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Number 3

Volume 18

UNITED STATES DEPARTMENT OF COMMERCE
DANIEL C. ROPER, Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
ALEXANDER V. D Y E , Director

SURVEY OF
CURRENT BUSINESS
MARCH 1938

Prepared in the

DIVISION OF ECONOMIC RESEARCH
LOWELL J. GHAWNER, In Charge
M. JOSEPH MEEHAN, Editor
WALTER F. GROWDER, Acting

Editor

CONTENTS
Foreword
Introductory review
Commodity prices
Manufacturing and mineral production
Employment and pay rolls
Agriculture
Construction
Electric light and power

Page
2
3
8
12
16
21
24
28

Transportation and communications
Domestic trade
Foreign trade
Finance
Appendix A: Chronology of important events in 1937
Appendix B: Legislative summary
Monthly business statistics
General index

Page
32
36
40
46
51
57
62
Inside back cover

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is 31.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents.
Foreign subscriptions, 33. Price of the 1936 Supplement is 35 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
47869—38
1
1







FOREWORD
For the years 1922 through 1932, the standard work of reference on economic conditions in the United States published by the Federal Government
was the Commerce Yearbook. It became necessary to discontinue this publication during the depression years. Beginning in 1933 the Bureau of Foreign
and Domestic Commerce published annually the World Economic Review in an
attempt to partially fill the gap left by the break in the yearbook series. In
these volumes the outstanding developments affecting the economic position of
the United States and the major trends in business, finance, and trade were
reviewed and analyzed. For the first three years the domestic and foreign
portions of the World Economic Review were published as one volume, but in
the review for 1936, Part I (United States) and Part II (Foreign Countries)
appeared as separate volumes. In reviewing developments in 1937, it has been
thought advisable in the interest of timeliness and economy to publish the review
of domestic business (formerly Part I of the World Economic Review) as a
special annual review number of the SURVEY OF CURRENT BUSINESS.
This review discloses that further net improvement in general economic
conditions was experienced during 1937. Economic activity in the first 8
months reached a level only slightly under that in 1929, culminating a period of
steady advance since 1933. The sharp recession in the last 4 months of the
year tended to offset some of the earlier gains, but for the year as a whole,
industrial production, employment and pay rolls, and national income averaged
higher than in 1936.
This annual review number of the SURVEY OF CURRENT BUSINESS was
prepared in the Division of Economic Research with assistance rendered by the
Marketing Research Division in preparing the chapter on Domestic Trade; the
Foreign Trade Statistics Division in preparing the chapter on Foreign Trade;
and the Finance Division in preparing the chapter on Finance. The Division
of Commercial Laws prepared the legislative summary presented in Appendix
B. Other divisions of the Bureau and other Government agencies aided generously by furnishing data, or in reviewing the manuscript before publication.
ALEXANDER V. DYE, Director,
Bureau of Foreign and Domestic Commerce.
MARCH

1938.

March 1938

SURVEY OF CURRENT BUSINESS

Introductory Review
CONOMIC conditions in the United States showed
1
further general improvement in 1937 despite the
sharp contraction in industrial production, in employment and pay rolls, and in other measures of activity,
in the last few months of the year. Economic activity
during the first 8 months of the year reached a level
only slightly under that in 1929, culminating a period of
recovery that began in 1933. While comparisons of the
year as a whole with earlier years are essential, a complete picture of activity in 1937 necessitates an analysis
in terms of the two phases into which developments
during the period may be divided.
The abrupt break in production and some lines of
trade after August that reversed the strong upward
movement of the past 4 years was the outstanding event
of the year. An appraisal of the immediate causes of
the decline must begin with an analysis of the maladjustments which developed in the fall of 1936 and must
also give due consideration to certain policies that were
pursued in the 10 months preceding the break. While
no extended review of these factors can be given here,
several elements in the situation must be given heavy
weight in any complete analysis.
The prices of farm products began to rise in May 1936.
This was largely the result of the drought in the late
spring and summer of 1936 and the strong demand
conditions resulting from expanding volume of industrial production with the consequent improvement in
employment and pay rolls. The upward movement of
general prices was accelerated and broadened after
September by the rapid increase in costs that brought
in its wake higher prices of finished and semifinished
manufactures. The rise in labor costs, as indicated by
average hourly and weekly earnings, was particularly
significant. After advancing at a moderate but steady
pace in the 2 preceding years, average hourly earnings
in all manufacturing industries rose approximately 15
percent between September and the late spring of 1937.
Increases of similar magnitude in hourly earnings have
occurred in the past, but the forces responsible for the
advances have not been so disturbing to business management as those present in this period. Wage advances that arise from active bidding by employers for
labor service results in little adverse effect on business
sentiment as compared with the situation that arises
from aggressive action by labor.
The belief on the part of many businessmen that
prices and costs would go still higher led to active buying in such volume as to outstrip production. This
forward buying movement was stimulated by the fear
that deliveries could not be made because of strikes and
labor troubles. By April, however, commitments hav-

E




ing been made to cover anticipated needs over a period
of time, buying was reduced and the prices of actively
traded raw commodities of a speculative nature began
to decline. Heavy backlogs of orders made it possible
to maintain activity in many lines throughout the summer, but the eventual depletion of these backlogs and
the failure of new buying to appear necessitated a general curtailment in production. There was some
accumulation of stocks during the summer, and as business declined, inventories that had seemed normal when
activity was improving appeared excessive in terms of
reduced consumption.
(I9Z9-I00)

INDEX NUMBERS

120

1 IO
100
90
>

60
70
60

\

V

50
40

50
,,,,,»
1929 1930 1931 1932 1933 1934 1935 1936 1937
••..)•....

Figure 1.—Index of Income Payments, Adjusted for Seasonal Variation,
1929-37 (U. S. Department of Commerce).

The stimulating effect of the heavy net Federal expenditures in 1934, 1935, and 1936 was not present in
any appreciable degree in 1937. The reduced purchasing power resulting from this change was mitigated only
in part by private spending for capital improvements
and expansion. Despite the sharp contraction in capital flotations for the purchase of plant and equipment
after the first quarter of 1937, private capital expenditures were probably about the same as or even slightly
larger than in the preceding year, since capital improvements in considerable volume were financed from corporate reserves.
National Income.
The charts in figure 2, showing the fluctuations of six
leading indicators of economic change during the past 9
years, reflect the marked rise that occurred in 1937 and
the relative positions of these series each year during the
depression. National income produced totaled more

SURVEY OF CURRENT BUSINESS

INDEX NUMBERS
NATIONAL INCOME
PRODUCED

March 1938

( l 9 2 9 " 5 l = IOO)
INDUSTRIAL
PRODUCTION

IOO

100

7?

7?

50
2?

25
O

RETAIL
SALES

FACTORY
EMPLOYMENT

IOO

IOO

75

50

50
25
0

0

CONSTRUCTION CONTRACTS
AWARDED

FREIGHT CAR
LOADINGS
125
IOO

IOO

75

7;

50

• • i l

2?

O

O




1929

1929 I9?o 1991 19^2 19?? 1994 I??? I9?6 19)7
O.D. 9
Figure 2.—Changes in Major Economic Indicators, 1929-37.

NOTE.—Charts in the left column are based upon dollar values; charts in the right column are based upon quantity measurements.

March 1938

SURVEY OF CURRENT BUSINESS

than $69,000,000,000 in 1937, according to preliminary
estimates. At this level the national income produced
was 8 percent larger than that in 1936 and 74 percent
above that in 1932, but remained 15 percent below the
figure for 1929.
Monthly income payments increased almost without
interruption throughout the first 8 months of the year,
and for the period averaged approximately 12 percent
above those in the corresponding months of 1936. As
may be seen in figure 1, the peak of income payments
was reached in August 1937, when the seasonally adjusted index of the Bureau of Foreign and Domestic
Commerce was 88.9 percent of the 1929 average. In
the ensuing months, income payments were sharply
restricted, as general economic activity experienced one
of the most severe contractions in the annals of business.
Employment and Pay Rolls.

parable 8 months in 1936, while plate-glass production
in the snapback from the strikes in midwinter established new production records. From the August level
through the last 4 months of the year, the seasonally adjusted index of steel-ingot production of the Board of
Governors of the Federal Reserve System experienced
a reduction of 66 percent, that of automobile production
dropped 50 percent, and that of plate glass 50 percent.
For the first time since 1929, the relation between
the production of durable and nondurable goods approximated that which obtained during the 1920's, but the
equality that was established in August was due as
much to the decline in nondurable goods production as
to the rise in production of durable goods.
Beginning in the first quarter of the year, output
of nondurable manufactures declined rather steadily
through August, then dropped off sharply in the closing
months of the year. The reductions in output were
especially severe at woolen mills, shoe factories, and
cotton mills.
Output of minerals remained relatively constant
throughout the year. Bituminous-coal production established a peak in March, when there was a rush to
secure coal owing to the fear that the then pending wage
agreements should not be amicably settled. In the ensuing months, production dropped back to a level about
80 percent of that in the predepression period. Crudepetroleum output established a new high in August and
declined only slightly more than seasonally in the final
months of the year.

Factory employment in 1937 averaged 8 percent
higher than in 1936, but remained below that in 1929.
The total number of persons employed in nonagricultural pursuits continued to rise during the first 8 months
of 1937, reaching a peak of 35,100,000 in September.
The number declined slightly in October, then dropped
1,400,000 in the next 2 months. Unemployment in
1937 reached the lowest level of the recovery movement, but nevertheless remained large according to predepression standards and continued to be a serious
national problem. According to the census of unemployment conducted in November, the total number
unemployed lay between 7,820,000 and 10,870,000.
The compensation of all employees in 1937 was 9 per- Construction.
cent above that in 1936 but remained 12 percent below
Construction activity in 1937 was moderately higher
the 1929 average. The high point of the recovery than in 1936. Although the total volume of construcmovement was reached around midyear, but thereafter tion operations has risen steadily since 1934, building
payments to employees dropped sharply.
in the past year was only about two-thirds of the annual
Production.
volume during the very active period in this industry
The physical volume of industrial production in 1937 from 1923 to 1930.
Despite the reduction in the final months of the year,
was 5 percent above that in 1936, despite a decline in
activity of about 30 percent between August and De- construction contracts awarded for privately owned
cember. By the close of the year, operations had been projects continued during 1937 the advance of the 2
reduced to a level almost one-third below December preceding years. Awards for publicly owned building
1936 and had canceled the progress that had been made projects, on the other hand, were lower in 1937 than in
since the middle of 1935. For the first 8 months of the 1936. Residential building contracts declined from a
year, however, output averaged 16 percent above that peak in the spring and averaged only slightly higher
in the corresponding months of 1936 and was only than in 1936. Factory building made substantial progslightly lower than the average rate in 1929. If the ress throughout the summer, but the recession in general
6-percent increase in population is taken into account, business activity in the closing months of the year
however, the volume of production during this relatively threw an atmosphere of uncertainty around the outlook,
high period was still considerably below per capita out- causing the postponement of programs for plant expansion.
put in 1929.
Construction work and equipment purchases by
Production of durable goods continued heavy during
the first 8 months of the year, extending the recovery railroads were in substantial volume during the early
that had been in progress since late in 1934. Steel-ingot months of the year, but the decline in the volume of
production during March, April, and May of 1937 ap- traffic and the unfavorable outlook for earnings caused
proximated tonnage output during the high months in the roads to cut further commitments to a minimum.
1929. Automobile assemblies during this period totaled Construction activity in the electric utilities during
3,779,000 units, as compared with 3,322,000 in the com- the year w^as much above that in 1936, but was con


6

SURVEY OF CURRENT BUSINESS

siderably below the level of the 1920's, although the
annual rate of increase in the production of electricity
was about the same as that in 1936-37.
The construction industry has remained depressed,
w^hile substantial progress toward recovery has been
made in other lines of activity. The slowness of
recovery in this industry has been due in large measure
to the rapid increase in wages and to the advance in
the cost of materials. These high cost factors that
have hindered building, especially residential construction, result from the failure of most lines of building to
share in the technological developments which have
made high wages and low production costs possible in
the manufacturing field.
Distribution.

Primary distribution, as indicated by freight-car
loadings (see fig. 2), was slightly larger in volume than
in 1936, but the gain for the period was much less than
that in 1936 over 1935. During the first 8 months of
1937, car loadings were 12 percent above those in the
comparable period in 1936, but the sharp decline in
freight movement in the final months reduced the gain
for the year to 4 percent. In December, traffic was
19 percent below that in December 1936.
Retail trade was maintained at a fairly constant
pace throughout the year, after allowance for variations
due to seasonal factors. The wide margin of gain over
the corresponding months in 1936 recorded during the
early part of the year was narrowed as the year progressed, and in December was replaced by a net loss
as sales fell below those of 1936. Total retail trade
for the year was approximately $40,000,000,000, an
increase of slightly more than 5 percent over that in
1936.
Wholesalers7 sales showed the same general tendencies
in 1937 as were shown by sales at retail. Total wholesale trade activity aggregated $58,000,000,000, an
increase of about 11 percent over that in 1936.
The continued revival of industrial activity in
leading foreign countries, together with the demands
arising from armament programs, resulted in an increase of 36 percent in the value of United States exports in 1937 over 1936. This gain was outstanding
in the case of finished and semifinished manufactures,
particularly automobiles, industrial machinery, and
iron and steel products. The domestic drought and
heavy industrial demand for raw materials stimulated
import trade during the first half of 1937, but the good
domestic harvest and the recession in business were
largely responsible for a sharp reversal of the trend in
the last half of the year. Total imports in the first
half of 1937 were 24 percent larger in quantity than
in the corresponding period in 1936 and were 5 percent
above those for the like period in 1929. In the second
half of the year, however, imports were 1 percent below
those in the comparable period of 1936 and were 5
percent under the 1929 level,




March 1933

Corporate Earnings.

Total earnings of industrial, railroad, and utility
corporations averaged approximately 8 percent above
those in 1936, but the aggregate figures conceal divergent movements between groups and between the
various quarters of the year. Earnings of the 120
industrial corporations shown in figure 3 were 12
percent higher in 1937 than in 1936. In the first
quarter of the year earnings of these same corporations
RELATIVES (1926= IPO)

I 50
125

\

I 00

I

\
Y*— Industrial Companies

75

-vJ

50
25
j

I 5O
100

yv

/

O

125

A

j

A

A

75

i
\

50
25

Ra//roac/s

s

O

/\

kv V V
V
V

1 J^

-25
-5O
I 7?

V

I

I 50

^/V

I 25
100

V

Uti/ities

/

J

75
25

o

!

1929

>r

)0

'52

5^

'A

1

1

'V

Figure 3.—Indexes of Quarterly Earnings (or Deficits) of 120 Industrial,
26 Railway, and 15 Utility Corporations, Adjusted for Seasonal Variation,
1929-37 (Standard Statistics Co., Inc.).

were 46 percent above those in the corresponding
period of 1936; the percentage gain for the second
quarter was 18 percent; for the third quarter it was
25 percent, but in the final quarter earnings were 26
percent below those in the comparable period of 1936,
at which time business was on the upgrade and prices
were rising. Inventory losses were substantial in
many corporations.

March 1938

SURVEY OF CURRENT BUSINESS

Railroad earnings in 1937 were off sharply from the
preceding year after having failed to show more than a
slight recovery from the lows of the depression. Further
advances in wages and material costs, coupled with
the depressed level of traffic, all contributed to the
poor showing and the depressed state of this line of
activity.
Earnings of the utility companies included in figure 3
averaged 6 percent higher in 1937 than in 1936. The
sharp decline in electric power sales, gas sales, and telephone and telegraph tolls brought earnings for this group
in the fourth quarter 10 percent below those in the final
quarter of 1936. For the first 9 months of the year earnings were 14 percent above those in the same period in
1936.
At the Close of the Year.

An appraisal of the economic situation at the close of
1937 presents a very different picture from that in
December 1936. Then, 4 years of recovery had lifted the
level of industrial production and consumer purchases
to the highest point since 1929, whereas by December
1937, 4 months of extremely rapid curtailment of activity had wiped out most of the gains since 1935. The
general feeling of optimism that tended toward speculative fervor in the earlier period had been replaced by
the doubt and uncertainty that usually accompany
such a break. Conditions existent at the turn of
the year, however, had both favorable and unfavorable aspects.
On the unfavorable side the volume of unemployment
was mounting, pay rolls were being reduced, the volume
of industrial production was still declining (although at
a less rapid rate), construction awards were falling off,
and orders for machine tools and industrial and transportation equipment were practically at a standstill.
The foreign situation had grown steadily less favorable
during the year, with the threats of major conflicts
adding to other misgivings.




Against this imposing array of adverse elements,
several forces were at work in the situation that afforded
a basis for a more favorable interpretation. The very
abruptness of the decline in operations in many lines of
activity, especially steel, textiles, and boots and shoes,
had reduced output considerably below the level of consumption of the products of these industries. Thus, inventories which had been relatively large during the late
fall were being rapidy reduced, and some revival of
activity was probable. Sensitive raw-commodity prices
showed strength during December, following the precipitous decline of the preceding 3 months. This lent
support to the belief that the basic readjustment in
prices was substantially completed.
Government expenditures in excess of receipts acted
as a strong stimulus to business during 1934, 1935, and
1936. This Government contribution to purchasing
power was greatly lessened in 1937 as receipts mounted
to a point more nearly in line with expenditures. The
growing volume of unemployment and the increased
expenditures for relief at the close of the year, howrever?
indicated some increase in purchasing power arising
from Government expenditures. The cumulative, depressive effects on business of unemployment and lowered pay rolls, with the consequent lowered purchasing power, will thus undoubtedly be cushioned.
Certain unfavorable aspects of the decline in business
between 1929 and 1933 were not present at the close of
1937. The banking structure of the Nation was in a
strong position and the possibility of a wave of bank
failures with its consequent deflationary effects appeared remote. Ample credit was available to meet all
needs. The volume of private debt, which had been
reduced in the depression, remained small relative to
1929. There had been no boom or extensive speculative
excesses that required liquidation; thus, many of the
adjustments necessary in 1930 will not be necessary in
1938.

8

SURVEY OF CURRENT BUSINESS

March 1938

Commodity Prices
advanced sharply
COMMODITY prices1937 in continuation in the
opening months of
of the

the upward trend of prices. The expansion of economic
activity throughout the world also contributed significantly to the upward movement of prices in this
country. Industrial raw materials, nonferrous metals,
and iron and steel products were the objects of an
insistent foreign demand arising in part from armament
requirements.

broad upward movement that began in the final months
of the previous year. The rapid upswing was culminated during the first week of April and was followed
by a mild dip. Thereafter the general average of wholesale prices showed small change until October, when a
widespread and persistent decline set in that canceled
the gain made during the early part of the year. Divergent trends were concealed in the slight variations of the
price level from April through September. Price
advances in raw materials and semimanufactures were
checked in the first weeks of the second quarter, and
thereafter these commodities moved slightly downward
until September, when a pervasive decline set in.
Prices of finished manufactured goods, however, continued to advance until the end of September, when
they also began to recede.
The dominating domestic influences affecting commodity price movements during 1937 were the low
supplies of important farm products carried over from
the previous drought year, the subsequent abundant
harvests of 1937, the continued high level of industrial
activity for the first 8 months of 1937 following the
expansion in the final months of 1936, and the drastic
contraction in industrial activity in the last 4 months
of the year. Easy money and credit conditions and
inflationary sentiment were also important factors in

Wholesale Prices
Despite the recession during the final months of the
year, the annual average of wholesale prices for 1937
was about 7 percent above the level in the 2 preceding
years, and, while approximating that in 1930, remained
9 percent below the 1929 level, according to the comprehensive wholesale price index of 784 commodities
compiled by the Bureau of Labor Statistics. Although
the annual average was 86.3 (1926 = 100), as compared
with 80.8 in 1936, price movements during 1937 were
such that the index in the final month of the year was
81.7, as compared with 84.2 in December 1936. From
the early fall of 1936 there was a broad upsurge that
was not checked until the first week of April, when the
all-commodities index reached a peak of 88.3.
This advance was nearly as rapid as that in the
summer of 1933, when changes in monetary policy,
farm relief measures, expanding business activity, and
anticipation of rising costs resulted in a sharp increase
in commodity prices. Particularly large increases

INDEX NUMBERS (1926= 106)

I I O

J

\

All Commodities other than
Farm Products and Foods

Farm Products

1926

\9ZT

I9£8

1929

19^0

1931

1932

I 1935

1934

1935

1936

1937
DD

Figure 4.—Indexes of Wholesale Prices ofkFarm Products, Foods, and Other Commodities, 1926-37 (U. S. Department of Labor).



9

SURVEY OF CURRENT BUSINESS

March 1938

occurred in prices of farm products. The index for
this group of commodities mounted from 84.0 for
October 1936 to 96.0 early in April. While the rise in
prices of farm products was outstanding, it should be
noted that the wholesale price index of all commodities other than farm products advanced 5.7 points, or
7 percent, to 86.6 during this 5-month period. Wholesale prices of foods advanced 6.4 percent, and prices of
commodities exclusive of farm products and foods
rose 7.5 percent. The advance in this last group of
commodities indicates the pervasiveness of the upswing
in commodity prices, as this group contains many
commodities which are ordinarily not subject to rapid
and pronounced price changes. Moreover, the usually
rather slow-moving index of finished manufactured
products showed an increase of 5.1 points to 87.1.

9

modities stood at 99.6 (1926 = 100) for April, as compared with 92.0 in February and an average of 87.6 for
1936. At this level, prices of iron and steel products
were 5 percent higher than in 1929. Steel billets at
Pittsburgh were advanced $3 to $37 a ton in March,
after having been raised $2 in December; while pig iron
at valley furnaces was increased from $19 a ton in
October to $23.50 in March.
INDEX NUMBERS (1926=100)
110

Table 1.—Changes in the Bureau of Labor Statistics Wholesale Price
Index, 1929-37
[1926 = 100]

Annual
index

Year

1929
1930
1931
1932
1933

.

.-

.__-

1934
1935
1936
1937

.

Percentage
Percentage
change from Decem- change from
preceding
ber index preceding
December
year

95.3
86.4
73.0
64.8
65.9

-1.4
-9.3
-15.5
-11.2

+1.7

93.3
79.6
68.6
62.6
70.8

74.9
SO.O
80.8
86.3

+13.7
+6.8
+1.0
+6.8

76.9
80.9
84.2
81.7

-2.6
-14.7
-13.8
-8.7

+13.1
+8.6
+5.2
+4.1
-3.0

Demand for many industrial raw materials was insistent, not only in the United States but also abroad.
Fears of shortages and of interruptions to supply lent
impetus to forward buying, which had appeared in substantial volume as further price increases were anticipated. Steel scrap prices, after advancing rapidly from
the summer of 1936, were quoted at a high of over $22 a
ton at Pittsburgh in March and April, an increase of $5
from the December level. The March-April highs were
substantially above 1929 quotations. Foreign purchases of scrap were the largest on record. Nonferrous metal quotations were rapidly bid up in the last
months of 1936 and the first 3 months of 1937. Electrolytic copper delivered at Connecticut Valley points rose
from 10 cents in November to 17 cents in March; lead
spurted from 4.85 cents to 7.75 cents at New York; and
zinc advanced from 4.85 cents to 7.50 cents for the East
St. Louis delivery. Both lead and zinc quotations were
higher than in 1929. Rubber, tin, and wool also made
substantial gains in this period.
Prices of finished and semifinished manufactured
goods were marked by sharp increases. Print-cloth
quotations for the standard 38%-inch construction
moved from 5% cents a yard in September 1936 to 8%
cents in January. Prices of iron and steel products
were advanced sharply in the first quarter of 1937. The
Bureau of Labor Statistics index for this group of com-


47869—38
2


|I929 1930 1931 1922 193? 11934 1935 1936 1937
OP 9*59

Figure 5.—Indexes of Wholesale Prices by Economic Classes, 1929-37 (U. S.
Department of Labor).
Table 2.—Wholesale and Other Price Indexes, for Selected Dates
Item

October
1936

December
1936

April
1937

81.5

84.2

88.0

87.4

81.7

82.1
76.2
82.0

85.6
82.3
83.8

88.7
89.5
87.4

84.4
85.3
89.1

75.4
77.7
85.3

84.0
102.1
81.2
82.6
84.4

88.5
109.0
85.0
85.5
87.2

92.2
119.2
93.6
85.5
94. 9

85.9
91.9
106.7
88.0
113.4

72.8
71.5
78.4

SepDetember cember
1937
1937

WHOLESALE PRICE INDEXES (U. S. DEPARTMENT OF LABOR 1926 = 100)

Combined index (784 commodities)

Economic classes:
Raw materials
Semimanufactured articles
Finished products
Farm products...
Grains
Livestock and poultry
Foods
Meats
All commodities other than farm products and foods
Principal groups:
Hides and leather products
Hides and skins
Textile products
Fuel and lighting materials
Metals and metal products
Iron and steel
Nonferrous metals
Building materials
Chemicals and drugs
House-furnishing goods
Miscellaneous..
_

80.1

82.2

86.5

85.9

83.6

95.6
97.2
71.6
76.8
86.9
88.8
71.7
87.3
82.2
82.0
71.5

99.7
110.4
76.3
76.5
89.6
90.9
78.6
89.5
85.3
83.2
74.5

106.3
121.4
79.5
76.8
96.5
99.6
97.0
96.7
86.9
89.0
81.1

107.6
120.7
75.3
78.7
97.1
99.8
92.6
96.2
81.4
91.1
77.0

97.7
85.5
70.1
78.4
96.3
99.0
75.1
92.5
79.5
89.7
75.0

85.7

86.1

88.3

OTHER PRICE INDEXES

Cost of living (National Industrial Conference Board, 1923=100)
Prices received by farmers (U. S. Department of Agriculture, 1909-14 =
100)
Retail foods (U. S. Department of Labor,
1923-25 = 100)
Retail prices of department-store articles
(Fairchild index, December 1930=100),

121

126

130

88.6
118

104

82.8

82.9

85.6

85.8

82.6

90.0

91.7

95.2

96.3

93.2

10

SURVEY OF CURRENT BUSINESS

Prices of finished manufactured goods at wholesale
increased from 82.0 in October 1936 to 87.4 in April,
and, in contrast to the movements of prices of semifinished goods and raw materials, continued to advance
until the end of September, when the Bureau of Labor
Statistics index was 89.5. The larger volume of consumer purchasing power, the favorable business prospects, and higher production costs arising from the increase in prices of raw materials and from higher wages,
were important factors in the price advances of finished
goods.
The fourth quarter of the year was marked by precipitous and widespread breaks in commodity prices. From
September to December the "all commodities" index
fell 5.7 points to 81.7, and all of the advance since the
early fall of 1936 was canceled. This reduction was as
severe as that in the April-July period of 1930, and
lias not been exceeded in a similar number of months
since the price collapse of 1920-21. Nearly all of the
important commodity groups showed price declines
during the fourth quarter, the sharpest being recorded
for farm products and other raw materials. The price
index of hides and skins fell from 120.7 in September to
85.5 in December, and nonferrous metals were reduced
from 92.6 to 75.1. Prices of motor vehicles and other
iron and steel products were notable exceptions. The
prices of the former wxere advanced when the new
models were introduced, and quotations for the latter
showed almost no change.
Prices of Farm Products
Price movements of farm products early in 1937 were
dominated by the small supply carried over from the
previous drought year, and to a lesser extent by improved consumer purchasing power. The severe
drought in 1936 that drastically curtailed the production of grains and feedstuffs in agricultural areas west
of the Mississippi was accompanied by increased prices
for farm products during the second half of 1936.
Prices of farm products at wholesale moved upward
from May to early autumn, when the advance was
temporarily checked. From this period a sharp uptrend set in that carried the wholesale index of the
Bureau of Labor Statistics from 84.0 (1926 = 100) in
October to 96.0 in the first week of April, when speculative sentiment was somewhat dampened. Prices
at wholesale, wiiile declining materially after this
check, remained relatively high through July, but
moved dowrnw^ard in the following 2 months. From
the end of September there was an abrupt recession in
prices of farm products as prospects for large harvests
were being realized and as industrial activity was
falling off and the business outlook becoming uncertain. By December, wholesale prices of farm products
had declined to 72.8, the lowest since 1934.
Prices of grains fluctuated widely during the year.
Harvests of wheat and corn were short in 1936, while




March 1938

the 1937 crops were about normal. Spot wheat prices
at Kansas City advanced from $1.25 a bushel in the
first half of November 1936 to $1.45 by the end of that
year. Quotations were irregularly lower in the opening
months of 1937, but prices rose slightly above $1.45 in
late March and early April. Thereafter a steady
downward trend set in until prices leveled off at about
$1.00 per bushel in the final 2 months of 1937. Spot
corn prices at Chicago were about $1.10 a bushel in the
final months of 1936, as compared with $0.60 in the
first half of the year; and little change was noted in 1937
until mid-March, when prices rose sharply for 6 weeks
to move around $1.40 a bushel during May. Corn
prices declined moderately thereafter, but did not fall
below $1 a bushel until the new crop began to come on
the market in October. Prices moved between $0.50
and $0.60 during the last 2 months of 1937.
Cotton prices averaged about 12.5 cents a pound in
the first 2 months of 1937, the same as in the preceding
half-year. Quotations advanced to approximately
14.5 cents by mid-March, and declined after the first
week of April. In July a sharp break occurred as the
size of the new crop became apparent. From over 12.5
cents a pound in mid-July, prices dropped precipitously
to less than 8 cents in early October. A Government
loan program checked the decline at this level, and
prices moved narrowly in the remaining part of the year.
Hog prices moved within a moderate range until
May, when an advance set in that carried the weekly
average price of butcher hogs at Chicago to approximately $13 per hundredweight by mid-August, the
highest price since 1926. From the August high,
prices were reduced to about $8 in the final weeks of
the year. Beef-cattle prices also advanced until late
summer, but the subsequent decline was less than that
in hog prices. Better grades of slaughter cattle,
moreover, continued high and sold at record levels as
late as October, but were reduced by the end of the year
to levels more in line with poorer grades, which had
declined since August.
Prices received by farmers in local markets did not
show such extreme variations as the leading products
previously noted. However, the combined index of
the Department of Agriculture declined from 131
(1909-14 = 100) in January to 104 for the final month
of the year. The drop was particularly abrupt from
August to December, when the index was reduced from
123 to 104. For the full year the index of average
prices in local markets was 121, as compared with 114 in
1936, and w^as the highest since 1930.
Cost of Living
Cost of living averaged 3.3 percent higher during
1937 than in the preceding year. The index of the
Bureau of Labor Statistics was 84.3 (1923-25 = 100),
as compared with 81.6 for 1936, 75.8 for 1933, and 99.5
for 1929. This index and its constituents are presented

March 1938

SURVEY OF CURRENT BUSINESS

11

traded primary commodities during 1937. World
prices of raw materials, especially nonferrous metals,
steel scrap, rubber, and wool, increased sharply in the
final months of 1936 and the first quarter of 1937.
Subsequent declines, however, canceled most of the
gains made during the earlier months of the year.
World prices of wheat were at high levels during most of
1937, and for the year averaged nearly one-third above
1936.
The general level of wholesale commodity prices in
foreign countries did not show such extreme variation
as was shown by internationally traded commodities,
although there was a widespread tendency to follow a
somewhat similar course. In several countries special
INDEX NUMBERS ( l 9 2 ? - 2 5 = lOO)
circumstances (such as price controls, currency depreciation, and economic unsettlement) tended to influence
price movements materially. Price levels in the United
Kingdom, Canada, Belgium, and the Scandinavian
countries averaged 10 to 15 percent higher in 1937 than
in 1936, with prices at the end of the year generally
lower than at midsummer but still somewhat above
December 1936. Price movements in Japan were somewhat similar to those in the above countries except that
the increases over the previous year were larger.
The successive declines in the value of the franc and
the general financial and political uncertainty were
accompanied by substantial increases in the wholesale
price level in France. The average for the year was 40
percent higher than in 1936. Prices rose slowly from
Figure 6.—Indexes of the Cost of Goods Purchased by Wage Earners and
Lower-Salaried Workers, 1929-37 (U. S. Department of Labor).
January to June, more rapidly thereafter, and after
small declines in October and November increased again
NOTE.—Data represent an average for 32 large cities for all items except the food
index, which represents an average for 51 cities.
in December. The wholesale price level was 20 percent
higher at the end of 1937 than a year earlier. In Italy
Prices of department-store articles, according to wholesale prices were about one-sixth higher than in
the Fairchild index, averaged 95.1 (December 1930= 1936 and were still rising at the end of the year, although
100) during 1937, as compared with 88.9 in the preceding price controls tended to retard the advance.
year. The trend of retail prices for these articles was
The price situation in Germany remained unique as a
upward from the middle of 1936 through September
result of rigid and effective Government control over
1937, when the movement was reversed. The decline
prices, sales, and distribution of commodities. Short
in the fourth quarter was not sufficient to cancel all
the gains made during the year, and prices at the end ages and rationing of some commodities were reported.
of the year w^ere almost 2 percent higher than at the The prive level was remarkably stable when consideration is given to the demands of the extensive armament
beginning of the year.
program. The index of wholesale commodity prices
varied between 105 and 107 (1913=100) during the
Prices in Foreign Countries
year. The price index, however, does not make allowThe world-wide expansion in industrial activity ance for the altered quality of many products, which
and the quickened pace of armament programs were has been affected by the Four-year plan for economic
important factors in the rise in prices of internationally self-sufficiency.
in figure 6. All major elements of living costs showed
increases over those in 1936 except fuel and light.
Generally, living costs advanced until the fourth
quarter, when there was a small decrease. Retail food
costs averaged 3.6 percent higher than in 1936 and were
the highest since early in 1931. Retail prices of meats
were quite high in August and September, when the
average price was about one-sixth above that in the
same months of 1936 and was the highest since the fall
of 1930. Retail food prices in general were substantially lower in December than in any other month of the
year, and by that time had canceled all the increase
from the previous year.




12

SURVEY OF CUREENT BUSINESS

March 1938

Manufacturing and Mineral Production
output in
months
1937
INDUSTRIALhighest leveltheoffirst 8recovery ofperiod,
reached the
the

index falling by one-third during this interval to 79, the
lowest figure since November 1934.

culminating the upward movement which had been in
progress since late in 1934. As is shown in figure 7,
activity in the final months of the year experienced a
sharp curtailment, which by December had reduced
monthly output to a point not greatly above that prevailing at the beginning of the rise. The upward
swing was marked by a rapid expansion in purchasing
by manufacturers and distributors during 1936, accompanied by a sharp price rise beginning in the latter
part of that year. Increasing labor and material costs,
the fear that shipments by manufacturers would be delayed because of strikes, and heavier foreign demand
resulted in a large amount of forward buying and speculative activity in the winter and early spring. By
April, producers and distributors in many lines had
committed themselves to cover probable near future
needs, and purchasing began to recede. At about the
same time, prices of raw materials and semimanufactures reached a peak, and thereafter declined abruptly.
Speculators quickly reduced their holdings of commodities, thus further depressing prices and adversely
affecting new business. Manufacturers, however, sustained operations for several months, largely on the
strength of the heavy backlogs of orders accumulated
during the spring. The relatively high rate of operations that was maintained through August, however,
was not entirely on the basis of unfilled orders. There
is also considerable evidence that manufacturers7 inventories were built up during the summer. With the
drastic reduction in plant operations after Labor Day
and the maintenance of consumer buying, stocks were
somewhat reduced. According to the available data,
however, such inventories at the end of 1937 remained
considerably larger than a year earlier. In many lines
they were still excessive, particularly in view of the
marked reduction in purchasing power which occurred
during the September-December period.

Production Trends.

Manufacturing
Despite the sharp decline during the last third of
1937, manufacturing output for the year was about
4 percent larger than in the preceding year, and only
8 percent smaller than that of 1929. Activity in
manufacturing plants remained fairly steady during
the first two-thirds of the year, with the Federal
Reserve seasonally adjusted index ranging from 114
to 118 (1923-25 = 100). Output from January through
August was 15 percent above that of the corresponding
period in 1936. In the last 4 months of the year, the
decline in output was one of the sharpest on record, the



When the manufacturing industries included in the
Federal Reserve index are classified according to durable
and nondurable goods, as in figure 8, activity in the two
major divisions shows divergent trends.
During the period from 1929 to 1932, production of
durable goods dropped about 72 percent, while output
of nondurable manufactures receded only about 24 percent. During the subsequent recovery period, output
of durable goods recorded a sharper expansion than production of nondurable goods, and by the end of 1936 the
relationship between the two that had existed prior to
the depression was approximately reestablished. In
the early part of 1937, expansion in output of both types
of goods was retarded. Production of nondurable goods
INDEX NUMBERS ( l 9 2 3 - 2 5 = IO0)
140
130

A

120

1

110

\

\

100
90

r\
\

80
70
60

V

j
V

fA

I
J*

50

f

1929 1930

1931 1932

1933 1934 1935 1936 1937

Figure 7.—Index of Industrial Production, Adjusted for Seasonal Variation,
1929-37 (Board of Governors of the Federal Reserve System).

turned definitely downward in the spring, and output
of durable goods showed a tendency to level off. In
September the latter also began to contract, a movement
which continued during the rest of the year.
Production High in Many Industries.

Even though total output of manufacturing industries
in 1937 was below that of 1929, there were numerous industries in which production was at the highest level on
record. Generally, these were relatively new industries
in which a rapid growth had begun before 1930. Also,
with a few outstanding exceptions, they were producers
of nondurable goods and a few consumers7 durable
goods.
There were, however, several lines of producers' durable goods in which output reached record proportions.

March 1938

Of these, the machine-tool industry was an outstanding
example. According to data compiled by the National
Machine Tool Builders Association, new orders for
machine tools in 1937 were the largest ever recorded.
The gain over the previous record year (1929) amounted
to about one-fifth—which, according to the association,
was largely the result of a pronounced rise in foreign
buying. For domestic orders alone, the 1937 total was
about 19 percent above that of 1936 and approximately
the same as in 1929. Domestic orders for machine tools
reached an all-time peak in April. Manufacturers at
that time were making large-scale replacements of obsolete and worn-out machinery. Prices had been rising,
and business men were generally optimistic. In that
month, however, forward buying was reduced, and
prices, particularly those of raw materials and semimanufactures, began to decline. Thereafter, manufacturers had less incentive to engage in heavy purchases
of equipment, and, as a result, the volume of new orders
for machine tools receded sharply. By December,
domestic orders were the smallest since March 1935,
when the recovery movement was beginning to gain
momentum.
Shipments of foundry equipment and electric overhead cranes showed gains of 57 and 65 percent respectively, and shipments of woodworking machinery were
about 15 percent larger than in 1936. Electrical equipment, including motors, storage batteries, domestic
appliances, and industrial equipment recorded marked
improvement in 1937. According to data based on the
reports of 78 manufacturers new orders for such
equipment last year were 22 percent larger in value
than such orders in 1936, and only about 13 percent
lower than those in 1929, when orders were the largest
for any year on record.
Another producers7 durable goods industry in which
output during 1937 reached record proportions was
truck manufacturing. Output has been increasing
steadily during the last 5 years, and in 1937 was about
14 percent larger than in 1936 and 16 percent above
that of 1929. The light commercial truck continued
to account for most of the increase in total output.
According to Automotive Industries, about 41 percent
of all commercial cars produced in the United States
and Canada in 1937 had a capacity of three-quarters
of a ton or less, as compared with 38 percent in 1936
and only 17 percent in 1929.
Passenger-car production also increased further in
1937, but output for the year was about 15 percent
below that of 1929. During the early part of the year,
operations were drastically reduced as a result of strikes
which affected the plants of General Motors, Chrysler,
Hudson, and Reo. Following settlement of the strikes
weekly output advanced sharply, and by April was
close to the record levels of 1929. Assemblies held up
well during the rest of the 1937-model year, but after
October, output recorded a somewhat less than usual
Digitizedseasonal expansion.
for FRASER


13

SURVEY OF CURRENT BUSINESS

In addition to machine tools and trucks, other
industries which reported larger production in 1937
than in any previous year included electric refrigerators,
vacuum cleaners, hosiery, rayon, gasoline, cigarettes,
and electric power. The electric-refrigerator industry
INDEX NUMBERS (1923-25= IOO)
O arable
Manufactures

160
140
120
100
80

Jron and Steel
Manuf

140 - Woolen Mill Activity .
120
100

\

80 60 40
180

\

X
\k

- Boot and Shoe
- Product/on

S/aughtering
100 -Meatpacking

D. D. 9+2-5

Figure 8.—Indexes of Durable and Nondurable Manufactures, Adjusted
for Seasonal Variation 1935-37 (Board of Governors of the Federal Reserve
System).
NOTE.—Durable manufactures include iron and steel, automobiles, lumber, shipbuilding, locomotives, nonferrous metals, cement, polished plate glass, and coke;
nondurable manufactures include textiles, leather and products, foods, tobacco
products, paper and printing, petroleum refining, and automobile tires and tubes.

has grown steadily for the last 16 years, with sales
showing an increase in every year except 1932. In 1937,
retail sales were 14 percent above those of 1936, the
previous record year, and nearly four times as large as

14

SURVEY OF CURRENT BUSINESS

March 1938

in 1929. Production of gasoline continued to expand,
with total output in the latest year 11 percent larger
than in 1936 and 28 percent greater than in 1929.

showed a small decline from 1936, which was a record
year for the industry.

Steel-Mill Operations Record Gains.

In common with most other industries, textile mills
operated at a relatively high rate during the first half
of 1937, but operations were sharply reduced in the
last half of the year. According to the Federal Reserve
index, which is composed of data on consumption of
cotton, wool, and silk textile fibers and wool-machinery
activity, output of textile mills during the first 6 months
of 1937 was larger than for the corresponding period
of any previous year. The decline in the last 6 months
of 1937 reduced output by December to only about
one-half that of December 1936. For the year, however, production, as indicated by the index, was
approximately the same as in 1936.
The two most important branches of the industry,
cotton textiles and woolen textiles, continued to show
divergent trends in 1937. Cotton consumption was
5 percent above that of 1936, and larger than for
any other year on record, while wool consumption
showed a decline for the second consecutive year.
Production of rayon yarn and staple fiber continued
to expand as it has done in every year (except 1932)
since the industry first attained major importance.
For the year, output was 15 percent larger than in 1936.
Deliveries of rayon yarn (not including staple fiber)
were also at new high levels during the first 9 months
of the year, but subsequent sharp declines in shipments
reduced the total for the year 12 percent below that of
1936. Silk deliveries continued the decline which has
been in in evidence for some years.

$. Steel-ingot production in 1937 was 6 percent larger
than in 1936, and only about 9 percent under the record
year, 1929. The average rate of operations w^as 83
percent of capacity in the first 9 months of the year,
but in the final quarter the rate was reduced to 41 percent. This course contrasts with that in 1936, when
operations expanded from little more than one-half of
capacity in the first quarter to over three-fourths of
capacity in the last quarter.
Nearly all of the major types of steel products were
turned out in larger quantities in 1937 than in the previous year. Production of steel sheets was about 7
percent larger than in 1936, while output of plates and
heavy structural shapes showed gains of 31 and 12 percent respectively. Production of steel strips and merchant bars showed small declines. The automobile and
container industries increased their consumption of
steel in 1937, with the former maintaining its position
as the largest single consumer. The railroads took a
larger amount of steel and steel products than in 1936.
Orders for new freight cars and locomotives during the
first 4 months of the year were the largest of the recovery
period. However, the declining trend of freight traffic
subsequent to April resulted in a sharp decline in orders
for new equipment. For the year, purchases of freight
cars were about 23 percent below those of 1936, and
orders for locomotives were reduced about 30 percent.
Building Materials.

Increased building activity in 1937 resulted in some
improvement in the output of building materials. The
gains, however, were not so pronounced as in 1936, and
production in all lines remained well below that of 1929.
Lumber, the most important of the building-material
industries, showed only a small improvement, with
production up 2 percent over that of 1936. The cut
was about three-fourths as large as in 1929. Cement
production in 1937 was 3 percent larger than in the
preceding year and was about one-third below that of
1929. Shipments of common building brick were about
8 percent larger than in 1936, while deliveries of prepared roofing recorded a decline of about 7 percent
from the preceding year.
Glass Products.

Production of glass containers continued to expand
in 1937, with total output larger than for any other
year on record. A large part of the increase over 1936
resulted from heavier production of beer bottles and
liquor ware, although domestic fruit jars and pressure
and nonpressure ware also contributed significantly to
the gain in total output. Production of plate glass




Textile Industries.

Foodstuffs.

Total production of beef and veal, lamb and mutton,
and pork and lard was about 11 percent lower in 1937
than in 1936. This recession in output followed a
marked gain in 1936, wiien slaughterings were sharply
increased as a result of forced marketing of livestock
because of the drought. Consumption in 1937 showed
only a slight decline and was considerably in excess of
output. As a result, stocks at the end of 1937 were
well below those a year earlier. Reflecting the marked
improvement in crops in 1937 following the shortage
caused by the drought in 1936, the quantity of canned
fruits and vegetables w^as about 15 percent larger than
in 1936, according to estimates based on production
by canners which account for roughly three-fourths of
total output. Sugar meltings also showed a marked
gain over 1936, while flour production was slightly
reduced.
Industrial Chemicals.

As a result of the generally larger industrial output
in 1937, practically all consuming industries required
greater quantities of industrial chemicals. Methanol,

SURVEY OF CURRENT BUSINESS

March 1938

sulphuric acid, pine oil, wood rosin, and superphosphates were produced in larger quantities than in 1936.
With the rapid adaptation of plastics to new uses,
production of cellulose plastic products has continued
to increase. In 1937, output of cellulose acetate and
nitrocellulose sheets, rods, and tubes was the largest
ever recorded. Manufacturers' sales of paint, varnish,
lacquer, and fillers recorded a gain of 5 percent in 1937
as compared with 1936, and were about 8 percent
below those of 1929.
Mineral Production
Output of the leading minerals was generally larger
in 1937 than in 1936. Crude petroleum production in
1937 was the largest on record, a gain of 16 percent over
1936 being recorded. Bituminous coal output was only
slightly higher than in 1936, and about 17 percent below
that of 1929. Anthracite production showed a decline
of 9 percent from 1936, and nearly one-third from
1929. Production of copper advanced sharply during the first part of the year, following record-breaking
demand, falling stocks, and rapidly advancing prices
late in 1936 and early in 1937. Production overtook
deliveries in May, and from then until the end of the
year producers' stocks of refined copper increased and
prices declined. With the drop in industrial activity
in the latter part of the year, output was sharply curtailed in the last quarter. Despite the sharp decline
late in the year, primary and secondary refinery output in 1937 was 27 percent larger than in 1936. About
one-fourth of the excess of production in 1937 over that
of the preceding year went into stocks.
Total primary zinc production in 1937 was about 13
percent larger than in 1936, and stocks on hand at the
end of 1937 were about the same as a year earlier. During the first 8 months, however, supplies were rapidly
reduced, prices were advanced, and a considerable quantity of zinc was imported. Demand was sharply reduced in the last quarter, and stocks were built up
again to the level prevailing at the end of 1936.




15

Table 3.—Variations in the Production of Selected Commodities 1932-37 '
Percent increase or decrease ( —)

R e l a t i v e s (1929 = 100)

Commodity
1932

Anthracite
_
Bituminous coal.
...
Boots and shoes
Butter..
_
Cement..
Cigarettes
Common brick
Copper, refinery production.
Cotton consumption
Electric power
Electric refrigerators.—
Electric washing machines..
Fabricated steel plate
Flour, wheat
Freight cars
_
Furniture
Glass containersHosiery
_.
Industrial electric locomotives
Industrial electric trucks
and tractors
Lead
_
Locomotives
Lumber.
_
Meats, total 2
Machine tools
Malleable iron castings
Newsprint
__
Paint sales
Passenger automobiles
Passenger cars, railroad
Pig iron
Plate glass
Prepared roofing
Rayon yarn and staple fibers.
Refined gasoline
Rubber tires and tubes
Silk deliveries
Steel ingots
_
Steel plates
Steel sheets
Steel strips
Steel, heavy s t r u c t u r a l
shapes
Sugar meltings
Tanning.
Tin deliveries
Trucks
Vacuum cleaners
Wool consumption
Wood pulp
Zinc

1935

1936

67
63
96
110
37
94

68
98
106
46
105

70
70
106
102
45
113

75
81
115
102
66
128

77
94
163
117
38
85
22

81
102
189
129
40
84
17

101
117
248
160

106
124
282
155
67
87
47

103

111
95

135
105

148
108

49
46
207
158
168
0
2,250
115
85
24

43

106
45

1934

127
101
31
84
2

58

62

933

60
44
69
93
87
76
66
88
80
14
72
131
81
238
116
85
73
86

70
31
73
83
120

90

12
40
1
29
94
13
23
72
47
25
2
20
35
58
111
90
58
89
25

25
43
4
40
102
17
36
68
51
34
0
31
60
62
177
92
65
76
42

45
52

47
17
37
62
60
173

55
75
55
62
66
77
71
4
50
119
65
215
105
72

193'

1932 tol 1936 to
1937
1937

1933

114
101
68
137

92
85
36
86
128
75
273
128
81
69
91

-L
-1

642
75
3,000
152
-12
823
248
-6
96
240
1,700
330
266
29
146
42
40
-22
264

2a
5
6
14
-3
-12
-I
-23
11
10

43
17
-30
-11
33
5
6
157
19
-2
15
10
f>
3L
-3

81
101
66
90
72
127
103
68

83
101
83
102
92
116
120
82

116
103
102
133
93

13
36
132
274
186
55
73
182

11
6
-2
14
U
12
—12
11
13

iData represent production except where otherwise stated and except as follows:
Cigarettes represent tax-paid withdrawals from bonded warehouses; electric refrigerators an^ washing machines are for number sold at retail; common brick, vacuum
cleaners, glass containers, hosiery, industrial electric locomotives, industrial electric
trucks and tractors, and prepared roofing represent manufacturers' shipments; rail
road freight cars, passenger cars, and locomotives are for new orders placed with
private car builders and in the shops of the railroads; fabricated steel plate and machine tools represent new orders placed with manufacturers; passenger automobiles,
trucks, and paint sales represent factory sales; and furniture represents production
stated as percent of capacity and reduced to a relative basis.
2
Includes both domestic and foreign.

16

SURVEY OF CURRENT BUSINESS

March 1938

Employment and Pay Rolls

T

OTAL employment in 1937 was higher than in any
other year since 1929, and total compensation of
employees was above that of any other year since 1930.
In many industries both employment and pay rolls
recorded new high levels in 1937. Average hourly
earnings were generally higher than those prevailing in
the predepression period, while average hours worked
per week continued much lower than in 1929. Within
the year 1937, marked gains shown during the early
months were followed by moderate changes during the
middle quarters and measurable declines in the final
quarter of the year.
The number of persons employed in nonagricultural
pursuits in 1937 averaged 34,600,000, as compared with
36,100,000 in 1929 and only 27,700,000 in 1933, according to estimates of the United States Bureau of Labor
Statistics. The average for 1937 was 1,400,000 above
that for 1936. The peak of 35,100,000 recorded in
September 1937 was 9,200,000 above the low recorded
in March 1933 and was higher than in any month since
December 1929, but continued nearly 1,900,000 below
the predepression high in September 1929. From
September to October in 1937 the number declined
slightly and then dropped nearly 1,400,000 in the next
2 months, bringing the December level 900,000 below
that of December 1936.
The new series of monthly estimates of income payments in the United States prepared by the Department
of Commerce 1 indicates an increase of 3.6 billion dollars,
or 9 percent, in the compensation of all employees in
1937 over 1936. The 1937 total was 12 percent below
that of 1929, but 54 percent higher than the 1933 aggregate. The seasonally adjusted index of labor income
on a 1929 base increased from 86.5 in January 1937 to
90.1 in May. Following a period of only fractional
variations from May to August, the index thereafter
declined to 84.9 at the close of the year. December
was the first month in over 4 years in which the index
of total compensation of employees was below that in
the same month of the preceding year.

Unemployment
In conformance with an Act of Congress approved
August 30, 1937, a Census of Unemployment was taken
in November, consisting of a voluntary unemployment
registration between November 16 and November 20,
followed by an enumerative test census during the week
of November 29. The latter was taken by postal
carriers on 1,864 postal routes covering nearly 2 million
people. A preliminary count shows that registrations
i "Monthly Income Payments in the United States, 1929-37," Survey of Current
Business, February 1938, p. 7. This series is carried forward on p. 62 of this issue.



in the voluntary census aggregated 5,821,035 persons
totally unemployed, able to work and wanting work,
and 2,001,877 emergency workers employed largely by
the Works Progress Administration, National Youth
Administration, and Civilian Conservation Corps. Of
the 7,822,412 who registered, 5,799,814, or 74 percent,
were males.
MILLIONS OF PERSONS
501

4O

Total Non-Agricultural

Employees in Distribution

Eimployme nt

Sc-";—^>

° ^ >K

10

1929T 1930 1 1991 M9?2I 19?? 1 1994 1935 1956 19?7
D.D.9476

Figure 9.—Total Nonagricultural Employment in the United States,
1929-37 (U. S. Department of Labor).
1. Includes trade,finance,service and miscellaneous industries, and Government,,
education, and professional services.
2. Includes manufacturing, mining, construction, transportation, and public
utilities.

The first report of the Census of Unemployment,
dated January 2, 1938, stated that a preliminary analysis of 1,455 of the 1,864 postal routes covered in the
test census showed that the registration of totally unemployed was only 72 percent of the number reported
unemployed in the test census, thus indicating 10,870,000 persons unemployed, including emergency workers,
in November 1937. In his first report to the President,
the Administrator of the Census expressed the opinion
that "the true number of those who considered themselves totally unemployed, able to work and willing to
work, * * * lies between 7,822,912, the number
who responded to the registration, and 10,870,000, the
number indicated by the enumerative census.'7
A second report, on January 8, 1938, included information on partial unemployment. The voluntary registration of those partly employed and wanting more

17

SURVEY OF CURRENT BUSINESS

March 1938

work totaled 3,209,211, of whom 82 percent were males
and 18 percent females. The test census in areas covered by 1,455 postal routes indicated under-reporting
of 43 percent in the voluntary registration of the partially unemployed as contrasted with under-reporting
of only 28 percent for the totally unemployed. This
test census indicated that as many as 5,600,000 persons
might have been partially unemployed in November
1937. Subsequent reports will provide data on various
characteristics of those who registered, also of those
covered in the enumerative test census.
For November, the month of the Unemployment
Census, the number unemployed was estimated at approximately 8,500,000 by the American Federation of
Labor and 7,700,000 by the National Industrial Conference Board. Pending more detailed reports from the
Census of Unemployment, no attempts have been made
to analyze the monthly estimates of unemployment in
light of the census results. Whether or not the Census
of Unemployment provides a basis for determining the
precise number of unemployed, it does serve to reveal
a continued large volume of unemployment, which
remains one of the most difficult problems of the
moment.

percent above the 1932 average and only 2 percent lower
than in 1929. Pay rolls in 1937 in these industries were
60 percent higher than in 1932 and 10 percent less than
in 1929. In the durable-goods industries the December
employment index was 9 percent lower in 1937 than in
1936, and the December pay-roll index was 18 percent
lower. In the nondurable-goods industries, a similar
comparison shows declines of 10 and 12 percent,^respectively.
Except for a decline of less than 1 percent in employment in tobacco manufactures, average employment
and pay rolls in 1937 in all the 14 major manufacturing
groups reported by the Bureau of Labor Statistics advanced beyond 1936 levels. Of the seven durable-goods
industry groups, increases in employment ranging from
9 percent to 20 percent were reported for five industries,
and increases in pay rolls varying from 15 percent to
INDEX NUMBERS (l929 = IOO)
120
110
A
100
90
r-

Trends in Industrial Groups
Employment and aggregate pay rolls in manufacturing industries in 1937 averaged 8 and 19 percent,
respectively, above those in 1936, despite substantial
declines in the final months of the year. After marked
gains in the spring of 1937, both employment and pay
rolls in manufacturing industries varied within a relatively narrow range through October. The contraction
during November and December was the sharpest for
this period since 1920 and carried the employment and
pay-roll indexes down 12 and 19 percent, respectively.
In November the indexes fell below the level in the
corresponding month of 1936, and by December the
number of factory wage earners was 10 percent below
that of December 1936 and factory pay rolls were 15
percent lower. The level of factory employment in
1937 was 5 percent below the average in 1929, and
factory pay rolls in 1937 were 10 percent lower than
those in 1929.
Employment and pay rolls for 1937 in both the durable-goods and nondurable-goods industries rose above
the 1936 averages. As in the preceding years of the
recovery period, the percentage gains were greater in
the durable-goods group. Pay rolls in 1937 were 25
percent higher than in 1936 in the durable-goods industries and 12 percent higher in the nondurable-goods
group. Employment and pay rolls in the durablegoods group were 8 and 10 percent below the respective
1929 averages. From 1932 to 1937, pay rolls in these
industries increased 183 percent, as compared with a
gain of 81 percent in employment. In the nondurablegoods industries, the employment index in 1937 was 31



^>77/?/

1V 7V\

80
70

Product ion

oymenf

/

w

''A

A

60

\

1

ft
r\7. /
r

>

•

\

J

50

ay Pol/s

\

40

v>

20
<>
0

1929

1930

19?I

1952

1924

1936
£ O 94-56
>

Figure 10.—Indexes of Production, Employment, and Pay Rolls in
Manufacturing Industries, 1929-37.
NOTE.—Indexes have been recomputed on a 1929 base (employment and pay rolls
irom the United States Department of Labor indexes, and production from t h e
index of the Board of Governors of the Federal Keserve System; the indexes are not
adjusted for seasonal variation).

35 percent were reported for six industries. In the six
nondurable-goods industries showing increased employment, the relative gains over 1936 varied from 2 to 8
percent, and pay-roll increases ranged from 7 to 23
percent. In spite of the larger increases in the durablegoods groups, employment in the nondurable-goods
industries was generally closer to 1929 levels.
Average employment and pay rolls in 1937 in the
various nonmanufacturing industries surveyed by the
Bureau of Labor Statistics advanced beyond the 1936
levels to new recovery highs, except in the case of anthracite mining, where the index of employment dropped
4 percent and that of pay rolls declined 6 percent from
the 1936 levels. In the other industries the increases in
employment in 1937 over 1936 ranged from 2 to 27 percent and in pay rolls from 5 to 53 percent. The smallest
increases occurred in the electric railroad and motorbus

18

SURVEY OF CURRENT BUSINESS

operation and maintenance industries, while the highest
increases were in metalliferous mining. In general, the
relative increases in pay rolls were approximately twice
as great as the increases in employment. Although declines were evident during the last 2 months of the year
in many of the industries, the December indexes of both
employment and pay rolls were below those of December 1936 only in the three nonmetallic-mining industries.
Average Hours and Earnings
Average hourly earnings in 1937 were 69.3 cents, as
reported for the 25 manufacturing industries surveyed
monthly by the National Industrial Conference Board,
establishing a new annual high for the series (which
extends back to 1920). This represents an increase of
17 percent over the 1929 average of 59 cents an hour and
an increase of 41 percent over the 1933 average of 49.1
cents an hour. From a low of 45 cents in June 1933,
hourly earnings rose sharply to 58.1 cents in April 1934,
then increased moderately over the next 2){ years to
61.9 cents in October 1936. From the latter month to
November 1937, earnings advanced nearly 10 cents an
hour, a gain of 16 percent. This period was characterized by marked gains in labor-union membership and by
numerous labor disputes.
INDEX NUMBERS (l92<?-IOO)
140
I?O

March 1933

est level since October 1929. Weekly earnings averaged
$27.09 in 1937, compared with $24.64 in 1936, a low of
$17.05 in 1932, and $28.55 in 1929.
Average hourly rates in each of the nonmanufacturing industries for which reports are gathered by the
Bureau of Labor Statistics 2 were higher in 1937 than in
any of the preceding 5 years. Average hourly earnings
in 1937 in metalliferous mining and in quarrying and
nonmetallic mining were 17 and 12 percent higher than
in 1936. As in the case of manufacturing, changes in
hourly earnings in most nonmanufacturing industries
during the year 1937 revealed sharp gains in the
early months of the year to new recovery highs,
and measurable declines in the final month or two of
the year.
Gains in hourly earnings from 1933 to 1937 ranged
from 7 percent in anthracite mining and 10 percent in
laundries to 41 percent in metalliferous mining and 72
percent in bituminous coal mining. The absolute
wage rates in 1937 ranged from 87.8 cents an hour in
anthracite mining and 86.2 in bituminous coal mining
to 39.1 in laundries and 30.8 in year-round hotels.
Average hours worked weekly in 1937 remained at
approximately the 1936 level in five industries, including wholesale and retail trade, dyeing and cleaning,
and electric light and power and manufactured gas:
the average declined from the 1936 level in four industries, particularly in the two branches of coal mining,
and increased in three industries, including laundries,

120

/
110

^

J

Industrial Disputes

Reports of the Bureau of Labor Statistics show that
more than 4,500 strikes and lockouts were begun
/
90
during 1937, affecting over 1,855,000 workers and
nAverogi ? Hours
'Workedpt
vVteek f
causing a loss of approximately 28,117,000 man-days.
60
:
This is the largest number of disputes reported for
\ A
70
many years. From June to December 1937, however,
60
there was a steady decline in the number of strikes
xrye Week / Earning^
/
begun, of workers involved, and of man-days idle. In
50
1936 there were 2,172 disputes, involving 789,000
0
workers and causing a loss of 13,902,000 man-days.
I9?6
1950
1951
1952
I9?4
•9>5
1929
1955
19V
The number of man-days lost per strike in 1937 was
Figure 11.—Indexes of Average Hourly and Weekly Earnings and Hours
approximately 6,200, as compared with 6,401 in 1936,
Worked Per Week in 25 Manufacturing Industries, 1929-37.
12,488 in 1932, and 37,084 in 1927. The number of
NOTE.—Computed from the original data of the National Industrial Conference
days idle per man involved was 15.2 days, as compared
Board, using 1929 as a base.
with 17.6 in 1936, 32.4 in 1932, and 79.5 in 1927,
The average number of hours worked weekly in the thus indicating the occurrence of frequent strikes oi
same 25 industries declined from 39.8 in 1936 to 39.2 in relatively short duration.
Strikes in the iron and steel, glass, water transporta1937. Whereas in 1936 the average hours worked per
week increased during most of the year, in 1937 the tion, and automobile industries accounted for a large
length of the work week declined without interruption proportion of man-days lost in 1937. During January,
from 41.7 hours in March to 34.1 hours in December, strikes in the latter three industries were responsible
for approximately 70 percent of the 2,721,000 manthe lowest point since November 1934.
Although the number of hours worked per week in the days idle. The automobile industry alone accounted
2
25 manufacturing industries began to decline in March,
Employment and pay rolls, average hourly and weekly earnings, and average
inweekly earnings increased during the first 6 months hours worked per week in the building-construction and in the crude-petroleum tiie
dustries were not included in the analysis because of marked fluctuations in
from $26.11 in January 1937 to $28.39 in June, the high- reporting sample.
100




v-Averaqt9 Hourly Earnings

J

A

\

\

\r

OO 94-57

SURVEY OF CURRENT BUSINESS

March 1938

for over 900,000 man-days idle in January, largely the
result of the General Motors Corporation strike. Of
the 3,282,000 man-days lost in March, 1,500,000 were
lost because of strikes in the automobile industry,
the largest of which was the Chrysler Corporation
strike. In June, 13 percent of the 4,963,000 mandays lost resulted from strikes in four of the independent
steel companies.
Beginning late in 1936 and during 1937, many industrial disputes were characterized by sit-down strikes.
The men remained within the plants, refusing to leave
their positions and preventing the entrance of new
employees. The legality of this type of strike, however, remains unsettled.
Social Security
Notable progress was made in the development of
the social security program in 1937. The constitutionality of the Federal-State program of unemployment compensation was upheld on May 24, 1937, by the
opinions of the Supreme Court in three cases originating
in the State of Alabama. Both the Alabama State
unemployment compensation law and the provisions
of title IX (Federal tax upon employers) of the Social
Security Act were held valid in these decisions, and
the validity of title III (Federal grants to States for
the administration of unemployment compensation)
was held not properly in issue. Another opinion of the
Court delivered on the same day held valid the provision for Federal old-age-benefit payments in title II of
the act, and the income and excise taxes on employees
and employers, respectively, provided in title VIII.
Federal Grants to States.

Federal grants to the States for all phases of the
Social Security Program, except services for vocational
rehabilitation, first became available in February 1936.
As of December 31, 1937, the cumulative total of such
grants on the basis of checks issued by the Treasury
Department was $333,441,000, of which $222,190,000
represented checks issued during the calendar year 1937.
The cumulative amounts of these checks as of the end
of 1937 were as follows: Old-age assistance, $240,040,400; aid to dependent children, $29,167,000; aid to the
blind, $8,507,600; maternal and child-health services,
$6,189,300; aid to crippled children, $4,111,500; childwelfare services, $1,802,800; public-health work, $14,618,200; administration of State unemployment compensation laws, $29,004,200.
Old-Age Insurance.
The old-age-insurance program established by the
Social Security Act is administered exclusively by the
Federal Government, in contrast with the unemployment compensation and public-assistance programs,
which are established on the basis of Federal-State
cooperation. According to the terms of the act,



19

payment of monthly old-age benefits does not begin
until January 1942, but lump-sum payments to workers
in the covered employments who reach the age of 65,
or to the estates or relatives of eligible workers who
die, became payable starting January 1, 1937. By the
end of December, 53,237 claims for such payments had
been certified by the Social Security Board and total
payments of $1,277,516 had been made.
To create the basis for insurance benefits, taxes on
pay rolls of 1 percent for employers and 1 percent for
employees, became effective on January 1, 1937, under
title VIII of the act. These taxes are scheduled to
reach 3 percent for both employers and employees in
1949 by a gradual increase in the tax rate of one-half
of 1 percent every 3 years. The total of tax collections
in 1937 under this provision, reported by collectors of
internal revenue to the Bureau of Internal Revenue,
was $506,180,000.
Unemployment Compensation.

During 1937, 15 State unemployment compensation
laws were approved by the Social Security Board, bringing to 51 the total number of such laws now in effect in
all 48 States, Alaska, Hawaii, and the District of Columbia. It is estimated that in October 1937, the last
month for which such estimates are available, more than
20,000,000 persons were engaged in employments covered by State unemployment compensation laws, exclusive of those of Alaska and Hawaii. This number,
which represents estimated employment as of a given
date, is less than the cumulative number of individuals
who had acquired or were acquiring rights to benefits
through employment at some time since the enactment
of their State unemployment compensation laws.
As of December 31, 1937, the balance in the unemployment trust fund in the Treasury was $640,250,635,
which represented deposits by 46 States, the District of
Columbia, and Hawaii, plus accrued interest of $8,674,697 and minus withdrawals of $2,250,000 by Wisconsin
for benefit payments.
Public Assistance.

Assistance to persons in need, the third major objective of the Social Security Act, is being developed
through a system of grants-in-aid to States whose
public-assistance plans have been approved by the
Social Security Board. At the close of 1937, 47 States,
the District of Columbia, Alaska, and Hawaii were participating in at least one of the public-assistance programs. Plans for old-age assistance had been approved
by the Social Security Board for 47 States, the District
of Columbia, Alaska, and Hawaii; while plans for aid to
the blind and aid to dependent children had been approved for 38 States, the District of Columbia, and
Hawaii. There was a large increase during the year in
the numbers of persons aided under these programs and
in the funds provided for assistance. As of December
31, 1937, the number of recipients in each of the three

20

SURVEY OF CURRENT BUSINESS

types of aid was as follows: old-age assistance, 1,582,000;
aid to the blind, 44,000; and aid to 527,000 dependent
children in 212,000 families.
Relief
In accordance with the division of relief responsibilities effected in 1935, the relief provided during 1937
falls into three main categories: (1) the public-assistance
program of the Social Security Board (discussed above);
(2) the general relief program conducted by the States
and localities without Federal aid; and (3) the Federal
Works Program.
The estimated number of unduplicated cases receiving general relief from public funds or employed on
work projects declined from a peak of 5,316,000 in
January 1935 to 3,619,000 in November 1936. After
slight seasonal increases through February 1937, the
subsequent decline resulted in a new low of 2,711,000
in October 1937, representing a drop of 49 percent from
the peak.3
General Relief.

Since the cessation of Federal Emergency Relief Administration grants-in-aid in December 1935, the general relief program has been a matter of State and local
responsibility. The persons receiving aid under these
programs are primarily unemployables not being aided
by some phase of Social Security operations; however,
some employable persons who have not secured employment under the Works Program are also included.
The number of cases on the general relief rolls of
State and local public relief agencies declined from
1,719,000 in February 1937 to 1,260,000 in July and
rose to 1,377,000 in November. The 1936 peak of
2,211,000 was reached in January of that year. Approximately 4,242,000 persons (equivalent to 3.3 percent of
the total population of continental United States) were
represented in the cases reported for November 1937.
Obligations incurred for general relief during the year
ended November 1937 (including the amount of general
relief issued to cases, administrative and nonrelief costs
of the general relief program, and costs of special programs conducted by State relief administrations, such
as emergency education, care for transients, and similar
activities) totaled $469,570,000, of which $5,840,000,
or 1.3 percent, was spent from balances of Federal
Emergency Relief Administration funds remaining in
the States; $256,010,000, or 54.5 percent, came from
State funds; and $207,720,000, or 44.2 percent, came
from local public funds. Total obligations incurred
averaged $45,000,000 a month in the first quarter of
1937, $37,000,000 in the second quarter, and $35,000,000
in the third quarter. This represented a decline from
s The above figures do not include recipients of emergency relief under the collegestudent aid, rural rehabilitation, and transient programs of the Federal Emergency
Relief Administration; persons employed by the Civilian Conservation Corps,
National Youth Administration and emergency drought projects (1936-37); recipients
of rural rehabilitation loans and grants made by the Resettlement Administration; or
persons aided under the public-assistance program of the Social Security Board.




March 1938

1936 of 21 percent in the first quarter, 15 percent in the
second quarter, and 4 percent in the third quarter.
The average amount of general relief per case increased from $22.72 in November 1936 to $24.72 in
November 1937. During September 1937, the average
ranged from $4.35 in Mississippi to $37.14 in New York.
The rising trend which has been in evidence since January 1936 is attributable in part to the rise in living costs.
Works Program.
The Works Program was inaugurated in the summer
of 1935 to provide jobs for employable persons on relief
rolls. The Federal agencies participating include
bureaus of regular departments as well as emergency
agencies, the former having expanded their activities
to provide employment for relief workers. Approximately three-fourths of the employment under the
Works Program has been provided on Works Progress
Administration projects. Between 10 and 15 percent
of the total has been in the Civilian Conservation Corps,
and the remainder, ranging from 7 to over 18 percent,
has been provided by other Federal agencies.
Total Works Program employment reached a peak
of 3,836,000 in February 1936. The number declined
gradually through June 1936, but the advent of the
drought reversed the trend in July. By November
1936, employment began to drop again, and by September 1937 it had fallen to 1,953,000. Of this number,
1,453,000 were working on WPA projects. Employment expanded again in the fall in accordance with
seasonal needs and as a result of the marked decrease in
private employment which occurred toward the end of
the year 1937. By December 1937 the number reached
2,188,000, of whom 1,629,000 were employed by the
Works Progress Administration. In accordance with
the terms of the Emergency Kelief Appropriation Act of
1937, WPA employment schedules have been determined in a manner which would distribute the appropriation throughout the fiscal year (allowing for seasonal
variations).
Preliminary figures indicate that Works Progress
Administration employment averaged 1,799,000 during
1937, as compared with 2,530,000 during 1936; employment in the Civilian Conservation Corps averaged
326,000 during 1937, as compared with 407,000 during
1936; and employment by all other Federal agencies operating projects in the Works Program averaged 314,000
during 1937, as compared with 491,000 during 1936.
The average monthly wage rate for all WPA workers
in September 1937 was $57.68. Average monthly wage
rates by wage classes in August 1937 were as follows:
unskilled, $46.50; intermediate, $57.98; skilled, $77.44;
professional and technical, $87.54. The average
amounts actually earned were, of course, slightly lower
because of lost time. Average hourly earnings for all
WPA workers during April 1937 amounted to nearly
51 cents.

SURVEY OF CURRENT BUSINESS

March 1938

21

Agriculture
increased
1937
fifth
CASH farm incomeand exceededinthe 1936for the by 8
consecutive year
figure

brought total crop production to a higher level than in
any previous year. The harvested acreage was below
percent. Pronounced gains recorded in the early average, although 8 percent above the low acreage of
months of 1937 largely accounted for the increase; in 1936.
the closing months, cash income dropped off more than
The large harvests in 1937 relieved the shortage of
seasonally and fell below the level of the preceding year. grains and built up reserves of many commodities.
General agricultural purchasing power was also higher Domestic stocks of cotton in mills and public storage
in 1937 than in 1936, notwithstanding a rise in prices places rose to an all-time high of 13,586,000 bales at the
paid for commodities and services. The declines which end of the year, an increase of 3,793,000 bales over
occurred in several States in the Cotton Belt and in the December 31, 1936. The heavy crop more than offset
West North Central region, where returns were low as record domestic consumption during 1937 and a larger
an aftermath of the 1936 drought, were notable excep- volume of exports than in the preceding year. Excludtions to the improvement in 1937. Moreover, local ing Government-loan stocks, however, which amounted
areas in part of the central region, extending from to 5,969,000 bales at the close of 1937 as against
eastern Montana and western North Dakota south to 3,020,000 bales a year earlier, the increase in stocks in
western Oklahoma and northern Texas, suffered from a mills and public storage places was around 850,000
continuation of drought conditions which caused heavy bales.
Production and Marketing
BILLIONS OF DOLLARS
I 2
CH Government
IO

Crops

_JHi

HI H L _ ^

Payments
—

1 ^ • » _ _ • • _ • B _ J N L J H

1924 '25 '26 '27 '28 '29 '30 '31 ")Z '33 '34 '35 '36 '37
D O. 9462

Figure 12.—Gash Income From Farm Marketings and GovernmentJPayments to Farmers, 1924-37 (U. S. Department of Agriculture).

abandonment of planted acreage and reduced crops.
Government payments, chiefly for soil conservation,
made substantial contributions to income in many areas
where returns from marketings were low, while Government loans on cotton, on the basis of 9 cents a pound on
%-inch middling cotton, augmented income from this
crop. The decrease in income from cotton will be offset
to some extent by price-adjustment payments on the
1937 crop, which will be made to farmers who participate in the 1938 farm program.
Outside the drought areas, weather conditions in
1937 were favorable. Crop yields were heavy, averaging for the country as a whole about 16 percent above
the 1923-32 average. The record yield of cotton and
above-average yields of corn, oats, tobacco, hay,
potatoes, many fruits, and other important crops



The total volume of production in 1937 of 53 crops
combined was 12.1 percent above the 1923-32 average,
while in 1936 their volume was 20.4 percent below that
average. The cotton crop, estimated at 18,746,000
bales, was the largest on record. It exceeded the previous high record (in 1926) by 768,000 bales and was
more than 50 percent larger than the 1936 crop. The
wheat crop of 873,993,000 bushels and the 100,000,000ton output of feed grains were, respectively, 39 and 68
percent greater than the short crops of 1936 and were
approximately the same as average production in the
predrought years. The total fruit crop was estimated
to exceed the previous record production by a margin
of 15 percent. The production of a number of commercial truck crops was the highest recorded.
The volume of marketings of livestock and livestock
products in 1937 was below the 1936 volume, largely
because of decreased marketings of hogs and cattle.
Slaughter of all livestock was about one-tenth less than
in 1936. Hog marketings in the first 4 months of 1937,
stimulated by the unfavorable corn-hog ratio, were
larger than a year earlier; they declined, however, to low
levels from May through August, and continued below
those in the previous year in spite of more than seasonal
increases in marketings in the later months. The total
hog slaughter was about 13 percent below that of 1936.
There was an estimated decrease of around 5 percent in
the 1937 combined spring and fall pig crop as compared
with the previous year. Slaughter of cattle decreased
nearly 12 percent, while calf slaughter was somewhat
larger. Marketings of dairy products showed a slight
improvement over 1936. Marketings of poultry prod-

22

SURVEY OF CURRENT BUSINESS

nets were also larger than in 1936, as an increase in egg
production more than offset a decline in poultry
marketings.
Farm Prices
Indexes of farm prices, relative to 1910-14 as 100, are
shown in table 4. The general level of prices received
by farmers in 1937 was 21 percent above the 1910-14
average and 6 percent higher than in 1936. The advance
in 1937 as compared with 1936 was due to the relatively
high prices prevailing in the early months of the year.
The sharp rise in prices which began in June 1936, under
the influence of acute drought conditions, continued until
January 1937, when the price index reached 131 percent
of the 1910-14 average, the highest figure since June
1930. The general trend from that point was downward
with price movements small and somewhat irregular
until July, when the index stood at 125. After July,
with abundant crops being harvested and in prospect,
the index declined steadily and reached a low for the
year of 104 in December—27 points lower than the high
in January and 22 points below the index for December
1936.
Table 4.—Index Numbers of Farm Prices, by Commodity Groups, 1929-37
[August 1909-July 1914=100]

Year and
month

Cotton
All
and
Meat Dairy Chick- Miscelgroups ! Grains cotton- Fruits animals prod- ens and laneous
ucts
eggs
seed

March 1938

increased 16.7 percent—from 108 in 1936 to 126 in
1937. Grain prices advanced in the early months of
1937, and in April the index at 154 was higher than in
any month since May 1928. From April the index
declined to a low of 85 in November and closed the
year only slightly higher. Corn suffered the sharpest
decline from the high for the year; prices of both corn
and wheat were at the lowest mid-December level since
1933. Prices of cotton and cottonseed likewise moved
upward until April, when the index reached 117, but
fell steadily throughout the remainder of the year to a
low of 64 in December (compared with 105 a year
earlier),, the lowest December figure since 1932. After
a marked rise in the price index of meat animals from
126 in February to a peak of 151 in August, a sharp
break in hog prices and less drastic declines in prices
of other meat animals brought the index down to 111
in December, or 11 points lower than a year earlier.
The fruit group showed the most pronounced price
movements; the index advanced from 105 in January
to a high of 157 in June, and fell thereafter to 76 in
December. Prices of dairy products held up well and
reached seasonal highs at the end of the year. The
index of poultry prices declined from 115 in 1936 to
111 in 1937; prices advanced seasonally from September
to November, but suffered a decline in December, with
eggs at the lowest year-end level since 1933.
Farm Income and Its Purchasing Power

1929 .
1930
1931
1932
1933
1934 _
1935
1936
.
1937

146
126
87
65
70
90
108
114
121

120
100
63
44
62
93
103
108
126

144
102
63
47
64
99
101
100
95

141
162
98
82
74
100
91
100
122

156
133
92
63
60
68
118
121
132

157
137
108
83
82
95
108
119
124

162
129
100
82
75
89
117
115
111

140
131
90
67
83
108
99
121
130

Cash income from the sale of farm products and from
government payments in 1937 totaled $8,521,000,000
(according to estimates of the Bureau of Agricultural
Economics), or 7.6 percent more than the $7,920,1936:
000,000 received in 1936 and about double the $4,328,92
109
95
89
122
120
117
112
January
121
000,000 from marketings in 1932, the low year of the
92
94
125
123
92
109
94
February
94
99
91
92
93
122
104
118
March
depression. The increased income received from crops
89
105
96
89
125
114
97
94
April
May . .
103
101
97
103
96
118
106
88
"•>
103
120
96
115
120
106
87
107
in 1937 was responsible for the greater portion of the
June
131
July
106
109
105
117
119
116
115
112
152
103
August
124
108
123
125
129
increase in income over 1936. Income from the sale
124
106
105
123
119
141
128
130
September. _
128
121
104
104
120
125
127
133
of all crops amounted to $3,882,000,000 in 1937, comOctober
127
120
103
97
118
126
141
133
No\"ember..
122
105
93
133
168
134
126
127
pared with $3,462,000,000 in 1936, a gain of 12 percent.
December.._
1937:
Income from livestock and livestock products was
105
182
131
143
128
128
110
107
January
146
127
108
127
126
126
101
147
$4,272,000,000 in 1937, as against $4,171,000,000 in
February
145
116
133
129
125
102
140
128
March
154
130
117
142
130
120
104
139
the preceding year, an increase of only 2 percent.
April
May
152
96
133
112
133
116
149
128
95
119
June
124
113
139
107
157
137
Government payments, estimated at $367,000,000 in
102
113
145
144
116
July
125
106
139
128
123
109
August
90
151
119
123
119
1937, were 28 percent larger than in 1936.
121
144
123
119
115
118
111
September. _
74
127
113
112
99
136
128
93
The greatest increases in cash income between 1936
October
67
88
132
135
112
85
120
107
November. _
65
86
76
111
136
127
118
and 1937 were made by wheat, tobacco, and the more
December _.
104
64
important fruit crops. Cotton and cottonseed, corn,
i Includes commercial truck-crops, for which data are not shown.
potatoes, and barley were among the crops that brought
Source: U. S. Department of Agriculture.
smaller returns to farmers in 1937 than in 1936. InPrices in 1937 of five major groups of products— come from hogs was much lower in 1937 than in the
grains, fruits, truck crops, meat animals, and dairy previous year, but the decrease in income from this
products—registered increases over 1936 varying from source was more than offset by larger income from other
4 percent for dairy products to 22 percent for fruits; meat animals. Income from dairy and poultry prodwhile prices of cotton and cottonseed averaged 5 per- ucts showed a small increase.
cent lower than in the preceding year and poultry
The exchange value of farm products (ratio of prices
products 3.5 percent lowxr. The price index of grains received to prices paid by farmers for goods and serv


Ices) in 1937 averaged 93 percent of the 1910-14 average—slightly higher than in 1936. The year began
with the purchasing power of farm products at the
highest level since November 1925; but, with prices
received declining sharply in the course of the year
and prices paid showing relatively little change, the ratio
dropped from 101 in January to 81 in December (fig. 13).
;
NDE X NUMBERS (Prices received, Aug. 1909-July 1914*100; prices paid, I9I0-I4M00J
<£AV

22 C
"V-—Prices A ece/ved

£C0

ieo

/ /
/

j—Prices

\

\r\-^

Paid

J

140
(20
iOO

ec
60

23

SURVEY OF CURRENT BUSINESS

March 1938

j'
//7 x j

-

?
L—RatiL of Prices ftsce/Ved
to Pi •'ices Paid.

c
1940
D.D. 9+93

Figure 13.—Indexes of Prices Received and Prices Paid by Farmers, with
Ratio of Prices Received to Prices Paid, 1910-37 (U. S. Department of
Agriculture).

The 7.6-percent advance in cash income from 1936
to 1937 brought the total purchasing power of farmers
as a group to a higher level than in any year since
1929. After allowance, however, for an increase of
nearly 5 percent in prices paid, interest, and taxes
combined, the purchasing power of farm income in
1937 was only 2.8 percent greater than in 1936 and
about the same as in 1929. Taking into account the
increase in farm population, the quantity of goods and
services that could be purchased by the average farm
family was slightly less in 1937 than in 1929.
Regional Changes in Farm Income.

Income trends in the different regions are indicated
by a break-down of total receipts from farm marketings
and government payments presented in table 5. Each
of the principal regions except the West North Central
shared in the increase in income in 1937 as compared
with 1936. Increases ranged from nearly 7 percent in
the North Atlantic States to about 11 percent in the
Western States. In the West North Central States,
where smaller receipts from livestock and livestock
products offset the increased returns from crops, cash
income was approximately the same in 1937 as in 1936.
Thirty-eight States recorded increases in cash income in 1937 as compared with the preceding year.
Oklahoma and Kentucky, each wdth a gain of 25 percent; registered the greatest advances, and four other
States—North Dakota, North Carolina, Florida, and
Idaho—showed gains of 21 to 23 percent. A large
part of the increases in income from marketings in
these six States was accounted for by increased receipts
from wheat and meat animals in Oklahoma, tobacco
in Kentucky and North Carolina, wheat in North
Dakota, citrus fruits and vegetables in Florida, and
wheat, potatoes, and meat animals in Idaho. Larger

government payments were responsible for more than


half the increase in total income in North Dakota and
also contributed materially to the increases in Kentucky
and North Carolina.
Of the 10 States which sustained losses in cash income in 1937, five States—Arkansas, Mississippi,
Louisiana, South Carolina, and Georgia—were situated in the Cotton Belt, where lower prices of cotton
reduced income from this crop in spite of increases in
quantities sold or placed under government loans, and
four—South Dakota, Nebraska, Minnesota, and Iowa—
were in the drought-stricken West North Central region, where a shortage of feed in the early part of
1937 greatly restricted the marketing of livestock and
livestock products. The declines in income from farm
marketings of 14 percent in Mississippi and 10 percent
in Georgia and South Dakota were partially offset by
larger government payments, with resulting decreases
in total income in these States of 11, 7, and 4 percent,
respectively. Declines in the other six States ranged
from 9 percent in Nebraska to only a fractional decrease
in Minnesota. Rhode Island suffered a reduction of
3 percent in income, primarily because of smaller
receipts from the potato crop.
Table 5.—Cash Income from Farm Marketings and Government Payment*
to Farmers, by Regions, 1936 and 1937
[Thousands of dollars]

Region

Percent
increase or
decrease (—>
1936 to 1937

1936

1937

United S t a t e s 1 .

7,920,425

8,521,000

7.6

North Atlantic
East North C e n t r a l West North CentralSouth Atlantic
South Central
Western

865,162
1,609,175
1,987,572
847,613
1,451,406
1,373,488

922,980
1,744,444
1,982,812
926,754
1, 600,790
1, 523,236

6.7
8.4
.2
9.3
10.3
10. &

1
The United States total does not equal the sum of the regional figures because it
has been adjusted downward for interstate sales of livestock and also includes some
revisions not carried into regional totals.
Source: U. S. Department of Agriculture.

Foreign Trade in Agricultural Products
Exports.—The volume of exports of farm products
in the last 5 months of 1937 showed a marked expansion, exceeding by 32 percent such exports in the corresponding period of 1936. This was largely accounted
for by increased shipments of cotton and by recovery
in exports of grains. Lard also showed a substantial
gain. For the entire year 1937, the gain in volume was
18 percent, while the gain in value was 12 percent. The
value of agricultural exports in 1937, totaling $795,034,000, represented 24 percent of the total value of all
exports, as compared with 29 percent in 1936.
Imports.—Imports of agricultural products were
relatively high in the first 8 months of 1937, reflecting
shortages of certain domestic supplies (especially grains,
feedstuffs, and meats), following the 1936 drought,
and a strong demand for industrial raw materials.
The total value declined rapidly, however, after June,,
and imports in the closing months of the year showed
values below those for the corresponding period of
1936. Imports of grains and feedstuffs fell off sharply
as the new crops were harvested.

24

SURVEY OF CURRENT BUSINESS

March 1938

Construction
/CONSTRUCTION activity of all types increased
^-^ moderately in 1937 in spite of a marked decline in
public construction expenditures. The decline in public
activity was due largely to curtailment of the Federal
public works program. Private construction expenditures moved up more than a billion dollars last year,
the largest relative increases being recorded by factory
building and public utility construction. During 1936,
increases in both public and private construction contributed to the gain made over 1935.
Although construction activity has risen steadily
since 1934, the total volume for the past year was only
about two-thirds of the average annual volume during
the period from 1923 to 1930. The fluctuations in
private, public, and total activity since 1915 are shown
in figure 14.
In the past, construction appears to have been a comparatively constant portion of total durable-goods
activity. This is true despite the wide year-to-year
fluctuations, which appear to be larger than those for
any other industry of comparable magnitude. Over
the 14-year period 1919 to 1932, construction volume
was 46 percent of total durable-goods activity, according to estimates by the National Bureau of Economic
Research. In recent years construction activity has
been at depressed levels, but it still accounts for a considerable portion of the reduced volume of durablegoods production.
The volume of construction activity from year to year
is affected by a number of factors; foremost among
these are the influences arising from economic, social,
and governmental forces. In the following brief discussion, which emphasizes the developments of the last
few years, the fluctuations in this important industry
will be analyzed in terms of some of the major factors
influencing the demand for various types of works and
structures.
Residential Building
The demand for new residential units is closely related
to the number of new families and to the level of family
income. Active construction of new residential units
is most likely to occur when these factors are favorable,
and when vacancies are low and rents are relatively
high in comparison with construction costs, interest
rates, taxes, and other elements that make up the annual cost of ownership. Figure 15 indicates the number
of new units in urban and rural nonfarm areas upon
which work was started during the years 1915 to 1937.
New housing accommodations upon which work was
started in the decade from 1921 to 1930 averaged
680,000 units a year. From 1931 to 1937 the number
of new units upon which construction was started de


clined to 162,000 annually. The low point was reached
in 1934, and since then an improvement has been recorded each year. In 1937 the number of new units
upon which construction was begun reached a total of
284,000 units, approximately 42 percent of the average
number built in the period from 1921 to 1930.
Over long periods of time, residential building,
including repairs and maintenance, averages from 25 to
40 percent of the total dollar volume of construction,
but in recent years the proportion has been much less
than this figure. During the 10-year period 1921-30
the total dollar volume of residential work, including
alterations, repairs, and maintenance, averaged about
$4,200,000,000 annually. In 1933 and 1934, expenditures for this type of work declined to approximately
$700,000,000 a year, or less than 17 percent of the
average dollar volume for the preceding decade. The
expenditures for residential building have gradually
BILLIONS OF DOLLARS
16
14
/

To; a/-

"V
/

12
/

\

s'

\

1O
/

8

\
\

/

\

\

\

•

/

6

\
\

A,

y

Pri

''

-Pu

/~

/ -

y

O
1915

!

\
\

V

/

A
2

V
\

'<?

y
'16 '17

,/*•>-

'16

'19

\

blic

- I —J

J

/

/
/\

——
-

I
-Fee/era/ ( 'inc lud ed wit h Pubt c)
•L
~H—M M L _ I—
I'ZO •21 l"22 '23 l'24\'Z51 "26 1 '271 '281 '29 1 '30
'31

J

\

A*

„.'
'32 '33

'34l'35

'36 '37

Figure 14.—Estimated Value of Total, Private, and Public Construction in
the United States, 1915-37 (U. S. Department of Commerce).
NOTE.—Classifications include new construction, maintenance, and work relief
construction.

increased during the past 3 years, and were estimated
at $1,900,000,000 in 1937, approximately 45 percent of
the average volume during the 10-year period 1921-30.
The cost-of-housing index of the National Industrial
Conference Board, which is based upon the month-tomonth changes in new rentals in 173 cities, has risen
steadily since 1934. In October 1937 the monthly
index reached the highest level since June 1930; but
during the last 2 months of the year the index showed
a tendency to level off. If rents are maintained at the
present higher levels, and if construction costs continue
to fall, many private builders may be encouraged to
initiate new building projects.
The index of real-estate foreclosures in metropolitan
cities (monthly average 1926 = 100), which indicates the

SURVEY OF CURRENT BUSINESS

March 1938

removal of distressed properties from the market, continued to decline in 1937. For the last 5 months of
the year the index was close to the average for 1928.
This index, as compiled by the Federal Home Loan
Bank Board, reached its peak in 1933, when many
distressed properties were thrown on the market.
The trend in residential vacancies has declined
steadily since 1932. The rate of residential vacancies
(indicating the percentage of total dwelling units unoccupied) reached a very low figure for many cities in
1936, several of the larger cities reporting less than 2
percent of the total number of dwelling units unoccupied. Although only scattered reports are available
for 1937, vacancies have apparently held at the low
figures attained during the preceding year, and in some

900
800
700
600
500
400

200
100

Industrial Building
Industrial construction activity in 1937 was approximately 60 percent above that in 1936. This type of
construction reached its low in 1932, increased in 1933
and 1934, but declined again in 1935. Although large
percentage advances were made in 1936 and 1937, the
total dollar volume of factory construction in 1937 was
about 40 percent below the 1926 total. The prospects
are not very bright for increased industrial building
activity in 1938; in fact, indications are that factory
building in 1938 will fall far below the total of 1937
unless there is a marked revival in industrial production
and a concomitant rise in industrial earnings.
Other Nonresidential Building
Other types of private nonresidential building, such
as educational, religious and memorial, hospital and institutional, and social and recreational building, increased moderately in 1937. In an active year (1926)
these several types of construction amounted to almost
$700,000,000; in 1933 and 1934 they amounted to less
than $100,000,000 annually; and the total in 1937 was
still considerably below $200,000,000.

THOUSANDS OF UNITS
IOOOI

J00

25

Public-Utility Construction

i

H

1919"20 "21 '22 "23 '24 '25 '26 '27 '26 "29 '30 '31 '32 '33 '34 '35 '36 '37
DO- 94-7?

Figure 15.—Estimated Number of Family Units Upon Which Construction
Was Started Annually in Urban and Rural Nonfarm Areas in the United
States, 1919-37 (U. S. Department of Commerce).

cases have declined even further. For single-family
dwelling units, vacancy percentages at the end of 1937
were as follows: Denver, 1.1 percent; Oakland, 1.4
percent; Minneapolis, 0.7 percent; and Chicago, 1.7
percent. Houston showed a vacancy rate of 1.1
percent on a total of 71,000 buildings.
Commercial Building
Commercial building operations in 1937 were 35
percent above those in the preceding year, continuing
the upward trend of recent years. From 1925 to 1930
this type of construction averaged over $1,000,000,000
annually. Although commercial building has improved
in the last 4 years, such construction in 1937 was only
30 percent of the 1926 value. Since 1932 office-building
vacancies have been reduced somewhat, but they are
still high relative to predepression standards. The national survey of vacancies in office buildings as of October 1, 1937, conducted by the National Association
of Building Owners and Managers, revealed that 18.2
percent of the total rental floor space in reporting buildings was unoccupied. During the period from 1925 to
1929, when new construction was substantial, vacancies
ranged from 8 to 10 percent.




The total dollar volume of new public-utility construction in 1937 was approximately 70 percent above
that in 1936 and 40 percent below the average volume
during the period from 1921 to 1930. New publicutility construction, excluding expenditures for land
and for mechanical and electrical equipment, averaged
$1,200,000,000 annually for the 10-year period from
1921 to 1930. Including maintenance and repair w^ork,
this major type of construction averaged $2,300,000,000
for the same period. Construction work by public
utilities (which includes railroad, street railway, telephone, telegraph, pipe line, gas plant, and electric light
and power construction) reached its peak in 1929, and
its low point in 1933.
Construction by railroads and by light and power
companies accounts for over 50 percent of total publicutility work. Construction work by the railroads in
1937, while showing a moderate improvement over
that in 1936, was still at depressed levels. Inasmuch
as the operating methods of the railroads have undergone radical changes in recent years, a great need
exists for new facilities and for the reconstruction of
existing facilities. It is unlikely, however, that railroad construction will expand greatly in 1938, unless
railway revenues increase sufficiently to provide additional funds for new construction. Light and power
construction activity in 1937 was much above that in
1936, but considerably below the level prevailing from
1923 to 1930. The low volume of light and power
construction is particularly noticeable when compared
with the annual rate of increase in the production of
electricity, which rose in 1936 and 1937 at about the

26

SURVEY OF CURRENT BUSINESS

same rate as in the period from 1923 to 1929. Production of electrical energy in 1937 was larger than in
any previous year.
Public Construction
Unlike other types of construction activity, the total
volume of public construction was well maintained
throughout the depression years. This was due largely
to increased Federal construction operations, which
partly offset the decline in municipal, State, and
county construction work. Federal construction, including Federal aid throughout the period and Public
Works Administration grants in the later years, rose
from $168,000,000 in 1926 to $1,321,000,000 in 1936.
In the year 1937, however, Federal construction activity
declined, mainly as a result of the curtailment of the
Public Works Administration heavy building program
and of the completion of many of the other larger
projects.
Table 6.—New Construction Activity: Private, Public-Utility, and Public 1
[Millions of dollars]

Year

1915.
1916,
1917.
1918
1919.

Residential
990
1,110
940
720
1,600

Commercial

Factory

(s)
(5)
(5)
(5)
5

3
(3)
(5)
(5)
(5)

()

()

Total
private
building2
1,698
2,083
2,124
1,949
3,236

Public
utility 3
542
645
780
691
662

Public
works *

Construction Finance
New capital available for the purchase of durable
goods did not expand greatly in 1937. New security
issues for corporate, municipal, and other purposes
increased slightly as compared with 1936. The Federal Government played a less important role during
1937 in providing funds for new construction, although
it continued to be an important factor in providing
funds for home financing.
Private Capital Flotation.

The amount of new corporate financing is reported
by the Commercial and Financial Chronicle, as well as
by other sources. This series does not disclose the
new capital issues for construction purposes alone, but
includes funds for a wide range of uses, such as working
capital, machinery, and land, as well as for buildings
and other construction. New private corporate issues
reported by the Commercial and Financial Chronicle
for the period from 1920 to 1937 are shown in table
7. Although new industrial issues increased in 1937,
total new corporate issues declined slightly from the
previous year.
Table 7.—Private Domestic Capital Flotations: New Corporate Issues
(Excluding Refunding)

715
703
1,273
2,231
1,963

1920.
192U
1922.
1923.
1924.

1,610
1,760
2,833
3,757
4,300

657
600
645
754
779

889
464
378
444
372

3,931
3,484
4,565
5,726
6,287

759
588
753
1,156
1,299

1,334
1,550
1,657
1,598
1,862

1925.
1926.
1927.
1928.
1929.

4,584
4,591
4,289
3,961
3,424

990
1,177
1,206
1,181
1,186

415
588
563
649
761

6,993
7,443
7,177
6,850
6,320

1,257
1,367
1,403
1,330
1,563

2,108
2,113
2,368
2,462
2,411

1930 _
1931 _
1932
1933.
1934.

2,195
1,396
641
314
272

997
582
275
143
165

498
228
95
134
160

4,429
2,765
1,308
851
882

1,512
947
469
258
309

2,777
2,577
1,842
1,249
1,492

1935__
1936
1937 (preliminary).

522
1,038
1,200

209
272
367

149
225
368

1,266
1,996
2,400

338
441
740

1,564
2,102
1,700

1 Classification does not include maintenance and, for later years, work relief construction. Consult fig. 14 for totals including new construction, maintenance, and
work relief.
2 Total private building includes the following private categories: residential;
farm; commercial; factory; religious and memorial; educational, social and recreational; and hospital and institutional building.
3
For private ownership only.
4
Includes the public construction of educational, social and recreational, and
hospital and institutional buildings as well as other public construction.
5
Not available.
Source: Estimates of U. S. Department of Commerce. For a more detailed
break-down of the figures, consult a recent publication of the Department of Commerce entitled " Construction Activity in the United States 1915-37."

Municipal outlays for construction exceeded a billion
dollars annually from 1925 to 1931. In 1933 municipal
activity had declined to $330,000,000. State and
county outlays for construction showed the same
trend as that shown by municipal expenditures, although the decline was not so severe in recent years.
In spite of increased Federal loans, non-Federal public
construction has not increased materially since 1933.
The trend of governmental construction in the next
few years will be determined mainly by the ability of
local communities to increase their outlays for per
manent improvements.


March 1938

[Thousands of dollars]

Year

Total (excluding
invest- Industrial
ment
trusts)

Land,
buildings,
etc.

Public
utilities

Railroads

Miscellaneous

1920
1921
1922
1923
1924

2,710, Oil
1,823,005
2,335,734
2,702,496
3,322,296

1,592,337
780,952
674,437
896,793
690,746

90,995
53,182
161,889
250,911
333,401

382,339
491,935
726, 242
887,991
1,325,601

322,380
352,666
523,808
464, 516
779,617

1925
1926
1927
1928
1929 . . .

4,085,655
4,285,903
5, 216,102
5,292,908
6,417,209

1,097,656
1,196,687
1,280,654
1,406, 785
1,928,350

715,485
709,467
630,384
716,305
520,422

1,481,028
1, 597,885
2,065, 349
1,811, 481
1,931,972

380,281
411,205
345,991
435, 872
505,666
734,048
364,095
994, 242
546, 522 1,489,942

1930
1931
1932
1933
1934

4,711,666
1,759,364
324,162
159,629
159, 448

1,071,127
273, 497
16, 555
112,183
25,901

244, 503
128,996
8,121
900
400

2,365,141
948, 637
274,350
34, 221
49,360

797,374
233,521
345,617
62,617
13,125
12,011
12,000
325
72.747 1 11.040

401, 570
1,202,025
1,155,958

213, 570
473,095
654,200

1,968
11,971
10,063

83,551
123,684
147,334

72,843
29.838
267,413 ! 325,861
196,944
147. 428

1935__
1936
1937

.

321.961
144, 271
249, 359
202,285
192,931

Source: Commercial and Financial Chronicle.

Life-insurance Companies.

Normally life-insurance companies are large investors
in urban mortgages. In recent years, however, only a
small part of their new investments was in such mortgages. The low point was reached in 1933, when less
than $30,000,000 w^as invested in urban mortgages,
according to data published in the Wall Street Journal
covering approximately 45 life-insurance companies.
In the next 4 years, the volume of urban mortgage loans
increased, and during 1937 it amounted to $469,592,278
(compared with $356,129,825 in 1936).
Urban real-estate mortgage loans held by lifeinsurance companies at the end of 1937 totaled
$3,505,000,000, and represented 16 percent of the total
assets of life-insurance companies, according to compilations by the Association of Life Insurance Presi-

March 1938

dents. During the period from 1927 to 1931, urban
mortgages were 30 percent of the total assets. The
downward trend of mortgage holdings by life-insurance
companies in recent years may be partly explained by
the shrinkage of mortgage indebtedness for the country
as a whole and by the reduced volume of new urban
mortgage financing. Real-estate holdings by the same
life-insurance companies aggregated $1,774,000,000 at
the end of the last year, and were 8.3 percent of total
assets. During the predepression period real-estate
holdings ranged from 1.8 percent to 2.2 percent of total
assets.
Government Aid to Home Financing.
Home Loan Banks,—Lending operations of State and
Federal members of the Federal Home Loan Bank
System continued to expand in 1937. The total volume
of new loans made in 1937 by all member associations
was approximately $645,452,000, as compared with
$504,868,000 in 1936. It was estimated that loans by
all savings and loan associations, including nonmember
associations, were $764,489,000 in 1937, an increase of
almost $140,000,000 over 1936.
Of this total,
$477,360,000 was extended for new construction or
home purchase, $161,393,000 for refinancing, $49,435,000
for reconditioning, and $76,301,000 for other purposes.
Federal Housing Administration.—The Federal Housing Administration accepted mortgages for insurance
in 1937 totaling $448,167,000, as compared with
$438,449,000 in 1936, a gain of 2.2 percent. Since this
agency began operations in 1935 it has accepted over a
billion dollars of home mortgages for insurance. Of the
$560,598,118 modernization and repair loans insured
by the Federal Housing Administration, net losses
reached a total of $6,527,367 at the end of 1937, a loss
ratio of 1.164 percent.
The activities of the Federal Housing Administration
will be expanded this year under provision of a bill which
passed Congress and was signed by the President early
in February 1938. The act permits the Federal
Housing Administration to accept mortgage loans for
insurance up to a limit of $2,000,000,000, on more liberal
terms than those formerly provided. On smaller mortgage loans, where the appraised value of the house is
$6,000 or less, the maximum insurable mortgage has
been increased from 80 percent to 90 percent of the
appraised value. The limit of 2 billion dollars may be
extended another billion by the President, if conditions
warrant it. Other features of the bill provide for the
creation of national mortgage associations to make
private funds available for new home financing, and for
the revival of modernization and repair loans which
were discontinued by the Federal Housing Administration in June 1936. It is expected that this measure
will stimulate private home construction, which has
lagged greatly in recent years.
United States Housing Authority.—Another significant
development during 1937 was the creation of the United




27

SURVEY OF CURRENT BUSINESS

States Housing Authority to further public housing
by making loans and grants to local housing authorities.
The Authority may not engage in construction itself,
but must deal with local authorities which initiate,
build, and manage the projects. The local groups
must also participate to a certain extent in the financing
of the projects by contributing 10 percent of the development cost in order to qualify for a loan, and a larger
amount to qualify for either a capital or an annual
grant. The loan limit placed on the United States
Housing Authority is $500,000,000; capital grants may
be made up to a limit of $30,000,000; annual grants to
local authorities may not total more than $5,000,000
through July 1, 1938, and in the next 2 years similar
grants may equal $7,500,000 in each year, making a
combined total of $20,000,000 that will be paid as
annual grants over the next 60 years. The Housing
Authority is expected to initiate projects through the
local groups which will result in the creation of approximately 150,000 new dwelling units.
INDEX NUMBERS (1926=100)
ISO
160
/\
/ \

140

* — Bull*dine Me iten

7/S

/

°nct 5

/

120

\

V
)

/

80
/

/

/

40

/,
•'

—

y

f— —v^

I

/

/

60

_——

/v

\

100

"^

s.
\\

/

\

y—

,lle d Uybo
Rate 3

Weiqe

y

-Cc Simmon La bar
W age Rai es

I

20
O
1915

'16 '17 'I8 'I9 '20 '21 '22

'2? '24 '25 '26 '27 '28 "29 '50
00

Figure 16.—Indexes of Skilled-Labor Wage Rates, Common-Labor Wage
Rates, and Building-Material Prices, 1915-37 (Wage Rates, Engineering
News Record; Building-Material Prices, U. S. Department of Labor).

Costs, Prices, and Wage Rates
Construction costs reached their low point in 1932
and rose quite rapidly in the latter half of 1933 and 1934.
They were fairly steady during 1935 and the early part
of 1936; but during the last few months of 1936 and the
first half of 1937, costs of both materials and labor
advanced sharply. The annual index values are shown
in figure 16. The wholesale price of building materials,
as reported by the Bureau of Labor Statistics, rose from
85.8 percent of the 1926 average in June 1936 to 97.2
percent in May 1937, the highest value attained by the
index since January 1927. During the latter half of 1937,
however, the index of building-material prices declined
moderately and closed the year at 92.5 percent. Wage
rates of both skilled and unskilled labor, reported to the
Engineering News-Record as actually paid by contractors in 20 cities, rose appreciably. Rates paid unskilled
labor were considerably above predepression levels.

28

SURVEY OF CURRENT BUSINESS

March 1938

Electric Light and Power

T

HE demand for electricity exhibited a further ex- Valley Authority were rendered in January 1938. In
pansion in 1937. Sales of the electric utilities to two test cases challenging the legality of the Public
ultimate consumers established a new peak for the third Works Administration power program, the United
successive year, despite the decline which began in the States Supreme Court unanimously upheld the Public
latter part of September. Energy sold in 1937 exceed- Works Administration. The Court ruled that the
ed the total of the preceding year by 10 percent and utilities did not have standing in court to challenge the
was nearly one-third higher than that of the predepres- Public Works Administration loans and grants to
sion peak in 1929.
municipalities. This action opened the way to proceed
Gross revenues of the industry also recorded a new with about 61 projects in 23 States which have been
high, but the relative increase over 1936 did not equal held up by injunctions. These projects have an
the advance in sales, since average kilowatt-hour rates estimated total cost of $146,918,000, for which the
were further reduced during the year. A large part of Public Works Administration has allotted $61,226,000
the gain in gross was absorbed by rising costs, so that as loans and $38,412,000 as grants. Under the provioperating income (net revenue) was only about 1 per- sions of the Public Works Extension Act of 1937, the
cent above that in 1936, according to preliminary esti- Public Works Administration can make no further
mates. Substantial increases were recorded in taxes, allotments to any project except to those which were
wages, and fuel costs. The ratio of operating expenses approved as eligible for allotment as of June 29, 1937.
to gross has trended upward since 1932. Net income
A second court decision of significance to power
of the operating utilities reached the low point of the interests was that wdth respect to the injunction suit
depression in 1934, about 2 years after the upturn in by 18 private utilities challenging the constitutionality
electric power production. The gains in net income of the Tennessee Valley Authority Act. In the latter
since that time have been due in large measure to the part of January 1938, a special three-judge Federal
savings in fixed charges resulting from the heavy volume court upheld the operations of the Tennessee Valley
of securities refunded at low interest rates. The rise Authority. The court held that "the complainants
in net income in 1937, however, approximated only 4 have no immunity from lawful competition even if their
percent, in comparison with a gain between 1935 and business be curtailed or destroyed." Counsel for the
1936 of more than 10 percent.
utilities indicated that they would file an early appeal to
Refunding operations in 1937 totaled $564,000,000. the United States Supreme Court.
The peak of the refunding movement occurred in 1936,
In a test case instituted by the Securities and Exwhen securities refinanced by the electric utilities change Commission against an outstanding holding
amounted to $1,272,000,000, as compared with $1,- company for failure to register under the Public Utility
041,000,000 in 1935. Since most of the possible refund- Holding Company Act of 1935, the Government was
ing program of the companies has been completed, it upheld during 1937 by the Federal district court in
is obvious that further gains in net attributable to inter- New York City and by the court of appeals of the second
est savings will be lacking in the immediate future and judicial circuit. The holding company and its affiliates
that the trend in net income will depend primarily upon appealed to the United States Supreme Court in Dethe rate of growth in energy output, the extent and fre- cember 1937 for a review of the decision of the lower
quency of rate reductions, and the movement of costs. courts. Arguments were heard by the Supreme Court
in February 1938. Section 11 of the Public Utility
Important Court Decisions.
Controversies regarding governmental control and Holding Company Act calls for the geographic integracompetition in the electric power field continued during tion of properties and for the simplification of corporate
1937. In the latter part of the year the President in- structures, including the elimination of all holding
augurated a series of conferences with utility executives companies beyond the second degree, as soon as pracfor the purpose of determining methods by which the ticable after January 1, 1938.
Government and the industry can cooperate to solve Trends in Construction Expenditures.
the problems and to restore confidence. Policies resultThe period from 1923 to 1930 was characterized by a
ing from the discussions are still in a formative stage. heavy volume of construction in the electric utility
Although litigation involving the Tennessee Valley field. Capital expenditures by the industry in subseAuthority power program, the Public Works Adminis- quent years have been low in comparison. Despite
tration loans and grants for municipal power plants, and moderate increases from 1934 to 1936 and a more prothe Public Utility Act of 1935 was still pending at the nounced gain in 1937, the amount spent for new^ conend of the year, important court decisions respecting struction last year was only one-half of that in 1930.
the Public Works Administration and the Tennessee (See table 8.) Prior to 1931, large amounts were spent



29

SURVEY OF CURRENT BUSINESS

March 1938

for generation, whereas in recent years the outlays foi
such equipment have been small, most of the expenditures going for distribution facilities. Furthermore, the
recent disbursements for generating equipment have
been made largely for the installation of improved facilities in existing plants rather than for the construction of new plants. It should be noted that these data
relate to construction expenditures of the privately
and municipally owned utilities only and do not include
those for Federal projects.
Table 8.—Construction Expenditures of the Electric Li£ht and Power
Industry 1921-37 (Excluding Federal Projects)
[Millions of dollars]

Year or yearly average Total

Generating
plants

Sub- Trans- Distri- Miscelstations mis- bution laneous
sion

Steam

Hydro

1921-25 average
1926-30 average
1931-35 average _ _

659
818
270

161
169
36

81
68
19

90
118
32

106
133
48

147
231
109

73
98
26

1929
1930
1931. . . .
1932
1933
1934
1935
1936.
.
. . .
1937 (preliminary)

853
919
596
285
129
147
193
290
455

188
176
104
40
10
10
16
37
113

51
118
60
20
4
6
6
9
11

120
123
88
30
15
12
15
25
49

145
140
101
60
16
30
35
20
41

261
259
182
110
72
76
103
175
203

Although improvement in the efficiency of fuel
utilization of public-utility plants has tapered off in
recent years because of the high degree of efficiency
already achieved, further progress was made during
1937. The consumption of coal or coal equivalent per
kilowatt-hour of electricity generated was 1.42 pounds
in 1937, compared with 1.44 pounds in 1936 and 3.2
pounds in 1919, the earliest year for which data are
available. Thus, the advance in the efficiency of fuel
consumption since 1919 resulted in a savings in 1937
of more than 66,000,000 short tons of coal or equivalent.
Energy sold to ultimate consumers by the electric
light and power industry in 1937 attained a record
total of 99,300 million kilowatt-hours, reflecting the
effects of generally improved business conditions, new
customers, and the expanding use of electrical appliances. As indicated in figure 17, the expansion in

88
103
61
25
12
13
17
24
39

MILLION KILOWATT-HOURS
9,000

Source: Edison Electric Institute.

The broad expansion in plant capacity prior to 1931
and the reduction in electric power output subsequent
to 1929 resulted in a surplus of unused capacity from
1931 to 1934. With only small net additions to plant
facilities in the past several years and the remarkable
and practically uninterrupted growth in power production from the beginning of 1935 until the fall of 1937, the
reserve capacity was reduced to a closer margin than
heretofore. Although wide differences exist among
individual systems in the matter of reserves, some
measure of the greater utilization of capacity is provided by the Nation-wide ratio of energy output to the
rated capacity of power facilities. In 1937 this ratio,
or the capacity-use factor, approximated 37.6 percent,
as contrasted with 26.1 percent in 1932 and 36.4 percent in 1929. The volume of new construction in 1938
will be governed by the current and prospective peak
demands for electric power, the ability of the companies
to obtain new capital, and by utility earnings.

4,500
1929

1930

193'

1932

J I F I M AIM J J

5I0LI

AlSlOINlD
DD.9+75

Figure 17.—Sales of Electricity by the Electric Light and Power Industry,
1929-37 (Edison Electric Institute).

total sales over the corresponding month of the preceding year was continuous and, for the most part, at
an accelerated rate from October 1934 until after the
middle of last year. Following the slump in business
Power Volume Sets New Record.
activity which began in September 1937, sales were
The production of electricity for public use in 1937 drastically reduced, and by December they were conbroke all previous records, output for the year totaling siderably below those of the corresponding month
117,742 million kilowatt-hours, or 9 percent more than in 1936.
Although energy distributed to all principal classes
in 1936, according to reports of the Federal Power
Commission. Hydroelectric plants contributed 37 per- of customers showed a considerable increase over the
cent of the total generation, and fuel-burning plants 63 1936 amounts, the largest relative change was recorded
percent. The corresponding proportions in 1936 were in sales to farm customers. The highest actual gain
1
36 and 64 percent.1 All sections of the country shared
Beginning with January 1, 1937, data relative to the output of electricity for pubin the increase in power output in 1937, but the most lic use, as compiled by the Federal Power Commission, include both privately and
publicly owned central stations and other sources generating electric energy for public
significant relative gain (33 percent) occurred in the use. The figures here shown do not include the output of street and interurban
Mountain States, where considerably larger blocks of railways, electrified steam railroads, and certain miscellaneous Federal, State, and
other plants producing electricity entirely for their own use, data for which are now

power were generated at Boulder Dam.
included by the Commission in separate reports.


30

SURVEY OF CURRENT BUSINESS

occurred in sales to large industrial and commercial
users, a group accounting for over half the total sales.
Current consumed by commercial customers at wholesale (representing industrial use principally) increased
steadily in the first 8 months of the year but was
adversely affected in the last part of the year by the
curtailment in manufacturing activity. Despite this
recession, industrial sales for the year as a whole were
8 percent more than those in 1936 and 23 percent above
the 1929 amount. Sales of electricity to small commercial light and power customers have gained rapidly in
the past 3 years; in 1937 they were 18 percent above
those in 1936, representing the second highest relative
increase among the several classes of service. Important elements contributing to the gain in retail commercial sales have been the better-lighting programs
and the growth in the demand for air-conditioning
equipment, which has been particularly pronounced
during the past year.

March 1938

served by the utilities on December 31 to a new high of
approximately 27,000,000. Most of the new customers
were added to the residential and farm classes of service.
Changes in Gross Revenues.

Gross revenues of the electric utilities have advanced
without interruption since the low point reached in
1933, but the rise has been less rapid than the gain in
the volume of sales. This is due to rate reductions and
to the fact that the increase in sales has occurred largely
in the industrial-service classification, where the rate is
low. Total revenues in 1937 were 8 percent above the
previous record in 1936, most of the increase being attributable to the gain in retail commercial receipts.
For the first time since 1933, revenues from retail commercial service were higher than those from industrial
or wholesale commercial service.
Table 10.—Revenues from Sales of Electricity to Ultimate Consumers, by
Principal Classes of Service, 1929-37
[Millions of dollars]

Table 9.—Sales of Electricity to Ultimate Consumers, by Principal Classes
of Service, 1929-37

Commercial service

[Million kilowatt-hours]

Year

1929
1930
1931
1932
1933
1934
1935
1936
1937

Total

_.

.

75,294
74,906
71,902
63,711
65,916
71,082
77, 596
90, 044
99,300

Year

Commercial service
Residential serv- Small light Large light All other
ice
and power and power
(wholesale)
(retail)
9,526
10,702
11,373
11,494
11,359
12, 233
13,496
14, 992
16,930

13,106
13,944
13,544
12,106
11, 589
12, 278
13, 588
15, 612
18,410

42,971
40,148
36,937
30,964
33,857
36,944
40,865
48, 655
52, 640

9,691
10,112
10,048
9,147
9,111
9,627
9,647
10, 785
11, 320

Source: Edison Electric Institute.

Residential utilization of electricity continued to
grow last year at a more rapid rate, showing an annual
gain of 13 percent, compared with 11 percent in 1936
and 10 percent in 1935. A significant aspect in connection with residential sales of electricity has been the
progressive filling in of the usual summer valley. This
is attributable in large measure to the ever-widening
appliance load. To illustrate this point, sales in July
1937 were only 18 percent below the January figure,
in contrast with a spread of 21 percent between January
and July 1936 and a range of 36 percent between the
same months in 1930. Sales of electric refrigerators,
ranges, and water heaters attained new high levels in
1937, extending the remarkable sales performance of
1936. Increased purchases of vacuum cleaners were
also noted, the number sold in 1937 having exceeded
the 1929 sales peak by a considerable margin. The
average residential use of electricity amounted to 797
kilowatt-hours in 1937, as compared with 727 in 1936,
and w^as more than twice the average consumption in
the early 1920's.
Efforts directed toward the promotion of the use of
electricity were reflected in the addition during the year
of
 about 794,000 customers, bringing the total number


1929
1930
1931
1932
1933
1934
1935
1936

.

1937 (preliminary)

Total

1,939
1,991
L,976
1,814
L, 754
L, 832
.912
2,045
2,200

Residential
service

600
642
653
640
624
649
674
697
740

Small light Large light All otheT
and power and power
(retail)
(wholesale)
556
576
565
501
472
490
519
562
629

591
566
545
474
468
499
531
581
618

192
207
213
199
190
194
188
205
213

Source: Edison Electric Institute.

The second largest gain in revenues over those in
1936 was recorded in receipts from residential customers,
which registered an increase of $43,000,000, or 6 percent. Revenues from residential service, accounting
for about one-third of the total revenues, have served as
a stabilizing factor in periods of reduced industrial
activity. Since 1934, however, the increase in commercial and industrial revenues has tended to reduce
the proportion of the total contributed by the residential
service.
A comparison of revenues from the principal classes
of service with data for 1929 is indicated graphically in
figure 18. Although the rapid improvement in receipts
from residential customers was interrupted in 1932 and
1933, income from this source continued higher than in
1929, and by 1937 was almost one-fourth above the
amount in the early year. Revenues from retail commercial service declined from 1931 to 1933, when they
were reduced to 85 percent of the 1929 receipts. They
are now more than one-eighth above those in 1929.
Revenues from wholesale commercial service, which
are readily influenced by changes in business activity,
were drastically curtailed from 1930 to 1933. By
1936 nearly the entire loss had been recovered, and a
further increase in 1937 established a total for wholesale commercial revenues approximate^ 5 percent
above the previous peak in 1929.

SURVEY OF CURRENT BUSINESS

March 1938
Further Rate Reductions.

Rate reductions effected during 1937 resulted in an
annual savings of approximately $50,000,000 to electric
light and power customers. The savings accrued
mainly to residential and commercial users. Although
the average level of rates in recent years has moved consistently downward, this tendency has been given considerable impetus by the efforts of the Government in
promoting the widest possible use of electricity at lower
rates. By increasing the volume of sales, the utilities
have been able to cut unit costs and to pass on the savings to the ultimate consumer. Rate reductions have
been largest with respect to residential customers. (See
figure 19.) The average residential customer is now

31

struction completed on projects financed by the Rural
Electrification Administration soared sharply upward
during the year, approximating $59,000,000 on December 31, as compared with $11,000,000 at the end of
1936. On December 15, 1937, allotments made by
CENTS PER KILOWATT-HOUR
8

7

-ider

ice

6
1

5

%

Re /a/7 cZomn terc/c7 /
Se ryice

[PERCENT (1929 = IPO)

7

r*

A

—

i— U l

—

/
\ZO

1

—.

Tota Ssv vice
/

I

3

/

^ • —
—

Ryevenue fron?
Res identi al Ser vice—

/j

/

I 10

105

/

/

\

/

——««.

lV/?o/ °so/e Com /77P/-C/

rvice

1

/
'

1

/

z

^ —

IOO

0
1926 i'27

ol Rev enue

'28

'£9

'?o

'31

'32

>

'35

'36

'37

\

j

Figure 19.—Average Revenue Per Kilowatt-Hour from Sales of Electricity
to Ultimate Consumers, 1926-37 (Edison Electric Institute).

s

90
\

Revenue frcJ/77
Commercial J
(Wholesw

V\
\ v

J

//

/

\

/

/ V -Revenue from
Cc mmerciai Service
(Retail)

80

the Rural Electrification Administration totaled $81,473,000. Projects covered by these allotments for rural
lines are located in 41 States and they will provide for
approximately 75,000 miles of rural line designed to
serve 250,000 customers.
Developments at Bonneville Dam.

1929

1930

1931

1932

1933

1934

1935

1936

1937

Figure 18.—Trends in Revenues of the Electric Light and Power Industry,
Percent of 1929 (Basic Figures from Edison Electric Institute).

using about 80 percent more electricity than he did 10
years ago and is paying one-third less per kilowatthour.
Progress in Farm Electrification.

The activities of the Rural Electrification Administration during 1937 and the largest farm income since
1929 have been important factors contributing to the
advance in sales of electricity in rural areas. Current
distributed to farms in 1937 exceeded the amount in
1936 by approximately one-fourth. About 157,000
additional farms were using electricity last year, bringing the total number receiving service to 28 percent of
all farms having dwellings valued above $500.
The volume of construction in progress plus con


The President, on August 20, 1937, signed a bill
providing for the completion, maintenance, and operation of the Bonneville navigation and power project
located on the Columbia River. Power from the
dam was first generated in September, when a small
unit was placed in service for test operations and
for the purpose of carrying some of the power
load at the project site. The powerhouse is designed
for an ultimate capacity of approximately 500,000
kilowatts.
The initial installation, consisting of 86,400 kilowatts, will be ready for commercial operation about
June 1938. In the latter part of 1937 a Federal
administrator of the project was appointed, who is
charged with the duty of directing the transmission
and marketing of the energy produced at the dam and
with the preparation of a rate schedule which will
promote the widest possible diversified use of the
current. No actual contracts for the sale of electricity
can be signed until a rate is set.

32

SUEVEY OF CURRENT BUSINESS

March 1938

Transportation and Communications

T

HE transportation and communications industries
made a somewhat better showing in 1937 than in
1936, but the course of activity during the year was
marked by a sharp drop in the volume of traffic in the
final months that tended to offset the gains in the first
half of the year. The railroads reported small increases
in carloadings and gross operating revenue. A more
rapid advance in expenditures, however, caused net
railway operating income to fall below that in 1936 by
nearly 12 percent. Encouraged by the mounting volume of traffic, the railroads placed large orders for equipment in the first half of the year; but curtailed earnings
late in the year resulted in an almost complete stoppage
of orders.
A substantial advance was recorded in motor-truck
traffic in 1937, but the margin of profit for the industry
was probably destroyed by increased expenses. Bus
transportation continued to expand in both city and
intercity operations. Air transport made further
progress in 1937, although traffic did not increase so
rapidly as in 1936. Ocean transportation was in near
record volume and rates were higher than in 1936.
Both the telegraph and telephone industries had
greater gross revenues in 1937 than in 1936. Increased
expenses, however, reduced net operating income somewhat below that in 1936.
Railroads
Traffic and Earnings.
Freight-car loadings of class I railroads increased 5.4
percent to 37,992,928 cars in 1937, and were higher than
in any year since 1930. Loadings, however, were still
28.1 percent below those in 1929. Of the eight commodity groups, that covering livestock shipments was
the only one to show a decline in 1937. The miscellaneous group, which embraces nearly half the total
carloadings, increased by 6.3 percent in 1937. This
group contains most of the manufactured products
shipped in carload quantities and generally represents
traffic bearing higher-than-average rates. Less-thancarload shipments were up 2.6 percent, but the small
gain was significant, since this group declined in every
year from 1930 to 1935 and the 1936 gains were small.
Coal loadings remained practically unchanged in 1937,
although coke, a relatively unimportant class of loadings, increased 7.9 percent. The shipments of forest
products increased 9.9 percent. The largest relative
gain for the year was in the ore group, which increased
36.4 percent. This increase extended the rising trend
that has been evident subsequent to 1932, when ore
loadings were only 9 percent of the 1929 level. The




extent of the decline in carloadings for each commodity
group from 1929 to the low point of the depression and
the recovery from the low year to 1937 are shown
graphically infigure20.
While the averages for the year showed significant increases, the trends in the closing months of the year
were decidedly downward. The seasonally adjusted
index of freight-car loadings compiled by the Board of
Governors of the Federal Reserve System moved narrowly during the first 7 months of 1937 and averaged 81
(1923-25 = 100) for the period, but from July (when the
index stood at 80) to December, there was a drop of 13
points, or 16 percent. The miscellaneous group dropped
somewhat more abruptly during the year than the total,
and the merchandise less-than-carload group somewhat
less severely.
PER- Total, All
CENT Commodities

Ore

Ore
Grain and Grain Products
Forest Products
Coal
handise, L.C.L.
Miscellaneous

Figure 20.—Percentage Decline in Freight Carloadings of Class I Railways,
Excluding Switching and Terminal Companies, from 1929 to the Low
Year, and from 1929 to 1937 (Association of American Railroads).

Although some rates during the year were reduced, a
more than proportional rise in the volume of traffic resulted in an increase of 2.8 percent in the gross operating
revenues of class I railways. They were 34.6 percent
above those in 1933, the low year of the depression,
but were one-third lower than those in 1929. Freight
revenues in 1937, the major class of income to the carriers, increased 2.1 percent, and passenger revenues
advanced 7.4 percent.
Railway operating expenses were 6.4 percent above
those in 1936. Both transportation and maintenanceof-way expenses rose by 8 percent, while maintenance-ofequipment and traffic expenses increased 6.5 and 5
percent, respectively. General and other expenses, however, dropped 7 percent. Although the larger volume of
traffic tended to increase expenses, the advance in unit
costs was important. The Railway Age estimates that
the unit cost of rails rose 13 percent, ties 13 percent,

SURVEY OF CURRENT BUSINESS

March 1938

fuel oil 12 percent, and coal, on an October basis, 8
percent.
Net railway operating income in 1937 was $590,180,565, 11.5 percent lower than in 1936, resulting from
a more rapid increase in expenses than in revenues. Net
income for 1937 was $98,526,717, 40.5 percent below
that of 1936. The monthly trend of the revenues and
expenses of the class I railroads may be seen in figure 21.
MILLIONS OF DOLLARS
800

1927 I 1928 I 1929 I 1950

1931 I I9?2 I 1955 I 1954 I 1955 I 1936

1937
OO

946)

Figure 21.—Financial Operations of Glass I Railways, Excluding Switching
and Terminal Companies, 1927-37 (Interstate Commerce Commission).
NOTE.—Monthly data are not available prior to 1931.

Rates and Fares.

Three groups of rate increases became effective in
1937. Based on the volume of traffic in 1936, these
increases will yield between $60,000,000 and $65,000,000
additional revenue annually, according to estimates of
the Railway Age. On December 31, 1936, the general
emergency rates expired, despite the petition of the
carriers for their further extension. During March,
April, and May the carriers filed tariffs embodying a
limited number of increases. These tariffs became
effective without suspension by the Interstate Commerce Commission. On October 19 the Commission
authorized (in Ex Parte 115—reopened) higher rates on a
wide group of commodities which became effective
November 15. Increased rates on another group of
commodities became effective after December 20. At
the close of the year, the carriers were petitioning for a
general rate increase that would step up most rates 15
percent.
Since June 2, 1936, the maximum passenger fares
allowed by the Interstate Commerce Commission have
been 2 cents a mile in coaches and 3 cents in parlor and
sleeping cars. Carriers in the southern and western
territory established rates considerably under the maximum. Late in 1937 these carriers raised their rates to a
higher figure, but still under the maximum permitted by
the Commission. In the eastern territory, the carriers
adhered to the maximum rates, but, in addition to their
plea for higher freight rates, have petitioned the Commission for authority to increase the maximum pas47869—38
3



33

senger rates. This petition has been incorporated in
Ex Parte 123.
Labor.

In 1937 legislation was enacted to establish a national
railroad retirement system—the third such effort, as
the earlier acts were found unconstitutional. The new
act provides for noncompulsory retirement, with annuities based on years of service and past compensation.
The payments provided in the law are financed by contributions from both the railroads and the employees.
Up to November 30, 1937, applications for pensions
numbering 83,486 had been filed, of which 31,442 had
been granted. The railroads have transferred 54,782
pensioners from their rolls to those of the Railroad Retirement Board. A total of $33,419,894 has been paid
by the Board to pensioners.
Average railroad employment increased 4.6 percent to
1,115,077 in 1937, while aggregate compensation increased 7.4 percent to $1,985,323,363. However, the
annual average conceals the rise in the first half of the
year and a decline in the latter half. Annual average
earnings per employee in 1937 were $1,780, as compared with $1,734 in 1936, the increase being largely
attributable to the wage increases of August 1 and
October 1.
Equipment.

Domestic orders were placed for 368 locomotives in
1937, a decrease of 31 percent as compared with 1936.
The orders of the first half of the year gave promise of
an exceptionally good year, but adverse trends in revenues and expenses caused a curtailment of purchases in
the last half. Of the total orders, only 176 were for
steam units, as compared with 434 in the previous year.
Orders for electric and other types of power units
increased in 1937. Locomotives actually built in 1937,
as contrasted with orders placed, were over three times
those in 1936.
The trend of orders for freight cars was similar to
that for locomotives. In the first half of the year
domestic orders exceeded those of the first half of 1936
by 60 percent; but declining traffic late in the year and
rising costs brought a virtual cessation of new buying,
and the total new orders for the year were 21.9 percent under those in 1936. Commercial-car builders
received 72 percent of the orders in 1937, as against 80
percent in 1936. Actual construction of freight cars in
1937 exceeded that in 1936 by 63.7 percent.
Passenger-car orders for 1937 were 2.7 times those of
1936 and exceeded those of any year since 1929. The
recession in the last half of the year, however, reacted
unfavorably on the market. Orders for the first quarter
were at an annual rate nearly twice that which existed
for the year.
The number of locomotives and freight and passenger
cars ordered for selected years from 1915 to date are
shown in Table 11.

34

SURVEY OF CURRENT BUSINESS
Table 11.—Domestic Orders for Railroad Equipment
[Number]
Year

Locomotives
1,612
1,998
1,055
1,212
440
176
12
42
183
87
533
368

1915
1920
1925
1929. _
1930
1931
1932 .
1933
1934
1935 . .
1936
1937

Freight cars Passenger cars
109, 792
84,207
92, 816
111,218
46,360
10,880
1,968
1,685
24,611
18,699
67, 544
52,738

1,978
1,781
2,191
2,303
667
11
39
6
388
91
307
829

Source: Railway Age.

The possibilities for expansion of the capital-goods
industries have been of great interest in recent months,
and considerable hope has been manifest that the purchases of equipment by railroads may be a potent force
in this market. The carriers point to the fact that
increased operating expenses, with low rates on traffic,
have made it impossible for them to make purchases;
although the possibilities of car shortage and the recent
developments in equipment which can be operated at a
lower cost would make purchases desirable.
Motor and Electric Transportation

March 1938

Regulations and research relating to safety of operation
of motor vehicles have progressed rapidly.
The bus-transportation industry in both local and
intercity service continued to expand in 1937, according to Bus Transportation. The number of buses
owned increased from 46,750 in 1936 to 49,250 in 1937,
and the number of bus-miles traveled increased 6.7
percent. Thirty-three cities changed from rail and
part-rail service to all-bus service in 1937. Revenues
derived from city bus operations registered a gain of
4.6 percent over those in 1936, while total receipts
from intercity bus traffic advanced 8.4 percent.
The electric street-railway industry made gains in
1937, but was handicapped by the increased use of
motor buses and private automobiles in all areas.
Competitive transportation of this nature was particularly keen in medium-sized and small cities.
The operating revenues of the electric street-railway
companies, including their bus operations, remained
approximately the same in 1937 as in 1936, according
to the American Transit Association. Reports from
92 percent of the industry showed that the number of
passengers carried increased 1.2 percent in 1937 as
compared with 1936. Cash fares in October 1937
averaged 7.95 cents, as compared with 8.02 cents in
1936. Changes in cash fares, however, do not represent all changes in rates, because recently there have
been notable reductions in tokens and weekly passes.

Under the stimuli of Federal regulation and increasing costs, the mo tor-trucking industry operated at a
higher degree of efficiency in 1937. The stability of
rates was greatly improved through widespread adoption of classifications and rates made by the agents of
Air Transportation
groups of carriers. Consolidation of companies into
larger systems has resulted in improved operating
Commercial aeronautics continued its remarkable
facilities and has aided in the handling of traffic.
expansion in 1937, although the growth was not so
While statistical data on the motor-trucking industry
rapid as in 1936. Domestic air lines carried 1,102,707
are still incomplete, surveys conducted by the Ameripassengers in scheduled operations in 1937, an increase
can Trucking Association give some indication of the
of 8 percent over the number in 1936. The average
trend of the business. Gross revenues increased in the
distance traveled per passenger increased slightly.
first 9 months of 1937, but increased expenses during
Ton-miles of express flown increased 16 percent to
this period probably removed the margin of profit. A
2,156,070, and the pound-miles of mail carried in the
recently compiled index of freight loadings based on a
first 11 months of 1937 rose 18 percent as compared
relatively small number of concerns (but companies
with the first 11 months of 1936.
which carry a large portion of the total traffic) shows
Throughout the past few years the transportation
that the 1937 average was well above that in 1936.
companies and local authorities, with the help of the
In April, the peak month, the loadings were nearly a
Federal Government, have expended vast sums of
fourth higher than the average loadings for 1936. By
money on ground facilities and aids to navigation in
the end of the year, the index had dropped to a point
order to keep commercial facilities abreast of technical
about one-third below the peak.
developments. At present, one of the most important
During 1937 the Bureau of Motor Carriers of the
problems facing the industry is the expansion of faciliInterstate Commerce Commission continued its work
ties of airports to accommodate the demands of the
in administering and enforcing the Motor Carrier Act
large air liners which have recently been developed for
of 1935. The disposition of the applications for certifithe major air routes.
cates and permits necessary under the law for all
interstate operators constituted a large portion of the
Shipping and Shipbuilding
activity of this Bureau in the past year. Up to November 1937, a total of 89,000 applications had been filed.
Ocean transportation attained high levels in 1937.
The Bureau has been active in the development of Both traffic and rates were well above those in 1936.
forms and the filing of tariffs required under the law. All types of shipping benefited by the increased traffic,



March 1938

SURVEY OF CURRENT BUSINESS

while the increase in rates particularly benefited the
tramp companies. The latter companies are able to
shift rates on short notice and to pick up cargo in the
most desirable locations; thus, they tend to maximize
earnings when demand is as heavy as in 1937. General cargo lines operated with greater efficiency than
at any time in recent years, and late in the year conference rates were readjusted upward.
Ship construction in the United States in 1937 was
more active than in 1936. In December 1937 the
United States had under construction or contract for
private shipowners 144 vessels totaling 263,000 gross
tons, an increase of 18 percent over December 1936.
Thirty of the vessels, having 213,541 gross tons, were
seagoing ships of 1,000 gross tons or over. Notwithstanding the improvement in 1937, the United States
is still building less than 10 percent of the world
total.
The United States Maritime Commission made
several recommendations for the merchant marine
at the close of the year. The program suggested by the
Commission was designed not only to aid the commercial aspects of the merchant marine, but also to maximize the national-defense possibilities of the fleet.
Of major importance in the program of rehabilitation
of the merchant marine is the problem of replacements,
inasmuch as the existing fleet was constructed very
largely during the World War and the years immediately following and not gradually over a period of
years; thus, the cargo fleet is becoming obsolete,
almost as a unit. For efficient low-cost operation, so
greatly needed in our merchant marine, replacements
must be made with modern vessels. The ocean-going
fleet of the United States in 1937 consisted of 1,422
vessels (of 2,000 gross tons and over) of which 1,305
will be 20 years old or more by 1942. The Commission
estimates that over the next 5 years a minimum of
some $10,000,000 a year will be needed for construction
subsidies to assist in the rebuilding of a portion of the
fleet. At present, the Commission is administering
operating subsidies approximating $10,000,000 a year,
divided among 17 companies, and estimates that probably between $15,000,000 and $20,000,000 a year will
be needed for the next 5 years.




35

The creation ofja board for the shipping industry,
similar to the Railway Mediation Board, was recommended by the Commission, in order to avoid interruption to water-borne commerce and to provide a means
by which disputes concerning rates of pay, rules,
working conditions, grievances, and interpretations of
agreements might be settled promptly^and smoothly.
Communications
Telegraph.

Revenues from transmission by telegraph and cable
increased 2.5 percent during the first 11 months of
1937, as compared with the corresponding period in
1936. In order to enhance revenues, the telegraph
companies in 1937 departed radically from practices
of former years, by consolidating all night services
into a single night-letter service, resulting in reduced
rates on most messages. The relatively new teletype
service rendered by the telephone companies on private
lines and exchanges has made rapid strides in recent
years, and no doubt has curtailed regular telegraph
operations to a considerable extent. Operating expenses of telegraph and cable companies increased
more than revenues during the first 11 months of 1937,
causing net operating revenues to fall 18.4 percent.
The net income of the telegraph companies dropped
from $4,915,164 to a deficit of $219,021, while that of
cable companies rose from $842,511 to $1,244,960.
Telephones.

Operating revenues of the telephone companies were
6.1 percent larger in the first 11 months of 1937 than
in the corresponding period in 1936. Substantial increases in expenses, however, especially those for
labor and taxes, caused net operating income to fall
2.5 percent to $207,949,000. Of particular significance
in 1937, when other construction activities were low,
was the 95.2 percent increase in the telephone plant
account, due to extensive construction carried on
throughout the year. At the close of 1937 the Bell
system had 15,350,000 telephones in service. This is
the largest number in the history of the system, even
exceeding the 1930 peak. Independent companies,
however, suffered losses, with the result that the total
number of telephones in all service in 1937 was still
below that in 1930.

36

SURVEY OF CURRENT BUSINESS

March 1938

Domestic Trade
Retail Trade

nearly one-fourth went for food and beverages; more
ETAIL sales made a fair record in 1937, despite the than one-fifth went for automobiles, automobile accessories, and gasoline; about one-fifth for general mer« effect of labor difficulties and the general recession
chandise and apparel; and the remainder for other goods
in industry during the last 4 months of the year. The
sold.
percentage increase over 1936, however, was smaller
All trade groups recorded gains in dollar volume in
than any year-to-year gain recorded during the recovery
1937 over 1936. The food group, with a larger volume
period. Consumer purchasing did not show the effect
than any of the others, showed an increase of 4 percent;
of these retarding influences to any significant degree
while the automotive group, with the second largest
until the last quarter of the year. After recording outsales, recorded a gain of 3% percent. The lumber,
standing gains in the first 4 months of 1937 and mainbuilding-material, and hardware, and the furniture and
taining a relatively high level of trade during the sumhousehold-appliance groups increased 8 and 6% percent
mer and early fall, sales declined during November and
respectively. The gains recorded in 1937 for these
December from the corresponding months of 1936 to an
latter two groups were less than one-third as large as
extent which materially affected the total for the year.
However, since 1936 was a year of high activity in all
lines, sales for 1937, while showing only a moderate gain
over 1936, were still at a relatively high level.

R

Table 12.—Estimated Retail Sales, by Kinds of Business

Business group
(Census classifications)

Sales in millions
of dollars l

Percent increase
or decrease (,—)
1937 from—

1936
United States totalFood group
Beer and liquor stores
Eating and drinking places
Farmer's supply and general stores
Department, dry-goods, and generalmerchandise stores
Mail-order, catalogue sales of generalmerchandise stores
Variety stores
Apparel group
_.
Automotive group
Filling stations
Furniture and household appliance stores.
Lumber, building, and hardware group..
Drug stores
Jewelry stores
Other stores..

1937

1929

37,940

39, 930

-18.7

5.2

394
2,702
1,898

9,340
408
2,878
1,993

-17.9
35.4
-33.4

4.0
3.5
6.5
5.0

3,874

4,107

-19.4

6.0

460
851
3,028
5,711
2,263
1,613
2,375
1,344
282
2,164

490

9 6
-2.1
-24.7
-24.5
38.7
-27.6
-33.3
-16.5
-41.8
-32.8

6.5
4.0
5.5
3.5
9.5
6.5
8.0
5.0

885
3,195
5,910
2,478
1,718
2, 565
1,411
312
2,240

1936

10.5
3.5

1
Final estimates.
Source: U. S. Department of Commerce.

Total retail sales for the year 1937 are estimated to
have reached $39,930,000,000, an increase of slightly
more than 5 percent over the 1936 volume of $37,940,000,000. This was the largest dollar volume for any
year since 1930, when sales amounted to $42,849,000,000, but was still about 20 percent under the 1929
total of $49,115,000,000.
The increase in dollar volume for 1937 over that of
1936 does not represent a similar change in the quantity
of goods sold, because of the general advance in prices
during the intervening period. General merchandise
prices averaged an increase of about 7 percent during
1937 and food costs almost 4 percent, while the average
cost of new passenger automobiles was 14 percent higher
than in 1936.
Of each dollar spent in retail establishments last year,



Figure 22. Retail Sales by Kinds of Business, Showing the Decline from
1929 to the Depression Low, the Position in 1937 Relative to 1929, and
the Proportion of the Decline Recovered (Black Area) by 1937 (U. S.
Department of Commerce).

those shown by them for 1936 over 1935, and the diminished gain shown by the automotive group, which
showed a drastic reduction in sales of new passenger
cars in November and December, was less than onesixth as large as the gain in 1936 over 1935. Sales of
apparel and goods sold through department, dry-goods,
and general-merchandise stores in 1937 were about 6
percent larger than in 1936. The largest relative gain
for the year was recorded by jewelry stores, which
registered an increase of 10% percent.
A recovery in dollar sales of about 60 percent took
place between 1933 and 1937, as may be seen in figure
22. Mail-order sales of general-merchandise stores
showed a gain of 6K percent for 1937 over 1936; in 1936,

mail-order sales exceeded those in 1929. Sales of two
groups—filling stations and eating and drinking places—
exceeded those for 1929 for the third consecutive year,
sales of the latter group having been affected by the
repeal of the prohibition amendment. Variety-store
INDEX N M E S ( j ^ - J I » 100)
U BR
150

j! A

r,

125

r \; V

r-Rutal 3eneral-Merchandise Soles

100

/VV

tartment-S ore Soles

\

75

-A.

— ^

/^*

50

>

<
0

|
1929

37

SURVEY OF CURRENT BUSINESS

March 1938

1930

1951

1932

1934

1955

1 19^6

I937 9 J 6

Figure 23.—Department-Store Sales and Rural General-Merchandise
Sales, 1929-37.
NOTE.—Index numbers for department-store sales were recomputed on a 1929-31
base from the index of the Board of Governors of the Federal Reserve System; rural
general-merchandise sales, U. S. Department of Commerce. Both indexes in the
chart are adjusted for seasonal variation.

sales were only 2 percent below the 1929 level; while
the automotive group, which receded relatively further
from 1929 to 1933 than any other (with a decline of 72
percent), had recovered more than 70 percent of the
loss by the end of 1937. This group more than doubled

its sales volume from 1933 to 1937 and contributed
more than any other to the recovery of total retail trade.
Sales of Independent Stores.

During 1937, the collection of sales data on independent stores, which was inaugurated by the Bureau
of Foreign and Domestic Commerce in September 1935,
was extended to cover 11 additional States. At the
close of the year, reports were being received from more
than 11,500 independent merchants in 25 States, representing all sections of the country with the exception of
New England and the Middle Atlantic States. However, a comprehensive report of a slightly different
nature on sales in Massachusetts has been issued regularly each month for the past several years.
Annual figures received from more than 10,600 of
these firms indicate that the dollar volume of independent stores in the 25 States shown in table 13 was 4 percent larger in 1937 than in 1936. This increase was
somewhat less than that shown for the Nation. Gains
were recorded for all 7 of the regions represented; however, the changes varied greatly among the individual
States and ranged downward from an increase of nearly
11 percent to a decline of more than 2 percent Table.
13 presents changes in sales for the 25 States, distributed
by city-size groups.
Department-Store and Rural General-Merchandise Sales.

Department-store sales for 1937 were 6 percent above
those for 1936; sales in 1936 were 11 percent above the

Table 13.-Retail Sales of [ndependent Stores by States and City-Size Groups, 1937 Compared with 1936
Distribution by size of town
Total
number

State and region

of firms
reporting

Percent
change
in total
sales

250,000 and over

100,000 to 249,999

Number
of firms

Percent
change
in sales

Number
of firms

50,000 t o 99,999

Percent
change
in sales

Number
of firms

2,500 to 49,999

Less than 2,500

Percent
change
in sales

Number
of firms

Percent
change
in sales

Number
of firms

Percent
change
in sales

10,680

+4.0

2,049

+3.9

775

+3.8

854

+4.5

4,455

+4.1

2,547

+4.3

East North Central
Illinois
Indiana
Ohio
.._
Wisconsin

2,834
822
483
946
583

+7.3
+6.3
+7.9
+7.9
+7.6

723
269
59
299
96

+7.0
+6.5
+5.7
+6.8
+8.4

197
28
84

+10.4
+4.0
+12.6

85

+11.8

198
79
33
34
52

+6.7
+5.0
+5.4
+3.7
+12.2

1,221
320
223
406
272

+6.8
+6.7
+5.9
+8.3
+5.8

495
126
84
122
163

+6.8
+10.8
+8.6
+6.7
+3.8

West North Central..
Iowa
Kansas. . .
Missouri __
Nebraska

2,168
512
485
797
374

+2.4
+1.2
+1.2
+4.4
-2.3

326

+5.2

138
36
53

-2.8
-1.5
-1.4

326

+5.2
49

-4.9

174
63
23
56
32

+2.0
+2.1
+3.6
+1.0
+1.9

788
251
216
224
97

+1.6
+2.0
+1.7
+2.5
-1.4

742
162
193
191
196

+0.3
+4.3
+0.8
-0.9
-2.6

439
242
197

+7.4
+6.9
+8.9

40
40

+8.5
+8.5

102
40
62

+6.5
+5.5
+7.7

190
94
96

+7.9
+6.0
+9.5

107
68
39

4-2.9
—1.0
-^ft.7

163
163

+4.7
+4.7

33
33

+6 5
+6.5

22
22

+2.8
+2.8

65
65

+3.0
+3.0

43
43

+0.9

West South Central
Arkansas
Oklahoma . . .
Texas

1,510
226
292
992

+4.9
+3.8
+3.2
+5.3

99

+4.0

192

+4.5

140
30

+5.7
+0.3

99

+4.0

41
151

+3.3
+5.0

110

+7.9

743
155
171
417

+6.2
+5.7
+3.8
+7.0

336
41
80
215

+2.5
+3.6
+0.3
+2.8

Mountain
Arizona
_.
Colorado.Idaho
Montana . .
Nevada . . .
New Mexico
Utah.
Wyoming

1,151
62
423
142
191
44
66
115
108

+2.9
+10.8
+3.1
-0.5
-1.0
2.2
+9.6
+2.6
+4.4

53

-4.6

34

+4.5

29

+6.0

53

-4.6

29

+6.0

604
44
191
93
95
24
46
56
55

+2.7
+11.2
+5.3
-1.5
+0.3
-2.3
+7.7
-2.2
-0.6

431
18
150
49
96
20
20
25
53

+4.9
+6.9
+8.1
+3.6
-3.8
-1.9
+18.3
+7.3
+11.4

2,415
1,757
242
416

+2.0
+2.5
-2.4
+2.5

189
189

+3.4
+3.4

844
571
116
157

+1.9
+2.2
-2.2
+4.6

393
229
52
112

+7.4
+10.4

Total, 25 States

South Atlantic ._
Georgia
South Carolina
East South Central
Alabama

Pacific
California
Oregon
Washington


.
_ __

.

._

.

http://fraser.stlouisfed.org/
Source: U. S. St. Louis
Federal Reserve Bank of Department of Commerce.

34
775
618
74
83

+1.7
+2.2

+4.5

214
150

+0.1
+0.8

64

-1.6

—2 6

+2.5

— 1.1

+5.6

38

SURVEY OF CURRENT BUSINESS

March 1938

Business during the first 6 months was 18 to 19 percent
ahead of the corresponding period of the previous year;
while in the third quarter a gain of only 5 to 6 percent
was registered, and sales in the last quarter fell below
those in the corresponding period of 1936.
The largest increase indicated by these estimates was
shown by manufacturers' sales offices (without stocks),
with a gain of 16 percent. The next highest increases
were shown for agents and brokers and for assemblers,
both being 13% percent above their 1936 levels. Chainstore warehouse sales, with an estimated volume only
4 percent above 1936, had the smallest increase.
Sales of full-service and limited-function wholesalers
in 1937 are estimated at $22,500,000,000, slightly more
than 10 percent above sales in the previous year. This
group corresponds to the "wholesalers proper'7 classifiChain-Store Activity.
cation of the 1933 census and accounts for about 40
Total grocery chain-store sales rose 1% percent during
percent of all wholesale trade.
the year, according to estimates of the Bureau of
Foreign and Domestic Commerce. These estimates
WHOLESALE TRADE BY TYPES OF OPERATION
are based on reports of 10 large chain organizations
PERCENT OF 1929
doing about 75 percent of the grocery chain-store
business of the country. This compares with an
estimated increase of 4 percent for all grocery-store
sales and indicates that independent grocers fared better
last year than grocery chain organizations.
Reports from a group of chain drug organizations
operating 75 percent of all chain drug stores indicate
a gain of more than 3 percent in total sales of identical
stores. Tobacco and fountain sales showed a larger
percentage gain during the year than was indicated for
other goods sold through these outlets.

1935 total. The largest relative gain in these sales, as
recorded by Federal Reserve districts, was the increase
of 11 percent in the Cleveland district, which embraces
an area of highly diversified industries; this wxas followed by increases of 9 and 8 percent, respectively, for
the Dallas and Chicago districts.
As measured by the index of rural general-merchandise sales, consumer purchasing in rural areas showed
the same percentage gain for 1937 over 1936 as w^as
recorded for department-store buying; however, the
margin of increase was even more sharply reduced as
compared with 1936 over 1935. Rural sales in the Far
West in 1937 showed a gain of 9% percent, while sales
in the East were up 7% percent, in the Middle West 6K
percent, and in the South 4 percent.

Wholesale Trade
Wholesale trade activity during 1937 attained the
highest level since the 1929 peak. According to
estimates of the Bureau of Foreign and Domestic
Commerce, the total volume of sales was more than

PERCENT OF 1929

FULL SERVICE AND LIMITED FUNCTION WHOLESALERS
BY KINDS OF BUSINESS
TOBACCO

DRUG
AND

FARM

AND ITS
PROD-

PRODGRO-

UCT5,

Table 14.—Estimated Wholesale Trade in 1937 by Type of Operation

Type of operation

Total wholesale trade._

_ _

Estimated
net sales
(millions
of dollars)

Percent increase
or decrease (—)
1937 from—
1936

1929

58, 300

11

-15

11,930
3, 350
3,640
2,120
22, 500

14
14
12
4
10

-16
-29
31
10
-22

9,720
5,040

10
16

-10
-9

Figure 24.—Wholesale Sales by Types of Operation, and Sales of FullService and Limited-Function Wholesalers, by Kinds of Business, Showing the Decline from 1929 to the Depression Low, the Position in 1937
Relative to 1929, and the Proportion of the Decline Recovered (Black
Area) by 1937 (U. S. Department of Commerce).

$58,000,000,000, an increase of 11 percent as compared
with 1936. After starting the year well above the 1936
levels and recording unusual year-to-year percentage
increases over the comparable months of 1936, wholesale
sales failed to hold the pace as the year progressed.

Increases over 1936 were estimated for all major
trade groups in the full-service and limited-function
wholesaler classification, the changes ranging from a
28-percent gain in the relatively small farm-supplies
trade down to a 2 ^-percent increase shown for dry

Agents and brokers
A ssemblers
Bulk tank stations (petroleum)
Chain-store warehouses
Full-service and limited-function wholesalers
Manufacturers' sales branches:
With stocks
Without stocks
Source: U. S. Department of Commerce.




March 1938

SURVEY OF CURRENT BUSINESS

goods. Grocery and food sales (the most important
classification) were 6 percent above the 1936 amount.
Although accounting for a smaller portion of total
wholesale trade, important increases (25 and 24 percent
respectively) were estimated for the waste materials
and for plumbing and heating equipment and supplies
trades; and gains of 23 percent are indicated for both
electrical goods and metals and metal work (except
scrap). Other significant sales changes were 20 percent
for machinery equipment and supplies; 18 percent for
chemicals and paints; 17% percent for farm products
(raw materials); and 12 percent for paper and its
products.
Installment Credit
The volume of retail installment sales in 1937 was
approximately $4,950,000,000, according to preliminary
estimates of the Bureau of Foreign and Domestic Commerce. This represents an increase of 10 percent over
the 1936 volume, but indicates a slowing down of the
rate of increase. Installment volume in 1936 was 25
percent higher than in 1935. As a result of the liberal
terms which have prevailed since the latter part of 1933,




39

the estimated average amount of retail installment
credit outstanding during 1937 was $2,860,000,000,
approximately the same as the average outstanding
during 1929. The installment volume in 1937, however, was only 76 percent of that in 1929.
A leveling off in sales in lines commonly sold on installment became noticeable in the early months of 1937.
The decline in the last quarter was featured by the precipitous drop of automobile installment sales which
normally account for about 60 percent of total installment volume.
A number of trade and credit associations adopted
resolutions in midyear 1937 cautioning against further
liberalization of installment terms. This action was
followed in September 1937 by a general revision of
finance company terms, eliminating extremely long
monthly maturities and, in some cases, increasing
minimum down payments. In spite of these restrictive
influences, it is fairly evident that, in general, installment terms remained extremely liberal throughout 1937.
Looking forward, price reductions would seem to afford
the primary means of stimulus to installment volume.

40

SURVEY OF CURRENT BUSINESS

March 1938

Foreign Trade
F

OREIGN trade of the United States increased substantially in value in 1937. An increase of 36
percent in exports and of 27 percent in imports resulted
in a gain in 1937 over 1936 of a billion and a half
dollars, lifting the total value of foreign trade to
$6,429,000,000. Exports, including reexports of foreign
merchandise, amounted to $3,345,000,000, and general
imports amounted to $3,084,000,000.
INDEX NUMBERS

TOTAL EXPORTS

, QUANTITY

120
100
80
60
40

j

.......
UNIT v

/

S

TOTAL W LUE

J

continued on a relatively high plane in the majority
of the foreign industrial countries throughout the
greater part of 1937, and the effects of the rise in prices
of crude materials and foodstuffs continued to be
reflected in improved purchasing power in countries
producing raw materials and foodstuffs.
The reciprocal trade agreements program of the
United States Government moved forward to include
agreements with 2 countries, in addition to those in
effect with 14 countries at the beginning of the year;
and the concessions (in tariffs and other hindrances to
trade) accorded under these agreements were factors
of increasing importance in the flow of commerce.
Large shipments of certain heavy products to a number
of countries as a result of rearmament programs
remained a factor of considerable influence in the general trade situation throughout 1937.

20

Exports Large in Each Quarter.
TOTAL IMPORTS

United States exports were relatively large in value
in each quarter of 1937, notwithstanding the recession
J \
in domestic business and the development of some
120
,—S
^ ^
unfavorable economic tendencies in a number of foreign
100
80
countries during the final months of 1937. The gain
/
\
60
was outstanding in the exports of finished manufactures
40
and semimanufactures, which together accounted for
20
approximately 70 percent (a larger proportion than for
O
any previous year) of the total export trade in 1937.
19^7
1929 1930
19??
»9?5
D. O 94- 9+
Exports of finished manufactures were larger in value
in the fourth quarter of 1937 than in any other quarter
Figure 25.—Changes in Quantity, Unit Value (Prices), and Total Value
of Exports and Imports, by Quarters, 1929-37 (U. S. Department of
since the middle of 1930. Some manufactured articles
Commerce).
—notably automobiles, including parts and accessories,
A part of the increase in value in 1937 was due to the and industrial machinery—were exported in larger
relatively high level of prices during the year. Com- value in the final month of 1937 than in any other
modity prices advanced considerably during 1936 and month since the first half of 1929.
continued to rise during the first half of 1937. The
Exports of semimanufactures declined somewhat in
result was an increase in the unit value (price) of both the fourth quarter, after reaching unusually high values
exports and imports (6 percent and 12 percent, re- in the second and third quarters of 1937, but nevertheless
spectively) for the year. Although prices declined were about 70 percent larger than the value of this class
considerably during the last half of 1937, the unit of exports in 1936. Iron and steel scrap, plates and
value (price) of total exports continued above that in sheets of iron and steel, and petroleum products were
the corresponding month of the preceding year, except prominent among the semimanufactured articles which
in December; and that for imports remained higher, registered large gains in 1937.
even through the final month of 1937.
Exports of foodstuffs, which also increased in the last
Export trade increased about 28 percent in terms of half of 1937, were 8.5 percent of total exports for the
quantity during 1937, and the total for 1937 was year, as compared with 8.3 percent in 1936. Shipments
almost as large as that for 1930. Imports in 1937 were of wlieat to foreign countries in 1937 showed a sizable
11 percent above those in 1936 and were about as large increase from the extremely small exports of other recent
as the quantity in 1929.
years. The large domestic production of wheat, coupled
Further recovery in world trade and purchasing with crop shortages in two of the large exporting counpower was an outstanding factor in the expansion in tries (Canada and Argentina), resulted in exports of
the volume of our export trade. Business activity $36,041,000 (32,378,000 bushels) of wheat, the largest
160

140

f

^QUANTIT Y

s

\

UNIT VALu£>Nk

TOTAL V A L U E *




1

1

1

1

1

1

1

1 1

1

1 1

41

SURVEY OF CURRENT BUSINESS

March 1938

Table 15.—Exports, Imports, and Balance of Trade

1929

1932

Percent increase or
decrease ( - ) 1937
from—

1937

with the relatively small exports of these products in
1936. Exports of vegetables and fruits also increased
in value in 1937.

Item
1929

1932

INDEX NUMBERS

1936

(l 923~25 = IOo)

TOTAL

Millions of dollars

Exports, total
United States merchandise
Genera] imports of merchandise, total
Imports of merchandise for
consumption, total
Excess of exports (+) or imports (—):
Merchandise
Gold
Silver

CRUDE

MATERIALS

Percent

5,241

1,611

2,456

3, 345

108

36

5,157

1,576

2,419

3,295

109

36

4,399

1,323

2,423

3,084

133

4,339

1,325

2,424

3,012

127

+842
-175
+19

+33 +261
+288
+446 -1,117 -1,586
-180
-6
-87

150

24

Quan tity — ^ ^ ^
/

K

'/Unit

Quc
Value-*

y Unit Value—> %

Value S *
Value

CRUDE FOODSTUFFS

MANUFACTURED

FOODSTUFFS

Index numbers (1923-25 = 100)

Exports, United States merchandise:
Value
Quantity
Unit value (price)
Imports for consumption: l
Value
Quantity
Unit value (price)

115
132
87

35
69
51

54
82
66

74
105
70

-36
-21
-19

109
53
37

36
28
6

113
131
87

34
79
43

63
118
54

79
131
60

-31
-1
-30

130
66
39

11
12

1
Import index numbers are based on general imports in 1929 and 1932 and on imports for consumption in 1936 and 1937. The ratios of the index of value in 1937 to
the index of value in years prior to 1936 differ slightly, therefore, in some instances,
from the ratios which are based on absolute values.

FINISHED MANUFACTURES

SEMIMANUFACTURES

150

Quantity,ntHy
INDEX NUMBERS
TOTAL

( 1923 - 2 5 = IOo)

-

CRUDE MATERIALS

f

*

\

/

Unit Valt
50

1921*22'2} '24 '25 '26 '27 '26ty'JO )l "?Z')) )4 "??> V

a a 9491

Figure 27.—Changes in Quantity, Unit Value (Prices), and Total Value of
Imports, by Economic Classes, 1921-37 (U. S. Department of Commerce).
CRUDE FOODSTUFFS

MANUFACTURED FOODSTUFFS

Value

^-Quarit/ty

V

Va/ue-^*

SEMIMANUFACTURES

50

V

-——.^

FINISHED MANUFACTURES
Quar

uantity

*Un,t

Value —
A

y\/^~^P

V

^l\ 1
Value '

S^£,-rr^~"

Unit

i Z2'2?'Z4-'2?'2b 27'28'2?>0>l >Z>^ >4>^ > 6 >

D O 9+9 Z

Figure 26.—Changes in Quantity, Unit Value (Prices), and Total Value of
Exports of United States Merchandise, by Economic Classes, 1921-37
(U. S. Department of Commerce).

value since 1931. Exports of grain other than wheat
(notably barley and rice), and of flour, lard, dairy products, and oilcake and meal, were larger as compared

http://fraser.stlouisfed.org/
47869—38
Federal Reserve Bank of St. Louis

Cotton and tobacco continued to account for a considerable proportion of the total value of exports (15.3
percent) in 1937, and a larger quantity of these products
was exported in 1937 than in 1936. The value of exports
of raw cotton, however, was only slightly above the 1936
total, and that for leaf tobacco was slightly lower than
in 1936. Notwithstanding the larger quantity exported, the marked decline in prices of raw cotton in
the last quarter of 1937 resulted in a low^er value for
cotton exports in that quarter than in the corresponding
period of the preceding year. The quantity of raw cotton exported to Japan declined drastically in the last 5
months of 1937, with total shipments to that country
amounting to less than 64 million pounds as compared
with 407 million pounds in the August-December
period of 1936. Exports of raw cotton to Europe during this period, however, were 1,500 million pounds, as
compared with 822 million pounds in 1936, and were
the largest amount for any corresponding period since
August-December 1933.
Imports Slacken After Reaching High Levels.

Import trade expanded substantially during the latter
half of 1936 and reached extraordinarily high levels in
the first half of 1937. Total imports in the first half of

42

SURVEY OF CURRENT BUSINESS

1937 were nearly 25 percent larger in quantity than the
imports in the corresponding period of 1936 and 5 percent larger than the quantity of imports in the first half
of 1929. As a result of the recession in manufacturing
production in the United States and of the improvement
in the agricultural situation, imports in the second half
of the year were about 1 percent smaller than in the
corresponding period of 1936 and 5 percent below the
quantity in the second half of 1929.
Imports of many crude materials and farm products
registered marked declines during the last two quarters
of 1937; as a result, the volume of total imports in the
last quarter was about the same as that in the first
quarter of 1936. The changes in total imports by
quarters during the years 1929 to 1937, inclusive, are
shown in figure 25.
The leading import items that rose to unusually high
levels in the early part of 1937 but declined substantially
in quantity during the latter half of the year were
grains, feeds, meats, oilseeds, vegetable oils, raw wool,
raw cotton, hides and skins, undressed furs, and precious
stones. Raw silk imports fell off sharply in the final
month of the year. Imports of many other commodities, including burlaps and other manufactures of
textiles, declined in the last half of 1937, but in more
moderate proportions than the afore-mentioned imports.

March 1938

Imports of some commodities continued relatively
large in the second half of 1937. This was especially
true of imports of crude rubber, which in the second
half of 1937 exceeded in both quantity and value those
in the first half of the year. Paper and paper materials
and imports of copper and tin also continued to enter
our markets in relatively large volume in the second
half of 1937.
The United States in World Trade
The United States in 1937 retained its usual position
among the nations of the world as the leading exporter,
and for the year the margin was wider than in other
recent years. Exports from the United States increased
36 percent, while exports from the United Kingdom,
the second largest exporting nation, increased 18 percent in value. Total exports of all countries, estimated
at roughly $25,750,000,000 in 1937, were 25 percent
above the value in the preceding year. The increase
in the value of United States exports in 1937 was
greater than the increase in world trade; consequently
the United States share in world trade rose from 11.9
percent in 1936 to approximately 13 percent in 1937.
Foreign Trade and Domestic Industry
Foreign markets absorbed a somewhat larger proportion of the products of our domestic industry in
1937 than in 1936. For the past 4 or 5 years exports

Table 16.—Exports of United States Merchandise by Economic Classes and Principal Commodities
Percent increase or
decrease (-), 1937
from—

Percent of total

Millions of dollars

Class and commodity
1929

Total
Agricultural
Nonagricultural
_
Crude materials
Crude foodstuffs
Manufactured foodstuffs and beverages
Semimanufactures
Finished manufactures
Machinery, including office appliances and printing
machinery
Petroleum and products
Cotton, unmanufactured
_
Automobiles, parts and accessories
Iron and steel-mill products
Chemicals and related products...
Tobacco, unmanufactured
Copper, including ore and manufactures
Fruits and nuts
_
Coal and coke...
Wheat, including flour
Cotton manufactures, including yarns
Sawmill products
Iron and steel, advanced manufactures
Packing-house products..
Aircraft
Rubber and manufactures
Paper and manufactures
Paper base stock
Books and other printed matter
Photographic and projection goods
Naval stores, gums and resins
Wood manufactures, advanced
Furs and manufactures
Leather
Vegetables and preparations
Fish
Tobacco manufactures
All other commodities.




1932

1935

1936

1937

1929

1932

1935

1936

1937

1929

5,157.1

1,576.2

2, 243.1

2,418.9

3, 294.9

100.0

100.0

100.0

100.0

100.0

-36.1

36.2

1,692. 8
3,464. 3

662.3
913.9

747.0
1,496.1

709.5
1,709. 5

795.0
2,499.9

32.8
67.2

42.0
58.0

33.3
66.7

29.3
70.7

24.1
75.9

-53.0
-27.8

12.1
46.2

1,142. 4
269.6
484.3
729.0
2, 531.8

513.7
89.4
152.1
196.7
624.2

683.0
58.8
157.2
349.9
994.3

668.1
58.1
143.8
394.8
1,154.1

721.9
101.7
177.5
677.3
1, 616. 6

22.2
5.2
9.4
14.1
49.1

32.6
5.7
9.7
12.5
39.6

30.4
2.6
7.0
15.6
44.3

27.6
2.4
5.9
16.3
47.7

21.9
3.1
5.4
20.6
49.1

-36.8
-62.3
-63.3
—7.1
-36.1

8.1
75.0
23.4
71.6
40.1

604.4
561.2
770.8
541.5
200.1
154.6
146.1
183.4
137.5
106.2
192.3
135.1
110.6
89.6
202.4
9.1
77.0
37.1
5.1
27.1
31.6
31.2
40.9
35.7
42.9
25.3
23.5
19.5
615.4

131.3
208.4
345.2
76.3
28.9
73.1
65.9
21.2
77.3
44.5
51.1
45.5
26.3
19.8
56.8
7.9
16.4
15.3
2.7
12.4
13.5
11.8
9.8
13.5
13.2
7.6
7.7
6.9
165.9

264.9
250.3
390.9
227.3
88.4
107.1
134.0
48.9
93.5
52.0
15.1
38.7
41.1
31.2
43.4
14.3
22.1
20.5
9.9
15.9
17.3
17.1
14.2
16.8
17.3
10.9
12.9
9.0
218.1

334.9
263.1
361.0
240.3
111.9
116.9
137.3
50.5
80.6
56.6
19.3
43.7
43.3
37.9
41.7
23.1
23.4
22.5
12.0
19.9
20.9
18.9
15.4
19.1
16.4
12.2
12.3
10.6
253.3

479.1
376.3
368.7
346.8
299.9
139.4
134.5
93.5
82.2
67.4
61.2
59.7
53.7
52.1
42.6
39.4
32.1
31.1
23.0
22.8
22.5
22.1
20.2
17.9
17.3
14.0
13.7
13.3
348.4

11.7
10.9
14.9
10.5
3.9
3.0
2.8
3.6
2.7
2.1
3.7
2.6
2.1
1.7
3.9
.2
1.5
.7
.1
.5
.6
.6
.8
.7
.8
.5
.5
.4
11.9

8.3
13.2
21.9
4.8
1.8
4.6
4.2
1.3
4.9
2.8
3.2
2.9
1.7
1.3
3.6
.5
1.0
1.0
.2
.8
.9
.8
.6
.9
.8
.5
.5
.4
10.5

11.8
11.2
17.4
10.1
3.9
4.8
6.0
2.2
4.2
2.3
.7
1.7
1.8
1.4
1.9
.6
1.0
.9
.4
.7
.8
.8
.6
.7
.8
.5
.6
.4
9.7

13.8
10.9
14.9
9.9
4.6
4.8
5.7
2.1
3.3
2.3
.8
1.8
1.8
1.6
1.7
1.0
1.0
.9
.5
.8
.9
.8
.6
.8
.7
.5
.5
.4
10.5

14.5
11.4
11.2
10.5
9.1
4.2
4.1
2.8
2.5
2.0
1.9
1.8
1.6
1.6
1.3
1.2
1.0
.9
.7
.7
.7
.7
.6
.5
.5
.4
.4
.4
10.6

-20.7
-32.9
-52.2
-36.0
49.9
-9.8
-7.9
-49.0
-40.2
-36.5
-68.2
-55.8
-51.4
-41.9
-79.0
333.0
-58.3
-16.2
351.0
-15.9

43.1
43.0
2.1
44.3
168.0
19.2
-2.0
85.1
2.0
19.1
217.1
36.6
24.0
37.5
2.2
70.6
37.2
38.2
91.7
14.6
7.7
16.9
31.2
-6.3
5.5
14.8
11.4
25.5
37.5

OQ

1936

8

-29! 2
-50.6
-49.9
-59.7
-44.7
-41.7
-31.8
-43.4

43

SURVEY OF CURRENT BUSINESS

March 1938

amounted to approximately Q% percent of the total output of movable goods. In contrast with the 36-percent increase registered by export trade in 1937, an
increase of roughly 10 percent was shown in the combined value of industrial and agricultural production in
1937.
Balance of Trade

$1,740,979,000 in 1935. Exports of gold were relatively
small, amounting to only $46,020,000.
Imports of silver declined from $354,531,000 in 1935
and $182,816,000 in 1936 to $91,877,000 in 1937.
Exports of silver amounted to $4,542,000.
Geographic Distribution of Foreign Trade

United States exports to all trade regions increased
The marked decrease in the value of imports after the substantially in value in 1937. Purchases by Asia and
second quarter and the continued rise in exports during Latin America registered gains in 1937 over 1936 of 45
1937 resulted in a shift in the balance of merchandise and 49 percent, respectively, as contrasted with the
trade in the latter half of the year. In the first quarter increase of 36 percent in our total exports. The trade
of 1937, imports of merchandise were $113,000,000 larger with these two areas was, therefore, a considerably
than merchandise exports in that quarter, and in the larger proportion of the total export trade in 1937 than
second quarter the balance in favor of imports amounted in the preceding year. These regions received 17.3 and
to $33,000,000. In the third quarter, however, there 19.1 percent of the total exports in 1937, as compared
was a shift to an export balance of $97,000,000; and in with 16.2 and 17.5 percent, respectively, in 1936.
the fourth quarter, merchandise exports were $311,000,In 1937, Europe—our leading export market as
000 larger than merchandise imports. For the entire usual—received 40.5 percent of the total exports from
year 1937, merchandise exports were $261,000,000 the United States, a smaller proportion than in any
larger than merchandise imports. In the preceding previous year. While the actual increase of $313,000,year, when imports rose to a greater extent than ex- 000 in exports to Europe was larger than that shown for
ports, the export balance was $33,000,000.
any other trade region in 1937, the relative gain of 30
percent was less than that shown for every other region
Gold and Silver
except Oceania.
Gold continued to flow into the United States in large
Exports to Canada, representing 15.2 percent of the
amounts in 1937. Imports of gold were $1,631,523,000 total exports of the United States in 1937, were 33
in 1937, as compared with $1,144,117,000 in 1936 and percent larger in value than those in 1936. Exports
Table 17.—Imports * by Economic Classes and Principal Commodities
Millions of dollars

Percent increase or
decrease (—) 1937
from—

Percent of total

Class and commodity
1929

1932

1935

1936

1937

1929

1932

1935

1936

1937

1929

Total

4,399.4

1,322. 8

2,038. 9

2, 424.0

3, 012. 5

100.0

100.0

100.0

100.0

100.0

-31.5

24.3

Agricultural
._
Nonagricultural

2 2,138. 4
2, 261. 0

2 642. 5
680.3

1,073. 3
965.6

1, 243. 6
1,180. 4

1, 581. 8
1,430. 7

48.6
51.4

48.6
51.4

52.6
47.4

51.3
48.7

52.5
47.5

-26.0
-36.7

27.2
21.2

Crude materials
Crude foodstuffs
_
Manufactured foodstuffs and beverages _.
Semimanufactures
Finished manufactures

1,558. 6
538 6
423. 6
885.1
993.5

358.3
233 0
173.9
217.0
340.6

582.4
322 3
318.8
409.7
405.6

733.0
348 7
386.2
490.2
465.9

973.5
413 3
440.1
634.2
551.3

35.4
12 2
9.6
20.1
22.6

27.1
17 6
13.1
16.4
25.7

28.6
15 8
15.6
20.1
19.9

30.2
14 4
15.9
20.2
19.2

32.3
13 7
14.6
21.1
18.3

-37.5
—23 3
3.9
-28.3
-44.5

32.8
18 5
14.0
29.4
18.3

Rubber, crude
Cane sugar
Coffee
Paper and manufactures
. .
Paper base stocks
Vegetable oils, expressed
Silk, raw
Tin (bars, blocks, pigs)
Chemicals and related products ._
Wool and mohair
Furs and manufactures
Wine and spirits
Hides and skins
Fruits and nuts
Grain (corn, oats, rye, barley).
Oilseeds
Cotton manufactures, including yarn
Copper, including ore and manufactures _
Cocoa or cacao beans
Petroleum and products
Diamonds
Packing-house products
_ _
Burlap
Tobacco, unmanufactured
Fish, including shellfish
Flax, hemp, and ramie manufactures
Wool manufactures, including yarn
Unmanufactured vegetable fibers
Sawmill products
Wheat, including that for milling and export
All other

241.0
209.3
302.4
163.4
118.1
100.7
427 1
91.8
147.8
87.3
125 9
.5
137 3
86.9
.5
79.3
69.3
153.7
49 5
143.6
56 0
44.1
77.4
53 8
39 8
45 2
78.5
40.2
54 2
16 2
1,158. 6

32.5
96.7
136.8
94.1
54.4
29.2
113 9
16.5
49.1
6.0
28 5
.3
22 5
44.3
.2
16.5
27.9
23.7
19 7
60.6
10 4
8.2
16.9
23 0
21 4
19 9
12 7
12.2
10 9
54
308.4

119.1
133.5
136.9
93.4
82.0
78.8
95 8
69.8
70.0
29.9
53 2
41.2
45 6
54.6
31.7
34.2
41.0
33.2
26 6
37.3
24 1
34.4
33.0
25 8
27 5
25 3
19.7
16.3
19 6
30 4
475.0

158.7
157.9
134.0
110.1
98.9
85.3
102 4
75.5
80.0
53.3
81 6
75.3
54 8
58.0
25.5
37.0
48.7
29.9
33 0
40.2
33 3
31.0
35.4
29 9
30 4
30 3
29.6
24.1
23 5
48 1
568. 3

247.5
166.2
150.6
137.1
117.9
112.0
106 6
104.3
102.6
96.4
86 2
72.7
71 1
67.3
66.0
63.5
56.9
52.6
52 3
44.6
44 1
41.7
41.1

5.5
4.8
6.9
3.7
2.7
2.3
97
2.1
3.4
2.0
29

2.5
7.3
10.3
7.1
4.1
2.2
86
1.2
3.7
.5
22
3.3

1.8
1.6
3.5
1.1
3.3
1 3
1.0
1.8
1 2

1.2
2.1
1.8
1.5
4.6
.8
.6
1.3
1.7

6.5
6.5
5.5
4.5
4.1
3.5
42
3.1
3.3
2.2
3.4
3.1
2.3
2.4
1.1
1.5
2.0
1.2
1.4
1.7
1.4
1.3
1.5
1.2

.9
1.0
1.8

1.6
1.5
1.0

1.4
1.2
1.0

1.3
1.2
1.2

8.2
5.5
5.0
4.5
3.9
3.7
35
3.5
3.4
3.2
2.9
2.4
2.4
2.2
2.2
2.1
1.9
1.7
1.7
1.5
1.5
1.4
1.4
1.1
1.1

+2.7

31
2.0

5.8
6.5
6.7
4.6
4.0
3.9
47
3.4
3.4
1.5
26
2.0
2.2
2.7
1.6
1.7
2.0
1.6
1.3
1.8
1.2
1.7
1.6
1 3

56.0
5.3
12.4
24.5
19.2
31.3
4.1
38.1
28.3
80.9
5.6
-3.5
29.7
16.0
158.9
71.6
16.8
75.9
58.5
10.9
32.4
34.5
16.1
14.4
11.5

.8
1.0

1.0
1.0

34 *
>
33 9
32 5
31.9
28.3
26 2
19.8
704.4

.9
1.2
.4

26.3

1 General imports through 1932; imports for consumption 1935-37.
2 Minor items representing about 4 percent of the agricultural imports in 1935 are omitted from this figure.
4 Greater than 1,000 percent.

 Mo of 1 percent.
3 Less than


1.7

.9
.8
.4
23.3

1.5

23.3

2.0

23.4

1.1
1.1

.9
.9
.7

23.4

-20.6
-50.2
16.1
-.2
11.2
75 0
13.6
-30.6
10.4
—31 5
—48.2
-22.6
-19.9
-17.9
-65.8
5.7
-68.9
—21.2
-5.4
-46.9
-36. 4
-14.8
-28.1
-59.4
-29.6
51.7
22.2
-39.2

1936

7.3
7.8

17.4
11.5
-58.8
23.9

44

SURVEY OF CURRENT BUSINESS

March 1938

to Oceania and Africa, representing 3.0 and 4.5 percent imports of cocoa from West Africa were mainly responof total exports, increased 25 and 33 percent respec- sible for the increase of 79 percent in the value of imports
tively.
from the continent of Africa. These two continents,
The relative increases in imports from the several while showing large percentage increases in 1937 over
trade regions in 1937 varied from 7 percent for mer- 1936, accounted for only 5 percent of our total imports.
chandise received from Northern North America
(Canada and Newfoundland) to 91 percent for that Results of Reciprocal Trade Agreements Program
received from Oceania. Goods from Asia, the principal
The value of United States exports during 1937 to the
source of United States imports in 1937, increased 37
percent in value as compared with those for 1936; 16 countries with which reciprocal trade agreements
imports from Europe, the second most important have been concluded showed, for the second successive
supplier, increased 18 percent; and those from Latin year, a greater rate of increase than that shown by exAmerica, the source ranking third, increased 33 percent ports to the nonagreement countries.
in value. The proportions of total imports supplied by
In 1936, the first year in which any large number of
these three regions were 31, 27, and 23 percent, respec- reciprocal agreements were in operation, there was a
tively, while Northern North America supplied 13 gain of 14 percent over 1935 in the value of American
percent of our total imports in 1937.
exports to the group of agreement countries, while the
Imports from Northern North America during the increase during the same period to all other countries
past 2 years were greatly influenced by the agricultural averaged 4 percent. During 1937, when (for various
situation in the United States. Imports from Canada reasons mentioned above) foreign trade generally ran
of hard wheat for milling and wheat for feeding were higher both in volume and in value, American exports
unusually large in 1936, but these declined with the to the group of agreement countries showed a further
improvement in United States crops in 1937. Whisky, increase in value of 41 percent over the 1936 total, while
which was imported from Canada in large amounts in the increase to the nonagreement countries averaged
1936, also came to this country in considerably smaller 34 percent.
quantity in 1937.
The experience of the past year with regard to imImports of raw wool from Australia and New Zealand ports from the countries with which agreements have
were unusually large in 1937, and the expansion in this been concluded appears to have been somewhat different
trade accounted for much of the gain of 91 percent in from the experience concerning exports. During 1936,
the value of total imports from Oceania. Exceptionally imports from the group of agreement countries showed
large imports of corn, hides and skins, raw wool, and an increase in value of 22 percent over the 1935 total;
diamonds, from the Union of South Africa, and large while the increase during the same period from the
Table 18.—Foreign Trade in Merchandise by Trade Regions and Principal Countries
Exports, including reexports
Trade region and country

Total
_
Europe, total
Belgium
_
_
France
Germany
Netherlands
United Kingdom
Northern North America, total
Canada
Latin America, total
Mexico
Cuba.
Argentina
Brazil
Chile. Colombia
Asia, total
British India . .
British Malaya _
China
Japan. _
_
Oceania, total
Africa, total
British South Africa




Percent increase
or decrease (—)
1937 from—

Millions of dollars
1929

1932

1935

1936

General imports

1937

1929

1936

Percent increase
or decrease (—)
1937 from—

Millions of dollars

1929

1932

1935

1936

1937

5,241.0 1,611.0 2,822. 9 2, 456. 0 3, 345. 2

-36.2

36.2 4,399. 4 1, 322.8 2, 047. 5 2, 422. 6 3,084.1

2, 344. 3
114.9
265.6
410.4
128 3
848.0
961.5
948 4
972.9
133.9
128 9
210.3
108.8
55.8
49.0
639.8
55.4
14.6
124 2
259.1
192.0
130.5
63.8

-42.2
-17.2
—38 1
-69. 7
26 7
-37.0
-46.0
—46 3
-34.2
-18.2
—28 4
-55.2
-36.9
-57. 0
-20.0
-9.4
-21.1
-39.7
-60.0
11.3
-48.5
16.5
41.2

30.0 1, 333. 7
74.0
61.7
171 5
26 9
254. 7
21.8
83 9
76 5
21.5
329.8
32.6
514.4
32 6
503 5
49.0 1,106. 9
44.1
117.7
36 9
207 4
65.6
117.6
40.0
207.7
52.9
102.0
41.5
103.5
45.3 1, 279. 2
63.1
149.3
76.0
239.2
6.2
166.2
41.2
431.9
24.7
56.6
33. 1
108.6
26.5
9.7

784.5 1,029. 2 1, 042. 8 1, 355. 7
40.3
58.3
58.8
95.1
111 6
117 0
129 5
164 3
124.2
133.7
92.0
102.0
45 3
49 1
53 3
94 1
288.3
433.4
534.6
440.1
245.7
329.5
519.2
391.6
241 4
323 2
509 5
384 2
215.8
429.4
639.7
376.1
31.9
109.5
65.6
76.0
92 3
28 8
60 1
67 4
31.1
94.2
49.4
56.9
28.6
43.6
49.0
68.6
3.6
14.9
15.7
24.0
10.7
21.6
27.7
39.2
292.3
377.9
398.9
579.7
24.9
31.4
26.8
43.7
2.5
4.5
5.0
8.8
56.2
38.2
46.8
49.7
134.9
203.3
204.3
288.4
36.8
73.8
79.2
98.8
36.0
96.2
114. 2
152. 0
16.0
53.6
71.2
90. 1

389.6
21.9
44 7
73.6
22 4
74.6
181.4
174 1
358.0
37.4
58 3
15.8
82.1
12.3
60.8
361.8
33.2
34.8
26.2
134.0
7.7
24.2
2.4

598.7
39.8
58.1
77.8
40 6
155.3
293.1
286 4
482.9
42.5
104 3
65.4
99.7
24.1
50.4
604.5
62.0
131.6
64.2
152.9
26.5
41.7
4.3

717.5
58.9
65.3
79.7
50.0
200.4
381.3
375.8
528.8
48.9
127.5
65.9
102.0
25.8
43.1
707.7
70.3
168.0
74.2
171.7
35.9
51.4
7.7

843.6
75.1
75 7
92.6
53 3
202.8
407.7
398.5
704.8
60.1
148 0
139.1
120.6
46.3
52.3
967.4
103. 6
235.2
103.6
204.2
68.4
92.1
19.0

1929

1936

-29.9

27.3

-36.7
1.5
—55.9
-63.6
-36.5
-38.5
-20.7
-20.9
-36.3
-48.9
—28.6
18.3
-41.9
-54.6
-49.5
-24.4
-30.6
-1.7
-37.7
-52.7
20.8
-15.2
95.9

17.6
27.5
15.9
16.2
6.6
1.2
6.9
6.0
33.3
22.9
16.1
111.1
18.2
79.5
21.3
36.7
47.4
40.0
39.6
18.9
90.5
79.2
146.8

March 1938

SURVEY OF CURRENT BUSINESS

nonagreement countries as a whole was 16 percent.
This trend did not continue with regard to imports
during 1937 on account of several special situations,
partly of a temporary character. Importations into the
United States up to the latter months of 1937 had been
running unusually heavy for over a year, largely because of exceptional demands for certain industrial
materials and deficit farm products. The influence of
the trade agreements in stimulating larger imports from
foreign countries has, therefore, been overshadowed
during this period by several other factors. The raw
commodities used in industry, for which our import
demand during 1937 was exceptionally large, are obtainable mainly from countries with which no trade
agreements have as yet been negotiated. This com-




45

bination of forces has resulted in an increase of 18 percent in imports into the United States from the trade
agreement countries as a whole during 1937 as compared with 1936, and an increase of 34 percent in
imports from all other countries taken together.
The countries with which the 16 reciprocal trade
agreements are in operation, together with their colonies, account for well over one-third of the total foreign
trade of the United States. Prospective negotiations for
5 additional agreements and for the revision of one of
those now in force have been announced. When these
new negotiations are concluded, trade agreements will
have been made with the countries normally representing well over half of the total foreign trade of the
United States.

46

SUEVEY OF CUKRENT BUSINESS

March 1938

Finance
continued flow into the United States durGOLD1937, but intocontrast with other recent years,
ing
the large additions to gold stock were prevented from
expanding the volume of member-bank reserves,
through actions of the Board of Governors of the Federal Keserve System and the Treasury Department.
Effective August 16, 1936, the Board had increased
member-bank reserve requirements by 50 percent.
Largely as a result of subsequent gold imports in substantial volume, the Treasury Department, on December 21, 1936, announced its gold sterilization program
which prevented further gold acquisitions from increasing the excess reserves of member banks.1
With a view to "keeping the reserve position of the
member banks currently in close adjustment to credit
needs" the Board of Governors of the Federal Reserve
System announced on January 30, 1937, an increase of
33% percent in member-bank reserve requirements,
effective in two equal amounts on March 1 and May 1.
Based on the reserve requirements in effect at the
time of the passage of the Banking Act of 1935, the
increase put into effect during 1937 was equal to the
50-percent increase of 1936 and thus completed the
100-percent increase permitted under the Act of 1935.
With this final step in the elimination of a substantial
volume of excess reserves, the Federal Reserve System
was brought into closer contact with the money market
and was placed in a position where its open market
operations tended to influence credit conditions more
strictly in accordance with the needs of commerce,
industry, and agriculture.
Reflecting the increase in reserve requirements,
short-term money rates rose slightly in the spring of
1937. High-grade bond yields also rose, partly as a
result of the adjustment of reserve positions of a few
banks and partly as a result of widespread selling by
city banks to take profits on their bond holdings.
Stocks and second-grade security prices dropped sharply
during the second half of the year. Weakness in the
security markets and growing uncertainty about business prospects resulted in a substantial curtailment of
capital flotations, although the volume of new issues
during the first half of the year exceeded that of other
recent years. The fiscal position of the Government in
1937 improved materially over that of the preceding
year, but receipts continued to run below expenditures.
1 On January 23,1937, a bill was approved extending until June 30,1939, the powers
conferred upon the President by the Gold Reserve Act of 1934, which had granted
him authority to reduce the gold content of the dollar by not more than 50 percent
as originally provided for by an amendment to the Emergency Farm Relief Act of
1933. The bill also provided for a similar extension of section 10 of the Gold Reserve
Act of 1934, which had provided for the establishment of a stabilization fund of
$2,000,000,000 by the Secretary of the Treasury.




Monetary Developments and Gold Movements
The net inflow of gold (including earmarking operations) into the United States in 1937 amounted to
$1,386,000,000, as compared with net inward movements of $1,739,000,000 and $1,030,000,000 in 1935
and 1936, respectively. Fully one-half of the year's
gold imports occurred during the period from the end
of March to the early part of July, as the result of a
dehoarding movement in Europe arising from the
European "gold scare/' a recurrence of political and
monetary difficulties in France, and rumors of a possible cut in the United States gold price. Receipts from
Japan assumed relatively large proportions and for
the year as a whole represented a substantial part of
total imports. After the year's movement had reached
its peak late in June, the rate of inflow gradually subsided to a negligible amount in the final quarter of the
year. As a result of its sterilization program, the
Treasury held $1,243,000,000 in its inactive gold account
on December 31, 1937, after releasing $300,000,000
from this account in September. Gold movements
toward the end of the year were featured by occasional
exports, the first of any consequence since February
1936.
The heavy net gold inflow was directly related during the first three quarters of the year to such transactions as investment in American corporate securities;
the foreign accumulation of dollar balances; and repurchases of American-held foreign securities for sinkingfund, redemption, and investment purposes. The
reported net inward capital movement during the first
9 months of 1937 was $1,303,535,000, an increase of
approximately 50 percent over that of the corresponding period in 1936. This net inflow resulted from the
net inward movement during the 9 months of $899,737,000 in short-term banking funds, a net inflow of
$19,009,000 in brokerage balances, and net foreign purchases of $384,789,000 in securities from American
holders. The net inflow of short-term banking funds
was the result of an increase during the JanuarySeptember period of $813,138,000 in foreign-owned
dollar balances and a net liquidation of $86,599,000 in
the foreign short-term assets of American banks. The
net inward movement of funds in connection with
security transactions was the combined result of net
foreign purchases of American securities valued at
$207,771,000 and of American-held foreign securities
(for sinking-fund, redemption, and investment purposes) to the amount of $177,018,000.

SUKVEY OF CURRENT BUSINESS

March 1938

BILLIONS OF DOLLARS
I 3

WEDNESDAY FIGURES

I2
I I
IO

Monetary Gold Stock

9
8

7

"IT
II

6

Money in

Circulation

-4-\•>•
*>«,^'

7

-Treasury Cash Holdings
,..*••...

-Reserve 3ank Credit Outeiandlng
Treasury Deposits
with f\R Banks

8

Member Bank
' Reser\/o Ba/ances

. Excess Reserves .•:•:•:•:•

Figure 28.—Member Bank Reserves and Related Items, 1932-37 (Board of Governors of the Federal Reserve System).



47

48

SURVEY OF CURRENT BUSINESS

Bank Reserves.

Excess reserves showed a net decline during 1937 of
approximately 50 percent, while member-bank reserves expanded somewhat. The increases in reserve
requirements, effective March 1 and May 1, reduced
excess reserves from $2,010,000,000 at the beginning of
the year to $890,000,000 immediately after the final
increase went into effect. In order to make adjustments to the new requirements and at the same time to
increase their loans and investments, many banks located outside the leading cities withdrew balances in
substantial volume from the larger city institutions,
especially those in New York City and Chicago.
These withdrawals were one of the factors causing city
banks to sell some of their United States Government
security holdings. To facilitate the adjustment of
member banks to the final increase in reserve requirements on May 1 and to promote more orderly conditions in the security markets, the Federal Reserve banks
purchased $96,000,000 of Government obligations during April, which, together with subsequent purchases
in November, added approximately $134,000,000 to the
holdings of the Federal Reserve banks. These were
the first important Federal Reserve open-market purchases since the latter half of 1933.
At the middle of September the Treasury released
$300,000,000 from its inactive gold account. This
action was taken, upon the recommendation of the
Board of Governors of the Federal Reserve System, for
the purpose of suppling member banks with additional
reserve funds to enable them to meet the increased
demand for currency and other seasonal requirements
which normally absorb reserve funds during the
autumn. At the same time, the Federal Open-Market
Committee announced that the Federal Reserve banks
would purchase Government securities in the open
market to counteract seasonal losses of reserves that
might occur in subsequent months. In accordance
with this policy, $38,000,000 of short-term Government
securities were purchased in November. As a result of
these actions, excess reserves of member banks were
increased to about $1,000,000,000 toward the end of
September and remained close to this level during the
rest of the year.
The Federal Reserve banks also reduced their rediscount rates late in August, and in September the regulations of the Board of Governors covering discounts and
advances by the Reserve banks were broadened to include installment-buying paper.
Bank Loans and Investments.

The decline in member-bank holdings of Government
securities, totaling $1,174,000,000, during 1937 was reflected in a decline of $1,248,000,000 in the loans and investments of all member banks, as compared with an
increase of $3,015,000,000 during the preceding year.
Member-bank holdings of Government obligations



March 1938

tended downward during the first 9 months of the year,
except for a small increase in the holdings of direct obligations during the second quarter, while the volume
of commercial, industrial, and agricultural loans was
expanding. The decline in the former was greater,
however, than the increase in the latter. Total loans
and investments declined except for an increase between
the March and June call dates. The ratio of direct and
fully guaranteed United States Government obligations
held by the member banks to their total loans and investments remained at about 40 percent during 1937.
The increase of $599,000,000 in total loans during the
year was accompanied by a decrease of $1,260,000,000
in adjusted demand deposits. This unusual trend resulted largely from the fact that depositors, in purchasing Government bonds sold by the banks, drew down
their balances, while certain other demand deposits were
shifted to time deposits, which showed an increase of
$554,000,000 during the year.
Money Rates.

Short-term money rates at the close of 1937 showed
little net change from the extremely low levels of the
past few years. The upward adjustment of yields on
both long- and short-term Government securities during
the first 4 months of 1937 was accompanied by slight
increases in the open-market rates on bankers7 acceptances and commercial paper. Some of these shortterm notes later declined, especially after the increase
in excess reserves, which resulted from the release of
$300,000,000 of inactive gold in September. The yields
on Treasury bonds showed little change after May, and
at the end of December the average yield on the longer
bonds was about 2% percent, the lowest rate since the
drop in Government security prices in the early months
of the year. Despite the elimination of a large part of
member-bank excess reserves, the subsequent readjustment in interest rates, and the expansion in commercial
loans during most of the year, the weighted-average
interest rates charged to customers on loans during the
year (as reported by the Board of Governors of the
Federal Reserve System) continued the steady decline
of the previous 7 years.
Security Markets
Stock prices tended upward during the first 2 months
of the year, as is indicated in figure 29. After reaching
what proved to be the year's high in March, prices
receded gradually until June. After rising sharply during the succeeding weeks, share prices began in August
a long decline, which was featured during September
and October by several severe breaks. At the end of
1937, the average price of the 420 stocks included in the
stock-price index of the Standard Statistics Co., was 32
percent below the level of December 1936. Each of the
three component classifications in the composite index
participated in the decline. Rail prices fell 40 percent,

while industrial and public utility stock prices fell 32
and 29 percent, respectively, and thus wiped out a large
proportion of the advances made since 1932. Loans to
brokers and dealers by the reporting member banks declined $395,000,000 during the year. After the severe
INDEX NUMBERS f l 9 2 6 = I O O )
?5O
?2 5
?00
275
250

I

__,\

40 Public L tiesfill

Capital Issues
The flotation of capital issues during 1937 was adversely influenced by the decline in prices of stocks and
lower-grade bonds and by the slump in business activity
in the latter part of the year. Total capital flotations,
excluding Federal Government issues, as reported by
the Commercial and Financial Chronicle, amounted to
$3,905,000,000, or 38 percent less than in 1936. The
volume of issues for new capital increased, however,
during the first half of the year to a total of $2,050,000,000, which was 4 percent greater than in the pre-

I

225

•

DOMESTIC NEW CAPITAL ISSUES

200
175

49

SURVEY OF CURRENT BUSINESS

March 1938

JONS OF DOLLARS

J48/n dusfnal

150

A \

}

125

/

100

\

I

/

Railroads —'

75

f

V

f
*

50

•

/

25
0
1926 1 1927 1928

1929

1930

1952

I95i

1935

1934

1935 1 1936 1937

Figure 29.—Movement of Stock Prices by Major Groups, 1926-37 (Standard
Statistics Co., Inc.).

drop in stock prices, the Board of Governors of the
Federal Reserve System announced a reduction from 55
to 40 percent in the margin requirements for carrying
registered stocks and placed margin requirements on
short sales at 50 percent of current market values.

DOMESTIC REFUNDING ISSUES
BILLIONS OF DOLLARS

PERCENT YIELD

1927

1928

1929

1930

1931 1952

P33 Corpora/e Issues
^ — 4

\ —

-Aao
^_—.

K

5
—N.._..

-0
*-A—I—
\'
\ i

I
I

-A

6

r\

-

8
9

1 r£

]+ H
»/

10

\

A

f V
/

_

if—

12

: . 1 , 1 !

1926

1929

1 1930

1931

1932

!933

1934

1935

1936

1937

Figure 30.—Yield of 120 Corporate Bonds by Ratings, 1928-37 (Moody's
Investors Service).
NOTE.—In the rating classification followed by Moody's Investors Service, Aaa
indicates bonds which are and may be expected to remain the most conservative type
oi investment. Such bonds will tend to fluctuate in price with fluctuations of the
prevailing long-term interest rates. Bonds rated A have distinct investment qualities, but do not have the elements of strength which would necessarily prevent their
intrinsic worth from being affected by some special development; while those rated
Baa have definitely less of an investment and more of a speculative character.

Bond prices experienced a period of market weakness
during the first quarter of 1937. United States Government bonds showed a net decline of 2.3 percent for the
year, while long-term corporate issues dropped even
more sharply, as may be seen in figure 30.



193)

>9>4

1935

I9}6

19^7

\/^//\ Noncorporate Issues

Figure 31.—Domestic Capital Issues, New and Refunding, 1927-37
(Commercial and Financial Chronicle.
NOTE.—Classifications do not include United States Government issues.

ceding year. The total dollar volume of corporate
issues (see table 19) was approximately 50 percent less
than in 1936. This resulted from a decline in issues for
refunding purposes; the amount of corporate issues for
new capital raised was only 5 percent below that in the
preceding year. The security issues of municipalities,
States, and cities amounted to $902,405,000, which was
19 percent below the total of such issues in 1936.
New capital issues of this group declined by only 1
percent to $727,232,000.
Table 19.—Domestic Corporate Issues, New and Refunding, Classified by
Types and by Industrial Groups, 1936 and 1937
[Thousands of dollars]
All issues

Refunding

New

Item
1936
Total

1937

1936

1937

1936

4, 578, 946 2, 336, 975 1,191,950 1,158, 527 3, 386,995

4, 026, 042 1, 583, 557
Bonds and notes
Railway _ _ ___ 792, 231 325,146
2, 047, 456 711,153
Public-utility
1,186,355
Other
547, 258
552, 904 753, 418
Stocks

839, 489
267, 413
119, 105
452, 971
352, 461

Source: Commercial and Financial Chronicle.

755, 604 3,186, 552
200, 047 524,817
143, 595 1, 928, 351
411,962
733,384
402, 923 200, 443

1937
1,178, 448
827, 953
125, 099
567, 558
135, 296
350, 495

50

SURVEY OF CURRENT BUSINESS

Of the total corporate financing during 1937, public
utilities accounted for 34 percent and railroads for 14
percent, compared with 46 percent and 17 percent,
respectively, in 1936. As table 19 indicates, the
decrease in security financing was limited to the curtailed use of long-term bonds and notes as mediums of
financing, while the use of short-term bonds and notes
and stocks exceeded the totals for 1936.

March 1938

computed interest charge on the interest-bearing
Federal debt outstanding at the beginning of the year
increased from $865,899,000 to $942,438,000 at the end
of the year, while the computed average rate of interest
remained practically unchanged at 2.568.
Government Corporations and Credit Agencies

The volume of loans and preferred stock held by
governmental corporations and credit agencies decreased
Public Finance
in 1937, extending the decline of the preceding year.
The total volume declined $358,000,000 in 1937, as
Although the fiscal position of the Government during
compared with a drop oj $377,000,000 during 1936. At
the calendar year 1937 showed material improvement
the close of the year total holdings amounted to
over that of the preceding year, receipts continued to
$8,440,000,000. This decrease in Government-owned
lag behind expenditures. Receipts were $6,312,000,000,
assets resulted largely from a decline in outstanding
as compared with $4,372,000,000 in 1936; while exhome-mortgage loans of the Home Owners' Loan
penditures were $8,374,000,000, as compared with
Corporation. Obligations of these agencies fully guar$8,651,000,000 in the preceding year. The resultant
anteed as to principal and interest by the United States
deficit in 1937, including public-debt retirement, was
decreased from $4,722,000,000 on December 31, 1936, to
$2,062,000,000, as compared with $4,279,000,000 in the
$4,699,000,000 on December 31, 1937.
preceding year.
Although loans to railroads and "other loans'7 inIncome-tax receipts increased $1,032,000,000 during
creased somewhat, total loans and investments of the
1937 to an aggregate of $2,609,000,000, while customs
Reconstruction Finance Corporation,2 other than interreceipts rose $69,000,000 to a total of $483,000,000.
agency, declined from $1,826,000,000 at the end of 1936
Expenditures on recovery and relief, although showing
to $1,730,000,000 at the end of 1937. Loans to banks
increases in some items, aggregated $466,000,000 less
and mortgage companies decreased by $48,000,000 and
than in the preceding year.
$27,000,000, respectively, and were partially offset by
At the close of the calendar year 1937 the gross increases in loans to railroads and "other loans," while
Federal Government debt outstanding amounted to holdings of the preferred capital stock, capital notes, and
$37,279,000,000, an increase of $2,872,000,000 for the debentures of banks and trust companies declined by
year, as compared with an increase of $3,850,000,000 in $95,000,000. Outstanding loans of the Federal Land
the preceding year. In 1937, however, the net balance Banks declined $39,000,000 to $2,061,000,000, and the
in the Treasury's general fund increased $1,067,000,000, total loans of the Home Owners' Loan Corporation fell
while it declined $303,000,000 during 1936. The pro- $367,000,000 to $2,398,000,000.
portion of the Federal debt in the form of Treasury
2 On January 26,1937, a bill was approved extending Ui-til June 30, 1939, the period
notes, certificates of indebtedness, and bills stood at 38
during which the Reconstruction Finance Corporation may perform its functions as
percent on each of the respective year-end dates. The authorized by previous legislation.




March 1938

SURVEY OF CURRENT BUSINESS

51

APPENDIX
A. Chronology of Important Events in 1937
January 21.—Secretary of Labor Perkins' attempt to settle the
automobile strike, affecting approximately 135,000 employees,
collapsed. Miss Perkins stated that the principal barrier to a
resumption of direct peace negotiations was the continued occuJANUARY
January 5.—The first session of the Seventy-fifth Congress pation of General Motors plants by strikers. Her conferences
convened. The new House immediately began the work of with John L. Lewis, Chairman of the Committee for Industrial
organizing with the election of Representative Bankhead of Organization, were resumed, however, in an effort to reopen
negotiations.
Alabama as Speaker.
January 24.—The maritime strike along the Atlantic and Gulf
January 6.—President Roosevelt delivered his Annual Message
Coasts, called October 31 in sympathy with the walkout of seato Congress at a joint session of the Senate and House. It was
the first time in our national history that a President delivered men on the Pacific Coast, was terminated. Joseph Curran,
his Annual Message to a new Congress within a fortnight of the Chairman of the "Strike Strategy Committee" of the Internaexpiration of his term of office. No change, however, occurred tional Seamen's Union, led the strike, which was not sanctioned
by the union.
in the Presidency this year.
January 25.—President Roosevelt signed the bill extending
January 6.—The Committee for Industrial Organization,
until June 30, 1939, the $2,000,000,000 "Stabilization Fund",
headed by John L. Lewis, sponsored a strike which spread during
the week and threatened to halt the entire automotive industry. and the President's powers to devalue the dollar.
January 27.—The 6-week strike, affecting 7,100 employees of
Approximately 50,000 men were affected by the closing of 21
plants of the General Motors Corporation. The principal the Libby-Owen-Ford Glass Co., was settled with the approval
point of controversy was the open shop and the agency for col- (by a committee of the Federation of Flat Glass Workers and
company officials) of a wage agreement giving a flat increase of
lective bargaining.
January 8.—President Roosevelt signed the neutrality resolu- 8 cents an hour in all plants of the company.
January 27.—President Roosevelt took steps this week to
tion prohibiting trade in arms and munitions with either of the
contending factions in the Spanish civil war. The bill, passed initiate further conferences that would end the "sit down" strike
by Congress on January 6, was too late to stop the first licensed of employees of the General Motors Corporation, after officials
shipment of munitions destined for the Madrid government, of the company had refused Secretary of Labor Perkins' request
to attend a meeting with union leaders in Washington.
which left New York on that day.
January 28.—Officials of the B. F. Goodrich Co., in Akron,
January 8.—The annual budget message of President Roosevelt
Ohio, ordered all plant operations suspended following a "sit
was sent to Congress. He estimated the expenditures for the
fiscal year 1937 at $8,480,804,000, with a deficit for the year down" strike of 31 employees in the compounding department
of $2,652,655,000, and estimated receipts for the fiscal year who had demanded wage increases. Approximately 10,000
1938 at $7,293,607,000, with expenditures at $6,157,999,000. workers were employed in the entire plant, and stoppage of the
January 11.—President Roosevelt asked Congress to appro- work in this department, which processes crude rubber for use in
priate immediately $790,000,000 to continue relief and work the other departments, halted all manufacturing operations.
January 29.—Floods from the Ohio River inundated cities and
relief for the next 5 months. With this additional amount the
relief program would continue until June 30; but without the new towns in 11 mid-Western and Southern States during the past
appropriation, relief funds would be exhausted by February 1. week. More than 200 persons lost their lives, many hundreds
January 11.—The United States Supreme Court, in a unani- were missing, thousands were made homeless, and the damage
mous opinion, upheld the Federal retroactive tax of 50 percent was estimated to exceed $400,000,000. President Roosevelt
on profits made from deals in silver while the Silver Purchase mobilized the resources of the Federal Government and also
urged the American people to contribute to the American Red
Act of 1934 was being formulated.
January 14.—The strike along the Atlantic and Gulf Coasts Cross call for contributions of $2,000,000 to aid the flood sufof the Masters, Mates and Pilots' Association and of the Marine ferers. The Red Cross fund was later increased to $10,000,000.
January 30.—The Board of Governors of the Federal Reserve
Engineers' Beneficial Association, in effect since November 23,
System announced an increase of 33% percent in reserve requirewas called off following a conference in Washington of officials
of the national organizations of the two unions and local repre- ments of its member banks. One-half of the increase is to become effective March 1, and the other half on May 1.
sentatives from various East Coast ports.
January 18.—The automobile strike truce between officials
FEBRUARY
of the General Motors Corporation and union leaders was ended
February 1.—President Roosevelt proclaimed an emergency
as both sides charged violation of the agreement. The temporary truce, brought about by Governor Murphy of Michigan due to the disastrous floods that recently occurred in various
on January 15, was designed to end the strike of automobile localities in the valleys of the Ohio and Mississippi Rivers.
workers.
Food, clothing, and medical, surgical, and other supplies were
January 20.—President Roosevelt was inaugurated for a second permitted to be imported, free of duty, from foreign countries
for use in relief work.
term of office.
January 21.—Employees of the Pittsburgh Plate Glass Co.
February 1.—The United States Supreme Court in a five-toreturned to work, ending a strike which had lasted 14 weeks. four decision declared invalid a Washington State law which
The strike, affecting approximately 90 percent of the Nation's imposed a tax on railroads and other public utilities to finance
flat-glass industry, was settled following an agreement between regulatory activities. The Court declared that railroads had
the Federation of Flat Glass Workers and the company pro- been charged more than the cost of their own regulation under
viding for a pay increase of 8 cents an hour.
the law.

The following chronology includes some of the more
significant economic events of the year:




52

SURVEY OF CURRENT BUSINESS

February 1.—The United States Supreme Court, in unanimous
decisions, upheld the Federal tax on the transfer of cotton
futures contracts from one broker to another, and the Maryland
statute subjecting stockholders of banking institutions to
receivership assessments equal to 100 percent of the par value of
their holdings.
February 4.—The Pacific Coast maritime strike which had
been in progress for 98 days ended. The strikers voted, seven
to one, to accept tentative agreements reached between representatives of the shipowners and the unions. It was estimated
by business interests that the strike was the longest and costliest
in American history. Nearly 240 ships were stranded in Pacific
piers, tying up several hundred tons of cargo worth $50,000,000.
February 5.—President Roosevelt, in a message to Congress,
proposed an increase in the membership of the United States
Supreme Court, fixing the maximum number of justices at 15
instead of 9, as at present.
February 7.—The 5-day shutdown at Plant No. 2 of the Goodyear Tire and Rubber Co., in Akron, Ohio, ended when members
of the Goodyear local of the United Rubber Workers of America
voted to accept a proposal of the company. The plant was
closed after union workers had ordered a fellow employee out of a
department, allegedly for nonpayment of dues.
February 8.—Malaga, the second largest Spanish seaport, was
captured by rebel troops in the Spanish civil war.
February 11.—The "sit down" strike at the plants of the General Motors Corporation ended after a series of conferences
betwreen union leaders and company officials held at Detroit under
the leadership of Governor Murphy of Michigan. General
Motors announced a 5-cent hourly increase for all its employees,
effective February 15, estimated to aggregate approximately
$25,000,000 a year.
February 11.—President Roosevelt signed the Disaster Loan
Corporation bill providing for loans up to $20,000,000 to victims
of floods and other catastrophies in 1937. The act prescribes
that the formation of the Corporation be under control of the
Reconstruction Finance Corporation.
February 20.—A joint resolution, providing for the extension
of the United States Government guarantee of debentures issued
by the Federal Housing Administrator, was signed by President
Roosevelt. The guarantee wras slated to expire on July 1, 1937,
but under the act, it will now end on July 1, 1939.
February 23.—The Standstill Agreement on German shortterm debts was renewed for 1 year, effective March 1. Terms of
the agreement provide for the continuation of interest payments
on the same basis as in previous agreements, for the cancelation
(but without foreign-exchange payments) of certain unavailable
credit lines, and imposition of a license fee on travel marks.
February 24.—The Treasury Department announced that, as of
February 20, adjusted service bonds amounting to $1,799,155,200,
and an additional $81,801,289 in checks, had been issued to
veterans. A total of $1,368,012,200, or 76 percent, of the bonds
had been redeemed.
MARCH
March 1.—President Roosevelt signed the joint resolution to
extend for 3 years from June 12, 1937, the authority of the President, under the Tariff Act of 1930, as amended, to negotiate
reciprocal trade agreements with foreign governments, without
the specific approval of the Senate.
March 1.—The United States Supreme Court upheld the
Congressional resolution of June 1933 abrogating payments in
gold, applied to rental contracts which were specifically based
upon settlements in gold bullion.
March 1,—Representatives of the Steel Workers' Organizing
Committee, affiliate of the Committee for Industrial Organization, and officials of the Carnegie-Illinois Corporation, largest
subsidiary of the United States Steel Corporation, conferred on



March 1938

plans to unionize the steel industry. Five large steel companies
announced a reduction in the work week from 48 to 40 hours and
the establishment of a minimum wage of $5 a day for common
labor.
March 8.—A new series of "sit down" strikes, affecting almost
75,000 automotive workers in the Detroit area, was called by the
Committee for Industrial Organization. The Chrysler Corporation executives rejected the demand of the union for recognition
as sole bargaining agent for the 67,000 employees of the corporation, and union officials charged executives of the Hudson Motor
Car Co. with delaying negotiations on working conditions for the
10,000 workers affected.
March 11.—Secretary of the Treasury Henry Morgenthau,
Jr., at the request of the Mexican Government and with President Roosevelt's approval, ordered the United States customs
collectors to refuse entry of gold shipments from Mexico unless
each shipment was accompanied by a certificate showing that it
was lawfully exported.
March 12.—Officials of the General Motors Corporation and
representatives of the United Automobile Workers Association
reached a final agreement which concluded the strike of General
Motors employees. The agreement, completed 1 month after
the employees returned to work, includes concessions on working
conditions, guards against renewed "sit down" strikes, and creates machinery for settling future grievances, but does not provide
for a minimum wage.
March 17.—Five subsidiaries of the United States Steel Corporation signed contracts with the Committee for Industrial
Organization, supplementing the agreement of March 2, in
which the Carnegie-Illinois Steel Corporation recognized the
right of the Steel Workers Organizing Committee, a Committee
for Industrial Organization affiliate, to deal with the company
for its members. The pacts, effective for 1 year, or until March
1, 1938, provide for arbitration in event of disputes without
cessation of work.
March 29.—The highest farm price index for any March in 7
years was reported by the Bureau of Agricultural Economics,
United States Department of Agriculture.
March 29.—The United States Supreme Court, in a unanimous
decision, upheld portions of the Railway Labor Act requiring
railroads to engage in collective bargaining with their employees.
The act, based upon the interstate-commerce clause of the Constitution, wTas found to be a proper measure to protect interstate
transportation, despite industrial conflicts.
March 29.—The constitutionality of the revised Frazier-Lemke
Farm Mortgage Moratorium Act, was upheld in a unanimous
opinion of the United States Supreme Court. The act provides
a 3-year moratorium for bankrupt farmers.
APRIL
April 6.—An agreement was signed by Walter P. Chrysler and
John L. Lewis, head of the Committee for Industrial Organization, ending a 30-day automotive strike. In addition to the
67,000 employees of the Chrylser Corporation, approximately
25,000 other workers in accessory and body plants were affected
by the settlement. The company agreed to engage in collective
bargaining with the union, while the union agreed not to participate in any "sit down" strikes on the company's property or
otherwise aid or encourage stoppage of production.
April 10.—Evacuation of the Hudson Motor Car Co. plants
by 15,000 "sit down" strikers, after holding them for 33 days,
ended the last strike in the automobile industry in progress in
the United States on April 10. Officials of the Hudson Company
and the United Automobile Workers signed an agreement
regarding the handling of collective bargaining grievances and
seniority rights.
April 12.—The United States Supreme Court upheld the
Wagner National Labor Relations Act in five cases.

March 1938

53

SURVEY OF CURRENT BUSINESS

April 15.—The Italian Ambassador to London announced
that Italy had agreed to discuss the complete withdrawal of
foreign volunteers from Spain. Representatives of the nine
nations on the subcommittee of the International Nonintervention Committee were selected to examine means of withdrawing the foreign troops. Great Britain reversed her policy
of freedom of the seas and announced that British merchant
food ships actually entering the blockaded port of Bilbao would
not be protected.
April 20.—Naval patrol of the Spanish coasts was begun by
Great Britain, France, Germany, and Italy, while representatives of the 27 nations composing the Nonintervention Committee established stations along Spanish land frontiers, in an
international effort to prohibit foreign volunteers or war supplies
from entering Spain.
April 20.— In a supplementary budget message to Congress
President Roosevelt asked for an appropriation of $1,500,000,000
for work relief during the fiscal year ended June 30, 1938, urged
Congress to adhere rigidly to budget estimates, and said that
he would cut expenditures below appropriations. The President made reference to his budget message of January 5, and
said the principal factor requiring a revised estimate of receipts
and expenditures was the decline in tax receipts below previous
expectations.
April 21.—The Association of American Railroads announced
that the class I railroads had 46,439 new freight cars on order,
which was the greatest number on any corresponding date since
1926, when there were 49,524.
April 22.—Steel-ingot output reached a new peak of 92 percent of the country's capacity, or an estimated total for the
week of 1,204,979 gross tons, which was above the all-time
record of 1,193,284 tons a week in May 1929.
April 26.—President Roosevelt signed the new Guffey-Vinson
coal bill, establishing Federal control of prices and trade practices in the bituminous coal industry.

May 24.—The United States Supreme Court, in majority
opinions, upheld the unemployment insurance and the old-age
pension provisions of the Federal Social Security Act of 1936.
More than 27,000,000 persons are already covered by the old-age
pension provisions of the act, while about 18,633,000 are eligible
for unemployment benefits. About 2,700,000 employers are
affected.
May 28.—The longest suspension bridge in the world, across
the mile-wide Golden Gate at San Francisco, was formally opened
to the public. The concrete and steel structure, connecting San
Francisco and Marin County, Calif., cost $35,000,000, and took
nearly 5 years for construction.
May 30.—Spanish loyalist planes bombed the German battleship Deutschland, killing more than 20 members of the crew and
injuring many others. The Deutschland was a part of the international fleet patrolling Spanish waters under the supervision of
the Nonintervention Committee.
May 31.—Five German naval vessels, in retaliation for the
Spanish loyalist bombing of the battleship Deutschland, bombarded the loyalist Spanish seaport of Almeria. More than 20
civilians were killed and scores wounded. Germany and Italy
resigned as members of the Nonintervention Committee, stating
that, unless they received adequate assurances that their vessels
and men were safe from attack by Spanish loyalists, they would
no longer participate in the international naval supervision of
Spain.
May 31.—The Spanish Government, in an official note to the
League of Nations, charged Germany with committing "acts of
aggression against Spanish ports and vessels."
JUNE

June 1.—Secretary of State Hull, in an attempt to ward off
a serious crisis in Europe as a result of the German bombardment
of the Spanish loyalist port of Almeria, conferred with the
German and Spanish Ambassadors to Washington, and urged
each to exercise his utmost efforts to maintain peace between
MAY
the two countries.
May 1.—President Roosevelt signed the Pittman-McReynolds
June 1.—Congress voted to override President Roosevelt's
permanent neutrality bill, controlling the exports of arms and veto of the bill granting 23,000 World War veterans the privilege
munitions.
of extending their temporary government insurance policies for
May 3.—The United States Supreme Court, in a unanimous a period of 5 more years.
decision, upheld the Litvinoff agreement with the Soviet Union.
June 3.—Italy agreed not to violate the nonintervention agreeUnder the agreement, made at the time the United States recog- ment or to execute further reprisals against Spanish loyalists for
nized the Soviet Government, the Soviet Government transferred bombarding Italian ships unless the incidents are repeated.
to the United States the right to claim funds due it in this counJune 4.—Approximately 15,000 automobile workers in Detroit
try as a successor of the Czarist regime.
and Pontiac, Mich., were out of work as a result of strikes and
May 6.—The German dirigible Hindenberg, which left Germany shut-downs.
on May 3, was destroyed by explosions and fire as the ship apJune 11.—President Roosevelt signed the bill creating a joint
proached the mooring mast at the Naval Air Station, Lakehurst, Congressional committee of 12 to conduct a nation-wide investiN. J. Of the 97 persons aboard the giant airship, 66 were re- gation of tax evasion and to recommend legislation to eliminate
ported to be alive.
loopholes in the present tax laws.
May 12.—George VI was crowned King and Emperor of the
June 12.—Strikes in progress since May 28, and affecting
British Empire and its possessions. The new monarch succeeded approximately 80,000 employees in three of the largest indeEdward VIII, the present Duke of Windsor, who abdicated last pendent steel companies, continued despite the efforts at mediaDecember.
tion of Governor Davey of Ohio and Governor Murphy of
May 14.—The strike of the Jones & Laughlin Steel Corporation, Michigan. The companies refused to sign contracts for collective
affecting 27,000 employees, ended following the adoption of a bargaining with the Steel Workers Organizing Committee, a
tentative peace agreement.
subsidiary of the Committee for Industrial Organization.
May 17.—The United States Supreme Court, in an eight-toJune 15.—Secretary Morgenthau announced the completion
one decision, sustained a section in the Revenue Act of 1936 proof quarterly financing operations of the Treasury. On June 7,
tecting the Treasury from the necessity of automatically refunding approximately $963,000,000 in processing taxes which were $800,000,000 Treasury notes, bearing higher interest rates than
collected under the Agricultural Adjustment Act before they the last issue of like securities, were sold. The offering was
oversubscribed six times, and subscriptions in amount of $1,000
were declared unconstitutional.
May 24.-—President Roosevelt, in a special message to Con- and less were allotted in full; while those over $1,000 were
gress, recommended the enactment of Federal legislation con- allotted 17 percent, but not less than $1,000 on any one subtrolling wages and hours in industry.
scription. Treasury is to pay off, in cash, approximately




54

SURVEY OF CURRENT BUSINESS

$300,000,000 of maturing Treasury bills and to meet about
$157,000,000 in interest on the public debt.
June 15.—Finland was the only one of 13 debtor nations to
meet installments due on their war debt to the United States.
Including Finland's payment of $163,143, the debtor nations
owed the United States $1,520,159,863.
June 16.—Germany and Italy rejoined the International
Nonintervention Committee and resumed their former duties
in the naval patrol of the Spanish coast.
June 17.—President Roosevelt, following appeals from Mayor
Shields of Johnstown, Pa., and Governor Davey of Ohio, authorized Secretary of Labor Perkins to appoint a special board of
mediation to investigate the strike in independent steel companies and to make recommendations for settlement of the dispute between company officials and the Committee for Industrial Organization, which sought signed agreements with the
steel companies.
June 21.—President Roosevelt issued an Executive Order
making effective the code of fair competition provided for the
soft-coal industry in the Guffey-Vinson Bituminous Coal Act
of 1937.
June 23.—Italy and Germany, as a result of a disagreement
over an attempt by Spanish loyalists to torpedo the German
cruiser Leipzig, withdrew from the four-power Spanish patrol.
June 23.—Disturbances in the steel-strike area in Ohio and
Pennsylvania continued to increase during the week, and efforts
of the Federal Mediation Board to work out a solution failed.
Martial law was proclaimed in Pennsylvania by Governor Earle,
and Governor Davey of Ohio ordered National Guard troops to
steel areas.
June 24.—President Roosevelt signed the Wagner-Crosser
Bill establishing a new retirement program for approximately
1,150,000 railroad employees. A companion measure, providing
taxes to pay the pensions, was approved by the House and sent
to the Senate.
June 29.—The United States Senate ratified the eight PanAmerican treaties, adopted at Buenos Aires, Argentina, at the
American Conference for the Maintenance of Peace, which was
opened on December 1, 1936, by President Roosevelt. The
eight pacts and a minor Mexican treaty were ratified by the
Senate without a dissenting vote and with virtually no debate.
June 30.—President Roosevelt signed the Doughton Bill extending for 2 years the so-called "nuisance" taxes and the 3-cent
postage rate, which would have expired on July 1 if not extended.
The taxes and postage rate are expected to raise approximately
$650,000,000 in revenue annually.
June 30.—President Roosevelt signed the Carriers Taxing
Act of 1937, levying equal taxes on both railroads and employees
to provide funds to finance the Railroad Retirement Act of 1937,
which was signed by the President on January 24.
June 30.—President Roosevelt signed the work relief bill appropriating $1,500,000,000 for the fiscal year ended June 30, 1938.
JULY
July 9.—An agreement was reached between Secretary of the
Treasury Morgenthau and Dr. H. H. Kung, Finance Minister of
the Chinese Republic, whereby the United States Treasury would
sell to the Government of China a substantial amount of gold "to
aid the Chinese Government thus to augment its gold reserves,
and in accordance with the terms of the United States Silver
Purchase Act of 1934, the United States Treasury will purchase
an additional amount of silver from the Chinese Government."
July 10.—President Roosevelt signed the joint resolution appropriating $3,000,000 for Federal participation in the New York
World's Fair, to be held in New York City during 1939.
July 15.—The United States and Brazil entered into an agreement whereby the United States would sell gold to Brazil up to



March 1938

$60,000,000 and the United States will make dollar exchange
available to Brazil to promote stabilization.
July 15.—Secretary of State Cordell Hull and Brazilian
Finance Minister de Costa issued a joint statement declaring
their intention of continuing the present reciprocity trade agreement in force "and of bending every effort towards the attainment of its objectives."
July 16.—President Roosevelt signed the ratifications of the
eight treaties and conventions adopted at the Inter-American
Conference for the Maintenance of Peace, held in Buenos Aires,
Argentina, last December.
July 16.—China submitted a memorandum to the United
States and other signatories and adherents of the Nine-Power
Treaty, and also to Germany and Russia, setting forth "the
status and circumstances of the present threat by Japan in North
China." Secretary of State Cordell Hull issued a statement
reiterating the principles of American foreign policy.
July 17.—Operations of the strike-bound steel plants increased
further during the week. Through the intermediation of the
Governor of Indiana, representatives of the Committee for
Industrial Organization reached an agreement with the Youngstown Sheet and Tube Co. which ended the strike in the company's plants at South Chicago and Indiana Harbor, Ind. The
47-day steel strike, affecting four companies with plants in seven
States, ended on July 13 with the reopening of the Youngstown
plants.
July 17.—Farmers, in spite of the extension and deferment
privileges granted by the Farm Credit Administration, voluntarily repaid nearly $100,000,000 of principal on Federal land
bank and Commissioner loans in the 12 months ended June 1.
July 17.—A new nation-wide construction program, primarily
to protect the small-home builder and to assure him a sound
investment, was announced by the Federal Home Loan Bank
Board.
July 22.—The court reorganization bill, providing for power
to increase the membership of the United States Supreme Court
to 15 justices, was definitely abandoned when Administration
leaders in the Senate joined with the opposition in arranging to
recommit the measure to the Senate Judiciary Committee.
July 26.—The National Association of Mutual Savings Banks
announced that deposits in mutual savings institutions, which
operate in 18 States, reached $11,588,146,918 on June 30, which
was the greatest accumulation of funds in the 121 years since
these banks were founded.
July 31.—The Canadian Government prohibited the export of
munitions to Spain or to any other country without a permit,
and the enlistment of Canadians on either side in the Spanish
civil war.
AUGUST
August 6.—President Roosevelt proclaimed a new commercial
agreement between the United States and Russia. Under the
trade pact the United States extends to Russia unconditional
and unrestricted most-favored-nation treatment, and Russia in
return agrees to increase its guaranteed purchases from the
United States to $40,000,000 in the next 12 months.
August 9.—Approximately 170,000 automotive workers, idle
either because of plant shut-downs or through strikes, returned
to their jobs. The United Automobile Workers and the Chrysler
Corporation concluded an agreement on August 8, after which
20,000 men returned to work and the Ford plants resumed
assemblies.
August 15.—The Textile Workers Organizing Committee, an
affiliate of the Committee for Industrial Organization, and 60
manufacturers reached an agreement which ended the strike
affecting 30,000 silk and rayon workers in New Jersey and
Pennsylvania.

March 1938

August 16.—President Roosevelt signed the municipal bankruptcy bill replacing the Municipal Bankruptcy Act of 1934
which was declared unconstitutional in May 1936, by the United
States Supreme Court.
August 17.—President Roosevelt signed the Miller-Tydings
resale price maintenance legislation amending the existing antitrust laws.
August 17.—Secretary of State Hull announced that United
States Marines had been ordered to Shanghai to protect American
citizens from violence arising from the conflict between Japan
and China. All Americans in Shanghai were advised by the
American consular authorities to evacuate the city immediately.
Japan had already seized Peiping and Hankow and were continuing their offensive in North China.
August 19.—President Roosevelt signed the Farm Credit Act
of 1937 containing 40 sections amending the Federal Farm Loan
Act, the Emergency Farm Mortgage Act of 1933, the Farm
Credit Act of 1933, the Federal Farm Mortgage Corporation
Act, and the Agricultural Marketing Act.
August 20.—An American sailor was killed and 18 were
wounded when the cruiser Augusta,flagshipof the United States
Asiatic fleet, was struck by an antiaircraft shell while in the
midst of the Sino-Japanese artillery and aerial warfare along the
Whangpoo River. United States authorities rejected attempts
by Japanese and Chinese to interfere with movements of American naval or merchant craft on the Whangpoo River.
August 21.—The first session of the Seventy-fifth Congress
adjourned sine die; the Senate session ended at 6:55 p. m., and
the House adjourned at 7:23 p. m.
August 26.—President Roosevelt signed the Revenue Act of
1937, designed to close loopholes in the Federal tax laws, thereby
preventing tax evasion and avoidances.
August 29.—President Roosevelt signed the flood control bill,
which authorized $34,177,000 for new projects, including $24,877,000 for construction of levees,floodwalls, and drainage structures
for the protection of cities and towns in the Ohio River Basin.
August 30.—The Commodity Credit Corporation announced
the Government's 1937 cotton-loan program. Producers will be
loaned 9 cents a pound on cotton classing %-inch middling or
better. The loans, available not later than September 15, bear
interest at 4 percent and mature July 31, 1938. Secretary of
Agriculture Wallace also revealed the terms of the 3-cent-perpound subsidy plan to be limited to 65 percent of base production.
August 31.—The Chinese Government made formal apologies
to the State Department for the bombing on August 30 of the
American Dollar liner President Hoover by Chinese planes off
Shanghai Harbor.
August 31.—Generalissimo Chiang Kai-shek, head of the
Chinese Central Government and its supreme army commander,
urged the intervention of foreign powers to halt the undeclared
Sino-Japanese war.
SEPTEMBER
September 1.—President Roosevelt signed the sugar control
bill, which supplants the Jones-Costigan Sugar Control Act of
1934, due to expire at the close of this year.
September 2.—President Roosevelt signed the United States
Housing Act of 1937 providing for the creation of a United
States Housing Authority, authorized to issue obligations in
amount of $500,000,000.
September 4.—All of the Federal Reserve Banks, with the
exception of New York, had in effect the lj^-percent discount
rate. The New York Reserve Bank rate is fixed at 1 percent,
the lowest on record ever to be charged by any central bank,
here or abroad, for loans to its member banks. All of the Reserve banks, except Cleveland, lowered their rates by one-half
of 1 percent; the Cleveland Bank is already on the 1 ^-percent
basis, which has been in effect since May 11, 1935.



55

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September 10.—United States citizens in almost all the principal seaports of China were urged to evacuate because of the
increasing perils from Japan's naval and air attacks along the
coast of China. Ambassador Nelson T. Johnson, at Nanking,
ordered the American Consulate at Swatow closed and all Americans there evacuated; previously he had authorized closing of
the American Consulates at Amoy and Foochow.
September 10.—The $37,000,000 Wheeler Dam, in Alabama,
third large power, navigation, and flood-control project of the
Tennessee Valley Authority, was dedicated when President
Roosevelt pressed a button in his Hyde Park, N. Y., home as a
signal for the ceremonies.
September 12.—Secretary of the Treasury Morgenthau, at
the suggestion of the Federal Open Market Committee of the
Federal Reserve System, agreed to release $300,000,000 from
the Treasury's inactive gold fund.
September 12.—The Chinese Government filed an appeal,
signed by the Chinese Ambassador to France, with the League
of Nations requesting it to invoke sanctions against "Japanese
aggression."
September 14.—President Roosevelt prohibited the transport
of arms, ammunition, or implements of war, listed in his proclamation of May 1, to China or Japan by merchant vessels
owned by the United States Government.
September 20.—The United States accepted the invitation of
the League of Nations that it be represented at the meeting of
the Far Eastern Advisory Committee at Geneva, held incident
to the Chinese Government's appeal to the League that sanctions
be applied against Japan.
September 22.—Japanese planes bombed Nanking, China,
disregarding protests made by the United States, Great Britain,
France, and Germany.
September 24.—The Navy Department announced that it was
the intention of the United States Navy to keep its Asiatic
fleet in Chinese waters "as long as the present controversy
between China and Japan exists."
September 26.—The Board of Governors of the Federal
Reserve System announced revision of its Regulation A. Few
changes were made in the technical rules concerning the eligibility of various types of paper for discount at the Federal Reserve
banks, but "make eligible for discount a large amount of paper
of commission merchants and finance companies, including
paper drawn to finance instalment sales of a commercial character."
OCTOBER

October 3.—A new wage schedule, retroactive to October 1,
granting all engine, train, and yard-service employees a pay
increase of 44 cents a day or 5% cents an hour, was adopted by
the railroads of the country and representatives of the five operating brotherhoods. The brotherhoods originally demanded a
20-percent wage increase and had voted for a strike of its 250,000
members, which was averted by the new schedule.
October 6.—The League of Nations Assembly at Geneva
approved resolutions warning Japan of possible international
action unless she agreed to a peaceful Nine-Power settlement of
the China conflict.
October 8.—The German Consulate General in New York
announced that Germany would pay the October 15 coupons on
the German External Loan 1924 (Dawes loan), the purchasing
price to be $25 per $35 face amount of the coupon.
October 12.—Japanese airplanes fired machine guns at three
automobiles carrying members of the British Embassy from
Nanking to Shanghai.
October 15.—The International Longshoremen's Association,
affiliate of the American Federation of Labor, called a strike of
8,000 longshoremen, clerks, and checkers after the failure of
negotations with shippers for union recognition, shorter hours,

56

SURVEY OF CURRENT BUSINESS

higher wages, and time and a half for overtime. Shipping was
disabled at nine South Atlantic and Gulf ports.
October 18.—Stock average broke to the lowest point since June
4, 1935, with the day's transactions the largest since March 3.
Bond average was the lowest since December 2, 1933, on largest
business since April 29.
October 21.—Spanish rebel troops captured the city of Gijon,
the last loyalist stronghold on Biscay Bay.
NOVEMBER
November 1.—An increase of railroad coach fares from 1}£
cents to 2 cents a mile, affecting all railroads and all bus lines
having through-fare arrangements with railroads, in the territory
south of the Potomac and Ohio Rivers and east of the Mississippi,
became effective.
November 2.—The United States declined the proposal by the
Cuban Government to associate itself with all the countries of
the American Continent for mediation of the Spanish conflict.
November 8.—The United States Supreme Court declared
unconstitutional a Federal tax on bonuses given to employees
of the Universal Oil Products Co. In the same day it upheld
an Iowa tax on income from what had previously been declared
tax-exempt bonds of the State and its political subdivisions.
November 8.—Secretary of Agriculture Wallace, at a conference (in Indianapolis) of farmers and business men from 13
States, outlined a program for an ever-normal granary for corn
as the solution to prevent disturbances of the Nation's economic
stability by droughts.
November 10.—The increase in freight rates on a limited list
of basic commodities, expected to yield an additional $47,500,000
annually to the railroads, went into effect.
November 10.—President Roosevelt conferred with a group of
industrialists and Government officials relative to ways of
stimulating building construction financed by private capital.
November 11.—Japanese troops captured Shanghai.
November 15.—The extra session of the Seventy-fifth Congress
convened. President Roosevelt's message to the Congress
requesting action of the special session on wage and hour legislation, crop control, government reorganization, and regional planning, was read in the Senate and the House.
November 19.—The United States gunboat Luzon arrived at
Nanking to embark the American Ambassador and his staff,
after Japanese armies spread over the Yangtze River Valley
preparatory to seizing the Chinese capital. On November 18,
ail Americans were advised by the American Embassy to evacuate the city.
November 21.—A "sit down" strike, affecting 12,000 employees
in three plants of the Goodyear Tire and Rubber Co., ended
after 3 days. Members of the United Rubber Workers of
America accepted the proposals of the company, which recognized
the seniority rights of workers.
November 22.—An unauthorized 6-day "sit down" strike by
200 workers in the Fisher body plant, of General Motors Corporation at Pontiac, Mich., which also closed General Motors plants
affecting 14,721 persons, was ended. The executive board of the
union denounced the strike as illegal and declared that it jeopardized the position of the international union.




March 1938

November 29.—The United States, in a formal note to the
Japanese Government, protested against reported plans by
Japan to alter Chinese customs arrangements without consulting
the United States.
DECEMBER
December 3.—The Interstate Commerce Commission authorized the railroads, operating in the western and southwestern
territories of the country, to increase their passenger fares. The
roads estimated that the increases would yield additional revenue amounting to $2,500,000.
December 6.—The United States Supreme Court in handing
down two decisions granted permission for the Government to
proceed with its antitrust suit against the Aluminum Company
of America, and approved State taxation of the income of
Federal contractors.
December 8.—The Crop Reporting Board, United States
Department of Agriculture, based upon indications as of December 1, 1937, estimated the United States cotton crop at 18,746,000
bales of 500 pounds gross weight. This would be the largest
crop on record.
December 12.—Japanese airplanes bombed and sank the American gunboat Panay and three vessels owned by the Standard
Oil Co., on the Yangtze River above Nanking.
December 15.—The American Farm Bureau Federation, at its
annual convention, adopted a six-point farm program to stabilize
prices and provide surplus crop control.
December 15.—Finland was again the only nation to pay in
full its December 15 semiannual installment on its war debt to
the United States. Hungary, one of the 12 defaulting nations,
acted to resume payments.
December 20.—The United States Senate ratified the international sugar agreement regulating production and marketing
of sugar. The agreement, signed by the United States and 21
foreign countries, at a conference in London last May, went into
effect on September 1 for 5 years.
December 21.—The extra session of the Seventy-fifth Congress
adjourned at 5:10 p. m., without enacting any of the legislation
asked for by President Roosevelt in his message to Congress when
it convened on November 15.
December 21.—The committees representing the American
Federation of Labor and the Committee for Industrial Organization, after 10-week meetings, failed in their efforts to effect an
adjustment of the differences between the two bodies.
December 23.—The Spanish Government asserted that the
loyalist forces had captured the key city of Teruel and had driven
insurgent troops from all strategic points.
December 26.—The United States accepted Japan's apologies
for the bombing and sinking of the United States gunboat Panay
on December 12.
December 31.—President Roosevelt issued a proclamation
reducing the Treasury's price for newly mined domestic silver from
77.57 cents an ounce to 64.64 cents, the price fixed by the Treasury in 1933. Secretary Morgenthau announced on December 30
that the Treasury Department had agreed to continue its purchases of silver from Canada, China, and Mexico.

March 1938

57

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B. Legislative Summary
The following digest of legislation enacted by the
first session of the Seventy-fifth Congress presents in
summary form the most important laws of an economic
character enacted during 1937.
AMENDMENT TO THE GOLD RESERVE ACT OF 1934
PUBLIC, N O . 1, APPROVED JANUARY 23,

1937

"An Act to extend the time within which the powers relating
to the stabilization fund and alteration of the weight of the
dollar may be exercised."
Purposes.—To extend the time limit on certain powers conferred by the Act of May 12, 1933, and the Gold Reserve Act of
1934.
Scope.—Stabilization fund and the dollar.
Administration.—The President and the Secretary of the
Treasury.
Extends until June 30, 1939, the powers granted by section 10
of the Gold Reserve Act of 1934, unless the President shall
sooner declare the existing emergency ended and the operation
of the stabilization fund terminated.
The act also amends the second sentence added to paragraph
(b) (2) of section 43, Title III of the act approved May 12, 1933,
by section 12 of the Gold Reserve Act of 1934, so that the powers
of the President specified therein shall expire June 30, 1939, unless
the President shall sooner declare the existing emergency ended.
RECONSTRUCTION FINANCE CORPORATION
PUBLIC, N O . 2, APPROVED JANUARY 26,

1937

"An Act to continue the functions of the Reconstruction
Finance Corporation, and for other purposes."
Purposes.—Extends Reconstruction Finance Corporation.
Scope.—All functions.
Administration.—Reconstruction Finance Corporation.
Authorizes the Reconstruction Finance Corporation to continue until June 30, 1939, the performance of all its functions.
In order to facilitate the withdrawal of the credit activities of
the Corporation the President may (if he finds, upon a report of
the Board of Directors, or otherwise, that credit for any class of
borrowers is sufficiently available from private sources to meet
legitimate demands upon fair terms and rates) authorize the
directors to suspend the exercise by the Corporation of any
lending authority.
NATIONAL HOUSING
PUBLIC RESOLUTION,

N O . 6, APPROVED FEBRUARY

19,

1937

"An Act to extend for a period of two years the guarantee
by the United States of debentures issued by the Federal
Housing Administrator."
Purposes.-—As stated in title.
Scope.—Debentures issued by Federal Housing Administrator.
Administration.— Secretary of the Treasury and Federal
Housing Administrator.
Permits Government guaranteed bonds to be issued in exchange for mortgages insured prior to July 1, 1939, rather than
prior to July 1, 1937, as heretofore provided.




FOREIGN TRADE AGREEMENTS
PUBLIC RESOLUTION, N O . 10, APPROVED MARCH 1,

1937

"An Act to extend the authority of the President under
section 350 of the Tariff Act of 1930, as amended."
Purposes.—Extend period for negotiating trade agreements.
Scope.—Foreign trade agreements involving reciprocal reductions of trade barriers.
Administration.—Department of State, with the cooperation
of other interested agencies of the Government.
Extends for a period of 3 years from June 12, 1937, the period
during which the President is authorized to enter into foreign
trade agreements under section 350 of the Tariff Act of 1930, as
amended by the act, approved June 12, 1934.
COTTON CLASSIFICATION
PUBLIC, N O . 28, APPROVED APRIL 13,

1937

"An Act authorizing the Secretary of Agriculture to provide
for the classification of cotton, to furnish information on market
supply, demand, location, condition, and market prices for
cotton, and for other purposes."
Purposes.—To provide for classification of cotton belonging
to specified groups of producers upon their written request and to
collect extensive information relative to the marketing of cotton.
Scope.—Cotton, all kinds.
Administration.—Secretary of Agriculture.
The act amends by supplementing the "Act authorizing the
Secretary of Agriculture to collect and publish statistics of the
grade and staple length of cotton," approved March 3, 1927, in
that it adds three new sections which authorize the Secretary of
Agriculture to determine and make available to any group of producers organized to promote the improvement of cotton, upon
their written request, the classification of any cotton produced by
them, and to collect and distribute timely information on the
market supply, demand, location, condition, and market prices
for cotton.
BITUMINOUS COAL ACT OF 1937
PUBLIC, N O . 48, APPROVED APRIL 26,

1937

"An Act to regulate interstate commerce in bituminous coal,
and for other purposes."
Purposes.—Stabilization of bituminous-coal industry.
Scope.—Bituminous-coal distribution and marketing.
Administration.—National Bituminous Coal Commission.
National Bituminous Coal Commission, consisting of seven
members, is established in the Department of the Interior. Consumer's Counsel of Commission shall appear in the interest of
consuming public.
Excise tax of 1 cent per ton is imposed upon sale or other
disposal of bituminous coal produced within the United States.
In addition, there is imposed an excise tax of 19)^ percent of the
sale price at the mine in case of coal disposed of by sale at the
mine, or in the case of coal disposed of otherwise than by sale
at the mine, and coal sold otherwise than through an arm'slength transaction 19}^ percent of the fair market value of such

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SURVEY OF CURRENT BUSINESS

coal at the time of such disposal or sale. In case any producer
is a code member, he is exempt from this tax.
Twenty-three district boards of code members shall be organized, each board consisting of 3 to 17 members.
The Commission is given the power to prescribe for code
members minimum and maximum prices and marketing rules
and regulations. The minimum prices so established are not to
apply to coal sold and shipped outside the domestic market.
The domestic market shalJ include the continental United States
and Canada, and car-ferry shipments to the island of Cuba.
Bunker coal delivered to steamships for consumption thereon
shall be regarded as shipped within the domestic market. Maximum prices established shall not apply to coal sold and shipped
outside the continental United States.
The Commission is directed to promulgate the Bituminous
Coal Code, which shall contain conditions and provisions intended to regulate interstate commerce in bituminous coal.
The act shall cease to exist on and after 4 years from the date
of its approval.
NEUTRALITY
PUBLIC RESOLUTION, N O . 27, APPROVED MAY 1,

1937

"To amend the joint resolution entitled 'Joint resolution providing for the prohibition of the export of arms, ammunition,
and implements of war to belligerent countries; the prohibition
of the transportation of arms, ammunition, and implements of
war by vessels of the United States for the use of belligerent
states; for the registration and licensing of persons engaged in
the business of manufacturing, exporting, or importing arms,
ammunition, or implements of war; and restricting travel by
American citizens on belligerent ships during war,' approved
August 31, 1935, as amended."
Purposes.'—To preserve neutrality.
Scope.—As stated in title.
Administration.—Department of State (National Munitions
Control Board).
When the President proclaims the existence of a state of war
between foreign states or a state of civil strife in a foreign country
which threatens the peace of the United States, the exportation
of arms, ammunition, or implements of war from the United
States, to the states named in the proclamation shall be unlawful. The President is required to enumerate the arms, ammunition, and implements of war which cannot be exported to countries named in such proclamations.
When the President finds that it is further necesssary for the
protection of the peace of the United States, he shall issue restrictions on certain additional articles and shall proclaim it
unlawful for any American vessel to carry such articles to any
belligerent state or to any state wherein strife has been proclaimed to exist.
Whenever the President finds further that the placing of restrictions on the export of articles or materials to belligerent
states or to a state wherein civil strife exists is necessary to preserve the peace of the United States, he shall so proclaim and it
shall thereafter be unlawful, except under certain limitations
and exceptions, to export to such states or state any articles or
materials whatever until all right, title, and interest therein
shall have been transferred to some foreign government, agency,
institution, association, partnership, corporation, or national.
Whenever the President by proclamation prohibits the exportation of arms, ammunition, and implements of war, it shall
thereafter be unlawful for any person within the United States to
purchase, sell, or exchange bonds, securities, or other obligations of the government of any belligerent state, or of any state
wherein civil strife has been proclaimed to exist. The President
may, however, exempt from this ban certain transactions of a
character customarily used in normal peacetime commercial
dealings. Funds for medical aid or food and clothing to relieve



March 1938

human suffering may be solicited, subject to the approval of the
President.
The National Munitions Control Board—consisting of the
Secretaries of State (who is chairman and executive officer),
Treasury, War, Navy, and Commerce—is established for carrying out the provisions of the act.
Every person engaged in the business of manufacturing, exporting, or importing arms, ammunition, or implements of war
shall be registered with the Secretary of State.
An application for license to authorize the exportation or importation of each shipment of arms, ammunition, or implements
of war must be made to the Secretary of State. Licenses granted
authorizing shipment to any state which the President may
thereafter proclaim to be a belligerent, or proclaim to be engaged
in civil strife, are immediately revoked upon the issuance of the
proclamation.
Travel by United States citizens on any vessel of the state or
states named in a proclamation prohibiting the exportation of
arms, ammunition, or implements of war shall be unlawful.
The act is not to apply to American Republics engaged in war
against a non-American state or states, provided the American
Republic is not cooperating with a non-American state or states
in such war.
AGRICULTURAL MARKETING AGREEMENT
ACT OF 1937
PUBLIC, N O . 137,

APPROVED JUNE 3,

1937

"An Act to reenact and amend provisions of the Agricultural
Adjustment Act, as amended, relating to marketing agreements
and orders."
Purposes.—Reenact and amend certain provisions of the
Agricultural Adjustment Act.
Scope.—Marketing agreements and orders.
Administration.—Secretary of Agriculture.
It is declared by the Agricultural Marketing Agreement Act
of 1937 that the provisions of the Agricultural Adjustment Act
providing for marketing agreements and orders were not intended for the control of production of agricultural commodities
and were intended to be effective irrespective of the validity of
any other provision of the Agricultural Adjustment Act; and the
Agricultural Marketing Agreement Act of 1937 affirms, validates,
and reenacts without change, except as provided in section 2 of
said act, the provisions of the Agricultural Adjustment Act
providing for marketing agreements and orders.
If the Secretary of Agriculture finds that the national parity
price for milk does not adequately reflect the price of feeds, the
available supplies of feeds, and other economic conditions which
affect market supply and demand for milk in the marketing area
to which the marketing agreement or order relates, he shall fix
such prices as will reflect such factors, insure a sufficient quantity
of pure and wholesome milk, and be in the public interest. The
Secretary is given permission to mediate and arbitrate disputes
between the cooperatives and the handlers of milk in a particular
milk market under certain conditions.
The act authorizes a producer referendum to ascertain whether
the issuance of an order is approved or favored by producers.
PETROLEUM ADMINISTRATION
PUBLIC, N O . 145,

APPROVED JUNE 14,

1937

"An Act to continue in effect until June 30, 1939, the Act
entitled 'An Act to regulate interstate and foreign commerce in
petroleum and its products by prohibiting the shipment in such
commerce of petroleum and its products produced in violation of
State law, and for other purposes/ approved February 22, 1935."
Purposes.—To extend the act of February 22, 1935.
Scope.—Protects interstate and foreign commerce from the
harmful effect of contraband oil, as defined, and encourages the
conservation of oil in the United States.

March 1938

Administration.—Secretary of the Interior (Petroleum Administrative Board).
Extends the act (49 Stat. 30) prohibiting shipments of contraband oil from June 16, 1937, to June 30, 1939.
RAILROAD RETIREMENT ACT OF 1937
PUBLIC, N O . 162,

59

SUEVEY OF CUREENT BUSINESS

APPROVED JUNE 24,

1937

"An Act to amend an Act entitled 'An Act to establish a retirement system for employees of carriers subject to the Interstate Commerce Act, and for other purposes,' approved August
29, 1935." (See World Economic Review, 1935, p. 128.)
Purposes.—To establish retirement system.
Scope.—The Railroad Retirement Act of 1937 covers employees of any express company, sleeping-car company, or carrier by
railroad subject to the Interstate Commerce Act, and companies
owned or controlled by, or under common control with, one or
more of them and performing a service (with certain exceptions)
in connection with the transportation of passengers or property
by railroad; and certain related associations, bureaus, and agencies engaged in transportation of passengers or property by
railroad. The act also includes employees of railway labor
organizations national in scope and organized in accordance
with the Railway Labor Act, their State and national legislative
committees, their insurance departments, and, under certain
circumstances, their local lodges and divisions.
Administration.—Railroad Retirement Board.
Annuities are to be paid to employees retired at age 65; or
retired at age 60, if they have completed 30 years of service or
have become totally and permanently disabled; or retired after
30 years7 service on account of total and permanent disability.
Amounts of annuities are to be based upon number of years'
service times the sum of the following percentage of monthly
compensation; 2 percent of first $50, 1% percent of the next $100,
and 1 percent of the next $150. In computing the average, no
part of any month's compensation in excess of $300 is recognized.
The act also provides for minimum annuities of $40 to individuals who are employees under the act at age 65 and have 20
years of service.
Employee may elect a reduced annuity during life and an
annuity after his death to his spouse during life, such election
being irrevocable, except that it may become inoperative under
certain circumstances. The amounts of the two annuities shall
be such that their combined actuarial value shall be the same
as the actuarial value of the single life annuity to which the
individual would otherwise be entitled.
Provision is made for benefits to be paid with regard to the
death of individuals who were employees after December 31,
1936.
Beginning July 1, 1937, each individual then on the pension
or gratuity roll of an employer who was on such roll on March
1, 1937, shall be paid on the 1st day of each calendar month
thereafter a pension at the same rate as the pension or gratuity
granted to him by the employer, such pension not exceeding,
however, $120 monthly.
The Railroad Retirement Board is created to administer this
act and the Railroad Retirement Act of 1935.
The act creates an account in the Treasury of the United
States to be known as the Railroad Retirement Account, to
which the necessary funds shall be appropriated.
FEDERAL SURPLUS COMMODITIES CORPORATION
PUBLIC, N O . 165, APPROVED JUNE 28,

1937

"An Act to extend the time for purchase and distribution of
surplus agricultural commodities for relief purposes and to
continue the Federal Surplus Commodities Corporation."
Purposes.—Continue the Federal Surplus Commodities
Corporation.

Scope.—Surplus agricultural commodities.
http://fraser.stlouisfed.org/
Administration.—Secretary of Agriculture.
Federal Reserve Bank of St. Louis

Extends the Federal Surplus Commodities Corporation until
June 30, 1939, as an agency of the United States under the
direction of the Secretary of Agriculture and authorizes the
Secretary of Agriculture to transfer to said Corporation such
funds, appropriated by section 32 of the act approved August
24, 1935 (49 Stat. 774), as amended, as may be necessary for
purchasing, exchanging, processing, distributing, disposing,
transporting, storing, and handling of agricultural commodities
and products thereof.
CARRIERS TAXING ACT OF 1937
PUBLIC, N O . 174, APPROVED JUNE 29,
a

1937

An Act to levy an excise tax upon carriers and certain other
employers and an income tax upon their employees, and for
other purposes."
Scope.—Every employer which is an express company, sleeping-car company, or carrier by railroad, subject to part I of the
Interstate Commerce Act, or is a company which is directly or
indirectly owned or controlled by one or more such carriers, or
under common control therewith, and which operates any equipment or facility, or performs any service (except trucking service,
casual service, and the casual operation of equipment or facilities)
in connection with the transportation of passengers or property
by railroad, and certain related associations, bureaus, and agencies engaged in transportation of passengers or property by
railroad.
Administration.—Bureau of Internal Revenue.
In addition to other taxes, every employee of any such employer shall pay an income tax on compensation not in excess
of $300 a month, as follows: 2% percent of compensation earned
during 1937, 1938, and 1939; 3 percent of compensation earned
during 1940, 1941, and 1942; 3J4 percent of compensation earned
during 1943, 1944, and 1945; 3}£ percent of compensation earned
during 1946, 1947, and 1948; 3% percent of compensation earned
after 1948.
This tax shall be deducted by the employer from the compensation paid.
In addition to other taxes, every such employer shall pay an
excise tax on the compensation not in excess of $300 a month
paid to each of its employees as follows: 2% percent on compensation paid during years 1937, 1938, and 1939; 3 percent on
compensation paid during years 1940, 1941, and 1942; 3% percent on compensation paid during years 1943, 1944, and 1945;
3% percent on compensation paid during years 1946, 1947, and
1948; 3% percent on compensation paid after 1948.
If an individual has two or more employers, each employer
pays a proportionate part of the total excise tax on total compensation of such employee not in excess of $300 a month.
Adjustments and refunds of overpayments shall be made and
underpayments shall be collected, under regulations prescribed
by the Commissioner of Internal Revenue with the approval of
the Secretary of the Treasury.
In addition to other taxes, every employees' representative
(as defined in the act) shall pay an income tax upon compensation
not in excess of $300 monthly, as follows: 5}4 percent on compensation earned during 1937, 1938, and 1939; 6 percent on compensation earned during 1940, 1941, and 1942; 6% percent on compensation earned during 1943, 1944, and 1945; 7 percent on
compensation earned during 1946, 1947, and 1948; 7% percent
on compensation earned after 1948.
All taxes shall be paid quarterly, subject to interest at the
rate of 6 percent per annum if not paid when due. All provisions
of law, including penalties, applicable with respect to any tax
imposed by section 600 or section 800 of the Revenue Act of
1926, and the provisions of section 607 of the Revenue Act of
1934, insofar as not inconsistent, shall be applicable to the taxes
imposed by this act.
This act is intended as being in substitution for the Act of
August 29, 1935 (49 Stat. 974). It, therefore, specifically repeals
that act.

60

SURVEY OF CURRENT BUSINESS
BANKHEAD-JONES FARM TENANT ACT
PUBLIC, N O . 210,

APPROVED JULY 22,

1937

"An Act to create the Farmers' Home Corporation, to promote more secure occupancy of farms and farm homes, to
correct the economic instability resulting from some present
forms of farm tenancy, and for other purposes."
Purposes.—As stated in title.
Administration.—Secretary of Agriculture.
Title I authorizes the Secretary of Agriculture to make loans
to assist farm tenants, farm laborers, sharecroppers, and other
individuals who obtain or who recently obtained the major
portion of their income from farming operations to acquire
farms and to make the necessary repairs and improvements
thereon. The loans bear 3 percent interest and are to be repaid
within 40 years, and are to be secured bj^ first mortgage or deed
of trust on the farm acquired with the loan.
The Secretary of Agriculture is required to create county
committees in each county in which loans are to be made. As
a prerequisite for the making of a loan, the county committee
is required to examine the applications of persons desiring loans
and to examine and appraise the farms for the acquisition of
which loans are to be made.
Title II authorizes the Secretary to make rehabilitation loans
to individuals for the purchase of livestock, farm equipment,
supplies, and other farm needs, for refinancing of indebtedness
and for family subsistence.
Title III gives the Secretary of Agriculture the power to develop
a program of land conservation and land utilization, including
the retirement of lands which are submarginal or not primarily
suitable for cultivation.
The Farmers' Home Corporation is created by the Act. The
Secretary of Agriculture is authorized to utilize that corporation
in the administration of titles I and II of the act. The Secretary
of Agriculture is empowered to delegate to the corporation such
powers and duties conferred upon him by the act as he may deem
necessary.
RESALE PRICES
PUBLIC, NO. 314

(TITLE VIII), APPROVED AUGUST 17,

1937

"An Act to provide additional revenue for the District of
Columbia, and for other purposes."
Purposes.—To permit resale price maintenance contracts on
articles in interstate commerce.
Scope.—Trade-marked articles in open competition.
Title VIII of the act amends section 1 of the act approved
July 2, 1890, which deals with restraint of trade and monopolies.
This amendment to the antitrust laws permits, under certain
conditions, contracts and agreements for resale price maintenance
in sales of branded or trade-marked articles in interstate commerce into States in which such contracts and agreements are
not unlawful.
Such contracts and agreements for sales in interstate commerce
between manufacturers, producers, or wholesalers, or between
brokers, factors, retailers, or persons, firms, or corporations, in
competition with each other, are not made legal.
FARM CREDIT ACT OF 1937
PUBLIC, N O . 323, APPROVED AUGUST 19,

1937

"An Act to amend the Federal Farm Loan Act, to amend the
Emergency Farm Mortgage Act of 1933, to amend the Farm
Credit Act of 1933, to amend the Federal Farm Mortgage Corporation Act, to amend the Agricultural Marketing Act, and
for other purposes."
Purposes.—Coordination in administration of farm credit
agencies.
Scope.—Farm and agricultural financing.
 Administration.—Farm Credit Administration.


March 1938

Makes a number of changes of an administrative character
in the Farm Credit Act, the Federal Farm Loan Act, the Emergency Farm Mortgage Act of 1933, and other statutes dealing
with farm and agricultural financing and for coordination in
administration of the various farm-credit agencies, such as the
Federal land banks, the intermediate credit banks, the production credit corporations, and the regional banks for cooperatives.
Confers upon the Federal Farm Mortgage Corporation authority similar to that vested in the Federal land banks, to extend
loans whenever such action is justified by conditions.
Broadens the list of eligible purposes for which Federal land
bank loans might be made, to include refinancing of nonagricultural indebtedness incurred before January 1, 1937.
Provides for the merger and consolidation of regional agricultural credit corporations.
Places further limitations upon the purposes for which farm
mortgage loans may be made by the Land Bank Commissioner,
to exclude refinancing of nonagricultural indebtedness incurred
on or after January 1, 1937, except where the refinancing is in
connection with certain bankruptcy proceedings.
REVENUE ACT OF 1937
PUBLIC, N O . 377, APPROVED AUGUST 26,

1937

"To provide revenue, equalize taxation, prevent tax evasion
and avoidance, and for other purposes."
Purposes.—To overcome practices used to avoid the payment
of taxes, through personal holding companies and otherwise.
Scope.—Personal holding companies, domestic and foreign;
trusts; nonresident aliens; mutual investment companies; general rule as to deductions in computing net income.
Administration.—Bureau of Internal Revenue.
The act raises the rates of surtax applicable to the undistributed adjusted net income of personal holding companies
(other than foreign personal holding companies, as defined in
the act) from the rate of 8 percent to the rate of 65 percent on
an amount not in excess of $2,000 and from rates of 18 to 48
percent on the remainder to 75 percent on the remainder.
The stock ownership test that 80 percent or more of gross
income be derived from specified sources (mainly investments)
has been amended to include such items as gains from exchange
of securities, gains from futures trading on commodity exchanges
(except certain bona-fide hedging transactions), trust and estate
income, sums received from certain contracts for personal services, and rents (unless constituting 50 percent or more of gross
income).
The deduction of 20 percent of excess of adjusted net income
allowed on dividends received from other personal holding companies is no longer allowable, nor is the deduction formerly
allowed by reason of the tax on corporations improperly accumulating surplus under section 102 of the Revenue Act of 1936
but paid within the taxable year.
The provisions relative to foreign personal holding companies
(as defined in the act) are new in the Revenue Act of 1937.
The income of such foreign personal holding companies is not
taxable as such but is treated as income of the shareholders.
The act requires that shareholders within the jurisdiction of the
United States include in their gross income their distributive
share of the undistributed net income of the corporation.
Gross-income requirements for the purpose of establishing the
status of the corporation as a foreign personal holding company
are 60 percent instead of the 80 percent as provided for domestic
personal holding companies; the stock-ownership requirement is
the same as for domestic holding companies, but the stockownership requirement relates to individuals who are citizens or
residents of the United States.
Banks, life-insurance companies, and surety companies,
omitted from the classification of possible domestic personal
holding companies, are included under the head of foreign personal holding companies.

March 1938

Many deductions heretofore permitted as losses in connection
with sale or exchange of property between members of a family,
a shareholder, and a corporation, are denied.
Returns on net incomes of trusts generally are to be required,
regardless of amount, or if allowed an exemption, if net income
is over $1,000.
The flat rate of 10 percent applicable to nonresident aliens is
not to apply in cases in which taxable income received during
the year exceeds $21,600; in such case the nonresident alien
individual is subjected to individual normal and surtax rates,
with the credits and deductions permitted under the Revenue
Act of 1936.
UNITED STATES HOUSING ACT OF 1937
PUBLIC, N O . 412, APPROVED SEPTEMBER 1,

1937

"An Act to provide financial assistance to the States and
political subdivisions thereof for the elimination of unsafe and
insanitary housing conditions, for the eradication of slums, for
the provision of decent, safe, and sanitary dwellings for families
of low income, and for the reduction of unemployment and the
stimulation of business activity, to create a United States
Housing Authority, and for other purposes."
Purposes.—As stated in title.
Scope.—Rural and urban communities in any of the States,
the District of Columbia, and the Territories, dependencies, and
possessions of the United States.
The act creates in the Interior Department the United States
Housing Authority, whose powers are vested in a single administrator. The Authority has a capital stock of $1,000,000, and in
order to obtain funds for the purposes of the act may issue obligations, guaranteed as to principal and interest by the United
States, during the next 3 fiscal years, in an amount not to
exceed $500,000,000.
The Authority is authorized to make loans to assist in developing low-rent housing and slum-clearance projects. These loans
can run for not over 60 years, bear interest at not less than the
going Federal rate, plus one-half of 1 percent, and cannot, in
any event, be for a larger amount than 90 percent of the development or acquisition cost of the project.
The act empowers the Authority to contract for annual contributions to public-housing agencies to assist in achieving and
maintaining the low-rent character of the housing projects, provided the State, city, county, or other political subdivision shall
contribute in cash, tax remissions, or tax exemptions 20 percent
of the annual contributions. The annual contribution payable
with respect to any project may not exceed a sum equal to the
annual yield, at the going Federal rate of interest plus 1 percent,
upon the development or acquisition cost of the project. Contracts may be entered into prior to July 1, 1938, providing for
annual contributions not exceeding $5,000,000 per annum and,
during each of the 2 succeeding fiscal years, an additional
$7,500,000 per annum.
If the Authority consents, an alternative to the annual contribution plan may be a substitute—a capital-grant plan. The
capital grant may in no case exceed 25 percent of the development cost of the project. But, unemployment relief funds may
be allocated, as an additional capital grant to be expended for
payment of labor, in an amount not exceeding 15 percent of the
development of a project. No capital grant is to be made unless
the State or its political subdivision contributes 20 percent of the
cost of the project. Total capital grants may not exceed $10,000,000 during each of the next 3 fiscal years.
Before the Authority can make a capital grant for any project
or enter into a contract to make annual contributions, the project
must include the elimination or repair and improvement of slum
dwellings substantially equal in number to the number of newly
 dwelling units provided by the project.
constructed


61

SUEVEY OF CURKENT BUSINESS

The Authority is authorized to dispose of any low-rent housing
project acquired by the Authority by sale or lease of such
projects to public-housing agencies.
The act prohibits the Authority from aiding any project costing
more than $4,000 per family dwelling unit or more than $1,000
per room (excluding land, demolition, and nondwelling facilities),
except in cities of over 500,000 population, where the limit is to
be $5,000 per family dwelling unit and $1,250 per room.
Dwellings in low-rent housing projects are to be available
solely for families whose net income does not exceed five times
the rental (including the value or cost to them of heat, light,
water, and cooking fuel) of the dwellings, except that the ratio
to rental in the case of families with three or more minor dependents may not exceed 6 to 1.
SUGAR ACT OF 1937
PUBLIC, N O . 414, APPROVED SEPTEMBER 1,

1937

"To regulate commerce among the several States, with the
Territories and possessions of the United States, and with foreign
countries; to protect the welfare of consumers of sugars and of
those engaged in the domestic sugar-producing industry; to
promote the export trade of the United States; to raise revenue;
and for other purposes."
Purposes.—Control of marketings of sugar.
Scope.—Sugar produced and imported.
Administration.—Secretary of Agriculture, and (as to tax)
Secretary of the Treasury.
The Secretary of Agriculture shall determine the amount of
sugar needed to meet requirements of consumers in the continental United States.
The Secretary shall establish quotas, prorating 55.59 percent
of such amount among domestic beet and cane areas—Hawaii,
Puerto Rico, and the Virgin Islands. The remaining 44.41 percent is to be prorated among the Philippine Islands and foreign
countries.
The Secretary is directed to determine the amount of sugar
needed for Hawaii and Puerto Rico and to establish quotas for
the amounts to be marketed.
Whenever the Secretary finds the allotment of any quota,
established pursuant to the act, necessary for orderly and adequate flow of sugar in interstate commerce, after hearings he
shall make allotments to marketers or importers of sugar in the
United States, Puerto Rico, and Hawaii.
Limitations on that portion of the quotas for Hawaii and
Puerto Rico which can be filled by direct-consumption sugar are
discontinued in 1940. None of the quota for the Virgin Islands
can be filled by direct-consumption sugar. Limitations on
direct-consumption sugar from Cuba and the Philippines are
established.
The Secretary is authorized to make payments to growers on
condition, first, that no child under 14 has been permitted to work
on the farm, except a member of the immediate family of a person
who owns not less than 40 percent of the crop, and that no child
between 14 and 16 has been employed longer than 8 hours a day,
except a member of the immediate family of a person who owns
not less than 40 percent of the crop; second, that minimum wage
scales, determined by the Secretary after hearings, have been
met; third, that marketing limitations have been adhered to;
fourth, that a producer who is also a processor has paid or contracted to pay for beets and cane not less than the minimum
prices established by the Secretary; and, fifth, that soil-conservation practices have been carried out.
Payments are also authorized for abandonment of acreage and
damaged crops. A tax of approximately one-half cent per pound
on manufactured sugar, manufactured in the United States, is
provided, as well as an equivalent compensating tax on imported
manufactured sugar. The tax is to terminate June 30, 1941.
Manufactured sugar exported or used as livestock feed, or for
the distillation of alcohol, is exempt from the tax.

62

SURVEY OF CURRENT BUSINESS

March 1938-

Monthly Business Statistics
The following table represents a continuation of the statistical series published in the 1936 Supplement to
the Survey of Current Business. That volume contains monthly data for the years 1932 to 1935, inclusive, and
monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series,
and references to sources of monthly figures prior to 1932. The 1936 supplement may be secured from the
Superintendent of Documents, Government Printing Office, Washington, D. C , for 35 cents per copy.
A few series have been added or revised since the 1936 Supplement went to press. These are indicated by
an asterisk (*) for the added series and by a dagger (f) for the revised series. A brief footnote accompanying
each of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variation. Data subsequent to January will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey.
ary

1937
January

February

March

April

May

June

July

August Septem- October Novem- Decem
ber
ber
ber

BUSINESS INDEXES
INCOME PAYMENTS*
Total
mills, of doL.
Adjusted index
1929=100
Unadjusted index
do
Compensation of employees:
Total
mills, of doL.
Adjusted index
1929=100
Mfg.,mining, and construction.mills, of doL.
Transportation and utilities
do
Trade and
finance.
do
Government service and other
do
Work relief
do
Dividends and interest
do
Entrepreneurial withdrawals and net rents
and royalties
mills, of dol_.
INDUSTRIAL PRODUCTION

5,308
82.3
81.4

' 5,434
'85.0
'83.4

'5,131
'85.8
'78.7

' 5, 600 ' 5, 707
'87.9
'87.5
'85.9
'87.5

5,407
'87.9
'82.9

' 5, 951
'88.0
'91.3

' 5, 766 ' 5,391
'88.9
'88.4
1
'82.7
88.5

' 5, 909 ' 5, 917 ' 5, 301
'87.5
'86.8
'85.4
'90.6
90.8
'81.3

' 6, 313
'84.3
'96.8

3,445
82.6
1,055
371
647
1,230
142

' 3, 613

'86.6
1,235
380
629
' 1,190
179
774

' 3,675
'87.6
1,282
379
639
' 1,196
179
454

' 3, 781 ' 3,835
'89.2
'89.0
1,337
1,365
405
401
648
655
' 1, 212 ' 1,237
179
177
748
817

3,890
90.1
1,377

' 3,895
'89.9
1,366
1,281

' 3,843 ' 3,887 ' 3, 728
' 87.9
'88.8
'86.2
1,358
1,356
1,246
399
422
419
680
676
672
' 1, 268 ' 1, 296 ' 1, 274
131
128
133
819
898
444

' 3,648
'84.6
' 1,165
'388

1,261

' 3, 763 3,789
'89.7
'90.1
1,348
1,384
416
423
664
666
' 1,191 ' 1,183
144
133
459

1,075

1,047

1,002

1,071

1,055

1,050

1,065

1,127

1,143

1,168

1,211

1,129

1,119

65
36
62
50
87
200
66
107
*>79
150
P 103

112
113
120
52
77
134
'127
189
123
100
130
156
106
61
96

117
118
120
51
244
135
'137
194
133
85
134
153
111
54
103

122
122
140
67
241
142
136
190
132
84
132
146
118
67
112

122
125
158
85
265
144
'129
195
133
83
127
145
105
101
61

122
123
163
92
234
146
122
200
132

77
171
102
113
118
117
121
93
229
126
132
190
132
89
128
153
128
81
112

84
174
104
114
118
118
130
87
241
130
131
195
133
33
124
158
115
97
72

76
164
99

70
168
94
83

75
173

85
174
103
110

115
114
116
94
216
139
121
207
95
70
108
170
120
37
77
257
79
184
138
103
117
118
157
73
216
142
109
207
95
78
115
159
112
37
78
126
82
181
139
110

109
106
53
92
199
123
'113
216
108
83
107
179
125
53
92
218
73
182
111
110
111
110
135
73
199
125
98
216
108
87
108
162
115
52
86
113
77
177
116
116

90
86
111
76
151
63
'78
212
75
95
83
158
112
67
87
34
82
172
128
108
'88
85
92
76
151
68
'81
211
75
86
80
155
109
65
78
40
79
174
119
108

'79
75
94
56
108
43
'73
202
66
101
72
138
107
'68
82

72
165
102
89
116
116
120
85
244
129
134
194
133
86
126
168
115
50

111
110
132
92
185
130
'114
206
102
67
103
178
115
38
72
245
79
177
126
104
114
114
129
75
206
140
115
206
102
70
111
164
112
47
79
121
82
174
148
112

102
99
100

77
158
100
85
114
115
120
86
77
139
'137
189
123
87
124
165
110
56

115
114
147
91
234
119
114
201
123
76
119
164
117
65
72
240
72
175
105
111
114
114
130
74
260
119

409
665

178
467

412
669

167
991

695

' 1, 266
' 134
1,546

(Federal Reserve)

Combined index, unadjusted
1923-25=100..
Manufactures, unadjusted
do
Automobiles
do
Cement—
do
Glass, plate
do
Iron and steel
do
Leather and products!
-do
Petroleum refining.__
_
...do
Rubber tires and tubes
do
Slaughtering and meat packing*
do
Textiles
_do.._.
Tobacco manufactures.__
do
Minerals, unadjusted!
do
Anthracite!
do
Bituminous coal
do
Iron-ore shipments
do
Lead
_do
Petroleum, crude
do
Silver
_
...do....
Zinc
_
__do.-.
Combined index, adjusted
do
Manufactures, adjusted
...do
Automobiles
do
Cement
do
Glass, plate
do
Iron and steel
do
Leather and products!—
do
Petroleum refining
do
Rubber tires and tubes..
.do
Slaughtering and meat packing*
.do
Textiles
_
do....
Tobacco manufactures...
.do
Minerals, adjusted!
do
Anthracite!--do
Bituminous coal
.do
Iron-ore shipments
do
Lead
_
_
do
Petroleum, crude
_
do
Silver
_
do
Zinc...
do.._.

70
170
97
103
65
59
62
52
94
200
66
92
*75
157
v 108

177
96

107

74
123
157
117

63
70
238
75
177
98
117
118
118
135
78
223
134
133
200
132
76
123
155
116
63
80
159
76
176
101
116

'119

202
123
77
126
150
114
74
80
122
70
172
107
115

97
218
94
89
93
167
122
70
92
156
84
177
90
112
102
'101
142
79
179
100
'89
217
94
89
91
155
113
55
83
91
81
176
91
115

88

'171

105
110
84
'79
78
71
108
49
'86
201
66
86
77
170

'114

'69
77
87

'176

104
108

MARKETINGS
Agricultural products (quantity):
129
64
72
86
90
89
66
123
115
Combined index....
1923-25=100..
81
77
79
79
79
87
92
77
85
78Animal products
do
90
87
125
84
82
113
149
102
89
78
Dairy products
.do
65
69
56
63
65
78
81
79
72
71
Livestock.
do
123
106
84
67
73
131
112
72
113
102
Poultry and eggs..
_
do
81
58
64
273
32
176
311
43
52
194
Wool
do
47
54
169
95
45
51
180
99
Crops
_do
101
145
43
58
288
15
28
25
317
234
Cotton
_.do
95
147
67
74
65
59
79
114
Fruits
do
74
73
71
31
30
32
50
200
Grains
_
_
do
83
136
99
71
85
129
103
110
72
Vegetables
__do
47
76
103
'Preliminary. ' Revised.
 * New series. For data on slaughtering and meat packing for period 1919-37, see table 42, p. 20, of the October 1937 issue. Data on national income payments for period 1929-37
and a description
of the
http://fraser.stlouisfed.org/payments of the series appeared on pp. 7-13 $67,827 February 1938 Survey. Because of revisions in the 1937 figure for Government service and other, the estimated total
income
during 1937 have been raised to
millions.
Federal Reserve Bank ±T>*T,\C*^A Louis
of St. o«,;«r. r » ^ f »«TT{O«/1 frt» iOQft» CQQ r\ OO r\t Hia TVTarnh 1Q37 icsiin
n

63

SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1936 Supplement to the Survey.

1937
January

February

March

April

May

June

July

August Septem- October Novem- December
ber
ber

BUSINESS INDEXES—Continued
MARKETINGS-Continued
Agricultural products, 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

71.5
69.5
54.5
85.0
103.0
83.5
66.5

75.5
75.0
63.5
87.0
89.5
89.0
78.5

59.5
70.5
63.0
78.5
84.5
83.0
59.5

70.5
81.5
74.5
88.5
90.5
89.5
85.5

69.0
89.0
88.5
90.0
88.0
91.0
86.0

68.0
78.0
74.5
81.5
88.5
75.0
80.0

71.5
84.5
85.5
83.0
85.5
82.0
78.5

87.5
94.5
108.0
80.0
85.5
77.5
78.0

90.5
85.0
86.0
84.5
86.0
86.0
77.5

96.5
81.0
72.0
90.5
88.0
94.0
89.5

107.5
77.5
66.5
89.5
91.0
89.5
91.5

84.5
73.5
58.5
88.5
95.0
84.0
94.0

80.0
72.5
61.5
84.0
100.0
80.0
71.0

166
120
173
79
132
99
90
199
118
166
118
314

127
111
143
114
116
71
94
139
93
111
98
214

120
110
153
110
109
61
101
127
84
104
83
195

111
110
154
103
109
73
103
111
78
85
80
174

101
107
148
98
110
47
105
98
75
70
70
154

107
144
93
112
48
105
93
75
70
83
136

108
141
97
117
57
104
91
74
78
93
121

106
107
141
94
120
50
97
104
73
120
105
108

111
109
143
90
122
68
97
112
81
126
118
117

130
109
149
78
126
82
97
146
108
135
111
191

149
113
153
73
132
106
94
175
124
145
117
260

162
114
159
68
137
92
91
196
129
158
132
305

162
-•115
rl64
'71

184
418
174
245
187
178
118
101
119

183
429
171
240
188
178
110
95
119

182
457
164
244
187
177
99
97
116

174
460
160
235
184
163
90
98
102

169
466
155
225
192
163
94
93

166
445
148
239
190
166
94
87
81

171
443
144
242
188
168
88
100
109

173
442
148
249
190
156
93
101
120

179
254
186
197
92
93
124

182
261
179
180
99
93
115

187
274
178
183
111
92
119

194
288
176
192
116
101
120

COMMODITY STOCKS
Domestic stocks, (quantity):
Combined Index
1923-25=100..
Manufactured goods.
_
do
Chemicals and allied products
do—
Food products
do
Forest products
do
Paper, newsprint._
do
Rubber products.
do
Raw materials
do
Chemicals and allied products
do
Foodstuffs
do
Metals
_
do
Textile materials
do
World stocks of foodstuffs and raw materials:
Combined index (quantity) f 1923-25=100
Coffee, adjustedf
do—
Cotton, adjusted t
do
Rubber, adjusted!
do
Silk, adjusted!
__do~..
Sugar, adjusted!
—
do
Tea, adjusted!..
do
Tin, unadjusted!--do
Wheat, adjusted!
do

205
166

••139
58
89
' 197
'124
' 154
<• 1 3 2
315

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

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

_

87.5
76.7
82.0
86.3
88.2
97.6

86.9
74.3
86.4
86.4
82.2
95.8

87.2
75.0
86.3
86.5
82.8
96.1

87.9
75.9
87.2
86.1
84.2
96.4

88.3
76.2
87.4
85.0
85.2
96.6

76.7
88.4
83.7
86.1
96.8

88.9
76.9
88.2
83.7
86.6
96.8

88.9
76.9
87.7
84.1
87.1
96.9

89.0
77.8
87.3
84.4
87.8
97.0

89.4
78.5
87.6
85.0
88.6
97.1

89.5
78.7
86.7
85.4
89.2
97.9

89.0
78.3
85.4
85.8
89.1
97.8

77.7
84.4
86.1
88.7
97.8

102
113
66
128
70
91
110
101
114

131
110
107
128
105
143
128
115
182

127
101
108
126
127
146
126
143
147

128
102
116
125
133
145
129
131
140

130
104
117
120
142
154
130
127
139

128
96
112
116
152
149
133
139
133

124
95
107
113
157
139
137
124
119

125
102
106
116
145
139
144
96
113

123
109
90
119
123
119
151
104
128

118
119
74
123
121
111
144
117
115

112
127
67
128
99
93
136
130
113

107
135
65
132
88
85
120
124
112

104
127
64
136
76
86
111
112
118

80.3

84.6

84.5

84.3
88.6
85.4

85.6

86.5

75.9
86.4
86.3

85.9

85.5

78.2
88.5
85.8

84.9

83.6

80.3
90.1
82.6

92.4

93.0

93.7

94.5

95.2

95.6

96.0

96.3

96.6

96.3

95.7

94.5

93.2

97.2
90.9
92.9
95.3
87.0

94.9
88.4
92.2
93.1
87.0

95.1
89.0
92.5
94.0
87.6

95.3
89.4
93.0
94.7
88.2

95.7
89.9
93.4
95.3
88.6

95.8
90.1
93.6
96.3
88.9

96.0
90.4
94.1
96.8
89.2

96.4
90.7
94.8
97.4
89.2

96.9
91.4
95.1
98.1
89.2

97.1
91.5
95.2
98.1
89.2

97.2
91.4
95.1
97.9
89.2

97.2
91.4
94.4
97.4
88.2

97.2
91.1
93.5
96.3
87.1

PRICES RECEIVED BY FARMERS
(£7. «S. Department of Agriculture) $
Combined indexu
Chickens and eggs
Cotton and cottonseed
Dairy products
Fruits
Grains
Meat animals...
Truck crops
Miscellaneous.. _

1909-14=100,
do...
..do...
do...
-_do_—
_
do...
do...
do
do...

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

do
do
do...
..do...
do...

WHOLESALE PRICES
U.S. Department of Labor indexes:
Combined index (784)
1926=100..
85.9
80.9
86.3
87.8
88.0
87.4
87.2
87.4
87.9
87.5
85.4
83.3
81.7
Econqmic classes:
Finished products
do
84.3
84.9
85.4
87.4
86.4
87.5
87.7
89.1
89.0
88.1
86.7
85.3
Raw materials
.do
74.9
88.1
88.3
90.1
88.7
87.1
86.1
84.4
86.5
84.8
77.2
75.4
80.7
Semimanufactures
do
76.9
85.4
85.5
89.6
87.5
86.8
89.5
85.3
87.0
86.6
79.8
77.7
82.5
71.6
91.3
91.4
Farm products
do
94.1
89.8
88.5
92.2
85.9
89.3
75.7
72.8
86.4
80.4
75.0
113.0
111.5
Grains
.do
113.2
113.9
105.7
119.2
91.9
69.2
71.5
105.2
92.0
77.0
78.5
91.4
93.7
95.9
98.3
Livestock and poultry
do
93.6
86.2
78.4
106.7
105.0
108.2
98.5
r
Revised.
*New series. For bituminous coal, retail price index, see table 44, p. 20 of the October 1937 Survey.
!Revised Series. Retail prices of anthracite coal for period 1929-37, see table 44, p. 20, of the October 1937 issue; retail food prices, for period 1923-36 see table 9, p. 20, of
the February 1937 issue. World stocks of foodstuffs and raw materials revised for period 1920-37, see table 19, pp. 17 and 18, of the May 1937 issue; revisions shown on p.
23 of the November 1937 issue were occasioned by recomputation of seasonal adjustment factors for 1936 and 1937. Revisions not shown on p. 23 of the Nov. 1937 issue will
appear in a subsequent Survey.
§ Data for Feb. 15,1938: Total 97, chickens and eggs 94, cotton and cottonseed 68, dairy products 121, fruits 68, grains 89, meat animals 110, truck crops 121, miscellaneous 97.




64

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to tho sources of the data may be found in the
January
1936 Supplement to the Survey.

March 1938

1937
January

February

March

April

May

June

July

Novem- DecemAugust Septem- October
ber
ber

COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes—Contd.
Foods
1926=100..
Dairy products.
._.
do
Fruits and vegetables
do
Meats
do
Commodities other than farm products and
foods
1926=100..
Building materials
do
Brick and tile
do
Cement
do
Lumber
do
Chemicals and drugs
do
Chemicals.
do
Drugs and Pharmaceuticals
do
Fertilizer materials
do
Fuel and lighting materials
do
Electricity
do
Gas
do
Petroleum products..
do
Hides and leather products..do
Shoes
do
Hides and skins
do
Leather
do
House-furnishing goodsdo
Furniture
-do
Furnishings...
do
Metals and metal products
do
Iron and steel
.do
Metals, nonferrous._
do
Plumbing and heating equipment
1926=100-.
Textile products
_._
...do
Clothing
do....
Cotton goods
do
Knit goods.._
do
Silk and rayon
do
Woolen and worsted goods
do
Miscellaneous
do
Automobile tires and tubes
do
Paper and pulp
do
Other wholesale price indexes:
Bradstreet's (96)
do....
Dun's (300)
do
World prices, foodstuffs and raw materials,
Combined index
1923-25=100..
Coffee
-.do
Cotton
do
Rubber
do
Silk
do....
Sugar
do
Tea
_.
_
do...
Tin
do...
Wheat
do...
Wholesale prices, actual. (See under respective commodities.)
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
..1923-25=100..
Retail food pricesf
do
Price received by farmers
...do
Cost of livingf
do....

76.3
83.3
56.7
82.6

87.1
88.9
82.4
90.6

87.0
88.7
87.8
90.3

87.5
90.2
86.5
92.0

85.5
78.5
83.5
94.9

84.2
73.1
84.1
95.9

84.7
72.0
84.5
98.0

86.2
76.4
71.2
106.0

86.7
79.7
65.3
112.1

88.0
84.8
64.0
113.4

85.5
85.7
62.2
107.4

83.1
89.2
61.5
98.3

79.8
90.2
57.8
88.8

83.5
91.8
91.8
95.5
92.6
79.6
84.1
74.0
72.1
78.3
58.8
96.7
104.7
82.3
86.6
88.3
83.7
92.8
96.6
99.6
75.0

83.4
91.3
89.7
95.5
93.0
87.7
96.4
79.0
70.6
76.6
81.0
82.2
58.3
101.7
99.7
116.0
94.3
86.5
84.0
89.0
90.9
91.7
84.8

84.1
93.3
91.0
95.5
99.0
87.8
95.6
83.0
70.7
76.8
80.8
80.7
59.1
102.7
101. 4
114.9
95.5
87.9
84.5
91.2
91.7
92.0
89.4

85.5
95.9
91.8
95.5
102.1
87.5
95.3
83.0
70.3
76.2
77.8
79.8
58.6
104.2
102.3
118.5
97.1
88.4
85.0
91.7
96.0
97.5
101.1

86.5
96.7
94.9
95.5
103.0
86.9
94.2
82.9
70.7
76.8
77.1
80.7
59.8
106.3
103.8
121.4
100.7
89.0
85.8
92.1
96.5
99.6
97.0

86.3
97.2
95.0
95.5
103.0
84.5
91.1
79.2
70.6
77.2
78.8
83.0
60.9
106.7
106.1
117.7
100.6
89.3
86.1
92.5
95.8
99.6
91.7

86.1
96.9
95.0
95.5
102.2
83.6
90.1
78.0
70.5
77.5
79.5
84.2
61.5
106.4
107.5
114.6
98.8
89.5
86.6
92.5
95.9
99.7
91.9

86.3
96.7
95.4
95.5
101.3
83.9
89.9
78.2
71.3
78.1
80.0
84.0
61.8
106.7
107.4
116.2
98.7
89.7
86.8
92.6
96.1
98.8
92.7

86.1
96.3
95.5
95,5
99.5
82.2
87.0
78.2
71.7
78.4
79.4
82.6
62.0
108.1
107.4
122.1
100.0
91.1
87.1
95.0
97.0
99.9
93.3

85.9
96.2
95.0
95.5
99.0
81.4
85.7
78.3
71.8
78.7
80.5
84.0
62.2
107.6
107.5
120.7
98.9
91.1
87.1
94.9
97.1
99.8
92.6

85.1
95.4
93.4
95.5
97.3
81.2
85.3
78.3
72.5
78.5
81.0
83.6
61.7
106.7
107.6
117.1
97.2
91.0
87.1
94.9
96.4
99.7
85.5

84.3
93.7
92.9
95.5
94.8
80.2
84.2
76.8
71.9
78.2
83.1
83.1
60.6
101. 4
10G.9
94.6
92.7
90.4
86.0
94.8
96.8
99.3
78.5

83.6
92.5
92.0
95.5
93.8
79.5
83.5
75. 1
72.0
78.4
83.1
81.3
59.5
97.7
105.6
85.5
86.9
89.7
85.9
93.5
96.3
99.0
75.1

79.6
69.7
86.3
68.2
63.0
28.9
83.8
75.2
57.4
90.0

77.1
77.5
83.9
91.9
64.4
34.5
91.9
76.2
51.8
84.8

77.4
77.5
84.2
91.3
64.7
33.7
93.1
77.3
53.1
87.5

77.6
78.3
84.8
94.0
64.9
33.6
92.6
79.5
55.0
90.2

78.7
79.5
86.8
95.1
65.9
33.8
93.5
81.1
56.4
93.9

78.7
78.7
87.2
92.6
65.7
32.5
93.3
80.5
56.4
94.6

78.7
78.2
89.1
89.7
64.6
32.5
93.2
79.4
56.4
95.0

78.7
78.3
90.1
86.8
64.8
33.9
94.4
79.0
56.4
94.2

78.8
77.1
90.0
82.2
65.7
32.9
93.9
77.3
56.4
94.1

80.6
75.3
89.7
76.8
66.5
32.4
92.4
77.0
56.4
93.4

80.6
73.5
89.4
73.1
65.8
30.6
90.1
76.2
56.4
92.4

79.6
71.2
87.3
70.5
64.2
30.1
85.1
75.4
57.4
90.4

79.6
70.1
86.7
68.7
63.4
29.4
83.5
75.0
57.4

0)
0)

86.9
107.7

87.8
108.8

91.4
109.0

89.1
108.7

87.7
106.8

87.2
107.3

102.8

84.8
102.2

84.0
102.7

80.1
97.3

75.6
93.8

42.5
31.6
34.2
21.9
57.6
75. 5
82.6
75.8

62.3
55.9
47.8
50.1
28.7
73.8
70.8
101.2
84.2

60.3
58.3
48.2
49.9
27.8
66.3
74.0
103.3
79.5

64.2
55.4
53.3
56.4
28.1
64.6
78.0
124.8
86.5

65.2
55.4
52.6
54.8
27.6
63.8
80.7
117.4
95.3

62.0
57.8
48.9
49.4
25.8
62.3
81.6
110.7

59.8
57.8
46.7
45.2
25.5
62.6
76.4
111.1
84.8

61.3
57.3
45.6
44.3
27.1
64.1
77.9
118.0
91.0

58.3
56.4
37.9
43.1
26.2
66.1
83.9
118.2
85.7

56.2
56.4
33.1
43.6
25.9
62.1
86.4
116.6
86.5

53.5
56.9
30.9
38.4
24.0
56.6
84.4
102.4
87.2

51.7
46.5
29.4
34.2
23.0
60.4
79.1
86.1
86.3

51.8
43.5
30.5
35.4
22.0
58. 1
73.8
85.2
89.2

124.5
124.5
144.1
116.3

117.2
118.2
112.2
117.1

116.7
118.3
115.7
116.7

114.7
117.1
114.8
115.7

114.4
116.8
113.1
115.2

115.2
115.6
114.8
114.5

115.5
r 115. 9
118.5
114.4

114.6
116.4
117.6
114.4

115.1
117.0
119.5
114.3

115.2
116.6
124.5
113.8

117.9
117.8
131.2
113.6

120.8
119.6
137.4
114.3

123.3
121. 1
141.4
114.8

0)
0)

CONSTRUCTION AND REAL. ESTATE
CONSTRUCTION CONTRACTS
AWARDED
Value of contracts awarded (Federal Reserve
indexes):
54
43
56
68
51
72
61
75
66
Total, unadjusted._
1923-25=100..
49
56
49
22
42
47
37
52
51
47
40
45
Residential, unadjusted
do
'25
35
37
53
56
63
62
53
56
'62
61
'67
Total, adjusted
do
62
52
56
45
45
26
44
40
47
44
42
44
Residential, adjusted
do
'30
36
37
F. W. Dodge Corporation (37 States):
By ownership:*
Public
thous. of d o l - 120,842 ••112,237 69,382 66, 355 74,164 92, 585 137, 458 130,776 107, 530 79, 623 77,838 92,889 115, 053
Private
...do
74, 630 130,482 118,875 164,891 195, 770 151, 528 180,384 190,826 177,574 127,449 124,243 105, 512 ' 94, 399
By type of project:
Total, all types:t
8,504
8,731 '11,839 ' 16, 685 16,162 13,756
13,884 13, 239 12,990
Projectsnumber-.
9,912
7,925
12, 649 12,132
Valuation.
thous. of dol.. 195, 472 ' 242, 719 188,257 231, 246 269, 934 244,113 317,842 321,603 285,104 207,072 202,081 198,402 209', 452
Nonresidential buildings:
2,466 ••2,636 ••2,930 ' 3, 385
3,574
3,225
3,741
3,566
3,729
Projects
number..
2,872 ' 2, 536
3,307
3,296
9,637 ' 14, 734 ' 10,861 ' 16, 678 18, 462 16, 710 21, 794 24, 512 21,154
Floor space..
thous. of sq. ft..
13, 568 13,690 ' 16, 643
14,494
Valuation.
-thous. of dol._ 57, 448 '96,286 ' 65,186 ' 89, 228 96,179
93, 433 124, 837 138,064 117, 210 75,660
75, 012 77,055 101,208
Public utilities:
' 181
138
181
'155
241
188
309
295
Projects
number..
275
255
274
265
229
Valuation
thous. of doL- 48, 451 ' 21, 185 '31,245 ' 19, 300 20, 985 10, 763 29,863
49, 992 31,343
12, 949 15, 602 17, 426 ' 17, 682
Public works:
' 411
515
'620
600
1,069
1,099
1,183
1,386
Projects
number..
1,221
847
1,058
763
1,307
70,064 52, 501 63,103
Valuation
thous. of dol._ 53, 366 ' 46,841 ' 28,823 r 32, 550 44, 757 55,980
45, 982 43,983 r 47,082
52,873
Residential buildings, all types:
5,300
5,406 '8,317 ' 12, 525 11,081
9,274
8,826
8,014
Projects
number. .
7,735
5,938
4,365
7,817
7,493
9, 356 18,427 ' 17, 738 24,244 29, 483 23,038 23, 845 20, 580 18,920
Floor space. _
...thous. of sq. ft..
16, 306 15,165 ' 10,855
17,028
Valuation
thous. of dol__ 36, 207 78, 407 r 63,003 90,168 108, 013 83, 937 93, 078 81,046
73,448
43, 480
65, 590 65, 485 59,938
Engineering construction:
Contract awards (Engineering News Record)!
tbous. of dol_- 190,186 173,077 189,197 156, 788 216,955 235,012 274, 399 260,001 170,068 210, 511 187,001 165, 581 199, 033
• Revised.
Discontinued by the reporting source.
^ Data for April, July, September, a i ecember 1937 are for 5 weeks; other months, 4 weeks.
y
p o g
c
^
r p ,
y, p t e e r ,
e e
937
* New series. F data on the value of contracts awarded classified as to ownership, see table 29, p. IS of the August 1937 Survey.
d
h
l
f
dd lifid
hi
bl
For
IS f th A t 1937 S
t Revised series. For data on purchasing power of the dollar, cost of living for period 1914-36 and retail food prices, for period 1923-36, see tables 5 and 6, p. 19 of the
February 1937 issue. For construction contracts awarded in 1936, by type of project, see table 28, p. 18, of the August 1937 issue; classifications changed beginning Jan. 193S,
 comparability of series is not seriously effected.
but



65

SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
19S8 Supplement to the Survey.

1937
February

March

3,385
2, 836

2,371
1,456

3.352
2,564

4,340
3,155

6,639
5,495

2, 880
43,899
32. 710
3,291
7,898

2,993
44, 472
34, 247
2,902
7, 323

3,323
46, 743
36, 315
2,883
7,545

3, 426
46, 724
35, 297
3,108
8, 319

4,482
48,189
38, 550
2,436
7, 203

7,617
133, 553
65, 222

7,923
136,039
69, 809

8,041
139,683
76,168

8, 278
144, 531
85,155

8,896
149, 535
92,071

12, 561
0
55, 770
199, 498

12,491
0
53, 738
205, 239

12, 540
11,842
12,075 10,910
0
0
0 j
0
50, 975
47, 534 45,389 I 42,172
214,697 I 228,204 239,730 i 248,187

January

April

May

June

! July

August

i
CONSTRUCTION AND REAL ESTATE—Continued

HIGHWAY

Septem- October Novein- December
ber
ber

CONSTRUCTION

Concrete pavement contract awards:
Total
thous. of sq. y d - .
2,376
Roads only
do
1,836
Highways and grade crossing projects administered by Bureau of Public Roads:
Highways:
Approved for construction:
Mileage
,.
number of miles._
3, 042
Allotments: total
thous. of d o l - 42,149
Regaiar Federal aid
do
37,768
1934-35 Public Works funds
do....
2, 232
Works Program funds-...do
2, 150
Under construction:
Mileage
number of miles..
5,852
Allotments: Total
.thous. of d o l . J 101,411
Regular Federal aid
_
d o . — 80,346
Public Works Program:
1934-35 funds
d o — | 5, 7G5
Federal aid
do—i
0
Works Program funds——
do
j 15,300
Estimated total cost
do
| 183, 510
Grade crossings:
Approved for construction:
Eliminated and reconstructed'-number..!
154
Protected by signals*
do
430
Works Program funds ailoted
i
thous. of doL.
10,433
Estimated total cost.
do
11,177
Under construction:
Eliminated and reconstructed*.number. _|
395
Protected by signals*
do
j
392
Works Program fuuds allotted
thous. of dol._ I 45,930
Estimated, total cost
..do
j 47, 475
I
C O N S T R U C T I O N COST I N D E X E S
Aberthaw (industrial building)
1914=100..
American Appraisal Co. (all types)__1913=»100_.
Associated General Contractors (all types)
1913-= 100..
Engineering News Record (all types)§
1913—100..
E. H . Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. av., 1928-29=100..
New York
do
San Francisco
do
St. Louis
do
Commercial and factory buildings:
Brick and concrete:
Atlanta
U. S. av., 1928-29=100..
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.

183.0

5,783
4,216

6,059
4,499

3, 295
2,403

3,582 | 3,142 J 2,986
40, 606
49,263
43, 417
39,418
32, 861
34, 885
2, 754
2,598 ! 2,266
4,990
7. 249
6,267

2,746
39, 849
33, 404
2,343
4, 102

2,572
39,112
33, 704
2,230
3,179

6,575
4,861

5, 187
3,562

3, 170
2,320 [

4. 023
2,303

i

173
542

157 j
419 I
13, 526
14,049

12, 842
13,257

1,039
100

1,014
309

341

101,381
103,808

100. 593
102,853

171

174

191

181
223.5

8.970
148, 745
101,062

8,583 i 8,135
143,603 137, 562
102, 524
99, 913

j

7,478 i 0,720 j 5,884
127,418 i 117, 105 ! 103,717
95, 667
89, 320 ; SO, 400

9,229
9,959
0
0
37, 724 31, 850
253,914 250,171

8,720
0
28, 929
238. 739

8,171
0
23, 580
224, 670

7,434
0
20, 352
207, 597

o,435
0
16,882
180,914

167
164 !
360 |
i
15,730 i 12, 323
11,761
18,881 ! 13,374
12, G97

165
417

140
393

5 IS

158
487

12, 713
13, 291

10,883
11,430

10,731
11. 453

502
373

453
408

405
410

52,417
54,111

47,350
43,973

i
396

16,037
16, 621

243. 9

9,215
152,050
98, 968

2,952
2,751
41, 683
39,781
34, 947
36, 775
2,238 ! 2, 388
2,590 i 2, 540

142 !
397 !

393

13,381 ! 13,484
14.079 j 14,321
873
346

824
375

704
363

650
36S

581
357

92 211
98,484 I 95,690
98,004 I 94,452
100,718

87,677
90 671

79,110
82, 229

71,167
74,123

63, 600
65, 526

201
184

185

185

198
185

184

191

191

935
345

203
178

I
182 |
181

184

184

223. 5

5Q, 801
58,527

10, 443
31, 180

!9o
184

184 :

!

225.3

186 j

191

191

238.2 ! 241.8

186 |
233.3

243. 0

211.0

93.8
94.3 i
121.8 ! 126.2
110. 7
110.7
114. 4 ! 114.3
l

94.1
126.5
117.4
114.5

192 |

I

191

101

244.6

2i.J.O

245. 0

94.3
127.3
117.6
115,Oj

912
126. 7
113.8
114.8

94.2
120. 0
113. 6
111.7

93. 7
120. 2
114.2
114.7
90. 4
127.7
119.0
118.9

230.3 !
I
93.7
126. 3
114. 6
116.2

109.5 I
111.8 i
108.4 |

88.1
110.1
108. 4
109.3

9L8
111. 3
109. 4
110. 8

93.3
111.5
109.7
113.0

93.2
111.7
109. 7
113.0

93. 4
127. 9
118.7
120. 4

88.6
111.7
118.1
112,1

90.5
112.0
113.0
112.9

95.3
113.3
113.8
113.5

95.8
113.4
114.0
117.1

95,7
96.7
113. 6
122.2
114.0
114.8
117.1 | 118.8

96.4
127.6
114.8
118.7

96.6
127.8
120. 4
118. 8

96.8
128. 5
120.5
119.3

98.7
128. 2
119. 4
119. 2

90.7
128. 1
119. 1
119. 1

910
123. 4
115.1
119.5

88.3
111.1
112.7
109.7

89.2
112. 2
108.8
112.8

94.0
113. 9
110. 7
114.4

94.8
114.8
111.6
117.6

94.6 !
95.4 |
115. 1 i 120. 5
111.6 i 113.1
117.5 I 118.8

94.7
126.4
113.1
118.6

94.9
126.6
117. 5
118.0

95.1
127.6
117.5
119.4

94.8
126.8
114.2
119.2

94.8
126. 6
114.2
119. 0

82.5
117. 1
104. 9
105. 3

80.1
106.5
102. 4
104.1

82.0
108.5
98 1
105.0

84.3
109. 6
99.8
105.4

88.4 i 88.4
88.3
109.6 1
110.0 119. 4
104. 9
101. 3
101. 3
107.8
106.0
105. 9

85.5
121. 6
104. 9
107. 0

85.7
121.8
111.2
106.4

85. 9
123. 9
110.6
109.0

85.0
120.4
106.8
108.2

85.0
82.9
119.0 ! 118 9
100.8
103.4
107. 4
100. 6

76.4
113.3
97.7
98.6

75.0
101.1
02.2
96.1

I
76.6 I
103.5 i
92.2
97.2

78.1
104.9
94.0
97.6

82.7
104.9
95.8
93.0

79.2
116.2
96.4
98.3

79.4
116.4
104.9
97.6

79.6
118.4
104. 2
100. 8

78.4
114.3
97.3
99. 6

78.4
113.5
97.3
98,7

76. 4
113.2
93. 9
97. 6

21, 098

23,850

30, 173

177
57.6

177
50.8

1,311
1,194

1,318
I, 178

i

82.7
105. 0
95.8
97.9

82.3 i
115.0 ;
96.4
99.2

REAL ESTATE
Fire losses
thous. of dol__ 27, 676
25, 070
8,655 i 29,319
28,664
19,767
21,438
19,525 i 19,812
Foreclosures:
Metropolitan cities*.
.1926=100..
222
230
170
196
237
214
176
243
230
Nonfarm real estate*
__ 1934= 100._
65.1
53.2
74.0
73.3
76.3
68.5
57. 7
74.7 ;
Loans of Federal agencies:
Federal Savings and Loan Associations:
Associations, total
number...
1,240 i 1, 249
1, 332
1,228
1,270 i 1,286
1,257
1, 296
1, 293
Associations reporting
do
1,143
1, 157 | 1,168
1,157
1,166
1,181
1,168
1,198
1, 200
Total mortgage loans outstanding*
thous. of d o L . 817,041 576,299 611,212 630, 680 644,068 ! 679,949 i 703,996 718,927 746,958
Federal Home Loan Bank:
Outstanding loans to member institutions
thous. of dol. _ 190,535 143,738 141,198 142, 716 146,146 153,488 167,054 | 169,568 175,604
Home Owners' Loan Corp.:
Loans outstanding*
do
2,370,984 2,729,274 2,698,611 2,661,542 |2,625,493 [2,591,115 12,556,401 2,524,129 12,497,224
I
I
I
1
I

! 19,350
180
63. 2 i
1,307
1,211

769,117 j 773,208
I 179,508

184,038

94.0
126. i
114.8
118.5

r

182
57. 3

1, 328
• 1, 198

776,080 ('•508,546
187 333

2C0,092

2,472,421 2,146,002 2,422,149 2,397,047
i
I

§index as of both F e b . 1 a n d M a r . 1, 1938, is 243.4.
r
Revised.

•rpora
closed through June 12, 1936, when lending operations ceased, and for loans outstanding thereafter. For loans outstanding, data beginning September 1933 will be shown in
a subsequent issue. The June 1936 figure, which was $3,092,871,000, represented the total of all loans made during the full period of lending operations.
478G9—38

5




66

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey

1938

January

March 1938

1937
January

February

March

April

May i June

July

August Septem-

October

Novem- | December I ber

DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (adjusted for seasonal
variation):
Combined indexf
1928-32=100..
Farm papers
do
Magazines
„
do
Newspapers
do
Outdoor t
—do
Radio-—
do
Radio advertising:*
Cost of facilities, total
thous. of doL.
Automotive
do
Clothing
do
Electric home equipment
do
Financial..
do
Foods
do
Home furnishings, etc
do j
Soap, cleansers, etc
-.do j
Office furnishings, supplies
do j
Smoking materials
do I
Drugs and toilet goods
do i
Allother
do.___j
Magazine advertising:*
j
Cost, total
do____
Automotive
do___.l
Clothing
.._.do._>_!
Electric home equipment
do
Financial
do
Foods
__.
do
Home furnishings, etc
do_
Soap, cleansers, etc
do
Office furnishings, supplies...
do
Smoking materials
_
_
do
Drugs and toilet goods
do.___
All other
do
Lineage, total
thous. of lines..
Newsnaper advertising:
Lineage, total (52 cities)
do
Classified
do
Display, total
.
do
Automotive
do
Financial
do
General
do
Retail
do

79.8
66.7
78.4
74.1
75.3
272.2

86.5
70.3
89.3
81.4
74.8
241. 5

91.9
76.7
94.3
88.3
68.5
234. 8

94.1
72. 0
97.8
90. 1
75.7
228.6

78.0
102.1
91.4
82.5
230.7

6, 941
859
15
74
62
2,199
18
635
0
710
1,908
462

' 6, 134
' 1,061
30
35
74
' 1, 771
'6
r
382
0
421
' 1, 727
'627

5, 714
973
25
65
69
1,631
9
407
0
436
1, 575
524

6, 345
1,099
25
108
76
1,728
10
517
0
510
1, 759
513

5,980
1,018 I
10 |
133
73
1,721
9
593
0
570
1, 517
336

8, 852
1, 260
372
101
386
1, 391
197
233
136
784
1, 408
2. 587
1,990

9,042
1,579
297
124
306
1,312
228
220
165
677
1, 675
2,459
2,031

12,634
1,471
393
290
329
2,122
498
459
186
696
2,893
3,297
2,399

90, 624
20, 242
70, 378
2,060
2,315
14, 785
51, 218

99, 588 103,092
21, 521 20, 615
82, 477
78,066
3,896
3,348
1,986
2,970
22,814
17,176
53, 781
54, 572

94.8
82.6
97.8
89.0
85. 4
247.0 |

98.3
82.5
101.9
92.5
79.5
289. 4

94.8
69.7
103.5
87.7
82. 8
283.4

96.2
86.4
101.9
88.8
84.4
298.3

95.0
79.0
99.1
89.1
79.1
277.0

'92.8
66.9
97.1
87. 6
84.5
229.9

91.3
80.6
102.4
84.3
77. 5
244.7

5, 555
904
32
101
71
1,508
4
560
0
0 i
616
621 I
1,492
1,484
266
307

4,761
683
27
97
68
1, 337
0
454
0
558
1,312
224

4,807
735
3?
78
52
1, 344
0
475
0
551
1,275
265

4,971
692
26
34
36
1,441
0
522
0
567
1, 289
365

5, 993
981
29
35
69
1,727
0
529
0
594
1, 533
497

6,193
965
19
47
92
1,724
16
557
0
644
1, 698
431

6, 573

14, 605
2,452
850
596
399
1,789
832
461
188
2,782
3,568
3,023

10, 688
2; 134
279
253
290
1,521
325
348
113
693
2,160
2, 572
2,235

9, 730
1, 582
414
92
276
1,385
257
353
157
608
1,964
2,643
2,018

12, 819
1,359
978
220
373
1,460
869
383
374
825
2,070
3,909
2,383

16, 382
2,128
1,153
522
417
1,963
1,318
425
279
782
2, 899
4,496
2,852

15,972
2,658
886
437
442
2, 078
1, 034
449
320
793
2, 810
4.066
2, 989

12, 955
1,511
600
508
366
1,813
670
263
389
735
2,233
3, 867
2,893

126,134 131,052 130,835 121, 784
25,798
24,632
25, 758 27,132
101, 502 105, 294 103, 702 95,986
7,462
7,332
5,413
6,956
2,065
1,807
2,390
2,218
24,019
22, 775
24, 406 24,135
63,814
70,414
69,292
71,985

99, 206
22, 614
76,593
5,903
1,992
17,160
51, 538

103, 699
23,710
79,989
5,371
1,279
16,531
56,808

117, 256
23,715
93, 541
4,052
1,302
19,829
68, 357

134,979
24,869
110,111
7,756
1,576
23,024
77, 755

119,746
21, 738
98,008
6,589
1,375
20,151
69,892

122, 295
21,314
100,982
3,723
1,519
15,136

68.8

69.7

71.0

72.1

71.6

72.2

1,943

1,840

1,671

1,822

1,841

2,017

15, 537 17,061
2,019
2,602
770
881
610
882
397
438
2,164
2,109
901
1,167
414
403
245
201
732
691
3,235
3,144
4,050 ' 4,543
2,762
3,206

5,876
1, 070
26
141
61
1,630
7
528

17,829
2,824
1,028
868
451
2,199
1,230
580
315
724
3,0S7
4,522
3,258

89.0
87.5
262.1

65
76
1, 906
21
582
0
687
1,793
444

GOODS IN WAREHOUSES
Space occupied, merchandise in public warehouses
percent of total..
NEW INCORPORATIONS
Business incorporations (4 States)
number..

62.0
2,173

62.4

64.8

65.7

67.9

2,620

2,228

2,608

2,417

2,122

2,171

POSTAL BUSINESS
Air mail:
907 003 ,003,256 1,174,070 ,097,608 ,104,137 ,129,743 ,124,012 1,151,851 1,146,860 ,202,650 ,121,521 ;
Pound-mile performance
thousands..
0)
(
0 1,410,974 ,538,470 1,799,916 ,665,256 ,690,041 ,729,836
Amount transported
pounds..
0)
0)
(')
0)
Money orders:
Domestic, issued (50 cities):
4,214
4,198
4. 265
4.042
4,055
3,925
4, 241
4,269
4,046
4,638
3,954
4,116
Number
thousands. _
42,147
39, 735 41,750
40,847
39, 571
38, 383
44, 581 41,867
41, 875
39, 700
Value
thous. of doL. 40, 864 40,019
Domestic, paid (50 cities) :
14, 665
12,426
13,918
12, 928
14,055
13,349
15,374
14, 114
12, 596 11,826
13, 292
Number
thousands.. 12,602
95, 752 90,413 116,518 107,985 103, 410 108, 575 104,192 102, 567 109,628 118,919 112, 737
Value
.thous. of dol.. 93,941
2,456
2, 684
2,601
2,607
2,502
2,348
2,717
3,167
2,744
Foreign, issued—value
..do
2,724
2,429
Receipts, postal:
31, 693
30,695
29,623
26,600
29,843
26, 287
31,129
30,042
50 selected cities.—
thous. of dol_. 27, 492 • 28.055 27, 754 33,763
3, 670
3,519
3,292
3,453
3, 262
3,376
3,312
3,646
3,533
3,418
3,412
50 industrial cities
do
3,882

0)
4, 598
44 373
15, 865
120,235

41,959
4,994

RETAIL TRADE •
Automobiles:
New passenger automobile sales:
82.6
50.3
90.8
'70.1
134.3
122.9
112.6
144.6
73.2
141.3
85.5
146.5
90.1
Unadjusted
1929-31 = 100..
127.0
78.0
89.0
99.0
120.5
104.0
104.5
102.5
139.5
123.5
64.5
129.5
105.0
Adjusted
do
Chain-store sales:
Chain Store Age index:
Combined index (20 chains)
114. 8
106.7 ' 105. 3
117.0
r 111.5
113.2
109. 0
114.0
114.5
112.0
108.6
110.0
110.0
ay. same month 1929-31=100__
128.0
118.0
128.0
117.0
124.0
123.0
130.0
124.0
107.6
126.0
117.0
117.0
112.0
Apparel chains
do—
Grocery chain-store sales:*
94.9
94.7
94.9
93.9
'97.0
95.3
98.3
91.1
99.7
97.8
100.1
95.0
Unadjusted
1929-31=100.
94.4
'94.2
94.9
96.6
93.0
93.3
96.9
93.9
96.8
97.4
96.8
99.1
97.9
Adjusted
do...
Variety store sales:
Combined sales of 7 chains:
99.8
101. 5
203.5
102.7
71.6
90.6
100.7
97.0
98.3
89.0
81.3
97.1
70.3
Unadjusted
do—
104.5
100.0
101.2
110.3
105.9
109.0
102.4
96.2
98.3
97.4
103.3
96.
94.4
Adjusted
do...
H. L. Green Co., Inc.:
2,638
2,898
2,705
5,490
2,702
2,805
2,368
1,79
2,454
2,826
2,774
' 2,022 ' 2, 019
Sales
thous. of dol.
13"
137
136
138
136
135
136
136
136
136
13
135
Stores operated
number.
136
S. S. Kresge Co.:
12, 097
24,145
13,423
12, 531
12, 650
12, 349
11,013
9,02
13,001
12,635
11,199
9,843
9,349
Sales
thous. of doL.
738
'734
735
741
732
735
733
740
731
741
'728
Stores operated
_..number._
74
729
S. H. Kress & Co.:
14,616
6,931
7,114
7,397
6,797
6,899
6,559
7,007
6,400
5,15
5,595
7,447
5,109
Sales
thous. of dol_.
234
234
235
235
234
234
235
234
235
235
235
Stores operated
.number..
23
235
McCrory Stores Corp.:
6,763
3,306
3,108
3, 333
2 9'
3,133
3,266
3,365
3,023
2,662
3,556
2,510
2,47
Sales
thous. of dol
200
196
'l97
197
196
197
197
194
196
194
198
20
195
Stores operated
number..
1
a
Discontinued by the reporting source,
'Revised.
Receipts for Louisville, Ky., from Jan. 24-31, 1837, not included.
,
„
• New series. For radio advertising for period 1932-36, see table 38, p. 20 of the September 1937 Survey; for magazine advertising for period 1932-36, see table 40, p. 18 of
the October 1937 issue. For data on grocery chain-store sales beginning 1929, see pp. 14-16 of the May 1937 issue.
tData revised beginning January 1934; revisions not shown on p. 25 of the July 1937 Survey will appear in a subsequent issue.
• T h e following reports, showing percentage changes in sales, are available at the Washington, D. C , office of the Bureau of Foreign and Domestic Commerce, or at
of its District Offices: (1) Chain drug stores
men's wear stores, (2) Independent stores in 26 States and 3 cities, by kinds of business, (3) Wholesalers' sales,
anykinds of business, (4) Manufacturers' sales, byand chainbusiness.
by
kinds of



67

SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1936 Supplement to the Survey.

1937
January

February

DOMESTIC
RETAIL T R A D E - C o n t i n u e d
Chain-store sales—Continued.
Variety-store sales—Continued.
G. C. Murphy Co.:
Sales
„
thous. of doL.
Stores operated
number.F. W. Woolworth Co.:
Sales
thous. of doL.
Stores operated
number...
Restaurant chains (3 chains):
Sales
thous. of dol-.i
Stores operated
number.. I
Other chains:
I
W. T. Grant & Co.:
j
Sales
-thous. of dol...
Stores operated
„____number...
J. C. Penney Co.:
Sales
thous. of dol—
Stores operated.
number..
Department stores:
Collections:
Installment accounts
percent of accounts receivable-.
Open accounts
do
Sales, total U. S.f unadjusted. .1923-25=100Atlanta
do
Boston
.
do...__
Chicago t
do
Cleveland
do
Dallas!
do
Kansas City*
1925 = 100..
Minneapolis!
1929-31=100—
New York
1925-27=100Philadelphia t1923-25=100Richmond
do
St. Louis*
do——
San Francisco
do
Sales, total U. S., adjusted
.do
Atlanta
do
Chicago f
do
Cleveland
do
Dallast—
do
Minneapolis!
1929-31«100—
New York
1925-27=100...
Philadelphia!
1923-25=100..
St. Louis*
do
San Francisco
do
Installment sales, New England dept. stores
percent of total sales—
Stocks, total U. S., end of month:f
Unadjusted
1923-25=100..
Adjusted
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol—
Montgomery Ward & Co
do
Sears, Roebuck & Co
_.do
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31=100..
Middle West*
do
East*..
do.._.
South*
do
Far West*
do....
Total U. S., adjusted
do
Middle West*
do—
East*
do
South*
_
do
Far West*...
do

March

April

May

June

July

vein- DecemAugust Septem-j| October Nober
ber
ber

TRADE—Continued

2,490
200

2,519
195

' 2, 551
195

3, 379
195

3,082
195

3. 626
195

19,157
2,005

18, 650
1,998

19, 758
2,000

24,815
2,003

21, 858
1,996

24, 562
2,002

3,581
346

3,368
347

3,774
348

3,677
347

3,654
348

3,462
346

3,569
346

5,325
480

5,626
477

' 5,615
477

15, 928
1, 498

' 14, 243
1,499

8,614
477
22,820
1,503

8,463
479

15, 265
1,524

7, 616
7,176
477
477
19,823 j 20, 230
1,500
1,503

16.4
47.4
72
85
70
69
81
67
74
69
'55
79
66
80
93
107
97
91
106
89
89
r
76
83
98

16.4
44.0
76
95
57
78
82
90
72
68
72
57
77
72
81
95
108
97
101
106
92
85
76
83
96

10.2

10.6

12.0

63
71

66
74

72
76

52, 460
21,840
30,620

54,427
22,578
31,849

78.6
86.5
105.9
94.6
104.3
95.8
102.9
127.6
126.9

88.6
81.0
88.4
107.5
95.6
106.7
98.7
105.3
129.5
128.3

3,142
3,502 ! 3.460
195
197
195 |
24,727 i 22, 795
24,237
2,006
2,008 | 2,008

3,335
197

3,443
199

6, 592
200

24, 271
2, 008

3,896
199
26, 788
2,012

2.5,143
2,013

47,182
2,013

3. 651
354

3,960
355

3, 949
351

3, 518
351

3, 839
346

7,706
479

6,780
479

7,819
480

8,957
481

8,373
482

16,615
482

22, 254
1,508

20,409
1,508

19,761
1,511

24, 806
1, 516

29,990
1,517

27, 095
1, 523

38,005
1,523

16.3
46.4
90
100
79

15.4
45.1
65
80
53

115
100
98
107
91
90
79
90
97

98
95
94
81
96
85
75
110
79
86
93
111
100
98
106
96
88
75
86
97

71
71
75
65
72
64
51
76
61
79
94
114
98
93
107
102
85
73
88

16.0
41.9
72
103
54
78
80

17. 1
47.1
103
130
89
106
105
124
97
116
100
85
134
99
101
93
110
96
98
110
98
87
74

97

79
65
56
81
66
95
92
132
95
95
112
90
84
72
89
98

15.9
42.5
100
120
82
105
103
122
94
109
91
75
115
101
97
94
128
102
99
110
101
88
76
95
94

16.6
47.1
101
120
84
100
96
122
90
95
101
89
120
92
J02
91
105
92
91
109
94
86
78
79
96

16.4
45.4
' 156
193
132
' 155
151
184
149
142
155
130
206
138
165
'89
114
93
92
106
94
87
72
84
97

9.7

9.0

6.7

8.5

14,7

11.0

9 3

6.3

78
76

79
76

78
76

73
'76

69
'77

53,831
22,161
31,671

78, 625
34,931
43,694

89,681
40,096
49,585

92, 627
39,140
53,487

89,258
37,060
52,198

73, 655
30,439
43,216

74
78
71, 254
29,679
41,575

93.8
85.2
95.2
123.1
92.0
103.7
98.5
104.1
123.1
116. 4

117.4
107.1
120.4
147.5
119.0
126. 2
119.0
128.1
158.6
136. 0

116.4
106.5
122.0
138.8
121.2
121,2
108.1
122.6
150. 2
131.0

119.4
109.9
127.0
132.0
131.2
127.1
113.2
130.3
148.3
145.8

117.5
109.6
132.8
124.6
134.9
124.4
112.4
136.2
144.9
142.7

91.7
83.2
89.3
100.1
115.4
119.1
106.7
113.7
144.0
139.1

99.0
90.3
97.7
103.1
127.2
115.1
103.2
110.4
135. 6
138.3

i

70
86
66
7!)
67
87
67
72
68
5]
79
69
77
90
109
88
88
114
87
87
71
86
93

78

18.1
46.8
90
114
74
102
95
100
92
95
78
74
111
89
97
93
116
104
103
102
94
85
80
91
102

17.3
46.9
89
106
97
98
102
88
92
81
69
100
89
90
93
107
98
91
106
89
87
68
90

17.0
47.0
95
116
77
101
105
107
92
94 j
85

80 I
113 i

90 I

80
85
'76
77
90, 240 107,451
37,459 48,825
52, 781 58, 620

86
r
75

68
72

89, 813
39,550
50, 2G2

116,232
51, 360
64,872

160.2
143.7
160. 2
214.9
160.4
131. 3
121.2
135. 2
156. 3
137.1

145.8
132. 6
143.9
182.5
158,0
118.6
107.8
125.7
137. 2
131. 1

180.9
163.2
184.8
205.0
215. 5
127.4
114.9
129.7
148.6
141.3

130.4
115.1
126.1
160.4
157.0
131.7
115.7
134.9
156.5
134. 2

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
82.5
96.5
99.0
102.1
102.1
Factory, unadj. (B. L. S.)t
1923-25=100..
101.1
102.3
102.3
100.5
101.4
101.1
88.6
94.7
r
97.3
Durable goods group!
--do
97. 6
84.3
'92.4
75.9
90.4
93.2
98.4
98.6
99.9
98.8
98.9
98.1
108.8
90.0
Iron and steel and products!
do
105.8
98.1
80,6
100.0
103.4
106.8
108.9
110.1
101.4
107.6
108.7
Blast furnaces, steel works, and rolling
113.6
89.5
111.5
120.2
106.2
117.1
122.0
119.9
121.4
117.5
mills
1923-25 = 100108.6
121.4
Structural and ornamental metal work
63.8
71.8
74.2
70.8
75.7
76.9
80.6
81.4
79.1
75.0
78.7
82.3
1923-25=100'69.5
114.0
'91.3
Tin cans, etc
do
100. 8
96.8
83.4
95.8
98.4
100.2
102,2
104.9
109.2
114.8
117.9
71.7
'69. 5
63. 5
' 58.1
Lumber and products
do
53.7
65.0
65.8
69.8
70.6
71.6
72.9
72.9
73.0
86.8
79. 5
'74.5
89.1
Furniture
do
68.1
85.9
86.1
87.5
86.9
87.4
89.1
87.9
89.2
47.6
55.6
54. 3
51.2
Millwork
do
43.7
53.8
55.0
56.7
57.7
57.3
57.5
57.3
57.1
r
'42.8
52. 7
47.6
' 54.7
Sawmills
__
do
39.9
46.8
47.6
52.3
53.4
54.7
55.7
56.3
'56.0
113.1
130.7
128.9
121.4
Machinery!
do
103.9
114.9
118.8
Ml. 2
124.3
126.1
129.2
129.9
130.2
139.6
147.2
Agricultural implements!
...do
150.5
143.0
138.4
111.3
119. 0
131.5
137.5
139.7
140.6
138.6
141.0
104. 7
121.3
Electrical machinery, etc..
do
119.3
113.1
95.4
104.0
109.3
111.2
114.6
117.8
119.9
121.0
121.0
Foundry and machine-shop products
90.5
104.4
101.3
106.8
110.4
1923-25=100—
109.7
111.7
112.7
112.5
111.9
112.5
104.8
'98.1
Radios and phonographs
do
200.5
208.3
124.0
156. 7
96.8
187.1
170.6
163.0
158.4
139.9
182.3
196.8
203.5
Metals, nonferrous.do
98.9
114.1
112. 7
108. 4
111.5
88.4
106.9
111.5
114.6
115.5
115.5
113.9
112.8
Aluminum manufactures
_._do
104. 7
114.1
131.0
123.5
103.9
118.9
122.2
124.2
124.4
125.8
129.5
131.5
132.6
Brass, bronze, and copper products
1923-25=10088.9
118.5
124.1
113.1
121.7
127.6
119.0
114.8
122.3
116.9
' 97. 0
125.7
105. 5
Stamped and enameled ware
do
153.2 j 154.0
144. 0
122. 6
107.6
154.8
159.1
165.3
162.4
162.8
159.2
151.0
153.4
60.4
Railroad repair shops
do
'52.7
59. 0
57.4
47.0
61.2
62.2
63.8
62.1
61.6
63.3
63.6
64.0
63.4
63.5
Electric railroad
_
do
63.3
63.1
62.6
63.4
63.3
64.0
63.8
63.4
62.7
63.3
63.0
60.2
'51.9
Steam railioad
do
58.7
57.0
45.8
61.0
62.1
63.8
62.0
61.5
63.3
63.6
64.1
' Revised.
•New series. For earlier data on department store sales in the St. Louis Federal Reserve district see the July 1937 issue, p . 16, table 22; for rural sales of general merchandise by geographic districts see the September 1936 issue, pp. 14-17. Data on department store sales in the Kansas City Federal Reserve district prior to those shown on p.
27 of the November 1937 Survey appeared in table 47, p. 19 of the December 1937 issue.
tRevised series. For factory employment revisions beginning January 1934, see table 12, p. 19 of the March 1937 issue. Revisions in indexes of department store sales
by Federal Reserve districts are available as follows: Chicago, 1923-36, table 23, p. 16 of the July 1937 issue; Minneapolis, 1919-37, table 52, p. 19 of the January 1938 issue.
 for Dallas, 1919-37, not shown on p. 27 of the January 1938 issue, and Philadcphia, 1923-37, not shown here, will appear in a subsequent issue. Total U. S.
Revised indexes
deportment store stocks, adjusted, revised for period 1919-37; revisions not shown here will appear in a subsequent issue.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

68

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1936 Supplement to the Survey.

March 1938

1937
February

January

March

April

May

June

July

August

September

October Novem- "December
ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued

!
j

j

I

j
|

Factory, unadjusted (B. L. S.)—Continued
|
Durable goods group—Continued
I
67.2
74.4
73.0
55.1
74.0
71.9
71.7
71.4
72.7
Stone, clay, and glass products_1923-25=10070.3
62. 5
52, 3
50. 0
34.7
45.6
49.3
53.3
46.6
55.0
54.5
53.8
52.0
Brick, tile, and terra cotta
do „
69.9
69.2
49. 2
57.1
63.5
66.9
58.2
68.5
69.7
69.7
69.9
Cement
-do
111.1
109 9
89.0
92.8
110.1
110,9
107.6
112.3
112.4
107.9
109.6
Glass
do....
107.0
92.0
112.7
121. 0
125.4
116.0
128.3
126.4
119.9
111.8
122.7
Transportation equipment §
do.__112.5
133.9
97.2
125.2
131.6
136. 2
127.4
140.0
137.8
130.4
118. 7
Automobiles
do
68.5
67.9
44.7
55.7
70.2
75.1
62.9
77.7
76.5
71.6
72.7
Cars, electric and steam railroad§_.do
98.3
94.5
106.8
109.0
98.7
106.7
103.3
100. 2
102. 4
106. 2
106.8
Shipbuilding
do
107.3
103. 6
89.6
103.0
106.1
105.9
105. 2
104.8
103.5
104.1
106.9
Nondurable goods group §
..___
do
126. 5
12S. 6
112.6
120.2
124.9
126. 6
121.9
124.5
123.9
124.3
124.9
Chemicals, petroleum products
do
137.4
135. 2
118.2
130.8
134.0
135. 6
131.4
137.5
138.5
139.5
137.2
Chemicals...
do
114. 1
114.8
104.7
106. 5
112.2
111.5
110.0
108.3
108.8
106.2
111.8
Druggists' preparations
do..—
132. 4
131.6
128.0
134.6
138.2
131.2
140.2
138.9
136.3
132. S
Paints and varnishes
do 1 117.2
127.2
125 7
118 8
119.4
120.5
122.0
119.6
124.1
126.0
127. 5
128.2
Petroleum refining
-do
315.2
373.3
370.4
384.0
401.0
391.4
367. 6
378.1
403.4
407.1
387.5 ;
Rayon and products..
do
j
105.2
105.7
107.7
105.1
107.9
112.6
124.9
132.5
137. 8
125.0 i
Food and products.—..
do....I 102. 5
136. 7
138.4
130.5
133.7
132.7
132.2
134.6
136.6
136.7
135. 3
Baking
do
| 129. 6
223. 3
202.7 i
Beverages
do 1 184.7
182.3
192.5
196. 7
182.1
207.4
224.4
234.4
230. 7
86.8
89.4 !
92. 2
96.4
90.7
88.4
91.3
89.3
88,9
89.9
86.8
Slaughtering and meat packing
.do
!
92.7
89.5 !
Leather and products
do
j
85.7
97.5
100.8
98.3
99.9
93.1
93.8
96.3
96.6 i
90.7 !
Boots and shoes
do
j
89.1
99.0
102.7
99.3
101.9
95.3
94.0
98.0
98.6 1 94.0
93.9
92 5
89.6
Leather, tanning, finishing, etc
do.-..j
76.9
97.0
98.8
100.0
97. 5
99.1
98.0
94.7
106.3
107.9
107*! 7
Paper and printing-...
__do j 100.9
104.3
107.1
107.2
105. 7
107.7
106.9
106. 0
119.1
119.1
117.3 \
113.7
117.6
119.1
116.1
120.2
120. 5
119. 5
Paper and pulp
--do j 108.1
97.9
97.7 :
98.0
78.2
101. 3
96.7
98.7
101.6
103.6
101. 2
96.2
Rubber products
do
88.4
87.0
88.3
Rubber tires and tubes
do 1
71.3
92.7
81.2
81.4
93.4
93.7
92.7
89.7
102.8
'98.8
101. 6
84. 3
107.1
111.2
109.9
110.2
107. 3
103. 4
100.0
Textiles and products
„
do
j
97.3
91.9
94.9
Fabrics
.
do
j
80. 4
102.3
103.8
103. 7
103.6
102.2
99.7
98.0
113.0
114. 4
112.1
Wearing apparel
do
j
91.1
115. 6
125.5
121.8
122.6
116.5
109.3
102.0
61.8
62.1
62.6
51. 4
57.1
60.8
60.2
60.5
59.9
60.1
60.6
Tobacco manufactures.
do 1
Factory, adjusted (Federal Reserve)t§
I
84.4
102.2
102.4
99.7
101.4
98.4
100.9
103.0
101.6
100.7
98.8
1923-25 = 100-.|
99.3
96.7
98.6
Durable goods group!
-do j
77.6
98.3
92.4
97.4
93.9
98.4
97.8
100.1
108.7
105. 4
108. 4
Iron and steel and products!
do
!
82.4
106.4
102.3
108.0
103.7
108.7
100. 7
108.3
Blast furnaces, steel works, and rolling j
90
120
122
112
121
119
116
106
113
123
118
mills...
.
1923-25=100..!
Structural and ornamental metal work !
66
76
77
79
78
75
78
79
78
80
73
1923-25 = 100-!
90
104
107
109
104
98
105
105
107
103
110
Tin cans, etc
. —... ....do
i
66.4
'71.4
'69.3
56.9
71.4
68.8
71.4
68.1
71.7
72.3
72.9
Lumber and products..
do.
71
92
88
81
88
87
91
91
86
89
90
Furniture
_
do.
48
58
57
57
56
56
56
55
55
54
58
Millwork
do.
43
54
53
54
50
54
51
53
54
56
50
Sawmills
do
j
131.3
130.2
128.0
Machinery!
do I 104.7
121.1
116.0
123.7
118.9
125.6
129.4
131.5
135
148
158
151
143
125
109
130
147
136
113
Agricultural implements!
do
95
121
121
119
111
120
115
109
121
104
118
Electrical machinery, etc
do
Foundry and machine-shop products
91
114
110
112
108
110
113
104
114
102
108
1923-25=100..
104
162
201
190
180
190
189
155
196
214
201
Radios and phonographs
..do
115.9
109.4
113.7
90.6
113.2
109.6
114.3
111.7
115.4
115.0
115.4
Metals, nonferrous
do
106
132
138
103
119
121
123
131
121
121
138
Aluminum mfrs
do
90
121
112
117
122
122
124
123
121
120
126
Brass, bronze, and copper products,do
113
156
152
152
159
160
158
159
153
161
163
Stamped and enameled ware
do
62.4
58.7
60.1
47.8
62.2
62.4
61.9
62.4
63.7
64.4
62.3
Railroad repair shops
...do
63
63
63
63
64
64
63
63
63
63
63
Electric railroads
do
47
62
62
62
62
64
62
60
58
64
62
Steam railroads
do
89.4
70.3
70.5
61.2
72.6
69.5
71.8
72.6
71.3
70.4
70.4
Stone, clay, and glass products.
do
41
54
52
50
48
49
47
54
55
51
54
Brick, tile, and terra cotta
do
60
62
62
64
66
67
70
66
61
88
68
Cement
do
94
112
109
110
111
109
109
109
110
108
98
Glass
do ..
121.3
123.9
126.3
90.1
117.3
110.2
113.0
118.8
122.2
122.6
123. 5
Transportation equipment §
do
93
134
132
136
138
136
127
123
133
130
128
Automobiles
do
50
69
71
67
70
62
66
71
70
69
71
Cars, electric and steam railroad §__do
98
106
106
104
106
106
106
104
102
100
95
Shipbuilding
do
105.8
102. 9
100.2 !
91.8
105,9
105.4
106.2
105.8
106. 2
105.3
106.2
Nondurable goods groups §
do
127.2
123.7
127.4
112.9
122. 5
120.7
124.4
121. 6
126.0
127.5
127. 7
Chemicals, petroleum products
do_.__
120
137
137
135
135
138
133
137
138
138
133
Chemicals
do.
"
S
103
114
110
112
111
112
114
112
113
109
105
Druggists' preparations
_do,
120
134
134
136
134
132 [
135
136
136
133
131
Paints and varnishes...
do....
119
124
122
127
123 I
125
125
126
121
120
125
Petroleum refining
„
do
312
370
392
408
413
407
407
380
363
364
378
Rayon and products
do
116.2
114.8
113.8
111.4
117.0
114.8
116. 7
116.1
114.8
114.7
119.4
Food and products..
do
133
134
134
136
135
134
135
136
135
136
133
Baking
„
do
205
205
202
203
210
209
199
206
199
209
203
Beverages
do
89
89
88
90
88
91
89
91
91
93
93
Slaughtering and meat packing
_do_.__
88.8
93.0
90.0
87.1
97.4
99.1
98.1
96.5
96.0
96.1
95.2
Leather and products
do_.__
91
97
94
90
90
96
97
97
99
100
101
Boots and shoes
do
77
94
89
100
95
97
100
99
93
97
97
Leather, tanning, finishing, etc__._do
107.4
107.0
107.8
100. 6
107.4
104.0
105.5
107.5
108.0
108.2
107.3
Paper and printing
do
108
120
121
119
119
117
120
119
116
118
114
Paper and pulp
.
do
98.1
99.8
99.5
79.1
96.0
102. 3
101. 7
95.8
101.7
100.0
96.8
Rubber products—
do....
73
90
87 !
00
91
80
79
94
89
95
89
Rubber tires and tubes
do x
105. 9
100.9
96.4
85.2
107.0
107.9
103. 3
107.3
107.6
105.4
108. 2
Textiles and products.
___do j
90.4
'100,9
95.9
79.9
101.1
103.8
101. 7
100.7
103.2
101, 3
102.0
Fabrics
do
115.1
107.4
109.7
95.2
117.9
115. 0
120.9
119.8
115. 3
112.0
113.1
Wearing apparel
._do_...
60.8
60.2
59.3
Tobacco manufactures
do__._
55. 6
61.7
61.1
62.0
61.8
61.2
60.2
61.3
Factory, unadjusted, by cities and States:
City or industrial area:
102.1
101.4
88.7
102.8
103.4
95.4
102.7
103. 4 j 101.9
98.8
93.0
Baltimore
1929-31 = 100..
88.4
86.8
87.3
Chicago
.___.__1925-27«=100._
75. 3
84.9
85.2
81.5
83.2
86.5
86. 2
88.7
8L9
102.0
101.3
99.7
Cleveland
1923-25=100106.3
108.6
93.0
105. 5
108.4 ! 102.8
105.3
110. 4
124.9
83.8
Detroit
.
„
do
j
79.8
87.3
126.0
127.5
130.0
129.1
125. 4
83.5
114.4
111.4
113.5
Milwaukee
1925-27=100.. .
113.8
115. 7
110.0
109.0
113.6 ! 116.2
115.8
85.4
88.7
88.9
New York
do I "79." I
86.6
81.1
84.1
84.4
83.8 i 8 2 . 1
79.4
104.2
103.5
104.7
Philadelphia f
1923-25=100..!
89.8
105. 3
103.0
103.4
106.3
100.7 i 103.4
102.5
92.6
91.2
93.0
Pittsburgh.
....do
72.6
90.8
83.6
88.6
91.5
93.3 i 93.8
93.3
105.2
104.6
100.5
Wilmington
do
i
85.0
104.3
98.7
100.6
108.0
108.8 i 111.3
109.6
' Revised.
fRevised series. For revisions on factory employment, seasonally adjusted (Federal Reserve), see tables 1 and 3, pp. 14-20, of the January 1937 issue;
factory employment,
of
 §Revised series. revisions for 1935-36, see table 35, p. 20see the August 1937 issue.
For revisions beginning January 1934
table 12, p. 19 of the March 1937 issue,



68.2 |
45.5 j
66.1 i
106.7 \
121.8
133. 2
65.8
105.9 !
97.3 !
122.7 1
129. 8
112.5
128.0
123.9 1
374.0 j
114.6
135.2
194. 3
90.5 '
80.3 :
80.8 I
82.9 !
106.4 |
113.6 '
GO. 9
80.8
92. 0
87.2
101.0
62.9

63.2
'41.1
'60.5
' 100.0
' 105. 5
'112.9
'55.8
' 104. 8
' 93. 3
' 116.3
' 122. 6
110. 5
' 121.1
' 120. 2
336. 8
' 107.3
' 131.6
' 137. 4
' 90.9
'81.8
'83.8
78.6
' 104.1
' 109.4
'86.0
' 76.6
' 88. 2
'84.0
'95.8
' 60. 8

94.1
91.4
98. i

89.0
'84.4
' 90. 5

110

' 100

75
99
62.1
75
51
47
120.8
145
113

'70
'94
'58. 8
73
48
'44
' 113. 2
140
'105

105
127
105.1
122
103
143
57.4
63
57
87.2
44
67
105
119.1
128
73
107
97.0
120. 9
129
109
129
124
367
114.2
134
209
90
85.7
88
83
105.0
114
90^4
83
91.6
85.8
103.0
59.6

99
'115
97.9
'114
96
125
' 53.2
64
'52
'64.9
43
67
100
« 102. 8
•
'109
'61
'103
94.0
' 115. 5
' 123
108
'124
'121
330
'111.5
132
204
87
'S8.1
89
78
' 102.1
109
' 86. 3
'79
' 88.4
' 82. 6
' 99. 7
' 59.6

98.8
83.1
90.8
115.1
109.4
85.4
99.4
85.5
94.9

!
!
!
1
!
j
|
!
!
\
!
!

1

93.4
79.2
89.1
74.5
101.5
82.4
'94.3
78.4
'89.9

for Philadelphia

69

SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Janu1936 Supplement to the Survey.
ary

1937
January

February

March

April

May

June

July

October Novem- Decem

August »

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued

Factory, unadjusted, by cities and States—Ccn. I
j
State:
I
Delaware
1923-25=100—I 90.3
Illinois
—1925-27=100.. 80.7
Iowa
1923-25=100.. 125.3
Maryland
. . . . _ . .1929-31 = 100.89.3
Massachusetts
1925-27-100- 66.4
New Jersey
1923-25-100- 75.3
New Y o r k . .
1925-27=100.. 76.9
Ohio
1926=100.- *85.0
Pennsylvania t ~ —
1923-25 = 100- J 75.5
Wisconsin
1925-27=100-1 94.7
Nonmanufacturing, unadjusted (B. L. S.):
|
Mining:
I
Anthracite
1929^100.. 49.4
Bituminous coal
do
78.2
Metalliferous
do
67.2
Petroleum, crude, producing
do ! 75.8
Quarrying and nonmetallic
do
38. 5
Public utilities:
Electric light and power, End manufactured gas
1929 = 100..
93,9
Electric railroads, etc
-do
72.4
Telephone and telegraph
do j 77.3
Trade:
I
Retail, total
do j 85.1
General merchandising
do | 94.6
Other than general merchandising
1929 = 100..
82.6
Wholesaledo
90.9
Miscellaneous:
j
Dyeing and cleaning
.do i 75.3
Laundries
do ! 86.9
Year round hotels
do \ 86.8
Miscellaneous employment data:
I
Construction employment, Ohio... 1926=100-. P 3 8 . 8
Hired farm employees, average per 100 farms
number..
67
Federal and State highway employment:
j
Total
.
number.-i 196,858
Construction
do I 70,293
Maintenance
do
126, 505
Federal civilian employees:!
United States
do
811,481
District of Columbia..
_.do
113,338
Railway employees:
j
Class I steam railways:
|
Total
thousands. _ j
Index:
Unadjusted
1923-25=100-- 53.7
Adjusted
.
do
56. 0
Trades-union members employed:
All trades
percent of total—!
80
Building
do i
60
MetaL.l
do j
81
Printing
...do |
89
All other
do !
84
On full time (all trades)
do j
59
LABOR CONDITIONS

I

j

1018
89.4
126.2
100.1
84.0
83.9
85.5
102.6
88.0
99.7

107.2
91.6
128.7
102.4
85.2
85.3
87.3
107. 0
90.4
101.8

111.2
93.6
130.8
105.7
86.7
86.2
89.7
108.7
91.4
105.4

115.1
94.3
130.9
108.8
87.2
87.0
89.5
110. 0
92.2
106. 6

116.5
95.3
133.5
109.8
86.2
87.3
89.6
112.4
92.3
105.3

119.3
95.1
135. 4
108.6
83.4
87.5
89.4
102,3
92.2
104. 8

120.7
95.7
138.1
108.9 I
83.7 I
87.7
88.3
108. 3
91.9
113.2

128.5
96.8
136.7
109.9
84.2
88.9
89.9
108.1
91.8
110.4

121.9
98.1
133. 5
110.0
81.1
87.7
91.4
109. 0
92.1
112.2

64.1
84.6
66. 8
72.7
45.7

52.7
84.8
69.6
73.5
46.7

54.0
72.6
76.2
75.8
53.1

51.0

51.1

85.9
73.1
74.2
49.1

77 ft

77 Q

78.5
76.7
54.9

79.5 ;
78.5
55.4

45.0
75. 8
82.0 |
78.5

41.2
78.8
83.4
79.3
54.9

48.2
80.5
84.1
78.2
54.7

92.1
72.5
74.4

92.2
72.5
74.8

92.4
72.6
75.4

'93.1
72.9
76.6

94.6
73.3
77.7

96.3
73.3
78.5

97.5
73.4
79.7

98.3
73.4
79.8

98.6
73.7
79.8

85.4
95.1

85.2
93.9

88.5
100.3

88.8
99.6

89.9
102.1

90.5
102.9

87.6
95.9

86.2
93.8

82.9
90.7

82.9
92.0

85.4
92.1

86.0
91.9

86.7
90.8

87.2
90.3

85.4
90.6

S8.5
85.5

76.2
88.6
86.4

81.1
88.7
86.9

84.9
88.5
88. 4

88.6
90.3
87.7

92.1
93.5
86.9

51.2

51.8

57.7

62.5

76

72

87

101.0
90.7
131.2
101.0
72.1
83.1
85.1
100. 7
86. 0
106.1

95.3
85.9
129.9
94.0
68.2
79.3
81.6
'94.6
80.8
101.5

51.0 I
82.9
82.9 !
77.5
53.3

50.5
82.1
75.4
77, 2
49.9

'05.9
'80.5
'70.4
'76.5
' 43.9

98.5
73.4
79. 6

97.3
73.2
78.9

92.1
108.1

91.
1C9.8

100.1
144. 7

84.2
91.8

90. 7
103. 7
87.3
93. C

86.9
93.5

88.4
93.3

'86.3
95.2
86.1

'85.8
94.2
86.8

'87.7
93. 7
88.1

'85.9
'80.5
89.9
88.0
89.2 ! 88.9

' 77.1
'87.3
'87.3

65.1

66.8

70.0

71.7

70.2

66.1 I

101

107

108

107

110

104

90

346, 444 330,942
179, 416 170,897
167, 028 160,045

314, 067
150,885
163,182

255, 530
109,190
146,340

836,884
111,296

110,809

821,586
112,166

890, 603
114, 398

1,193 1,182 j

152

1, 134

1.077

65.1 I

63.4
62.2

62.5
60.8

59. 3
58.9

'56.3
'57.8

88
77
93
90
91
68

88
77
90
90
90
69

86
72
89
90
89
6G

83
64
85
90
87
63

210, 027
92,451
117, 576

190,336
69,550
120,786

200, 794 226, 286 299,063
81, 748 .101,525 139,896
119,046 124, 761 159,167

830,183
116,259

826,721
116,259

829, 582 835, 639 840,521 870,822
116, 535 116,755 116, 274 •111,981

313,149 334,536 351,853
164, 757 184. 629 191,710
148,392 149, 907 160,143

1,112
60.2
62.8

85
71
89
90
88
64

1,114

1,144

1,167

1,185 |

61.4
63.8

61.6
63.4

63.3
63.8

64.6
63.8

65.6 I
64.2 !

87
71
91
90
00
68

88
73
92
91
91
63

89
78
62
91
91

89 i
79
94
91
91
69

86

m
89
90
89
65

112.1
95.2
136.1
105. 2
78.9
85.1
89.9
108.2
90.8
108. 4

849,370
110,942

65.7
64.1

89 I
78
94
90
SI
69

843,131
111,301

63.5
88 I
78
93
90
90
68

r

87.9
94.0 j

r. I

'96.1
'72.8
78.0

r

' 45.4

1,024

j

Hours of work per week in factories:
!
Actual, average per wage earner
hours..
32. 5
41.5
40.9
38.9
41.0
41.7
34.1
40.6
40.:
39.2
35. e
Industrial disputes (strikes and lockouts):!
Beginning in month*
number..
r 165
'430
'210
'527
'598
'452
'343
' 609
' 232
' 171
' 595 I
' 292
*>150
In progress during month
do
v 295
805
'715
' 349
'775
'755
' 623
' 412
'271
' 537
'922 i '801
Workers involved in strikes:
|
Beginning in month*
do I v 32,000 ' 108. 641 112,215 '289,813 220, 495 ! 322, 878 ! 280,093 j' 142,594
• 138,561 ' 84, 245 ' 62, 704 ' 66,168 v 27,000
'
'
In progress during month
_do__. v 50,000 '214, 288 •239,229 '357,664 • 392, 435 441, 277 474,184 !'353, 782 • 235,121 1155,082 118,061 110,822 p 57,000
Man days idle during month
do
455,000 '2,720,441 1,520,810 '3,290,230 "3,367,630 '2,955,851 '4,986,126 '3,024,556 •2,238,850 1,407,536 1,146,156 897,739 •660,000
Employment Service, United States:
|
Applications:
Active
file..
do
6.054,616 6,282,615 6,115,443 |5,495,209 5,519,754 5,309,545 5,016,023 4,940,578 4, 853,345 4,636,744 4,393,092 4,421,076 -4,874,631
New
do
939,708 292, 304 262,290 j 282,587 288,049 272, 035 337,917 295,078 283,562 278, 945 291,187 299,101 452,035
Placements
_—-do 135, 759 242,136 250, 241 294. 308 348,915 379, 972 374, 038 341,158 357,937 346,048 303, 286 224, 226 '178,667
Private
do
227,991 239,605 210,240 157,530 r129,477
91,876 143,969 157,738 193, 641 219,456 240, 753 224,629
207,578
Private placements to active file* percent.4.5
5.2
4.7
3.5
4.0
4.2
1.5
2.3
4.5
4.8
2.6
3.6 |
2.7
Labor turn-over in mfg. establishments:
Accession rate..mo. rates per 100 employees~
3,36
4.04
3.36
4.71
4.74
3.56
3.78
2.12
4.60
3.78
2.84
1.79 j
Separation rate:
i
Total..
do
4.02
3.52
3.99 !
3.09
2.85
8.37
6.08
3.38
4.62
6.87 i
5.69
3.20
8.51
Discharge—
_
do j
.19
.19
.22
.23
.11
.21
.21
.19
.21
.16
.19
.24
.14
Lay-off
do__ j
1.94
2.57
1.44
1.90
2.06
2.84
1.48
5.45
5.99
4.45
1.53
1.79
7.77
Quit
_
do 1
1.89
1.23
1.19
1.27
1.25
1.59
.52
1.05
1.43
1.38
.60
.72
1.37
I
!
PAY R O L L S
;
Factory, unadjusted (B. L. S.) 1—1823-25=100.. |
103. 8
105.2
100. 4
102.9
100. 1
90.7
95.8
104.9
71.1
89.5
80.9
100.1
101.1
Durable goods groupf
do ;
104.6
86.6
92.5
107.5 I
89.9
106.4
63.2
100. 7
104. 0
99. 4
'77.0
100.0
101.7
Iron and steel and products!
do \
110-4
103.9
85. 7
124.7 I
112.6
124.5
57.5
'71.9
113. 5
120. 4 '112. 8
106.8 !
Blast furnaces, steel works, and rolling i
mills-..
1923-25=100. J
132. 4
142. 3
123.4
118.5
129. 7
115.9
127.2
145. 6
58.8
145.6
118.9 |
'75.5
Structural and ornamental metal work
1923-25=10084.7
82.4 ! 82.3
72.2
83.9
67.5
78.5
78.5
58. 0
63.3
'68.2
74.5
81.6
r
Tin cans, etc
do
122. 6
99.4 i
104.2
10S.2
111.7
- 128.5
116.6 ! 122.0
85.1
'107.5
'94.4
99. S
94.4
-•Revised.
_
_
* Preliminary.
New series. Beginning with the November 1937 issue, data on percent of private placements to active file were substituted for the series previously shown, which was
percent of total placements to active file; data prior to September 1936 not shown on p. 29 of the November 1937 Survey will appear in a subsequent issue Earlier data on
strikes beginning in month and workers involved in strikes beginning in month appeared in table 25, p. 19 of the July 1937 Survey.
•(•Revised series. For factory pay rolls beginning January 1934, see table 13, p. 19 of the March 1937 issue. For industrial disputes beginning 1927, see table 25. p. 19, of
the July 1937 issue. For 1935-36 revisions in Pennsylvania factory employment see table 35, p. 20 of the August 1937 issue. Data on Civil Service employment are in process of
revision. Figures on old basis were last shown through July 1937 in the October 1937 issue. Data on the new basis prior to those shown on p. 29 of the January 1938 issue
will be shown
 when available.



70

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1985, to- 1 9 3 8
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey.
ary

March 1938

1937
January

February

March

April

May

June

July

August Septem- October j
ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
FAY B O L L S - C o n t i n u e d
Factory, unadjusted ( B . L. S.)—Continued.
Durable goods group—Continued.
Lumber and products
„ . 1923-25 = 100-.
Furniture
do
Mill work
do
Sawmills
do
Machinery f
do._~
Agricultural implements!
do
Electric machinery, etc
do
Foundry and machine shop products
1923-25=100..
Radios and phonographs
do....
Metals, nonferrous_ _
"
do
Aluminum mfrs
do
Brass, bronze, a n d copper products
1923-25=100..
Stamped and enameled ware
do
Railroad repair shops
_do
Electric railroads
_
do
Steam railroads.
do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Cement
do
Glass
do
Transportation equipment t——
do
Automobiles
do
Cars,electric and steamrailroadf—-do....
Shipbuilding
„.
do
Nondurable goods groupf
do
Chemicals, petroleum products
do
Chemicals
_.___do
Druggists' preparations
do
Paints and varnishes
do
Petroleum refining
do
Rayon and products
do.
Food and products
do.
Baking
do.
Beverages
._
do.
Slaughtering and meat packing
do
Leather and products.______
do.
Boots and shoes
do.
Leather, tanning, finishing, etc
do
Paper and printing.
do
Paper and pulp
do
Rubber products
do
Rubber tires and tubes
do
Textiles and products
do
Fabrics
do
Wearing apparel
__
do
Tobacco manufactures
do_
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31=100..
Chicago
192.5-27=100..
Milwaukee
_...
do...
New York
do__.
Philadelphia!
.1923-25=100.
Pittsburgh
do._.
Wilmington
do...
State:
Delaware
do__.
Illinois
1925-27=100.
Maryland
1929-31 = 100..
Massachusetts
1925-27= 100. _
New Jersey.
1923-25=100—
New York
1925-27=100__
Pennsylvaniaf
1923-25=100...
Wisconsin
192.5-27=100.
Nonmanufacturing, unadjusted (B. L. S.):
Mining:
Anthracite
1929=100..
Bituminous coal
do.
Metalliferous
doPetroleum, crude, producing
do.
Quarrying and nonmetallic
do
Public utilities:
Electric light and power and manufactured
gas
1929=100.
Electric railroads, etc___
do.._
Telephone and telegraph
do
Trade:
Retail, total
do_
General merchandising
do.....
Other than general merchandising.do
Wholesale
do.
Miscellaneous:
Dyeing and cleaning
do.
Laundries
do..
Year round hotels
do.
r

I
42.1
49.1
35.5
31.4
94.9
172.1
85.8

54.9
71.4
47.1
37.2
111. 0
131.6
97.0

58.2
75.0
50.4
39.7
118.2
139.6
107.3

64.6
76.9
52.6
48.0
125.5
162.1
112. 1

68.3
78. 5
55.6
52.0
133. 9
180. 0
121.0

79.3
75. 8
73,4
96.9

146.0
97.1
114. 7

105.0
124.2
103.5
121.7

111.6
127.1 I
111.8 I
130.4 |

71.1
90.5
47.0
67.0
45. 6
43.5
23.8
43.8
77.7
68.3
63.4
49.3
113.0
81.1
117. 6
125.3
117.2
106.5
134.3
275. 5
106.1
124.8
198.0
107.7
65.9
63.5
76.6
95.0
97.8
66.1
61.1
64.9
64.6
62.8
43.6

113.1
148.4
61.2
64.5
61.1
52.7
36.4
49,9
84.6 j
100.7
10S.2
58.8
96.8
96.0
119.4
131.8
113.1
120.3
119. 5
338.1
100. 5
118.4
187.8
95.8
86.3
82.4
102.5
98.7
109.9
99.4
94.6
94.6
96.0
88.1
47.1

120. 2
154. 9
63.4
64.8
63.4
59.8
37.9
52.6
107.2
112.3
121. 8
66.7
97.9
99.9
123.6
135. 2
119.3
127.2
122. 7
344.5
101.3
121.9
189.3
88.4
90.9
87. 9
104. 6
100.5
113.5
104.4
101.3
300. 1
97.6
100.9
52.6

90.8
59.7
70.5
82.3
71.3
83.0

104. 0
65. 8
104. 6
72.2
98.1
106.1
96.7

77.2
65.1
91.6
59.0
71.2
68.9
65. 5
87.9

68.2
76.7
54.9
134! 9
183. 9
123.5

72.3
78.7
57. 5
57.4
137.2
182.7
126.1

67.3
73.9
54.8
52.8
133.6
172.5
124.1

71.4
79.2
56.1
56.2
137.1
184. 2
126,8

68.2
78.2
53.2
52.6
134.3
189.2
124.1

65.3
76.8
51.7
49. 4
134.2
203.5
124.8

55.1
65. 8
46. 3
40.4
121. 2
184. 5
114.3

'48.4
' 60. 0
'42.8
' 33. 9
r 110.6
173. 5
' 102.9

118. 5
120. 8
114.2
130.7

119.4
108.5
113.1
134. 8

119.5
156. 2
111.5
135. 6

114.8
166. 1
105.3
134. 5

118.9
175.8
109.9
141. 2

114.2
173.9
110.1
135.7

113. 5
165. 5
109.9
115.9

101. S
123.0
99.9
127.8

'93.0
'98.7
'86.5
' 110.7

127. S |
163.2
65.8
67.1
65. 9
66.1
42.6
62.5
115.1
123.6
132. 2
79.1
116. 0
102.6
128.1
140.2
121.2
133.1
125.6
349.7
104.1
124.1
211. 0
91.5
92.4
89.0
107.3
104. 1
116.5
99.8
90.4
103.2
97.5
110.4
52,4

182. 7
164. 1
67.4
67.6
67.6
71.1
49.2
68.5
120.2
128.6
136.0
89.1
122.7
102.9
136.4
150.6
119.8
142.1
137.0
364.8
108.2
123. 4
220.2
98.7
87.7
81.6
111.4
104.8
119.6
100. 3
90.5
100.2
100.3
95.7
52.3

126.5
166.0
67.1
66.4
67.4
72.0
49.1
71.4
118.9
134.1
143.8
89.9
118.7
102.3
136.7
152. 5
118.0
145. 0
138. 3
382.0
111.6
130.3
236.9
99.0
81.6
74.1
110.0
105.9
121.8
109.2
102.7
96.2
98.0
8S.9
53.6

125. 3
162.4
68.7
67. 1
69.0
71.4
49.1
75.0
119.4
127. 8
135.2
91.4
114.5
100.8
137.4
153.5
121.3
142.7
143.0
391.8
115.8
133.8
260.5
99.2
80.6
73.3
108.4
104.9
124,3
103.8
97.9
91.3
93.8
82.5
55.7

116.7
146.2
63.5
67.0
63.3
66.1
46.2
72.4
108.6
117.5
123. 6
83.4
111.7
100.0
136.8
153.9
112.0
138.3
143.1
392.9
128.3
134.9
284. 8
99.9
84.6
79.8
104.0
101.6
119.2
96.8
93.6
85.5
89.6
73. 8
55. 8

116.6
157.0
67.3
68.7
67.4
70.5
46.2
77.1
120.3
112.8
115.3
87.4
118.8
103.5
140.7
156.1
123.0
135.4
150.5
400.7
131.2
132.4
273.4
96.6
83.7
78.7
103.8
102.6
123.8
97.0
89.8
92.1
90.0
92.4
57.2

113.2
149.2
63.1
67.7
62.9
69.9
46.4
72.8
118.7
104.4
105.6
79.7
119.0
100.9
139.0
150.9
127.3
131.6
143.1
393.6
133.2
136.1
253.0
98.0
71.6
64.5
98.6
103.7
117.6
97.4
90.4
87.1
85.3
87.0
56.5

106.7
156.4
64.9
68.0
64.9
69.6
44.2
72.2
119.2
129.9
138.3
82.5
124.4
98.2
137.5
150.6
128.9
134.1
142.3
374.9
125.0
137.3
222.4
100.1
66.3
58.7
95.0
105.1
116. 7
94.3
84.3
'84.2
81.0
87.0
57. 9

92.1
141.5
63.3
68. 2
63.0
63. 6
36.4
67.3
111.9
120.0
125.8
81.1
121.4
89.0
132.1
141.7
125.8
124.8
140.4
360.3
115.9
130.3
212.7
102.3
53.8
46.0
82.7
101. 5
105. 4
82.0
72.9
71.5
71.5
68.6
57.2

'80.3
' 114. 7
' 55. 7
'70.1
'54.7
' 54. 5
'30.8
'58.0
' 95. 8
' 92.4
' 90. 8
'65.0
' 126. 5
' 85.8
124. 4
' 130. 4
' 124. 0
' 116.1
' 137. 9
313.5
'110.4
' 127.4
202.0
' 104. 7
58.4
53.2
'78.5
' 100. 8
' 98. 8
' 77.1
'70.8
'68.7
68.9
' 65. 2
'55.7

108.6
68.4
108.2
75. 5
100.3
117.8

118. 3
70.6
118.1
81.0
104.2
122.8
104.6

127.6
74.6
123.0
76.5
106.1
134.9
112.7

128.1
75.9
120.5
75.1
100.5
137.1
113. 5

124.6
76.4
123.7
73.9
104. 4
137.4
113.6

121.9
75.4
118.8
72.3
103.5
128.2
110.9

124.4
76.2
118.6
80.0
105. 2
138.9
106.5

123.4
75.4
117.7
81.4
102.0
124. 6
106.6

120.9
74.7
121.8
81.7
103. 5
119.7
102. 7

110.1
67.9
113.9
74.7
95. 4
99.0
95.1

64.3
100.2
73. 7
'91.1
'84.3
'91.2

89.4
74.7
106.4
80.3
79.1
78.8
89.5
93.9

91.3
78.2
110.3
82.0
81.5
81.1
94.2
100.7

97.0
81.2
119.3
85.3
84.4
86.1
98.0
105.9

104. 5
85.9
127.3
87.7
87. 8
86.5
104. 0
108.9

105. 4
86.2
127.8
86.2
88.9
86.4
103.8
108.0

104.5
86.3
125.0
83.5
88.0
86.4
103.3
107.4

103.9
83.9
121.7
83.5
85.7
84.9
98.8
110.7

105. 6
86.1
125.1
82.6
89.0
87.2
103. 6
113.0

101.8
85.2
123.5
78.7
85.0
86.5
97.5
110.3

96.2
84.3
121.0
72.4
84.4
84.8
95.3
111.5

88.3
76.3
110.7
65.9
79.8
76.7
'82.7
105.1

84.7
71.2
99.3
62.0
76.3
74.2
'74.0
97.6

42.9
57.7
58.6
67.9
28.0

42.7
79.9
58.4
61.2
34.6

41.0
82.4
63.4
64.1
37.8

37.8
88.4
70.6
63.9
41.3

63.9
54.4
76.9
67.7
48.1

44.4
67.8
79.8
68.2
51.4

50.9
71.2
77.7
70.4
52.6

35.2
66.4
77.8
70.5
50.8

27.2
73.8
83.0
70.8
53.2

31.5
77.7
82 2
71.2
50.1

51. 0
80. 0
81.7
69.9
49.3

45.1
77.8
71.6
70.2
41.7

'47.2
'81.3
' 65.1
'69.8
33.4

98.4
70.9
93.5

92.3
68.0
83.6

93.6
68.7
82.2

94.8
69.2
87.2

95.5
69.4
86.3

97.9
70.1
89.5

100.4
71.1
88.6

102.2
70.8
92.1

102. 6
73.1
92.1

104.0
71.6
92.3

105.3
71.4
'94.9

103. 8
'71.8
'91.4

' 102. 4
'71.9
'94.7

70.5
85.7
67.4
75.6

68.0
83.8
64.7
72.6

67.9
82.9
64.8
74.1

70.5
87.6
67.0
75.0

71.9
89.1
68.3
75.4

73.5
91.5
69.8
76.1

74.4
92.5
70.6
76.3

72.8
87.3
69.8
76.9

72.3
85.7
69.5
79.0

74.4
92.4
70.7
78.3

75.9
96.2
71.7
79.3

75.3
97.1
70.8
78. 3

' 80. 6
' 123.5
'71.7
'77.8

56.1
78.4
75.3

55.6
76.4
70.4

54.6
76.3
72.5

61.7
77.5
72.7

68.8
78.5
74.5

73.9
81.4 1
73.6 !

79.2
85.5
74.0

'68.3
86.9
73.3

'69.8
86.0
74.4

'73. 6
84.4
76.1

'71.8
81.5
77.7

'63.3
79.2
77.9

'58.9
'79.2
' 76.3

Revised.
fRevised series. Factory pay rolls, for revisions beginning January 1934, see table 13, p. 19 of the March 1937 issue. Pay-roll indexes for Philadelphia and Pennsylvania
revised for 1935 and 1936; see table 35, p. 20 of the August 1937 issue.




71

SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1936 Supplement to the Survey.

1937
January

February

March

April

July

June

May

August

Septem- Octo- Novem- December
ber i ber
ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—EARNINGS AND R A T E S
Factory, average weekly earnings (25 industries)
(N. I. C . B . ) :
AH wage earners
___.
dollars..
Male:
Skilled and semiskilled
..do
Unskilled
do
Female
do
All wage earners
_ 1923=100._
Male:
Skilled and semiskilled
do
Unskilled
do___.
Female
do
Factory average hourly earnings (25 industries)
(N.I.C.B.):
All wage earners
dollars..
Male:
Skilled and semiskilled
do
Unskilled...
do....
Female.
do
Factory, average weekly earnings, by States:
Delaware
1923-25=100..
Illinois
1925-27=100..
Massachusetts
do
New Jersey
1923-25=100-..
New York
...1925-27=100..
Pennsylvania
1923-25=100..
Wisconsin
1925-27=100..
Miscellaneous wage data:
Construction wage rates ( E . N . R.):§
Common labor
dol. per h o u r . .
Skilled labor
.
do__._
F a r m wages, without board (quarterly)
dol. per m o n t h . .
Railways, wages (average)
dol. per h o u r . .
Road-building wages, common labor, on
public works projects:
United States, total
dol. per h o u r . .
East North Central
do
East South Central
do
Middle Atlantic
do
M o u n t a i n States
_.do
New England
__do
Pacific States
do
South Atlantic
do
West North C e n t r a l . .
do
West South Central
do
Steel industry wages:
U. S. Steel Corporation 1
do
Youngstown district..percent of base scale._

22.98

26.11

26.68

27.50

28.03

28.36

28.39

27.83

27.76

27.39

27.12

25. 59

24. 30

25. 63
18.96
14.79
86.4

29.88
21. 65
16. 72
98.1

30.02
21.94
17.00
100.3

30.83
22.42
17.24
103. 3

31.70
23.38
17. 37
105.3

31.96
23.63
17.49
106.6

32.23
23. 63
17.63
106.7

31. 54
23. 32
17.45
104.6

31. 42
23.12
17.18
104.3

31. 21
23.07
16. 78
102.9

30.37
22.58
16.52
101.9

28.97
21.44
15. 65
96.2

27. 42
20. 34
15. 56
91.5

83.2
85.1
85.8

97.0
97.2
97.0

97.4
98.5
98.6

100.1
100.6
100.0

102.9
104.9
100.8

103.7
106.1
101.5

104.6
106.1
102.3

102.4
104.7
101.2

102.0
103.8
99.7

101. 3
103. 5
97.3

98. 6
101.3
95.8

94.0
96. 2
90.8

89.0
91.3
90.3

.685

.707

.711

.713

.716

.716

.717

.715

.564
.463

.780
.574
.471

.793
.582
.475

.796
.584
.475

.587
. 477

.800
.590
.481

. 801
. 590
.484

.802
.589
.486

.803
.586
.484

91.8
94.1
98.3
109.3
95.9
104.8
100.2

95.5
98.6
100.5
112,. 7
96. 6
109.9
101,9

95.2
98.3
100.0
113.7
96.4
109.7
102.1

92.2
98. 4
100.1
112.3
96.7
108.9
101.4

90.5
95.2
99.7
109.0
96.1
104.8
97.6

86.2
96.6
98.0
111.5
97.0
109.6
99.6

87.6
94.2
96.9
108.0
94.7
102.5
95.4

90.1
96.2
91.7
110.5
94. 4
101.7
100.2

91.8
91.3
91.2
107.0
90.2
93.5
96.0

93.2
90. 1
90.7
107.2
91.0
89.5
92.6

.612
1.25

.612
1.26

.627
1.30

.644
1.33

.662
1.35

.668
1.37

.673
1.37

.676
1.38

.678
1.38

.678
1.39

.674

34.16
.671

.670

.662

36.14
.662

36.71
72. 3

73.3

73.3

.41
.53
.27
.48
.53
.45
.54
.26
.45
.31

.27
.44
.53
.46
.61
.27
.44
.30

.43
.57
.28
.47
.55
.45
.64
.27
.47
.31

.41
.57
.29
.48
.53
.43
.63

.625
125.0

.625
125. 0

.625
125.0

.642

.659

.794
. 578
.480

.715
.515
.438

.718
.518
.440

.734
.535
.444

89.8
87.7
88.7
105.4
89. 6
84.0

90.0
90.9
95.4
105.3
92.2
99.4
94.1

92.6
96.1
106.7
92.9
102.4
98.8

.680
1.39

.603
1.24

.603
1.24

33.28

31.37
.688

.710

.37
.47
.26
.46
.48
.52
.60
.25
.44
.30

.35
.51
.26
.45
.49
.56
.61
.25
.43
.29

.54
.27
.47
.51
.56
.59
.25
.37
.29

.37
.53
.28
.45
.51
.53
.59
.26
.39
.29

.39
.51
.27
.48
.52
.46

.525
125.0

.525
125.0

.575
125.0

.625
125.0

.625
125.0

.42
.29

. 625
125.0

'.45
.33
. 625
125. 0

FINANCE

I

BANKING
Acceptances and com'l paper outstanding:
Bankers' acceptances, total
mills, of dol—
387
326
401
395
396
Held by Federal Reserve banks:
1
For own account
do
0
0
0
0
For foreign correspondents
do
2
0
0
0
1
Held by group of accepting banks:
Total
mills, of dol—
325
266
318
341
317
Own bills
do
147
154
160
150
147
Purchased bills
do
119
171
180
166
171
Held by others
do
59
62
80
76
61
Corn'l paper outstanding
do
299
244
268
290
285
Agricultural loans outstanding:
3,321
3,352
3,352
3,374
Grand total*
do_,_.
3, 385
Farm mortgage loans, total
do
2,839
2,898
2,896
2,892
2,888
Federal Land Banks
do
2, 031
2,061
2,060
2,058
2,055
Land bank commissioner
do
808
836
836
834
833
Loans to cooperatives, total
do
119
120
114
110
99
Federal Intermediate Credit (direct)
mills, of doL.
2
1
1
1
1
Banks for cooperatives incl. Central
Bank
mills, of dol..
64
49
60
87
57
Agricultural Marketing Act revolving
fund
mills, of dol__
49
52
54
52
30
Short term credit, total*
do
364
334
342
372
398
Federal Intermediate Credit Banks, loans
to and discounts for:
Regional Agricultural Credit Corps.',
Prod. Credit Ass'ns and banks for
144
154
126
165
130
cooperatives c?
mills, of dol—
Other financing institutions*
do
39
40
41
42
44
Production Credit Ass'ns
do
139
106
115
132
144
Regional Agr. Credit Corp..
do
15
24
24
24
24
Emergency crop and seed loans
do
103
103
115
127
113
Drought relief loans
do
57
60
60
60
59
Joint Stock Land Banks in liquidation.Ido.I—
102
130
129
126
123
°Less than $500,000.
r
Revised.
IBasic rate for common labor.
§ Construction wage rates as of Feb. 1, 1938, common labor, $0,675; skilled labor $1.39.
•Data revised for period of March-October 1936: see p. 32 of the July 1937 issue.
<?To avoid duplication, these loans are excluded from the totals.




386
3
2

364
1
4

295
137
159
86
287

273
130
143
87
285

3,389
2,885
2,054
832
94

3,394
2,883
2,052
831
93

344

344

346

348

343

0

0
1

0
2

0
2

0
2

265
144
121
83
325

263
143
120
79
329

274
148
127
69
331

282
153
129
62
323

279
148
131
67
311

278
147
131
63
279

3,399
2, 879
2,051

3,393
2.874
2,048
826
102

3,386
2, 869
2,045
823
115

3, 362
2,803
2, 043
820
120

3,352
2,856
2, 039
817
129

3, 334
2, 848
2, 035
813
120

352

1

1

2

47
419

46
421

159
45
152
23
130
59
120

165
47
160
23
130
59
118

170
48
164
22
128
59
115

1
73

82

44
417

47
402

45
379

45
368

31
366

171
48
163
21
128
59
113

167
47
154
19
123
58
111

160 |
42
143
17
119
58
110

161
41
137
16
116

165
40
138
16
115
57
104

45

48
410

1
67

1
45

107

72

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 193S
gether with explanatory notes and references
to the sources of the data may be found in the
January
1936 Supplement to the Survey.

March 1938

1937
February

January

March

May

April

| June

i Joly

ece
October NTovem-1i Dberm ber

Angust

FINANCE—Continued
B INKING -Continued

1

Bank debits, total
.mills, of dol_.
New York City
do
Outside New York City
do....
Brokers' loans:
To N. Y. S. E. members
do
By reporting member banks. (See Federal
Reserve reporting member banks, below.)
Federal Reserve banks, condition, end of mo.:
Assets (resources) total
mills, of doL_
Reserve bank credit outstanding, total
mills, of doL.
Bills bought
do I
Bills discounted
do
|
United States securities
do 1
Reserves, total
do j
Gold certificates
do
|
Liabilities, total
_
do
Deposits, total
do
Member bank reserve balances, total
mills, of doL.
Excess reserves (estimated)..
do
Notes in circulation-.
do
Reserve ratio
percent. _
Federal Reserve reporting member banks;
condition, end of month:
Deposits:
Demand, adjusted—
mills, of dol._
Time
do
Investments, total
do ,
U. S. Government direct obligations.do
j
U. S. Government guaranteed issues.do
\
Other securities..
do I
Loans, total ®
do
Commercial, industrial, and agricultural
loans:
On securities
mills, of dol-.j
Otherwise secured and unsecured.-do
i
Open market paper..
do
|
Loans to brokers and dealers in securities!
mills of dol.-.i
Other loans for purchasing or canying securities
mills, of doL.
Real estate loans
.-do
Loans to banks
do
Other loans
.
do
Interest rates:
Acceptances, bankers' prime
percent..
Bank rates to customers:
In New York City
do
In eight other northern and eastern cities
percent..
In twenty-seven southern and western cities
percent..
Call loans, renewal (N. Y. S. E.)__
.do
Com'l paper, prime (4-6 mos.)
do
Discount rate, N. Y. F. R. Bank
do
Federal Land Bank loans
do
Intermediate Credit Bank loans
do
Time loans, 90 days (N. Y. S. E.)
do
Savings deposits:
N. Y. State savings banks
mills, of dol_.
U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do

34 406
15 114
19 292

36, 453
16,434
20, 019

36. 903
16,751
20,152

31,886
13,476
18,409

33," 360
14,718
18, 642

1,187

1 152

1,186

1,174

1,186

1,039

12,297

12,330 ! 12,339 j 12,449

2. 497
3
3
2, 430
9,156
8, 862
12, 297
7, 257

2,405 j
3
5
2, 430
9,134
8,859
12, 330
7,177

39,479
19, 096
20, 383

597

1, 026

12, 097
2, 598
12
S. 127
12; G97
7, 237
1, 383
4,138
80.2

6,781
2,152
4,160
80.2

14, 464

15, 493
5, 077
13,638
9,149
1,214
3, 275
8,941

12, 2^3
8, 105
1. 141
8,981

34,526 I 42, 003
16,907
20, 398
17,620 I 21, 605

37,133
17,082
20, 051

32, 073
14,477
17,597

1,075

1 159

12,496

12, 462

12, 394

12, 786

12,727 j 12,790 j 12,879

2,585

2, 525
9,135
8,853
12, 449
7,257

15,126
5.144
12,907
8.396
1,199
3,312

1, 1G1

1,263 j

~I~15iT"I~149 I
60 !
86 I

1,305
1,157
81

1, 527
Me

1

088

12,448

2, 526
9,135
8,850
12, 448
7,261

2, 562
4
10
2, 526
9,159
8,846
12, 496
7,278

2,574
3
15
2, 526
9,160
8,843
12,462
7,288

2, 577
3
22
2,526
9.135
8, 840
12, 394
7,228

2, 579
3
22
2,526
9,452
9,138
12, 786
7,529

2, 580
3
21
2. 526
9, 449
9,134
12, 727
7,513

2, 006
3
17
2, 504
9. 450
9, 132
12,796
7, 548

2. 504
9, 481
9, 129
12,879
7, 577

6,881
1, 594
4. 205
79.7

6, 915
918
4, 223
79. 5

6,900
865
4, 206
79. 7

6,753
791
4,221
79.6

6,751
773
4,252
79.6

7,014
1,038
4,263
80.1

6, 928
1,055
4,279
80.1

6, 902
1,169
4,274
79. 9

1.212
4.' 284
79.8

15,388
5,158
12, 774
8,370
1,175
3,229
9,428

15, 274
5, 231
12, 587
8, 287
1,156
3,144
9,571

15,187
5, 235
12, 530
8,301
1.152
3,077
9,760

14, 924
15.033
5,268
5, 268
12, 292
12.499
8,193
8^ 283
1,130
1,188
3,028 ! 2,969

14, 610
5,278
12, 029
7, 968
1.137
2, 924
9, 625

14, 612
23 i
11 940
7 903
1 118
0
859
9 441

14, 431
5, 205
12,015
S, 018
1,116
2,881
9, 387

1,297

3, 700
483
1,333

5GC
3. 828
1,204 |

31,593 j 39,103
13,432 j 18,277
18, 100 I 20,825

2, 565
4
12

6, 695
6, 639
2, 078
1, 398
4,190 4,174
80.4 j 80.5

15, 501
5,167
13, 597
9 067
,
1 20S
,
3,322
9 121
,

36,073
16.151
10,923

9,784

10, 027

14,864
5,290
12,022
7,903
1,131
2,988
10, 004

566
3,765
467

581
3,844
464

595
4,043
466

601
4,206
475

2,012
1
10

590 j
4,171
477

T79

1,156
84

1,447

1,363

1,392

1,227

901 |

Z'A

720
1,161
123
1,481

714
1,169
98
1, 534

701
1,163
150
1,518

703
1,164
135
1,529

682
1,165
97
1,551

660 I
1,109
96
1,501 !

0/ *>
1, !05
Mi

He

516-916

2.50

IH

2.50

2.53 |

2.44

2.34

2.36

2.41

2.39

2.38

3.36

4. IG
1. 00
1
1. 00
4.00
2.00

2.41
3.43

3.34

3.36 |

3.45 i

3.32

3.32

3.29

3.33

3.37

3.42 j

3. 36

4.16
1.00
%
1.50
4.00
2.00

4.15
1.00

4.21
LOO
i
1.50
4.00
2.00
1H

4.17
1.00 |

4.18
1.00
1
1.50
4. 00
2.00

4.19
1.00
1
1.50
4.00
2.00

4.18
1.00
1
• LOO
4.00
2.00

4.18
1.00
1
1.00
4.00
2.00

4. 10
1.00
1
1.00
4.00
2.00

4. 17 i
1.00 :

i. 50
4.00
2.00

4.15
1.00
%-l
1. 50
4.00
2.00
1H

4. 15
1.00
1
1.00
4.00
2.00

m

u

|
I
!
!

1.50 !
4.00
2.00
1H

1H

2.40

] !

1.00 I
4.00 i
2.00 i

I

\\i

m

5, 290

5, 244

m

5,278

5,250

5,245

5,275

5,267

5,270

0, zyi

0, zoo

1, 272
122

1,266
136

5, 248
1,270
133

1,272
132

1, 270
134

1,268
134

1, 268
136

1,271
133

1,273
133

1,270
132

1, 269
130

Grand total
number-.] 1,320
50
Commercial service, total
do
60
Construction, total
do
21G
Manufacturing, total
do
10
Chemicals and drugs
do
48
Foods
do
13
Forest products..
do
Fuels
do
8
Iron and steel
do
Leather and leather products
do
6
Machinery
do
19
12
Paper, printing, and publishing
do
6
Stone, clay, and glass
do
Textilesdo
56
2
Transportation equipment
do
Miscellaneous
do
33
Retail trade, totaldo
872
Wholesale trade, total
do
116
Liabilities: Grand total
thous. of dol_. 15, 035
Commercial service, total
do
640
Construction, total
do
775
Manufacturing, total.
do
4, 106
Chemicals and drugs
do
128
3,363
Foods
do
Forest products
do
147

811
42
45
136

834
27
50
153
3
37
41 j
16
15 !
5
1 i
6
10 |
5
5
14
7
22
39
1
3
13
15
470
518
91
86
8,364
8,906
493
440
550
1,943
2, 465
2,165
14
99
588
859
313
270

670
24
42
134
4
33
10
3
13
6
2
5
3
40
2
13
404
66
8,191
408
499
2,883
45
452
405

618
25
31
131
4
33
10
1
5
3
6
12
4
36
4
13
379
52
7,766
401
473
2,988
13
577
152

564
26
36
117
8
30
10
1
3
3
6
9
4
13
8
22
336
49
8,393
822
431
3,006
196
529
98

768
35
37
172
3
45
13
3
9
3
12
12
3
43
5
21
437
87
9,335
571
424
3,793
63
834
427

1. 270
••129

1,270
117

COMMERCIAL FAILURES

0

slj
9

I7

9
10
3
25
1
22
498
90
8,661
326
1, 015
2, 502
81
575
188

721
52
43
120
7
33
3

4
8
20
5
16
3
10
438
68
9,771
1,169
1 279
,
2, 711
66
1 017
,
49

820
51
72
126
4
40
8
1
6
5
8
10
6
22
1
16
481
90
10.922
529
2,138
2,744
109
958
115

786 I
28 i
62

4I

49
148
5
31
11

10
21
2 !
30 i
6
10
403
77
11,916
437
634
5,603
103
743
146

37
12
0
9
9
10
13
4
33
4
27
440
82
10,078
81S
994
3,05S
79
549
148

932
48
53
200
5
42
17

1
10
6
11

34
527
104
13,291
709
852
5, 117
1. 077
462

r

I n effect b e g i n n i n g A u g . 27,1937.
Revised.
® F o r m of r e p o r t i n g m e m b e r b a n k loans revised beginning M a y 1937; t h e n e w i t e m s , w h i c h are self-explanatory, are n o t available prior t o t h a t d a t e .
discussion of t h e significance of t h e n e w series, see t h e F e d e r a l Reserve b u l l e t i n s for M a y 1937, p . 440, a n d J u n e 1937, p . 530.




786 !
40 !
60 !

F o r a m o r e detailed

73

SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Janu1838 Supplement to the Survey,
ary

1937
January

February

March

April

May

June

August

I July

September

105
81
71
55
121

October Novem- December
ber

FINANCE—Continued
COMMERCIAL

FAILURES—Continued

Liabilities—Continued
S
Manufacturing—Continued.
Fuels
thous. of d o l ~
78
Iron and steel
do
69
Leather and products
._do
116
Machinery
do
430
Paper, printing, and publishing
do
142
Stone, clay, and glass
do
106
Textiles
.
do.__. 1,039
Transportation equipment
do
85
Miscellaneous
do
403
Retail trade, total
..._—..do
7, 614
Wholesale trade, total
do
1,900

i
0 I

339 |
139 j
65 !
148 I

27 I

674
6
260
3,746
1,072

291
28
63
251
272
36
197
311
130
3,571
1,041

150
123
62
340
243
99
319
3
223
3,927
1,584

7
73
144
86
61
283
65
211
3,313
1,045

56
56
146
98
157
131
81
104
3, 568
1, 288

i

203
155
162
30
133
37
1,146
17
98
3,292
1,109

27
31
53
67
184
210
1,163
74
437
2,861
1,043

2, 675
54
245
348
257
29
548
237
218
2,896
2, 346

20,992
4,128
688
3,440
1,753
2,614

21,120
4,144
686
3,458
1,763
2,611

11,447
5,267
2,488
i 2,777
j
915
587
I
463
1,027
51
735
241
824,470
87,861
224,113
512,496
265,179
26,389
11,400
62,120
165, 270

!
!
!
I
|

0
473
197
232
174
148
488

' 158
354
,074
,060

354
9o
174
128
16
729
212
704
3,116
1, 431

504
3,810
1.391

1, 336
159
325
216
137
872
100
363
4. 622
1,991

21, 221
4,155
683
3,472
1,767
2,609

21,317
4,165
685
3.4S0
1, 767
2, 614

21, 432
4, 176
683
3, 493
1,770
2, 630

21, 536
4,183
678
3, 595
1,774
2, 633

21,514
4, 199
675
3, 524
1,763
2, 635

11, 570
5,269
2, 526
2,765
1,010
581
451

11,651
5,300
2,527
2, 772
1,052
587
452

11,709
5,348
2,543
2,773
1,045
628
434

11,731 i 11, 908
5,442
5,358
2, 593
2, 576
2, 778
2, 775
1,095
1, 072
609
644
429
431

11,941
5, 485
2,601
2,710
1,145
600
371

945
59
668
217
743,716
93,863
204,121
445, 732
253,191
27,987
11,037
56, 097
158, 070

938
40
687
212
703,123
62,186
210,898
430, 039
245, 561
24,167
10. 989
61,131
149,274

25
646
200
637,595
49,921
197,339
390,335
230,770
22,396
10,616
54,438
143,320

916
24
639
202
681, 376
42, 238
211,409
427, 729
251.012
25, 325
10,751
6i, 412
153, 524

929
44
674
211
764,803
87, 386
213, 976
463,441
337,493
46, 538
12,568
92, 441
185, 946

573
40
159
132
58
52
22
44
17
49

G34
40
184
143
69

187 I

LIFE INSURANCE

(Association of Life Insurance Presidents)
Assets, admitted, total
..mills, of doL. 21, 623
20, 516
20, 609
20,813
20,914
20, 718
4,142
4,127
4,113
4,116
4,116
Mortgage loans, total.
do
4, 213
708
703
691
689
696
Farm
.
do
674
3,434
3,424
3,422
3,427
3,420
Other
do
3, 539
1,754
1,760
1, 761
1,761
1,758
Real estate*—
do
1,769
2,632
2,623
2,614
2,614
2,617
Policy loans and premium notes.
__do
2,640
Bonds and stocks held (book value), total
mills, of doL. 11,970
10, 709
10,867
11,321
11,103
11, 263
Government (domestic and foreign)__do
o, 490
4,969
4,871
5,075
5,191
5,167
Public utility
_
_._do
2,619
2,323
2,340
2,424
2,448
2,464
Railroad..
.
do
2, 718
2,652
2,721
2,678
2,760
2,777
Other
do ! 1,143
863
880
883
888
889
Cash*
do I 680
791
740
637
577
611
Other admitted assets*
. . . d o I 351
492
487 '
485
491
Insurance written:
J
i
Policies and certificates, total number
j
thousands..
793
952
893
1,066
1,174
1,035
Group
do
20
28
25
36
51
39
Industrial
do
597
711
670
807
862
789
Ordinary.
._._
do....
176
212
197
241
262
237
Value, total
.thous. of dol.J 589,165 670, 390 711,478 917,442 834,366 803,121
Group...
do i 31,401
42,051
40,246
57,022
77,956
74, 766
Industrial
.do....! 179,975 195,405 212,231 258,087 246, 589 239, 733
Ordinary
do
| 377, 789 432,934 459,001 581,399 530, 755 438,622
Premium collections, total
do
| 261,842 262,037 252,162 285, 221 274,450 247,640
Annuities
do_ __| 32,444
35, 512
27, 297
25,730
31,807
25,830
Group
do-..! 1 2 - m
11,186
10,000
10,840
12,925
10,319
Industrial
..do.—i 60, 996
57,286 I 56,917
74,637
66, 397
54, 556
Ordinary
do
j 155, 271 159,239 | 156, 762 174,092 163, 243 156,935
j
(Life Insurance Sales Research Bureau)
\
Insurance "written, ordinary, totalf mills, of dol.J
494
548 !
577
723
692
631
New England!
do i
36
47 I
48
57
51
47
166
Middle Atlantic t~—
-do j 140
177
211
204
178
125
East North Centralf
do ! 113
133
167
155
144
50
52
66
65
West North Centralf
-do i
50
61
49
54
63
65
South Atlantict
do... J
44
60
20
19
28
27
East South Centralt—..
do . l
19
26
38
39
53
50
West South Centralt_
..do I
39
49
14
14
19
19
Mountain!
do \
14
17
39
41
58
56
Pacific!
.
do I
39
50
Lapse rates
1925-26=100.

646
48
181 j
147 |
64 I
60
26
50
17
53
95

589
41
163
132
60
55
24
45
17
50

546
37
143
126
53
24
41
17
50

500
34
127
113
52
49
23
42
14
47

982
28
741
212
701, 038
45, 437
226, 243
429, 358
237, 522
23, 243
10, 066
53,444
150, 769
580
41
164
132
58
52
23

!
j
!
1
i
j

49

I

44 I
16

56
20
56
100

MONETARY STATISTICS
Foreign exchange rates:
I
ArgentinaA
dol. per paper peso.J
. 333
.333
.333
.327
.326
.328
.329
.332
.330
.326
.329
. 330
.331
Belgium
__._dol. per belga_.j
• 169
. 170
.169
.169
.169
.168
.169 j .169
. 169
.168
.170
.168
.168
Brazil <?
dol. per milreis—!
.087
.087
.087
.087
. 088
.087
.087
.087
.087
.087
.087
Canada
dol. per Canadian doL.j 1.000
1.001
.999
1.000
1.001
1.000
1.001
.999
. 999
1.000
1.000
1.000
1.001
Chile..,
_
dol. per peso | .052
.052
.052
.052
.052
. 052
.052
.052
.052
.052
.052
.052
.052 i
4.92
4.95
England.
dol. per £ . . i 5.00
4.94 ! 4.94
4.96
4. 89
4.97
5.00
4.91
4.89
5.00 i
.045
i. 044
.035
.045
.033
France.
dol. per franc.
-033
.046
.038
.034
.047
.047
.034 !
.402
.401
.401
.402
. 402
.402
.402
.403
Germany
.dol. per reichsmark..
-403
.402
.402
.404 i
.402
.371
. 372
.374
.373
.374
.369
.375
.377
.371
India
dol. per rupee..
• 377
.370
.376
.053
.053
.053
.053
. 053
.053
.053
.053
.053
.053
]()53 I
Italy
dol. per lira..
• 053
.053
.286
.287
.289
.288
. 289
. 285
.289
.291
.291 I
Japan
dol. per yen.. -291
K 285
>. 285
.290
.548
.550
.551
. 549
.553
.547
.551
.556
. 555
Netherlands
_
dol. per florin. - -557
. 548
.547
.552
.057
.052
.065
.053
. 003
.061
.051
.062
.071
.063
Spain§
..__ dol. perpeseta..
.061
.067
.063
.253
.254
.255
.255
.255
.252
.256
.258
.253
.252
.258
Sweden.
_
_.__dol. per krona..
• 258
.257
.786
.791
.791
.787
.791
.794
.799
.789
.789
.791
Uruguay
dol. per peso.. -665
.792
Gold:
12,782 j 12,788 | 12,765
Monetary stocks, U. S
..mills, of doL. 12, 756
11, 310
11, 399
11,502
12,189
12, 404 12, 512 12,653
11, 686 11,901
Movement, foreign:
j
9,343 - 8 , 046 - 20,145 -101,580
-399
Net release from earmark]...thous. of dol ! — 1,106 - 4 8 , 330 - 8 , 000
7,217 21,196 -15,865 -35, 544 - 5 , 288
11
30, 084
129
232
15,052
Exports....
do
5,067
13
39
4
81
169
206
(2)
52,194
90, 709
33.033
Imports
do | 7,155 121, 338 120,326 154, 371 215, 825 155, 366 282,103 175,624 105, 013 145,623
Net gold imports including net gold released from earmark*
-thous. of doL.
h 010 72,995 112, 326 153, 933 223,029 181, 558 246,157 I 139,874
82,431
1,965 - 5 3 , 3 9 9
99, 556 154,837
Production:
Union of South Africa*
__fine ounces..
981, 499 923, 727 982,304 980, 227 971, 720 975,197 997, 013 988, 502 976,285 987,401 979,390
Witwatersrand (Rand)!_
do
909, 485 854,815 908, 268 906, 890 898, 634 902,024 919,488 911,310 899,076 907, 681 901, 228
Receipts at mint, domestic
do
208,407 193,079 155, 332 185, 768 150, 404 236, 763 198,174 216, 321 320,992 246,221 262, 129 278, 883 224.049
Money in circulation, total
mills, of dol.J 6,397
6,369
6,400
6, 566
6, 435
6, 558
6,558
6,500
6,618
6,391
6,397
6,475
6,426
ALargely nominal.
1 Quotation partly nominal.
« Less than $500.
» Largely nominal.
IQuotations nominal beginning July 31, 1936, No quotation from Sept. 22 to 30, and from Nov. 1 to 13, 1936.
HOr increase in earmarked gold (—).
•Or exports (-—).
<? Official rate. Quotations not available beginning Nov. 18,1937.
*New series. With the addition of the 3 new series on admitted assets of life insurance companies, a more complete record, as reported by the Association, is here presented;
earlier data for the new series covering the period 1922-36 are shown in table 51, p. 19 of January 1938 issue. Data on the production of gold in the Union of South Africa
beginning 1913 appeared in table 48, p. 20 of the December 1937 issue.
t Revised series. For earlier data on ordinary life insurance written see table 36, pp. 18 and 19 of the September 1937 Survey. Revised data on gold production In
the Witwatersrand area beginning 1913 appeared in table 48, p. 20 of Dec. 1937 issue.
6
478G9—38



74

SUEVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1936 Supplement to the Survey,

March 1938

1937

January

February

March

April

May

June

July

August Septem- October Novem- December
ber
ber

FINANCE—Continued
MONETARY STATISTICS—Continued
Silver:
355
Exports
_
thous. of dol._
28, 708
Imports
do
. 448
Price at New York
_dol. perfineoz_.
Production, world
thous. offineoz__
1,622
Canada...
_
do
Mexico
do
5,222
United States
do
Stocks refinery, end of month:
2,606
United States...
..do
521
Canada
do

612
2,846
.449
23,223
1,252
8,765
5,409

611
14,080
.448
20,849
1,539
6,684
4,965

346
5,589
.451
22, 612
1,661
7,509
5,488

468
2,821
.455
20,505
1,346
5,731
6,431

341
3*165
.450
21,536
1,467
6,543
5,280

244
6,025
.448
24,845
1,228
10,140
5,487

214
4,476
.448
23, 427
2,317
6,274
6>805

278
4 964
.448
26, 216
2,367
8,428
7,441

285
8,427
.448
22, 487
2,271
6,460
5,779

380
5,701
.448
21, 345
2, 536
6,112
4,855

527
10, 633
.448
22, 927
n'
2,176
6,272
6,682

1,347
1, 512

970
754

821
507

766
929

1,303

862
735

1,127
537

1,296
439

1,363
817

1,064
852

1,287
617

I

236
23,151
.448
21,870
1, 635
6,300
5, G93
1,523
496

CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (168 cos.)
mills, of dol.
Autos, parts, and accessories (28 cos.)._do._.
Chemicals (13 cos.)
_do._.
Food and food products (19 cos.)
do...
Machinery and tools (17 cos.).mills, of dol.
Metals and mining (12 cos.)
-__do__.
Petroleum (13 cos.)
do...
Steel (11 cos.)
do...
Miscellaneous (55 cos.)
do...
Telephones (net op. income)*
do__.
Other public utilities (net income) (53 cos.)
mills, of dol
Railways, Class I (net income)^
..do i
Standard Statistics Co., Inc.:t
|
Combined index, unadjusted (161 cos.)
1926=100..
Industrials (120 cos.)
do
Railroads (26 cos.)
do
Utilities (15 cos.)
do
Combined index, adjusted (161 cos.)
do
Industrials (120 cos.)
do
Railroads (26 cos.)
_
-do
Utilities (15 cos.).
_.._do.._.

250.6
69.1
37.0
16.5
14.2
7.2
14.5
51.6
40.5
59.9

310.6
98.4
46.9
21.1
16.2

53.6
14.1

53.6
21.2

90.
104.3
15.7
131.2
98.0
109.8
42.0
123.4

104.4
128.6
8.7
124.4
99.3
117.4
17.3
126.7

17.7
58.4
45.7

264.0
60.6
44.1
19.7
14.3
5.7
24.4
52.5
42.7
52.1
46.9
41.6

16.6
* 78.0
P85. 7

v 112.1
v 17.8
v 110.6

p 81. 4
v 97. 6
«' 6. 1
p 130. 7

v 105. 9
v 124*. 5

PUBLIC FINANCE (FEDERAL)
37, 045
34,944
36, 716
36,425
34,732
35,216
Debt, gross, end of month
mills, of doL. 37, 452 34, 503
34,601
Obligations fully guaranteed by the U, S.
Government: <>
S
Amount outstanding by agencies, total
4,633
4,665
4,703
4,662
4,660
4,660
4,662
4,662
mills, of doL.
4,646
1,400
1,422
1,420
1,422
1,422
1,422
1,422
1,422
Federal Farm Mortgage Corporation^do
1,410
2.937
2,987
2,987
2,987
2,987
2,988
2,988
2,988
Home Owners' Loan Corporation__do
2,937
296
255
295
250
250
251
252
Reconstruction Finance Corporation-do
298
252
Expenditures, total (incl. emergency)
thous. of doL_ 623,361 607, 418 645,053 971,663 784,813 624,015 1,386,931 675,811 617, 578
Revenues, t o t a l . . . .
. . . - d o . . . . 390,709 320,034 330, 310 1,120,513 423,886 392,509 966,905 464,057 547, 570;
38, 790
41,716
40, 649
52, 503
46,252
46,252
Customs
do
26,193
40, 518
41,72®
Internal revenue, total
.-do
305, 388 207,483 237,826 934, 555 300,390 281,058 827,483 376,074 336,125
34,831
42,464
42,949 556,946
55,444
Income tax
do
52,036
45, 246
64, 035 689,003
Taxes from:
1,599
1,875
1,633
1,537
1,539
1,590
Admissions to theaters, etc.—
do
1,353
1,506
1,473
1,492
1,556
1,232
3,045
3,226
2,169
3,367
Capital stock transfers, etc
do
1,803
3,743
589
454
571
528
392
639
Sales of produce (future delivery). .do
210
423
506
762
395
433
332
361
329
684
Sales of radio sets, etc
do
368
465
Reconstruction Finance Corporation loans outstanding end of month:
Grand total
thous. of dol_. 2,073,603 2,149,380 2,129,186 2,064,942 2,045,756 2,028,897 2,033,375 2,048,344 1,981,146
Section 5 as amended, total
do
656, 672 697,382 689,403 668,585 664, 670 656,445 662,594 662,165 ; 658,876
Bank and trust companies including receivers
thous of dol._ 150, 616 190,134 183,400 178,316 173,093 167,388 163,800 166,915 164, 545
1, 872
1,953
2,076
2,248
2,072
2,096
2,358
2,197
Building and loan associations
do
2,061
3,626
3,681
3,844
3,703
3,820
3,863
3,978
3,925
Insurance companies
do
2, 75'
120,142
Mortgage loan companies.._
.do
128, 785 129,803 129, 532 126,330 122,057 120,467 121,177 120, 422
Railroads, incl. receivers..
do
358,216 345, 500 345, 373 340, 367 345,084 344,823 354,320 351,936 351,855
16,836
17,518
17,258
18, 344
17,875
17, 613
25, 609
24,976
All other under section 5
..do
14, 23
Total Emergency Relief Construction Act,
as amended
.thous. of dol._ 597,240 629,799 624,158 576,984 559,248 551,431 551,725 568,928 511,100
Self-liquidating projects
d o . — 233,223 198,335 204,835 206,607 213,067 216,576 219,903 223, 374 225, 071
Financing of exports of agricultural sur47
47
47
47
47
47
47
47
pluses
thous. of dol..
Financing of agricultural commodities
2,902
62,427
51, 726
48, 695
56,906
81,101
and livestock
thous. of doL- 81,144 136,063 123,922
Amounts made available for relief and
work relief
thous. of doL- 282,826 295,354 295,354 289,228 289, 228 283,082 283,080 283,080 283, 080
Total, Bank Conservation Act, as amended
thous. of doL. 581,740 641,092 632,179 629, 522 624,077 619,840 613,943 608,468 599,104
Other loans and authorizations
do
237,95] 181,107 183, 446 189,852 197,761 201,181 205,113 208, 783 212, 066
d
» Preliminary.
Deficit.
•Number of companies included varies.
1As reported by the Interstate Commerce Commission. Figures shown on p. 54 of the 1936 Supplement are in thousands of dollars
indicates.
tRevised series. Revisions in the Standard Statistics index of corporation profits for 1935 and 1936 not shown on p. 34 of the May
quent issue
<8>Total includes a small amount of guaranteed debentures of the Federal Housing Administrator.




36,875

36, 956

37,094

37, 279

4,633
1,400
2,937
296

4,634
1,400
2,937
297

4,644
1,410
2,937
297

4,645
1,410
2,937
297

765, 251
858, 585
36,173
738, 564
494,405

671,409
394,403
36, 515
284,250
41, 671

649, 877
439, 548
31,513
325, 736
35, 287

771, 244
943, 351
30,129
767, 545
482, 697

1.722
1,235
416
633

1,967
2,045
338
886

2,243
2,998
325
711

2, 290
1,692
266
670

1,992,975 1,999,722 2,017,674 2,060,397
662,493 660,496 G54,917 657,348
159, 754
1,821
3,382
124, 540
356, 279
16, 717

158, 065
1,725
3,362
125.159
355, 932
16, 253

152, 920
1, 652
2,955
126, 194
355, 923
15, 273

153, 704
2,121
2.791
128,465
355, 894
14, 373

516, 343
229,105

524, 471
230, 371

542,940
227,714

582, 587
235,578

64, 064

47

47

47

4,287

11,153

32, 279

282,904

282, 900

282, 900

282,898

597, 076
217, 063

594, 275
220, 480

590, 284
229, 533

585, 839
234, 623

instead of in millions as the box head
1937 Survey will appear in a subse-

March 1938

75

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1938 Supplement to the Survey.

1937
January

February

March

April

June

May

July

ce
August Septem- October Novem- D eber m ber
ber

FINANCE—Continued
i

CAPITAL FLOTATIONS
New Security Registrations
(Securities and Exchange Commission)
New securities effectively registered:
Estimated gross proceeds, total
thous. of doL.
Common stock
do
Preferred stock..
do
Certificates of participation, e t c
do
Secured bonds.._
_.
do
Debentures and short-term notes
do_-,_

79,909
17, 523
710
19, 688
11, 463
30, 525

429, 990
85,622
134,719
11,082
146,509
52,057

491,400 469,907
168,474 231,006
38, 215 36,364
52, 249 16,543
212,560 164,468
19,902 21,527

288,076
139,397
49,497
9,167
52,198
37,818

238,068
114,789
34,442
11,180
2, 778
74,879

369,065
67,055
78,592
16,983
136,340
70,095

266,886
122,289
85,690
25,390
29, 929
3,588

302, 343
171,547
66,194
6,696
30, 453
27,453

156, 395 127,621
82, 621 10, 574
10, 263 26,013
1,624
12,175
13, 887 78,860
48, 000
0

38, 159
23,092
6,144
7,531
0
1,392

201, 374
82, 637
20, 768
50, 212
35, 625
12,133

Industrial classificaton:*
3,643
2,985
9,572
6,782
6,063
Extractive industries
do
10,438
4,457
5,431
2,310
3, 547
569
1,125
1, 268
Manufacturing industries....
_.do
97,428 159,782 155,131 117,685 165,521 214, 658 130, 375
29, 449
7,270
61, 537
2,280 185,533 205,491
Financial and investment
do
8, 395 16, 788
48,374
154,179
13,893
14,985
52, 732
45,566
30,541
24, 900 109, 208
37,211
36, 856
Transportation and communication—do
0
2,127
0
27, 766
23,005
43,375
26,100
4,658
362
0
3,443
0
0
Electric light and power, gas, and water
2,492 142,340
thous. of dol_. 39, 705
36, 216
86,697 143,963 134,800
10, 547
35,167
12, 497 79, 610
910
13, 629
45,298
691
Other__
do
99, 297 101,092
76,392
19,099
20 637
13,850
14,865
287
3, 800
10,010
500
Securities Issued t
(Commercial and Financial Chronicle)
Amount, all issuest
thous. of doL. 121,444 617,940 543,975 382.345 316,792 266,484 560,338 340,170 187,312 223,828 203,496 135,929 104,452
444,975 382,345 281, 793 266,484 560,338 340,170 187,312 220,578 198,696 135, 929 163, 877
Domestic issuest
.do
532,940
121,444
99,000
Foreign issues
do
0
3, 250
575
0
85,000
35, 000
0
0
0
4,800
0
0
376,788 318,932 164,902 170,374 418, 288 137,651 106,809 152,143 136,299
Corporate, total—.
do
299,711
36, 433
57, 230
49, 306
Industrial
_
.do—
64,459
66,954
81,139 188,647 103,031
27,265 138, 012 21,600
56, 580
6,180 132,641 131,313
27, 733
Q
Q
Q
Q
0
Investment trusts
„
do
0
0
99
0
0
27,718
0
250
2,625
Land, buildings, etc., total
_do
881
1,606
600
3,445
690
350
756
4, 230
(
!
17,873
725
0
Long-term issues
_
do
1,606
4,230
881
756
17,873
385
690
600
3,445
350
2,625
0
725
Apartments and hotels
do
0
0
0
0
0
0
0
0
2,300
0
385
0
0
Office and commercial
do
0
0
0
325
0
2,000
0
15,000
0
3,000
0
0
0
52,580 155,324
Public utilities
„
do
9,500
29,150
50, 251
11, 500 81,864
77,735 145,688 161,500
5,850
0
39, 300
46,635
73,823
Railroads
do
1,300 21,306
20, 250
0
63,336
78,127
25, 220
15,410
2,950
6,039
0
12,854 27,257
Miscellaneous
.
do
16,491
5,825
55,462
3,251
19, 354
0
0
4,880
2, 250
3,101
31,130
25,200
4,067
Farm loan and Gov't agencies.
do
20,000 34, 300
22, 700
26,000
32, 856
44, 891
30,000 118,000
27,400
52, 000
23, 350
42,998 59, 346
83, 947
Municipal, States, etc.f
do
83, 974
51,219 112, 051
84, 520
53,103
28,097
47, 496
48, 788 207, 228
Purpose of issue:
96, 492
New capital, totalf
do
94, 397 122, 364
78,740 157,058
92, 387 243, 568 189, 771 185, 374 158, 580 150,179 359, 887 246, 761
Domestic, totalj
....do
94, 397 121, 864
78, 740 153, 808 93,192
92, 387 243, 568 189, 771 185,374 158, 580 150,179 359,887 246, 761
Corporate
do
78,153 268,946
80, 870
78,427
26, 313
42, 767
50, 673 112, 757 66, 647
45, 533
96,194 152, 267 137, 877
Farm loan and Gov't agencies.-....do
0
4,000
0
10, 500
28, 500
0
89,000
0
0
0
25, 000
0
5, 600
43, 526
Municipal, States, etc.f
do
33, 504 47, 497
90,941
76, 891
79, 098
69, 653
41,051
28,067
26,546
43,085
41, 255 147,374
Q
Q
Q
n
Foreign
do
0
0
500
3,250
0
0
3,300
0
o 200, 451 93, 409 108, 572 66, 770 107,004 41, 531 42,088
Refunding, totalt
_.do___. 29,056 374, 372 354, 204 196,972 158,212 116, 305
92, 220 149, 341
Corporate
-do
56,781
86, 535
39, 386 69, 653
10,120
14, 463
56,136
3,773 203, 517 224, 521 181, 055
p
s e c r t i e s (all
)
Type of securities ( issues):
od
do
114,163 470,103 403, 619 324, 342 258,997 214,412 467, 910 261,820 165,193 159, 488 182,797 131, 666 147,997
Bonds and notes, totalf
d t
ttlf
Corporate—
-do
40, 775
59,300
87, 803 115,600
32,170
42, 025 151, 874 236, 431 260, 929 106,867 118. 302 325,860
84,690
C
Stocks
„
do
4, 263
16, 455
64, 340 20, 699
58,095
52, 072
92, 428
78, 351
7,281 146, 837 140, 357 58,004
22,119
(Bond Buyer)
State and municipal issues:
Permanent Gong term)
thous. of dol.
51, 656
37,428 » 50, 587
95,013
70,159
•
42, 751 91,313 ' 95,707 r 54,010 ••110,484
51, 887 226,238
56,461
Temporary (short term)
d o . . . 216, 278
75,555
17,845
83,966
15,980
30, 776
25,077 ' 22,092
28, 797 133,475
16, 479
14,047 113,968
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat..
thous. of bu._ 660, 335 777, 857 775, 898 1,170,136 1.245,324 923, 787 1,544,605 1,639,153 1,160,679 848, 363 928,917 926, 377 635,120
Corn
d o . . . 106, 235 199,166 129,969 151, 721 296,282 223,622 324,350 335,946 307,440 174,055 184,125 177, 229 158, 220
SECURITY MARKETS
Bonds
Prices:
Average price of all listed bonds (N. Y. S, E.)
93.93
dollars..
96.83
93.33
96.64
93.89
90.11
93.88
92.98
91.51
92.76
89. 20
89.70
88.68
Domestic
do.
99.83
100.05
96.86
96.27
96.79
95.84
96. 82
95.64
93.17
94. 54
91.64
92. 36
92.75
Foreign
do.
69.30
69.81
70.02
68.48
68.41
69.11
68.44
65.60
69.78
63.65
62.23
62.60
62. 07
Domestic (Dow-Jones) (40 bonds)
96.60
96.71
84.32
95.56
percent of par 4% bond..
98.86
95.81
102.91
90.79
95.85
101.32
77. 65
77.73
72.77
Industrials (10 bonds)
do
103. 84 100. 25
107. 50
105. 54 103. 79 101. 88
104. 60
105. 40
106.04
97.21
106. 70
98.09
100. 40
Public utilities (10 bonds)
do
98.21
95.17
95.90
93.39
97.32
93.13
100.73
95.60
94.63
100. 50
94. 83
94.94
101. 32
122. 29
124. 53
113. 90
Rails, high grade (10 bonds)
do
126. 38 122. 70 120.41
123. 69
118.55
106. 02
123.04
92. 21
131. 28
104. 60
82.22
47.23
Rails, second grade (10 bonds)
do
80.05
76.20
75.49
73.62
73.41
70.03
64.36
55.72
47.15
42.30
82.75
Domestic (Standard Statistics):
101.7
100.9
96.6
91.8
106.3
103.3
100.4
Corporate (45 bonds)
dollars.
101.1
87.2
81.2
105.4
84.4
101.1
109.6
110.8
Municipal (15 bonds)f
do
108.9
108.0
110.1
111.8
109.0
112.7
109.5
111.5
115.8
108.1
109.1
U. S. Government (Standard Statistics):
108.7
108.3
107.2
108.0
108.3
108.9
108.1
7 bonds
do-.
109.1
111.6
111.2
108. 0
109.0
1C9.6
Sales (Securities and Exchange Commission)".
Total on all exchanges:
Market value
thous. of doL. 133, 593 309, 610 276,698 438,960 321,274 206,518 174,732 '173,575 158,165 159, 293 181,489 150, 301 148, 239
Par value
_._do
192,475 428.010 346,260 494,965 363,730 238,348 ••210,940 207,044 187,459 212,856 268, 387 223,973 •247,098
On New York Stock Exchange:
Market value
thous. of dol.. 113,449 255,434 234,188 389,143 279,814 176,477 146,794 146, Q91 134, 439 134,842 153,968 124, 701 123, 884
Par value
___do
166,909 365, 679 300,608 442,002 318,934 204,294 ••178,497 175,800 160, 722 183,850 231,796 190,031 •213,888
Sales onN. Y.S.E., exclusive of stopped
sales (N. Y. S. E.)* Par value:
Total-...
_
thous. of dol— 165,910 342, 687 285,459 422, 794 294,866 179, 649 178,898 160,504 147, 601 182, 078 227,502 172, 494 197,999
U . S . Government
do.
11,632
19,174
15, 698 14, 476
14,020
20,601
16, 353
25,638
19, 647 125,133 62,070
10, 736
9,819
Other than U. S. Government:
Total
do.
149, 557 317,049 265,812 297,661 232,796 159,048 164,878 148,872 128,427 166, 380 213,026 162, 675 187, 263
Domestic
do
128, 981 267,568 229,157 266, 728 204,127 137,945 139,892 124,028 105,633 140, 305 184, 201 135, 316 162, 209
Foreign
do.
21,103
22,794
26, 075 28,825
24,986
24,844
25,054
49,481
36,655 30,933 28,669
27, 359
20, 576
'Revised.
fRevised series. For domestic municipal bond prices, revised data prior to those shown on p. 35 of the October 1937 issue will appear in a subsequent issue. The commercial and Financial data revised beginning 1919; see table 55, pp. 14-21 of February 1938 issue.
•New series. Data beginning July 1933 on estimated gross proceeds from new securities effectively registered, by industrial groups, are shown in table 30, p. 19 of August
1937 issue. Data on bond sales on the New York Stock Exchange, exclusive of stopped sales, as compiled by the Exchange, supersede those shown through the October 1937
issue, which were compiled by Dow-Jones & Co., Inc.; data for period 1913-36 appear in table 46, pp. 18 and 19 of the December 1937 issue.




76

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1937

1938
J

anuary

March 1938

January

February

March

April

May

June

| July

August

Be

llT\October

Novem- j December
her

FINANCE—Continued
SECT JUT \ M A R K E T S - C o n t i n u e d

|

Konds—Continued

|

Value, is-nies !isrc d r-n (N. Y. 3. E.):
|
Par, all issues.
.mills, of do!..•
Domestic issues
do j
Foreign issues
.-.
do 1
Mart ct vi'iic, 'Jl issues
do |
Domes* ic is-i31-.do j
Foreign ifsu'-b
do 1
Yields: '
|
Moody's: *
i
Domestic (120 bonds)
pcrcen';..|
By ratings:
I
Aaa (30 bonds)
do j
Aa (30 bonds),.
do....!
A (30 b o n d s ) - do j
Baa (30 bonds)..
do....j
By groups:
j
Industrials (40 bonds)
do j
Public utilities (40 bonds)
...do j
Railroads (40 bonds)
rio j
Foreign (30 bonds)
do 1
Standard Statistics:
j
Municipals (15 bonds) f
do j
Bond Buyer:
!
Domestic municipals (20 bonds).
do !
U. S. Treasury bonds
do j
U. S. Treasury 3-5 year notes*
do j
Cash Dividend P a y m e n t s a n d Eates

(

4/, 910
43,112
4,798
42,486
39,508
2,978

46,592
41, 630
4,961
45, 113
41. 651
3,462

46,572
41. 593
4,979
45, 007
41 521
3 486

46,994
42, 045
4, 949
44,116
40,726
3,389

47, 058
42, 095
4.963
43, 920
40,525
3,395

4.33

3.67

?>. 75

3.87

3.98

3

3.20
3.61
4.32
6.19

3.10
3. 30
3.77
4.50

3.22
3.40
3.85
4.54

3.32
3.50
3.98
4.69

3.42
3 58
4 05
4 88

3.34
3.49
3.99
4.87

3.54
4.01
5.44
5.78

3.36
3.68
3.95
5.39

3.46
3,76
4.04
5.16

3. 55
3.90
4.17
5.30

3.65
3.69
4.29
fi.35

3. 55
3.95
4.27
5.32

3.03

2.79

2.06

3.19 |

3.24

3.14

3.07
2.47
1.13

2.74
2.29
1.18

2.90
2.31
1.22

3.15
2.50
1.42

3.09
2. 74
1.59

3.04
2.67 ,
1.48 !

233,330
212,837
20, 493

358,909
332,406
26,503

249,402

222,278
216,136
6,141

1,884.0
923.50
2.04
3.07
2.02
2.25
2.09
1.77

1,886.9
923. 50

1,885. 7 1,892.2
923. 50
923.50

47,045
42, 086
4, 959
44.171
40, 734
3,436

47, 321
42,268
5, 054
44, 001
40, 509
3, 492

47. 227
42; 226
5, 001
43,809
40. 3S6
3, 423

47,159
42,116
5,043
44,296
40, 778
3, 520

47,284
42, 334
4,950
43,271 j
40,024
3,247

47,175
42,321
4,855
42,109
39. 088
3.021

47, 264
42, 363
4,901
42, 591
39,471
3,120

47, 694
42,866
4, 828
42, 782
39, 760
i
3, 022

,
!
'

!
3.92

3.91 i

3.92 i

4.04

4,20 I

4.30

4. 27

3.28
3.45
3.99
4.97

fV~l

3.28 j
3.45 I
3.97 I
4.97 I

3.25 !
3.45

3. 30 I
3.51 I

3.29
3.60
4.23
5.67

3.26
3.62
4.32
6.01

3.23
3.59
4.30
5.95

3.50
3.92
4.31
5.16

3.47
3.89
4.40
5.20 !

3.63
4.08
4.8S
5.64

3.65
4.06 !
5,20 I
5.70 •

3.66
4.03
5.12
0. 66

3.11

3. 07

3.24

3. 17 ;

3. 15

2.94
2.59
1.44

3.01 I
2.95 I
2.59 I

3.18 I

3.06 i
2.64 !
1.54 |

3.05 !
2.67 !
1.50 !

3.15
2.65
1.42

3.17 j
2.60
1.31

3.16
2.54
1.27

J

1

3. 51
3.97
4.29
5.14

5. CO I

1.45

4.07 !
5.27 !
i
3.55 i
3.96 i
4.60 !
5.35 j

j

Dividend declarations (N. Y. Times):
I
Total
thous. of dol_ J 2o3, <
Industrials and misc
do I
Railroads
do i
Dividend payments and rates (Moody's):
Annual payments at current rates (600 com- >,
panie-s)
mills, of doL.j
Number of shares, adjusted
millions.-' 929.10
Dividend rate per share (weighted average)
(600 cos.)
.
dollars..
Banks (21)
do
Industrials (492 cos.).
do
Insurance (21 cos.)
do
Public utilities (30 cos.)..
do
Railroads (36 cos.)..
-do

2.04
3.07
2.02
2.25
2.09
1.77

244, 088
5,313

2.04
3.07
2.02
2.25
2.08
1.77

2.05
3.07
2. C3
2.42
2.07
1.77

342,749
312,100
30, 648

253,111
244,116
8,995

384,779 288,290 i 293,9S7
368, 813 280,953 i 279,136
15,965
7.337 I 14,852

710.359 ! 411.52;
656, 134 j 389. 04-!
54, 225 ! 22, 47

1,926.8 | 1,933.7
923. 50
923. 50

1.959.7
923. 50

1. 954. 8 1,963.9
923. 50
923. 50

2,020.3 1 2,026.2
923.50 I 929.10

2.09
3.07
2.08
2.37
2.10
1.77

2.12
3.07
2.12
2.38
2.10
1.77

521,082
494,601
26,4S2

2.09
3.07
2.08
2.42
2.08
1.77

2.13
3.07
2.13
2. 38
2.10
1.77

2.13
3.07
2.14
2.37
2.05
1.77

1,970.1
923.50

2.19 !
3.07 i
2.22 !
2. 37 I
2.07
1.69 1

2.13
3.07
2.15
2.37
2.06
1.77

2.18
3. 07
2.22
2.38
2.06
1.69

Stocks
Prices:
Dow-Jones:
125.1 i 125.5
12S. 4
184. 4
179.3
188.4
173.1
138.6
183. 5
188.0
170.1
180.3
160.1
Industrials (30 stocks)
dol. per share. .
22.1 ! 21.6
20. 8
28.4
28.3
22.1
36.4
33.1
30.7
26.7
28.8
35.0
24.9
Public utilties (20 stocks)
do
32.0 i
30.2
58.4
52.2
35.4
59.5
54.3
53.9
55.1
57.4
61.7
42.8
Railroads (20 stocks)
.
do
91.39 ' 00.Vl
91.35
129.41
99. 72
130.89
125.13
131.44
131.06
139. 48
138.67
137.19
114. 24
New York Times (50 stocks).
____do. 157.93
159.53
156. 24
212. 92
172. 92
221. 04
221. 68
235. 41
231. 77
215. 23
208. 46
225. 73
195. 86
Industrials (25 stocks)
__.
do
24. 84
23.18
24. 24
26. 53
45.90
40.45
46.56
41.84
41.81
43.56
45.58
48.70
32.64
Railroads (25 stocks)
do .
Standard Statistics:
S2. 2
82.9
81.6
91.4
116.3
120.5
129.9
124.5
113.6
117.8
106.4
126.0
129.5
Combined index (420 stocks)
1926=100..
95. 2
96.1
95. 7
107.4
136.7
143. 5
152. 6
146.5
134.0
139.4
146. 3
151.7
126.2
Industrials (348 stocks)
do
79.5
78.8
75.7
81.3
97.0
105.7
100.7
94.1
91.3
95.9
113.2
110.7
89.2
Public utilities (40 stocks)
do
31.4
31. 2
29. 0
35.4
50.9
62.8
60.1
53.9
52.1
57.9
57.1
55.6
42.6
Railroads (32 stocks)
do
53.5
53.0
57.9
74.4
88.0
81.4
73.2
76.5
90.6
78.9
76.8
50.1
68.2
Banks N. Y. (19 stocks)
do
74.2
78.2
74.6
92.1
97.1
91.7
88.7
93.6
98.4
98.7
88.8
85.6
Fire insurance (18 stocks)
do
Sales:
Market value of shares sold (S. E. C ) :
On all registered exchanges, total
thous. of dol_. 954,115 '2.662,539 '2,700,286 '2,976,728 '2,051,973 '1,267,240 i ' 99, 267 '1,242,705 1,119,097 '1,601,396 '1,826,874 j'1,339,429 j'1,229,046
855, 876 2,246,887 2,332,408 2,628,767 1,803,427 1,113,925 I 869,953 1,096,396
,955 11,432,863 il,638,413 j 1,215,556 '1,105,620
On New York Stock Exchange
do
Number of shares sold:
On all registered exchanges, total (S. E. C.)
58, 466 ! 54, 785
thous. of shares. . 42. 601 115,989 104,892 115,961 • 71,382 r 43, 445 • 37, 056 • 41,385 • 37, 737 " 65, 227 ' 90, 027 46,877 I '' 42, 131
69, 639
26, 265
52, 533
31, 336
27,554
49, 838
72, 004
83,720
30,045
81, 687
On N. Y. S. E. (S. E. C.)
d o . — 33,102
Exclusive of odd lot and stopped sales
29,265 i 28,418
17, 221
33,860 I 51,093
16,443
50, 255
50, 344
34, 613
20, 715
58,676
18,565
(N. Y. Times)
thous. of shares.. 24,145
Shares listed, N. Y. S. E.:
40,716 j 38.SCO
39, 243
56, 624
57,324
54, 882
49,034 j 44, 670
61,912
62, 618
62, 468
57,963
59, 394
Market value, all listed'shares..mills, of doL1, 422
1,389
1,400
1,398
1, 404
1,398 ! 1,406
1,367
1,374
1,380
1,387
1,408 I 1. 412
Number of shares listed
millions..
Yields:
6.7
6.4 :
5.7
5 9
4.4
4.2
4.3
4,5
4.2
3.9
3.9
3.8
Common stocks (Moody's)(200)*:...percent6.7 !
7.0
5.7 i
5.8
4.4
4.2
4.3
4.5
4.2
3.8
3.8
3.8
Industrials (125 stocks)
do .
!
5.9 ;
0.5
5.7 !
6.0
4.1
3.3
3.5
3.9
3.8
3.5
3.3
3,1
Rails (25 stocks)
do__.
6 6
6 ° '
6.0 j
6
5.4
4.7
5,3
5.4
5.5
5.1
4.6
5.0
Utilities (25 stocks).
do...
4! 8
4~. 8 '
4.4
3.3
3.9
4.8
28 i
3.2
3.2
3.5
3.1
2.8
3.3
Banks (15 stocks)
do
4.8
4.7
3.6
3.1 I
4.2
3. 2
3.9
3.9
3.8
3.1
Insurance (10 stocks)
do.. _
3. 6
Preferred stocks, (Standard Statistics):
5.29
5.10
5.17
5.18
5.16
5.15
4.96 !
5.07
4.94
5.13
Industrials, high grade (20 stocks) do_._
5.25 i
Stockholders (Common Stock)
|

in

"I

American Tel. & Tel. Co., total
.number..!
Foreign
do
j
Pennsylvania Railroad Co., total
..do
Foreign
do
<_
0". S. Steel Corporation, total
do
|
Foreign
do
j
...
Shares held by brokers
percent of total.. I

639, 227
7, 265

217,016
3,020
164, 271
3,130
24. 81

638, 627
7,194
215, 498
2,954
161,487
3,205
25. 33

637,875 I
7,111 !
214,867 i
946 !
!

158,952 !
3,103 !
25.81 !

I 641,308
! 7,111
i 215,629

I
!
!

: 2,947
164.442
3.186
24.60

r
Revised.
•New series. For earlier data on Moody's yield series, see table 45, pp. 19-20 of the November 1937 Issue for bonds, and p. 18 of the September 1936 issue for stocks.
Data on yield of U. S. Treasury 3-5 year notes beginning August 1932 will appear in a subsequent issue.
tRevised series. Revisions prior to those shown on p. 3 r of the October 1937 issue will appear in a subsequent issue.




77

SURVEY OF CURRENT BUSINESS

March 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1938
January

1937
January

February

March

April

May

June

August September

July

October

Novem- December
ber

FOREIGN TRADE
INDEXES
Exports:
Total value, unadjusted
__ 1923-25=100...
Total value, adjusted
do
U. S. merchandise, unadjusted:
Quantity.
do
Value
do
Unit value
do
Imports:
Total value, unadjusted
do
Total value, adjusted
_do
Imports for consumption, unadjusted:
Quantity.
-—1923-25=100. _
Value
do
Unit value
-.do
Exports of agricultural products, quantity:
Total:
Unadjusted
_.1910-14=100..
Adjusted
...do
Total, excluding cotton:
Unadjusted
do
Adjusted
.__
_
_.do
VALUE
Exports, incl. reexports...
thous. of dol._
By grand divisions and countries:
Africa
..do
Asia and Oceania
_.
..do
Japan
do
Europe
do
France
do
Germany
.
do
Italy
.
do
United Kingdom
do
North America, northern
„
do....
Canada
„
do
North America, southern
do
Mexico
___.
do
South America
do
Argentina.
_
_
-do....
Brazil
do
Chile.-..
do
By economic classes (U. S. mdse. only):
Total
...
thous. of doL.
Crude materials
do
Cotton, unmanufactured
do
Foodstuffs, total
do
Foodstuffs, crude.
do
Foodstuffs and beverages, mfgd__do
Fruits and preparations
do
Meats and fats
do.
Wheat and
flour
do
Manufactures, semi,
do_^_.
Manufactures,
finished
do____
Autos and parts
do
Gasoline
do
Machinery
do
General imports, total
do
By grand divisions and countries:
Africa
_
_
.do
Asia and Oceania
do
Japan
do
Europe
„
_
do
France.,
.
do
Germany
.
do
Italy
do
United Kingdom..,
.do
North America, northern
do
Canada
do
North America, southern
„
do
Mexico...,.
do
South America
.
.
do
Argentina
_ do .
Brazil
do....
Chile
do
By economic classes (imports for consumption):
Total
__.thous. of doL.
Crude materials
do
Foodstuffs, crude.
do
Foodstuffs and beverages, mfgd
do
Manufactures, semido
Manufactures,
finished
do

70
79

71
75
114
77

'99
71
72

r

105

71
80

' 95
69

'97
71
73

83

88

73
79

74

' 102
74
' 72

111

' 128
89
69

r

84
79

124
84
68

' 127
85
'67

125
r 72
57
1G2
91

95

89
82

88
80

89
93

82
89

76
79

72
76

69
68

69
09

65
65

155
93
60

145
88
61

141
87
62

140
87
62

134
'83
62

127
78
62

121
73
61

117
71
61

111
67
60

111
04
58

35
46

27
37

111
82

108
83

107
84

33
37

74
74

33
37

265, 363

268,185

333,136

G11,CS2

310,2 r )0

87
140
'82

58

103
107
289, 437

221, 650

232, 504

256,390

269,170

11,630
55, 029
20, 410
137,675
12, 597
8, 946
5, 905
62, 887
31,553
31,116
26, 050
8,147
27, 502
8, 529
C, 659
2,260

10,094
49, 281
22, 364
88, 677
13, 492
7T056
6,633
35, 282
31, 687
31, 297
22, 047
8,965
19, 763
5,312
4,162
1, 668

10, 604
49,816
24, 745
95, 474
13,101
8,882
8,071
38,847
31, 926
31,643
24, 591
7,877
20, 093
5, 928
3,979
1,554

10,049
61. 579
29; 971
97,060
12, 440
9, 292
6, 979
34, 036
38, 266
37, 831
26, 594
9, 401
22, 842
5,839
5,319
1, 538

13, 547
57, 794
26, 928
99, 362
12, 233
12, 308
7,487
29, 840
46,013
45,146
28, 234
10, 610
24, 221
6.656
4, 770
2?C02

280,138 217, 949
67, 917
60, 587
34, C07
37, 461
40.310
13,062
24, 459
3,598
15, Sol
9,464
7, 200
4, 263
3, 985
2,980
10, 896
1,894
44, 059
34,156
133,851 110,144
34, 396
27, 586
7, 589
5,882
39, 728
31, 532
170,763 240, 396
3, 333
54,923
11,496
48,388
4,283
5, 813
2. S72
9, 572
21. 778
21,020
20, 068
4,130
22, 272
3,863
8,753
2, 844

7,573
76,843
17, 683
67, 213
5,859
7, 717
4, 291
18, 453
33, 975
33,089
22, 361
5,088
32, 431
8,467
11, 534
2,898

163,526
51, 844
21,100
23, 046
32, 926
34,610

228,682
77,045
38, 727
29, 648
46, 533
36, 729

223, 050 252,268
54, 410
52,152
34, 066
34, 272
22. 5?4
17, 475
3, 522
4,100
19,002
13.375
9,903
5,510
2,624
3,151
1,815
1,927
37,937
53, 005
114,179 529,635
25, 974
28,819
5,062
5,349
31, 475
36, 985
277, 805 306, 699
9,350
92,112
18, 382
73, 209
6. 800
6 , 394
'
4,162
19, 056
30,811
30, 568
27, 787
5,509
44, 536
16,199
10, 999
5,119
260,320
90,930
41, 399
34,929
52,187
40,875

11,389
95, 863
17, 660
80, 522
7,559
7,978
20, 606
37, 625
37,096
35,125
6,981
46,175
18,166
10, 545
5,110
295,928
91,616
45, 251
52,162
57,853
49, 046

289, 928
13, 467
68,907
36,177
i 01, 905
12,466
7.097
6,325
35. 501
52, 008
51,144
27, 182
8,879
26. 458
7,785
5, 927
1,839 I

12, 169
55, 452
25, 194
98, 856
11,221
8,973
6, 953
34, 037
47,914
47,013
26, 038
9.908
24,934
8,313
4, 764
1,903

277. 095

14.952
63,0V)

13 328 ! 13, 5*" 4
19,510 '
10,7f>f. '
104, 0'/5 j 135,, -1 i
17, (i 1 '
io',2')l ,

86! An
7, 5^2
4 740
32, W
46.253
4:, 116

296, 729

•
!
'
j ~7. "53

r.oi/7 !
2$ ? 5
ft. 1 1

27,670

2, 13'J

2, 171

%:< I

b 0,731
16,019
io m
25, 714
9, 150
2' *t)l
7, 422
1, 60*

15, ;,Sa
12, f ^
64,<8N
">o 16'J
' ) .")(.! )
20! l-'J '
s 1 > 16,532.
Io2,\)?(,
14b. h{<2 lii.MH)
r, cos
lu,iM J
II, o, ,.
12, 722
U, » , i
6, 525
liI, C05
.>* 5d.)
. L\ f 1 I
5K »»70 i
30.062 !
b. ,JS. '
0, ~^.\
8, 1G1 |
.' i. (^75
3 U W J | 2 l, i . 7
^ •>, | 11,1.27
10,.'7S
1
^ ' ! , 7, 879
7,717 I
2, , - . |
2, .,70
2, .-oi ,

264,852 285,087 i256, 503
«H7 3'L, IDS ! 31), 271
274,221 21.3, G25
50, 393
51,996 i 42, 004
S/s, 256
31.3GJ
bl.^i ' 75 911
<..«)
28, 572
24,643 ! 16, 835
'X 4i 6
\.r>\
41, !J8'<
16^342 i 15. 970
16, 496
17, V2
o >, 827
1*7. 'ifi'J | 2f\ 7"5
3,584 1 4, 425
4,143
5. W2'2
13.124
'j"^4
17. 5." 7
12,758 i 11,645
12,353
ll,4 f .O ! 11,238
lV! 7t*rt> I L ^ I W
16, 701
21, 27' s
Si 727 ! 4.225
4,959
3.7>, ,
8VI
7.3o2
6, 979
7, 7(6
12 () M'}
3, 269
3,320
3,997
3,102 '
2 (>U
1.71-7 I 1,7/I
2 {){> ^
1
l
l
2,645
2,212
2,618
4,531 ,
) 072
)
10 325
03, 321
58, 058
71, 752
68,865 I t f. 227
To. 970
.V., 1').
;, 12; I 9, (.34 :6.1)7U
;.
141,905 144, 997 135, 208 313, y;s
113,692 1J0, ,27 H I , 801
30,791
33,169
29,721
U, 710
29,411 ' 2% 119
2." 40H
5, 372
6,768
ft, 529 6,719 I 8, <S3
5, 34b
P, ri32
IP* 340
43, 547
42, 252
40,814
37] 7l*'>
40,761
41, 6f 3
4o,C93
o9 017 I H 5o t
287, 252 285, 038 285,946 265,349 ' 215, 707 233, 361 221, 3" 1 22 5,220 20b, S63
12, 553
9, 22S
92,188 100, 503
20, 423
18, 244
73, 880
72, 386
6,249
6, 596
7,714
7, 513
4, 375
4,329
17, 353
13, 002
35, 327
36, 889
35,198
36, 479
29, 284
34,909
5,150
7,039
36,748
38,395
13, 732
11, 408
8,181
10,004
5,469
7,512

8,47C
§8. 010
18. 637
69', 073
5, 545
7, 579
3,593
18,044
39,113
38, 350
27, 521
5,611
43, 759
18. 060
10, 642
5,349

278, 777
91, 800
37, 362
47,090
55, 847
46, 679

278, 742
92, 547
41,618
38, 462
58,871
47, 244

281,717
39,541
51,410
54, 535
47, 550

7,394 I 6,145
85,983 j 82, 935
10, 467
16, 297
70,165
67, 894
6,103
6, 675
8,202
8,642
3.332
3,477
15, 234
15,902
37,458
34, 797
36, 472
33,438
25, 561
21, 359
4,457
4,793
38, 787
32, 577
16, 532
10,962
9,694
10, 799
2, 626
2,976
263,438
77, 554
37, 750
39, 774
59, 581
48, 778

249,025
79, 606
34, 018
32,925
54, 807
47, 669

6,137
79, 634
15, 988
67,043
5, 517
7,370
3,183
14,752
35,075
33, 584
15, 336
3,928
30,137
9,286
10,478
1,612

4, 680
73, 927
15,420
74. 266
7,600
8,194
4,328
16,536
32,494
32. 059
13, 698
3, 675
25,326
5,180
8,670
2,497

234, 076
75,884
28.516
28,409
52, 564
48, 603

226, 505
71, 695
23, 610
29,365
51, 866
49, 968

4,892
81, 059
17,190
66, 998
6, 064
8,155
4, 175
15, 806
29,490
28,761
14, 049
3, 939
26,739
5, 585
9, 898
2,314

4, 321
77,346
11,839
60, 294
6,105
7,141
5,066
12, 265
26,044
24, 876
16, 227
3,954
24,631
4,126
9,178
2,684

212,
67,
23,
27,
46,
46,

203, 700
68,482
21,819
28, 552
43, 555
41, 293

377
528
860
630
364
996

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue.,
thous. of doL
Operating income
do...
Electric Street Railways

8,752
130

8, 749
129

9,344
135

9,177
130

9,441
137

762
122

8,954
123

9, 303
126

9

m
1?3

9,733
125

9 3?8
130

_ 991
Fares, average, cash rate f
.cents..
8.025
7.991
7. 991
7.991
9S4
7.984
7. 968
7 954
7. 954
Passengers carried f
._..
„thousands._ 781, 234 797,992 759^ 572 863,159 824,622 818,188 777, 335 715,739 715, 466 748. 208 807,176 779, 918 836, 235
Operating revenues
thous. of doL.
57,834
55, 042
62, 529
58. 459
59,685
924
56,
54, 224
53, 385
55, 117
56 448
54, 088
58,755
p
Revised.
tData for average fares revised for period July 1935-Mareh 1937; see p. 37 of the June 1037 issue. Data for passengers earned revised for 1936 and 1937; revisions not
shown on p. 37 of the December 1937 Survey will appear in a subsequent issue.




78

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1938
January

March 193 8

1937
January

February

March

April

June

May

July

August

September

October Novem- Decem
ber
ber

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Steam Kail ways
Freight-carloadings (Federal Reserve) :f
Combined index, unadjusted—1923-25=100—
Coal
do
Coke
do
Forest products.
_
—do
Grain and products
do
Livestock
___do
Merchandise, 1. c. 1
do
Ore
—-.do
Miscellaneous
_do
Combined index, adjusted-- —
_.do
Coal
-do
Coke
do
Forest products
_.do
Grain and products
do
Livestock
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous,
do
Freight-carloadings (A. A. R.):
Total carsi
thousands..
CoaL
-do
Coke
„
do
Forest products
..do
Grain and products
.do
Livestock
do.__.
Merchandise, 1. c. 1
--do
Ore
do
Miscellaneous
do
Freight-car surplus, total
do
Boxcars
.
do—
Coal cars
do
Financial operations (Class I Railways):
Operating revenues, total
thous. of dol..
Freight...
.
do..-.
P assonger
__do
Operating expenses
.
do—
Net railway operating income-.
do___.
Net income
.
do—
Operating results:
Freight carried 1 mile
....mils, of tons..
Revenue per ton-mile
. . . .cents..
Passengers carried 1 mile
.millions..
^
Waterway Traffic
y
Canals:
Cape Cod
thous. of short tons...
New York State
.
do
Panama, total
thous, of long tons..
In U. S. vessels
do
St. Lawrence—.
...-thous. of short tons..
Sault Ste. Marie
do—.
Suez . .
thous. of metric tons..
Welland..
thous. of short tons..
Rivers:
Allegheny
.
do. — .
Mississippi (Government barges only).do
Monongahela
do—
Ohio (Pittsburgh district)
do
Clearances, vessels in foreign trade:f
Total
thous. of net tons.
Foreign...
do—
United States
...
do....
Travel
Operations on scheduled airlines:
Express carried
pounds..
Miles
flown
thous. of miles..
Passenger-miles flown
do
Passengers carried
number..
Hotels:
Average sale per occupied room
dollars..
Rooms occupied
percent of total..
Restaurant sales index
1929=100..
Foreign travel:
Arrivals, U. S. citizens
_.
.number..
Departures, U. S. citizens
__do
Emigrants
.
do....
Immigrants
-do
Passports issued
do
National Parks:f
Visitors
do....
Automobiles
do—
Pullman Co.:
Revenue passengers carried...
thousands..
Revenues, total
.thous. of dol..
COMMUNICATIONS
Telephones: §
Operating revenues
--thous. of dol..
Station revenues
--do—
Tolls, message
--do—
Operating expenses
.
do
Net operating income
do
Phones in service end of month...thousands.
Telegraphs and cables: t
Operating revenues
thous. of dol.
Commercial telegraph tolls
do—
Operating expenses
do
Operating income
do—
r

79
68
86
51
63
39
70
102
94
84
81
102
49
70
43
69
249
91

80
66
85
55
58
39
69
187
93
80
77
88
53
64
44
69
133
90

79
65
82
55
72
33
68
192
90
78
76
89
52
74
41
67
113
87

82
64
88
57
111
32
67
203
90
80
76
104
57
81
37
68
107
88

81
68
80
55
93
42
68
190
89
79
77
98
53
77
42
68
103
88

87
84
88
54
79
56
70
182
96
78
81
93
49
71
44
67
104
86

84
89
74
48
82
63
69
117
92
76
81
74
4n
82
45
66
79
81

3,003
670
47
151
115
46
682
44
1, 249
113
58
17

2,955
473
42
148
120
50
690
121
1,310
134
63
32

3,898
593
52
198
136
68
856
363
1,632
147
80
30

2,977
443
39
156
123
44
653
293
1,225
137
70
31

3 812
548
51
201
251
53
805
384
1 518
137
65
36

3,116
472
39
162
175
57
671
298
1, 242
127
63
33

3,183
555
41
150
142
69
665
279
1,281
104
56
21

4,017
7S6
46
177
190
106
5S7
240
1,615

672 321, 927 377,813
692 264,167 313,881
33. 016 34, 952
441
622 244,146 260 272
890
38, 359 69' 379
d
598
5, 727 24,461

351, 573
288,631
33,733
262,019
47, 807
2,667

73
89
97
42
65
42
64
26
78
80
78
83
48
73
43
67
117
90

2, 714
600
32
179
68
687
34
996
299
139
114
279, 259
218, 404
37,474
232, 710
G, 920

' 3,303
'758
58
••148
'146
68
'765
'51
'1,310
131
64
26
331,
268,
' 37,
253,
' 38,
« 4,
*

76
91
102
49
64
34
66
27
82
82
77
76
51
70
41
68
114
95
2, 778
628
48
140
117
45
640
42
1,117
113
54
19

80
92
96
52
62
34
69
29
90
83
87
92
51
68
42
69
114
94

359,
289,
41,
268,
50,
6,

612
237
565
190
308
347

31, 866
.965
2,164

33 753
957
2 438

33, 703
939
2, 429

34, 862
918
2 200

286
305
2,653
1, 005
391
4, 620
3,151
667

319
577
2,951
1,077
1, 244
14,110
2,780
1,623

301
792
2,670
1,018
1, 310
14,161
2, 628
1, 660

282
630
2,476
956
1, 286
14,137
2,929
1,634

240
611
2,781
1,041
1,333
13,937
2, 789

276
753
2,385
865
1,304
12, 585
2, 543
1,566

236
131
2,689
1,337

148
172
1,998
845

314
179
2, 397
1,237

288
155
2,198
1,089

357
154
2,298
1,166

276
181
2, 402
1,210

162
2,298
1,120

5, 465
3,974
1. 491

5, 807
4, 222
1, 585

6, 4S2
4,744
1, 738

7 092
5,152
1, 940

7, 404
5, 373
2, 030

7. 516
5, 517
2,000

6,720
4, 896

32, 212
.908
1,797

292
0
2,095
752
0
0

325
0
LS56
281
0
0
2, 6S9
0

275
0
1,840
467
0
0
2,377
0

317
0
3,016
1,255
0
0
2, 795
0

10'
175
1, 166
636

129
79
1, 896
854

193
89
2, 496
1,325

4,!
3,747
1,184

4, 401
3. 311
1, 090

4, 635
3, 313
1,322

36, 651
.938
1,921

32, 266
. 979
1,856

2, 628
534
28
112
155
66
623
62
1, 047
219
99
79

363,071 372, 926 318,180
293, 811 307,104 258, 669
38, 734 35,510
33,318
262, 712 270, 357 249,295
59, 305 60, 747 32, 441
16, 210 17,195 * 6, 566

34,093
.928
1,902

33,130
.898
2,030

456,
4,
32,
69,

352,614 351, 704 365 148
287,919 281,878 293 107
34,042 38,510 42 061
267,296 265, 579 266 641
43. 663 58, 940 60 558
18, 560 19 007

63

72
78
59
40
86
51
65
40
78
71
72
59
41
92
42
64
73
76

36, 760
909
1, 977

29, 096
.961
1, SIT

62
78
51
34
75
40
59
21
63
67
70
46
40
88
42
62
86
69
2,309
535
24
101
136
54
570
35
855
283
135
101
300
231
39'
243
25

321
329
933
354
972
947

27 422

336 |
290
746
598
2,185
2,439
844
980
989
1,335
3, 939
9.812
2, 920
1,697
U229

293
0
2,046
760

141
1,954
1, 056

183
195
1, 483
886

126
' 160
1, 239
707

6,299
4,445
1,854

5, 593
3,907
1,687

5. 203
3.763
1. 440

528. 603

547, 705

500, 004 580, 602 540, 310 591,011 650, 709 611,562 618,113 720, 479 684, 241
5,811
6, 239
4,600
5, 486
6, 214
6,085
6, 312
5, 350
5,784
26,108
34, 584 33,136
54. 230 49,186
42, 019 47, 290 50, 708 51,942
58,008
74,972 76,199
98,035 110,842 120, 571 123, 550 130, 296 113, 539
3.22
3.05
3.15
3.19
3.09
3.32
3.31
3.39
3.24
70
67
65
62
65
68
63
68
71
101
93
90
97
92
89
95
97
107

303
2,045
62

303
995
461
435

554,030
4,199
21.379
46, 012

3. 24
66
90

3.12
70
91

6, 691

19, 686
21,757
1.897
2.958
7, 046

27, 680
30,695
1,413
3,224
7,716

33, 370
30,410
1,422
3,720
15,151

55,995
16,250

45,958
13,395

82, 484 114,885
24,548
35,741

1,605
5,697

1,385
4,973

1,475
5,439

1,419
5,004

1,364
4,660

1, 478
5,085

1, 550
5,411

1,636
5,697

1, 552
5,377

1,494
5,236

1, 342
4,536

94, 277
61,457
24,420
61,453
20, 774
16,160

91,263
60,138
22, 658
60,301
19,072
16,259

97, 049
62,286
26,156
64, 862
20, 043
16,375

96,133
62,432
25, 259
63,959
20,106
16,497

96,415
62,557
25,296
65,035
19,151
16, 604

96,678
62,379
25, 728
65,761
18,934
16, 641

95,370
60, 835
25, 968
66,675
17,027
16, 670

95,377
60, 525
26, 289
66, 360
17,016
16,731

96, 086
61, 575
25, 777
65, 712
18, 046
16, 840

98, 630
64, 227
25, 757
66,192
20, 371
16, 922

96, 674
63. 740
24,199
67,388
17, 407
16, 979

9S, 503
64, 334
25. 376
G9' 721
17,179
17, 032

10,326
8,049
8,854
878

9,653
7,419
8,441
634

11, 305
8,817
9,153
1,527

10, 437
7,994
9,061
795

10,518
8,083
9, 335
597

10, 755
8.273
9,443
727

10,154 I 10,276
7,771 I 7,926
9,323
9,070
325 1 634

10, 301
7,885

10, 077
7,625
8,932
571

9,292
7,030
8,443
312

J 10,735
| 8,320
| 9,544
i '717

30, 708
25, 404
2,085
4,742
24,784

23,168
24, 501
1,412
5,033
33,202

27,387
34,857
2,314
5,445
31,491

303, 876 438,952
89,004 130,496

36, 224
70,185
2,707
5,311
16,498

67, 397
73, 611
2,708
5,952
8,916

895, 904 912,284
245,270 219,922

68,188
33, 676
2,076
6,094
6,533

5,312

4,762

34,715 I 31,216
81, 654
69, 029
3.51
04
100

3.29
56
89

31, 807
19,978
1,986
7,543
5,532

5, 983

5,164

459, 703 226, 067
137,169

91, 036
31,144

54,550
16, 441

778

d
Revised.
Deficit.
1 Data for January, May, July, and October 1937 are for 5 weeks; other months, 4 weeks.
t Revised series. For freight-carloadings indexes revisions for period 1919-36 see table 24, pp. 17 and 18 of the July 1937 issue. For revisions of National Park data for
period 1919-36 see p. 20 of the December 1936 issue A subsequent revision was made beginning February 1935 to include travel in the Shenandoah National Park. Revisions
 shown on p. 38 of the January 1938 Survey will appear in a subsequent issue. For new series on telegraph operations see table 53, p. 20 of the January 1938 issue. Ocean
not
clearances
http://fraser.stlouisfed.org/ revised beginning July 1936; revisions not shown on p. 38 of the February 1938 Survey will appear in a subsequent issue.
§ While the number of telephone carriers reporting has varied somewhat, the coverage has shown very little change, and the series are comparable for all practical purposes,

Federal Reserve Bank of St. Louis

March 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

79

SUKVEY OF CUKEENT BUSINESS
1938
January

1937
January

February

March

April

May

June

July

August

ber

October

NoDecem
vember ber

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 galStocks, warehoused, end of mo.
__do
Withdrawn for denaturing
do
Withdrawn, tax paid
do
Methanol:
Exports, refined
gallons..
Price, refined, wholesale (N. Y.).dol. per gal..
Production:
Crude (wood distilled)..
gallons..
Synthetic
do
Explosives, shipments
thous. of lb_.
Sulphur production (quarterly):
Louisiana
..long tons..
Texas
do....
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons..
Price, wholesale, 66°, at works
dol. per short ton..
Production
short tons..
Purchases:
From fertilizer manufacturers
do
From others
do—
Shipments:
To fertilizer manufacturers
-.do
To others
do
FERTILIZERS
Consumption, Southern States
thous. of short tons..
Exports, total
—Jong tons..
Nitrogenous
do
Phosphate materials
.,
do
Prepared fertilizers...
do—
Imports, total
~
do
Nitrogenous..,
__do
Nitrate of soda
do
Phosphates
._.
do
Potash
.
.
do
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)
dol. per cwt-.
Superphosphate (bulk):
Production
short tons..
Shipments to consumers
do
Stocks, end of month,.
do

5,940
5, 883
1,093

6,724
6,807
' 1,209

5,411
5,475
1,273

6.536
6,552
1,275

8,716
7,099
1,659

7,511
7,438
1, 578

8,233
8,320
1,657

6,584
6,753
1,822

8,025
7,932
1,724

11,306
11,511
1,915

14, 802
14, 369
1,475

9,960
9, 610
1,119

6,969
7,012
1,153

15, 847
21, 502
9,765
1,835

18, 705
'14,033
11,617
2,272

17,572
19,821
9,387
2,094

19,873
25,218
11,330
2,926

16,824
26,651
12, 299
2,740

16,939
27,428
13,002
2,684

18,658
28,465
15,185
2,392

18, 254
30,922
13,010
2,242

17,067
30,976
14, 414
2,375

17, 219
25, 783
19, 552
2,506

18, 786
16,876
24, 497
2,876

18,179
15,156
16, 627
2,942

17, 262
17,898
11,887
2,515

30,650
.36

48,891
.37

205,156
.36

30,149
.36

148,197
.36

72, 540
.36

51,344
.36

12,113
.36

68,421
.36

10, 230

41,198
.36

19, 656
.36

43, 970
.36

458, 347 525,070 500,685 546,662 531, 727 522, 961 485, 943 465,205 462, 584 404,112 423,792 423, 315 461, 539
2,896,894 1,835,815 1,849,302 2,071,747 2,138,895 2,353,497 2,263,507 2,564,783 2,735,963 3,018,333 3,532,091 3,562,372 3,887,741
27,894 28, 273 42,838 41,870
27,291 30,811 34, 310 34,810 31,125
31, 972 29,327
27, 754
27, 284

53,915
475,924

63, 385
569,967

147,443

164,320

164,880

196,134

16.50
183, 794

15. 50
15.50
176,492 178,979

15.50
193,979

15.50
180,040

172, 936 146,301

26,754
16,496

34,201
40, 372

24,494
35, 749

24, 782
47,680

20, 267
36,149

38.184
39,142

38, 739
47,169

30, 551
41,864

21,137
50,985

17,600
50,239

744
1, 752
1,356
'420
59, 286 106, 297 122,863
61,002
15,405 23,430
15,470
8,006
49, 340 40,418
77, 396 97,380
122
173
224
450
170,007 199,312 233,207 260, 223 253,005
120, 696 80,513 182,851 181,213 200,927
75,109
52, 633 105, 711 97,979 137,008
4,931
4,164
5, 580
15, 752
7,869
42, 931 111, 929 33,349
55,193
32,951

••444
108, 701
33, 613
73,261
563

1,450

1.375

1.375

374,142 377,200 375,039
42, 539 35,023
68,832
J ,342,186 1,125,576 1,078,299

1.375

1.375

121, 716 141, 935 168,015

144, 273 166,031

166, 778 189,960

16,50
166,927

16.50
179,008

16.50 16-50
188,252 212,258

16. 50
16.50
205, 796 199, 508

20,942
39,880

29,438
32, 937

40, 257
31,865

21, 658
62,464

29,958
57,853

35,138
56, 418

15.50
16.00
176, 703 154,275
15,993
38,569
35,149
50,692

106, 845
638, 027

113, 510
655,007

34, 454
26, 484
38, 830
61, 629

34,161
25, 489
39,587
61, 654

32, 662
35, 264

44, 610
34,140

39,015
52, 694

41, 263
51, 243

255
40
123
185
115
58
126
134
166, 234 120,301 150,583 151,204 111. 901 178,734 152, 388 135,173
24,965
15, 562 12, 792 18,001 16,872 24, 755 28,962
11,065
142,037 84, 654 116, 651 125,094 74,904 145, 242 111,848 117, 236
331
907
303
421
247
102
320
127
180,101 122,483 80.970 115,961 141, 744 155,999 153,805 198,427
130,050
92, 311 40.978 37, 238 40, 902 40, 561 68, 403 99,871
2, 766
85,121
52, 578
1,865
21. 398 55,932
2,871
5,475
8, 784
12,972
3, 329
4,135
19,590
13, 687
9, 392
8,545
29,091 69,094 87,673
13, 992
93, 961 69, 842 93, 328
9,646
1.375
1.430
1.450
1. 375
1. 450
1.450
1.450
1.450

430, 680 376, 356 340, 532 291,273 282, 075 372, 730 354, 524 396, 976 388, 401 443, 981
218', 159 263,078 114,429
31, 248 25, 575 25,924 125,872 70, 700 31, 652 35, 842
894, 768 644, 530 649,076 751, 413 849, 634 958,397 1,046,123 1,178,314 1,248,631 1,313,327

NAVAL STORES
Pine oil, production
gallons. 293, 849 404, 052 405, 642 439, 006 429,182 463,993 424,182 443,367 475,920 j 469,093 465,818 I 454,717 301,890
Rosin, gum:
Price, wholesale, "B" (N. Y.)
5.91
10.95
9.13
8.25
8.51
8.97
7.74
5. 58
dol. perbbl. (280 lbs.).
8. 46
8.83
48,861
25, 296
Receipts, net, 3 ports
bbl. (5001b.).
27, 818 53, 433 83, 763 98, 076 105,477 90,391
71, 252 60, 902 60, 425 55, 564
167,947 123,241 103, 057 105,132 99,931 104,307 124,105 110, 497 134, 649 165, 489 104, 537 163, 527
Stocks, 3 ports, end of month
do...
Rosin, wood:
Production
do... 43, 228 50. 620 58, 068 60,947 61,742 62, 399 63,428 65, 561 68,332 66, 295 64,976 03, 892 42, 701
Stocks, end of month
do.,.. 181, 568 63, 924 6>2? 392 75,725 94,311 113, 020 130,502 139,542 145,365 145, 767 161, 306 180,959 175, 927
Turpentine, gum, spirits of:
.34
.44
.43
.47
.41
.41
Price, wholesale (N. Y.)
dol. per gal.
.31
.32
.39
.39
.37
.32
.35
5, 646
2,004
Receipts, net, 3 ports
bbl. (50 gal.).
13, 314
4,577 14,688 23,377 27, 579 27, 066 24,066
14,850
18,021
96, 090 85, 070
86,171 22, 855 97, 500 82, 840 72. 501
Stocks, 3 ports, end of month
do
76, 986 69, 802 70,173
73, 250 84, 627
91,626
Turpentine, wood:
6,958
9,632
9,061
9,840
9,840
9,637
7, 450
9,208 10, 022 10,410 10, 320 10, 467 10,149
Production
do
Stocks, end of month
..do... 20,508 18, 768 21,196 23,535 20, 035 18, 325 15, 423 15, 554 14,884 15,401 16,449 19, 900 21,027
OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
239,164
Consumption, factory
thous. of lb_
146, 304
208, 42jO
162, 380
393, 281
Production
do...
404, 653
342, 708
265,832
426, 068
Stocks, end of quarter
do
262, 096
376, 211
252,018
Greases:
65, 356
Consumption, factory
_
»__do_._
42, 064
58, 316
49, 666
81,845
Production
do
79, 387
78,132
72,109
56,166
Stocks, end of quarter
do...
74,913
58, 390
64, 724
Shortenings and compounds:!
Production
..do
357, 328
441,147
345, 008
424,468
Stocks, end of quarter.
_. do...
46, 503
45, 585
45, 400
37, 324
Fish oils:
Consumption, factory
do...
90, 496
75, 632
00,738
71, 910
Production.
do...
28,950
12, 563
89,373
124,158
Stocks, end of quarter
do...
218,106
200, 014
149, 489
211, 248
Vegetable Oils and Products
Vegetable oils, total
Consumption, crude, factory (quarterly)
thous. oflb.
989,620
679, 508
1,147,783
737,509
Exports
do...
1,765
290
360
747
776
591
648
762
408
307
738
806
2, 263
Imports
do
74, 046 82S 753 130, 545 89, 745 113, 895 114,689 135, 291 125,913 128,408 96, 862 71, 632 93, 330 79,609
Production (quarterly),
do...
783,648
• 597,176
504, 491
1,178,723
Stocks, end of quarter:
Crude
do._.
564,757
587,563
|
745,069 !
,
020, 224
Refined
do
523,347
388,453 I
!
655,726
617,942
i
r
Revised.
ITitle changed from "Lard compounds and substitutes" in the November 1937 issue.



80

SURVEY OF CURRENT BUSINESS
1938

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

January

March 1938

1937

January

February

April

March

May

August

July

June

Se e m
^ r -

October Novem-lDeceinber

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Vegetable Oils and Products—Continued
Copra:
Consumption, factory (quarterly)

short tons..
25,431
Imports
--do
Stocks, end of quarter
do
Coconut or copra oil:
j
Consumption, factory:
|
Crude (quarterly)
thous. of lb— |
Refined (quarterly).do
In oleomargarine
do
4.759
Imports.
do
32,904
Production (quarterly):
\
Crude
do._._|
Refined
do
!
Stocks, end of quarter:
Crude
do..
Refined.—
do..
Cottonseed:
i
Consumption (crush)
shcrt tons.. 1 712,572
Receipts at mills....
uo
' 4-^'. H3
Stocks at mills, end of mo__
do_ _ l.m.l'jt
_
Cottonseed cake and meal:
Exports
«'o .._; i-.^'h
Production
ao___ i 323, 2o2
Stocks at mills, end of mo
no
j 211,< )'
Cottonseed oil, crude;
Production
Stocks, end of m o n t h
Cottonseed oil, refined:

.

then - ofiv»_
_ . r >.._

5,713
39, 345

4.6C9 j

128,644
57, 599
5,197
17, 651

6. 587
21, 483

44 r 380 !
25,822 I
10,294

17,899

4.0. -7 •"
113, W
57,\ i. *-•

'30,315

107,
68,
9,
26,

r- . i f ' 5 / - i l
•VJ I \..'^'i
•
,iV,
bi, £ it-

31V, 357 I

75 4(V-5
25 T ( ,1'>

l

42,391
i

i,.VJ>'

31,5.."

35. 1' 7 i
16. 10P '

100, U ?
1 101,91.-

.,5fO
'.7^

3, •"'1
49. "•,!
12, ""

b 1,112
•».^2

1]
541

.071
127, 311
311, b62

1,234

2. 009
1.842

1 I""

!

!

(,M1

2.21

7,874 i

7,480 j

2.11

1
I

6,299 j

2 . 4 8 4 i_
1.92 I

6,693

61,741 ! 61,781 ! 74,209 1 70,715
12,289 I 11,880 ! 9,586 | 6,772

94,981 !
•
""."609" i
.104 j
.113 I
! 156,877 !
i
~5,~693~ j
7,954 ; 8,428 !
!
137.472 i . . . . ' . . . . J

2,894

• '67
214 2"J

' 71
211. J '

£•17

:. 048
2. 20

"6,"496" ! "~67299~
i
So, 468 j 40,766
9,163

i.nfj

1, 71 7

i, i-.<

!

7, 0(>6
2,856 !
2.13 i 2.17

8,175
2.23

n.or,
/

K-,i27

I'.iC 1 ,

3,'

1,72(\L'J

105,070 • 15.", 3ll>

^

178
1

0, CS3

l,tS(M:

34L\350

44l',fiC2

r, >

104, 17
60 899
6 225
34, 843

994
543

!
155 ' 9, 12'i | / ' . - '
344,-96 I 1.1,""

~t,2f&
23.335

5tJ2. 917

25,
11,

5.012
31,414

019
213

9VN590

2,1,2,'J

7'j

.(92

2.29 j

6, 903
19,009

58,101
29,019
49,430

~.1'*. 3'.7 961, 2sO
',7i>\US7 1.4.V) 171

38, IS- , 170.272

11 '5,211

I1.7M- '

23, 335

132,134
11,553

!

:ns . 45, MI
11-

083
008
054
740

14, 987

76.103
68,179

94.831

l-r.

2"< l«'.,
I'lli. 7'*.

7,714
31,637

i 13,337

317, p * j

I1, J, 773

59,496
24, 991
32, 466

41,955

56, 353
69,448

62, 719
12,170 j .
572,310

20,141

6, 568
26,178

112,883
55,460
5, 614
32, 677

4,094
24, 280

61,945
66, 228

'

Con uptic
In oleomargarine
--»'c . . .
Price, summer, yellow, prime (N. Y.)
del i c- V _
Production
thous of ItStocks, end of month
. — <io__.
Flaxsead:
Imports
thou* uf t u . .
Minneapolis and Duluth:
Receipts.....
f'O __
Shipments
d.^-__
Stocks, end of month
.do _
Oil mills (quarterly):
Consumption
do
Stocks, end of quarter
do
Price, wholesale, No. 1 (Mpls.)--dol. per bn._
Production (crop est.)
thous. of bu
Stocks, Argentina, end of mo
do..
Linseed cake and meal:
Exports _ .
tbous. of lb__
Shipments from Minneapolis
do
Linseed oil:
Consumption, factory (quarterly)
thous. of l b . .
Price, wholesale (N. Y.)
do!, per Reproduction (quarterly).,
thous. of lb...
Shipments from Minneapolis
-do
Stocks at factory, end of quarter
do
Oleomargarine:
Consumption (tax-paid withdrawals)
thous. of lb_.
Price, wholesale, standard,uncolored (Chicago)
dol. per Reproduction
thous. of lb_.
Vegetable shortenings:
Price, wholesale, tierces (Chicago)_dol. per l

47,588 i
15,192 I
12,517 l

41,9

.
|
.113 !
i
8,343 j
!

HS,2t-0
.111
206,512
8,314
142,411

2.03

L97

6,693

4,724 i

67, 032 50,747
1408
14,151 I 14,082

3,543
55,586
19,787

2.07

2,362 j "3,150"
56.184
20, 975

3,295
2.10
* 6,974
4,724

56,822 j 53,827
19,624 ! 16,050

93,817
.109
151, 278
7,678
142, 818

.111 j .111
8,567 i 7,652

07,411
.106 ;
.103
! 150,432
5,160
2,450 ' 4,159
91 ose
;
_
__• 191, 3S6

34,025 i 2S, 169 ! 35,739 \ 32,407 : 29,725

26,245 i 27,724

27,629

35, 58S

41,346 ! 39,685 ; 39,202

. 150
.150 !
30, 956 ! 30,638

.140 i
27,945 j

.135
28,679

.135
34, 843

.135 I .135 I .135
40,465 ! 37,475 i 37,391

. 150 !
.150 I
.149
35,994 ! 34,349 ! 28,741

I

. 098

.137

. 135

30,202
20, 726
9,080
11,646
9,476

.136

29,749
20, 257
9,518
10, 739
9,492

.133

.129

.130 !

.135
26,215
.129!

.120 I

. 103 i

. 103 '

.101

PAiNTS
Paint, varnish, lacquer and
fillers:
|
Total sales of manufacturers
thous. of dol..!
Classified
do....
Industrial
do
j
Trade
do
j
Unclassified
_
do
\
Plastic cold-water paints and calcimines:
Sales of manufacturers:
Calcimines
dollars.. |
Plastic paints
do..
Cold-water paints..
do..

21,
15,
6,
8,
6,
250,

37,
26,
12,
13,
11,

33,062
22, 975
9,931
13, 044
10, 087

31, 486
22, 227
10] 494
11,733
9,259

366,049 357,143 i 330,144 290,193 226,010 "250,591
T
•
51,574 > 49, 115 i ' 52, 771 I 47, 560 53,236
48, 611
336. 570 '324,122 | 303,474 i 261,351 268, 693 252, 810

238,256
41,362
244,935

1,283
1,470

866
202
214
989
664

255,801 302,414 i 332, 591
32, 091
34,768 i 51, 533
206, 053 • 229,100 i 297, 255

44, 562
31,043
12, 462
18, 581
13,519

43.355 i
30,346
12,734
17,612 i
13,010

39, 838
28, 214
32,253
15, 960
11,624

34,495
24, 452
11,217
13, 234
10, 043

33, 785
23, 674
10,431
13, 243
10, 111

r

25, 104
17, 843
8,541
9, 302
7,261

18,621
13, 323
6,567
6, 757
5,298

214, 027 160,847
34, 309 22,283
207, 127 164,312

CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Production...
thous. of lb.
Shipments
do
Cellulose-acetate, sheets, rods, and tubes:
Production
thous. of lb_
Shipments
.do...
ROOFING
Dry roofing felt:
Production
„
..short tons.. 15,158
Stocks, end of month
do
8, 6b
Prepared roofing, shipments:
Total
thous. of squares.. 1,832
Grit roll
,
-..
do....
394
Shingles (all types)
...__do
!
427
Smooth r o l l . . . .
do
J 1, 010

 • Dec. 1 estimate.


' Revised.

1. 715
1, 561

1,976
1, 687

1.795
1,639

1,692 I
1,628 I

1,627
1,450

1,536
1, 600

1,281
1, 396

1,642
1,558

1,506
1,692

853
742

1,270
1.397

1, 621
1,764

1,411 i
1,313 !

1,170
1,099

1,113
1,043

831

1,416
1,467

1,224
1,102

24.547
9,546

27,031 I
6,228 |

31,015
6,324

30, 909
8, 240

27,160
9,711

21. 988
10, 811

22, 377
10, 323

25, 595
10,143

26, 390
9, 308

26, 574
9,334

2, 386
516
549
1,321

3,589
774
785
2,030

2,329 ! 2, 423
540
521
587 I
929
974
1,202

2,517
610
984
924

2,280
619
783
878

2,152
588
717
847

2,671
755
833
1,083

3,368
907
978
1,484

3, 014
791
866
1,357

!
!
|
i

I
i
I
I

919
963 I

1,CG7 ;
978 ;

602
700

783 S
678 !

624
60S

17,503
8,793
2,096
500
5S0
1.C15 i

12,348
9,640
1,098
260
313
524

81

SURVEY OF CURRENT BUSINESS

March 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.

1937

1938

January

January

February

March

April

May

June

July

August

Septem- October Novem- December
ber
ber

ELECTRIC POWER AND GAS
ELECTK1C P O W E R
9, 638

10,151

9,247

10,228 |

9,868

9,976

10, 071

10, 342

10, 633

10,224

10,407

r 9,819

' 10, 046

6,115
3, 522

6,315
3,835

5,762
3,485

6,382
3,846

5, 753
4,115

5,624
4,352

6, 336
3,735

6,985
3,357

7,371
3,262

7, 050
3,174

7. 091
3, 316

' 6,167
r
3, 652

' 6, 466
r 3, 580

9, 040
597

9, 556
595

557

9f626
602

9,293
575

9,442
534

9,544
527

9,824
518

10,116
517

9,719
505

9, 877
529

r 9, 274
544

' 9, 448
-•598

8,359
1,668
1,616
4.258
218
US
410

7.973
M73
1,534
4,115
184
95
401

8,217
1, 425
1,451
4, 553
181
120
414

8,270
1,418
1. 466
4,672
162
ill
867

S, 114
1.323
1, 399
4,727
147
104
346

8,327
1, 342
1, 463
4,889
136
98
327

8, 456
1,371
1.497
4,944
140
100
323

8,645
1,382
1,539
5,072
154
97
326

8,705
1.478
1, 586
4,977
167
97
325

1,520
1, 552
4,712
188 i
104
S55

194,554 | 183,586 j 177,579 : 177,801

Production, totalf
mills, of kw.-hr...
By source:
Fuelsf
do
Water powerf...
_
do
By type of producer:
Central stations!
do
Other producers
do
Sales to ultimate consumers, total (Edison
Electric Institute)
mills, of kw.-br..
Domestic service
do
Commercial—retail
do
Commercial—wholesale
do
Municipal street lighting
_do
Railroads, electrified steam
do
Railroads, street and interurban
do
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of d o L .

174, 287

178, 539

179,637

182,057

0. SOS
•J. lfli*

9, s:*

9, 9.^7
9, 2sS

9. 662

i7)
32,7*7

171
?.2. I'M
17,101

470
2i' 75S
10,' S^B

lv', '>2'j

]0!lov»

d- ">'2

?0, 7f 0
22 Sl'i

|
!
!
j

8 ; 040
1, 662
1,636
3, 857
243
118
422
]

186,847 j 186,456

187,296

189,229

10.003
9, 330
190
4(>3
31,120
16, 05S
5,715
9,143

10,022
9. 346
203
464
35,381
10,953
8, G52

Ji, 4

22, 119

GAS
Manufactured gas:f
!
Customers, total
tbousands. /
Domestic
do
!
_._
House heating
do
;
Industrial and commercial
do
j
__
Sales to consumers
mills, of cu. ft—j
._
Domestic
do
!
House heating
do
j
_
Industrial and commercial
...do
!___. ._
Revenue from sales to consumers
\
.
thous. of dol.-!_..-. . f
Domestic
__do
;
|
House heating
do
i
_,
Industrial and commercial
.do
<
j
;
Natural gas: f
f
Customers, total
thousands-/
.. i
Domestic
..
do
;
.
Industrial and commercial
do
•
. __ i
Sales to consumers
mills, of cu ft__ j
1
Domestic
do
j
_. »
Industrial and commercial
do
!___
.1
'Revenues from sales to consumers
j
I
t h o u s . of d o L . I
^
Domestic
__..do
j
Industrial and commercial..
do
!

4M

468
82, «i7i»

IT. n
f, \i\

31.
if..

9/2

f>.. 13

31,96?
21, b i
a,; H

IJ

47. M7

9, 9S6
9, 344
168
464
27, 572
16, 858
763
9, 797

10,030
9, 375
187
457
30, 754
18. 210
2, 425
9,927

L7,9'»'. i 26,543
- 1 , 2M I 20,179
.T2
449
: * IO i 5,805

2N 4 0
-1,717

30/J70

5, M3

6,150

r' 12 7

6,Kl
o, I ' '

o !-•»

(', b >

470 !

4;J i

20 r

i f> 1

0 704

v- 43b
6, 2 3 '
511
'.'9,312
-7.159

9,946
9, 313
152
469
25, 527
15.167
'551
9,673

?. 91 !
C, -11 j

512 ,
179 | ]'27,6o3
42. 249
62/ . 83,791
I
97.-) ' *E,231
Io2 |

,2

7. t 2
(- 7»0

i5,b'»i
7fc. M-r.

443
43S
U, 8lS

26,319
11, 793
14,312

I* 711
12. l<l2
14 .,rt

l."*,4r>7 I
13 310

6, 015
6, 445
9, 591

8,450
6, 361
9.244

6,175
5,846
8,678

5,123
5,117
8,488

4,18G
3,827
7,954

3.917
3. 627
7,481

3, 724
3, 504
7,131

5, 897
4, 492
18,485
15,980
462,608
445.286

5, 298
4,121
9,285
7,522
465,871
447,983

5,792
4,658
8.908
6^843
468,105
449, 794

7,920
6,342
13,853
8,343
469, 732
450,961

10, 074
8,095
19, 046
7,877
468,735
449, 930

11,222
9,102
18,394
9, So7
470.150
449, 912

8,480
6, 783
13, 956
10, 048
473,724
452, 403

2,437

1,891

2,193

^l>9
\ '1

2, 5' 3
729
75. 782

A», 10 i
17. ¥47

:< •

6,817
6, 351
464
94,965
14, 661
78,800

{•),

Ci

4? >ri '

i,

^

31, UN
18,702
\',VJ2

12*

1 '8
,1
103, ^ 5 , U i M l
2i.3U7 i . l u . l

1 '0, o71

17, 133

FOODSTUFFS AND TOBACCO
BEVERAGES

j

Fermented malt liquors:
!
Consumption (tax-paid withdrawals)
!
thous. of b b l - j
Production
do
.j
Stocks, end of month
-do
|
Distilled spirits:
|
Consumption, total (tax-paid withdrawals) I
thous. of proof g a l Whisky
...do
Production, total
do
Whisky
do
Stocks, total, end of month
«
.
do
Whisky
do....
Rectified spirits:
Consumption (tax-paid withdrawals)
thous. of proof gal.. I
DAIRY PRODUCTS

2,110

3,133
3,531
7, 600

4,179
5,056
8, 345

4,497
5. 4G9
9,098

800
775
303
if 933
408 598
394, 947

7, 042
5,829
22, 394
20, 255
422,883
408,510

6, 610
449
21* 745
19, 117
437^ 159
421, 546

2,123

2,497

2,907

3,238 |

o, 186 |
5,703 I
9,408 i
6, 168
133
20^ 176
17, 977
450, 752
434, 262
2,727 |

3,251 i

4,634

4, 721

I

Butter:
Consumption, apparentf
thous. of lb_. \ 126, 621
Price, wholesale 92-score (N. Y.),
|
dol. per lb__ >
. 34
Production creamery (factory)f. .thous. of lb-! 114,499
Receipts, 5 markets.,
do
j
_„__
Stocks, cold storage, creamery, end of month !
thous. of Ib-. 31,083
Cheese:
Consumption, apparentf
...do
53, 481
Imports
do
3,189
Price, No. 1 Amer. (N. Y.)del. per lb
.18
Production, total (factory) t
thous, of l b . . 39, 781
American whole milkf
do
I 28, 418
Receipts, 5 markets
do
11,764
Stocks, cold storage, end of mo.
do
j 93, 340
American whole milk
do
| 80,347
' Revised.
t Revised series.

3,061
3,662
7,40"
5, 316
4, 52S
20, 848
18, 91.3
402, 099
388,416

3,072
3,551
7,479

127,308

126,865 : 136,031 133,471

163,752 I

.34
106,528
37,067

.34
101,983
86, 236

.33
132,107
402

.32
179,918
57,352

42, 734

20,678 |

6,700

6, 406

58, 545
8,347
.18
47, 553
31, 359
11,790
85, 216
73, 822

58, 613
365
.17
54, 448
37, 150
11, 939
83, 096
70, 584

51, 73P
5,022
.18
41, 599
27, 346
11,548
102,112
88, 091

50,947
4,697
.18
39t 622
26, 627
11,545
93,114
80, 713

.36
119,601
42, 896

131, 3G0

135,860

142,046 I 137,454

.31
196,860
75,063

.32
172,007
61, 638

.33
146,752
48, 749

.35
125,742
42, 886

22,904

83,119

123,863

134,885

118,697

70,482
3,958
.17
66, 503
52,778
11,433
85, 008
71. 603

63 205
4 808
.17
82, 491
62 342
' 1 7 064
105 318
89 191

55, 217
3,490
.18
64,781
51, 430
17, 220
118, 235
100, 418

57,238
3,677
.19
58,101
46,043
17,863
122. 647
105,026

63,748 | 63, 309
4,811 I 7, 536
.19 I
.20
54,160
50,619
42,533
38,364
15.084
14,975
117,610 112,687
101,178
97,160

135,043

133,998

.36 !
.38
.39
117,141 ! 102,445 110,311
39,900
38,290 j 40,835
98,624

66,191 | ' 42,953
50.336 j 47, 316
6/206 i 4,733
'.20ni I
o
.19
40,050 ! 38,042
27, 645
29,918
10,845
10,865
108,497 | 103,935
93,633 ir 89, 258

Manufactured and natural gas revised for period 1929-36; see tables 20 and 21, pp. 19 and 20 of the May 1937 issue. For 1936 revisions on production of
May 1937 issue. Revisions for 1936 for butter and cheese consumption and production not shown on p. 41 of the November 1937 Survey will

electric power, see p . 41 of the
appear in a subsequent issue.




82

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1938
January

March 1938

1937
January

February

March

April

May

June

July

August September

October

Novem- December
ber

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Exports:
224
Condensed (sweetened)
_thous. of lb__
Evaporated (unsweetened)
__,do
2,508
Prices, wholesale (N. Y.) (case goods):
5.00
Condensed (sweetened)
dol. per case..
Evaporated (unsweetened)
do—
3.25
Production:
Condensed (sweetened):
Bulk goodst
thous. of lb._ 11, 346
3,973
Case goodst
-do
124,099
Evaporated (unsweetened) t
do
Stocks, manufacturers, end of month:
Condensed (sweetened):
4,204
Bulk goods—
thous. of lb—
4,935
Case goods
-do
Evaporated (unsweetened), case goods
thous. of lb— 156,768
Fluid milk:
7,936
Consumption in oleomargarine
do
Production (Minneapolis and St. Paul)
thous. of lb— 36, 505
Receipts:
Boston (incl. cream)
thous. of qt— 14,484
Greater New York (milk only)
do
Powdered milk:
371
Exports..-thous. of lb—
21,684
Productiont
do
28,426
Stocks, mfrs., end of mot
do

174

261
2,010

226
1,968

124
2,019

457
1,946

1,331
1,595

701
1,819

741
2,265

1,221
1,539

1,142
1,874

137
1,918

1,458
2,037

4.85
3.30

4.85
3.19

4.85
3.15

4.85
3.15

4.85
3.15

4.85
3.1S

4.85
3.20

4.85
3.25

4.85
3.25

4.85
3.25

4.97
3.25

5.00
3.25

'13,195
' 4.690
117,652

16,535
4,027
123,441

14,963
3,739
156,762

17,824
3,664
178,244

26,556
4,972
247,838

25,107
4,481
242,981

16,308
4,496
202,367

16,170
3,992
155,477

15,914
4,019
135,137

12,658
4,344
121,087

11, 390
3,461
91,671

14, 066
4,444
101, 304

5,353

5,594
4,203

6,003
4,400

11,399
8,669

15,550
10,920

16,029
11,173

13,373
10,572

11, 033

8,730
8,252

5,074
7,153

' 5,019
6,229

152,575

161,208

242,390

302,435

227,696

263,324

227, 710

244,766

218, 372

181,686

6,774

6,359

5,244

5,102

4,743

5,254

6,411

7,497

7,037

6,681

36,443

35,352

42,597

43,134

34,421

27,070

23,756

24,442

25,284

31, 277

5,685
7,124
208,911
5,772
31,743

4,958
176,912
5,385

16,128
115,606

31,000
14,553
106,972

18,054
119,816

15,631
118,158

17,150
128,088

17,195
129,016

18,975
124,455

19,126
123,064

16,377
120,128

16, 584
125, 287

17,052
119, 563

16, 272
119,178

216
23. 271
35,425

282
20,266
36,814

326
24,520
36,085

402
27,846
37,179

272
36,145
43,129

248
35,488
48,390

301
29,435
42,902

409
21,030
40,219

179
18, 757
37, 644

571
16,938
31,166

322
15, 360
27,181

517
* 20,516
' 22,851

4,726

4,492

3,647

2,994

1,640

779

1,657

1,253

6,128

16,306

8,331

211, 060
6,009

5,787
18,261
2,540

4,064
15,449
2,869

2,453
18,412
1,581

1,176
13,577
2,720

460
12,600
3,961

8,884
2,445

6,777
1,570

5,206
1,749

2,479
5,521
4,726

10,485
8,505
3,651

12,018
11, 621
2,144

' 10,668
17, 223
1,965

1.163

.930

1.105
20,895

"I4,"275"

1.181
391,159
14, 789

FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu
6,150
Shipments, car-lott
no. of carloads..
Stocks, cold storage, end of month
8,692
thous. of bbl—
Citrus fruits, car-lotshipmentst-.no. of carloads.. 16,426
2,766
Onions, car-lot shipmentst
-do
Potatoes, white:
1.225
Price, wholesale (N. Y.)—.dol. per 100 lb__
Production (crop estimate)
thous. of bu__
Shipments, car-lott
no. of carloads.. ~20,~647'

2.881

2.744

2.240

2.094

1.708

2.031

" 17," 122"

177501"

"267571"

"l97 603"

"217929"

"297563"

.925
"187408"

GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and
2,274
2,499
2,494
2,261
1,781
11,172
4,079
9,366
meal
thous. of bu__ 25, 774
14,249
14,835
16, 219
Barley:
574
93
105
144
513
265
2,962
2,118
1,238
2,270
863
1,737
Exports, including malt
do
Prices, wholesale, No. 2 (Mpls.)
1.14
1.32
1.32
1.19
.81
.79
.63
.68
.80
.71
.73
1.17
.71
Straight
dol. per bu__
1.28
.91
.72
1.37
.84
1.33
.83
.78
Malting
—do...
.79
.78
.78
Production (crop estimate)
thous. of bu.
• 219, 635
3,332
2,044
2,713
Receipts, principal markets
do... "87209"
2,808
1,151
10, 952
3,179
9,678
' 6, 364
I§76l8
9,436
Stocks, commercial, domestic, end of mo.
12,154
4,711
5,873
13,703
8,448
9,967
thous. of bu— 11,746
14,990
5,227
13,386
13, 111 ' 11, 733
13, 368
Corn:
30
35
32
42
47
20
3,895
37
Exports, including meal
_.do.
35
29
13, 290
1,750
188
6,395
6,701
3,964
6,108
5,970
5,641
4,646
Grindings
do.
3,618
5,957
5,882
7,268
4,465
Prices, wholesale:
1.35
1.23
1.22
.55
.58
1.37
1.25
.54
1.20
.59
No. 3, yellow (Kansas City)—-dol. per bu._
1.19
1.22
1.35
.56
1.35
.54
1.13
1.18
1.23
.62
No. 3, white (Chicago)
do
1.14
2,644,995
Production (crop estimate)
thous. of bu__
32,429
9,304
11, 512
7,196
42, 877
8,082
9,650
10,682
8,171
35, 829
Receipts, principal markets
do
17, 298
13,162
9,567
3,804
3,745
4,710
Shipments, principal markets
do
5,652
4,692
5,428
4,697
17,241
4,701
7,293
17, 801
20, 777
4,778
Stocks, commercial, domestic, end of mo.
4,512
12,381
4,316
5,380
22, 621 r 36,164
thous. of bu__
7,425
6,191
5,175
15,080
13,901
41,092
6,697
Oats:
942
75
82
79
1,510
Exports, including oatmeal
do
761
1,031
64
78
101
2,825
548
61
Price, wholesale, No. 3, white (Chicago)
.32
.32
.51
.52
.48
.30
.32
dol. per bu._
.54
.51
.39
.32
.33
.54
1,146,258
Production (crop estimate)
thous. of bu.
"4,"836" ""27812' ""7,"6l2 "257176" 14," 487" " 9,440 " 6 , " 765'
5,587
Receipts, principal markets
do...
"~4,~ I26" "37448" ""3,~58T
~~6,~266"
"~4,~ 578"
Stocks, commercial, domestic, end of mo.
28,401
20, 225
5,648
2,338
18,556
25, 287 < 25, 827
thous. of bu__
31,066
25,807
3,359
27, 111
•
25,077
11,785
Rice:
33,610
85,343 160,895 247,900 325, 205 262,258 277,547 298, 294
21,440
Exports—
pockets (100 lb.) — 443, 085 103,852 130,507
31,896
80,991
52, 627 207,204 123,495 163,562 179,868 192,394 181, 620 177,972 176,431 151,841
83,915
56, 558
Imports
do.—
Price, wholesale, head, clean (New Orleans)
.040
.038
.040
.040
.035
.030
.031
.038
.031
.031
dol. per lb—
.037
.030
Production (crop estimate)
thous of bu_.
•53,004
Southern States (La.,Tex., Ark., and Tenn.):
Receipts, rough, at mills
309
241
149
1,282
thous. of bbl. (16? l b . ) 1,199
152
1,799
973
240
1,782
100
2,244
760
Shipments from mills, milled rice
502
765
949
thous. of pockets (100 lb.) — 1,101
569
1,327
1,109
520
1,342
576
1,277
1,448
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
1,741
2,721
2,092
910
2,337
3,178
3,139
2,393
1,256
1,271
2,233
2,827
2,198
thous. of pockets (100 lb.)~
California:
70,242 213,590 237,364 367,221 263,332 611,680 443,894 216,854
Receipts, domestic rough
bags (100 lb.) — 510, 712 416,756 317,467 431,945
99,216
74,202 118,257 235,262 195,138 226, 284 204, 300 109, 891
98,382 265,629
250,402
67,471
52,737
Shipments from mills, milled rice
do
188, 085
Stocks, rough and cleaned, end of mo.
bags (100.1b)- 457, 290 714,982 579,552 523,512 513,927 463,584 482,536 434,471 316,503 159, 654 316,165 373, 621 382,331
0
r
No quotation.
• Dec. 1 estimate.
Revised.
t Revised series. Data for 1936 on car-lot shipments revised; see p . 42 of the May 1937 issue. Revisions for 1936 for production of condensed and evaporated milk not
shown on p. 42 of the November 1937 Survey will appear in a subsequent issue. Production and stocks of powdered milk represent skimmed milk only; revisions beginning
1918 will be published in a subsequent issue.




SURVEY OF CURRENT BUSINESS

March 1938

1937

1938

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

January

83

January

February

March

FOODSTUFFS AND

April

May

June

July

August

September

October

721
.78

754
.74

589
.68

Novem- Decem
ber
ber

TOBACCO—Continued

GRAINS AND GRAIN PRODUCTS—Con.
Rye:
249
Exports, including
flour
thous. of b u . J
.76
Price, wholesale, No. 2 (Mpls.)—dol. per bu__
Production (crop estimate)
thous. of bu__
1,124
Receipts, principal markets
do
Stocks, commercial, domestic, end of mo.
thous. of bu._
4,593
Wheafc:
Exports:
Wheat, including
flour.
_do
10,448
Wheat only
do
8,509
Prices, wholesale:
No. 1, dark, northern, spring,
1.27
Minneapolis
dol. per bu—.
1.00
No. 2, red, winter (St. Louis)
_do
1.03
No. 2, hard, winter (K. O.)
.do
1.02
Weighted av., 6 markets, all grades.do
Production (crop est.), total, .-thous. of bu.__
Spring wheat—,
do
Winter wheat
--do
10, 599
Receipts, principal markets
do
13,156
Shipments, principal markets
do
Stocks, end of month, world estimated
thous. of bu._
50,088
Canada (Canadian wheat)
do
79, 203
United States (domestic wheat).____do
Held by mills (end of quarter)
thous. of bu—
Wheat flour:
Consumption (computed by Russell's)
thous. of b b L .
413
Exports
do
Grindings of wheat
-thous. of bu_. 37,421
Prices, wholesale:
5.89
Standard patents (Mpis.)
dol. per bbl—
5.21
Winter, straight (Kansas City)
do
Production:
8,116
Flour, actual (Census)
thous. of bbl-_
53
Operations, percent of capacity
Flour (Computed by Russell's)
do
Offal (Census)
thous. of l b ~ 675,~738
Stocks, total, end of month (computed by
Russell's)
thous. of bbl__
Held by mills (end of quarter)
do_
LIVESTOCK
Cattle and calves:
Receipts, principal markets.thous. of animals..
Disposition:
Local slaughter
_
__do
Shipments, total
do
Stocker and feeder
do____
Price, wholesale, cattle, corn fed (Chicago)
dol. per 100 lb._
Hogs:
Receipts, principal markets_thous. of animals..
Disposition:
Local slaughter
..do
Shipments, total.,
.
do
Stocker and feeder
do
Price, wholesale, heavy (Chicago)
dol. per 1001b..
Sheep and lambs:
Receipts, principal niarkets.thous. of animals..
Disposition:
Local slaughter
_
____do
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes
dol. per 100 lb._
Lambs
dO-._.
Total meats:
MEATS
Consumption, apparent
mills, of lb_.
Production (inspected slaughter)
...do
Stocks, cold storage, end of month.__.._do
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of l b . .
Exports
do
Price, wholesale, beef, fresh, native steers
(Chicago)
.
dol.perlb..
Production (inspected slaughter)
thous. of lb_.
Stocks, 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
ta
Lard
„
do
Prices, wholesale:
Hams, smoked (Chicago)
dol p e r l b . .
Lard, in tierces:
Prime, contract (N. Y.)
do
Refined (Chicago)
do
Production (inspected slaughter) total
thous, of lb_.
Lard
do
Stocks, cold storage, end of month___do
Fresh and cured
do....
Lard
__do
FRASER
•

Digitized for


0
1.13

0
1.11

715

334

1
1.09

1
1.12

186
1.09

59
,

293
.85

1,031
.77

737

794

1,878

495

1,073

4,752

2,045

1,327

3,215

4,476

627
.70
• 49, 449
642

2,550

2,034

1,442

1,187

4,223

5,676

6, 228

5,729

« 4, 724
•

1,565
61

1,679
137

2,108
395

2,217
770

3,385
2,145

7,230
5,453

4,712
2,678

9,331
7,104

8, 609
6,388

9,324
7,175

1.56
1.44
1.40
1.41

1.46
1.32
1.32
1.32

1.45
1.22
1.21
1.23

1.61
1.22
1.22
1.19

1.33
1.12
1.12
1.08

1.34
1.09
1.10
1.09

1.27
1.04
1.06
1.04

1.15
.93
.94
.94

16,076
31,460

1,576
33

1,522

1.66
1.40
1.38
1.44

1.59
1.43
1.37
1.39

7,766
8,676

6,116
7,089

7,592
7,512

8,941
8,978

7,621
10,629

19,391
11,175

111,913
27,726

62, 241
25,102

35,199
18, 964

22, 638
23,892

336,500
74,737
52, 251

316, 770
68,010
43, 709

288,220
65, 700
36,850

234, 720
50,683
26, 253

184,150
45, 643
17,088

157,780
36, 314
11, 677

229, 529
26, 267
89. 334

269,870
24,970
131, 239

308, 770
59,198
141,014

291,050
62,720
130, 260

1.53
1.43
1 39
1.42

82,134

67,874

1.20
.95
.96
.96
'873, 993
!
188, 891
'685,102
10, 990
' 16, 736

297,970 333,020
54, 552 ' 52, 136
114,713 r 94, 520
131, 284

163, 363

8,114
328
37,586

7,924
316
34,630

8,154
320
38,605

328
38,468

8, 236
364
34,892

8,789
308
35, 548

8,449
264
38,872

8,302
378
39,993

433
42, 467

474
43,477

473
40, 209

457
37, 538

7.54
6.16

7.45

7.44
6.15

7.26
6.02

5.95

6.91
5.69

7.44
5.76

6.48
5.28

6.07
5.24

5.97
5. 23

5. 53
4.66

5.67
4.91

8,180
53
8,246
681,276

7,536
53
8,038
628,005

8,402
50
8,274
697,451

8,340
52
8,808
704, 618

7, 542
49
8,100
642,595

7, 637
47
8, 369
656,834

8,415
52
9,140
701,642

8,678
54
9,180
717, 658

9,234
60
9, 894
761, 784

9,446
59

5,900

5,700

5,500
4,074

5,000

4, 500

3, 773
3,773

4,200

4,700

5,000
5,001

781,689

8,698 | 8,168
57 |
51
722, 674

073,105
4,560

1,646

1, 691

1,342

1,727

1,634

1,751

1,902

1,675

2,245

2,360

2,332

2,132

1, 629

1,054
557
188

' 1,106
' 562

916
419
121

1,143
564
184

1,058
569
192

1,067
663
239

1,184
703
217

1,013
660
224

1,184
1,020

1,247
1, 094

1,193
1,131
595

1,146
978
461

1,015
630
237

13.24

14.06

14.30

13.00

13.43

15.08

184

9.90

381

2,892

437

15.68

12.91

16.53

16.06

2,084

2,224

2,036

1,526

1, 513

1,157

1,443

1,595
619
42

1,448
589
36

I, 074
444
32

1,075
432

1,275
885
380
35

1, 533

790
366
32

10.18

10.26

10.11

11.01

12.11

12.19

32

1,591

1,576

1,882

2,209

960
620

1,052
830
92

1,121
1,088
136

3.91
7.93

1.187
' 865
115
5.52
9.94

933
661
78
5.77
10.06

6.59
11.49

6.25
12.13

1, 041
1,259
795
81

1,008
1,109
1,245
132

903
1,282
126

1,040
1,006
1,240
117

455, 686
1,012

483, 312

401,174
1,071

484,616
1,497

2,066
815
35

2,500
r

7.55

10.38

1,954
1,150
793
95

1, 749
r
748
29

1,908

2,752

900
1,012
177
4.38
10.47

1,047
1,677
549

6.05
II. 55

1,879
1,022
852
133
4.25
11.47

957
1,181
99

941
813
1,030
83

1, 004
880
898
69

927
771
736

938
792
582
49

484,041
1,528

444,908
1,008

491, 360
828

443,282
1,064

472,911
1,179

2,063
r

29
11.46

4.75
10.43

1,071
454

11.83
2,994
1,163
1,806
633
4.03
10.16
1,031

14.20

11.11

1,906

2, 323

2,587

1,362
539
32

1,666
649
29

1,834
753
27

10. 53

8.58

7.53

2,697

1,785

1,643

1, 023
1, 6fiS
857

922
891
352

668
94

4. 11
9.72

4.15
9.20

3.81
8.47

891
440
44

1,033
1,000
394
42

••983
1, 042
447
51

'1,054
1,195
'583
67

502, 232
1,026

490,859
1,025

437,664
705

452, 630
991

.144

.182

.183

.192

.200

.200

.208

.228

.248

.251

.246

.211

.180

452,185
59, 770

469, 582
180,916

384,817
167,438

453,740
142,691

443,712
111,653

412, 061
86,168

456, 719
63, 522

421,267
51,466

459,706
44, 582

485, 889
38,746

489,019
43,897

440, 814
53, 741

456, 961
'60,970

64. 732
65,140
3,278

69,300
69, 570
10,491

54,864
54,162
9,807

56,406
53,833
7,174

56,688
54,151
4,574

55, 749
54,154
2,950

55,072
54,324
2,171

52,913
52,639
1,840

57, 501
57,634
1,928

64, 075
64,064
1,887

58,789
59,318
2,376

r

'56, 856
57, 514
'2, 895

520, 797
26, 750
20,453

455,098
12,377
8,804

404, 334
9,161
4,456

499,039
12, 487
7,°24

457,437
13, 737
8,245

439,933
20,055
13, 565

457,317
13, 377

430, 739
13, 221
7,746

407,986
11, 831
7,175

464, 580
13, 016
9,717

483,539
23,598
18,797

.209

.225

.227

.209

.214

.215

.229

.242

.252

.254

.253

.237

216

.091
.103

.139
.144

.126
.131

.127
.132

.119
.128

.121
.130

.123
.133

.126
.138

.117
.136

.114
.132

.105
.123

.099
.114

.101

742, 082 570,173
180,196
90,443
650, 546 921, 231
553, 246 738, 522
97, 300 182, 709
Dec. 1 estimate.

464,299
72, 324
978,164
775, 688
202,476

498, 794
76, 584
973,004
755,777
217, 227

458, 734
68,328
965, 798
756,354
209,444

346, 417
50, 732
858,134
663,657
194,477

274,501 341,231
35, 278
43, 510
485, 689 355,148
367, 595 282, 534
72, 614
118, 094

451,712
59, 009
305,891
266,414
39,477

368, 508 297,000
52, 410
41, 701
763, 548 624, 232
578, 424 467,273
185,124 156,959
T
Revised.

52,011
51, 948
2,286

•493,174 '544, 612
26, 260
29, 582
22,181
18, 314

549, 279 680, 585
85, 468 111,706
340, 596 r452, 258
306, 630 •398, 565
33, 966 r53, 693

84

SUKVEY OF CURRENT BUSINESS

March 1938

1937

Monthly statistics through December 1935, to- |
gether with explanatory notes and references j
to the sources of the data, may be found in the !
1936 Supplement to the Survey.
I

January

February

March

April

May

June

July

October

August

FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
......trious. of lb__ 18, 608 23,122 I 17,318 19,993 I 18,560 ' 20. 286 ' 21, 902 20,810 20.885 23, 237 33, 238 68, 614 56, 489
115, 091 178,304 157,858 120,328
82, S40 77,173
70,040
68,733
61, 721 76,208
Stocks, cold storage, end of month
do
94,888
108,746 r 123, 500
Eggs:
791
926
1, 076
924 ' 1, 648 ' % 029 ' 2,154 ' 1, 677 1,188
Receipts, 5 markets
thous. of cases..
666
Stocks, cold storage, end of month:
469
322
7,300
8,548
1,413
4,405
7,058
8,718
8,390
312
5,158
Case
——
thous. of cases..
2,672
831
Frozen
thous. of lb__ 95,869 39,104 34,390 53,074 ! 88,186 133,132 164,830 166,878 160,258 148, 216 133, 805
120,929 !'109, 210
TKOFICAL PRODUCTS
Cocoa:
Imports
long tons__ 14.197 28, 788 26, 500 34,337 33.181 22,165 17, 557 18,130 27, 633 25, 247 12, 665 17, 438 12, 720
.0782
.1221
.0740
.1032
.1143
. 0990
.0786
. 0790
. 0581
.0627
. 0837
. 0560
Price, spot, Accra (N. Y.)._.dol. per lb_. . 0605
Exports from the Gold Coast and Nigeria,
27, 364 10,203 I 8,214 I 18,961
47,744
18,781 I 13,278 I 18,794
22, 786
57, 266 49,211 i 43,036
Africa
long tons..
Coffee:
979
935
937
993
942 ! 1, 497
1.233 !
756
848
948
1.108
Clearances from Brazil, total.thoas. of bags.. 1, 570 1,289
456
470
687
501
499
517 |
'871
654 I
376
444
609
523 !
876
To United States
~ do
842
925
1,370
1,032
1,040 | 1,11C
1, 233
865
874
733
1,563 I 1,365 I 1,138
Imports into United States
do
Price, wholesale, Bio No. 7 (N. Y.)
.094
«093
.093
.059
.089 I .093 ! .093 I .091
.094
. 093
.070 I .003
.091
dol. per lb_949
1,122 | 1, 337
880
1,159
Receipts at ports, Brazil
thous. of bags... | 1,550 1,437 | 1,166
915
886
7S4
1,096 I 1,183
Stocks, world total, incl. interior of Brazil,
SO, 451
29, 705
36.168 I 33,437
34,249 ! {«)
end of month
thous. of bags. .
C)
Visible supply, total, exel. interior of Brazil
7,88G
7,621
7, 589 7,312
7,954 I 7,993 j 8.016 i 8.287
8. 067
7,426 j 6,978
thous. of bags...
C, 986
1,133
602 j
870
1,09'J
851 I
9P9 !
975 ; 1,079 1,035
1,107
784
United States
do—
Sugar:
Raw sugar:
Cuba:t
Stocks, total, end of month
2,187 1,929 i 1,707 I 1,45-1 j 1,266 1,129
£46
'369 I 1,338 I 2,221 I
802
1 009 j
,
thcu?. of Spanish tons..
United States:
i 245,130 230,050 I 313,517 I I14.S41 I £55,860 410, 039 330,222 I 425,457 j 420,024 180, 842 266, 341 j 293, 347 i 32C7 c
7
Meltings, 8 portst
long- tons..
Price, wholesale, 98° centrifugal (N.Y.)
. 034
032 !
033 j 032
, 032
.035
.034
.035 1 ,034
.039 i
.036 ! , 035
dol. per Ib-.i
Receipts:
i
From Hawaii and Puerto Rico
73, 631 113,032 • 7 - \ " • 74 " C
l',)\\ 937
(AC
long tons.- ! 31.303 50, 015 I 1^7,279 | 180,985 j 232,622 234, 875
rr i 7 i i T , i :
j.m ports
do | 193,52s 189,647 j 222,734 I 3S6.&62 412,827 820, 885
: 3. \22 24b' 556 154. 535 i22,:^t
159, 529 lCb. 014 160, V7b i i'l J:>7 \ :-7 - L*
[ 201,118 167,010 227,047 ! 180,784 .153,703 254.340
Stocks at refineries, end of monthf.do
Refined sugar (United States):
4.265
5,680
7,736
3. T>C7
5,757 '
:,'7.j
4 • J_
3
i, 567
6,137 ! 6, 864
Exports, including maple—
do I 6,290
.056
.056
.1,54
. o;4
. 054
.055 i . 055
Price, retail, gran. (N. Y.)
dol. per lb... I .053
.047
.010
.LI 5
.01S
ol'
.0*6
. 049
.010
.049 1 ,047
Price, wholesale, gran. (N. Y.)
...do
Receipts:
331
0 117 15 775 19,187 I 16,110 j 18,716 j J3,lbl» «
From Hawaii & Puerto Rico..long tons..
Imports:
L, 4i5
3 '
9-7 ! G -;<
8,905
91,144 i 42,398 j 47,814 1 3?, 755 • 11,516
834
583
From Cuba
.
do
1,2-6
5, 763
2[ 545
L_
590
2 966
From Philippine Islands
do
4,623 | 48,208 j 13,383 j 7,905
Tea:
7,789 I 9 . 177 j
.
6 4S7
,
S 008
,
9,567 ! 6,787 j 6,093 j 7, b7S | 7,044
7,544
9 37G
Imports
thous. of lb_. 6, 360
Price, wholesale, Formosa, fine (N. Y.)
275
.280 !
.280 I
.280
.275
.275
.275
.275
275
.275
275
275
. 2S0
dol. per lb..
15 444 205 559 1741343 j 143] 013 j 1481669 j 144] 613 I 131,167 144' 839 149 689 170,131 j 196, 8S2 | 21S, 070
Stocks in the United Kingdomt-thous. of lb__
MISCELLANEOUS FOO» PRODUCTS
31,207 1 27,999
22,940 I " 20, S30 i r 16, 034 j 13, 524 18,571 j 32,257
31, 256
26, 260
24,531 ! 24,468
Candy, sales bv manufacturers.,thous. of doL.
!
Fish:"
37, 474
39, 535
44,297 ! 30,350
41.039
40, 727
42,999
39,069 !
Landings, fresh fish, prin. ports.thous. of lb._ I 31.201 24. 256 26,974 34, 964 36, 596
352, 432 1,198,620 860, 551 313,110 305, 394 302,442 203,374 300,321 j 746,180 428,748 238,332 j 323,18
Salmon, canned, shipments.-..
cases..
Stocks, total, cold storage, 15th of month
40,589 j 48,178
59,330
66,204 I 69,321
72,350 I 78,102 I SO, 919
thous. of lb_. I 62, 152 87,576 69,629 I 51,588 42,957
Gelatin, edible:*
Monthly report for 7 companies:
1,392
1,046
1,436
1,054
1,232 I 1,419
1,488
1, 551
1, 599
939
1, 477
1, 386
1,445
Production
do
1,170
1,254
1,461
1,376
908
943
1,797 ! 1,342
1,279
1, 013
1,274
1,183
1,355
Shipments
do....
5,025
5, 490
5,756
5,442 j 5,699
5.759
5,690
5,150
6,301
5,245
5, 599
6, 503
5,689
Stocks
.
do
Quarterly report for 11 companies:
4,312
5,992
6,127
6,311 I.
Production
..
do

I

Stocks...

Leaf:

Exports
thous. of lb_.
Imports, incl. scrap
do
Production (crop estimate)
do
Stocks, total, incl. imported types, end of
quarter
thous. of lb..
Flue-cured, fire-cured, and air-cured.do
Cigar types
_
-do
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettesmillions.. I
Large cigars...
thousands.. i
Manufactured tobacco and snuff
thous. of lb.. I
Exports, cigarettes
.thousands..
Production, manufactured tobacco:*
Total
thous, of lb_.
Fine cut chewing..
...do—
Plug
do....
Scrap chewing
...do—
Smoking
!.____
do....
Twist
.-do
Prices, wholesale:
Cigarettes
dol. per 1.000..
Cigars
do—




8,421

8,200 !-

do....

7,550

9,367

TOBACCO
45, 04G
5, 353

35,921
5,877

24,052
6,057

26,732
5,711

24,001
7,908

29,146
7,373

26,280
475, 939

12, 792
12,328
362,935 466.831
25,759
26, 444 31,084
463, 017 499, 483 488, 721

13,436
356, 996

15,990
7, 367

25, 322
7,201

53, 226
6,033

69,974
5,545

55, 981
4,925

60, 464
6, 477
•1,505,762
2,220,515
1,844,687
294, 422

2,047,188
•1,651,651
• 324,440

2,026,368
1,580,185
365,495

2,279,113
1,812,966
376,641 i
13,058
328,574

24,034
7,907

12,210
453,008

13,070
430, 628

14, 259
472, 404

15, 290
476, 489

15,098
452,898

14, 854
498,835

13,892 I 12,786
517,565 ! 492,686

SO, 028

481, 754

27, 557
510,511

28, 730
477,167

29, 519
405, 768

28, 361
428,888

29, 597
510,590

29,067 ; 27,014 I 24,700
520,371
354,754 j 538,786

12,611
336,161

22,093
382
4,624
3,147
13, 436
503
5,513
46, 056

28,099
23,913
435
372
4,909 I 5,348
4,129
3,810
17, 535
14,328
653
494

27,029
530
5,002
3,760
17,124
613

24,579
414
4,732
3,701
15,182
548

27,185
598
5,252
3,904
16,840
591

26,371
557
4,861
4,127
15,249
576

25,796
484
5,015
4,293
15, 396

26,398
447
5,570
3,832
15, 938
611

26,011
385
4, 768
3,855
16,413
591

24, 514
4S2
4, 460
3,224
15, 856
493

22,481
372
3,841
3,350
14,465
452

5. 435
45.996

5.513
5.513 ! 5.513
45.996 ! 46.020 | 46.056

5.513
46.056

5.513
46.056

5.513
46.056

5. 513
46.056

5.513
46. 056

5. 513
5. 513
46.056 I 46.056

5. 513
45.056

March 1938

85

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references |
to the sources of the data may be found in the j Janu1988 Supplement to the Survey,
} ary

193?
January

February

March I April

May

June

July

August

SeptemOctober Novem- Decem
ber
ber
ber

FUELS AND BYPRODUCTS
Anthracite:
COAL
Exports
_
...thous. of long tons...
Prices, composite, chestnut:
Retail!
dol. per short ton..
Wholesale
-.do
Production!
thous. of short tons..
Shipments
._,
..do
Stocks, end of month:
In producers' storage yards
_._do
In selected retail dealers' yards
number of days' supply..
Bituminous:
i
Exports.
thous, of long tons.-j
Industrial consumption, total
|
thous. of short tons.. |
Beehive coke ovens
do I
Byproduct coke ovens
do !
Cement mills
do
Coal-gas retorts
do
Electric power utilities.
do
Railways (class 1)
_
do
Steel and rolling mills
_do
Other industrial
.do....
Other consumption:
Vessels (bunker)
thous. of long tons..
Coal mine fuel
____thoii8. of short tons..
Prices:
Retail, composite, 33 cities
dol. per short ton..]
Wholesale:
j
Mine run, composite
do___.|
Prepared sizes, composite
do
Production!
thous. of short tons._|
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
do j
COKE
!
Exports...
thous. of long tons..j
Price, beehive, Connellsville (furnace)
j
dol. per short ton..]
Production:
Beehivef
thous. of short tons..
Byproduct!
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
do
At furnace plants
.do
At merchant plants
do
Petroleum coke
do

169

122

107

263

129 i

9,675
« 4, 775
•
4,422

9.827
4. 025
3,674

9.824
3, 368
3,042

1, 652

1,833

1,299

37

26

297

344

392

25, 333
185
3,923
215
153
3. 338
1, 114
790
9,610

31, 409
435
6,202
327
157
3.586
8,140
1,222
11, 280

30,146
468
5,738
302
144
3. 213
7,722
1,219
11, 340

128
341

106
351

9.415 i 8.749
4,781
6,736
4,235 I 5,981
980 i
i
24 (

621

136

103

118

8.953
4.207
3,791

10. 63
8.973
4,475
4,040

2,661
2,422

9. 233
2. 593
2, 437

10. 98
9. 448
3, 507
3,229

472
684
320

4, 302
3, 694

> 4, 698
•
4,160

1,483

1,895

2, 281

2,391

, 436

2,396

2,154

93

122

71

51

05

50

474 |

871

568
6, 453
422
152 j
3.590 '
8,404
1,374
12, 330
113
427

859 |

31

33,293 I 30,452
490
6, 247
450
143
3, 291
7. 472
1. 228
11,130
142
217

152

165

172

11.82 |._._

49
1,320

1,388

1,462

1,350

1,332

3,252

29, 377
520
6, 434
494
140
3,286
7,220
1,153
10, 130

27, 367
439
5,788
476
124
3, 505
6, 653
982
9,400

27, 795
450
6,281
479
121
3, 843
6, 759
1,042
8,820

28,181
409
6,492
513
120
4,031
6,738
1, 085
8,790

28, 099
401
6,284
478
136
3,872
6,868
1,000
9,060

29,229

162
264

166
266

143
283

147
325

117
339

163
250

359

5,723
501
143
3,908
7,649
928
10,015

11.28
9. 643

300

1,191

26,8r<3 • 26, 424
217
209
4,014
4,573
315
417
r
156
144
' 3, 577
3,433 r
7, 352
7,103
783
839
10,010
10,105
115

10L

302

8.39

;.57
4.441
4. 779
- 30, 880

4.218
4. 497
40, 940

4. 236
4.510
42,110

4.235
4.490
51,315

41,509
34,709
6, 4G9
337
271
8,612
6,410
1, 050
11, 560
G, 800

0)
35, 390
8,031
307
274
7,570
7, 354
1,374
10, 480

46, 785
38, 574
8, 687
357
267
7. 922
8,589
1. 602
11,150
8 ; 000

45,153
9,638
546
278
8,717
11, 056
1,898
13, 020

27

26

24

29

41

38

4.250

4.000

4. 000

4. 131

4.481

4. 825

4.625

4.500.

117
2,762
126

272
4, 358
102

292
3,991
92

355
4, 495
107

306
4,349
102

325
4,479
110

274
4,024
100

285
4,422
110

2,367
1,087
1, 280
390

1,533
464
1,069
384

1,307
446
861
380

1, 254
467
787
403

1,473
570
903
412

1,741
706
1,035
399

1,843
778
1,067
391

84,984
606
1.160
93,173
79

94. 400
2,199
1.160
106,724
79

93,573
2,512
1.160
104,979
81

100,452
2, 635
1.160
110,911
83

63, 768
33, 417
248,474
39, 901
208,573
1,368

62,110
32,969
258, 506
42, 360
214,146
1,815

61, 374
33, 253
263,137
45,134
218,003
1,937

1,133
4. 422
2, 829
.844

1,208
4,720
3,186
.870

22, 222
11,206

0)

0)

4.301
4.494
26, 010
39, 721
8,544
464
255
8, 504
8, 205
1, 748
12.000

0)

(0

8.72

8.60

4. 315
4.436
30, 010

4.318
4.422
31, 726

4.316
4.445
31,912

4.306
4.479
33,984

()
38,169
8,188
397
249
8,446
7,391

43, 936
37, 738
7,770
429
249
8, 457
7,701
1,540
11, 590
6,200

43, 371
38, 991
7, 433
387
238
8, 523
7,195
1, 485
11, 730
6, 380

43,851
37.051
7,456
365
230
8, 558
7,174
1,388
11,880
6, 800

46, 032
38, 892
7, 701
400
299
8,944
8, 926
1.292
13', 270
7,140

4 305
4 577

4.305
4.550
39,055

"* 1, 588
11, 910

0)

40, 675

47 689
'39 926
8,067

430
301
r Qt 241
G 747
1 290
13 sr.o
8 080

4.303

4 5S5
36 255
48 280
40 010
g 115
415
358
8 950
6, 820

1 256
14,090

8 270

4. 375
4. 661
36, 228
• 47, 074
• 39,174

7,273
396
308
' 9, 075
r
7, 573
1,109
13, 440
7,900

49

45

56

31

4. 43S

4 405

4 375

4. 281

259
4,571
113

254
4,426
113 1

227
4 036
127

170
3 226
111

137
2,829
120

2,009
817
1,192
380

2,236
859
1,377
378

2,298
889
1,409
360

2, 346
915
1,431
329

2,507
985
1, 522
366

2, 453
1,029
1, 425
379

99,323
2,635
1.160
105,812
85

104, 783
3.148
1.100
110,721
87

105, 251
2,771
1.160
115,090
87

103, 494
2, 560
1.160
109,980
87

105, 023
2,180
1.160
110,911
85

99,015
2,511
1.160
104, 206
83

98.
2,
1.
106,

61,685
33,373
266,865
45,885
220, 980
2,192

61,933
32, 730
268,087
48, 215
219.872
2,178

62,376
32,432
268, 238
48,049
220,189
2,446

62, 433
31, 442
271, 340
47, 778
223, 562
2,131

63.197
30; 955
270f 601
45,607
224,994
2,203

64, 503
30,181
270,160
45,150
225, 010
2,110

65, 375
30, 248
267, 538
43, 267
224, 271
1,907

67, 056
30, 452
268, 008
42, 786
225, 220
1,782

4.451
3,175
.913

815
4,343
3, 209
. 925

937
4,335
3,395
.913

1,151
4,403
3,357

1,315
4,261
3,281
.900

1,325
4,256
3,494
.925

1, 293
4. 675
3, 283
.925

-•933
4, 191
2,991
:905

' 1, 067
4, 306
2,935

25.081
11,005

23, 898
10,674

26, 015
11,158

25, 769
11,088

26, 893
12, 654

25, 936
12, 558

27,173
12,681

28,199
13, 5S5

28, 564
13, 215

26, 808
13, 563

16,803
18,211

16, 325
16, 724

15, 944
16,889

17, 473
18, 451

19, 291
20, 657

21, 778
23,637

23, 987
25, 952

25,810
26, 210

27,679
26,101

27, 850
26, 852

27, 363
22, 566

32, 000
2,356

40. 561
2,101

43.409
2,322

45, 484
2,771

48,580
2,623

50,704
2,542

49, 597
3,077

47, 245
3,668

45,361
2, 969

42, 666
2,958

39, 457
1, 827

,130
.058
.145

.130
.057
.145

.130
.061
.146

.134
.061
.144

.135
.080
.145

.135
.060
.145

.135
.059
. 145

.130
. 053
.141

. 130
.050
.141

49

PETEOLEUM AND PRODUCTS!
Crude petroleum:
Consumption (run to stills)
thous. of bbl_. 97, 900 94,179
945
Imports
_
_do
1,924
1.125
Price (Kansas-Okla.) at wells.—dol. per bbL.
1.160
Production__
.
thous. of bbL. 108, 007 98, 567
80
Refinery operations
pet. of capacity..
78
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbL. 71. 335 64,884
33, 535
Light crude
do
29,835
East of California, total.....
do
268, 978 245,168
39,008
Refineries
do
45,104
223,874 206,160
Tank farms and pipe lines
dp
1,580
1,574
Wells completed
number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
1,774
1,089
Electric power plants!
thous. of bbL.
5,077
Railways (Class 1)._
_.
do....
2,540
2,923
Vessels (bunker)
do
.775
Price, fuel oil (Oklahoma)
dol. per bbL.
.875
Production:
25, 453
Residual fuel oil.
..thous. of bbL. 26,204
13,319
13, 876
Gas oil and distillate fuels, total
do
Stocks, end of month:
Residual fuel oil. east of California
18, 392
thous. of bbL. 27,049
19,088
21, 543
Gas oil and distillate fuels, total
do
Gasoline:
33,696
Consumption, domestic
thous. of bbl.
35,176
2, 505
Exports
do...
2,702
Price, wholesale:
Drums, delivered (New York)
.142 i
dol. per gal.130
.057 i
Refinery (Oklahoma)
.do
.049
Price, retail, service station, 50 cities._do_._

. 141 I

.130
.060 ,
.146 I

.135
.060
.145 i

363
624
160
579
-79

r
i Data will be shown when available.
Revised.
! Revised series. Data on retail price of anthracite for period 1929-36 are shown in table 10, p. 20, of the February 1937 issue. Anthracite and bituminous coal production
revised for years 1935 and 1936: revisions not shown in the March 1937 issue will be published in a subsequent issue. Series on petroleum and products revised for 1935 and
1936; for 1935 revisions, see table 14, p. 19, of the April 1937 issue. Revisions for 1936, not shown on p. 45 of the February 1938 issue will appear in a subsequent Survey. Series
on consumption of gas and fuel oil in the production of electric power revised for 1936; see p. 45 of the May 1937 issue. Production of beehive and byproduct coke revised for
1936; revisions not shown in the September 1937 issue, p. 45, will appear in a subsequent issue.




86

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the January
1936 Supplement to the Survey.

March 1938

1937
January

February

March

April

May

June

July

August Septem- October Novem- Decem
ber
ber
ber

FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTS—Con.
Refined petroleum products—Continued.
Gasoline—Continued.
Production:
3,732
3,565
4,217
3,908
4,128
4,418
4,305
At natural gas plants
thous. of bbl.. 4,336
3,911
4,237
4,272
At refineries:
46,755
43, 630 40,782 44,621
47,064
46, 769 45, 748 48, 271 49,002 49,523
51,191 47,873
Total
do
44,475
20, 751 19, 751 18,690
22,673
20,331
21,571
20,956
20, 388
Straight run*
do
20,311
21,250
22,205
21,898
21,483
24,141 22,829
22,447
20,951
19,576
21,720
22,556
22,785
Cracked*
do
21,469
23,085
21,927
23,547
23,550
3,557
2,928
2,516
2,570
2,642
4,088
3,891
Natural gasoline blended*
do
2,695
4,377
2,571
3,557
4,490
1,314,492 1,306,303 1,648,097 1,718,236 1,875,175 1,948,728 2,070,479 2,039,140 1,952,027 1,843,892 1,748,198 1,615.349
Retail distribution^t
thous. of galStocks, end of month:
Finished gasoline, total
thous. of bbl_. 79,114 64,293 71,453 74,171 73,419 72,396 67,839 62,956 59,413 58,037 61,141 63, 728 69,892
53, 219 44,144
50,919
52,887
37,837 40,203
51,474
48,307
46, 234
At refineries.
do
44,142
39,441
35,807
34,884
4,032
5,444
4,951
4,799
4,290
5,292
5,989
5,147
Natural gasoline
_do
6,918
4,758
6,257
7,041
6,278
Kerosene:
4,226
5,297
4,786
4,465
4,150
4,985
5,705
Consumption, domestic
thous. of bbl_. 5,360
3,594
6,420
3,259
3,667
4,397
805
652
810
762
1,084
Exports
do
681
679
656
437
956
759
Price, wholesale, water white 47, refinery
.056
.052
.053
.050
.056
.056
(Pennsylvania)
dol. per gaL.
.053
.051
.050
.050
.056
.051
.054
5,638
5,923
4,866
5,343
5,876
5,809
Production
thous. of bbl..
5,187
4,907
5,087
5,482
5,731
5,726
5,371
6,523
5,622
5,443
5,576
8,357
7,083
Stocks, refinery, end of month
do
5,396
5,047
6,781
7,553
8,877
8,637
Lubricants:
2,224
Consumption, domestic
do
1,471
' 1, 683 ' 1,486
2,490
2,078
1,984
1,972
2,037
1,489
2,039
1,924
1,968
Price, wholesale, cylinder, refinery (Penn.173
.110
.160
.190
.200
.126
.200
.153
.113
sylvania)
dol. per gal..
.195
.180
.175
.175
2,728
2,649
3,141
2,936
2,785
2,863
3,048
3,215
2,953
Production
thous. of bbl_.
2,988
2,980
2,900
2,920
7,115
7,512
7,168
6,556
6,478
6,789
Stocks, refinery, end of month
do
8,006
6,771
6,447
6,666
6,907
6,542
6,426
Asphalt:
1
4
5
2
0
3
5
3
0
Imports
_
thous. of short tons..
2
1
0
413
184
330
216
226
462
327
Production
_do
284
207
484
524
485
407
594
444
445
547
Stocks, refinery, end of month_.
do
522
497
566
510
501
529
465
Wax:
Production
_
thous. of lb_. 41,720 41,720 41,720 41,720 43, 680 47,320 41,160 43,680 42,000 42,000 44, 240 49,000 43,120
145,629 "107,490 109,012 104,653 100,275 103,614 103,761 107,903 115,266 123, 098 128,995 139,867 144, 992
Stocks, refinery, end of month
do

LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins
thous. of lb__ 13,597
Calf and kip skins
do
1,514
Cattle hides
do.
5,952
Goatskins
do_
3,009
Sheep and lamb skins
do.
1,887
Livestock (inspected slaughter):
Calves
thous. of animals
420
Cattle
do_
830
Hogs
do.
4,201
Sheep
do_
1,552
Prices, wholesale (Chicago):
.141
Packers, heavy steers
dol. per lb_.
Calfskins, packers', 8 to 15 lb
do_
.136
LEATHER
Exports:
Sole leather
thous. of lb__
165
Upper leatherf
thous. of sq. ft__ 4,328
Production:
Calf and kip
thous. of skins__
Cattle hides
thous. of hides.. 1,398
Goat and kid
thous. of skins— 2,972
Sheep and lamb
do.
1,769
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb—
.349
Upper, chrome, calf B grade, composite
dol. per sq. ft__
.381
Stocks of cattle hides and leather, end of month:
Total
__thous. of equiv. hides.. 15,454
11,150
In process and
finished
do
4,304
Raw
do_
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
dozen pairs
Dress and semidress
do__.
Work
do__.
Shoes:
Exportsf
thous. of pairs.Prices, wholesale, factory:
6.00
Men's black calf blucher
dol. per pair5.00
Men's black calf oxford
do
3.35
Women's colored calf
do
Production^
Total boots, shoes, and slippers
thou3. of pairs.. 25, 524
Athletic
do_._.
124
All fabric (satin, canvas, etc.)
do
1,231
1,290
Part fabric and part leather
do
High and low cut, total
do_
21, 343
Boys' and youths'
do
1,061
Infants'
do
1,396
2,416
Misses' and children's
do___.
6,610
Men's
.
do
9,860
Women's
do....
Slippers and moccasins for house wear
thous. of pairs.
1,140
All other footwear
do...
395

23,363
1,575
10,554
5,791
2,375

27,500
1,725
11,622
7,143
4,291

41,096
2,345
17,147
10, 746
7,205

33,628
1,600
15,981
8,642
4,845

28,750
2,523
6,941
9,560
7,208

29,833
1,196
10,413
11,323
4,842

27,895
1,540
9,810
8,389
6,443

21,513
1,232
9,038
5,502
4,148

22,047
1,363
9,898
6,026
4,159

21,311
1,489
8,662
6,923
3,171

18,857
1,077
8,173
5,452
2,430

16,138
1,015
6,206
5,071
2,343

484
867
3,519
1,700

437
708
2,842
1,315

592
825
3,033
1,312

588
802
2,810
1,334

561
745
2,099
1,371

579
840
2,110
1,425

520
790
1,643
1,390

538
880
1,590
1,498

537
939
2,033
1,671

525
958
2,711
1,530

468
856
3,295
1,321

452
859
3,958
1,403

.162
.228

.160
.213

.166
.241

.172
.242

.169
.221

.168
.216

.180
.208

.196
.210

.195
.193

.195
.172

.156
.130

.146
.132

264
6,494

224
6,245

6,119

5,875

330
5,148

186
4,185

211
5,343

176
4,103

4,532

212
5,176

128
3,508

235
4,083

982
' 2, 100
3,810
3,151

1,035
2,030
3,743
3,163

1,103
2,234
4,393
3,326

1,161
2,095
4,230
3,519

1,018
1,971
4,170
3,216

1,121
1,944
4,601
3,076

1,081
1,728
4,160
3,012

1,062
1,819
4,386
3,066

935
1,743
3.913
2,610

837
1,680
3,295
2,425

'801
« 1,531
•
' 2, 904
1,969

'891
' 1, 505
' 2,949
1,699

.400

.410

.418

.445

.450

.430

.410

.430

.423

.420

.380

.360

.416

.419

.431

.442

.434

.431

.429

.429

.426

.408

.395

.387

16, 461 ' 16, 074 15,753
11, 070 10, 942 10,904
5,391
5,132
4,849

15,443
10, 967
4,476

15,295
15,029
10, 988 10,831
' 4, 307 ' 4,198

14, 679 14, 662
10,632
10,586
' 4,047 ' 4,076

14,830
10, 710
' 4,120

15,199
10,955
' 4, 244

15,378
11,073
' 4,305

183,109 211,066 225,941 230,941 224,544
104, 525 133, 897 140, 592 143, 544 136,797
85,349
87,397
87,747
78,584
77,169

228,612 214,980
142, 269 130,603
86,343
84,357

231,828
133,215
98,613

201,055
117,479
83,576

138, 656
79,651
59,005

93,844
45,401
48,443

16, 934
11, 227
' 5, 707

76

142

161

169

5.60
4.69
3.23

5.60
4.81
3.25

5.60
4.85
3.25

6.00
5.00
3.25

• 37,149
223
' 1,011
' 1,838
• 31,098
' 1, 571
2,123
' 4, 058
' 9, 451
' 13,895

• 39, 578
202
' 1,344
' 2, 625
' 31, 837
' 1, 633
' 2, 235
' 4, 295
' 9,904

118

124

5.50
4.50
3.15

r 46,120 ' 40,298
259
'242
' 1,458 ' 1, 141
' 2, 580 ' 1, 500
' 32,201
' 1,871 ' 1, 605
2,537 ' 2, 354
' 4,802 ' 4,050
" 11, 230 ' 10, 014
' 13, 770 ' 16, 455
' 14,177
' 2, 374 ' 2,813 ' 3,914 ' 4,153
'605
••757
' 1, 013 ' 1, 062

' 35,411
••221
' 1, 061
' 1, 135
' 28,007
' 1, 735
' 1,952
' 3,483
' 8, 785

6.00
5.00
3.35

' 34, 449
'224
'508
'641
' 27,835
' 1, 537
'2,054
' 3, 430
'9,080
' 12,052 ' 11, 735
' 4,122
••864

210,847
117,362
93,485

142

126

127

119

132

6.00
5.00
3.35

6.00
5.00
3.35

6.00
5.00
3.35

6.00
5.00
3.35

6.00
5.00
3.35

6.00
5.00
3.35

' 38, 661
209
'271
'684
' 32, 215
' 1, 583
' 1,903
' 3, 202
' 8, 728
' 16,800

34,032
213
'357
'647
27,496
' 1,416
' 1, 710
' 2, 815
' 8,118
13, 439

' 29, 092
210
351
'779
' 22, 340
' 1, 092
' 1, 656
' 2, 499
' 7,278
' 9, 815

• 21,290
179
'282
'560
• 15, 694
'956
' 1, 206
' 1,986
' 6,199
' 5, 346

• 21,047
221
494
978
17,061
1,045
1,209
2,111
6,005
6,692

' 5,115
'168

' 5,160
'157

' 5,202
'210

' 4,405
'171

2,014
279

• 34, 842
172
'274
'575
• 29,071
' 1,437
r 1, 848
' 3,058
' 8,105
' 14, 622

' 4, 595 ' 4,429
'647
'322

r
• One company ceased reporting after December 1936. Figure for December 1936 comparable with January 1937 is 110,634.
Revised.
•New series. For data on refinery production of gasoline, by types, see table 41, p. 19 of the October 1937 Survey.
\ Number of states reporting varies slightly from month-to-month, but the comparability of the series is not seriously affected.
f Revised series. Production of boots and shoes, for 1936 revisions see p. 46 of the March 1937 issue. Revisions in 1937 due to a clearer segregation into classes, particularly
in all fabric, part fabric and part leather, and women's. Series on retail distribution of gasoline revised for 1935 and 1936; revisions not shown on p. 46 of the May 1937 Survey
will appear in a subsequent issue. Series on exports of upper leather revised beginning 1922; see table 54, p. 20 of the January 1938 issue. Exports of boots and shoes revised
 for period 1913-37; these appeared in table 50, p. 18 of the January 1938 issue.


March 1938

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1 9 3 8
gether with explanatory notes and references
to the sources of the data, may be found in the Janu1936 Supplement to the Survey.
ary

87

1937
January

February

March

April

May

June

July

August

September

October

Novem- Deeem
ber
ber

LUMBER AND MANUFACTURES
LUMBER—ALL T Y P E S
Exports (boards, planks, etc.)
M ft. b. m_. 68,805
84,644
112,807
63,169
National Lumber Mfrs. Assn.f
' 1, 642 '1,617
Production, total
mill. ft. b. m_.
'2,177
1,246
••323
'355
Hardwoods
do
245
'291
Softwoods—
__
-do
' 1, 320 ' 1, 327 '1,821
1,001
' 2, 314
Shipments, total._.
do
' 1, 854 ' 2, 068
1, 385
Hardwoods
do
'367
'391
» 373
•
202
' 1,941
Softwoods
do
'1,676
1,184
••1,487
7,195
Stocks, gross, end of month, total
do
8,782
7,106
7,619
1,810
Hardwoods
do
1,813
2,286
1,895
5,385
Softwoods
do
6,495
5,724
5,293
Retail movement (yard):
Ninth Federal Reserve district:
4,652
Sales
M ft. b. m_.
' 4, 372
2,765
4,239
Stocks, end of month
do
89,716
77,442 • 81, 248 86,584
Tenth Federal Reserve district:
1,990
2,047
2,566
Sales
do
1,996
Stocks, end of month....
do
32,811
33,319
32,079
30, 350
FLOORING
Maple, beech, and birch:
Orders:
8,900
9,600
New..
M ft b. m...
10,346
5,000
Unfilled, end of month...
_
do
21, 300
21,000
21,015
8,900
Production
do
7,300
7,600
9,746
4,700
Shipments
do
8,100
9,300
10,348
4,400
Stocks, end of month
do
20,800
19,600
18,757
25,000
Oak:
Orders:
New
do
30,569
26,409
29,737
24,114
Unfilled, end of month
.
do
65,838
57,856
51,166
23,194
Production
do
34,012
31,853
39,006
21,065
Shipments
do
38,847
34,391
36,427
22,159
Stocks, end of month.
_
do
60,805
58, 267
60,846
85, 331
SOFTWOODS
Fir, Douglas:
Exports:
Lumber
M ft. b. m . 18,603
12, 750
1,723
31, 397
Timber
do
8,522
5,903
19, 811
52
Prices, wholesale:*
No. 1, common boards.dol. per M ft. b. m.. 17, 763
21. 560
21.854
20. 825
Flooring, 1 x 4 , " B " and better, V. G.
dol. per M ft. b. m .
45.080
45.080
37, 975
43. 610
Southern pine:f
Exports:
Lumber
M ft. b. m . 20,469
32,184
25,265
25,813
Timber...
do._.
4,978
6,941
5, 261
5,163
Orders:f
New
.mill. ft. b. m .
612
570
575
Unfilled, end of month
do
464
409
535
334
Price, wholesale, flooring
dol. per M ft. b. m .
44.56
46.49
41.68
43.74
Production
mill. ft. b. m_
595
675
584
500
683
625
Shipments!
do...
659
532
1,642
1,692
Stocks, end of montht
do...
1,730
2,234
Western pine:f
Orders:f
334
411
New
_
.do...
327
272
Unfilled, end of month.
_
.do...
423
445
187
411
Price, wholesale, Ponderosa pine, 1 x 8 no. 2,
28.05
common (L o. b. mills) _dol. per M ft. b. m .
25.77
26.80
24.69
Production
_
mill. ft. b. m .
297
163
179
87
311
395
Shipments!
do
314
238
Stocks, end of monthf
do...
1,411
1,509
1,657
2,017
West Coast woods: 1
Orders:
424
New
mill. ft. b. m_
440
347
926
1,021
Unfilled, end of month
.do...
314
422
684
354
Production
do
330
519
732
326
Shipments
do...
334
1,211
1,260
1,357
Stocks, end of month
.do...
1,598
Redwood, California:
Orders:
32,142
39,437
48,393
New
M ft. b. m .
23, 764
74,421
81, 663
80, 281
Unfilled, end of month...
do...
27,136
p
34, 443 • 39, 385
Production
do
18, 674 • 34, 757
27, 622
43, 870
33,435
Shipments
do
19, 047
FURNITURE
All districts:
84.5
81.6
81.5
Plant operations.._
percent of normalGrand Rapids district:
Orders:
7.0
Canceled
percent of new orders.
6.0
5.0
5.5
New
no. of days' production21
15
29
18
Unfilled, end of month
do
38
25
44
40
Outstanding accounts, end of month
24
no. of days' sales.
30
31
Plant operations
percent of normal84.0
49.0
78.5
83.0
Shipments
no. of days' production20
11
18
16
Prices, wholesale:
78.2
Beds, wooden
1926=100.
78.2
82.1
78.2
Dining-room chairs, set of 6
do
97.0
97.0
102.3
97.0
Kitchen cabinets
do._.
87.6
87.6
87.6
87.6
94.0
Living-room davenports
do.__
94.0
87.2
94.0
Steel furniture (See Iron and Steel Section).

107,661

93, 751

102,527

77, 042

73,523

79,183

73,131

'1,838
7,328
1,826
5,502

' 2, 500
'361
' 2,138
' 2,168
'302
' 1, 866
7,654
1,882
5,772

' 2, 352
' 376
' L 976
' 2,114
'311
' 1,802
7,900
1,949
5,951

' 2,342
'395
'1,947
' 2,076
'323
' 1, 753
8,171
2,028
6,143

' 2, 297
'378
'1,919
' 2,061
'330
' 1, 731
8.394
2, 062
6,332

'1,969
'359
'1,610
' 1, 818
'310
' 1, .508
8,562 !
2,117
6,444

'1,671
'329
' 1, 342
' 1,443
'265
' 1,178
8,804
2,182
6,622

' 1,452
'285
' 1,168
' 1,301
'217
'1,084
8,932
2, 242
6, 690

6,919
89,883

10,082
88,887

13, 289
86,035

12,354
83,438

12,524
82,018

12, 482
SO, 020

13,614
73, 762

11,125
67, 605

5,011
69, 650

3,168
32,769

3,346
33, 014

2,876
32,918

3, 369
32, 619

2,963
32,137

2,834
32,186

2; 871
31,449

2, 465
30, 665

1,778
30,126

8,803
20, 224
9,906
9,475
19, 550

5,800
17,200
8,300
8,500
19,800

5,850
13,850
9,200
8,800
20,400

6,200
12,300
7,800
7,850
19,900

7,500
11,450
8,200
8.600
19, 750

7,600
11, 400
7,400
7,600
20, 200

4,800
9,800
7,700
5,800
22,000

3,700
8,100
5,950
4, 900
23,000

4,100
7,900
5,600
4,300
24, 400

28,399
44,312
37,370
35, 253
62,763

24,856
38,713
34,438
30,455
66,746

20,458
33,682
30, 637
25,489
71,894

25,633
31,107
28, 244
28,208
71,930

31,150
29,091
32,820
33,166
71,584

32, 302
31, 292
33, 359
30,101
74,842

20,824
27,508
30,888
24, 608
81,122

18,
26,
23,
19,
85,

200
398
391
310
203

19, 835
21, 239
21,938
19, 442
86, 425

31, 248
11, 042

49, 339
39, 477

39, 959
37, 529

33, 761
42,146

42,354
35,773

21, 636
9,925

21,371
12,721

19, 605

20, 257
7,564

129,315
' 2, 233
'362
' 1,871
' 2, 247
'373
' 1,874
7,106
1,810
5,296

' 2, 398
'351
' 2,047
' 2,177
r
339

8,897
18. 498

22.050

22.050

22.050

21.805

21.364

20. 580

19.110

45.080

45. 080

44.100

43. 200

42.140

42.140

40.180

27, 751
7,050

32, 813
6,766

26,823
5,442

22, 603
3, 555

21,105
7,532

21, 264
2,752

17,095
5,639

21, 330
2,671

17, 521
5, 637

572
391

529
359

475
334

624
359

630
351

555
325

510
271

455
251

440
291

46.22
676
590
1,778

45.69
665
561
1,882

44.69
644
500
2,026

44.59
625
599
2,052

45.45
625
638
2,039

45.37
601
581
2,059

45. 84
556
564
2,051

43. 51
550
475
2,126

43.64
540
400
2,266

448
393

403
359

365
302

401
287

386
272

285
215

306
178

248
155

266
169

28.86
392
402
1,401

28.91
535
449
1,486

28.69
570
405
1,651

28.68
670
425
1,796

28.65
585
407
1,969

27.78
536
395
2,110

26.90
441
334
2,217

26.93
305
252
2,270

25.60
156
207
2,193

643

631
786
637
629
1,151

607
591
750
803
1,098

471
474
578
588
1,088

484
437
538
521
1,105

525
346
619
615
1,109

353
271
447
453
1,102

302
258
346
320
1,128

418
302
349
374
1,103

34, 746 29,251
69, 882 56,779
• 41, 037 ' 45, 612
40,422

27,278
50,451
r 43, 337
37,289

25,870
42,982
' 45,041
33, 611

26, 279
36, 619
• 40,039
29,848

23, 247
29,833
' 39, 703
30, 402

18, 391
25, 387
31,734
21, 861

17, 607
22, 577
26,148
19, 549

667
1,143

34,570
74, 645
' 38, 522
36, 766

18. 620

38. 220
38.416

r

84.5

80.5

78.5

74.0

85.0

81.0

79.0

63.0

56.0

9.0
16
33

6.0
24
40

7.0
14
35

4.0
23
41

5.0
19
40

7.0
22
44

14.0
13
36

11.0
18
?3

4S.0

32
82.5
16

30
78.0
.5
1

29
75.0
14

29
68.0
15

31
76.0
17

31
72.0
16

31
72.0
16

32
68.0
18

28
61.0
14

78.5
98.4
87.6
95.4

78.5
98.4
87.6
95.4

82.4
98.4
87.6
95.4

83.1
99.4
87.6
95.4

83.1
101.5
87.6
95.4

83.1
101.5
87.6
95.4

83.1
101.5
87.6
95.4

83.1
101. 5
87.6
95.4

83.1
101.5
87.6
95.4

21

* New series. For data on prices of Douglas fir lumber, see table 7, p. 19 of the February 1937 issue.
t Revised series. Data on total lumber production and shipments revised beginning January 1936; data not shown here will be given in a subsequent issue. For 1935
revisions in total lumber, and 1935-36 revisions in Southern pine and Western pine lumber see tables 16 and 17, p. 20 of the April 1937 issue. Later revisions in total number
and Southern pine lumber for period 1934-36, not shown on p. 47 of the October 1937 Survey, will be published in a subsequent issue.
1 Data for March, June, September, and December 1937 are for 5 weeks; other months, 4 weeks.




SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references j
to the sources of the data may be found in the j Jana193S Supplement to the Survey.
i ary

March 1938

1937
Janu- | February j ary

March

April

May

June

iNovemOctober ! her

July

December

METALS AND MANUFACTURES
I BON AND S T E E L
Foreign trade, iron and steel:
Exports (domestic)
..long tons.. 536,294
Imports
--do
1 29.631
Price, iron and steel, composite
dol. per long ton-.
38.95
Ore
!
Iron ore:
i
Lake Superior district:
i
Consumption by furnaces
:
thous. of long tons.. • 1, 923
Shipments from upper lake ports
do
;
0
Receipts:
i:
Lake Erie ports and furnaces
do
0
Other lower lake ports
do
!
0
Stocks, end cf month, total
do
j 38,882
At furnaces—,
do
1 33,007
Lake Erie docks
do
! 5.875
Imports, total
do
I
169
Manganese ore, imports (manganese content) !
thous. of long tons..\
17
Pig Iron a n d I r o n M a n u f a c t u r e s

201,512 I 291.079 j 570,669
43,003
41,628 | 51,702

826, 538
44, 771

671, 777 I 969,191
68,197
49,050

36.55 |

35.74 j

39.92

40.39 !

4,694 I

4,443
0

5,142
0

5.114
3,771

5,340 I
10,044 j

4, 640
10,108

0
0
17, 437
22, 418 !
19.081 ! 14, 585
2, 852
3,337 i
215
210 I
i
20;
41

1,830
770
14, 832
12, 285
2, 337
197

6,695 |
3,241
18.800
16.255
2,544
215 j

7, 562
2,293
24, 395
21,066
3, 329
198

°l

0
0
26, 747
22,986
3,761 !
186 I
29 !

0

o

40.06 i

55 I

39.82

542, 765
37, 071

40.03 |

522,617
37,186

40.16

889,451 1886, 353
47,012 j 61, 489

39.59

38.96 ;

40.34

556,608 ; 026,427
26,996 ! 25,792

5,236 | 5,373 ;
10,704 | 10,811 |
j
7, 555 I 7,196 i
3,117
3,139 !
29,151
35, 343
25,300
30, 861
4,482
3,851
207
231

•5.157
9,174

4,204
6,502

2. 735
1,425

6, 749
2, 834
39,954
34, 827
5,127
188

4,888
2,130
43, 266
37. 210 |
6.057
'256

1,140
851
42, 626
36, 553
6,073 i
159

50 !

25

38. 89

S3

0
0
:G, 775
; 1,816
5.959
181

19

•

Castings, malleable:
!
Orders, new
short tons..; 15,819
Production
do
j 18, 575
Percent of capacity
S 23.0
Shipments
_
-short tons. J 20, 481
Pig Iron:
j
Furnaces in blast, end of month:
j
Capacity
long tons per day..; 46,035
Number
'
91
Prices, wholesale:
j
Basic (valley furnace) ~_<3ol. per long ton..; 23,50
Composite
do~--i 24.11
Foundry, no. 2, northern (Pitts.)
dol. per long ton..
25. 80
Production
—thous.of long tons.-1 1,429
Oast-iron boilers and radiators:
|
Boilers, round:
!
Production
thous. of i b . J
378
Shipments
„
.--do
1 i, 422
Stocks, end of month
— do
\ 20,493
Boilers, square:
I
Production
„,
do
j 7,879
Shipments
do___.j io, 852
Stocks, end of month..
do
j 113,054
Radiators:
j
Convection type:
j
Sales, incl. heating elements, cabinets, ,
;
and grilles
thous. sq. ft, heating surface..i
439
Ordinary type:
Production
_
do
l, 918
Shipments
—
—
........do
3, 320
Stocks, end of month.__
,
do
j 23,896
Boilers, range, galvanized:
j
Orders:
New...
„
number of boilers.. 48,035
Unfilled, end of month, total__do
1 16, 485
Production
do
35,358
Shipments
-.do
42,158
Stocks, end of month
-do
I 33, 443
Boiler and pipe
fittings:
i
Cast iron:
Production
.-..short tons.. 3,519
Shipments..
--do
4, 573
Malleable:
Production
do
j 1,998
Shipments
-do
; 2, 778

54,070
53, 638
67.4
51, 754

60,187
68,502
62,910
57, 295
67, 559
63, 377
72.0
82.2 I 78.2
55, 742 | 67. 262
62, 905

104,060 j 108,720
170
176

112,790 I 114,665
182
187

46,013
55,960
69.0
57, 327

43,141
54,026
64.8
58,921

41, 353
45, 479
54.7
44, 719

103,960
170

105,975
181

115, 445
192

115, 420
191

49,376 I 41,652
49, 022
52, 728
60.1
62.9
43, 801
47, 738

34,810
42,953
52.7
43,750

28,170
32, 457
40.0
37,028

19,753
27, 784
33.4
27, 675

110, 260
181

83,850
151

58, 965
113

44, 470
95

20.75
21. 44

23.10
23.80

23.50
24.06

23.50
24,06

23.50
24.06

23.50
24. 06

23.50
2106

23. 50
24.06

23.50
24.06

23.50
24.08

23.50
24.11

22.89 ! 23.14
3.212 I 2,999

25.49
3,459

25. 89
3,392

25.89
3, 537

25.89
3,108

25.89
3,499

25.89
3,606

25. 89
3,410

25.89
2,893

25.89
2,007

25.89
1, 490

3, 855 2,835
2,131
1,808
32, 953
33,800

2,430
1,622
33, 731

1,893
2,130
34, 278

1.S58
2, 325
33, 777

1,259
3,386
31,663

1,272
5,807
27,127

2,143
5,898
23, 334

961
2,916
21, 504

1, 390
2,158
20, 970

20,177
16,198
15,252 | 17,471
186,531 I 185,090

16,362
25,149
176, 399

21,088
40,915
156, 563

19,487
39,539
136,844

13, 769
20,459
130,652

20.50
21.30

3, 123
2, 244
30, 090

3, 889
1, 897
31,857

I
24,084
13,616
135, 356

24, 497
11, 306
148, 420

427
7,180
4,572
37, 069

465 j

478
7,692
3, 613
41, 210

25, 653
13, 947
159,185

60.149
123,415
103, 694 56, 498
100, 845 106,163
103, 670 107,345
' 40, 799 39, 622

27,129
14, 345
170, 516

23,143
12,710
180,844

554

613

7,609 I 7,797
4,343
4,824
44,609
48, 003

5, 266
4,416
48, 972

85,720 I 37, 099
56,132
37,366
80,393
56, 247
81,006
55, 865
42,389
42, 771

86,
51,
94,
91,
43,

439
418
899
519
002

i I

!

7, 843
16, 033
121, 275

i

855

1,082

982

649

541

478

4,538
5, 360
48,371

4,369
5,543
47, 433

4,442
7,178
44, 607

4,972
9,122
40, 507

4,191
9,550
35, 205

2,779
6,671
31,434

1,943
5,119
28, 36-4

39, 210
24, 453
49, 076
52,123
39, 724

30,
19,
35,
35,
39,

809
707
208
555
377

31, 767
17, 020
37, 886
34, 454
42,809

39,370
14,233
45, 069
42, 157
45, 721

49, 501
11,834
51,370
51, 900
45, 191

37, 568
9, 253
38, 336
40, 149
43,378

31,314
10,608
26. 824
29, 959
40, 243

640 i

8,818 I
8,542

8,693
8,719

10,432
9,520

9,802
9,093

8,265
6,426

7,472
6,177

5, 973
5,899

6,346
6,922

5.990
6,939

5, 979
6,540

4, 665
4,560

4. 249
3,663

5,544
5,952 |

5,922
6, 338

6.586
6,095

6,965
6,864

5,907
4,661

5,610 I
4,350

4, 601
3,716

4.602 j
4,043 I

4,381
3,616

3,484
3, 716

3. 253
3, 433

1, 989

224. 82

226.91

227. 97

227. 96

236.12

236. 22

Sanitary Ware
Plumbing and heating equipment, wholesale
price (8 pieces)
dollars..
Porcelain enameled products: A
Shipments, total
do
Signs
do
Table tops
_
„
do

229.33

223. 86

228. 06

228. 29

229. 37

1,065,735 1,063,224 1,293,435 1,293,326 1,238,476 1,069,610 1,196,996 1,178,304 1,039,844 1,102,867
263, 992 230, 595 258,868 264,390 299,389 278, 658 283,917 289,751 251,121 221,319
260,120 232, 766 298, 690 358, 622 242,862 206, 263 277,413 309,801 238, 394 312,977

230. 72 i 230. 72
759, 382
189,8S1
214,890

790, 480
211.803
140,034

Steel, Crude a n d S e m i m a n u f a c t u r e d
Castings, steel:
j
Orders, new, total—
.short tons-.| 29,481 115,150 ' 98, 383 158,284 ' 99. 868 68,683
57, 799
71, 817
54, 753
57, 414
36.837 '31,442 ! 27, 024
Percent of capacity
26.1
'96.6 i r 82. 5 » 132. 7 r S3. 7
•
48.5
57.6
60.2
45.9
48.1
* 26. 4 j
30.9
22.7
62,102 ' 53,125
86, 557 « 41, 995 24, 458
18,928
Railway specialties..
short tons..
7,480
31,460
16, 704
21, 958
' 8,125
8, 259
6, 117
Production, total...
do
86,978
31,519 r 89, 782 ' 94, 620 111,704 105,654
95. 995 101, 239
92, 089
83, 047
65, 957 • 51, 294 I 41,537
r
p
' 93. 7
75. 3
72.9
Percent of capacity.j
27. 9
79.3
80.5
77.2
84.9
"88. 6
69.6
34.8
55.3
' 43. 0 j
Railway specialties
short tons..j 9, 613 40,8G7 ' 43. 779 50,911 r 45, 896 40,998
44,462
39,186
43, 313
36,812
26,480 •21,309 | 16, 601
Ingots, steel :f
|
4,725
4,414
4,184
Production
thous. of long tons__j
1, 732
5,070
4,556
4,876
5,216
5,150
1,472
4.298
3,393
2,154 j
84
Percent of capacity f
I
30
83
74
80
'90
89
85
75
26
88
59
38 !
Bars, steel, cold finished, shipments
i
short tons. _ I 19,634 60,363
65,668
84,858
73,951
53,044
62,329
52, 614
51,493
52,000
43,365
32,568 > 19,411
t Data revised for 1936; see p. 48 of the June 1937 issue.
• Less than 500 tons.
r Revised.
1 Beginning January 1937, the American Iron and Steel Institute computes the percent of capacity on a weekly average basis, with no allowance for Sundays or holidays;
the figures shown here have been carried forward on the old basis (which relates daily average output to daily average capacity with allowance for Sundays, July 4, and
Christmas) in order to keep tbe series comparable.
A Data on new orders for porcelain enameled products last shown in the Oct. 1937 issue have been discontinued by the reporting source.




SURVEY OF CURRENT BUSINESS

March 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1938
January

89

1937
January

February

March

April

May

June

July

August September

October

Novern- j December
ber

METALS AND MANUFACTURES—Continued
IRON AND STEEL-Continued
.Steel, Crude and Semimanufactured —
Continued
Prices, wholesale:
0 0290
Composite, finished steel
,-dol. per lb__
0. 0257
0.0290
0. 0290 0.0290 I 0.0290
0.0290
0.0283 ! 0.0290
0. 0258
0.0290 I 0.0290
Steel billets, rerolling (Pittsburgh)
37.00
34. 00
37.00
37.00
dol. per long tori-.
37.00
34. 00
37.00
37. 00
36. 40
37.00
37.00
37.00
. 0225
.0205
.0225
Structural steel (Pittsburgh). __..dol. per lb._
. 0225
.0225
.0205
.0225
. 0225
. 0221
. 0225
.0225
.0225
17.56
18. 06
19.70
12. 50
Steel scrap (Chicago)dol. per gross ton..;
19.44
20.56
12.3S
20.85
14.69
15. 95
17. 38
17. 63
U. S. Steel Corporation:
46,890
i
! 17,494
Earnings, net.
thous. of dol
44,010
52,394
Shipments, finished products
long tons.. 518,322 1,149,918 1,133,724 1,414,399 1,343,644 11,304,039 1,268,550 1,186,752 1,107,858 1,047.962 792,310 j 587,241 j 489,070

I

Steel, Manufactured Products
Barrels, steel:
Orders, unfilled, end of month
number.. 452,175
Production
— . d o . — 422,688
Percent of capacity
34. 5
Shipments
number.. 414,832
Stocks, end of month
...do ] 21,549
Boilers, steel, new orders:
Area
. . . . . thous. of sq. ft..
502
Quantity
.__,
number..
552
Furniture, steel:
Office furniture:
Orders:
New
thous. of doL_
1,887
Unfilled, end of month
do
1, 239
Shipments
...do
1,885
Shelving: f
Orders:
379
New
do
Unfilled, end of month
-do
305
Shipments
do
409
Plate, fabricated steel, new orders: 1
Total
.short tons.. 23, 422
9, 558
Oil storage tanks
do
Spring washers, shipments.
thous. of doL.
138
Track work, shipments
..short tons__
3,135

826,510
824, 073
61.2
825.406
27,167

623,803
622, 338
46.3
627,755
21, 750

'654
'704

••862

2,444
1, 727
2,175

2,079
1,734
2,072

518,975
851, 881
63.2
851,112
24, 583

419,788
684,356
50.9
686,144
22, 795

836,618
828,300
61.6
832,076
19,019

' 1, 586 1 '676
' 1. 406 I ' 748

' 1,015

'726

2,788
2,146
2,463

1,916
1,759
2, 302

2,S25
1,935
2,183

2, 601
1,820
2,515

'608
' 441
' 596

'63S
MIO
' 669

'726
'472
' 664

41,419
10, 665
309
7,246

32,375
9, 041
289
S, 153

71,250
31, 239
420
10, 720

MACHINERY AND APPARATUS
Air-conditioning equipment:
Orders, new:
Fan group
__thous. of dol..
Unit-heater group
.
do
Electric overhead cranes:
Orders:
New.
do
Unfilled, end of month..
...-do
Shipments
do
Electrical equipment. (See Nonferrous metals.)
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
New
1922-24 = 100..
Unfilled, end of month
.do
Shipments
do
Fuel equipment:
Oil burners:
Orders:
New
number. .
Unfilled, end of month
do__—
Shipments
do
Stocks, end of month....
do j
Pulverizers, orders, new
do
Mechanical stokers, sales: §
Classes 1, 2, and 3
do
Classes 4 and 5:
Number
Horsepower
Machine tools, orders, new
av. mo. shipments 1926 = 100. _
Pumps:
Domestic, water, shipments:
Pitcher, other hand, and windmill..units..
Power, horizontal type
do
Measuring and dispensing, shipments: t
Gasoline:
Hand-operated
units. Power
do
Oil, grease, and other:
Hand-operated
.do
Power
do
Steam, power, centrifugal, and rotary: t
Orders, new
thous. of dol__
Water-softening apparatus, shipments._units__
Water systems, shipments.
do
Woodworking machinery:
Orders:
Canceled
thous. of dol—
New
do
Unfilled, end of month
do
Shipments:
Quantity
number of machines..L
Value
thous of dol.. L

722, 659
855,889
63.6
853,625
24,014

674,921
596,080
43.9
594, 858
20, 221

640,154
599,157
43.9
600, 550
18,828

545,957
756,768
57.0
753,681
21,915

416,198
606, 697
46.0
605,949
22, 663

385, 734
538,487
40.9
545,367
15,074

'996
' 1, 223

'937
' 1,410

'679
'1,033

'636
'895

'610
'641

547
574

2,008
1,871
2,071

1,714
1,562
2,023

1,970
1,447
2, 084

1,793
1,322
1,918

1,856
1,244 !
1,933 |
' 511
'469
'490

767,021
636,890
47.0
637,810
18,099

' 609
' 538
' 554

' 592
' 538
' 591

'541
' 566
-"513

'582
'554
'594

'493
'448
'598

42,455
28,913
34,833
13,186 I
7,271 13, 628
281
430
268
9,194
9, 888
8,807

27, 480
7,726
249
8,252

31, 763
4, 750
229
7,530

31,484
4,476
234
8,101

31,942
13,002
220
6,137

' 7G6
' 555 !
' 683 |

' 526
"509
'571

I

1,990
1,237
2,031
400
336
471

27,507 I 27,463
9,417
11,918
191
135
4, 289
3, 804

1

603
624

1,137
871

1,204
711

1,683
1,024

1,631 |
895 !

1,872 1,898
758
963

1,621
812

1,260
1, 012

1,153
1,187

1,001
1, 336

901
1, 003

723
1,008

742
3, 021
1, 041

883
2,893
462

921
3, 427
387

1,079
3, 994
578

1,415 I
4,674
728

751 |
4,666 I
749

534
4,507
692

638
4, 469
676

1,452
5,084
728

1, 216
5,325
975

486
4, 735
1, 076

274
4,106
917

215
3,321
972

77.6
147. 7
147.7

190.9
333.3
177.2

249. 5
380.0
201.8

294.2
408. 5
285.6

208.3
365. 4
232.5

242.0
376.8
226.2

228. 2
372.8
232.1

204.0
360. 3
216. 5

232.1
257.5 I
351.1 ! 347.5
235.4
266.6

185. 3
309.3
232.3

128.1
294. 0
178.8

113.7
245.5
159. 8

6,362
2,090
6,338
24, 947

10, 333
3, 451
9,274
16, 335
59

9,401
3,024
9,828
16,000
17

14, 242
2,838
14,428
16,016

15. 361
3,517
14,682
17,098
32

15,233
4,344
14,406
20, 866
25

14,49S
4,118
14,724
22,276
19

16,274
3,988
16,404
23,730
12

23,479
5,054
22, 413
27,147
34

32,860
4,203
33, 711
23, 823
26

23, 390
3,068
24. 525
25,370
30

• 10,100
2,622
• 10. 546
24, 559
20

2,319

' 2, 877

'3,112

' 5, 315

' 5, 856

6,580

8,482

7,249

13, 007

18, 769

16,593 I

104
20,475

203
46, 914

165
37,241

259
62, 783

226
60, 249

202
47, 770

235
46, 414

330
63, 460

452
75, 094

424
58, 252

363
57, 564

118.4

200. 3

165.2

211.6

282.5

208.5

181.8

171.1

179.8

210.7

152.0

33, 697
779

• 66, 201 • 59, 266 • 53, 702 • 56, 638 > 42, 006 • 46,182 • 37, 747 "39,g
1,382
1,721
1,242
1,349
1,478
1,689
'1,6
'1,759

476
5,176

393
' 8, 590

658
' 8, 386

9,203
4,850

• 10, 510
4, 926

11, 547
4,224

1,050
12,181

1,271
1,286
1,012
960
• lo, 599 16,125
21
744
1. 339
314
571

' 9
564
1,342
324
653

1,313
11, 048

1,448
919
17, 504

127.7

578
' 8, 305

450
6,275

•13,914
3,156

• 14,127
2,273

9, 072
1,689

1,224
1,438
1,899
1,949
1,109 .
1,066
1.182
987
' 17, 462 • 15, 549 • 13, 854 !12, 144

1,191
1,165
• 10, 248

933
837
8, 178

734
740
1,216
1.136
' 14,137 | • 14, 493 ' 18, 220 • 16, 446 • 14, 623

1,721
1, 533
1,316
1,098
' 20, 623 ' 17, 811

4,402

221 i 207
33,696 ] 34,743

16,001
• 37, 655 ' 22, 996 • 19, 298
1,231 I 1,111
' 1, 395 ' 1, 281
699
13, 682

• 16, 660 ' 20,352 ' 16, 373 • 21, 377 • 14,971 • 13, 686 • 12,451
4, 991
6,319 I 5, 252
6,574
' 3,190
3,518
4,011
1,983
1,141
15,836

6,279 I

7,683
2, 066
8,239
25,029
25

2
904
1,508

24
748
1,437

10
602
1,353

578
1,188

503
1, 096

397
763

425
796

361
676

402
733

332
590

5
637
1,148
380 !

579 I

599
' 8, 792

14
491
1,109

82 !
679 I

1
395
997

15
334
940

339
'579

324
54S

222
492

146
376

' Revised.
Classifications changed starting i n J a n u a r y 1937, b u t for all practical purposes t h e series shown are c o m p a r a b l e . Classes 4 a n d 5 are practically e q u i v a l e n t to former
class 4; changes m a d e in classes 1, 2, a n d 3 do not affect the total for t h e 3 classes as shown here.
fKevised series. M e a s u r i n g a n d dispensing p u m p s revised beginning J a n u a r y 1936; figures not shown in t h e October 1937 S u r v e y will be s h o w n in a s u b s e q u e n t issue.
F o r s t e a m , power, centrifugal, a n d r o t a r y p u m p s revisions for period 1919-36, see table 15, p . 19, of t h e April 1937 issue. D a t a on steel shelving revised beginning J a n u a r y
1P36; t h e increase from 20 to 22 i n t h e n u m b e r of m a n u f a c t u r e r s reporting has affected t h e c o m p a r a b i l i t y of t h e series t o only a slight e x t e n t .
1 Data
for FRASER arc for 46 identical m a n u f a c t u r e s ; b e g i n n i n g J a n u a r y 1938 d a t a are available for 21 additional small concerns.

Digitized


90

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1986 Supplement to the Survey.

March 1928

1937
January

February

March

April

May

June

July

SepAugust tember October Novem- December
ber

METALS AND MANUFACTURES—Continued
NONFERRGUS METALS AND
PRODUCTS
Metals

Aluminum:
Imports, bauxite
long tons..
Price, scrap, cast (N. Y.)
dol. per lb__
Babbitt metal, shipments and consumption
(white-base antifriction bearing metals):
Total
thous. of lb__
Consumed in own plant_
do
Shipments
_
do.
Copper:
Exports, refined and manufactured_short tons..
Imports, total
do—
For smelting, refining, and export
do
Product of Cuba and the Philippine Islands
short tons..
Allother
do
Price, electrolytic (N. Y.)_
dol. per l b . .
Production:*
Mine or smelter (incl. custom intake)
short tons..
Refinery
do
Deliveries, refined, total*.
do
Domestic
do
Export
_
_
-do
Stocks, refined, end of month*
do..-.
Lead:
Imports of ore, concentrates, pigs, bars, etc.
short tons..
Ore:
Receipts, lead content of domestic ore. do
Shipments, Joplin district
do
Refined:
Price, wholesale, pig, desilverized (N. Y.)
doi. per R^Production from domestic ore..short tons..
Shipments, reported
...
do...
Stocks, end of month
do...
Tin:
Consumption In manufacture of tin and
terneplate
long tons.
Deliveries
do...
Imports, bars, blocks, etc
do...
Price, Straits (N. Y.)___
dol. per 1b.
Stocks, end of month:
World, visible supply
long tons.
United States
do__.
Zinc:
Ore, Joplin district:
Shipments
short tons.
Stocks, end of month
do...
Price, prime, western (St. L.)
dol. per lb_.
Production, slab, at primary smeltersf
short tons.
Retorts in operation, end of mo
numberShipments, totalf
short tons.
Domesticf
_
do...
Stocks, refinery, end of mo.tdo...

51,448
.0875

28,363
.1281

41, 603
.1281

43, 016
.1281

35, 250
.1283

29, 570
.1275

35, 734
.1252

51, 026
.1238

23,857
.1265

46,161
.1283

55,179
.1136

51,141

57, 523
.0875

1,382
269
1,113

2,364
518
1,846

2,290
579
1,712

2,999
546
2,453

2,499
599
1,900

2,206
621
1,585

2,593
586
2,007

2,099
516
1,584

2,387
777
1,610

2,159
560
1,599

1,797
513
1,283

1,538
402
1,136

1,344
358

23,854
19,832
18, 560

22, 046
7,133
5,994

29, 099
21,952
18,358

31, 728
14, 553
12,905

26,850
14, 547
11,336

34, 436
13,281
10,717

25,927
19,657
15,942

32, 241
31, 735
29,161

26,473
22,946
20,867

25,142
15, 591
15,341

32, 743
18,866
15,541

28,361
20, 547
18, 828

30, 343
26, 672
23,175

1,184
.1020

25
1,115
.1242

2,133
1,460
.1343

46
1,602
.1578

2,071
1,139
.1512

41
2,523
.1378

2,538
1,177
.1378

1,508
1,067
.1378

1,967
112
.1378

50
200
.1353

1,995
1,331
.1184

109
1,610
.1080

1,951
1,545
.1001

58,807
70, 487
30, 705
24,881
5,824
299,133

75, 212 72,023 91,118 94, 596 87, 579 89,882 85,243 90,947
83,178 95, 265 86, 016 79,611 82,835
68, 097 71,233 83, 676
86,791 77, 486 98,349 105, 050 86,256 83,581 72, 890 74,392
80,812 74,610 94,830 95,884 81, 336 77,725 67, 356 68,019
5,856
5,534
2,876
9,166
3,519
4,920
6,373
5,979
142,374 138,121 121,448 99, 576 108,585 111, 020 117,741 126,184
593

848

683

1,710

1,567

1,383

1,473

2,073

4,745

37,775
5,115

37,293
8,623

41,629
5,427

38,872
4,602

38,719
4,465

40,993
6,129

42,415
6,472

40,922
4,710

40,764
8,265

.0624
.0518
.0719
34,986 41,422 43,908
50,375 63,425 55,200
156,832 137,204 128,462

.0600
40,192
55,212
115,843

.0600
37,321
42,710
113,370

.0600
42,480
47,727
111, 103

.0645
42,460
54, 551
103,518

2,915

249

402

34,429
3,370

35,760
4,722

32,286
5,398

.0487
,0600
37, 651 41,223
34,923 45,718
133,401 169,776

83,806 80,437 69, 446 '61, 756
90,982 87,030 75, 790 60, 463
72,845 48,440 37,025 r 22, 788
66,229 43, 742 33,892 r 18,660
4,128
6,616
3,133
144, 321 182,911 221, 676

602
41,372
7,173

.0640
.0503
.0574
37,989 45,112 42,892 47,423
53,850 39, 292 33,853 34,020
90, 742 100, 646 113, 573 129,131

1,230
5,550
3,333
.4152

3,070
7,615
8,509

3,130
7,675
7,238
.5194

9,080
10,468
.6271

3,550
6,995
6,430
.5899

6,425
6,557
.5563

3,260
6,645
6,344
.5584

3,330
4,980
6,558
.5931

3,460
7,580
6,312
.5940

3,560
8,245
6,158
.5862

2,290
8,210
8,179
.5146

2,160
5,195
7,338
.4330

1,810
5,020
8,023
.4285

27,101
4,:

26,179
5,478

23,774
4,956

24,127
5,731

24,593
4,741

23,721
5,144

23,291
4,810

25,646
6,193

26,016
5,850

23,014
3,538

22,865
3,280

24, 389
5,285

27,044
6,385

30,914
15,028
.0500

41,262
14,288
.0585

43,837
9,501
.0647

40,021
10,980
.0738

39,190
14,690
.0701

44,632
18,358
.0675

35,044
20,624
.0675

46,524
11,070
.0692

36,839
15,451
.0719

40,705
15,926
.0719

45,283
18, 563

30,463
21,990
.0563

39,448
15,382
.0501

48, 687
42,423
24,931
24, 911
88, 532

40,047
40>285
51,227
51,227
33,775

37,794
42,786
46,953
46,953
24,616

53,202
43,635
59,635
59,635
18,183

52,009
43, 660
56,229
56, 229
13,963

55,012
43,724
55,201
55,201
13,774

50,526
44,186
50,219
50,219
14,081

49,181
46,199
49,701
49, 701
13, 561

48,309
50,163
50,643
50,643
11,227

50,027
51,809
47,737
47,737
13,517

52,645
50,324
40,345
40,345
25,817

49,393
49, 511
32, 676
32, 676
42, 534

51, 787
48,812
29, 545
29, 545
64,776

Electrical Equipment
Furnaces, electric, industrial, sales:t
1,244
1,660
4,134
1,849
3,491
1,738
Unit.
_
.kilowatts..
4,129
5,883
8,290
3,440
2,147
6,619
6,367
84
102
257
255
154
Value.
—thous. of dol..
393
325
131
293
458
167
356
547
Electrical goods, new orders (quarterly)
215,964
260,836
182, 306
271,064
thous. of dol.
Laminated phenolic products, shipments
1,112
1,179
1,135
1,042
1,451
1,226
728
thous. of dol.
1,059
1,292
1,190
614
1,005
Motors (1-200 H. P.):
Billings (shipments):
3,083
3,320
3,222
3,334
3,560
3,599
2,229
A. O
thous. of dol.
2,648
3,670
3,450
1,824
2,476
2,802
743
810
793
941
769
1,038
D. C.__
do...
660
713
742
1,018
532
634
847
Orders, new:
3,014
2,836
2,951
3,642
3,176
1,967
A. C_
do...
4,626
3,260
2,216
3,301
4,276
3,274
1,557
741
560
655
984
1,284
965
695
481
434
D. C . . .
do...
1,074
468
984
377
Power cables, paper insulated, shipments:
861
1,010
884
Unit
_
thous. of ft.
848
955
979
1,107
573
732
'521
301
1,321
1,376
1,295
1,370
1,234
1,527
749
Value
thous. of dol..
1,090
1,533
1,023
391
Power switching equipment, new orders:
Indoor
dollars. 119, 234 77,303 113,645 138,367 209,894 148,916 123,697 141,314 127,128 114,016 147, 287 93, 792 99, 975
Outdoor
_
„
do
154, 848 341,395 374,719 597,804 754,827 335,937 433, 219 497,890 361,758 347,448 215,357 395, 411 228,940
2,019
1,644
3,092
3,402
2,842
1,840
2,271
1,025
1,699
3,159
Ranges, electric, billed sales
thous. of dol.
1,481
1,840
'981
67,857 89, 739 109, 542
Refrigerators* household, sales
number. 102,067 171,405 245,718 352, 582 335,214 333,061 267,770 192,906 120,543
Vacuum cleaners, shipments:
Floor cleaners..
do
96, 615 92,056 112,787 148,113 140,516 125,921 102,153 83,725 88,456 110,080 101,376 88,974 91,059
29,934 29,806
Hand-type cleaners
do
26, 751
21, 512 32,520 38,477 52,301 50,020 42,688 34, 386 27,508 27,786 28,944
Vulcanized fiber:
2,509
2,321
2,809
2,471
2,137
2,243
3,007
2,780
2,616
1,462
1,804
Consumption of fiber paper
thous. of lb_,
2,367
1,235
520
679
503
479
517
633
652
304
350
Shipments
thous. of dol..
640
r
Revised.
•New series. For earlier data on production, deliveries, and stocks of copper see table 26, p. 20. of the July 1937 issue. These data differ from the figures shown on p. 123
of the 1936 Supplement, for which monthly data for 1936 were given in table 27, p. 20 of the July 1937 issue.
t Data on the production, shipments and stocks of zinc revised for 1936; see p. 50 of the May 1937 issue. Data on industrial electric furnaces revised by the Industrial
Furnace Manufacturers Association, Inc.; data formerly collected by the National Electrical Manufacturers Association. T h e present series is based on the reports of 12
manufacturers which represent 85 to 95 percent of total sales of electric furnaces for industrial purposes. Data beginning January 1936 not shown on p. 50 of the November
1937 Survey will appear in a subsequent issue.




SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey.
ary

91

1937
January

February

March

April

May

June

July

August September

October

Novem- December
ber

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND

!

PRODUCTS- Continued
Miscellaneous Products

Brass and bronze (ingots and billets):
I
Deliveries
net tons.J 2,774
12,821
Orders, unfilled, end of nio_-~
do
Plumbing fixtures, brass:
939
Shipments
.—thous. of pieces..
Radiators, convection type:
Sales:
Heating elements only, without cabinets
22
or grilles.—thous. of sq. ft. heating surf..
Including heating elements, cabinets, &
199
grilles
thous. of sq. ft. heating surf...
.173
Sheets, brass, price, mill..
dol. per l b . .
Wire cloth (brass, bronze, and alloy):
Orders:
300
New
thous. of sq. ft..
629
Unnlled, end of mo
do..—
241
Production
do i
249
Shipments
do |
668
Stocks, end of month
._„-„.do
|

10 022
29 309

9,433
30,286

10,626
26,408

10,101
20,549

8,210
18,037

1, 929

1,879

2,110

1,884

1,555

7,087
17, 542

6,584
15,784
1,650 I

7,115
22,311

6,683
18, 641

5. 430
15, 557

3,805
13, 936

3,946
11, 276

1,410

1,568

1,420

1,213

925

660

31

22

18

41 |

84

41

90

90

64

356
178

247
.189

463
.210

428 |
.207 I

367
.196

461
.198

361
.198

424
.198

484
.196

484
.190

411
.178

251
.174

1, 191
1, 355
535
512
774

215
.,362
488
477
781

1,107
2,051
557
558
790

170
1,414
525
510
729

236
1,176
455
467

336
1,010
493
512
654

320
876
431
453
633

285
793
426
376
637

277
653
402
407
650

174
548
275
667

287
577
264
225
678

565,649
128, 427
203,297
179,787
103,922
75,865
54,138

375, 225
108, 609
112,448
117,617
70, 302
47,315
36, 511

I
355
1,763
580
628
732

35

PAPER AND PRINTING
WOOD PULP
Consumption and shipments:!•
Total, all grades
short tons..
Groundwood
do.
Sulphate
do.
Sulphite, total
__do_
Bleached
_
do.
Unbleached
do.
Soda
_
do.
Imports:
Chemicalf——
do_
Groundwoodf.,
do.
Production:f
Total, all grades..
__do_
Groundwood
do.
Sulphate
_
_
do.
Sulphite, total.,
do.
Bleached..
_
_
do.
Unbleached
„
__„do.
Soda
....
...__do.
Stoeks, end of monthj:
Total, all grades
do.
Groundwood
do_
Sulphate
_._
do.
Sulphite, total
.doBleached
___do.
Unbleached
_
do.
Soda._._
do.
Price, sulphite, unbleached
dol. per 100 lb_-

401,715
105, 882
135, 944
117, 692
68, 622
49,070
42,197

526, 747
131,041
172, 386
165,192
100,255
64,937
58,128

504,031
122,003
160,859
165,613
99,373
66, 240
55, 556

563,062
138,800
179,091
183, 588
116,301
67,287
61, 583

548,147
137,217
183, 586
167,898
98,003
69,895
59, 446

570,846
139,806
186,648
184,749
106,231
78, 518
59,643

587,210
134,425
189,037
185,836
106, 433
79,403
57,912

550,945
127,483
191,148
177, 862
106, 527
71,335
54,452

539,553
121,299
193,327
171,713
103, 782
67, 931
53, 214

495, 304
119,328
179,794
148,998
86, 446
62,552
47,184

426, 700
112,439
137, 967
135, 236
81, 039
54,197
41, 058

131, 609
14, 523

172,125
18, 513

191,174
15,262

151,820
15,443

108,569
19, 669

240,309
19,713

202,136 201,109 187, 225
24, 561 15, 504 15,300

183,139
17,732

188,271 161, 57G
19, 351 15, 645

413, 558
113,122
136,353
122, 713
72, 539
50,174
41,370

540,822
139,109
172, 559
170,968
103,676
67, 292
58,186

513,703
130,067
161, 343
166, 958
104, 713
62, 245
55, 335

576,097
148,927
179,091
186, 768
115,184
71, 582
61,313

566, 723
148,182
182, 673
176, 243
102, 514
73, 729
59, 625

191,590
21,484
580, 880
152, 627
188,153
180, 217
103, 539
76,678
59,883

579,096
144,233
191,916
184, 627
108,716
75,911
58, 320

547, 611
121,877
191,916
179,037
106.542
72,495
54, 781

559,239
113, 955
205,350
184,408
109, 738
74,670
55,526

522,106
104,839
195,083
169,129
99, 313
69,816
53,055

511,415
110,081
181,427
171,907
102,789
69,118
48,000

450,000
117,787
139,699
150,746
91,996
58, 750
41, 768

160, 068
39,105
17,199
98, 625
70,662
27,963
5,139

71, 712
22, 926
6, 014
40,091
24,246
15,845
2,681
2.63

78,586
27,970
6,435
41,640
28,489
13,151
2,541
3.01

114,083 112,549 100, 738
42,731
32,476
52,111
12,214
10,395
13,802
50,390
48, 387 53,430
38, 286 33,883
32,446
15, 941 15,144
16,507
4,175
3, 190
4,070
3.75
3.75
3.75

117,466
26, 630
15,182
71, 028
50,147
20. 881
4,626
3.66

136, 767 151, 632
29, 959 34, 303
16, 700 17, 285
85, 088 94,314
61,179
67, 297
23.909
27. 017
5,020
5, 730
3.50
3.31

87,820 101, 036 106, 876 116,096
34,403 41,284 49.541
55,734
5,663
7,022
6,435
9,761
51,571
47, 633 47,628
44,580
28,40 i 32,807 30,182
32,446
16,176
18, 764 17,451
15,182
2,680
2,518
2,402
2,973
3.75
3.63
3.34
3.65

394, 462
115,431
113,156
128,351
76, 357
51,994
37, 524

PAPEIi
Total paper:
Paper, inch newsprint and paperboard:
Productioni
.short tons..
953, 283 944, 049 1,102,273 1,046,235 999,428 J,034,729 912, 664 930,565 974,983 846,591 706,866 677,184
Paper, excl. newsprint and paperboard:
Orders, new
...short tons..
529,312 519, 798 647,063 517, 972 470,029 509,205 409,929 423,019 488,293 392,0S8 326, 620 351, 449
Production
do
508,256 498,546 591,191 531, 006 523,448 575,347 487, 738 484,967 549,160 433.620 359, 961 358, 554
Shipments
do....
515,417 497, 810 595, 070 521, 707 507,459 567,935 468,454 454,643 531,617 420', 796 344, 330 366,177
Book paper:
Con ted paper:
14,426
16,066
14,259
13, 585 12, 725
14, 079 26, 676 21, 746 24, 709 23,875
15,082
14,459
13,849
Orders, new..
_.„...do
4,202
3,646
2, 291
1, 901 11,116
9,257 10,855
1,926
1,725
12, 016
7,«07
5,319
4,940
Orders, unfilled, end of mo
do
16,651
22, 709 21,123
16,825
16,025
15, 008 14, 629
13,872 27,210 23,043
21,465
18. 563 17,425
Production
do
75.9
98.5
94.0
103.0
54.9
53.9
94.5
93.5
84.6
77.3
75.9
63.0
50.8
Percent of potential capacity
14,725
17, 232
23,103 20,345
16,091
14, 717 14, 325
17, 646 16.557
Shipments
short tons.. 15, 538 27, 939 22,863 21,188
12, 373
12, 333
12, 615 14,178
14, 699 14, 387
11,029
10, 230 10, 041 10,819
11,456
13, 033 11,884
Stocks, end of month
_
do
Uncoated paper:
87,061
76, 528
74, 661 72, 301
91,344
77, 685 114,643 111,112 131, 537 111,834 97,981
78, 740 81,859
Orders, new
do
54, 212 49,609
34, 058 23, 565
30, 521 64, 372 69, 703 82,244 83,565
76, 930 64,540
45, 695
24, 724
Orders, unfilled, end of mo
do
Price, cased, machine finished* at mills
6.25
6.25
6.13
6.00
5.75
6.13
6.25
5.75
5.75
6.25
6.25
6.00
6.00
dol. per 1001b95, 211
83, 903
78, 803 72, 384
99, 684 97,409
Production...
short tons__ 77,07G 111,733 104,795 109, 260 116,969 111,959 101,288
87.1
86.5
74.4
94.0
95.7
102.6
66.9
63.4
65.7
98.3
87.9
90.6
94.8
Percent of potential capacity....
93,088
99,168
85,069
77,678
73,807
94, 012 89,395
Shipments
short tons.. 80, 693 114, 085 103,829 112,741 111,634 108,828
83, 785 87, 658 87,454
94,490 102,457 106,225 102, 279 106, 605 103,878
77,743
80,267 84,191
Stocks, end of month
do
Fine paper:
34,697
25,152
23, 449 30, 647
48, 620 44, 638 66, 317 38, 703 32, 613 38, 999 26, 247 25,749
Orders, new
do
15.191
10,687
8,467
26,280
20,978
7,721
9,996
23, 960 35,132 33, 224 28,450
24,778
Orders, unfilled, end of mo
do
36,218
40,948
34,220
31,025
25, 357 29, 995
43.482 44, 516 53,898 43, 327 40, 666 45,368
Produetioni
do
32,008
40,417
28, 646
45, 632 45, 050 53,246 42, 293 39,080
44,324
32,653
24, 619 29, 339
Shipments
do
76, 392
63,068
62, 534 64, 543 59, 775 66 123 67,279
69, 509 73,504 73, 430
71, 005
Stocks, end of month
do
Wrapping paper:
175,286 180, 618 220,843 171,669 15 3,148 185, 604 136,379 139,501 160, 015 127, 696
91,817 114,427
Orders, new
_
.do....
86,668
69,060
62,286
145,838 151, 786 164, 719 1,56, 564 14 3,532 123,420 101,208
51, 424
53, 665
Orders, unfilled, end of mo
do
,
,
171,170 166,827 212, 608 176, 880 17 6,092 211,436 165, 597 162,717 185,049 140, 536
Production
_
do
172, 644 169,767 215,170 177, 970 16 9, 437 206,864 158, 991 153,744 180,394 135, 729 105, 750 116, 330
Shipments
do
102,129 119,381
108,325 104,241 102, 383 101,838 0 4, 521 108,129 113,393 120,908 123,660 127, 754
Stocks, end of month—
..do
131,389 127, 713
ISee note marked *'1" on next page.
* Revised.
• Comprises pulp used in the producing mills and shipments to the market.
tRevised series. Production of wood pulp, except soda pulp, for 1936 has been revised to conform with the industry totals reported by the U. S. Pulp Producers' Associaon for that year. See p. 51 of the March 1937 issue. For these items consumption and shipments have been adjusted to the revised production figures by the Survey of Current
Business. For the same items, data on production and consumption and shipments for 1935 adjusted to Census data for that year will appear in a subsequent issue. Pending
publication of these figures, data shown in monthly issues starting with March 1937 can be used in conjunction with earlier data shown in the 1936 Supplement without serious
error. Figures on stocks have not been adjusted to industry totals. All wood-pulp data except soda pulp, are based on the reports of 162 identical mills through 1936, and
145 to 150 mills for the year of 1937, adjusted to a comparable basis. Data on soda pulp (production and consumption and shipments) have been adjusted to the 1935 census
by the Survey; for 1936 data, see p. 51 of the March 1937 issue. Earlier figures appeared in the 1936 Supplement. Data on chemical and groundwood imports revised beginning
 revisions not shown on p. 51 of the December 1937 Survey will appear in a subsequent issue.
January 1935;



SURVEY OF CURRENT BUSINESS

92
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
S9S6 Supplement to the Survey

March 1938

193?

i 1938
j
j Janu| a ry

June

March j April j May

July

August Septem- October Novem- Deceits
ber
ber
ber

PAPER AND PRINTING—Continued
i

PAPER- Continued
Newsprint:
Canada:
Exports
short tons.. 109, 509
222, 500
Production!
do
159, 107
Shipments from millsf
do
Stocks, at mills, end of mot
do.__. 106, 394
United States:
169. 922
Consumption by publishers!
do
Imports
_
do
184, 761
Price, rolls, contract, destination (N. Y.
basis)
dol. per short ton..
50. 00
Production^
.
short tons.. 72. 514
62,829
Shipments from mills
...do
Stocks, end of month:
25 G24
At nrlls
do
At publishers!
- do . . 521,411
38,471
In transit to publishers!...
do
Paperboard:
198,101
Consumption, waste paper
do
265,029
Orders new
do
78.085
Orders unfilled, end of mo
do
! 263.729
Production^
. _.
do
54. 5
Percent of capacity
Stocks of waste paper, end of month:
At mills
- .short tons.. : 328,378
PAPER PRODUCTS
Abrasive paper and cloth, shipments:
Domestic
-.
r e a m s - : 54,414
! 6,633
Foreign
- dO
Paperboard shipping boxes:
Shipments, total
. -..mills, of sa. ft.. ; 1,826
i 1.691
Corrugated . . . . .
do
134
Solid
fiber
- - do . . 1
PRINTING
Blank forms, new orders
thous. of sets.. ! 91,207
1,071
Book publication, total
.
no. of editions..
887
New books
. do _.
!
184
New editions
do
Operations (productive activity) 1923 = 100. i
Sales books, new orders
.... thous. of books.. ! 14,434

54?

222.945
275, 532
251, 256
73. 769

294, 935
302, 068
290,968
84 90?,

252,790
298, 678
311, 584
72,223

294, 726
309,210
313,414
69,357

306,
311,
311,
67,

646
017
8?,4
438

305,163
314, 529
301,850
79,993

283,128
318,713
313,435
85,256

308, 655
312, 250
306, 396
89, 553

302,325
314, 594
322,661
81,317

315,642
302, 230
335,
47, 772

308,
293,
300
34,

183, 106
238, 426

175,617
204, 689

199, 057
270, 478

199, 355
263, 620

206, 695
279,937

189, 297
288, 29!

170.455
302, 982

173, 338
260,158

183,360
303, 351

208,278
298,560

192, 255
299, 561

197, 817
273, 038

42.50
79,362
75, 046

42.50
72, 072
74,941

42. 50
82, 576
79, 582

42. 50
78, 619
85,915

42. 50
78, 907
77, 647

42. 50
78. 500
76, 255

42. 50
78,205
79,759

42. 50
80, 311
75, 724

42.50
77, 732
73,931

42. 50
78,352
72,127

42. 50
79, 338
82, 967

42. 50
79,537
88, 339

18, 747
757 741
49 013

15, 995
243,951
54, 013

19. 001
246, 873
57, 071

12,406
258, 740
59, 427

12, 645
278, 820
49, 612

14 944
298 597
50 550

13, 090
344,147
52,964

17, 676
380. 070
55, 769

21, 473
421,765
59, 489

27,692
450, 761
57, 357

74 OCA
492 150
62 852

15 105
543 861
69 545

295 554
407 716
409
365 665
S2. 0

295, 477
386, 781
236,011
373,431
90.0

339, 242
453 6?1
765 575
428, 506
91.6

341, 597
419, 702
243,486
436, 610
92.7

330, 250
346, 525
194.458
397,073
90.8

287
3?9
146
380

274,463
331,375
143. 401
346,721
71.0

287,443
348,685
129,745
365,287
75.7

287, 858
324, 216
108, 467
348. 091
71.5

256,162
315,122
88, 775
334,619
68.5

213
754 781
74 173
267, 567
30.0

189
237
74
239

196.570

lw,977

211,628

234, 239

257 185

254, 554

258,064

277, 797

29S, 818

290 037

319 552

90. 365
SO, 294
9,972 i 13,971

135, 451
10.919

103, 862 i
9,104

76,209
8,498

66,039
7,711

67, 422
7, 724

70,731

56 650
8 487

40, 095
6,339

2,344
2,114
230

2,484
2,225
258

2,653
2,403
250

2,474
2,250
224

2
044
1 889
155

1 ,807
1,675
132

377 j 127,262 123, 341 115 141 1 91,805 106,989
689
945
'846 i ' 826
889 i
885
580
741 !
800
74!)
702
724
105 :
149
115
109
124
161
90 !
100
102
05 '
96
100 i
18, 096 ! 15,799 ! 16 C33
16. 506
16. 697
711

111,485
842
831
111
100
16, 049

109, 633
1,183
1,023
160
102
16, 741

259,543
286, 991
?61 QQ?
'Cjfi

r

711 ?«5

1

81 945
6 ?P4
2 zm
2.074
734

8 018
9 712 |
306 !

2,428
2,195
233

106,944 149,194
1.011
781
604
815
196
87 j
99
103
If . 959 i 10.057 ; 19

i

2, 549 !
2,292
256

2,778
2,506
271 i

I

504
744
138
882
B0. 5 !

81

813 |

* 55fi I
2 632 i
385
247

2

6,077
:

742
038
137
552

948
701
484
093
47 S

,379
105, 650 ! 104
930
985
759
S64
121
171
102
100
14,724
15

RUBBER AND RUBBER PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, totaltt
----long tons..1, 29,429
For tires and tubest
do
J
_.
Imports, total, including latex
do
45, 384
Price, smoked sheets (N. Y.)
dol. per lb_.
.146
Sbipments, world
long tons.. 80, 000
„_, „„.
Stocks, world, end of montht
do
556, 685
Afloat, total
do
j 112,000
For United States
do
j 57,356
London and Liverpool
.
do
J 62,108
British Malaya
..do
j 9S, 157
United States!
do
j 283,420
Reclaimed rubber:!t
i
Consumption
do
S 6, 673
Production
do
\ 7,407
Stocks, end of month
do
j 27,179
Scrap rubber:
!
Consumption by reclaimers (quar.)--(lo
1
TIRES AND TUBESJ
j
Pneumatic casings:
i
Production
.
thousands..
Shipments, total
do
!
Domestic
-.do
!
Stocks, end of month
do
j
Inner tubes:
Production
do
'
Shipments, total
..do
i
Domestic
do
;
Stocks, end of month
do
Raw material consumed:
j
Crude rubber. (See Crude rubber.)
j
Fabrics
thous. of lb_.;
MISCELLANEOUS PRODUCTS
j
Single and double texture proofed fabrics;
Production
thous. of yd.1,978
Rubber and canvas footwear:^
Production, total
thous. of pairs.3,588
Tennis
do
! 1,915
Waterproof
do
1,673
Shipments, total
do
3,937
Tennis
do
! 2,363
Waterproof
do
J 1,574
Shipments, domestic, total
do
; 3,894
Tennis
do
j 2,338
Waterproof
do
i l, 555
Stocks, total, end of month._
.do
! 20,031
Tennis
do
I 6,965
Waterproof
do
i 13,065

!
54,064 51, 797 51,733 j 51,798 | 43, 650
50,818 50,282
37,902 j 30, 289
36, 777 37,030 I 42, 638 41, 479 37,951
43,339 44,715 40, 898 43.024 48,898 49,635 I 43,414
.193 I .189
.213
.234
.213
.246
.214
71,000 71,000 101.000 90,000 87,000 I 95,000 |111, 000
454, 249 445. 265 447,856 428, 249 413; 134 !434,250 445, 782
98,000 94.000 125,000 124,000 I 117,000 I 125,000 144,000
55. 096 53, 538 56, 994 72,530 58,542 i 57,215 75,779
71, 062 63, 760 52,077 48, 748 46,628 I 43, 427 42.175
78. 276 86, 478 82, 802 77,255 74.487 I 93, 630 88,046
206, 911 201. 027 187. 977 178, 246 175,019 |172,193 171, 561

49,820
.184
102,000
457,462
140, 000
80,439
45,211
92,661
179, 590

43,893
88,472
57,024
.186
106, 000
470,768
141, 000
83, 288
49,807
87, 579
192,382

53,129
.163
98,000
479,398
135,000
80. 653
61,932
85,86?
206, 601

54, 043
. 146
93, 000
493, 206
127, 000
81, 302
54,857
84, 657

14.612 14,414 I 11,924
15,793
16,052 J 16,241
14.647 i 14,535 j 17,992

13, 227
16, 543
19, 706

13, 681
16,410
21, 597

12,234
15,849
23, 572

9,703
12,406
24, 620

7,074
10,815
26, 260

2, 952
3.153

r

14,542
13,485 I 14,801
15,129 ! 15,192 i 14,458
19,000 19,017 | 18,839
|

15,607
13, 884
14,010

! 42,398 !

!

41,456

! 45,495 |

38,707 j

5,916
5,787
5,687
12,448

5,730
5, 560
5,438
12, 629

5,352
5, 375
5,281
12, 592

5,339
5,389
5,297
12, 529

4.292
5.190
5,112
11, 654

29, 160

69,810
. 151
92, 000
r
550, 586
123, 000
63, 099
57, 785
90,548
2 2 6 , io£ '207,253

4,801 | 5,091
4.391
4,536
4,327 i 4,469
11,100 ! 11.734

5,823
5.571
5.499
11. 904

5,627
5,325
5,242
12. 218

4,956
5.028
4. 959
12,107

4,
5,
4,
11,

716
027
957
746

4.019
5,046
4,993
10,869

23, 033

4,049
4,930

4,455
3,537

3, 980
3,940

3, 111
3,771

0)

0)

0)

0)

18, 494

0)

10,813

'11,784

11, 644

10, 963

10, 776

4,129
4.852

4,290
3,177

3,719
3,518

2,822
3,348

2,349
2,875

0)

0)

'11,134

(0

0)

11, 103

10, 527

0)

10, 056

10,144
22,207 i 23,426 I 26,542 ! 24,680 | 23,268
3,884 i

4,342 I

5,898
2,418
3,480
6,018
2. 639
3,379
5, 954
2.603
3,351
13, 454
5,108
8.346

5,935
3,241
2,694
4, 520
3,308
1,212
4,486
3,291
1,195
14.869
5,041
9.829

5,255 j

7, 595
4,2G9
3, 327
5,439
4,361
1,078
5,377
4,309
1,068
16,998
4,945
12.053

° 44,159

4,626 I

3,991

4, 259

3, 380

3,802

3,975

3,282

2,285

1,969

7,197
4,053
3,144
5,027
3,784
1,243
5,027
3,784
1,243

6,734
3,635
3,098
4,784
3.778
1,006
4,735
3,736
999
21,116
5,071
16.045

6, 455
2, 765
3, 690
4, 788
2, 947
1. 840
4, 706
2 874
1 832
22,814
4 895
17

4,679
1,584
3,095
5,764
2,075
3,689
5,738
2s055
3,683
21,729
4,404
17, 326

6,454
1,789
4,666
7,424
1,190
6,234
7, 363
1,142
6, 222

6,598
1,557
5,040
7,316
1,134
6,182
7,254
1,093
6,161
20, 046
5,431
14.615

6,369
1,447
4,922
6, 635
769
5,866
6, 582
749
5,833
19.780
6,109
13,671

5,671
1,456
4,216
5,143
648
4,494
5,111
636
4,474
20, 308
6,916
13,392

4, 517
1, 704
2,813
4,343
1,151
3,191
4, 305
1,134
3,171
20,430
7,446
12,9S4

19,167
5. 213
13. 954

20, 746
4, 990
15, 757

* D a t a will be published when available.
r Revised.
° Quarter ending Sept. 30. M o n t h l y data not available subsequent to J u l y 1937.
I F o r d a t a raised to i n d u s t r y totals, see t h e 1936 Supplement. Figures shown here are as reported; these were also given in t h e 1936 S u p p l e m e n t .
a n d 1936.
April 1937 issue.
s u b s e q u e n t issue
issue will appear in a s u b s e q u e n t Survey.
{ D a t a are raised to i n d u s t r y totals; see t h e note explaining these series in t h e 1936 Supplement.




33, 9S4

I

42, 489

! 5.246
I 4,371
I 4,276
I 12.308

4,980
4,509
4,421
11,377

a

93

SURVEY OF CURRENT BUSINESS

March 1938

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the January
1936 Supplement to the Survey.

1937
January

February

March I April

May

July

June

August j

October

STONE, CLAY, AND GLASS PRODUCTS
PO&TLAND CEMENT
Price, wholesale, composite . dol. per bbl_.
1,667
Production
thous. of bbL-j 4,534
20.7
Percent of capacity
Shipments
-.thous. of bbL.j 4,390
Stocks, finished, end of month
do i 25 022
Stocks, clinker, end of month
. . . d o \ l ! 578
CLAY PRODUCTS

GLASS PRODUCTS

1.667
10,402
48.8
10, 272
25, 747
7,544

1.867
11,634
53.2
11,890
25.493

1.667
11. 597
53.1
12, 237
23,370
6,771

1.667
11,163
52.8
12,645
24,011
7,360

7, 540

1. 667
11,894
54.4
12, 291
22, 940
6,347

1.667 i
11,223 I
53.1 !
12,773
21,388
5,896

1.067
9, 248
43.7
8,188
22, 634
6, 104

1.667
11, 374
52.0
11,190
21, 565
5, 859

594, S85
516.164
136, 073

793,568 652,251 |l,077,319 956,547
768,774 633,059 i 1,092,424 885,696
416, 742 415,324 ! 397,351 j 422,837

1,161,382; 1,071,120 1,195,988 j1,268,218 745,035 i 849,321 • 959,880 I .ft'2. Mi
1,117/285! 1,005,581 .11,153,466 !_1,181,549 725,4*4 ! 320.2-11 ' 017.219 i t\r.>:, :>'*J
,
,
.,.,..
._-,...
395,303 414,774| 374,334 j 411, 516 -120,387 4.17, ^'27 110. J17 «i'J ;, S'32
!
12.110 S 12.125
184,625 j 167,085
435,318 ! 463,531

11.889
108.169
444,247

11.941
11.915 I 12.030 ! 12.103
113,598 163.801 191,040 | 191,275
414, 723 386,919 385,276 401,852

30,042
299,122

29,094
298,411

46,667
297,654

58,214
297,420

3,146
61,369

12. 072

3, 257
59,133

4, 038
57,691

6,716
55, 727

8.877 I|
60,271 |

819 | 3,645
103
248

1,000
127

1,750
223

1,077
140

916
128

1, 082
122

51,082
354,210

79,793
358,286

100,381 i 98,246
351,509 j 359,881

84,932
367, 022

80,317
362, 455

62,086 ! 61,557 j 57,120
298,114 ! 297,703 | 297,406
9,431
61,249

8,580
63,646

12.113 I 12.113
149,672 i 128,118
524,110 !r 541,300

12. 044
9H, 672
535, 774

54, 530
300, 796

51,477 j 45,971 j ' 3 6 , 9 8 2
296,123 ! 296,834 \r300,462

7,707
66, 533

8, 638 | 12, 255 j 6, 185
86,252 I 60,866 j 60,974

25, 028
298, 155
2 88 2
59, 273

12.116 | 12.076
157.839
154,424
479,256 508,840

i
893
109

51,338
354,608

1.667
r 7, 047
32.2
' 4, 793
24, 879

I

i

,495 i
177 I

i
848
106

800
99

4,548 i 4.417
82. 5 77.1
4,400
3,932
7,843 I 8,261

3, 735
67.8
3, 211
8,696

3, 235
56.5
2, 684
9,192

1,893
2, 333
2,437
2, 170
5, 585
12,517

1, 025
2, 394
1,016
1, 624
5, 362
8,921

834
133

80,812 ! 76.290
365,788 | 381,084

731
98
39, 908
68, 954 r 54, 557
369,610 373,283 370,882

|

j
thous. of gross..; 3. 125
52.4
!
thous. of gross.-1 3, 016
do ; 9, 279
!
j
number of turns..;
do
j . . .
do
j
do...-]
_.do. |
thous. of sq. ft,.|
5, 119

GYPSUM AND PRODUCTS

1.667
8,443
38.6
7,879
25, 622
7, 554

]

Bathroom accessories:
|
Production
number of pieces.,!
Shipments
do !
Stocks, end of month-.
..._.
do •
Common brick:
j
Price, wholesale, composite, f. o. b. plant
|
dol. per thous.-i
Shipments
thous, of brick...|
Stocks, end of month
do S
Face brick:*
I
Shipments
do j
Stocks, end of month
.
do j
Vitrified paving brick:
I
Shipments
__._
do |
Stocks, end of month
__..._do
j
Terra cotta:
I
Orders, new:
!
Quantity
short tons-_j
Value
--.thous. of dol-.j
Hollow building tile:
!
Shipments
short tons..'
Stocks, end of month
do i

Glass containers:
Production
Percent of capacity
Shipments
Stocks, end of month
Illuminating glassware:
Orders:
New and contract—.
Unfilled, end of month
Production
Shipments
Stocks, end of month
Plate glass, production

1.667
5,837
29.6
5,163
25,059

1. 667
6,616
30.4
4, 689
24,394
6,160

4,039
71.3
3,881
7.393
3, 515
3,518
3,193
2,830
3,739
6,373

I

3,880
73.8
••3,743
7,459
2,473
2, 894
2,849
2,688
3,935
18,676

|
!
j
|

4,198
71.0
4,461
7,145
2,711
2,503
3,369
3,119
4,140
20,743

4,543
79.7
4,375
7e 243

4,844
88.4
4,795
7, 215

4,089
87.1
5,152
6,981

4, 978
86.9
' 4, 645
7,259

i 2,835 ! 2,907 j 2,681
2,266
| 2,621 ! 2, 848
2. 870
2, 692
i 3,278
3,152
2,947
2,031
J 2,864
2,658
2, 652
2,289
! 4, 564
4,965
5,260
5,038
! 21,956
19,437
19,392 | 15,345

5, 259
91.8
' 4, 662
7,776
2,458
2,720
2,312
2,426
4,923
17,898

829
2,824
2 886
731
5,043
16, 479

i

2,283
2,516
2, 981
2, 618
5, 267
14, S55

j

Crude:
\
Imports
—.
short tons-.j
Production...
do
'
Shipments
do
•
Calcined, production
do
Calcined products, shipments:
!
Board, plaster, and lath
thous. of sq. ft— I
Board, wall
do
!
Cement, Keene's
short tons-.!
Plasters, neat, wood fiber, sanded gauging J
finish, etc
short tons..;
For pottery, terra cotta, plate glass, mixing j
plants, etc
short tons..!
Tile, partition.._.
thous. of sq. ft.-!

306,672 ,
178 ;
249,143
704,848

264, 583
611,452
176,476
477,182

187,896
107,330
10,764

198,259
91,401 !
10,589 !
.

136,451
81,668
3,319

\ 444,777 I

423,640 )

281, 610

70,351 '
3,80fi L

50,677
3, 063

26,542
606,523
148,756
540,500

i 299,655
i 897,807 I
I 259, 007 S
660,252 |

149.337
88,382
9,181
'355,219 ;....

!

31,974 L
4,964 I

_.
|
,
.

03,301 ! .
._
4,199 i
..
.

TEXTILE PRODUCTS
CLOTHING
|
Hosiery:
j
Production
thous. of dozen pairs..! 8.843
Shipments...
.do
I 8,464
Stocks, end of month
-do
j 21,913

11,364
9,845
20,974

11,311
11,474
20,954

12,118 I 11,547
10,920
12,555
11,376 I 9,759
20.659
20,972
22,277

11,254
9,936
23,738

9,302
9,381
23,659

9,915
10, 718
2i, 856

10, 367
11,418
21,804

10,319
10, 653
21,471

9,610
8,625
9,822 j 9,090
21,259 ! 20,794

COTTON
!
678,786 665, 677 776,942 718,975 669, e
i0, 521 583,011 604,380 601,837 526,464 j 484,819 433,058
Consumptionf
bales._| 431
538
486
373
220
124
Exports (excluding linters)t
thous. of bales._
230
751
324
G17
468
799 i 797
Ginnings (total crop to end of month indicated)! •
12,141
16,812
143
3,259
13,104 I 16,178
thous. of bales.
1,871
45
9
Imports (excluding linters)
do !
31
19
5
28
9 I
9
Prices:
|
.135
Received by farmers
dol. per lb_. j
.137 ! .129 ! .124
.124
.107
.076
.090
. 081
1)77
Wholesale, middling (New York)
do i
.145
.124
.083
.103
.090
,143 j
.133 | .127
.084
080
Production (crop estimate)
thous. of bales.-!
• 18, 746
2 548
Receipts into sight
do
I 1, 023
1,518
"519 3 2 7 "
3,477
695
622
175
1, 064
3,075
295
Stocks, end of month:
I
8,852 I 8,023
7,114
6, 202
4 640
4,465
5,398
4,099
13, 586
7,918
Domestic, totalf
.—do 1 13,
11,177
13. 206
2,061
2,078
2,074
1,987
1,815
1,286
1,718
991
Mills
do—-I 1,
1 549
961
1, 419
], 656
5,036
5,962
4,215
6,779
3, 584
2, 813
6.926
Warehouses
_.„
do
! 11,
11,867
3 090
9, 758 11, 549
3, 504
6,787
7,457
6, 294
5, 596
7, 812
6.421
World visible supply, total
do
j 0.
4. 361
9, 0G6
4. 904
8 029
8 769
4. 374
4,348
4,934
4,863
American cotton
.do
j 7,
5, 525
3,858 ' 3,361 ! 2,837 i 2,549
7,441
2,763
6, 467
7 225
r
Revised.
• As of Dec. 1.
*New series. Data on face brick shipments and stocks, compiled by the U. S. Department of Commerce, Bureau of the Census, supersede those shown in the Survey
prior to the January 1937 issue. Data beginning January 1934 were shown in table 34 p. 20 of the August 1937 issue.
tRevised series, For revisions for cotton year 1936-37, see p. 53 of the October 1937 issue.
• Cotton ginnings through Jan. 16, 1938, for the crop year ended March 1938, totaled 17,645,756 bales.




94

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
I January
1936 Supplement to the Survey.

I

March 1938

1937

January

February

April

March

May

June

July

August Septem- October Novem- December
ber
ber

TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
\
Exports
thous. of sq. yd., i 24.252
Imports
.
do
! 5,108
Prices, wholesale:
j
Print cloth, 64x60
dol. per yd., j .037
Sheeting, brown, 4 x 4__
do
I
• 055
Finished cotton cloth :f
j
Production:
i
Bleached, plain._„
thous. of yd..!
Dyed, colors....
do...J
Dyed, black
do
!
Printed
.
.
do
i
Stocks, end of month:
|
Bleached, dyed colors and dyed black
\
thous. of yd..!
Printed
_
..do
j
Spindle activity:t
I
Active spindles
thousands..! 22, 327
Active spindle hrs., total
mills, of hrs I 5, 082
Average per spindle in place
hours..!
214
Operations
pet. of capacity..!
93. 5
Cotton yarn:
I
Prices, wholesale:
i
22/1, cones (Boston)
dol. per lb_.|
. 235
40/1, southern spinning
do
j .309

14.502
15,591

15,892
19, 278

16, 320
23,931

.076

.081
.086

.079
.089

17,386
15,090

.076 i
.095 !

15, 554
10, 743

.069
.090

.065 |
,085 |

14,418
10, 576

38,418
7,896

17, 511
5, 560

25, 805
5,903

.063
.081

.058
.075

.051
.069

.049
.061

1
158,507
136,493
7,595
135,817

151,363
122, 232
6,415
120, 758

166,
135,

248,338
115,428

250,148
114,852

260,013
113,050

24, 400
8,582
313
136.9

.047
.058

.036
.055

I

155, 279 140,065
125,154 108,888
7,172
7.729
120,262 I 104,410
!

119, 672
92,190
6, 555
88, 294

118,956
88,355
6,959
86,089

115.013
86. 792
7.732
9i; 578

112, 741
78, 363
7,154
98, 993

119,609 109,200 | 111,952
79, 620 62,216 | 59,924
6,674
4,861 | 4,590
97, 757 83,195
92, 811

262,864
119, 571

276, 273
125, 754

280, 983
129,359

268T 428
118,383

272, 709
120,338

262, 006
102,843

277,860
136,177

23,8S7
7,658
285
124.1

!

24,518
8,352
307
144.2

24, 640
9, 607
355
146. 6

24, 727
9,175
339
146.4

24, 656
8,562
310
137.6

24, 558
8,595
318
136.6

24, 394
7, 665
284
121,9

24,353
8,185
304
130. 5

.344
,482

.364
.482

.363
.490

.336
.479

.311
.452

.293
.439

.272
.413

721

693
2,467

702
4,240

724
2,917

693
2, 389

697
1, 788

693
1,954

562
1,573

.347
.513

EAYON AND SILK
j
Rayon:
i
737
Deliveries!
1923-25=100. J
374
1,494
Imports
thous. of lb [
492
Price, wholesale, 150 denier, " A " grade j
(N. Y.)
dol. per lb—
.60
Stocks, producers, end of mo. f
0.2
no. of months' supply...
2. 8
Silk:
Deliveries (consumption)
bales,. 30, 715 44,198
7, 413
Imports, raw
thous. of lb-.
4, 003
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
2.051
dol. per l b _
1.565
Stocks, end of month:
|
Total visible supply!
bales.. 143, 678 160, 944
50, 544
United States (warehouses)
do
48,678

130, 393

24,116
21,713
5,363 i 5,130

.257
.407

284,281 ! 298,812
135,751 j 143,307
23,724
22, 792 j 22. 328
6,928
6,483
5,726
259
243 I 214
105.2 i 92.0
111.1
.245
.333

.230
.369

.235
.369

253
22S

240
581
.63

!

.60

.63

.63

.63

.63

,63

.63

308 |
.323 |
i
.63

0.1

0.1

0.1

0.1

0.2

0.2

0.5

1.1

1.9

2.5

39,934
5,026

40, 561
5,742

35, 278
5,148

35, 783
5, 521

31,399
4,015

33, 557
5,174

36,372
4,958

21, 982
3, 781

1.940

1.873

1.851

1.721

31, 749
5,865
1. 648

141,094 152, 083
41, 494 44,183

152,857
43, 957

834
834

17,304
7, 259

16, 593
4,926
14,213

10, 604
2,730
10,147

2,095
.60
0.1
38, 484
6,472
1,993

2.012

1.975

1.848

1.827

152, 808
49,408

146, 331
41, 731

142,382
40, 882

140, 802
41,302

130, 256
45, 556

.63

1.575

156, 724 161, 435
45, 424 49, 535

WOOL
Consumption of scoured wool:1
Apparel class
_
*
thous. of lb_.
Carpet class
,.,-do—
Imports, unmanufactured
do ,
Operations, machinery activity:
Combs:
percent of active hours to total reported..
Looms:
Carpet and rug
do
Narrow....
do
Broad
do—Spinning spindles:
Woolen.
v.,_
do.—
Worsted
do....
Prices, wholesale:
Raw, territory, fine, scoured
dol. per lb_.
Raw, Ohio and Penn., fleeces..
.-..do
Suiting, unfinished worsted, 13oz. (at factory)
dol. per yd..
Women's dress goods, French serge, 54" (at
mill)
dol. per yd..
Worsted yarn, 32's, crossbred stock (Boston)
dol. perlb..
Receipts at Boston, total...
__thous, of lb..
Domestic
do
Foreign
do
Stocks, scoured basis, end of quarter, total
thous. of lb..
Woolen, total
do
Domestic
—..
~do
Foreign
_
do—
Worsted, total
.do
Domestic.
do....
Foreign
do

12, 709
3, 672
4,781

28,814
12,802
46, 890

25, 722
12,814
46, 292

26,328
12, 511
48,528

28,982
12, 842
38, 201

22,862
10,350
29, 990

20,045
9,571
28,518

20, 510
7,903
19,302

20,044
8,668
21,116

53

101

84

89

60

50

50
32
73

61
34
74

42
28
55

28
22
45

88
59

63
46
.90
.38

116

123

124

122

113

28
23
53

'65
56
97

72
59
100

74
58
97

70
54
92

68
52
93

50
41

105
88

111

82

100
82

93
73

.79
.31

1.11

1.07
.50

104
87
1.05
,45

1.08
.46

1.04
.42

1.00
42

79
57
1.00
.43

2.005

2.030

2.079

2.079

2.079

1.188

1.188

1.207

1.213

1.213

1.50
38, 618
2,407
36, 212

1.46
34, 730
7,745
26,985

1.45
25,322
10, 697
14, 625

1.45
37,978
23,340
14, 638

1.43
53,149
41,315
11,833

.52
1.832
1. 955
1.139
1.10
6,338
5,763

1.151
1.49
28. 602
5,126
23,476

120,526
46,315
31,751

30
20
51
47
44

43
38
.83 |
.35

.81
.32

2.079

1.01
.43
2.035

1.999

1.980

1.832

1.832

1.213

1.213

1.213

1.213

1.168

1.139

1.41
38,904
36,186
2,718

1.40
29,237
25, 796
3,442

1.38
12,129
8,439
3,691

1.34
8,753
5,758
2,995

1.18
8,911
6, 925
1,986

1.10
4,919
4,201
719

142, 554
48,890
33,603
15,287
93, 664
64, 853
28, 811

14,564
74, 211
26, 940
47, 271

10, 419
2,857
6,045

.97
.42

117, 849
47, 624
37, 749
9,875
70. 225
54, 567
15, 658

135,353
49,893
37, 711
12,182
85,460
63, 820
21, 640

MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
„
_
pet. of capacity..
Stocks, end of month
thous. of gross..
Fur, sales by dealers t
thous. of doL.
Pyroxylin-coated textiles (artificial leather):
Orders, unfilled, end of mo._ thous. linear yd..
Pyroxylin spread
thous. of lb,.
Shipments, billed
_..thous. linear yd..

23.9
7,308
p 2,611

'63.3
6,725
r 4,441

1,984
3, 602
3,280

4,110
5,965
5,618

r

64.7
6,612
4, 778
4,731
8,498
5,806

r

64.1
6,465
5,705
5,167
7,803
7,412

r

63.2
6,505
5,390

60.4
6,746
•" 4,925

4,414
7,156
6,766

2,876
5,555
5, 727

49.0
r 7,231
3,304

30.5
7,002
' 3, 297

2.886
4,958
5,018

3,024
4,317
4,121

r

r

44.5
7,099
4,003
3,117
5,982
4,804

r

42.6
7,196
2,330

38.2
7,193
1, 750

38.1
7,385
' 1, 249

3,179
5,481
4,962

2.584
4, 945
4.617

1,731
3,762
3,609

r

26.7
7,297
1, 432
1,544
3,366
3,171

r
v Preliminary.
Revised.
fRevised series. Data on finished cotton cloth revised beginning 1934; see table 31, p. 19 of the August 1937 issue. For cotton spindle activity revisions, for cotton year
1936-37, see p. 54 of the October 1937. For revised series on rayon deliveries and stocks, see table 43, p. 20 of the October 1937 issue. For revised data on total visible supply of
silk for period July 1930-Deeember 1936, see table 11, p. 20, of the February 1937 issue. (Revised data on fur sales prior to those given here will be shown in a subsequent issue).
tData for January, April, July, October, 1937, and January 1938 are for 5 weeks; other months, 4 weeks.




95

SURVEY OF CURRENT BUSINESS

March 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1938

1937

January

January

February

March

April

May

June

July

August September

October

Novem- Dccem
ber
ber

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totalt
Commercial (licensed)t
Military (deliveries) t-.
Forexportf

number__
do
do____
do

181
112
34
35

rl81

38
46

4,884
2,733

5,250
3,330

4,424
2,339

39,417
21,800
17,617

32,691
20,099
12, 592

'210

37

••456
••306
83
'67

-•271
82
43

327
169
97
61

248
56
116
76

300
95
149
56

8,097
5,478

8,778
5,570

3,969
2,376

4,055
2,358

3,040
2,878

3, 551
2.066

28,969
12,086
16,883

21,404
6,181
15, 223

25, 679
17,348
8,331

36,109
24, 644
11,465

50,340
27, 590
22,750

171,842 181,021 184,397 165,438 154,578
105,039 113,185 114,195 102,919 95,373
66,077 67, 062 69,432 61,845 58, 585
770
674
726
620
774
176, 572 188,371 175, 215 167, 509 157,199

124, 244
74,210
49,474
559
75,140

103, 434
62,185
40, 712
536
130,094

98,001
58,864
38, 652
486
157,058

85, 558
49, 498
35, 629
431
135,155

62
53,035

79
40,377

76
36,931

70
31, 219

78
28,424

10,742
17,081
23,458 23,841
17,941
5,814
12,927
17,980 17,919
12,513
536, 339 516,919 497, 311 438, 971 394,330
439,980 425,432 411,394 360,403 311,456
82,874
96,359 91, 487 85,917 78,568
1,343
2,270
2,142
2,190
1,702

4,417
1,926
171,203
118,671
52,532
1,470

8,103
7,378
329,876
298, 662
31, 214
1,890

16, 574
13, 793
360,055
295, 328
64,727
1.818

20, 652
14, 384
326, 234
244,385
81.849
1,121

391,897 360, 236 •357, 522 •300,402
65,857 58,626 59,451 58,681

225,442
53,116

197,391
39,433

190,185
25, 924

174.820
30,912

163,818 156,322
226, 681 188,010
187,869 157,000

88,564
82,317
58,181

107, 216
166,939
136,370

117,387
195,136
153,184

89, 682
160,444
108, 232

148
153
116
154
127

141
140
118
164
131

149
149
128
164
148

160
176
147
154
130

156
174
136
121
110

119
114
126
98
81

169,839 169,883 170, XQ2
1,731
1,729
1,730
192,286 184,313 186,225
11.3
lft. 9
10.9
44,397 41,895 37,411
31,802 29,577 23,952
12, 595 12,318 13,459

170,409
1,732
188,207
11.0
31,123
19,525
11,598

170,585
1,732
188,032
11.0
24,225
14,155
10,070

170, 791
1,732
186,017
10.9
18, 231
9,725
8,506

171,085
1,735
184,873
10.9
12, 511
5,463
7,048

170,809
' 1, 731
184, 249
10.8
7,904
2,896
5,008

2,160
43,600
6,326
14.5
77
89
252
220
32

2,160
43, 543
6,226
14.3
76
133
212
183
29

2,159
43,488
6,291
14.5
68
134
181
157
24

2,160
43,482
6,214
14.3
79
85
156
130
26

'231
146
32
53

'264
'51
54

'341
54
57

7,078
5,040

5,739
3,932

5,047
3,636

6,799
4,758

27,528
17, 014
10,514

33,762
22,633
11,129

35,082
22,827
12,255

38,270
23,447
14,823

102, 021 98,437
61,437 55,421
40,045 42,528
488
539
154, 260 123,118

163,891
102,499
60,665
727
193,721

58
39,654

85
41,869

••126

"•107

••452

'402
••296

AUTOMOBILES

Exports:
Canada:
Assembled, total
number..
Passenger cars
do
United States:
Assembled, total—.
-do
Passenger cars
do
Trucks
do
Financing:
Retail purchasers, total
thous. of dol._
New cars
do
Used cars
do
Unclassified
do
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number..
Hand-type
do
Production:
Automobiles:
Canada, total
do
Passenger carsf
do
United States, totalf
do____
Passenger carst
do
Trucksf
do
Automobile rims
thous. of rims..
Registrations :
H
New passenger cars
numberNew commercial cars
do
Sales (General Motors Corporation):
To consumers in U. S
,
do
To dealers, total
do
To U. S. dealers
do
Accessories and parts, shipments:
Combined index
Jan. 1925=100Accessories for original equipment
do
Accessories to wholesalers
do
Replacement parts
do
Service equipment
do—

64,320
32,848
31,026
447
78,115
53
27,929

50
39, 001

17,624 19, 583 19, 707 24,901
13, 385 14,697 14,173
19,127
210, 450 380,055 363,995 494,277
156,387 309, 637 296,636 403,879
54,063 70, 418 67,359 90,398
528
2,022
2,124
2,166

74
49,638

'150,000 •280,685 •215,049 ' 363,735 384,954
'33,000 ' 47,618 r 41,843 ' 60,301 ' 67,832
63,069
51, 600 196, 095 198,146
94, 267 103,668 74,567 260,965 238,377
56, 938 70,901
49,674 216,606 199,532
93
96
102
94

154
178
93
116
99

152
166
124
131
106

157
174
96
134
139

178
199
92
155
160

169,682
1,733
187,227
11.0
44.7G8
34,314
10,394

169,665
1,732
188,489
11.1
46,197
35,814
10,383

2,162
43,790
7,083
16.2
39
126
359
334
25

2,161
43,766
6,956
15.9
74
96
345
311
34

72
44,162

33,587 ' 34,433
18,408 19, 275
15,179
15,158

80
59,629

178,521
216,654
180,085

153,866
203,139
162,390

181
202
103
152
157

174
190
99
167
154

79
60,100

RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars owned and on order, end of mo.:
Owned:
Capacity
mills, of lb.. 170,874 170,109 169,887
1, 731
Number..
thousands..
1,738
1,741
In bad order.
number.. 197,455 205, 500 201,960
11.6
Percent in bad order
11.9
11.7
6,547
Orders, unfilled
...cars..
39,729
1,929
Equipment manufacturers
do
27,414
31,214
4,618
In railroad shops
__
do
6,194
8,515
Locomotives owned and on order, end of mo.:
Owned:
2,160
2,164
Tractive effort
mills, of lb.
2,166
43,372 43,981
43,875
Number
_
6,672
7,142
Awaiting classified repairs
number..
7,228
15.4
Percent of total..
16.3
16.5
46
30
Installed
number.
95
143
132
Retired
do.__.
119
110
375
Orders, unfilled
do—
362
91
352
Equipment manufacturers.
do
339
19
In railroad shops
do
23
Passenger cars:
Owned by railroads
_
do
Unfilled orders
_
do
(U. S. Bureau of the Census)
Locomotives:
156
433
Orders, unfilled, end of mo., totalf
do..
401
153
429
Domestic
do_.
398
47
Electric
do..
48
44
106
Steam
_
do_.
381
354
25
Shipments, domestic, total f
do..
24
10
11
Electric.
do..
11
1
14
Steam.
do..
9
13
Industrial electric (quarterly):
Shipments, total
do..
Mining use
do..
(American Railway Car Institute)
Shipments:
901
Freight cars, total
do..
2,644
2,846
795
Domestic
do..
2,615
2,766
Passenger cars, total
do..
2
30
Domestic
do..
2
New orders:
Freight cars.Locomotives
Passenger cars

2,159
43,700
6,787
15.5
62
126
329
288
41

39,737
403

431
429
47
382
34
11
23

2.160
43,673
6,676
15.3
67
94
296
259
37

2,159
43,602
6,406
14.7
82
143
283
248
35

39, 577
424

439
418
64
354
48
6
42

397
376
55
321
53
12
41

92
80

403
362
77
285
49
12
37

' 39,587
256

373
333
79
254
48
15
33

*362
321

142
135

5,541
5,520
3
3

6,711
6,711

6,200
29
162

13,046
84
52

320
279
73
206
40
14
26

39,415
139

255
214
54
160
61
13
46

224
190
63
127
46
13
33

163
153

6,030

5,720
5,705
73
73

6,301
6,297

6,396
6,383
75
75

6,530
6,143
46
46

3,903
14

528
22
10

1,030
3
14

1,490
39
1

1,195
8
0

' 2,163
43,469
6,316
14.5
74
124
131
108
23

1

166
155
47
108
33
13
20
112
105

6,434
6,434
39
39

5,638
5,350
19
19

2,849
2,365
36

1,625
13
13

1,350
1
0

(Railway Age)

p Preliminary.

do..
do..
do.

10,881
46
70

10,532
33
154
' Revised.

t Revised series. For 1936 revisions for airplane production see p. 55 of the March 1937 issue. For data on automobile production in the United States for 1936, see p. 55
of the June 1937 issue, and for Canadian production of passenger cars during 1936 see p. 55 of the August 1937 issue. Unfilled orders and shipments of locomotives (Bureau of
the Census) revised beginning 1936; revisions not shown on p. 55 of the December 1937 Survey will appear in a subsequent issue.
1
 Automobile registrations in the state of Wisconsin are not included since June 1937.



96

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
January
1936 Supplement to the Survey.

March 1938

1937
February

January

March

April

May

June

July

August September

October

Novem- December
I ber

TRANSPORTATION EQUIPMENT—Continued
EAILWA Y EQUIPMENT—Continued
(U. S. Bureau of Foreign and Domestic Commerce) |

Exports of locomotives, total
number. J
Electric
do j
Steam
do. j
INDUSTRIAL ELECTRIC TRUCKS j
AND TRACTORS
|
Shipments, total
number-.!
Domestic
do j
Exports
do I
SHIPBUILDING
j
United States:
j
Vessels under construction, all types
i
thourf. gross tons__.i
Steam and motor
do j
Unrigged
do j
Vessels launched, all types
gross tons.-!
Powered:
j
Steam
do.,..
Motor
_
do.. _._l
Unrigged.
.do j
Steei
do |
Vessels officially numbered, all types
gross tons..
Steel
do
World (quarterly):
Launched:
Number
ships, .
Tonnage
.„._
thons. gross tons..
Under construction:
Number
ships..
Tonnage
.tbous, gross tons..

4
0

no
89

152 !
H6 i

i

319
48
> 214
,
0
, 979
1, 214
;,C32
i, 530

1
! 100 |
.
' 571
,
0

36, 591

3

5
*
4

0
3

0
2

11 I
0
11

142
131
11

141
135

162 I
lot)

162
158
4

281
190
91
•, 0 6 0

323
225
93
1,018

342
243 !
99 i
7,178

380
270
103
8,875

3%
266
99
15,124

319
313
280 I
273
39 !
39
950 | 12,984

0
0
- 060
.
: 060
,

0
! 017
,
: ooi
,
",793

0
725
140 I
0
7,038 ! 7,950
7, 178 j 8,675

0
10, 256
4, 808
15,014

550 I
0 ! 7,
114 I 8,309
286
4,675
830 | 12,875
14,980

i, 628
',557

if 673
: 765
,

17, 308
6, 750

54, 693
20,798

738 |
30G !

54, 020
10, 022

1

2
153 !
149 i
4

164
158
6

173 |
184
9

116
113
3

j 15,

7, 679
3,269

138 I 161
129 !
m
9 !
23

180
163
17

294
250 ;
218 I
45
4,',
45
43,546
41,305
43,503
39,302 | 37,338 | 19, 348
350
3,900 I 11,146
3.894
2, 136 10,811
43,546 I 43,503
40, 355

24, 275 I 38,120
18,889 j 31,732

44, 081
23,109

29, 72,3
21,491

269
720 I

7C3
152

676

209
774

815

479

788

763
2,900

CANADIAN STATISTICS
Physical volume of business:!
(Combined index
.
„
1926 = 10
Industrial production:
Combined index
do
Construction
do
j
Electric power
do
j
Manufacturing
do
Forestry
_...__
,
do
Alining
do....
Distribution:
Combined index
do
Carloadings
do
Exports ( v o l u m e ) . . - .
do..._
Imports (volume)—
do
Trade employment
do
Agricultural marketings:
Combined index
do
:
Grain
__,
do
Livestock..
do
i
Commodity prices:
!
Cost ofliving
do
j
Wholesale prices
do
]
Employment (first of m o n t h ) :
Combined index
do
I
Construction and maintenance
do
Manufacturing
.....do
Mining
do
\
Service—
do
j
Trade-—
_do___J
Transportation
do
j
Finance:
{
Banking:
!
Bank debits
,
.
mills, of dol__j
Interest r a t e s . .
1926=100..j
Commercial failures
.number.. I
Life insurance sales, new paid for ordinary! I
thous. of dol...|
Security issues and prices:
{
New bond issues, total
..do
Bond yields, Ontario Government p e r c e n t Common stock prices
1926=100..
Foreign trade:
Exports, total
.
thous. of d o L . j
Imports...
»
_do
i
Exports:
j
Wheat
_._.„_..
thous. of b u __
Wheat flour.
. . t h o u s . of bbl__
Railways:
]
Carloading....
,
thous. of cars., s
Financial results:
j
Operating revenues
thous. of d o l . J
Operating expenses
do
'
Operating Income
do
Operating results:
Freight carried 1 mile—.._—milta. of t o n s . .
Passengers carried 1 mile
mills, of pass.Production:
Electrical energy, central stations:
mills, of kw-hr...
Pig iron
. . t h o u s . of long t o n s . .
Steel ingots and castings
do
Wheat
flour
.thous. of bbl_.

116.9 i 115.0

118.7

124. 0

122.0

126.0 |

126.5

123. 4

123.8

127.4 ! 127.9

121. 4

117.7
45.5

122.4
83.0
237. 7
115.4
138,0
161.1

128.8
85.7
239.3
120. 3
138. 0
185.2

126.1
56. 4
232. 3
J99 3
1316
191.4

130.6
64.0
239.8
125.1 !
142.5 i
201.3 !

130.9
48.7
233. 7
127.2
139.2
215. 3

127.2
53.8
231.1
121.4
136.7
212. 3

127. 5
56. 1
226. 9
122.9
153. 3
203. 8

132.6
54, 2
224. 3
133.6 i
133.8 !
136.9 |

133.5
48.3
230. 2
132. 4
127.5
207. 9

125.2
64.3
231 8
120.5
13.5. 1
183.3

107. 9
80.6
89.0
85.0
131.3

110.2

110. 4

108.0
90.8
132.3

112.
78.
121.
99.
133.

113.6
85.8
108.1
97.5
133.8

112.2
82.7
115.6
97.9
131.8

113.0
85. 1
103. 9
101. C
132. 9

112,3 I

106. 3
99.0
130.4

77.0 !
98.7 i
110.8 I
135.1 |

112.8
79.5
102. 7
108.4
132.4

110.5
84.4
81.9
90.3
134. 1

29.3
12. 7
ios! 6

86.1
79.3
116.4

55.3 i
54.8 |
93.0

57.2 |
49.3 I

131.0

!
'57.6 I
-43.4
121.1 I

9,Cj

3'. 5
26. 2
77.1

82.9
84. 6

'83.1
87.5

'83.7
85.6

'83.6
85.0 |

84.2
84.7

84.2 !
83.1 |

84. 3
82.7

119.4
37.7
' 223. 4
122. 8
149,9
155.8

lie! 4
138. 1
170.1

109.8
79.4 I
107. 4
93. 3
131.1

107.2

42.0
29.6
97.2

31. 4
17. 9
91. 7

37.3 I
24.5
94.7 !

62.3
56. 5
88.6

81.8
81.7

81.9
82. 9

82 2 '
i
85.5 |

82.4
86.1

113.4
81.9
108. 6
155.2
132. 5
141.7
82.0

103. 8
61.2
102. 4 !
145.6
124. 8
138.9
81.4

104.1
57.2
105. 3
147. 6
119.1
128.4
80.7

102. 8
52.8
107.6
145. 8
118.9
126.1
79.6

103.0
53.7
110.8
146. 0
122. 7
127. 5
79.5

106. 3
71.4
113.8
147.4
125. 2
128. 4
85.1

114. 3
105.2
117.9
151.9
129.0
131. 5
8f!. 7

119.1
128.5
119.0
153.6
137. 5
133. 4
89. 4

120.0
139.8
118.1
153.7
141.7
132.2
89.1

123.2
144.5
121.2 I
159.1 |
146.6
130.9
89.7

125. 7
144. 3
121.7
163. 9
135.4
133.4
90.4

123.2 I
131.7
119.0 !
161. 1
131.0
137. 0
87.2

121.6
104. 2
116.3
162.3
130. 6
139. 6
84.1

2, 445
69.7

3,227 I
70.4 !
82

2,732
743
92

3,190
78. 5

3, 376
77.9
83

2,769
74.5

2, 892
72.9

2,721
73.1

2,613
72.2

2,734
71. S I

2,906
73.1

2,926

3,081

31,998

32,919

27,514 ! 33,762 ' 38,312

S6,908

84.1
83 8

97. 9
84. 4
130.5

30, 600

27;699 1 30,604

159, 323
3.34
107. 7

208,557 ! 116,964
'
3.56
3.37 I
142.4
137.4

72, 234
49,720
7,194
296

53.1
46.7
81.5
82.9 1
85.1

5
5
3
6
5

31,858 i 37,658 I 32,364 I 28,274

' 82, 001 ' 46, 688 158,571 '306,033
3.57
3.76
3. 73
3. 49
132. 2
129.4
147.2
136.2

109, 763 ' 50, 744 '54,273 '51,861 '190,694 84, 429
3. 50
3.46
3.44
3.50 !
3.43 3.41
133. 0
135. 2
118. 9
105. 8 | 103. 1
103. 7

83,416 j 75,691
89,359 j 66,907 105,604 '115,298 I 100,142
51,883 | 48,681 i 70, 990 56,886 76, 707 75,669 I 71, 996
12,180 j 8, 603
8,027
5,362
4,749
9 789
3,618
390 I
314
349
335
348
390
286 i
186
214
192
214
209
219
208
25,140
24,710
28,691
28,253
29, 257
29,405
29,458 25,199
25, 649
22, 890
22,199
24,352
26,381
1,466
1,146
1,451
2,901
3,106
1,811
24, 479
3, 857
2,104
1,832
1,936
2, 053
2,209
1.919
2,362
144
212
132
161
131
165
131
2 318
66
115
1 009

2,147
62
112
1,000

2,412

71 I
125 j
1,099 1

2.323
68
121
1,052

2,301
78
121
900

2, 255
78
119
1,001

2,188
80
123
1,087

103, 339
69, 966
6, 545

95, 216 103. 6S4 i 107,818
70, 240 82,113 | 80,641
5, 903
307

i

10,055 j 14,542
336 ! 406

289
260

231
29,211
26,938
1,092
2,073
205
2,198
75
127
1, 043

32, 882
26, 546
5,199
2,739
178
'2,204 )
'76
115
1,438 I

235

78, 486
53,125
6, 636
338
204

34,781 I 30,585 !
26,003
24,059 I
7,577 j 5,390 {.
2,883 !
142 !

2,544
119

2,365 I 2,415
81 I
81
115
111
1,489 I 1,449

2, 458
81
98
1,011

» Revised.
tRevised series. For 1936 revisions on the physical volume of business, see p. 56 of the March 1937 issue. For revised data for period 1930-37 on new paid for ordinary
life insurance sales in Canada, see table 37, p. 19, of the Sept. 1937 Survey.




INDEX TO MONTHLY BUSINESS STATISTIC!
Page
Dairy products
63,81,82
Debits, bank
_
72
Debt, United States Government
74
Delaware, employment, pay rolls
69, 70
CLASSIFICATION, B Y SECTIONS
Department-store sales and stocks
67
Deposits, bank
72
Monthly business statistics:
Page
Disputes, labor
69
.
62
& Business indexes
Dividend payments
76
Commodity prices
63
Earnings, factory
71
Construction and real estate
64
Eggs
63, 84
Domestic trade
66
Electrical equipment
90
Employment conditions and wages. - 67
Electric power, production, sales, revenues
81
Finance
. 71
Electric railways
77
Foreign trade
77
Employment:
Transportation
and communicaCities and States
.
68, 69
tions
77
Nonmanufacturing
.
69
Statistics on individual industries:
Emigration
,
78
Chemicals and allied products
79
Enameled ware
88
Electric power and gas
81
Engineering construction
64
Foodstuffs and tobacco.-_
81
Exchange rates, foreign
73
Fuels and byproducts
85
Expenditures, United States Government
74
Leather and products
86
Explosives
79
Lumber and manufactures
87
Exports
-__ 77
Metals and manufactures:
Factory employment, pay rolls. _ 67, 68, 69, 70, 71
Iron and steel
88
Fairchild's retail price index
63
Machinery and apparatus
89
Fares, street railways
77
Nonferrous metals and prodFarm employees
69
ucts
_„ 90
Farm prices, index
63
Paper and printing
91
Federal Government, finances
74
Rubber and products
92
Federal-aid highways
64, 65, 69
Stone, clay, and glass products
93
Federal Reserve banks, condition of
72
Textile products
93
Federal Reserve reporting member bank
Transportation equipment
95
statistics
72
Canadian statistics
96
Fertilizers
___ 79
Fire-extinguishing equipment
95
Fire losses
65
Fish oils and fish
_
79, 84
Flaxseed
80
CLASSIFICATION, BY I N D I V I D U A L
Flooring, oak, maple, beech, and birch
87
SERIES
Flour, wheat
83
Page
Food products
63, 68, 70, 81
Abrasive paper and cloth
92
Footwear.
__ 86, 92
Acceptances
„
. . . 71, 72
Foreclosures, real estate
65
Accessories—automobile
,___ 95 Foundry equipment
89
Advertising
65, 66
Freight cars (equipment)
95
Agricultural products, cash income received
Freight carloadings, cars, indexes
78
from marketings of
53
Freight-car surplus
78
Agricultural wages, loans
71
Fruits
_„
62, 63,82
Air-conditioning equipment
89
Fuel equipment
89
Air mail
66
Fuels.__
85, 86
Airplanes
78, 95
Furniture
87
Alcohol, denatured, ethyl, methanol
79
Gas, customers, sales, revenues
81
Aluminum
90
Gas and fuel oils
85
Animal fats, greases
79
Gasoline
85, 86
Anthracite industry
62, 69, 70, 85
Gelatin, edible
84
Apparel, wearing
63, 63, 70, 93
General Motors sales
95
Asphalt
86
Glass and glassware
62, 67, 68, 70, 93
Automobiles
_ 62, 66, 67, 68, 70, 95
Gloves and mittens
86
Babbitt metal
90
Gold
73
Barley
.
82
Goods in warehouses
65
Bathroom accessories
93
Grains.
63, 64, 75, 82, 83
Beef and veal
83
Gypsum
93
Beverages, fermented malt liquors and disHides and skins
64, 86
tilled spirits
81
Hogs
_._ 83
Bituminous coal
62, 69, 85
Home loan banks, loans outstanding
65
Boilers
89
Home Owners' Loan Corporation
65
Bonds, prices, sales, value, yields
75, 76
Hosiery
93
Book publication
92
Hotels
. . . 69, 70, 78
Boxes, paper, shipping
92
Housing
63
Brass
__
91
Illinois, employees, factory earnings
69, 70, 71
Brick
93
Imports
77
Brokers' loans
.
72
Income-tax receipts
74
Bronze.._
91
Incorporations, business
66
Building contracts awarded
64
Industrial production, indexes
62
Building costs
65
Installment sales, New England
67
Building materials
63,87
Insurance, life
73
Business failures
72, 73
Interest rates
72
Butter
81
Iron, ore; crude; manufactures
62,88
Canadian statistics
96
Kerosene
86
Candy
84
Labor turn-over, disputes
69
Canal traffic
78
Lamb and mutton
83
Capital issues
75
Lard
„
83
Carloadings
.
78
Lead._
_
62,90
Cattle and calves
83
Leather
__
_ 62, 64, 68, 70, 76
Cellulose-plastic products
80
Leather, artificial
94
Cement
62, 68, 70, 93
Linseed oil, cake, and meal
80
Chain-store sales
66
Livestock
62,63,83
Cheese
81
Loans, agricultural, brokers', real estate
71, 72
Cigars and cigarettes
84
Locomotives
95, 96
Civil-service employees
69
Looms, woolen, activity
94
Clay products
_ 67, 68, 70, 93
Lubricants
.
69, 86
Clothing
63, 64, 68, 70, 93
Lumber.____
63, 67, 68, 87
Coal____
62, 69, 70, 85
Lumber yard, sales, stocks
,
87
Cocoa
._
_
84
Machine activity, cotton, wool
94
Coffee
63,64,84
Machine tools, orders
89
Coke
85
Machinery
67,68,70,89,90
Collections, department stores
67
Magazine advertising
66
Commercial paper
_.._ 71, 72
Manufacturing indexes
62
Construction:
Marketings, agricultural
62
Contracts awarded, indexea
64
Maryland, employment, pay rolls
69, 70
Costs
_
65
Massachusetts, employment, pay rolls
69, 70
Highways
64, 65
Meats
. „ 62,83
Wage rates
71
Metals__
64, 67, 70
Copper
90
Methanol
_
79
Copra and coconut oil
80
Mexico:
Cost-of-living index
63
Silver production
74
Cotton, raw and manufactures
63, 64, 93, 94
Milk
82
Cottonseed, cake and meal, oil
_ 80
Minerals
62, 69, 70, 85, 90
Crops
_
63,80,82,83,93
Money in circulation
73




Naval s t o r e s . . . . .
^,t..^v^^f«wv*,^
Netherlands, exchange^-..—'^•^•»^#—«*,^4iJ
New Jersey, employment, pay JrwJf-.*.*****.^,
Newsprint
—,.™.. ,£.*.;•„..*«,* ' '
New York, employment, pay roll*,
traffic
.
•^.-•^•^^•..»«,
New York Stock Exchangje*.^,.^^^^,.Oats
.
.
. w **.'».»i.«
Ohio, employment........4.»iv»»«*».^ r

Ohio River traffic .»_*»»*«,f#.'#i#w.,,-.,u*.
Oils and fats ....... < ... n **#. f » - .* v » w *«i.^
Oleomargarine. _._._»»...«. #rw *. # .#»u w » 1 *
Paints
..._.-«..*...„.*„*».«,*,,..„..««•*... .<
Paper and p u l p . . . . . .
63,04,68, 70,91,
Passenger-car sales indeiX.-^.*^**.,-*.*.*-...^**, •"
Passengers, street railways; P u l l m a n , . . . . . . Passports i;
Pay rolls:
Factory
Factory, by cities and,!
NonmanufacturiUg indi ,
T,.T-T.T,
Pennsylvania, employment, pay f^tt)***.*^ |
Petroleum and p r o d u c t s . . . '$& Mv$8»
** '
Pig iron.
- . , , j,,
„
t n^i^um,,,.,
Pork
^.m.m.^4>_^r
Postal business
.-.^...*.•.»..»•;*J^«A*«2«»
Postal savings.
Poultry
Prices:
. ~ ~ "\ >' I ' >;J
Retail indexes_._._.....*.,,^ T fc.«.wp^^.H*4. < .i
'
3
World, foodstuffs an- ~ — —'-*-i-s-*- * * ^ ' 'i
Printing
.
,
, ,...>..,r.....
r
Profits, corporation.....4...•«'*»»^*»*»i, A."4
Public utilities.
Pullman Co
Pumps
- _ . . . ...^.^^-^^^^^w.,*^^ 1 '
Purchasing power of the dollftjr«^.*».»,»^4,*^**«
Radiators
;
. - . . . . . . ^ . — ^ f c . . . ^ , . * ^ . , - ^ . ^...^
Radio, advertising_»_.«....«.w.4..»#.»*;«,.*»-.*.»,w't'> ^S-v
Railways; operations, equipment, financial sta- ', '
tistics
78,95,96 ;
•
fc*.i.i.-wRailways, street
. . ( . . — ^ . • ^ • - • < . 1 . i # , M W 7? ,',
Ranges, e l e c t r i c . _ . _ . . . . . . * « • . - . . - ^ . - . - ^ i . ^ * . 9 0 ' / '
Rayon
._...-..... w .y..«».4*^-,«.*.»". ''$f4 '
Reconstruction Finance Corporation, loans
outstanding
- .........*..^».—«««»«^ IM< . 74 Refrigerators, electric, household... mm ~J« mm ± m » 9 8 . "
Registrations, a u t o m o b i l e s - - . . . . . . . . . . . - . - . * . }•£$
Rents (housing), index-,..*..----.*-•-..•««••*.- "|63('.Retail trade:
.
'
*
• •' > •
,
Automobiles, new, p a s s e n g e r . . . . . . . . . . . . . . 66
Chain stores:
l t l - s •'<•'
5-and-10 (variety)*,——•*.U»-**«-^-»^*-**i. 68
Grocery
.
••t,..,*,..*-.*.*****.*,^-.^^^''' 06"
Department s t o r e s - . . . . . . . v - . . . * . . . ^ . * . - ^ ^ ; .' 67.,
Mail order . . .
.......»-«. v ....«*»*^*,f. , "*""
Rural general merchandise.^..
Roofing
. . . . «»,
Rice
_
*
, „ _
Rubber, crude; scrap; clothing;f©O^WeiBr;t%^w
Sanitary ware.
Savings deposits..
Sheep and lambs.
Shipbuilding
Shoes
_
. . . . . . . ^ . ^ . - * . jp4*'_ , f
Silk
^
«^.
Silver.
Skins,
Slaughtering and me
bpindle activity, cottott.
Steel, crude; m a n u f a c t u r e s . - . - . . . . . . . - $2,88,89
Stockholders..
* ...^^^p,«4.i,wJ-**.#.^w«. ^ifif.
.
Stock indexes, domestic and WK»ld-.»-.i;wi.**w. 63 •
Stocks, department store*...«.^ T #.*J^*
Stocks, issues, prices, ea1«*J«*^^^,*i,ii
Stone, clay, and glass products.^.
Sugar
.
...-..-.^^
Sulphur
...--...^^^
Sulphuric a c i d . - . - . - ^ . * . . . . ^ , . . ^
Superphosphate.. _._......*.,*,.«*,
Tea__
..._._......^^^».w
Telephones and tdegri4iplitt,w«,vw •,-.*«
Terneplate
;
j.*««—t^.^.i^
Terra cotta
^ ^ . * . * ^ ^ W i U ^ ^ ^ '.':
Textiles, miscellaneous pro'*1'1*** •'"
-"
Tile, hollow building ^ .

?oba'cVo":iii:iiii:::;:::;i ^ i ^ « ^
Tools, machine
..«. 1 ..**.w f ;» r ' i *^.ifii*.„,„. ''^9,,
Trade unions, \
Travel
,___,
Trucks and tractors, industrial 4
United States Government trLt"^
United States Steel <
Utilities.
Vacuum cleaners......^^"u.kfi!
Variety-store sal<
Vegetable oils.
Vegetables..
Warehouses, space
Waterway traffic

wool

III".II" ..ILL

LI

Activities of the Division of Economic Research
Bureau of Foreign and Domestic Commerce, Department of Commerce
Washington, T). C

The Division's responsibilities are essentially of two types:
1. ANALYTICAL RESEARCH.
2- COMPILATION AND PUBLICATION OF CURRENT BUSINESS STATISTICS.
In the field of analytical research studies are conducted relating to the appraisal of wealth, debt, [income, and other
aspects of the national economy, and also include economic investigations in selected industries.
During the past 2 years the division has prepared five publications in this field, copies of which are available, at the
prices stated below, from the Superintendent of Documents, Government Printing Office, Washington, D. C
These are:
NATIONAL INCOME IN THE UNITED STATES, 1929-35.
NATIONAL INCOME, 1929-36.

25 cents.

10 cents.

LONG-TERM DEBTS IN THE UNITED STATES, 1912-35.
WORLD ECONOMIC REVIEW, 1936.

20 cents.

PART I, UNITED STATES. 15 cents.

CONSTRUCTION ACTIVITY IN THE UNITED STATES, 1915-37. It is expected that this study
will be available (or distribution within the next month.

The compilation and publication of current business statistics include the preparation of such publications and
periodicals as:
THE SURVEY OF CURRENT BUSINESS. Monthly, with weekly supplement, available at $1.50
(foreign $3.00) per year, in advance.
THE 1936 SUPPLEMENT TO THE SURVEY OF CURRENT BUSINESS. Contains data for the
same 2,000 items as carried in the monthly Survey—monthly figures for 1932 to 1935, with
monthly averages back to 1913 where available. 35 cents.
STATISTICAL ABSTRACT OF THE UNITED STATES. 1937 edition, $1.50.

Each monthly issue of the SURVEY OF CURRENT BUSINESS carries a special article of timely interest. Reprints
of many of these articles are available, gratis, while the limited supply lasts, directly from the Division of Economic
Re$earch. Recent articles are:
Monthly Income Payments in the United States, February 1938.
Business Enters a New Year. January 1938.
Survey of Family Income. December 1937.
Farm Mortgage Credit, 1930-37. November 1937.
Regional Sales of Automobiles. October 1937.

Orders and subscriptions sent to the Superintendent of Documents, Government Printing Office, Washington, D. C,
should be accompanied by full remittance, check or money order (stamps not
acceptable), payable to that official.