
8,546
(•)
183,015
54,135
8,832
11,851
10, 633
2,510
8,079
1,846
8,860
1,843
9,446
193, 275 183, 560 176,627
6,249
167, 079 158,041
118
124
111
137
114
150
74
29
748
719
664
780
DAIRY PRODUCTS
Butter, creamery:
Consumption, apparent!
thous. of lb..
Price, wholesale, 92-score (N. Y.)-dol. per lb,.
Production (factory)t
thous. of lb..
Receipts, 5 markets
do
Stocks, cold storage, end of month
do
Cheese:
Consumption, apparentf
.do
Imports!
do—
Price, wholesale, No. 1 American (N. Y.)
dol. per lb_.
Production, total (factory) f
thous. of lb_.
American whole milkf
do
Receipts (American), 5 markets
do
Stocks, cold storage, end of month
.do
American whole milk
do
Condensed and evaporated milk:
Exports :§
Condensed (sweetened)
do
Evaporated (unsweetened)
do
Prices, wholesale (N. Y.):
Condensed (sweetened)
dol. per case..
Evaporated (unsweetened)
do
Production, case goods:t
Condensed (sweetened)
thous. of lb..
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of mo.:
Condensed (sweetened)
thous. of lb.
Evaporated (unsweetened).
do
Fluid milk:
Consumption in oleomargarine.
.do...
Price dealers', standard grade.dol. per 100 lb.
Production (Minneapolis and St. Paul)
thous. of lb.
Receipts:
Boston
thous. of qt.
Greater New York
do...
Powdered milk:
Exports
thous. of lb.
Production!
do...
Stocks, manufacturers', end of month..do.._
155, 450 179,332 150,124 138, 545 150, 745 147,036
.38
.35
.37
.33
.36
.35
.36
.36
.36
.35
.36
150, 695 164, 384 218,118 213. 568 196,970 172, 545 149,744 136,404 115, 054 117,867 121,410
55,135 62,342
47,393
78,217
73,993
60,942
55, 666 53,025 43,433
74,366
48,149
37,183
17, 795 56, 792 120, 246 178,493 200, 228 202, 957 186, 635 152,484 114, 436 83,106
74, 250
1,871
.23
.19
103, 030 71.070
85, 960 '54,901
21,432
15,166
204, 307 108,335
188,333 94,602
82, 568
2,114
70, 289
1,437
57,130
2,094
66,496
1,758
66, 765
1,464
.26
.24
.25
.24
.22
.24
.26
.26
.26
.21
.26
72,105 88, 770
98, 210 105, 610 95,100 87, 510 82, 500 78, 300 67, 650 69, 340 69,850
58, 055 72, 290
71,518
66,861 ' 62,241 51,651 '53,038 56,075
'78,378 r 86, 223 77,861
12,928
21, 551 22, 212 15,634
18,097
15, 784 13,648
13, 542 14,356
16,139
21, 965
119,718 142, 369 168,420 184,940 188,337 188, 727 189,002 201,613 165,018 160,073 188, 333
102,869 121,064 139, 568 151,906 156, 746 157,468 158,238 171,869 137, 276 133,140 163,939
7,822
7,773
8,292
19, 366
7,333
43,383
7,111
60,153
8,865
40,687
6,300
45, 875
5.00
3.23
5.00
3.43
5.40
3.45
5.48
3.60
5.80
3.70
5.56
3.85
5.40
3.85
5.90
3.85
4,407
8,601
10,130
356, 799 252, 679 350,495
9,745
331,285
9,923
9,793
297, 981 291,714
8,017
281,147
7,999
268,134
8,126
257,649
10,009
10,327
173, 838 189,711
10,494
9,783
261, 559 289,904
10, 062 11,245
11,906
339, 716 382, 605 417,643
5.90
3.80
8,292
7,228
222, 485 126,160
5,167
2.75
6, 016
2.27
44,477
22, 655
59, 000
47, 459
5,101
2.27
49, 501
2,277
62, 500
36,676
5.90
3.85
5.90
3.85
3,079
7,086
286, 736 310,952
5.90
3.85
12,024
328,475
9,000
252,532
6,223
218,410
6,469
213, 550
5,474
2.75
4,919
2.32
4, 582
2.40
6,044
2.49
6,049
2.60
5, 764
2.66
6,230
2.70
6,113
2.73
5,897
2.74
42, 475
35,932
30,658
25, 972
27,159
29,018
35,194
39, 349
38, 794
7,005
54,900
37, 231
6,336
43,600
34,108
2,760
37,750
31, 705
21, 895 21, 802 20,842
132,725 135, 906 126,453
4,155
35,100
26, 975
()
30, 200
21, 470
26,050
18, 732
5.90
3.85
3, 853
5,426
296, 877 335, 203
4,627
2.29
21,353
22,027
22,179 22,769
22, 480
127, 288 132, 704 132, 294 131, 958 127,050
1,631
46, 300
36, 036
.35
.35
118, 780 137, 010
47,170
55, 718
45, 045
'63,701
21, 250 19, 575 22, 756
21.162
130, 314 126,383 115,501 130,619
32,000
20,156
38, 350
22, 931
38, 356
28, 789
49, 800
38, 482
FRUITS AND VEGETABLES
Apples:
126,076
Production (crop estimate)!
thous. of bu.
3, 315
3,704
3,951
4,001
2,720
676
480
5,058
4,936
10,811
6,216
Shipments, carlot
.no. of carloads..
2,718
3, 544
20,162
14, 238 ' 8, 207
5,999
0
0
25. 732
10,351
31, 321 31,181
Stocks, cold storage, end of mo.-thous. of bu__
2,316
0
20, 329 18, 052 20,831
Citrus fruits, carlot shipments.no. of carloads.. 19, 592 16, 937 19, 869 14, 956 12, 219 10,307
6,953
10, 316 23, 835 16,964
2,925
1,856
2,660
2,762
1,466
1,013
1,671
1,857
920
2,089
3,506
2,445
Onions, carlot shipments.
_
do.
3,679
Potatoes, white:
2,719
2.638
2, 525
2,250
1.590
1.970
1.845
1.944
2.330
1.700
2.363
1.806
2.163
Price, wholesale (N. Y.)
dol. per 1001b..
1357,783
Production (crop estimate)
thous. of bu_.
21, 738 16, 556 21, 9
13,803
Shipments, carlot
no. of carloads.. 19, 827 18, 442 22,655
19, 546 13,820
8,273
11,087
16,515
13,996
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and
4,042
5,037
9,116
meal§
thous. of bu..
5,291
3,330
Barley:
574
284
178
232
263
Exports, including malt§
do
123
Prices, wholesale (Minneapolis):
.87
.55
.69
.69
.82
.58
.56
.51
.55
.77
No. 2, malting
dol. per b u . .
.73
.68
.54
.52
.45
.51
.60
.55
No. 3, straight
do...
.52
1358,709
Production (crop estimate)
thous. of bu.
4,813
7,220
S,827
5,442
6,028 10, 468 14,111
5,770
13, 239 12,190
9,598
7,838
Receipts, principal markets
do...
9,116
6,344
9,556
5,514
8, 324
1,681
5,157
4,726
4,931
5,471
8,739 10,002
Stocks, commercial, end of mo
do
6,977
7, 757
' Revised.
i December 1 estimate.
§See note marked " § " on p. S-26.
^Production in "commercial areas." Some quantities unharvested on account of market conditions are included.
•6 The publication of detailed foreign trade statistics and data on consumption of alcoholic beverages has been discontinued for the duration of the war.
Not including high-proof spirits produced at registered distilleries.
tFor revised 1939 and 1940 data for the indicated series on dairy products, see note marked " t " on p. S-24 of the February 1942 Survey.
JHeretofore data published currently represented only reporting companies. Beginning with the April 1942 issue of the Survey, all data are estimates of total production
http://fraser.stlouisfed.org/
comparable with 1940 data on p. S-24 in the December 1941 Survey; revised 1939 data are available on request.
Federal Reserve Bank of St. Louis
S-25
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data. may be found in the
1940 Supplement to the Survey
1941
1942
April
April
May
June
July
August
1943
September
October
Novem- December
ber
January
Febru- March
ary
FOODSTUFFS AND TOBACCO—Continued
GRAINS, ETC.-Continued
Corn:
Exports, including meal§
thous. of bu_.
Grindings—
__
do
Prices, wholesale:
No. 3, yellow (Chicago) $_
dol. perbu..
No. 3, white (Chicago)
do
Weighted avg., 5 markets, all grades-do
Production (crop estimate)
thous. of bu_.
Receipts, principal markets
_do
Shipments, principal markets
do
Stocks, commercial, end of month
do
Oats:
Exports, including oatmeal§
do
Price, wholesale, No. 3, white (Chicago)
dol. perbu..
Production (crop estimate)
thous. of bu_.
Receipts, principal markets
do
Stocks, commercial, end of month
do
Rice:
Exports §
pockets (1001b.)_.
Imports
do
Price, wholesale, head, clean (New Orleans)
dol. perlb..
Production (crop estimate)
thous of b u . . .
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (1621b.)_.
Shipments from mills, milled rice
thous. of pockets (100 lb.)__
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
thous. of pockets (100 lb.)_
California:
Receipts, domestic, rough... .bags (1001b.)..
Shipments from mills, milled rice
do
Stocks, rough and cleaned (in terms of
cleaned rice), end of mo_.bags (100 lb.)__
Rye:
Price, wholesale, No. 2 (Mpls.)_.dol. per bu_.
Production (crop estimate)
thous. of bu_.
Receipts, principal markets...
do
Stocks, commercial, end of month
do
Wheat:
Disappearance
do
Exports, wheat, including flour §
do
Wheat only §
do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol per bu_.
No. 2, Red Winter (St. Louis)
do
No. 2, Hard Winter (K. C.)
do....
Weighted av., 6 markets, all grades.-do
Production (crop est.). total
thous. of bu._
Spring wheat
do
Winter wheat
do
Shipments, principal markets
do
Stocks, end of month:
Canada (Canadian wheat)
do
United States, total..
do
Commercial
do
Country mills and elevators
do
Merchant mills
do
On farms..
do
Wheat flour:
Disappearance (Rus'l-Pearsall) .thous. of bbl._
Exports§
do
Grindings of wheat
thous. of bu._
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbL.
Winter, straights (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
2
10, 948
175
9,549
1,016
9,194
295
9,421
1,370
8,736
1,211
9,514
2,834
9,676
()
>9,256
.72
.78
.74
.82
.71
.74
.85
.71
.75
.84
.74
.75
.81
.73
.70
.75
.67
19,244
19,098
53,102
22,123
22, 712
43,701
18, 776
15,124
40,099
27,496
20, 555
39,137
24,041
17,099
40,135
224
.82
.97
.81
.72
.67
30, 570
19, 793
63,363
17,403
14,012
65,463
24,846
22,133
60,959
2 8, 653 2 8, 579 I 10,118
.71
.78
.66
.76
.83
.72
12,672,541
24,354 28,107
15,847
13,193
39,835 47,946
138
131
92
82
113
.55
.39
.37
.37
.36
.37
.46
.44
.48
5,614
4,642
4,539
4,473
3,854
4,571
3,396
3,906
10, 575
7,328
14,607
11, 771
10,414
13,427
6,720
11, 562
7,052
11,030
440,030
17,970
382,981
23,168
320, 939 212,497
25,095
9,173
262,096
23,418
224,709
4,709
.048
.049
.047
.044
.041
.043
.049
1,256
.048
.53
11,176,107
7,947
9,473
2
9,732
2
11,072
.82
.90
.78
.82
.96
.78
.82
.97
29,494
16,280
50,311
30,357
15,849
59,884
24,098
17, 524
60,973
.58
.56
8,519
8,625
5,670
7,483
5,253
5,893
.064
1 54,028
.068
.068
.070
415
171
72
312
650
2,191
2,321
2,099
1,148
1,325
681
1,131
837
463
548
822
1,278
1,425
1,772
1,700
1,315
1,405
2,583
1,885
844
2,675
2,050
1,457
861
712
1,683
2,627
3,007
2,508
499, 885
420, 205
471,673
214,208
549,090
402,817
317,389
123,406
256,626
81,128
297,638
82,137
114,931
72,446
263,460
131,856
316,495
290,089
378, 554
260,941
465,182
137,749
229, 404 278, 245
97,631 162,316
242, 690
414,382
302,027
302, 587 324,405
379,134
337, 263 354,827
247, 542 210, 534
343,001
374, 565 364, 795
.56
.58
.57
.55
.62
.60
.64
961
4,951
3,282
5,486
2,490
5,639
3,758
11,077
6,944
14,637
4,944
17,243
2,603
17,504
2,150
17,645
4,855
1,246
4,572
1,414
157,123
2,711
106
2,413
30
3,137
769
178,704
5,767
3,771
1.01
1.02
.97
1.00
1.03
1.06
1.08
1.07
1.05
1.14
1.16
1.14
1.12
1.10
1.13
1.12
1.02
26, 611
30,987
17, 642
14,086
16,394
.72
566
17,333
1.19
1.21
1.15
1.14
.95
.87
.90
.97
.90
.94
i 45,191
2,475
17,474
2,115
16, 785
185, 815
1.14
1.17
1.13
1.06
1.23
1.27
1.20
1.15
1945,937
1274,644
1
671, 293
14, 579
14,752
1.28
1.34
1.26
1.20
1.25
1.31
1.23
1.21
10,471
12,129
11, 716
17,114
439,533
428,235
36,878
8,531
768
40, 899
672
39,045
554
38, 819
9,765
507
40, 625
8,293
504
39,123
10,545
425
43, 247
(
44,251
37, 560
42, 403
5.95
5.40
5.01
3.93
5.32
4.32
5.42
4.77
5.42
5.06
5.76
5.36
6.00
5.63
5.75
5.48
5.88
5.44
6.30
5.74
9,002
8,596
59.5
56.8
9,374
9,470
706, 944 675,411
8,552
58.9
9,090
669,141
9,693
8,216
62.2
59.6
10,553
766, 313 650,110
9,283
61.8
9,532
63.5
8,058
53.6
641,182
429, 565 432, 504 438,088 452,018 476,307 473,995
406,384
1,152,108
139," 119" 139," 513" 151,896 246," 702 274~629* 284,920 280," 588" 276,260
73,240
223,975
93,882
154,902
87,366
488,311
5,225
5,250
8,918
8,592
9,495
59.3
57.2
65.8
10, 332
9,047
11,170
703, 201 674, 351 745,899
5,400
4,001
5,450
5,700
.75
1,091
17, 551
164,501
420,880
229,407
.78
1,913
17,029
5,900
4,586
6,000
1.24
1.30
1.21
1.19
9,155
11,195
471,492 465, 608 458, 692
987,607
270,835 258,570 249,891
207,351
135, 601
373, 820
446,983
801, 792
237, 777
171,432
122, 461
270,122
43,611
38, 621
38,194
5.86
6.33
5.74
8,479
6.17
5.63
732, 746 756,199
8.378
55.7
663. 743 657, 985
~4,"662
"3,"96l"
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 100 lb__
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 1001b..
Hog-corn ratio
b u . of corn per cwt. of live h o g s . .
r
r
1,815
1,593
1.647
1,624
1,697
1,728
2,208
'2,454
2,022
1,964
1,789
1,467
1,741
1,085
724
341
'977
'615
302
1,013
624
282
1,025
574
228
1,079
605
235
1,032
680
328
1,198
956
514
1,209
1,196
699
1,054
961
580
1,129
816
443
1,116
660
310
973
479
199
1,094
612
264
11.40
11.06
12.00
12.57
12.75
12.60
12.60
13.11
14.09
13.26
14.09
13.13
10.67
12.31
11.34
10.23
11.97
11.34
10.62
11.88
11.13
11.24
12.01
11.94
11.73
11.93
12.38
11.73
11.71
13.50
11.55
11.44
13.38
2,638
2,610
2,564
2,305
2,036
1,895
2,004
2, 542
2,832
3,639
2,020
2,020
611
611
57
1,981
623
623
54
1,974
587
587
53
53
1,707
582
51
1,473
560
54
1,361
529
529
43
43
1,488
504
504
37
1,905
616
616
42
2,098
727
727
45
45
2,692
2,692
935
935
63
63
14.26
8.42
8.97
9.88
10.94
10.88
11.42
10.71
10.31
10.51
16.9
12.9
12.4
13.1
14.7
14.8
15.7
15.5
15.2
15.3
12.39
12.66
13.50
12.59
13.36
13.80
3,704
2,463
2,694
2,670
1,033
60
1,748
710
51
1,995
690
52
11.37
12.49
13.51
14.5
15.2
15.7
Revised.
i December 1 estimate.
* For domestic consumption only, excluding grindings for export.
° See note " a " on page S-26.
«» D a t a not available.
§Data for 1939 revised; see table 14, p . 17 of the April 1941 Survey. JFor monthly data beginning 1913, see table 20, p . 18 of the April 1940 Survey.
S-26
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
April
June 1942
1941
April
May
June
July
August
1942
September
October
Novem- December
ber
January
Febru- March
ary
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
Sheep and lambs:
Receipts, principal markets-thous. of animals.
Disposition:
Local slaughter^.
_.do
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes..
-dol. per 100 lb_.
Lambs
...do
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. of lb_.
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
Lard..
do....
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb_.
Lard, in tierces:
Prime, contract (N. Y.)
do
Refined (Chicago)
do,...
Production (inspected slaughter), total
thous. of lb_.
Lardf
do,...
Stocks, cold storage, end of month
do
Fresh and cured..
do—
Lard^
do....
1,866
1,618
1,928
1,779
1,885
2,023
2,465
2,833
1,818
1,719
1, 791
1,535
1,042
819
224
••975
••645
113
1,079
853
154
933
834
150
971
924
241
922
1,104
377
1,004
1,406
592
1,018
1,820
523
905
945
379
1,016
699
199
1,036
754
197
907
629
126
1,136
721
164
7.24
11.38
6.75
9.88
4.81
10.44
4.10
11.13
4.41
10.75
4.84
10.88
5.14
10.98
5.22
10.63
5.44
10.57
6.06
11.20
6.34
11.88
6.48
11.25
6.91
11.00
1,186
28
1,215
1,294
1,285
18
1.327
1,329
77
1,229
67
1,190
1,233
75
1,260
106
1,222
1,102
73
1,278
91
1,168
916
72
1, 292
97
1, 178
730
64
1,418
1,245
1,477
1,503
1,213
1.282
1,684
903
105
1,728
1,097
123
1,271
1,097
116
1,345
1,046
118
486,031
1,548
558, 783 525,989
1,195
569.054
5,473
1, 435
649
64
635, 550
1,394
720
73
524, 974
574,166
617, 671
518.851
560, 617
.214
566,213
126, 347
.170
473, 364
85. 563
.175
.175
.171
.176
.173
176
538, 542 512,112 565,041 557. 536 580J 536 642, 731
76, 231 68. 442 65, 708 67, 489 73, 366
89, 793
.173
535, 884
114,330
.191
575, 794
135, 478
.198
605,041
142, 599
.196
513 157
150,410
.200
545. 801
147,514
68, 331
7,045
61,833
62, 214
4,718
66, 453
67, 206
4,783
55, 572
57, 244
6.432
64, 239
65,816
7,936
68, 451
68, 781
8,228
61,813
61, 701
8,122
73,311
73, 422
628, 222 653,854 637,395 716,262
80,005 70, 508 97, 285
53,819 44, 634 46,976
664, 354
838,113
816, 538
632,393
648, 483
.272
.265
.271
.299
.303
.315
.104
.120
.112
.130
.121
.136
.125
.138
725, 295
132,115
772,420
590, 416
182,004
1,376
937
107
637,775
25.305
22,375
65,301
64,752
4,130
54,915
54,458
3,638
661,328 647,951
14, 213 51,439
10, 697 20,101
62, 238
61,853
3,211
563, 986 592, 169
4,029
3, 181
60, 244
60,364
3,306
62, 276
63,094
4,093
C)
8
.321
.238
.248
.256
.275
.285
.126
.144
.083
.097
.095
.106
.101
.112
.104
.114
.103
.118
.111
.128
.104
.121
741,802 679,746
126, 877 125, 746
696, 871 1,123,574
570, 817 795,876
126,054 327,698
623,277
139, 714
1,172,305
798, 455
373,850
623,078
115,719
1,086,369
703,893
382, 506
594,970 549,836
108,395
959,146 773,182
618,866 485,108
4
340,280
534, 503
92,231
589, 322
371,362
217,960
725,158
127,469
490, 694
313, 268
177, 426
800, 819 1,042,675 1,053,759
141, 579 190,337 203,206
526,735 655,049 823,129
350,270 468, 538 613, 659
176, 465 186, 511 209,470
696,100
128,465
823,169
616, 604
206, 565
30,353
87, 433
28,188
85, 573
35, 220
96, 701
49, 351
127,981
77, 720
172,913
84,224
218,392
27, 302
206,120
18, 624
179,083
.296
.106
.127
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. oflb.. 23,123
96, 441
Stocks, cold storage, end of month
do
Eggs:
Receipts, 5 markets
thous. of cases..
Stocks, cold storage, end of month:
4,650
Shell
thous. of cases..
Frozen.
_
thous. of lb-_ 159,176
19,863
101,129
28, 723
81, 206
33,368
85, 363
r
20, 509
139, 677
2,073
1,972
1,508
1,337
876
833
701
587
892
915
1,149
3,031
99, 531
5,375
142,065
6,427
178,594
6,641
195,097
6,131
194,006
5,441
178,438
3,857
153,843
1,670
129,533
549
95, 538
331
76,293
529
73,766
31,304
.0731
36,028
.0795
34,395
.0799
25,218
.0782
24,257
.0814
.0820
.0878
.0935
.0950
.0892
1,110
945
2,135
1,141
968
1,731
627
513
1,215
454
296
591
16,841
.0787
518
376
444
847
744
72
706
624
)
882
1,008
970
1,073
1,001
766
665
609
.099
1,968
.108
2,151
.115
2,224
.122
2,064
.134
1,879
.134
1,780
.132
1,580
.131
1,393
.133
1,327
.134
1,471
.134
1,102
.134
850
1,654
1,422
1,149
789
477
213
402, 948 417,387
459,297
404,252
331,299
318, 644
291, 839
181,387
271, 426
.035
.035
.035
.037
.037
.037
r
107, 397
TROPICAL PRODUCTS
Cocoa:
Imports!
long tons. _
Price, spot, Accra (N. Y.)
dol. p e r l b . .
CofTee:
1,006
Clearances from Brazil, total.-thous. of bags..
842
To United States
do
Imports into United States§
do
Price, wholesale, Santos, N o . 4 (N. Y.)*
.134
dol. p e r l b . .
Visible supply, United States..thous. of bags. .
852
Sugar:
Raw sugar:
Cuban stocks, end of month
3,295
thous. of Spanish t o n s . .
United States:
Meltings, 8 ports
long t o n s . . 319, 209
Price, wholesale, 96° centrifugal (N. Y.)
.037
dol. p e r l b . .
Receipts: From Hawaii and Puerto Rico
long tons. .
Imports, total§
do
From Cuba
do
From Philippine Islands
do
179, 311
Stocks at refineries, end of m o n t h . . d o
Refined sugar (United States):
Exports
long tons..
.066
Pncc. retail, gran. (N. Y.)
dol. per lb__
.055
Price, wholesale, gran. (N. Y.)
do
Receipts:
From Hawaii and Puerto Rico .long t o n s . .
Imports, total
do
From Cuba
do
From Philippine Islands
do
Tea, imports
thous. of lb_.
r 2, 441
2,195
1,942
442, 264
426,159
405,219
()
2,084
.034
.034
.035
.035
.037
.036
180,098
380,881
266, 675
85, 001
460, 549
191,473
322, 567
199,483
117,032
608, 701
195,169
239, 305
147, 705
78,326
654,105
166, 355
211,202
127, 864
63, 673
653, 041
136, 027
210,190
143,198
16,769
506,133
126,173
167.040
110, 468
13,072
398, 901
355, 071
352, 584
350,074
218,993
199, 661
209, 257
1,897
. 055
.050
2,360
.056
.050
3,175
.056
.049
2,482
.056
.050
7,232
.057
.052
10, 253
. 058
.052
.059
.052
.059
.052
.060
.052
.064
.053
.066
.053
.066
.053
20, 612
58,108
52,918
4,224
7,793
14,051
53, 264
48,993
3,990
11,190
6,257
54, 551
49,144
5,365
9.752
5,412
27, 707
19, 477
7,926
10, 679
4,946
19. 025
16,036
446
7,766
1,116
13, 220
10. 640
1,962
6,915
(•)
(°)
MISCELLANEOUS FOOD P R O D U C T S
Candy, sales b y manufacturers...thous. of dol..
Fish:
Landings, fresh fish, prin. ports.thous. of lb_.
Stocks, cold storage, 15th of mo
do
27,179
19,297
16, 209
15, 399
14, 629
17, 994
28, 251
33, 336
32,003
31, 043
27,007
27, 277
28, 914
48, 579
47. 033
35, 757
54, 580
41,878
54, 555 r 51, 479
55,117
73, 432
54,159
90.885
59.355
102,191
49, 521
107, 574
42,215
115,432
29,522
117, 805
16,355
99,979
13,853
82, 677
39,153
' 62,160
' Revised.
!Data for exports and imports revised for 1939; see table 14, p. 17, and table 15, p . 18, respectively, of the April 1941 Survey.
b
o The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
Data not available.
•New series. This series replaces the one for the price of coffee, Rio No. 7 shown previously. Earlier data are shown in table 13, p . 22 of the April 1942 issue,
ks.
t Revised series; revisions beginning January 1937 appear in table 8, p . 18, of the January 1941 Survey; see also note marked "H" which applies to both production and stock
FRASER ^Includes fats rendered from hog carcasses reported beginning November 1940 as "lard" and "rendered pork fat." Figures are comparable with earlier data reported a
"lard."
Digitized for
S-27
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
1941
April
September
April
May
June
July
August
1942
October
Novem- Decem- January February
ber
ber
March
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS
—Continued
Gelatin, edible:
Monthly report for 7 companies:
Production
thous. of lb_.
Shipments
_
do
Stocks
do
Quarterly report for 11 companies:
Production
Stocks
-do.
2,164
2,162
3,642
TOBACCO
Leaf:
Exports, incl. scrap and stems§ thous .oflb
Imports, incl scrap and stems §
do
Production (crop estimate)
. mil oflb
Stocks, dealers and manufacturers, total, end
of quarter . .
mil. of lb
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured
do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cigarette tobacco . . .
do
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
.mi llions.. 17,380
Large cigars _ . . -. .
thou sands., 503, 536
Mfd. tobacco and snuff
thous. of l b . . 27,825
Exports, cigarettes § . . . ._
thou sands
Prices, wholesale (list price, destination):
Cigarettes, composite price.-dol. per 1,000.5.760
Cigars, composite price
do
46. 592
Production, manufactured tobacco:
Total t
thous. of lb
Fine cut chewing
_ do .Plug
do
Scrap chewing . .
_.
do . .
Smoking
do
Snuff*
. .
.
do .
Twist
do
1,847
2,205
4,882
2,028
2,055
4,856
1,973
2,025
4,803
1,661
2,248
4,216
1,435
2,006
3,644
7,492
6,563
14, 030
5,927
22,699
6,526
14,916
6,630
1,774
2,051
3,367
2,155
2,303
3,220
2,271
2,060
3,431
20,975
5,725
23,380
7,451
2,245
2,094
3,542
2,102
2,126
3,518
2,269
2,147
3,640
8,314
5,026
6,329
4,720
26, 793
6,042
2,081
2,121
3,392
(a)
5 1,280
3,349
3,372
'3,492
3,506
404
283
2,527
4
371
258
2,618
4
'340
251
2,784
4
434
303
2,663
4
22
109
21
99
21
91
21
81
15,854
490, 585
29,127
685, 513
17,858
475, 067
29, 232
926,183
18, 523
478,802
27,660
549,338
18.404
487,033
28,835
521,326
17, 777
491, 028
27,462
843, 686
18, 761
506,071
29,756
433,690
19,632
621,990
32,179
17,141
542,906
27,376
16, 201
474,913
24, 265
19, 502
458, 277
27,938
16,628
441, 805
24, 426
17,016
489,727
27,919
5.760
46. 056
5. 760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46.056
5.760
46. 056
5.760
46.056
5.760
46.190
5.760
46. 592
29, 753
402
4,406
3,745
17, 209
3,507
483
28, 903
427
4,288
3,524
16,847
3,441
376
28, 469
441
4,229
3,910
16, 288
3,123
478
29,079
458
4, 560
3,884
16, 348
3,347
483
27, 594
505
4,264
4,064
15, 200
3,059
501
30,499
467
4,476
3,962
17, 758
3,333
503
32, 712
467
4,710
4,016
19, 341
3,665
514
27, 570
396
3,810
3,279
16, 631
3,023
430
25, 521
415
3,769
3,410
14,070
3,392
465
27,365
415
4,045
3,673
14,990
3,763
479
25,072
358
3,697
3,411
13, 854
3,265
486
28,656
411
4,445
4,117
15,240
3,916
528
FUELS AND BYPRODUCTS
COAL
Anthracite:
304
404
335
Exports
thous. of long tons..
223
309
97
Prices, composite, chestnut:
12.48
12.48
12.48
12.43
12.42
11.88
12.41
12.46
11.64
12.17
11.57
12.29
11.67
Retail
dol. per short ton..
10. 280
10. 288
10. 288
10.301
10.288
10.301
9.939
9.807
9.799
Wholesale
d o . . . . 10.114
10.073
10.209
9.779
4,772
' 5,085
3,832
4,532
4,118
5,138
5,380
Production
thous. of short tons..
4,681
5,246
4,891
3,198
5,143
3,858
Stocks, end of month:
656
755
1,237
414
915
1,393
268
1,177
205
169
197
In producers' storage yards.
do
708
466
In selected retail dealers' yards
54
34
58
32
48
42
108
59
29
53
43
number of days' supply..
27
Bituminous:
2,325
2,071
Exports
-thous. of long tons..
1,973
2,353
1,511
528
(*)
Industrial consumption, total
38,476
37,192
34, 555
31,510
32, 400
34, 978
29,023
31, 928
30,881
31,199
thous. of short tons.. 34,550
35, 091 ' 36, 443
1,021
1,016
148
908
959
968
835
957
1,024
886
Beehive coke ovens.
do
1,029
850
901
6,685
' 7,372
7,404
7,352
6,404
6,848
6,871
6,855
7,107
7,108
6,814
7,050
Byproduct coke ovens__
do
7,187
543
588
497
564
489
628
Cement mills.
do
596
676
571
660
658
630
615
142
153
136
149
134
148
132
143
143
127
Coal-gas retorts
do
128
126
144
5,154
' 5, 011
5,892
5,532
5,913
4,164
Electric power utilities
do
4,722
4,916
5,913
5,215
5,643
5,552
5,135
9,723
8,879
9,226
7,799
8,038
8,742
8,747
9,685
Railways (class I)
do
7,755
7,576
7,006
8,053
9,194
984
937
957
912
886
1,046
Steel and rolling mills
do
946
837
863
833
842
802
827
11,840
11,660
10, 600
10,910
11, 980
12, 700
Other industrial.
__do
9,240
9,730
8,860
9,020
9,050
8,860
10,840
Other consumption:
113
137
164
124
129
Vessels (bunker)
.thous. of long tons..
80
()
'251
334
313
313
347
Coal mine fuel
thous. of short tons..
307
329
335
306
311
260
362
Prices:
9.51
9.51
9.24
9.47
9.42
9.52
9.50
8.89
9.34
Retail (35 cities)
dol. per short ton..
9.06
8.85
Wholesale:
4.753
4.704
4.713
4.732
4.737
4.703
4.658
Mine run, composite
do
4.774
4.570
4.618
4.677
4.375
4.547
4.897
4.925
4.930
4.924
4.922
4.926
Prepared sizes, composite
do
4.663
4.724
4.823
4.533
4.883
4.819
4.618
47, 400
46, 667
43, 770
43,840
42, 774
49,800
5,975
Production $
thous. of short tons.. 49,000
48, 540
43, 300
45, 650
46,880
43, 400
Stocks, industrial and retail dealers, end of
57,221
56, 885
62, 737
42,929
47, 051
52,801
58,681
month, total
thous. of short tons.. 61,832
61,763
56,994
61,401
35, 971
37, 483
51,761
53, 397
50,635
Industrial, total
do
50,951
55,742
52,013
51, 501
31,891
32, 583
40, 451
45,011
37,249
48,044
' 7,881
7,888
Byproduct coke ovens
do
8,901
8,179
6,215
7, 205
8,326
5,913
7,292
8,371
8,404
4,970
4,725
743
652
Cement mills
do
705
647
714
720
813
390
483
634
660
559
709
'293
225
296
333
285
331
Coal-gas retorts
do
367
343
372
364
302
188
162
13,891
13,455
9,988
10,431
10,912
Electric power utilities
do
12, 821
12, 660
12,427
11, 637
11,919
14, 767
9,014
8,991
' 9, 910
9,662
Railways (class I)
do
10, 235
9,788
9,726
6,604
7,003
8,111
8,758
9,548
10, 816
5,658
6,135
1,013
995
Steel and rolling mills
_
do
968
964
908
909
1,050
721
737
720
723
'757
827
18, 030
17, 650
19,400
18, 370
Other industrial
do
19, 540
13. 240
15,160
17,070
19, 670
19,590
10, 950
11, 350
18,490
5,460
6,250
9,340
7,730
Retail dealers, total
do
9,900
4,080
4,900
9,750
5,680
6,600
7,790
8,950
6,090
COKE
64
54
61
47
51
61
Exports
thous. of long tons..
Price, beehive, Connellsville (furnace)
6.000
6.000
5.825
6.125
6.125
5.375
6.125
6,125
6.125
6.125
6.125
6.125
dol. per short ton..
6.000
Production:
'652
610
532
564
541
578
574
613
650
647
611
Beehive...
-thous. of short tons.
655
' 4, 716
' 5, 200
4,833
5,186
4,836
5,014
5,013
5,224
4,806
4,971
Byproduct
.do
' 4, 480
5,069
4,846
121
108
151
149
154
Petroleum coke
._.
do
128
140
134
137
158
144
140
1
' Revised
Dec. 1 estimate.
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
t Data for 1938 revised. See p. 45 of the August 1940 Survey.
§ Data for 1939 revised; for exports, see table 14, p. 17, and for imports, table 15, p. 18 of the April 1941 issue.
f See note marked "*" on this page.
* New series. Data are not available on a monthly basis prior to 1941. The total production of manufactured tobacco has been revised to include the data for snuff.
Data not shown above for 1941 are as follows (in thousands of pounds): Total—January, 28,601; February, 25,704; March, 28,070. Snuff—January, 3,449; February, 3,074;
March,
3,304.
S-28
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
April
June 1942
1943
1941
April
May
June
July
August
September
October
Novem- December
ber
January
February
March
FUELS AND BYPRODUCTS—Continued
COKE—Continued
Stocks, end of month:
Byproduct plants, total.thous. of short tons..
At furnace plants.
.do
At merchant plants
do
Petroleum coke.
do
1,454
963
491
1,401
694
706
400
1,405
741
664
385
1,428
1.110
111,106
4,132
1.010
111,080
85
119,435
3,701
1.035
116,976
115,935
4,488
1.110
115,027
578
382
1,580
881
699
370
1,616
871
745
362
1,668
817
851
390
121,180 124, 572 121,481
4,657
4,319
4,790
1.110
1.110
1.110
118, 251 121,354 119,446
89
90
126,772
(a)
1.110
126,145
121,539
1,450
874
577
367
1,612
950
662
372
1, 708
876
228
1,510
817
692
246
'513
259
1,430
920
509
252
r 1, 386
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)...thous. of bbl..
Importsf
.do
Price (Kansas-Okla.) at wells...dol. per bbL.
Production^
thous. of bbL.
Refinery operations
pet. of capacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl..
Light crude.
do
East of California, totals
do
Refineries*
do....
Tank farms and pipe linest__
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 bbL.
Gas oil and distillate fuels, total
do
Stocks, end of month:
Residual fuel oil, east of Calif
do....
Gas, oil and distillate fuels, total...do
Motor fuel:
Demand, domestic!
thous. of bbL.
Exportsf-do
Prices, gasoline:
Wholesale, refinery (Okla.).dol per gal..
Wholesale, tank wagon (N. Y.)f...do
Retail, service stations, 50 cities*-.-do
Production, total!
thous. of bbL.
Benzolt
do
Straight run gasolinet
do
Cracked gasolinet
...do
Natural gasolinet
do
Natural gasoline blended $
do
Retail distribution*
mil. of gal..
Stocks, gasoline, end of month:
Finished gasoline, totalf...thous. of bbL
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
do
Exportsf
do
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
.dol. per gaL.
Production.
thous. of bbl.
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic}--do
Price, wholesale, cylinder, refinery (Pennsylvania)
_.dol. per gaL.
Production
thous. of bbl.
Stocks, refinery, end of month
..do
Asphalt:
Imports§
short tons..
Production
do
Stocks, refinery, end of month
do
Wax:
Production
thous. of lb-.
Stocks, refinery, end of month
..do
67, 256 66, 256 65, 735 66, 454 64, 729 63, 847 62,941
37,272 36,221
35,651
34,560 34,875 34,852
34,961
221,120 218,355 216,454 212,132 207,225 203,481 201,048
42, 528 41, 595 43, 526 44, 472 43,483
41,975 42,446
178, 592 176, 760 172, 928 167,660 163, 742 161, 506 158,602
1,612
1,620
1,821
1,615
1,934
1,836
1,931
1,009
.057
.054
.157
.144
.063
.160
124,985
119, 032 105,776
110,565
1.110
1.110
123, 355 128,293
1.110
1.110
128, 262 113,961
81
82
1.110
114,473
76
62, 745 63,378
35,082 35, 596
200,602 203,423
42, 546 43,154
158,056 160,269
1,458
1,723
22, 768 23, 227 23,467
37, 767 39,184 38, 531
207, 859 213,395 221,810
45, 085 43, 387 48, 691
162, 774 170,008 173,119
1,373
953
778
1,956
6,328
1,867
6,495
1,532
5,949
1,655
5,435
2,331
.059
1,841
6,049
.058
.054
.051
.050
.052
.055
29,836
15,409
28,118
16,024
30,871
16, 554
29,666
16, 230
31,127
17,142
29, 405
16, 902
27,254
15,194
28,095
16, 214
21, 909
34,337
23, 562
36, 845
25, 224
39,726
26,198
42,028
25,118
42,261
24, 855
• 49, 330
23,120 •21,539
40, 801 33,711
18,383
30, 205
58, 360
1,184
63,093
1,212
62,944
1,355
58,995
2,211
()
.053
.143
.137
58, 258
288
23, 881
28,908
5,181
3,541
r 2, 432
.058
.149
.138
56, 987
274
23,140
28,478
5,095
3,648
2,327
.060
.060
.149
.149
.139
.140
59, 609 60, 740
271
277
23, 962 24,790
30,124
30,034
5,252
5,639
3, 769
4,237
r 2, 544 ' 2, 589
.060
.149
.140
60,167
266
24,039
30,198
5,664
4,854
' 2,383
.060
.060
.149
.149
.141
.140
61,
243
62, 288
287
296
24,
244
24, 712
31, 328 30, 718
5,994
5,952
4,717
5,123
r
2,198
r 2, 342
.060
.149
.139
63, 573
323
24, 913
32, 255
6,082
4,622
r 2, 247
.060
.150
.141
60, 035
208
22, 725
30,324
7,488
5,351
1,982
.060
.152
.141
51,612
189
19, 226
26. 006
6,768
4,456
1,722
.055
.153
.143
52,902
200
20, 609
25, 629
7,020
88, 414
61,186
5,504
85, 425
57, 357
5,856
82,411
52, 856
6,235
77, 429
49,092
6,317
73,094
45,463
6,111
72, 761
46,151
5,373
74, 698
46, 417
4,870
79, 378
49,351
4,557
86, 413
56, 325
4,275
93, 489 100,186
64, 996 72,990
5,209
4,802
99,184
73, 556
5,620
5,549
158
4,504
118
3,918
101
4,270
95
4,449
52
5,624
295
C)
.054
6,068
7,063
.054
6,033
8,421
.057
5,218
9,609
.059
5,406
10,635
.062
5,850
11,636
.063
5,949
11, 662
.063
6,355
11, 670
.064
6,443
10, 843
.064
6,682
9,599
.064
6, 634
6,987
.063
6,133
6,193
.063
6,035
5,460
2,712
2,732
3,171
3,074
2,562
2,638
.100
3,213
8,363
.103
3,322
7,835
.123
3,520
7,353
.140
3,563
7,107
.143
3,561
7,206
.154
3,427
7,415
.160
3,494
7,487
.160
3,607
7, 752
.160
3,554
8,127
.160
3,497
8,266
.160
3,174
8,429
.160
3,533
8,470
1,658
4,895
2,823
.045
1,592
5,040
2,836
.048
1,325
5,147
2,488
.053
1,620
5,339
2,633
.057
1,793
5,460
2,661
.058
26, 748
14, 692
27,994
15, 546
27,882
14,697
28,624
15, 746
19,822
24,449
20, 891
27.353
20,914
30,620
55,154
1,232
59, 307
1,257
.049
.135
.131
53, 768
277
22,131
26. 380
4,980
3,688
' 2, 219
1,731
5,723
' 1, 304
C)
579
2,452
4,366
0
0
0
()
488, 900 601, 800 634, 500 687,100 740, 700 680, 200 694, 400 580, 700 466, 500 382, 000 382, 700 428, 200
933,000 964,000 841, 000 713,000 605,000 474, 000 451, 000 512,000 604,000 695, 000 765, 400 740, 700
56, 280 57, 400 54, 600 55, 440 54, 320 66, 360 67, 760 68,880
60,200
55,160 52, 920 61, 600
116,096 118, 456 110,481 101,434 85, 824 79,458
75, 467 76, 413 74, 814 72, 800 75,600 75,040
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports total hides and skins§
thous. of l b . .
Calf and kip skins§0
thous. of pieces..
Cattle hides©
..do
Goat and kid skins§O
do
Sheep and lamb skins§O
do
Livestock (federally inspected slaughter):
Calves
thous. of animals.Cattle
do
Hogs
do
Sheep and lambs
do
f
502
956
4,196
1,570
50, 665
297
665
3,107
5,755
56,267
257
828
4,150
3,651
53, 572
229
823
5,325
3,232
50, 686
173
731
3,723
4,099
61,899
242
888
3,265
5,335
48,944
215
721
3,717
2,371
507
792
3,807
1,436
501
908
4,023
1,551
440
867
3,336
1,378
445
968
3,006
1,569
414
968
2,796
447
1,004
2,920
1,567
1,522
536
1,119
4,157
1,682
476
941
4,561
1,424
457
1,004
5,767
1,571
440
1,057
5,831
1,611
392
3,892
1,407
491
929
4,134
1,669
Revised.
^Excludes for East Coast district, stocks of "shuttle oil" and stocks transferred to the U. K. pool board.
§See note marked § on p. S-29.
• The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
«• Publication of data suspended.
*New series. Data on wholesale price of fuel oil beginning January 1918 appear in table 46, p. 14, of the November 1940 Survey. Data beginning 1920 for the new series
on retail service-station price of gasoline, which replaces a similar series shown in the Survey through February 1941, appear in table 10, p . 16, of the March 1941 Survey.
fExports of motor fuel revised; for data for 1913 to 1939, see table 54, p. 16, of the December 1940 Survey; for data for all months of 1940, see note marked "f" on p. S-28
of the August 1941 Survey. Data beginning January 1941 include mineral spirits; the comparability of the series is affected to a negligible extent by the inclusion of this item.
For revised series on wholesale tank wagon (N. Y.) price of gasoline, see table 6, p. 18, of the January 1941 Survey. Gas and fuel-oil consumption in electric power plants
revised for 1939; see p. 45 of the August 1940 Survey.
JRevised data for 1939 appear in table 1, p. 17, of the January 1941 Survey. Beginning January 1942 figures for the production of natural gasoline include total sales of
Juno 1942
S-29
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the April
1940 Supplement to the Survey
1941
April
May
June
July
SepAugust tember
October
Novem- December
ber
January
1942
Febru- March
ary
LEATHER AND PRODUCTS—Continued
HIDES AND SKINS-Continued
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb.
Calfskins, packers', 8 to 151b
do...
LEATHER
Exports:
Sole leather §
thous. of lb_
Upper leather §
-thous. of sq.ft..
Production:
Calf and kip
thous. of skins..
Cattle hides
thous. of hides..
Goat and kid.
thous. of skins..
Sheep and lamb}:
do
Prices, wholesale:
Sole, oak, bends (Boston)*
dol. per lb..
Chrome, calf, B grade, black composite
dol. persq. ft..
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides..
In process and
finished
do
Raw..
do
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total.
._.dozen pairs..
Dress and semidress
do
Work
do
Boots, shoes, and slippers:
Exports§
thous. of pairs..
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxford, corded tip-.-do—
Women's colored, elk blucher ..do
Production, boots, shoes, and slippers:
Total
thous. of pairs..
Athletic
do....
All fabric (satin, canvas, etc.)
do
Part fabric and part leather
do
High and low cut, leather, total
do
Government shoes*..
do
Civilian shoes:
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
0.137
.240
0.147
.245
0.153
.234
0.150
.218
0.150
.218
0.153
.218
14
3,871
14
4,321
77
2,268
11
4,363
24
4,889
1,368
3,346
1,006
2,666
4,313
1,102
2,222
3,676
4,142
1,033
2,274
3,654
4,698
1,098
2,253
3,986
4,438
1,170
2,392
4,275
4,633
1,181
2,391
3,374
4,789
.449
.409
.412
.425
.428
.431
0.155
.218
.529
12, 746
8,870
3,876
0.155
.218
0.155
.218
0.155
.218
0.155
.218
0.155
.218
0.155
.218
1,084
2,405
4,113
4,508
1,209
2,675
4,568
4,796
'1,014
2,445
r 3,837
1,048
2,572
4,441
4,303
922
' 2.666
4, 226
4,163
974
2,502
4,005
4,555
1,040
r 2, 629
r 4,414
4,595
.441
.444
.448
.448
.448
4,408
.447
.495
.518
.531
.503
.508
.522
.510
.516
.529
.525
• 12, 920 • 13, 057 • 13, 291 • 13,174 • 13, 226 • 13,186 ' 13, 698
• 14,021 • 14,129
8, 69-1 r 8, 864
' 8, 672 r 8,568 ' 8, 580 ' 8,414 ' 8, 323 ' 8, 223 ' 8,307 • 14,020 '
r
5, 330 r 5.265
r 4, 760 ' 4, 903 ' 4, 963 ' 5, 391 r8, 569
' 4, 248 r 4, 489 '4,711
' 5,451
244, 065
149,705
94,360
266,124 249, 533
158, 837 147,718
107, 287 101,815
258, 325
155, 695
102, 630
291,995
179,205
112, 790
246, 329
161,285
85,044
283, 285 242,441
172, 898 144,197
110, 387 98,244
193,808
106, 273
87,535
.531
13,957
8,828
5,129
.453
.531
13,413
' 8, 900
' 4, 513
185, 111 •225,746
108, 080 •139,856
85,890
77,031
252, 509
159,576
92, 933
6.40
4.60
3.60
6.40
4.60
3.60
237
221
158
148
6.75
4.65
3.60
6.00
4.27
3.30
6.15
4.35
3.30
6.15
4.35
3.30
6.23
4.35
3.45
6.25
4.35
3.55
6.25
4.35
3.55
6.36
4.35
3.55
6.40
4.39
3.55
6.40
4.40
3.55
45, 266
620
535
1,084
38,132
3,758
43,482
416
610
1,154
36,429
1,252
41,853
437
594
910
34,766
1,149
40,463
471
300
854
33, 231
1,215
45, 237
509
258
684
38, 219
1,215
45,465
516
225
816
37,885
1,360
43,815
512
273
1,017
35,558
1,324
45,704
555
271
1,004
36,906
1,474
34, 795
478
223
852
27, 644
1,170
38,451
442
337
1,052
32,654
1,737
1,523
2,354
3,681
9 733
17,' 082
1,555
2,266
3,996
9,958
17,402
1,664
2,289
3,833
10,184
15, 647
1,683
2,549
3,872
9,734
14,177
1,825
2,558
4,251
10, 291
18,079
1,696
2,487
4,052
10,355
17,935
1,812
2,403
4,025
10,473
15, 522
1,910
2,585
4,378
11,931
14,627
1,399
2,163
3,491
9,600
9,821
1,535
2,296
10,410
12, 789
1,393
2,146
3,805
9,871
15,461
3,561
1,335
3,787
1,086
3,993
1,153
4,474
1,134
4,892
675
5,588
435
6,019
436
6,516
453
5,164
434
3,509
459
1,956
827
' 2, 674
' 1,036
' 3, 297
' 1,127
6.40
4.55
3.56
39,828 ' 40, 006 • 45,106
'572
377
358
'643
••454
436
' 1, 247
1,356
1,352
•
38,
220
'
34,110
34, 899
' 2, 954
2,336
2.223
' 1, 513
1,410
2,340
' 2,029
3,760
' 3, 659
' 9, 368 ' 9, 640
' 15, 308 18, 013
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products
M bd. ft.
Sawed timber§
do-..
Boards, planks, scantlings, etc.§
_._do-_.
Imports, total sawmill products.._
_do-._
National Lumber Mfrs. Assn.:t
Production, total
. . m i l . b d . 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. f t . .
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 m o n t h .
-do
Doaglasfir: SOFTWOODS
Exports, total sawmill products!.._M bd ft...
Sawed timber§
do
Boards, planks, scantlings, etc.§.
do
Prices, wholesale:
Dimension, No. 1, common*
dol. per M bd. ft__
Flooring, B and better, F. G., 1 x 4, R. L.*
dol. per M bd. ft..
65, 828
7,916
39,838
79,734
53,308
4,399
40,168
95,057
51,977
7,404
37,422
115,745
84, 272
7,557
67, 635
135,018
61,793
11,371
46, 586
178,887
51,163
7,250
34,090
152,190
2,796
396
2,400
2,726
390
2,336
6,649
1,550
5,099
2,834
385
2,449
2,830
413
2,417
6,711
1,522
5,189
2,786
385
2,401
2,875
420
2,455
6,650
1,488
5,162
2,946
383
2,563
3,115
428
2,687
6,489
1,444
5,045
3,113
387
2,726
3,236
416
2,820
6,357
1,414
4,943
2,926
387
2,539
2,986
423
2,563
6,294
1,377
4,917
2,958
403
2,555
3,016
436
2,580
6,231
1,343
4,888
2,505
372
2,133
2,438
374
2,064
6,317
1,340
4,977
2,503
382
2,121
2,491
371
2,120
6,348
1,355
4,993
2,396
376
2,020
2,592
381
2,212
6,110
1,349
4,761
2,248
372
1,876
2,461
369
2,093
5,930
1, 353
4,577
2,410
361
2,049
2,733
368
2, 365
5, 603
1,346
4,257
8,075
11,175
8,275
8,325
18, 200
9,300
11,175
9,000
9,500
17, 750
10, 350
11,450
8,750
10,125
16,675
12,800
13,925
8,200
10, 325
14,800
9,050
13,175
8,950
9,800
13,425
7,000
11, 500
7,600
8,800
12, 200
7,650
10,900
8,900
8,30a
12, 850
5,050
8,900
7,500
7,150
13,100
7,225
9,050
8.075
7,350
13, 625
7,775
9,975
7.175
7,075
14, 075
7,150
9,600
7,550
7,100
14, 250
8, 575
10, 550
7, 275
7, 500
14, 000
58, 267
74,089
43,227
46, 428
70, 737
54,442
78,173
46, 761
50, 358
65, 533
53,489
79, 516
48, 686
52,146
61, 580
60, 524
81,988
51,865
57,150
51, 038
44,781
74,305
49,925
53, 464
44, 962
36, 363
60, 460
47,432
48,939
41,955
40,080
52,446
49, 227
48,094
43,088
28,102
42, 549
40,910
38,014
48, 278
34,286
42,035
42, 697
35,100
55, 875
40, 749
46, 235
41, 647
33,549
60, 673
39, 369
48, 097
36, 719
37, 788
58, 601
34, 972
45,481
38,691
37, 588
59, 704
17, 517
4,893
12, 624
13,435
3,563
9,872
19,901
5,940
13, 961
18, 743
6,615
12,128
28, 069
7,915
20,154
19,970
5, 580
14, 390
32. 340
24. 990
24.990
24. 990
25. 970
25.970
27.146
28. 665
28. 910
29. 498
32.095
32. 340
32. 340
44.100
35. 280
35. 280
35. 280
36. 260
41.160
41.160
42. 336
44.100
44.100
44.100
32, 560
42, 673
40, 656
37,027
63, 333
'Revised.
§Data for 1939 revised: for exports see table 14, p. 17, and for imports, table 15, p. 18 of the April 1941 Survey.
JData beginning 1940 includefleshersand exclude skivers.
• The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
{Revised data for 1939 appear in table 17, p. 17 of the May 1941 Survey; revisions for 1940 will be published in a later issue.
•New series. The price series on sole, oak, bends at Boston replaces the series shown in the Survey through the March 1942 issue for sole, oak, scoured backs at Boston.
Earlier data will be shown in a subsequent issue. Separate data for leather shoes made under Government contracts are available beginning 1941. These shoes include, for
the most part, men's dress and semidress and work leather shoes. However, a small number of pairs other than men's leather (nurses, athletic, etc.) made for Government
contract are included. The total has been included with men's leather shoes in issues prior to the April 1942 Survey. Data beginning 1922 for the new series on lumber prices
in table 16, p. 17, of the May 1941 Survey.
Digitized forappear
FRASER
S-30
SUKVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
June 1942
1941
1942
April
April
June
May
July
August
1942
September
October
Novem- December
ber
January
February
March
LUMBER AND MANUFACTURES—Continued
1
SOFTWOODS-Continued
Southern pine:
Exports, total sawmill products
M bd. ft
Sawed timber
.do..
Boards, planks, scantlings, etc
do..
Orders, newf
mil. bd. ft__
Orders, unfilled, end of month
do.
Prices, wholesale:
Boards, No. 2 common, 1x8*
dol. perMbd. ft..
Flooring, B and better, F. G., 1 x 4*..do
Productionf
mil. bd. ft_.
Shipmentsf
do
Stocks, end of month
do
Western pine:
Orders, newt
do
Orders, unfilled, end of monthf
do
Price, wholesale, Ponderosa, boards, No. 3
common, 1x8*
dol. per M bd. ft._
Productionf—
mil. bd. ft..
Shipments!
do
Stocks, end of month
do
West coast woods:
Orders, newf
do
Orders, unfilled, end of month
do
Productionf
..do
' Shipments!
do
Stocks, end of month
do
Redwood, California:
Orders, new
M bd. ft..
Orders, unfilled, end of month
do
Production
_
.do
Shipments
do
Stocks, end of month
do
FURNITURE
All districts:
Plant operations
.percent of normal...
Grand Rapids district:
Orders:
Canceled.
_..percent of new orders. _
New
no. of days' production..
Unfilled, end of month
do
Plant operations
percent of normal. _
Shipments
no. of days' production. _
Prices, wholesale:
Beds, wooden
1926=100
Dining-room chairs, set of 6
..do__
Kitchen cabinets
do...
Living-room davenports
do..
Steel furniture (see Iron and Steel Section).
15, 911
2,612
13, 299
888
580
12, 573
259
12,314
970
646
12, 679
1,159
11, 520
1,076
824
45, 111
586
44, 525
1,216
952
16,941
3,104
13,837
893
762
10,486
1,471
9,015
885
715
)
861
633
771
603
800
621
1,050
796
31. 560
49. 534
956
861
1,737
30.813
48. 990
962
904
1,795
30. 283
49.580
850
898
1,747
31.946
51. 630
931
1,088
1,590
34. 550
54.978
949
1,083
1,456
33.050
52. 782
898
932
1,422
31.013
52. 050
896
943
1,375
30.813
52. 393
824
801
1,398
30. 804
53.596
809
782
1,425
30. 620
54. 330
825
875
1,375
30. 653
54. 708
738
806
1,307
30. 770
53. 798
787
892
1,202
502
490
560
535
637
628
607
642
523
554
543
479
542
401
387
345
491
421
516
519
474
480
27.72
468
478
1,469
27.68
570
516
1,523
27.55
614
543
1,593
28.03
673
593
1,665
29.37
684
611
1,733
29.97
661
619
1,775
30.73
636
620
1,788
30.71
436
443
1,779
30.42
357
415
1,721
30. 73
263
418
1,566
323
468
31.46
279
374
1,471
31.52
365
467
1,342
749
735
750
770
797
787
672
754
867
771
814
703
761
838
776
883
700
722
831
705
772
822
834
819
679
699
742
741
821
671
607
787
760
854
590
587
678
617
929
946
827
747
719
971
861
926
717
701
991
710
894
658
692
968
759
891
682
742
929
38,371
52, 724
34,058
37,105
255,390
46, 421
58, 493
39, 835
40, 461
249, 358
42,918
64,684
39, 940
37, 700
246,446
43,026
65, 422
42, 646
40, 810
246, 431
30, 391
55,204
47, 272
42, 221
244,169
27, 665
44, 532
43, 703
39,068
242, 763
31,540
37,142
45, 658
38,318
243, 225
79.0
76.0
75.0
82.0
82.0
87.0
88.0
90.0
87.5
82.0
79.0
83.0
79.0
5.0
29
58
79.0
21
6.0
20
40
74.0
19
4.0
32
54
74.0
20
4.0
26
62
78.0
20
3.0
35
70
77.0
25
3.0
27
72
82.0
28
3.0
33
76
84.0
32
4.0
30
75
88.0
32
5.0
33
75
88.0
27
15.0
15
59
86.0
28
8.0
22
59
81.0
24
7.0
20
58
82.0
22
8.0
18
50
75.0
25
101.0
118.9
102.6
104.2
85 2
102.5
90.8
87.2
87.2
103.9
' 93. 4
87.2
93.0
103.9
94.4
93.3
95.0
105.5
97.4
93.3
93.5
108.2
97.4
93.3
96.1
108. 2
99.3
98.9
96.3
111.6
102.0
104.2
98.0
113.6
102.0
104.2
101.2
115.0
102.0
154.2
101.2
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
38.15
38.15
5,010
2,824
2,186
3,829
1,232
2,597
5,078
2,873
2,205
3,915
1,167
2,748
4,956
2,822
2,134
3,763
1,145
2,618
6,501
7,661
45, 535
40, 245
5,290
7,062
835
40,457
35,563
4,894
7,158
0
33,919
29, 627
4,292
30.000
51.000
31.04
974
940
26, 781 29, 688 41, 252 40, 942 ' 55, 566
34,860 41, 696 49, 873 61,104
75, 009
38, 671 30, 698 35, 642 33,128 38,808
29, 910 22,877
32, 292 30, 208 43, 560
248,440 253,061 249,176 249,377 240,342
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic), total
long tons.
Scrap
do...
Imports, total
do...
Scrap
do...
Price, wholesale, iron and steel, composite
dol. per long tonScrap:*
Consumption, total
thous. of short tons.
Home scrap
do...
Purchased scrap
do...
Stock, consumers', total
do.-.
Home scrap
do...
Purchased scrap
do...
635,809
120,152
2,620
1,094
38.15
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long tons. . 2 6,807
Shipments from upper lake ports
do
7,857
Stocks, end of month, total
do
2 20,695
At furnaces
do
2 18,165
On Lake Erie docks
do
2,529
Imports, total
do
Manganese ore, imports (manganese content) §
thous. of long tons..
472, 734 457, 685 537,921
59,018 59,905
62,894
11,049
10,190
5,633
9,418
6,473
3,758
38.15
697, 732 706, 580
80,255 65,486
18,380
16,405
4,259
n
o
38.15
38.15
38.15
38.15
115,613
18,611
17, 002
5,051
1,550
3,501
5,026
2,744
2,282
4,911
1,473
3,438
5,139
2,792
2,347
4,814
1,504
3,310
5,072
2, 783
2,289
r 4, 515
' 1,469
3,046
38.15
5,582
3,145
2,437
4,089
1,322
2,767
6,612
9,596
43,946
38,852
5,094
C)
5,802
6,955
16,937
15,002
1,935
185
6,232
11,081
21,817
19,551
2,266
180
6,231
10, 790
26,630
23,919
2,710
225
6,497
11,390
31, 597
28, 257
3,341
196
6,534
11,496
36,469
32,457
4,012
223
6,448
10,312
40, 770
36,106
4,664
206
15
53
50
33
65
62
6,403
0
27, 526
23,835
3,691
2 6, 900
793
2 19,551
2 16,921
2,629
Pig Iron and Iron Manufactures
Castings, malleable:
64,283
70, 528 60,745 56,587 105, 556
66, 292 • 62,979
84,751
Orders, new
_
.short tons.. 60,857
83, 218 75,075 77,312 68,945
68, 741
67,010 68,570 69,175 84, 296 66, 738 71,311
65,140 • 69,737
71,209
Production
do
76,170 70,278
71,150
62, 724 ' 65,866
68,310
70, 744 65, 217
64,250 67, 532 82,004 68,983
73,066 71,740 70,179
Shipments
do
68,112
Pig iron:
5,049
4,997
4,822
4,665
4,766
5,020
113, 692
4,670
Consumption
thous. of short tons.
Furnaces in blast, end of month:
Capacity.
.short tons per day.
140,310 151,000 153, 600 153,190 155,020 157,165 156, 265 156, 855 162,140 159, 270 162, 285 164, 675
214
217
216
211
215
213
206
211
216
220
220
Number
195
b
f
° The publication of detailed foreign trade statistics has been discontinued
for
the
duration
of
the
war.
Discontinued
by
compiling
agency.
cy.
Revised,
2
in earlier figures.
* Data are for the quarter ended June.
Excludes data for Canadian lake-shore furnaces not yet available, included in
§ Data for 1939 revised; for exports, see table 14, p. 17, and for imports see table 15, p. 18 of the April 1941 issue.
f Revised series. Revisions for southern pine, western pine, and west coast woods for 1939 (also revisions for 1938 for the latter group), appear in table 17, p. 17 of the
May 1941 issue. Revisions for 1940 and January 1941 will be published in a subsequent issue.
*New series. The new lumber prices replace series shown in the Survey, through the March 1942 issue; data beginning 1926 are shown in table 11 (southern pine), and
table 12 (Ponderosa pine), p. 22, of the April 1942 issue. Earlier data on consumption and stocks of scrap iron and steel and consumption of pig iron not shown in the April
1942 Survey will appear in a later issue.
.k ^
IA.4-1.A. f ^ / V * ' . * . . . . . — — — •
— — • . •
— — w — *• — w ~ > ~
— • » •
— — — — — — •• — M _ * »
W
V
_ — • . _ _ _ . . _ _
,*- W
ArfVJ V
Atf-a. .*.
«MAA.
«•-*.«_*
S-31
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
April
April
May
June
July
August
1942
September
October
Novem- December
ber
January
Febru- March
ary
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Pig Iron and Iron Manufactures—Con.
Pig iron—Continued.
Prices, wholesale:
Basic (valley furnace)
dol. per long ton.
Composite
do.__
Foundry, No. 2, northern (Pitts)
do_._
Productionj
thous. of short tons.
Stocks, consumers', end of month*
do...
Boilers and radiators, cast-iron:
Boilers, round:
Production.
_thous. of lb.
Shipments
do.._
Stocks, end of month
do__.
Boilers, square:
Production
do...
Shipments
do___
Stocks, end of month
do...
Radiators and convectors:?
Production.thous. of sq. ft. heating surface _
Shipments
do...
Stocks, end of month.
do.._
Boilers, range, galvanzied:
Orders, new, net
number of boilers.
Orders, unfilled, end of month
do__.
Production
do...
Shipments
.do_._
Stocks, end of month
_
do...
23.50
24.20
25.89
23.50
24.15
25.89
4,334
23.50
24.15
25.89
4,600
23.50
24.15
25.89
4,553
1,834
23.50
24.15
25.89
4,771
1,964
23.50
24.15
25.89
4,791
1,940
23.50
24.15
25.89
4,717
1,874
23.50
24.15
25.89
4,856
1,655
23.50
24.15
25.89
4,703
1,570
23.50
24.15
25.89
5,012
1,581
23.50
24.15
25.89
4,971
1,473
23.50
24.15
25.89
4,502
23.50
24.17
25.89
5,113
1,071
938
9,554
2,214
1,358
14,107
1,826
1,167
14,834
1,741
1,474
15,096
1,863
2,003
14,951
1,936
2,669
14,024
2,148
2,741
13, 405
2,091
3,483
11,912
1,133
1,922
11,168
1,115
1,448
11,182
732
1, 484
10,146
754
1,408
9,493
1,012
1,083
9,421
25, 319 21, 514 26, 505
20,382 26,426 38,894
130,339 125, 376 113,130
27, 591
34,899
105, 759
29,461
37,360
97,896
21,104
24, 502
93, 669
19,642
17, 380
92, 998
18. 756
17,044
94, 832
17, 773
19,081
93, 525
16,214
15, 789
93,950
15,026
16, 301
92, 675
23, 525 25,254
16,861
13,360
117,058 125,448
5, 399
6,384
17, 328
6,967
4,495
30,375
7,385
5, 621
32,140
7,133
6,453
32,817
6,151
8,671
30,263
7,098
11,696
25, 584
7,675
10, 901
22,394
8,267
10,494
20,154
5,787
7,695
18, 271
6,763
7,390
17, 567
6,717
6,175
18,106
6,199
6,781
17, 524
6,445
5,656
18, 313
38,014
68,884
42, 427
45,880
16, 388
69,433
46,448
86, 459
83, 404
38, 441
89,159 105,076
52, 966 72, 258
81, 495 80,023
85, 784
82,641
37, 295 31, 534
85,077
77,809
72,970
79, 526
24, 978
68,854
86,451
63,729
60, 212
28,495
80,046
101,016
58, 635
65,481
21, 615
74, 581
101, 609
69,972
73, 988
17, 599
52, 605
93, 966
58, 810
60, 248
16,411
41,343
80, 844
55,856
54,465
17, 785
42, 781
72, 366
50,557
51, 259
17, 212
53, 809
77,190
49, 217
48, 985
17,444
62,010
76, 750
64,847
62, 450
19.841
161,512 175. 892 147, 316
150. 3
138.0
125.9
80,065 77, 669 52, 207
113, 988 112, 364 117,703
97.4
96.0
100.6
45,073 43, 320 44, 290
115, 066
98.3
32, 882
118, 543
101.3
43,995
117,516
100.4
32,935
135, 272
115.6
49,891
84, 534
72.2
16, 549
104, 605
89.4
33, 383
113,034
96.5
26,839
131, 518
112.4
45, 640
150, 551
128.6
35, 723
134,778
115.2
46, 357
179, 880
153. 7
54, 409
133, 726
114.3
45, 013
211,081
180.4
43, 997
146, 507
125.2
48, 335
6,812
96
7,236
6,961
98
7,150
98
7,125
95
6,521
96
7.393
98
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total...
_short tons..
Percent of capacty
Railway specialties
short tons..
Production, total_..do
Percent of capacity
Railway specialties
short tons.
Steel ingots and steel for eastings: t
Production
thous. of short tons..
Percent of capacity§
Prices, wholesale:
Composite, finished steel
dol. per lb..
Steel billets, rerolling (Pittsburgh)
dol. per long ton..
Structural steel (Pittsburgh)
dol. per lb_.
Steel scrap (Chicago)
dol. per long ton..
U. S. Steel Corp., shipments of rolled and
finished steel products!--thous. of short tons-.
152, 007 153,143
129.9
130.8
59, 551 70.191
101,977 104,971
89.7
87.1
34, 204 37.192
7,122
6,754
7,045
6, 793
6,812
93
6,997
96
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
. 0265
34.00
.0210
18.75
34.00
.0210
18.95
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34. 00
.0210
18.75
34.00
.0210
18.75
1,759
1,688
1,745
1,667
1,754
1,664
1,851
1,624
1,846
1,739
1,617
1,781
1,797
2,067
113.3
2,046
50
428
1,463
80.2
1,474
37
890
1,584
1,214
1,619
88.8
1,619
1,317
1,558
85.4
1,549
48
1,497
1,590
87.1
1,600
37
1,492
1,713
93.9
1,711
40
1,850
1,781
97.6
1,777
43
1,762
1,586
86.9
1,604
25
2,047
1,859
101.9
1,851
34
2,149
1,952
107.0
1, 954
• 36
2,230
1,845
101.1
1,848
34
1,893
2,416
132.4
r2,420
29
3,736
1,596
2,339
1,336
2,560
1,372
1,586
1,415
2,270
1,601
1,411
1,246
1,747
1,131
1,341
957
3,755
1,310
1,929
997
2,842
1,012
2,371
1,035
9,709
2,824
2,755
4,155
4,130
3,889
5,210
4,010
4,667
5,579
4; 298
5,851
7,335
4,095
4,981
7,939
4,349
4,598
8,085
4,452
3,932
7,786
4,314
3,896
7,329
4,352
3,422
6,840
3,912
4,612
7,105
4,338
4,490
7,335
4,236
3,194
6,340
4,188
3,751
5,530
4,560
1,418
2,273
1,015
1,346
1,383
1,066
1,278
1,454
1,207
1,525
1,850
1,130
1,182
1,932
1,082
999
1,765
1,166
1,284
2,022
1,027
1,837
1,173
858
1,678
1,016
888
1,365
1,058
1,082
1,405
1,042
1,094
1,490
994
1,510
1,870
1,130
5,560
5,456
331
5,491
355
5,511
375
5,608
366
5,807
338
5,802
348
6,208
321
5,371
276
5,598
292
5,143
290
5,289
295
5,841
341
4,942
470
453
445
88.0
194
1,148
107.8
5,085
471
461
479
91.9
185
1,140
103.9
4,754
439
449
466
92.2
168
999
4,919
443
480
482
90.6
151
991
90.4
5,234
447
485
532
99.7
146
1,018
92.4
5,059
431
464
519
112.2
127
954
88.5
5,471
503
531
587
124.1
161
1,053
94.1
4,909
456
415
564
122.8
135
945
87.5
5,144
490
484
629
132.6
144
889
80.1
5,170
511
446
700
118.2
133
895
81.7
4,762
485
419
726
134.8
122
765
77.5
5,273
563
465
838
139.5
171
857
77.7
104
144
383
265
412
11, 751
107
160
406
287
434
11,012
102
154
373
292
417
11,210
137
366
332
404
10, 642
106
130
391
360
434
10, 236
104
134
372
325
420
10, 439
110
136
407
342
432
12, 403
101
140
381
323
396
11,711
106
135
369
367
398
12, 247
101
138
403
317
407
10, 266
83
119
354
261
352
13, 650
82
119
392
264
403
14,107
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month,...thousands..
Production
do
Percent of capacity©
Shipments
thousands..
Stocks, end of month.
_.__.do
Boilers, steel, new orders:
Area
thous. of sq. ft..
Quantity
numberFurniture, steel:
Office furniture:
Orders, new
thous. of dol
Orders, unfilled, end of month.
__do
Shipments
do
Shelving:
Orders, new
-do
Orders, unfilled, end of month
_do
Shipments
do .
Porcelain enameled products, shipments!
thous. of doL.
Spring washers, shipments •
do
Steel products, production for sale:f
Total
thous. of short tons_.
Merchant bars
do
Pipe and tube
do
Plates
do
Percent of capacity*
Rails
thous. of short tons_.
Sheets, total
do
Percent of capacity
.
Strip:
Cold rolled
thous. of short tons..
Hot rolled
do
Structural shapes, heavy...
__do
Tin plate
do
Wire and wire products
do
Track work, shipments
short tons..
13,002
1,582
39
»• Revised.
© D a t a for 1941 revised after a special survey of the industry; for revised figures for all months of 1941, see p. S-31 of the May 1942 Survey.
^[Data for 1941 include cast-iron convectors and convector-radiators. Data for these items are included in part in earlier figures published in the Survey; 1940 data revised
to include these items for all reporting firms will be published later.
• D a t a cover 9 firms beginning December 1941; the increase in reporting firms from 7 to 9 in late 1941 did not materially affect the coverage of the data.
^Monthly data beginning 1929, corresponding to the monthly averages on p. 132 of the 1940 Supplement, appear on p . 18 of the April 1940 Survey.
§Beginning January 1942, percent of capacity is calculated on annual capacity as of December 31, 1941, of 88,566,170 tons of open-hearth, Bessemer, and electric steel ingots
and steel for castings; data for July-December 1941 are based on capacity as of June 30, 1941 (86,144,990 tons), and earlier data on capacity as of December 31, 1940.
fRevised series. Data on pig-iron production beginning 1913 are shown in table 38, p. 14, of the October 1940 issue. For data on steel production beginning 1917 and
percent of capacity beginning 1926 through 1939, see table 9, p. 16, of the March 1941 issue, and for subsequent revisions in 1940 data, see p. 49 of the June 1941 issue. Porcelainenameled products revised beginning 1939 to include data for 99 manufacturers; for 1939 data, see p. 49 of the March 1941 issue. For steel products, production for sale beginning
1933, see table 45, p. 14, of the November 1940 issue.
•Earlier data on pig-iron stocks not shown in the April 1942 Survey and earlier data on percent of capacity for steel plates not shown in the September 1941 Survey will
be published in a subsequent issue.
S-32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
April
June 1942
1942
1941
April
May
June
July
August
September
October
Novem- December
ber
January
February
March
METALS AND MANUFACTURES--Continued
NONFEEEOUS METALS
Metals
Aluminum:
Imports, bauxite
long tons..
83,400
Price, wholesale, scrap, castings (N. Y.)
dol. perlb..
.0875
.1100
Bearing metal (white-base antifriction), consumption and shipments, total (60 manufacturers)f
thous. of lb..
3,512
6,505
Consumption and shipments, 38 rafrs.0
999
Consumed in own plantsdo
667
Shipments
do
3,431
1,418
Copper:
8,907
Exports, refined and mfrs.§
short tons..
Imports, total §
do
87,051
For smelting, refining, and export§__.do
18,086
68,965
For domestic consumption, total*
do
30,804
Unrefined, including scrap*
do
Refined*
do
38,161
Price, wholesale, electrolytic (N. Y.)
.1182
dol. perlb..
Production:
Mine or smelter (including custom intake)
short tons.. 94,314
88,042
90,672
Refinery
do
89,687
106,701 123,629
Deliveries, refined, total.do
106,701 123,580
Domesticcf
do
0
49
Export
.do
83, 789
98,789
Stocks, refined, end of month
.do
Lead:
39, 764
Imports, total, ex. mfrs. (lead content) _ _ do
Ore:
43,171
Receipts, lead content of domestic ore_do
38,665
5,126
Shipments, Joplin district!
do....
2,348
Refined:
Price, wholesale, pig, desilverized (N. Y.)
.0650
. 0585
dol. perlb-.
43,423
Production from domestic ore..short tons.. 52, 049
54, 726
59,169
Shipments (reported)
.do
31,374
42,899
Stocks, end of month...
do
Tin:
Consumption of primary tin in manufactures
long tons..
8,390
Deliveries (includes reexports)0
do
13, 955
Imports, total (tin content)*
do
17,718
Ore (tin content)*
do
2,471
Bars, blocks, pigs, etc
do ...
15, 247
.5200
Price, wholesale, Straits (N. Y.)..dol. per lb.
.5196
Visible supply, world, end of mo..long tons.
38,788
5,016
United States (excluding afloat)
do
ZincImports, total (zinc content)*
short tons_
20,426
For smelting, refining, and export*...do
1,987
For domestic consumption:
13,768
Ore (zinc content)*
do
Blocks, pigs, etc., and old*
do
4,671
Ore, Joplin districts
46,944
Shipments
short tons.. 34,119
2,940
Stocks, end of month
do
2.651
Price, wholesale, prime, western (St. Louis)
.0825
dol. per lb.0725
Production, slab, at primary smelters:J
77,034
68, 543
short tons76,177
70, 414
Shipments, totalj
do._.
65,035
Domestic*
do.... 63,819
22, 559
11,474
Stocks, refinery, end of montht
do...
90,960
86,462
.1100
.1100
.0936
.0931
.0938
.0873
5,538
5,767
5,830
5,621
4,754
4,753
5,506
3,745
4, 599
699
2,838
983
2,696
911
3,066
757
2,931
723
2,548
813
2,399
697
2,795
562
1,885
594
2,198
8,120
41,472
8,996
32.476
16,969
15,506
11,077
69, 838
16,470
53,368
16,233
37,135
10,589
71,153
13,373
57,780
19,872
37,907
10,198
70,581
15,546
55,034
20,063
34, 971
.1181
.1181
.1178
.1178
.1178
.1178
.1178
.1178
.1178
.1178
82,558 82,099
88, 560 86,879
121,373 150,111
121,331 150,078
42
33
98,164
74,384
84,695
85,426
119,937
119,937
0
71,930
33,374
22,160
47, 891
65,401
38,779
3,653
37,155
3,824
36,464
5,482
38,228
4,576
38,259
5,603
39,390
3,883
40,930
4,291
40,901
4,977
.0585
46,104
69,382
34,018
.0585
38, 669
57,969
24,265
.0585
42, 048
54,067
19,172
.0585
39,100
55,005
15,330
.0585
41,373
47,093
13,148
.0585
37,221
43,537
10,735
.0585
41,566
45,980
13. 671
.0585
48,829
50, 680
20.185
8.860
10, 490
13,069
9
13.060
.5216
40, 777
7,205
8,560
12, 575
16, 285
1,520
14, 765
.5335
8,830
13, 625
17, 719
6,144
11. 575
.5237
8,830
12, 715
14,311
2,115
12,196
.5200
8,760
8,000
()
8,290
8,355
9,570
7,700
.5200
.5200
.5200
5,864
2,393
1,767
~1~127~
"2," 186"
3,500
28, 447
18, 734
7,900
14, 880
15, 266
3,714
11, 552
.5267
38, 600
2.846
14, 745
8,372
11,415
5,624
22, 741
8,040
24, 342
11, 704
5,665
4,048
2,638
3,735
2,362
3,428
10, 935
3,766
9,223
3,415
35,196
4,600
36,928
5,000
44, 882
4,730
37, 655
5,250
46, 250
8.160
39, 220
4,730
37, 267
5,130
47, 685
900
49,732
121,484
95,794
.1100
. 1100 .1100
6,480
6,378
991
2,874
12,285
54,981
9,637
45,344
23,083
22,261
750
2,806
.1182
90,342
89,390
148,301
148,301
0
93,076
40, 553
86,019
81,839
81, 553 86,617
125, 585 126,766
125, 585 126,622
144
0
63,670 67,260
84,718 88,463
88,254
84, 799 89,940
90,017
124,645 138,585 130,467
124,645 138,585 130,467
0
0
0
72,352 75, 564 81,371
.0875
148
724
616
616
0
77, 329
'92
89,
111.
Ill,
43, 224
3,231
41,828
3,690
43, 397
' 5,575
.0628
43,307
53,037
20,531
.0650
45, 633
45, 920
24,830
.0650
50,919
57, 590
27,160
.5200
.5200
.520 0
2,550
'48,224
'500
28,812
4,130
80,
81,
107,
107,
106
552
062
062
0
79 537
.0725
.0725
.0725
. 0725
.0725
.0794
.0825
.0825
.0825
.0825
.0825
73,449
73,090
61, 696
11,833
70, 837
71. 569
61, 546
11,101
74,641
71, 894
62, 714
13,848
75, 524
71, 403
60,861
17, 969
73, 225
71, 767
64, 623
19, 427
76,156
73, 989
61,525
21, 594
74,861
73, 273
61,014
23,182
78, 654
77,770
65,658
24,066
79, 276
79,417
67,252
23, 925
73,476
74, 775
59, 957
22, 626
79,139
80,063
61,564
21, 702
15, 390
30, 535
.195
15, 308
30, 762
.195
15, 672
30, 891
.195
17,180
30, 646
.195
16, 388
28, 981
.195
()
.195
.195
.195
.195
.195
.195
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
short tons-.
Orders, unfilled, end of month
do
Sheets, brass, wholesale price, mill.dol. per lb..
.195
15, 558
29, 576
.195
MACHINEEY AND APPAEATUS
10,205
8,067
Blowers and fans, new orders
thous. of dol.
8,818
9,579
Electric overhead cranes:
5,927
9,624
5,577
3,163
2,239
Orders, new
_do.._
1,768
2,265
2,064
1,131
1,769
2,098
749
18,415
21,622 28,563
14,654
13,731
Orders, unfilled, end of month
do...
13,503
13, 298 12, 825 12, 961 13, 744 13, 498 13,814
2,079
2,577
2,197
2,216
Shipments
do...
2,071
1,955
1,364
1,287
1,217
1,678
1. 923
1,235
Foundry equipments
532.7
481.2
567.9 1,122.3
408.5
New orders, net total
1937-39=100.- 1,039. 3
403.8
377.2
363.8
358.1
312.9
298.7
281.1
570.6
505.3
636.6 1,352.7
417.4
New equipment
do.. - 1, 307. 7
414.2
405.3
291.2
368.4
372.0
298.2
273.3
418.5
361.4
408.7
428.8
432.1
381.7
Repairs
do. _ 321.0
327.2
292.5
339.2
326.9
356.9
304.7
Fuel equipment and heating apparatus:
Oil burners:
20, 202 23, 225 19, 784 16, 006 • 14, 844
10,883 23, 642 36,194
27,451
Orders, new, net
number32, 521 28, 511 31,140 34,143
18, 588 16,428 ' 17,051
16, 747 18,057
16,334
15, 266 22, 612 22, 448 23,114 22,885 22, 321 18,358
Orders, unfilled, end of month
.do.. .
19, 2,53 17.996 ' 14,412
11,600
21, 813 21,915
22,819 28. 848 32, 685 27,845
Shipments
do,..
31,369 34, 707 31,414
28,124 ' 29,947
34, 784 23, 701 25, 682 27, 202 33,017 31, 940 27, 294 27,099
27, 304 28, 900 27,639
Stocks, end of month
..do
109
43
22
46
62
33
42
61
84
61
43
Pulverizers, orders, new
do
72
44
r
Revised.
i Not available.
©Data cover 37 manufacturers beginning January 1942, one having gone out of business.
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
b
Deliveries are now reported for a larger number of companies than formerly and are not comparable with earlier data; no data for unfilled orders.
§Data revised for 1939; for exports see table 14, p. 17, and for imports see table 15, p. 18, of the April 1941 issue.
•Represents deliveries of foreign virgin tin; virgin tin produced in the United States from foreign ores is not included.
{Revised to include foreign ores beginning January 1940; see p. S-32 of the October 1941 Survey for earlier data.
cfBeginning March 1941, includes deliveries of duty-paid foreign copper for domestic consumption.
IData for April, July, September, and December are for 5 weeks; other months, 4 weeks.
*New series. Earlier data for the new break-down of copper imports and the new series for tin and zinc imports will appear in a later issue. For domestic shipments of
zinc beginning January 1940, see p. S-32 of the October 1941 Survey.
tRevised series. Data beginning January 1939 for the new series on bearing metal will be published later (see also note marked with a " t " on p. S-32 of the December
1941 Survey); one of 60 reporting manufacturers went out of business before January 1942.. For series on foundry equipment, see note marked with a " t " on p. S-32 of
the September 1941 issue.
S-33
SURVEY OF CURRENT BUSINESS
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
April
1942
1941
1942
April
May
June
July
August
September
October
Novem- December
ber
January
February
March
METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS-Con.
Mechanical stokers, sales:
Classes 1, 2, and 3
number..
Classes 4 and 5:
Number
Horsepower.
Unit heaters, new orders
thous. of dol..
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
thous. of doL.
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units..
Power pumps, horizontal type
.do
Water systems, including pumps
-do
Pumps, steam, power, centrifugal, and rotary:
Orders, new
.
thous. of doL,
9,573
416
89, 318
222
55,387
14,155
21,401
26,050
28,244
26, 720
22,888
10, 613
234
63, 238
400
93,515
4,450
403
91, 051
487
91, 429
418
83, 222
6,482
401
75, 296
264
53,020
19, 552
11,357
4,334
r 6, 350
10,972
316
••246
72, 229 ' 67, 011 81,890
7,062
296
77, 770
5,481
8,303
7,423
15,001
43, 601
1,483
27, 241
40.884
993
31.885
36, 475
975
32, 270
46, 572
1,176
33,894
45, 682
1,209
33, 503
39, 527
1, 295
32,400
41,360
1, 376
33, 907
37, 668
1,498
28, 221
31,663
984
28,198
36, 899
1,150
23, 700
37, 012
359
24,376
40,342
167
26, 638
3,923
5,298
2,613
3,113
3,692
2,459
2,394
2,368
2,459
4,138
5,784
8,668
137
139
167
142
228
145
246
149
253
152
182
151
185
153
111
154
180
162
161
169
136.0
118.4
109.9
142.8
193.2
157.7
199.6
158.6
202.7
145.0
167.1
138.1
207.4
167.8
204.5
162.9
193.3
183.9
12, 439 13,067
14, 545 15,916 10, 352 12.974
20, 283 21, 246 18.478
50, 759 66, 206 51,730 38, 350 48, 705 30,196 39,945
68, 629 64,476
378,054 339,421 270, 543 164, 521 132, 972 92,034 100, 572 '135,913 '111,880
146,889 155,843 150, 620 182, 550 127,190 110,618 113,416 102, 292 108,777
21, 288 16,157
21, 730 20, 367 14,446
35, 783 31, 977 27, 686 33,239
188, 365 213, 862 148,811 145,194 147,390 103, 288 113, 054 93, 341 114,242
107. 0
81.0
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
only):
91
Unadjusted
1934-36=100-.
169
Twelve-month moving totalt
do
Domestic appliances, sales billed:
Combined index, excluding refrigerators:*
Unadjusted index
1936=100 -.
Adjusted index
do
Ironers, household
units. 19, 756
Ranges*
do
Refrigerators
do
Vacuum cleaners, floor type
do
Vacuum cleaners, hand type
do
Washers, household
do
Electrical products:
Industrial materials, sales billed.. 1936=100-.
Motors and generators, new orders
do
Transmission and distribution equipment,
new orders
1936 = 100- Furnaces, electric, industrial, sales:
Unit
kilowatts.. 148,556
Value
thous. of dol -. 10, 367
Electrical goods, new orders (quarterly)
thous. of doL.
3,699
Laminated fiber products, shipments
do
Motors (1-200 tip.):
Polyphase induction, billingsj
do
Polyphase induction, new orders}
do
Direct current, billings
do
Direct current, new orders
do
Power cable, paper insulated, shipments:
578
Unit
thous. of ft..
934
Value
thous. of doL
Rigid steel conduit and fittings, shipments*
short tons.
Vulcanized fiber:
3,900
Consumption of fiber paper
thous. of lb..
1,145
Shipments
thous. of doL.
82
133
135
206.4
158.8
21, 789
65,692
482, 587
165, 672
44, 602
213,611
203.9
161.5
21, 767
65,359
433, 670
156,816
42, 394
206, 030
234.4
263.2
251.7
429.7
237.1
406.5
240.8
444.1
243.0
307.0
254.5
370.0
272.8
332.8
238.1
329.7
252.8
425.2
264.6
27, 820
95,741
16,029
247.0
343.0
283.0
909.0
23, 961
2,491
45,674
4,551
468.8
402.0
329.7
303.0
289.1
335.9
288.8
360.4
384.7
355.7
283.7
13, 774
997
9,689
646
11, 626
945
11,644
18, 312
1,522
22, 291
1,733
12,924
1,060
8,617
646
12,298
1,149
2,659
2,896
581,675
2,791
2,822
2,803
629,028
3,102
3,363
2,997
583, 214
3,151
21, 520
1,882
3,370
3,151
3,641
5,044
6,195
1.369
2,060
5,583
7,351
1,793
3,595
5,455
7, 750
1,725
4,257
5,983
6,200
1,867
4,512
5,765
5,825
1,761
3,395
6,016
6,560
1,843
3,057
6,298
6,903
2,314
2,903
5,388
5,410
2,074
2,860
6,957
8,176
2, 552
4,602
6,061
7,086
2,140
3,974
6,417
7,409
2,294
3,056
6,743
13, 189
3,097
8,313
1,373
1,595
1,370
1,751
1,321
1,655
1, 510
1,860
1,418
1,729
1,244
1,807
1,487
2,052
1,067
1,536
1,054
1,694
958
1,475
928
1,119
605
1,062
22, 633
24, 310
26, 838
26, 540
27, 681
28, 879
26,412
24, 817
28,840
22, 834
22,838
25, 572
3,738
1,107
3,454
1, 024
3,681
956
3,987
1,107
3,471
1,158
3,635
1,177
3,762
1,100
3,595
1,178
3, 683
1,302
3,785
1,183
3,958
1,202
286.4
3,525
1,031
PAPER AND PRINTING
WOOD PULP
Consumption and shipments:•§
Total, all grades
short tons_- 916,497 819,984 850, 307 814,436 811, 364 847, 576 811,093 880, 755 859,056 847,617 '903,188 826,497 921,872
Sulphate, total
do
416, 206 364, 432 386,059 369,148 360,235 387, 475 367, 850 397, 927 379, 349 374,877 '402. 996 373,289 422,107
Unbleached
do_
361, 061 304, 591 324, 362 307, 785 302,328 326,769 313, 576 340, 950 324,881 325, 665 •348,305 318,510 367, 071
Sulphite, total
do
279, 045 242, 542 246,102 242, 084 251, 650 257, 727 245, 856 264, 398 259, 516 258,254 270, 666 248,964 272, 530
Bleached
_ do
162,749 146, 982 146, 907 144,528 149, 405 154,174 143.065 154,604 144, 396 147,802 153, 992 140, 784 154,834
51,814 r 57,161
51,031
54, 635 50, 422 52, 366 52, 332 52, 229 54,141
Soda
do
54, 995 54,167 53, 276 ' 56,543
166, 611 162, 588 165, 780 150, 872 147, 250 148, 233 146, 356 163, 435 166,024 161, 210 • 172,983 152,430 170,074
Groundwood
do
19, 378 13,828
14,174 35,387
48. 738 24,175
Exports, total, all grades*
do
()
90, 501 109, 831 98,027
85,136
95,175 105,031
Imports, total, all grades*
do
16, 447 11, 858 15, 255 14, 530
14, 431 15,194
Sulphate, total*
do
7,799
9,845
10, 552
9,757
9,942 11, 903
Unbleached*
. . do .53,184
61, 300 70, 598 57, 369 75, 111 65,158
Sulphite, total*
do
30, 575 33, 692 35,219 28, 930 38.055
32, 524
Bleached*
do
35,379 28, 439 37.056
22,609
27,608
32, 634
Unbleached*
do
()
16, 394 17, 629 16, 732 20,149
17, 626 16,804
Groundwoodt
do
(*)
Production^
912, 434 811,115 845, 948 805, 562 779,753 824, 760 797, 725 875,835 863,786 847,732 918.085 827,823 945,385
Total, all grades
do
Sulphate, total
do
412, 784 353, 584 377,123 366, 050 354, 337 384, 345 366, 776 398, 339 378, 087 373, 737 405,729 371,572 426,818
Unbleached
..do
358, 580 293,150 314,932 305, 192 297, 521 323, 261 312, 949 340, 275 324, 352 324, 942 349,677 317,977 371,045
Sulphite, total
do
265, 639 238, 056 243, 422 239, 069 238, 725 250, 462 243, 713 266, 944 259, 685 253, 004 274, 724 246,942 277,408
Bleached.
do
150, 657 142, 761 146,152 144, 503 139, 921 147,214 142, 000 155, 667 143,458 145,138 156,252 141,544 158,440
57,120
52,124
53, 413 '56,505
Soda
do
52, 983 51, 857 50, 766 54, 587 50, 008 54, 332 53, 594
54, 368 50,035
Groundwood
do
179, 643 169, 440 172, 420 148, 586 135, 925 135,366 137, 228 156, 220 172, 420 167, 578 181,127 157,185 184,039
Stocks, end of month:§
95,500 110, 500 111,800 135,100
90,700 95, 400
Total, all grades
_
do
131,100 176, 700 172,300 163, 400 131,800 109, 000 95,600
19, 700
14, 900
13, 900 r 16, 700
Sulphate, total
do
17, 000 15. 900 16, 300 15,100
16, 200 38,100 29,100 26, 000 20,100
14,600
9,600 '11,100 r 10,600
10, 800 10, 300
11,500
Unbleached
.
do.
12,100
32, 400 23, 000 20. 400 15, 600 12,100
36,100 ••40,100 r 38, 100 r 42, 800
Sulphite, total
do..". 29,400
66, 600 63, 900 60, 900 48, 000 40, 700 38, 600 41,100 41, 300
21, 600 '23, 900 r 24, 600 r 28, 200
Bleached
...do
16,100
42, 400 41, 700 41, 700 32, 200 25, 200 24, 200 25, 200 24, 300
r 3, 600
3,200
3,800
3,600
5,500
3,400
5,000
3,400
Soda
_do
4,500
6,500
3, 300
7,000
6,400
29, 400 35, 800
42, 200 '50,300 r 55,100 >• 69,100
Groundwood
do
82,100
65, 600 72, 300 70, 000 58, 600 45, 800 36,600
T
Revised.
r> Preliminary.
• See note "»," p. 30.
•Domestic pulp used in producing mills and shipments to market.
X Shown in 1940 Supplement and monthly issues through February 1941 as A. C. motors. IData revised for 1939; see table 15, p. 18 of the April 1941 issue.
§ Data have been revised beginning January 1939; the revised data will be published in a subsequent issue. All data shown above are estimated industry totals furnished by the U. S. Pulp Producers Associatian.
*New series. For data beginning 1931 on unit sales of electric ranges, see table 52, p. 18 of the November 1940 issue (for revision in note regarding coverage of the data,
see note marked with an "*" on p. S-33 of the October 1941 Survey). Data beginning 1937 for shipments of rigid steel conduit and fittings are shown in table 34, p. 26, of
the November 1941 Survey. Earlier monthly data for the indexes of domestic appliances are shown in table 38, p. 21, of the January 1942 issue. Data beginning 1913 for exDigitized forports
FRASER
and imports of wood pulp are shown on p. 13 of the October 1940 issue.
tRevised series. This series replaces the adjusted index; earlier data will appear in a subsequent issue.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
April
June 1942
April
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
PAPER AND PRINTING—Continued
WOOD PULP—Continued
Prices, wholesale:
Sulphate, Kraft No. 1, unbleached*. dol. per 100 lb.
Sulphite, unbleached
do..
3.375
3.463
3.563
3.463
3.625
3.463
3.625
3.463
3.625
3.525
3.625
3.713
3.625
3.713
3.625
3.713
3.625
3.713
3.625
3.713
3.625 I
3.713
3.625
3.713
PAPER
Total paper, inch newsprint and paperboard:f
Production
short tons.,
Paper, excl. newsprint and paperboard:f
Orders, new
short tons...
Productiondo
Shipments..
do
Book paper id1
Coated paper:
Orders, new
short tons..
Orders, unfilled, end of month
do
Production
do
Percent of standard 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. mill
dol. per 100 lb-_
Production
short tons,,
Percent of standard capacity
Shipments
short tons..
Stocks, end of month
do
Fine paperrf
Orders, new___
do
Orders, unfilled, end of month. _
do
Production
do
Shipments
do
Stocks, end of month
do
Wrapping paperrf
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|ton_
Production
short tons..
Shipments from mills
do...
Stocks, end of month:
At mills
do._.
At publishers
do...
In transit to publishers
do..
Paperboard:
Consumption, waste paper
do..
Orders, new
do..
Orders, unfilled, end of month
do._
Production
..do...
Percent of capacity
Waste paper stocks, at mills
short tons,.
,077,850 1,146,217 |l,089,552 1,090,981 1,156,900 1,132,309 1,238,030 1,161,122 1,177,426 1,249,536 1,132,459 ,222,877
589, 749 599, 989 558, 810 576,166 572,131
490,920 529, 018 501,177 504,162 528,192
502, 226 540,170 515,878 522, 296 537,925
28,276
14,091
22, 230
81.0
22, 648
13, 923
33,039
20, 613
23, 971
84.1
24, 579
13, 281
26,132
23, 354
22,913
86.8
23, 388
12, 745
24, 967
24, 741
23. 808
86.7
23,905
12, 587
28,113
27,503
25,248
91.2
25,273
12, 637
546,476 561,183 494. 691 523, 096 570, 428 491,412
515, 247 567, 294 54\, 855 550, 696 584, 849 525,616
522, 578 581, 324 541,125 557,951 578, 862 '524,482
21,032
24, 772
24, 791
92.2
24, 692
12, 762
24,276
21,646
29,049
100.0
28, 703
13, 514
20,300
17,677
25, 859
96.2
25,628
13, 713
19, 286
14, 723
25, 526
91.3
25,435
13, 745
21, 354
13,138
25, 439
87.6
25, 380
13, 719
150, 707 165,927 139, 598 143,528 139, 643 134, 790 135, 649 115,160 120, 759 137,942
93, 257 119, 533 124, 865 136, 394 143, 209 145, 861 134, 649 119, 869 107, 441 106,153
7.30
14, 769
9,413
19,661
76.2
19,958
13,408
534,927
564,012
548,329
13, 708
6,523
17, 200
61.5
17,027
13,696
110, 708 119,348
92,394 81,642
7.30
7.30
7.30
7.30
7.30
6.30
6.55
6.80
6.95
7.30
7.30
7.30
121,913 134, 371 128, 939 126, 564 138, 599 128,983 145,887 136, 659 132, 236 143, 583 129,403 133,316
109.8
111.0
100.6
105.1
101.6
107.2
95.4
105.0
108.9
105.0
109.3
102.6
127, 587 136, 296 130,589 129,224 136,180 132, 720 146, 523 133, 067 133, 458 141, 828 128, 712 130,266
47, 271 45, 273 45, 968 46, 738 49,733
50, 754 49, 687 47, 614 43, 755 47, 932 43, 828 43,115
66,947
71,168 76,968 65, 527 66, 982 52, 773 51, 948 66, 828
79, 560 102, 591 120,602 126,097 131,876 127,734 119, 847 • 115,708
59,607
58, 242 60,176
49,186
49, 629 54,073
55,115
61, 687
60,053
60,881
51, 201 53, 664 56, 523 56,062 63,826
62, 492
42,430 41,318
57,838
51,194 49,078 48,970 43,923
39, 674
67, 507
49,742
49.112
52; 791
62,818
68,730
66,475
52,819
55, 580
59, 356
219, 505
170,815
179,611
184,015
210,195
179,794
195, 764
201, 330
79,864
194, 352
193,056
181,924
181,928
79,083
195,280
199, 691
184,619
186, 706
77,634
195, 492
200, 233
190,581
195,017
70, 545
183,054
199,450
186,853
185,418
71, 809
197,035
191,666
204,790
205, 921
70, 770
171,950
176, 775
186,799
188,076
68,960
195, 773
172, 528
197,408
196, 880
70, 422
205, 436
167, 838
211, 630
211, 880
70, 689
181,150
161,842
187,990
185,348
70,039
203,361
160, 881
208,188
203,323
74, 091
230,324
277,741
238,346
184, 021
276, 452
279,996
285, 789
180,389
268, 706
284, 767
291,112
174,044
263, 659
273,697
281, 843
165,898
303.126
293,483
300,236
159,145
275,223
293,054
296, 985
155, 214
293,181
298,276
305,010
148,480
321, 664
318, 787
304, 685
162, 582
298, 938
300, 308
320,860
142,030
298,380
300, 823
319,282
123, 571
268. 110
311,904
291, 998
143,477
254,799
278,101
264,621
156,957
269, 749
295,835
308,166
144, 626
238,493
256, 431 260,827 242, 404 215,012
237, 639 276, 256 252, 872 247,103
50.00
50.00
50.00
50.00
83,902 83,199
87,000 90,913
91,487
91, 689 85,424 84,641
224,361 239,098 262,488
254,894 242, 570
(°)
50.00
50.00
50.00
87,068
83, 592 78,657
80, 756 80, 252 87,318
263,889
274,471
231,961
216,109
251,042
50.00
82,669
81,182
50.00
82,621
84,331
50.00
81,680
50.00
84, 628
80, 787
50.00
76, 234
75,247
50.00
80,923
82,176
12,648
383,384
44,843
14,303
13, 527 12,065
10,623
255, 588 252, 381 277, 681 320,602
46,679
51,197 49,687 40,451
9,904
13, 459 11, 864 11,614
345,158 341,884 334,529 333,120
38,706 46,608 46, 570 53,459
7,586
330,259
55,037
53,267 55,044
113,356 105, 807
62,013
55,601
57, 759 60, 987
37, 517 38,191
11, 427 12,414
11,161
366, 236 370,101 368, 520
46, 362 55, 336 47, 376
419,770 437,902 425, 878 390,276 438, 591
527,829 521,866 581, 502 508, 272 542, 432
433,788 404,121 406, 348 389, 700 349,434
536,646 545,050 580, 059 530,609 577,942
92.6
98.5
96.8
98.6
98.1
167, 424 186, 522 181, 456 198,659 241,178
357,091
580,038
330,779
499,930
87.9
262,398
377,595
572,522
370,151
526, 286
89.4
269,737
374,185
525,325
383,534
504,413
92.3
264, 631
384,765
569,252
435,891
503,620
85.6
272,317
411,073
565,853
452,966
545,116
95.9
237,339
422,361
542,792
444,736
538,405
95.0
218, 257
464,446
595,634
446,023
583.668
98.9
189,163
918
Book publication, total
no. of editions,,
782
800
New books
do
657
118
New editions
do
125
Continuous form stationery, new orders
thous. of sets. _ 206, 078 188,909
Sales books, new orders
thous. of books, . 19,672 21,331
1,051
887
164
894
708
186
695
593
102
985
774
211
903
780
123
874
767
107
1,190
982
208
833
716
117
203,327 !262, 591 195,361 219, 326 271, 203 299,591
26, 219 26, 544 27,878 28,278
24,470 j 26,137
223,492
24,859
261,913
23,307
PRINTING
753
645
108
804
674
130
262, 613 257, 791
24, 979
743
586
157
300, 717
22,878
RUBBER AND PRODUCTS
CRUDE AND SCRAP RUBBER*
Crude rubber:
84,912
Consumption, total
long tons_»
71,365
68,653
53, 655
60, 418
71,374
55, 365
147,045
For tires and tubes (quarterly) _ . do_,
115, 749
(a)
64, 577
83, 151
97, 081 106, 540
Imports, total, including latex $
do
63, 305 101, 404
.226
.232
.239
.239
.219
.241
Price, smoked sheets (N. Y.)
dol. per lb_.
.228
.222
.227
.231
Shipments, world§
long tons..
112,232 126, 330 127, 659 131,133 127,634 164, 968 113,548
Stocks, end of month:
Afloat, total
do . 270,000 260,000 290,000 270,000 250,000 280, 000 285,000
153, 484 147,459 175,499 132, 304
90,591 141, 756 172,633
For United States
do
91,104
91,189
79, 296
98, 724
95, 302
90, 006
91,478
British Malaya
do
329, 767 359, 234 339,108 375, 605 420, 253 455, 000 454, 711
United States *
do
Reclaimed rubber:
22, 559
24, 032
25, 009
20, 427
21, 405
21, 725
20, 864
Consumption
.
_
-do
23, 790
24, 678
26, 560
21, 574
22, 775
23, 111
24, 111
Production
do
Stocks, end of month
„_ _ _ . . d o
36, 265
38,055
38, 604
35, 336
35, 871
36, 751
39,099
53,311
58,138
Scrap rubber consumption
do
r
1
a
Revised. Includes Government reserves. The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
tFor monthly data for 1913 to 1938, see table 28, p. 18 of the May 1940 Survey; for revised data for 1939, see table 15, p. 18 of the April 1941 Survey.
cT The number of companies reporting has fluctuated to such an extent that tonnage figures are not comparable from month to month.
§Data are from the Statistical Bulletin of the International Rubber Regulations Committee; see note marked " § " on p. S-34 of the February 1942 Survey,
f Revised series. For revised data for the indicated paper series beginning 1934 see table 43, pp. 12 and 13 of the November 1940 Survey except for subsequent revisions
in total paper beginning February 1939 through February 1941 which will be published in a later issue.
series. Data beginning 1926 on price of sulphate wood pulp will be shown in a subsequent issue.
•New
• T h e publication of rubber statistics has been discontinued.
June 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
S-35
SURVEY OF CURRENT BUSINESS
1941
1942
April
April
May
June
July
SepAugust tember
October
Novem- December
ber
January
1942
Febru- March
ary
RUBBER AND PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:
Production.
.thousands..
Shipments, total
_
do
Original equipment
do
Replacement equipment
do
Exports
_
do
Stocks, end of month.
do
Inner tubes:
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_.
RUBBER AND CANVAS FOOTWEAR
Production, total
_
thous. of pairs..
Shipments, total.
do
Stocks, total, end of month...
do....
1,100
1, 557
5,175
1,141
1,299
5,892
5,839
5,999
2,332
3,489
178
9,958
5,481
5.358
127
8,143
6,091
7,676
4,817
160
8,373
5,839
6,310
109
7,686
6,379
7,602
2,595
4,871
136
7,088
5,578
6,450
1,998
4,309
143
6,235
4,983
5,394
1,122
4,132
140
5,834
4,563
5,259
1,469
3,661
129
5,154
4,834
5,867
1,994
(6)
6,264
5, 278
5,917
89
6,357
4,436
4,780
105
6,071
4,143
4,792
90
5,431
4,137
5,143
(•)
4,448
6,848
7,433
8,650
104
7,010
88, 614
3,884
4,171
6,272
6,628
5,555
12, 272
6,084
5,134
13, 223
6,278
5,668
13,834
()
4,123
3,964
4,048
1,804
2,967
2,604
1,289
1,369
1,231
985
1,113
1,116
1,156
1,027
4,043
4.417
4,550
4,553
4,809
3,725
3,825
2,729
2,390
1,328
1,257
1,051
1,099
1,129
4,377
4,678
4,712
4,678
5,026
6,362
6,287
8, 725
6,532
6,086
9,170
5, 545
6.300
8,315
4,753
5,213
7,907
4,479
5,247
6,803
78, 638
4,789
6,366
12, 256
5,543
6,990
10,809
5,844
7,422
9,228
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth:
Shipments
reams.
PORTLAND CEMENT
Production..
thous. of bbl...
Percent of capacity
_
Shipments
thous. of bbl...
Stocks,finished,end of month
do
Stocks, clinker, end of month...
do
CLAY PRODUCTS
Common brick, price, wholesale, composite
f. o. b. plant
dol. per thous.-.
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
GLASS PRODUCTS
Glass containers: §
Production
.thous. of gross..
Percent of capacity
Shipments, total
thous. of gross..
Narrow neck, food*
do
Wide mouth, food*
do
Pressed food ware*
do
Pressure and non-pressure*
_
do
Beer bottles*
do
Liquor ware*
do
Medicine and toilet*..
do
General purpose*
do
Milk bottles*
_
_do
Fruit jars and jelly glasses*
do
Stocks, end of month
do
Other glassware, machine-made:*
Tumblers:
Production
_
-thous, of doz..
Shipments
.do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz._
Plate glass, polished, production
thous. of sq. ft_Window glass, production
thous. of boxes..
Percent of capacity
GYPSUM AND PRODUCTS
Crude:
Imports..
short tonsProduction...
_
_.
do
Calcined,production
_do
Gypsum products sold or used:
Uncalcined.
_
do...
Calcined:
Building plasters
do...
For mfg. and industrial uses.
...do...
Keene's cement
do...
Board and tile, total
thous. of sq. ftLath
..do „
Tile.
do...
Wallboard
.do...
141,985
138,555
138,327
199,373
16,115
78.3
18, 284
17, 561
4,804
16,688
78.6
17, 833
16,417
4,192
14,931
72.7
13, 724
17,638
4,250
13,810
64.8
11,511
19,937
4,575
12, 370
58.6
9,120
23,186
r 5,020
10, 787
57.0
8,296
25, 668
5,840
12, 733
60.0
12, 563
25,831
•• 6, 570
12. 715 • 12. 853 12.876
12. 921
12.935
13.100
13.165
13.215
6,330
1,816
6,831
1,932
5,289
1,501
5,029
1,432
3,584
1,077
3,689
1,047
3,906
27,813
5,873
24, 630
4,551
24,694
3,113
17, 211
1,735
17,122
1,046
'17,948
785
18, 331
' 6,844
' 102. 4
' 0, 847
'867
' 1,308
39
'479
' 432
'025
' 1, 820
'414
'302
239
8,052
' 6. 370
'99.1
' 6,968
'1,008
' 1,269
45
'331
'401
' 1,074
' 1, 891
'417
342
158
7,321
p
' 6,187 ' 6, 043
' 100. 3 '90.4
r 5, 295 ' 4. 965
240
'214
'974
'862
42
39
'316
332
T
260
'395
' 1, 056
'843
' 1, 766 ' 1, 640
'381
'374
' 242
245
3
4
8,711
9,683
6,755
96.5
5, 877
271
1,191
45
352
524
905
1,884
399
257
29
10, 279
5,965
96.1
6,141
352
1,319
37
408
601
917
1,741
429
224
97
10, 001
6,935
103.1
7,064
588
1,509
49
503
737
983
1,806
514
243
106
9,458
4,879
4,826
7,872
4,407
4,998
7,208
5, 350
4,1.43
8,797
4,595
3,921
9,376
4,804
4,482
9,260
146, 734 173,022
129,119
135, 571
130,852
14,068
69.0
14, 774
25,125
6,650
12,196
59.3
14,132
24,056
6,207
14,732
69.4
16,048
22, 745
6,005
15, 223
74.0
16,109
21,865
5,757
16,000
74.9
16,687
21,178
5,522
16,345
76.5
17,825
19, 732
5,219
13,209
12. 320
12. 434
12. 504
12. 582
5,219
1,363
6,172
1,629
6,340
1,694
7,192
1,929
6,701
1,890
2,640
30,233
3,612
28,622
3,384
28, 778
4,056
28, 711
r 5, 322
' 1,112
35
633
418
'861
1,522
-407
r228
41
9,612
' 6, 243
'93.4
' 6, 398
'327
'1,211
49
779
548
'988
r 1, 608
'455
'271
136
9,244
6,325
" 6,168
' 94. 7
96.0
' fi,867 6, 400
' 358
'497
1, 321
' 1, 449
44
47
694
763
605
493
811
'1,027
1, rt95
80S
'479
401
'260
277
165
200
8,397
8,176
3,838
4,387
7,499
5,548
5,055
7,896
6,921
102.9
6,830
454
1,554
51
479
868
838
1,757
448
234
125
9,417
5,570
1,644
101.3
'79.6
r 5, 570
••290
4,857
4,863
7,820
4,541
4,382
7,899
7,016
r 101. 1
r 6, 244
'389
' 1, 242
55
'310
' 408
r 1. 042
' 2 022
'464
285
10
7,948
4,837
4,937
6,975
4,658
3,584
7,903
4,346
3,236
8,936
111, 700 130, 525 109, 568
3,922
3,372
3,069
2,903
3,857
3,427
4,082
3,279
2,553
2,587
3,112
3,278
18,344
1,400
86.3
18,394
1,282
78.9
18,534
1,304
80.3
12,463
1,281
78.9
14,126
1,267
78.1
14,906
1,123
69.2
15,769
1,524
93.9
14,277
1,300
80.1
10,311
1,696
104. 5
9,143
1,639
100.9
5,600
1,457
89.7
5,565
1,583
97.5
326,248
1,197,689
1,026,987
366, 519
1,335,905
1,099,244
()
1,361,034
1,088,745
365, 682
368, 209
317, 781
()
1,066,362
817,856
285, 755
523, 218
38, 222
7,672
709, 282
472,696
11,267
225,319
577,840
41, 569
8,854
718,415
479, 794
9,133
229,488
436,255
36,130
6,841
843, 920
567,393
7,398
269,129
352,316
34,114
5,904
559,498
348,061
6,490
204,947
*• Revised.
« The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
* Data not available.
* New series. Data for glass containers for the period January 1934-December 1939 are shown in table 49, pp. 16 and 17, of the November 1940 issue; minor revisions for
1940 for wide-mouth food containers and liquor ware not shown on p. S-35 of the September 1941 issue are available on request; earlier data on glassware other than containers
are shown in table 2, p. 17, of the January 1941 Survey.
§ Data revised for 1941; revisions for January-March not shown above are minor and are available on request.
S-36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
April
June 1942
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
March
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production..
thous. of dozen pairs.
Shipments
do...
Stocks, end of month..
do_-.
12, 729
13, 533
20,390
COTTON
Consumption
bales_ 998,754
Exports (excluding linters)§
do._.
Imports (excluding linters)§—
do...
Prices received by farmers
...dol. per lb.
.190
.202
Prices, wholesale middling 15A&", average lOrrarkets
do_.
Production:
G innings (running bales) • ..thous. of balesCrop estimate, equivalent 500-lb. bales
thous. of bales.
Stocks, domestic cotton in the United States,
totalcf
thous. of bales..
On f?rms and in transitcf
do...
Warehouses
do...
Mills
do—
12, 871
12, 737
24, 530
12, 621
11, 750
25, 493
12, 531
11,933
26,183
12, 900
]2,889
26, 235
11,499
13,785
23, 991
11,974
13, 771
22, 236
14.107
14, 977
21, 409
12, 501
12, 585
21, 367
12, 555
11, 938
22,026
13,147
12,869
22, 304
12, 204
12, 759
21, 749
12,951
13, 506
21,194
920,950
74,009
18,846
.105
.111
923, 518
71, 550
30, 853
.117
.124
875,812
75, 236
26,108
.128
.138
929, 782
61,110
17, 243
.143
.156
874,113
34,967
43, 322
.153
.161
875, 682
189, 215
25, 413
.175
.171
953, 600
161, 668
40, 696
.166
.165
9, 733
887, 326
945, 909
893, 745
966,631
.158
.164
.162
.173
.169
.190
.178
.192
. 181
. 196
504
4,713
7,964
9,596
9,915
19,886
4,712
13, 268
1,906
18, 818
2,738
13, 915
2,155
13,658
2 f 299
()
12,805
2,388
()
(
10,495
10, 240
110, 742
15,007
-808
12,335
1,864
14, 023
'800
11,363
1,860
13,099
r 727
10,528
1,844
12,026
585
9,640
1,801
21, 628
10, 774
9,233
1,621
20,992
7,990
11,453
1,549
37, 947
8,828
44, 972
6,680
39, 039
2,929
41,194
4,275
49, 576
3,075
46, 985
5,535
19.81
.072
.084
20.85
.080
.088
21.84
.088
.093
19.06
.078
.095
20.53
.080
.095
20.01
.080
.095
20.45
.080
.094
20.34
.081
.095
20.30
.083
.098
20.32
.086
.103
20.32
.087
.104
20. 25
.088
.105
178, 538
146, 235
6,543
122, 245
182,003
145, 612
6, 989
119, 222
158, 569
125, 282
5, 890
96, 871
168, 211
134, 584
6,360
98, 704
171,667
132,177
6,113
97, 283
185, 786
138, 437
6, 369
98, 757
188,594
143, 718
7,116
98, 297
170,132
131, 727
6,042
78, 572
180, 792
126. 677
6,750
91, 674
192, 229
133, 624
8,547
82, 267
176,227
126, 465
6, 553
83, 791
191,654
145, 169
6.010
88, 674
23,100
11,463
476
135.3
22, 807
10, 299
423
120.1
23,004
10, 276
422
121.7
22, 995
9,938
408
121.5
23,028
10, 537
433
123.0
23,029
10, 253
421
125.3
22, 964
10, 407
429
123.7
23,043
11, 232
463
125.8
23,069
9,901
409
129.4
23,063
10, 540
437
124.0
23,077
11, 364
471
136.9
23,078
10, 457
435
135.9
23,096
11,374
473
134.3
.425
.516
.338
.419
.366
.430
.365
.433
.373
.433
.413
.475
.429
.481
.396
.479
.385
.471
.395
.481
.414
.500
.413
.504
.419
. 506
37.5
38.7
1,611
40.2
1,304
38.3
1,457
39.4
576
37.3
228
37.0
743
41.7
38.5
41.2
36.0
.530
7.4
.530
5.8
.530
4.6
.530
3.6
.530
4.2
.542
4.9
.550
5.4
.550
4.5
.550
4.8
. 550
4.4
.550
* 4.1
23,538
3, 551
22, 440
3,509
24, 251
3,895
28, 528
2,347
2,069
332
4,685
1.003
4,160
(°)
5,676
3.049
3.080
3.080
3.080
3.080
3.080
3. 080
()
COTTON MANUFACTURES
Cotton cloth:
Exports§
thous. of sq. yd_.
Imports!
do—
Prices, wholesale:
Mill margins
cents per lb..
Print cloth, 64 x 60
dol. per yd..
Sheeting, unbleached, 4 x 4
do
Finished cotton cloth, production:
Bleached, plain
thous. of yd..
Dyed, colors
do
Dyed, black
do—
Printed
do
Spindle activity:
Active spindles
thousands..
Active spindle hours, total
mil. of hrs..
Averaee per spindle in place
hours.-..
Operations
percent of capacity..
Cotton yarn, wholesale prices:
22/1, cones (factory)
dol. per lb..
40/s, southern, single, carded, Boston..do
RAYON AND SILK
Rayon:
Deliveries (consumption), yarn*...mil. of lb_.
Tmports§
thous. of lb.
Price, wholesale, viscose, 150 denier, first
quality, minimum filament*-.-dol. perlb..
Stocks, yarn, end of month!
mil. of lb_.
Silk:
Deliveries (consumption)©
bales..
Imports, raw§
thous. of lb_.
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
dol. per lb..
Stocks. end of month:
Total visible stocks
bales-.
United States (warehouses) 0 .
do
20.29
.089
.107
.550
5.4
2.834
2.886
3.019
210, 743
49r 373
214, 711
50, 341
204, 606
53, 436
47, 208
r
40.0
(°)
3.080
.550
3.8
()
53, 988
53,008
57, 508
55,486
WOOL
61, 658
72,008
74, 954
Imports (unmanufactured)§
thous. of lb_.
63,010
84, 759
91, 788
Consumption (scoured basis) :1
41,816
46, 605
39, 712
41, 764
40, 716
40, 660
46, 695
51. 995
44,480 ' 40, 972
Apparel class
do
43, 696
53,580
11,256
10, 904
11,212
11,260
10, 700
11,465
13, 370
13,980
11,708
5,828
Carpet class
do—
6,555
' 5, 784
Machinery activity (weekly average) :f
Looms:
Woolen and worsted:
2,492
2, 523
2,431
2,606
2,591
2,521
2, 546
2,457
Broad
thous. of active hours..
2,706
2,850
2,616
2,587
91
93
93
86
94
89
94
Narrow
do
90
78
89
86
94
241
260
240
212
246
244
229
251
Carpet and rug
do
227
221
227
180
Spinning spindles:
102, 749 106,881 110,590 107, 780 117,876 113,084 112,567
108,127 110,157 118 654 117,130 116,012
Woolen
do
117, 593 119,838 125, 606 118, 002 125, 902 123, 512 127, 257 122, 409 129, 890 120. 806 101,015
Worsted
do
99, 776
223
211
218
231
214
232
Worsted combs
do
210
220
233
243
231
231
Prices, wholesale:
1.06
1.07
1.05
1.08
Raw, territory, fine, scoured
dol. per lb_.
1.11
1.08
1.13
1.14
1.20
1.18
1.16
.46
.46
Raw, Ohio and Penn.,
fleeces
do
.49
.45
.45
.49
.49
.49
.47
.52
.52
.52
.48
Suiting, unfinished worsted, 13 oz. (at mill)
2.030
dol. per yd..
2.129
2.030
2.030
2.228
2.228
2.228
2.599
2.228
2.228
Women's dress goods, French serge, 54" (at
1.312
1.312
1.330
1.411
1.275
1.262
1.411
mill)
dol. per yd..
1.411
1.411
1.391
Worsted yarn, ^2*s, crossbred stock (Boston)
1.740
1.594
1.638
1.550
dol. per Ib_.
1.675
1.700
1.800
1.763
1.800
1.800
1.800
1.800
1.800
39,704
80, 360
82, 827
76, 210
81, 232
61,336
37, 571
26, 253
Receipts at Boston, total
thous. of lb_.
32, 837
13, 655
9,661
42, 780
26, 570
29,177
17, 281
11,735
Domestic
--do
9,658
7,555
49, 990
62, 555
38, 452
34, 765
20, 290
30,043
14, 518
51,184
Foreign
do
()
J
•• Revised.
° See note " ° " , p. 37.
i Dec. 1 estimate of 1941 crop.
Data discontinued.
§Data for 1939 revised; for exports, see table 14, p. 17 and for imports, table 15, p. 18 of the April 1941 issue.
• Total ginnings to end of month indicated.
IDatafor April, July, and October 194] and March 1942are for 5 weeks; other months, 4 weeks.
JMonthly data beginning January 1930, corresponding to monthly averages shown on p. 155 of the 1940 Supplement, appear on p. 18 of the April 1940 Survey.
*New series. For monthly data on rayon yarn deliveries beginning 1923, see table 41, p. 16 of the October 1940 issue. The new rayon price series replaces the data shown
in the 1940 Supplement; earlier monthly data are shown in table 30,l5 p. 22 of the November 1941 issue. The new price series for cotton, which replaces the New York price
formerly shown in the Survey, is the average spot price of middling /U" at 10 southern markets compiled by the Department of Agriculture; earlier data will be shown in a
subsequent issue.
cTRevised monthly data for August 1939-July 1940 will be shown in a subsequent issue.
©Beginning September 1941 certain amounts of raw silk were returned from mills to warehouses; these amounts are reflected in warehouse stocks and should be deducted
from the cumulative figures for deliveries. The number of bales returned were as follows: Sept., 542; Oct., 7,927; Nov., 2,717.
S-37
SURVEY OF CURRENT BUSINESS
Juae 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
1941
April
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
March
TEXTILE PRODUCTS—Continued
WOOL—Continued
Stocks, scoured basis, end of quarter, totals
thous. of 1b
Woolen wools, total
do
Domestic _
do
Foreign
do
Worsted wools, total
do
Domestic
do
Foreign
do
191, 556
65, 508
35, 304
30, 204
125,652
57, 334
68, 318
208, 345
62, 213
31, 790
30,423
145, 970
53,930
92,040
190, 780
71,971
35,862
36,109
118, 539
41,680
76, 859
MISCELLANEOUS PRODUCTS
Fur sales by dealers
thous of dol
Pyroxylin-coated textiles (cotton fabrics):
Orders, unfilled, end of mo..thous. linear y d . .
Pyroxylin spread
thous. of lb_.
Shipments, billed
thous. linear yd_.
7,300
5, 669
6,689
6,142
5,666
5,323
4, 779
5,349
4,297
1,441
r 2, 828
6,308
5,704
5,588
7,165
7,550
6,137
7,351
7,950
9,558
7,464
7,479
8,070
6,473
7,543
10,038
7,142
7,703
8,747
7,097
8,017
9,009
7,488
7,841
8,206
6,698
7,097
790
7,825
6,637
7,398
7,112
6,181
6,745
r 7,5S4
5,659
6,464
r 7, 797
' 5,403
r 0, 652
11,144
1,052
11, 798
997
5,981
658
11,002
246
11,599
1,146
12, 222
546
196
463
132
100
100
100
63
22
73
73
46
81
139
128
'564
TRANSPORTATION EQUIPMENT
Exports§
AIRPLANES
number.
360
533
13,000
378
22, 486
2,099
16,932
3,263
8,849
619
21,969
9,012
12,957
13, 481
4,056
9,425
12,975
6,958
6,017
20, 616
6,706
13,910
15, 678
2,279
13, 399
446
1,317
235
467
1,361
251
448
1,253
253
396
1,067
234
325
806
209
196
419
142
201
483
133
179
429
118
152
163
176
178
170
164
157
571
511
352
9,405
312
14,457
496
18, 536
8,574
9,962
58
42
62
105
AL TOM O BILES
Exports:
Canada:
Assembled, total
number..
Passenger cars
do
United States:
Assembled, total§.
do
Passenger cars§
do
Trucksg
--do
Financing.'*
Retail, passenger cars, total...Jan. 1942 = 100_.
New cars..
do
Used cars
...do
Retail automobile receivables outstanding,
end of month
Dec. 31, 1939=100..
Production:
Automobiles:
Canada, total.
number..
Passenger cars
do
United States (factory sales), total.._do
Passenger cars
do
Trucks
do
Automobile rims.
thous. of rims.Begistrations:t
New passenger cars
number..
New commercial cars
..do
Sales (General Motors Corporation):
World sales:
By U. S. and Canadian plants
do
United States sales:
To dealers
_
_
.do
To consumers
do
Accessories an<i 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
9. 723
'611
20,181
14, 496 19,360 21, 545 20,313 21,751
27, 584 26, 585 25, 753 24, 654 17,192
3,989
12,091
9,840
2,548
7,003
3,849
8,538
5,635
4,249
6,651
3,160
462, 272 518, 770 520, 525 444, 243 147, 601 234, 255 382,009 352, 347 282, 205 238,261 134,134
374, 979 417, 698 418,983 343, 748 78, 529 167, 790 295, 568 256,101 174,962 147,858 52, 200
87, 293 101,072 101, 542 100,495
69,072 66, 465 86, 441 96, 246 107, 243 90, 403 81,934
2,682
2,408
1,811
1,864
2,309
'823
2,024
1, 532
2,061
1,677
1,271
489,074 515,034
70, 269 72,170
443, 470 391, 795 246, 595 125, 293 165, 485 •104,747 174,188
43, 892 41,352 ' 36, 799 41,006
62, 265 67,412 56,191
255, 887 235, 679 240, 748 224,517
29,268
89, 300 179,120
204, 695
195, 475
19,690
84,969
81,169
52,829
233, 735 217,120 224,119
272. 853 265, 750 235,817
240
252
258
242
246
282
278
132
218
199
282
136
215
208
279
140
231
229
248
154
253
221
258
160
242
216
271
170
298
290
64,603
23, 356
19,177
10,311
265
144
229
217
)
139
231
201
20,188
3,192
94,510
6,216
88,294
'669
171,412
162, 543 153, 904
103, 854 126, 281
280
174
302
287
270
281
271
173
267
286
174
297
255
141
234
202
RAILWAY EQUIPMENT
Association of American Railroads:
Freight cars, end of month:
Num ber owned
thousands..
1,726
1,682
1,671
1,694
1,709
1,676
1,647
1,656
1,661
1,666
1,701
1,718
Undergoing or awaiting classified repairs
62
94
73
85
61
79
78
62
thousands..
3.6
5.9
5.8
5.2
4.4
4.1
4.8
3.6
4.7
4.1
3.7
Percent of total on line
3.6
55,404 64,027 91,416 88, 266 89, 917 86, 943 78, 974 75, 559 73, 697 66, 870 69, 402
Orders, unfilled
cars.. 58,129
3.5
42,162 49,108 69,140 66,641
39,804
63, 607 57, 584 52, 563 50, 661 45,798 49,939
65,814
Equipment manufacturers
do
13, 242 14,919 22,276 21, 625 24,103 23, 336 21, 390 22, 996 23,036 21, 072 19, 463 68,316
18,325
Railroad shops
do
47,985
Locomotives, steam, end of month:
20,331
Undergoing or awaiting classified repairs
5,535
3,114
4,022
4,862
3,634
5,181
4,607
3,231
4,208
3,778
3,370
3,378
3,228
number..
7.9
10.2
14.0
12.3
11.7
9.6
9.2
13.1
8.6
8.2
8.2
10.7
8.6
Percent of total online
408
284
211
231
265
300
249
281
426
300
317
258
Orders, unfilled
number..
240
201
266
357
229
372
263
256
189
234
282
269
237
Equipment manufacturers
do
20
51
46
25
22
30
31
34
44
54
18
48
21
Railroad shops
.do
U. S. Bureau of the Census:
Locomotives, railroad:
734
622
964
917
876
942
1,425
921
1,022
1,332
1,197
1,210
1,273
Orders, unfilled, end of mo., total
do
297
285
205
255
669
268
364
203
526
297
522
589
551
Steamf
do
667
632
621
756
653
419
529
645
658
675
722
743
Otherf
do
79
132
102
74
87
79
87
87
89
100
89
125
Shipments, totalf
do
12
62
27
22
9
18
8
15
11
28
19
57
Steamf
..do
67
70
75
65
74
56
72
79
70
76
70
Othert
do....
a
b
'Revised.
The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
Discontinued.
^Does not include Australian wool held by the Defense Supplies Corporation. The total includes for June, September and December 1941 a comparatively small amount
of certificated wool in licensed warehouses not included in the detailed figures.
§Data revised for 1939. See table 14, p. 17, of the April 1941 Survey; see also note marked "§" on page S-37 of the November 1941 Survey for explanation of revision in the
1940 data.
*New series. Beginning January 1942 the Bureau of the Census has discontinued the dollar series on passenger-car financing formerly shown in the Survey and has initiated a series of indexes on a January 1942 base on volume of paper acquired by sales finance companies, including passenger and commercial cars and diversified financing,
and has placed the series on retail automobile receivables on a December 31, 1939, index base. Indexes prior to January 1942 for passenger-car financing have been computed
by the Bureau of Foreign and Domestic Commerce from the former dollar series and linked to the new Census data.
tSince publication of foreign trade statistics has been suspended for the duration of the war, the Bureau of the Census ceased publishing foreign and domestic data separately. The series, therefore, were revised to include both foreign and domestic data beginning with the January 1942 Survey. Comparable earlier figures are available on
request.
JData beginning June 1941 exclude Federal Government deliveries and are therefore not comparable with earlier data. See note "t," p. S-37, of December 1941 Survey.
g
S-38
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1940 Supplement to the Survey
June 1942
1942
1941
April
May
June
July
August
September
October
Novem- December
ber
January
February
March
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT-C<mtinued
U. S. Bureau of the Census—Contin ued.
Locomotives, mining and industrisil:
Shipments (quarterly), total*—. number
do
Electric, total §
do
For mining use
do . .
Other*
American Railway Car Institute:
Shipments:
do
Freight cars, total
Domestic
_ . . . ..do .
do
Passenger cars, total
do . .
Domestic
_
do
ExDorts of locomotives, total
....do _
Electric
do
Steam
242
97
94
145
7,957
7,273
10
10
173
79
73
94
177
84
71
93
207
102
99
105
6,378
6,073
42
42
7,183
7,181
35
29
6,240
6,240
42
42
7,752
7,652
24
20
7,781
7,781
28
28
323
306
17
298
280
18
271
261
10
330
327
3
309
303
6
371
336
35
5,449
5,301
18
18
24
17
7
5,225
4,681
47
47
42
19
23
5,136
5,130
12
12
25
10
15
5,537
5,467
37
37
28
21
7
3,936
3,856
32
32
22
15
7
5.168
5,044
38
30
25
14
11
7,617
6,626
28
28
263
255
8
217
180
37
266
238
28
232
225
7
247
236
11
260
253
7
(°)
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS*
Shipments, total
Domestic
Exports
.
.
number
do
.
do
-
400
383
17
CANADIAN STATISTICS
Physical volume of business, adjusted:!
Combined index...
1935-39=100..
Industrial production:
Combined index
do
Construction
._ . . . . . . _. do
Electric power
do
Manufacturing
do
Forestry
do
Mining . do
Distribution:
Combined index
do
Carloadings
do
Exports (volume)
do...
Imports (volume) do
Trade employment
do
Agricultural marketings, adjusted:f
Combined index
do
Grain
._ do
Livestock
do
Commodity prices:
Cost of livingf
do
Wholesale prices
. ..1926=100-Employment>(first of month, unadjusted):
Combined index
_
do
Construction and maintenance
do
Manufacturing
.
do
Mining
do
Service
do
Trade
- .do . . .
Transportation
- do
Finance:
Bank debits
mil. of dol
Commercial failures .
number..
Life-insurance sales, new paid for ordinaryf
thous. of dol
Security issues and prices:
New bonds issues, totalf
do .._ 145,888
Bond vieldsf
- 1935-39=100
Common stock pricesf
do
Foreign trade:
Exports, total
thous. of dol .
Wheat
-thous. of bu._
Wheat
flour
thous. of bbl
Imports
thous. of dol__
R ail ways:
Carloadings
thous. of cars
Financial results:
Operating revenues
thous. of doL.
Operating expenses
do..
Operating income
do
Operating results:
Revenue freight carried 1 mile_mil. of tons..
Passengers carried 1 mile
mil. of pass__
Production:
Electric power, central stations
mil. of kw-hr
Pig iron
thous. of long tons
Steel ingots and castings
. . do-. _
Wheat
flour
thous. of bbl
130.7
134.2
137.1
138.0
141.5
148.9
139.1
132.0
141.3
140.6
134.3
136.2
141.5
177.9
126.1
143.3
118.4
121.8
144.7
178.5
129.1
143.4
114.0
140.8
150.4
286.8
123.3
143.5
117.0
125.6
149.2
130.7
130.8
153.6
131.0
146.3
156.1
145.0
126.1
163.7
129.8
140.9
169.0
166.4
136.2
182.3
145.6
126.0
154.9
145.9
137.4
164.7
132.6
123.6
143.3
129.6
137.5
149.4
123.2
125.6
154.1
184.4
138.9
158.9
127.5
124.4
148.4
125.8
142.9
158.3
126.9
120.2
141.3
103.6
137. 6
152.4
134.2
113.7
144.8
153.2
141.7
150.2
133. 5
119.2
110.9
129.3
169.2
150.0
120.5
114.9
138.6
196.3
145.0
121.6
112.9
133. 9
182.1
143.9
121.8
117.6
139.6
212.7
167.3
121.2
114.9
128.0
189.7
184.1
122.0
112.4
119.1
169.2
185.6
123.2
110.2
120.6
139.5
170.3
123.9
111.4
124.4
163.2
159.3
123.4
118.1
138. 8
163.9
194.9
122.9
125.3
149.6
199.7
229.0
125.2
121 9
140.4
223.7
187.6
123.5
120 7
136.2
230.7
191.3
275.5
314.7
105.4
323.3
376.1
94.3
217.0
242.7
105.3
268.9
302.7
122.0
95.3
93.7
102.2
55.2
40.1
120.8
113.3
116.0
101.3
81.3
75.6
106.1
129.4
129.3
129.8
136.3
110.4
112.3
93.9
70.6
100 9
81.6
74.9
110.8
108.6
86.6
109.4
88.5
110.5
90.0
111.9
91.1
113.7
91.8
114.7
93.2
115.5
93.8
116.3
94.0
115.8
93.6
115.4
94.3
115.7
94.6
115.9
95.1
141.3
100.2
158.2
174.1
158.3
149.1
94.3
145.5
120.0
162.3
174.8
165.6
154.5
99.2
152.9
139.5
168.0
177.2
170.9
156.8
99.2
157.4
149.9
172.5
176.8
179.8
158.5
103.7
160.6
160.7
176.9
178.1
184.0
156.8
105.0
162.7
153.9
181.5
181.6
183.9
157.5
105.9
165.8
155.4
185.0
182.3
175.7
160.9
104.2
167.6
147.7
187.5
185.0
173.7
163.4
102.8
168.8
143.4
188.4
183.5
170.4
167.1
104.1
165.8
124.7
187.1
177.8
168.0
172.4
101.1
165.4
118.1
' 191.2
176.8
167. 0
156.8
98.2
165.1
103.7
195.7
176. 4
169.1
151.7
97.5
2,984
67
3,266
84
4,241
72
3,242
58
3,150
67
3,301
45
3,627
57
3,427
80
3,687
78
3,231
77
2,893
64
4.177
56
35, 876
r
35, 398
36,172
33, 670
32, 681
29, 597
33, 975
41, 740
44, 984
47,172
43,081
39, 357
78, 830
100.6
65.8
115,119
101.1
63.9
876, 920
101.9
64.0
111,290
101.5
67.5
83, 497
101.2
67.8
62, 521
100.3
71.0
341, 680
100.2
69.1
94,851
99.1
68.8
91, 985
99.3
67.2
90,326
99.4
66.8
90,092 '1,044,077
99.3
99.6
62.3
64.7
118, 425
20,322
850
106, 268
162, 663
29, 623
1,341
128,096
146, 822
23,114
1,751
114, 924
170,901
19, 346
1,922
127, 707
150, 496
14, 721
1,437
137, 913
142, 897
11,341
661
136, 991
139, 678
11,841
441
140,819
164,079
22,105
587
134,191
152, 091
18, 271
930
125, 886
152, 307
11,145
750
142,127
168 197
5,424
1 056
119, 556
249
252
276
271
277
279
294
313
286
294
272
41,887
30,180
9,123
46, 595
32, 257
11,068
44,817
32,122
9,976
45, 442
35, 248
7,262
46, 524
35, 988
7,393
47, 215
35,861
8,973
51, 239
37, 304
11,483
48, 219
35, 496
9,927
50,050
36,134
10,818
45, 422
35,111
7 789
3,818
225
4,387
230
4,381
248
4,257
318
4,323
354
4,447
286
4,796
262
4,711
227
4,356
387
4,246
283
2,693
103
201
1,661
2,805
114
206
2,121
2,560
112
187
2,118
2,661
102
197
2,117
2,640
106
203
1,852
2,867
112
201
1,648
3,140
137
223
1,596
3,184
134
221
1,665
3,221
148
219
1,577
3,226
146
231
1,556
r 2, 864
129
217
1,585
176,950
9,765
899
144,886
3,221
1,807
•• Revised.
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
fData on life-insurance sales revised beginning September 1936; for revisions see p. 56 of the September 1940 Survey. For revisions of new bond issues for 1939 see p. 56
of the March 1941 Survey. All Canadian index numbers to which this note is attached have been revised to a 1935-39 base; earlier cost of living data appear in table 35, p. 19
of the January 1942 issue. Common stock price indexes have been converted to the new base by multiplying the old series by a constant. The index of bond yields has been
completely revised and is now based upon yields of a 15-year V/t percent Dominion issue. The production and distribution indexes and indexes of agricultural marketings
have also been completely revised; revised data will be published in a subsequent issue. The index of grain marketings is based on receipts at country elevators instead of
receipts at head of Lake and Pacific ports, as formerly.
^Beginning with July 1940, data are reported by the Industrial Truck Statistical Association and cover reports of 8 companies. They are approximately comparable with
previous data which were compiled by the Bureau of the Census.
§Includes straight electric types only (trolley or third-rail and storage battery); data for 1939 and earlier years, published in the Survey, include some units of only partial
United States manufacture and are not comparable with data here shown.
*New series. Comparable data on total shipments are available only beginning January 1940. "Other" includes Diesel-electric, Diesel-mechanical, and gasoline or steam
locomotives; these are largely industrial; for data beginning with the first quarter of 1939, see p. 55 of the May 1941 Survey.
U. S. GOVERNMENT PRINTING OFFICE: 1942
INDEX TO MONTHLY
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
Business indexes
S-l
Commodity prices
S-3
Construction and real estate
S-4
Domestic trade
S-6
E m p l o y m e n t conditions and
wages
S-7
Finance
S-12
Foreign trade
S-19
Transportation and communications
S-20
Statistics on individual industries:
Chemicals and allied products.. _ S-21
Electric power and gas
S-23
Foodstuff's and tobacco
S—24
Fuels a n d b y p r o d u c t s
Leather and products
L u m b e r and manufactures
M e t a l s and manufactures:
Iron and steel
Ncnferrous metals a n d products
___
Machinery and a p p a r a t u s
Paper and printing.
Rubber and products
Stone, clay, and glass products.
Textile products
Transportation equipment
Canadian statistics
..
S-2 7
S-29
S~29
S-30
S-32
S-32
S-33
S-34
S-35
S-35
S-37
S-38
CLASSIFICATION, BY INDIVIDUAL
SERIES
Pages marked S
Abrasive paper and cloth (coated)
._
35
Acceptances, bankers'
13
Advertising
6
Agricultural cash income
.__
1
Agricultural wages, loans
13
Air mail and air-line operations
6,20
Aircraft
„
1,2,9,11,12,37
Alcohol, denatured, ethyl, methanol
21
Aluminum
.
32
Animal fats, greases
21
Anthracite
____ 2,3,10,11,27
Apparel, wearing
.
3, 4, 6,9,11,36
Asphalt
.
28
Automobiles
1,2,3,6,8,9,11,12,37
Automobile accessories end parts
37
Banking
13,14
Barley
>
24
Bearing metal
__
32
Beef and veal
26
Beverages, alcoholic
24
Bituminous coal
.
2,3,10,11,27,28
Boilers
31
Bonds, issues, prices, sales, yields
17,18
Book publication
34
Brass arid bronze
32
Brick
_-_
35
Brokers' loans
.„ 14,18
Building contracts awarded
__.
4
Building costs
5
Building expenditures (indexes)
4
Building-material prices
.
3
Butter _1
.
24
Canadian statistics
15,37,38
Canal traffic
20
Candy
.
26
Capital
flotations
,__ 17,18
For productive uses
18
Carloadings
20
Cattle and calves
,
__.
25
Cellulose plastic products
,__
23
Cement
.
1, 2,3,35
Chain-store sales
7
Cheese
.
24
Chemicals
1,2,3,4,9,11,12,14,16,21
Cigars and cigarettes
.
27
Civil-service employees
10
Clay products
1,2,8,9,10,12,14,15,35
Clothing (see also hosiery)
_ 3,4, 6.8, 9,11,12
Coal
„
2,3,10,11,27
Cocoa
26
Coffee. „
___,
26
Coke
28
Commercial failures
14
Commercial paper
,__,
13
Construction:
Contracts awarded
.
4
Costs
...
5
Highways and grade crossings
.
5
Wage rates
13
Copper
„_,__
32
Copra and coconut oil
22
Corn
.,-_
25
Cost-of-living index
3
Cotton, raw, and manufactures
2,3,4,36
Cottonseed, cake and meal, oil
22
Crops_
— 1,22,25,27,36
Currency in circulation
15
Dairy products
24
Debits, bank
__
13
Debt, United States Government
_
16
Delaware, employment, pay rolls, wages.. 9,11,12
stores: Sales, stocks, collections7,8
DigitizedDepartment
for FRASER
Deposits, bank
.
13,14
BUSINESS STATISTICS, Pages S1-S38
Pages marked S
Disputes, industrial
10
Dividend declaration payments and rates
1,19
Earnings, factory, average weekly and
hourly
11,12,13
Eggs and chickens
1,3,26
Electrical equipment
2,3,8,9,10,11,12,33
Electric power production, sales, revenues __
23
Employment, estimated nonagricultural
8
Employment indexes:
Factory, by cities and States
9
Factory, by industries
8,9
Nonmanufacturing
10
Employment, security operations
10
Emigration and immigration
20
Engineering construction
4
Exchange rates, foreign
15
Expenditures, United States Government
16
Explosives
21
Exports
19
Factory employment, pay rolls, wages
8,
9,10,11,12,13
Fairchild's retail price index
3
Farm wages
13
Farm prices, index
3
Federal Government, finances
16,17
Federal-aid highways and grade crossings
5
Federal Reserve banks, condition of
13
Federal Reserve reporting member banks
14
Fertilizers
21
Fire losses
5
Fish oils and
fish..
22, 26
Flaxseed
22
Flooring
29
Flour, wheat
25
Food products
1,
2,3,4, 6, 9,11,12,14,15,16, 24, 25, 26, 27
Footwear
1,2,4,9,11,12,29
Foreclosures, real estate
5
Foundry equipment
32
Freight cars (equipment)
37,38
Freight carloadings, cars, indexes
24
Freight-car surplus
20
Fruits and vegetables
3,24
Fuel equipment and heating apparatus
32,33
Fuels
2,3,27,28
Furniture
._
30,31
Gas, customers, sales, revenues
23
Gas and fuel oils
3, 28
Gasoline
28
Gelatin, edible
27
General Motors sales
37
Glass and glassware
1,2,8, 9,10,12,14,15, 35
Gloves and mittens
29
Gold
15
Goods in warehouses
6
Grains
3,17,24,25
Gypsum
35
Hides and skins
28, 29
Hogs
25
Home-loan banks, loans outstanding
6
Home mortgages
5
Hosiery
.
36
Hotels
20
Housing
3,4
Illinois, employment, pay rolls, wages
9,11,12
Immigration and emigration
20
Imports
19
Income payments
.
1
Income-tax receipts
16
Incorporations, business, new
•_
6
Industrial production, indexes
1, 2
Installment loans
14
Installment sales, department stores
7
Insurance, life
15
Interest and money rates
14
Inventories, manufacturers'
3
Iron and steel, crude, manufactures
1,
2,3,4,8,9,10,11,12,14,15,30,31
Ironers, household
33
Kerosene
.
28
Labor, turn-over, disputes
10
Lamb and mutton
26
Lard
_
_ _
26
Lead
2,32
Leather
1,2,4,9,11,12,14,15,29
Linseed oil, cake, and meal
22
Livestock
25,26
Loans, real-estate, agricultural, brokers'-_ 5,6,13
Locomotives
37,38
Looms, woolen, activity
36
Lubricants
28
Lumber
1,2,3,8,9,10,11,12,29,30
Machine activity, cotton, wool
36
Machine tools.,
8, 9,10,11,12
Machinery.. 1, 2,3,8, 9,10,11,12,14,15,16,32, 33
Magazine advertising
6
Manufacturers' orders, shipments, inventories
2,3
Manufacturing indexes
.
1, 2
Maryland, employment, pay rolls
9,11
Massachusetts, employment, pay rolls,
wages
.__
9,11,12
Meats and meat packing
1,2,3, 9,11,12, 26
Metals
1,2,4,8,9,10,11,12,30
Methanol
21
Mexico, silver production
15
Milk
24
Minerals
2,10,11
Naval stores
21
New Jersey, employment, pay rolls, wages. 9,11,12
Newsprint
34
Pages marked S
New York, employment, pay rolls, wages. 9, 11,12
New York canal traffic
20
New York Stock Exchange
18, 19
Oats...
25
Ohio, employment, pay rolls
9, 11
Oils and fats
_ 21, 22
Oleomargarine
23
Orders and shipments, manufacturers'
2
Paint sales
23
Paper and pulp
1,2,3,9,11,12,33,34
Passenger-car sales index
.
7
Passports issued
20
Pay rolls:
Factory, by cities and States
11
Factory, by industries
10,11
Nonmanufacturing industries
11
Pennsylvania, employment, pay rolls, wages.
9,
11,12
Petroleum and products. 1,2,3,9,10,11,12,16, 28
Pig iron
30,31
Porcelain enameled products
_
31
Pork
26
Postal business
.„
6
Postal savings
14
Poultry and eggs..
1,3, 26
Prices (see also individual commodities):
Retail indexes
3
Wholesale indexes
3,4
Printing
1,2,9,11,12
Profits, corporation
16
Public relief
13
Public utilities
4,10,11,16,18,19
Pullman Co
21
Pumps..
33,34
Purchasing power of the dollar
4
Radiators
31
Radio, advertising
6
Railways, operations, equipment, financial
statistics, employment, wages
1,
*2,10,11,13,16,17,18,19,20,37,38
Railways, street (see street railways, etc.).
Ranges, electric
33
Rayon
1,2,4,36
Reconstruction Finance Corporation, loans.
17
Refrigerators, electric, household
33
Registrations, automobiles
37
Rents (housing), index
3
Retail trade:
Automobiles, new passenger
6
Chain stores, variety (5-and-10), grocery,
and other
7
Department stores
7
Mail order
8
Rural general merchandise
8
Rice
25
River traffic
20
Roofing asphalt
23
Rubber, crude, scrap, footwear, tires and
tubes
1,2,3,4,9,11,12,34,35
Savings deposits
14
Sheep and lambs
26
Shipbuilding
1,2,8,9,11,12
Shoes
_ - - - . 1,2,4,9,11,12,29
Silk
1,2,4,36
Silver
15
Skins
28,29
Slaughtering and meat packing
1, 2,9,11,12, 26
Spindle activity, cotton, wool
36
Steel and iron (see iron and steel).
Steel, scrap, exports and imports.
30
Stockholders
19
Stocks, department store (see also manufacturers' inventories)
8
Stocks, issues, prices, sales, yields
17,18,19
Stone, clay, and glass products
1,
2,8,9,10,12,14,15,35
Street railways and busses
10,11
Sugar
.
26
Sulphur
21
Sulphuric add
,
21
Superphosphate
21
Tea
..._
26
Telephone, telegraph, cable, and radiotelegraph carriers
10,11,16, 21
Textiles
1,2,4,9,11,12,14,15,36,37
Tile
35
Tin
32
Tobacco
1,2,9,11,12,27
Tools, machine
8,9,10,11,12
Travel
_
.
20,21
#
Trucks and tractors, industrial, electric
38
United States Government bonds
18
United States Government, finances
15,16,17
United States Steel Corporation
19,31
Utilities
4,10,11,15,16,18,19
Vacuum cleaners
33
Variety-store sales index
7
Vegetable oils
22
Vegetables and fruits
_- 3, 24
Wages, factory, and miscellaneous
10,11,12,13
War program and expenditures
,
16
Warehouses, space occupied
6
Washers, household.
33
Waterway traffic
20
Wheat and wheat flour
25
Wholesale price indexes
3,4
Wire cloth
32
Wisconsin, factory employment, pay rolls,
and wages
9,11,12
Wood pulp
- - . - 33,34
Wool
_
1,2,4,36,37
Zinc.
—
32
1,056 Pages
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Cost of Living.
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Foreign Trade.
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U. S. DEPARTMENT OF COMMERCE
BUREAU OF THE CENSUS
JESSE H. JONES, Secretary.
J. C. CAPT, Director.
@FedFRASER