Full text of Survey of Current Business : March 1939
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MARCH 1939
SURVEY
OF
CURRENT BUSINESS
UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
VOLUME
1 9
NUMBER
3
In the
for February 1934 appeared a special article entitled "The National Income, 1929-1932." This marked the
introduction of a series of articles which has been continued through the present issue. Numerous requests ha
been received for a listing of the articles, and the folloiving table has been compiled for reference purpose
ThejNationai Income, 1929-1932
February 1934
Index of Variety Store Sales
Walter Mitchell, Jr., and H. Habtes Turner. March
1934
Index of Sales of New Passenger Automobiles
Walter Mitchell, Jr., and J. Harold Stebman. April
1934
Index of Cash Income From Farm Marketings
C. M. Purves. May 1934
Highlights on the Wholesale Census, 1933
Theodore N.Bec&man. September 1934
Summary of the Retail Census of 1933
John Guernsey, October 1934
The Real Property Inventory of 1934
Alanson D, M&rebouse. November 1934
index of Sales of General Merchandise in
Small Towns and Rural Areas
H, Haines Turner. December 1934
Summary of the 1933 Cem-us of Service Establishments, Places of Amusement, and
Hotels
W. A. Rufr December 1934
The National Income, 1933
Robert F. Martin, January 1935
Wholesale Commodity Prices, 1929-1934
H. Gordon Hayes. February 1935
Shifts in Manufacturing Industries
M. Joseph Meeban. March 1933
Commodity Prices, 1930-1935
Roy G. Blakey, January 1936
Development of Retail Sales Indexes
Edward L. Lloyd. February 1936
Progress of the Aeronautics Industry
M. Joseph Meehan. March 1936
Construction Trends and Related Factors
Lowell J. Chawner. April 1936
An Estimate of the Volume of Wholesale Trade
in the United States, 1899-1935
N. H. Engle. May 1936
Farm Equipment Business Recovers Rapidly
E. V. Needham. June 1936
Expansion in the National Income Continued
in 1935
Robert R. Nathan. July 1936
Regional Sales of General Merchandise in
Sniall Towns and Rural Areas
Reba L. Osborne. September 1936
Progress of the Domestic Rayon Industry
/. A. Van Swearingen. October 1936
Plastics—Products of Ever-Widening Utility
T, W* Delahanty, November 1936
Summary of the Retail Census of 1935
Herman Lasken. December 1936
Summary of the Census of Wholesale Distribution, 193 5
Herman Lasken. January 1937
Some Fundamental Factors in the American
Rubber industry
E. G. Bolt. April 1935
Trend of Private Long-Term Debts, 19121935
Developments in the Chemical Industry
Commodity Price Movements in 1936
T. W, Delahauty, May 1935
Current Trends in the Cotton Industry
Edward T. Pkkard, June 1935
Railway and Public Utility Bond Defaults,
1929-1934
Donald C. Horton and Frederick M. Cone. February
1937
Roy G, Blakey. March 1937
The Position of the Construction Industry
April 1937
Index of Grocery Chain Store Sales
Reba L. Osborne. May 1937
Donald C. Morton. July 1935
National Income Increased Five Billion Dollars in 1934
Robert R. Nathan. August 1935
Domestic Motor Vehicle Sales During 1935
Howards. Welch. September 1935
Machine Tools Lead Durable Goods Recovery
W. H. Myer, October 1935
The National Income Produced, 1929-1934
Robert R. Nathan* November 1933
Cottonseed—A Leading Cash Crop
Fletcher H. Rawls and Charles E. Lund, December
1933
National Income Gain in 1936 Largest of
Recovery Period
Robert R. Nathan. June 1937
Farm Equipment Sales Continue to Expand
/. A. Van Swearingen, June 1937
Recovery in the Railway Equipment Manufacturing Industry
Herman Lasken, July 1937
Trend of Business
M. Joseph Meehan. September 1937
Regional Sales of Automobiles
/. A. Van Swearingen. October 1937
Farm Mortgage Credit 1930-1937
Norman J. Wall and Frederick M. Cone. November
1937
Survey of Family Income
Oswald Nielsen. December 1937
Business Enters a New Year
N. H. Engle. January 1938
Monthly Income Payments in the United
States, 1929-1937
Robert R. Nathan and Frederick M. Cone, Februarj
1938
Review of Business Conditions in 1937
March 1938
Income of Independent Professional Practitioners
Walter L. Slifer. April 1938
Fats and Oils: Their Adaptability and Uses
Charles E. Lund. April 1938
The Present Status of Fair Trade Laws
Nelson A. Miller. May 1938
National Income in 1937 Largest Since 192S
Robert R. Nathan. June 1938
Review of Business Conditions in the First
Half of 1938
Walter F. Crowder, July 1938
Trends in the Production and Absorption oi
Rubber
P. W, Barker. August 1938
Urban Residential Vacancies, 1930-1938
5. B, Barber. August 1938
Progress of Current Trade-Reporting Progran:
Edward L. Lloyd. September 1938
Revised Estimates of Monthly Income Pay
ments in the United States, 1929-1938
Frederick M. Cone. October 1938
Construction Trends in the United States
1937 and 1938
Harold Wolkind. December 1938
Trend of Long-Term Debts in the Unite*
States, 1934-1937
J. Wesley Sternberg. January 1939
Review of Business Conditions in 1938
Distribution of Manufacturers' Sales
February 1939
S, L, Kedzierski. August 1937
Sales of Chain Drug Stores
Edward L. Lloyd and Arnold L, Skinner, August 1937
Features of the 1937 Census of Manu
factures
/. A. Van Swearingen, March 1939.
Number 3
Volume 19
UNITED STATES DEPARTMENT OF COMMERCE
HARRY L. HOPKINS, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
N. H.
ENGLE,
Acting Director
SURVEY OF
CURRENT BUSINESS
MARCH 1939
A publication of the
DIVISION OF BUSINESS REVIEW
M. JOSEPH MEEHAN, Chief
TABLE OF CONTENTS
SUMMARIES
Business situation summarized
Employment
Finance
Foreign trade
SPECIAL ARTICLE
Salient features of the 1937 Census of Manufactures
Page
3
6
7
8
9
CHARTS
Figure 1.—Monthly business indicators, 1929-39
2
Figure 2.—Construction contracts awarded in 37 States east of the
Rocky Mountains, 1935-39
3
Figure 3.—Indexes of changes in the volume of manufacturing production in the United States and of changes in United States exports of
finished manufactured articles, by quarters, 1929-38
4
Figure 4.—Value of manufactured products for census years, 1914-37. 9
Figure 5.—Percentage changes, 1937 from 1935, for the value of products of 299 manufacturing industries
12
STATISTICAL DATA
New or revised series:
Page
Table 8. Durable and nondurable manufactures, unadjusted and
adjusted, 1919-38
14
Table 9. Petroleum and petroleum products, 1937
15
Table 10. Passengers carried on electric street railways, 1929-38... 15
Table 11. Building permits issued—1,728 cities, 1936 and 1937
16
Table 12. Estimated volume of new loans by all building and loan
associations, 1936 and 1937
16
Table 13. Powdered milk, production and stocks, 1918-37
17
Table 14. Butter receipts, 5 markets, 1919-38
17
Table 15. Cellulose plastic products, 1935-38
18
Table 16. Average yield on United States Treasury bonds,
1919-38
18
Table 17. Average price of United States Treasury bonds,
1931-38
18
Table 18. Cotton spindle activity, 1933-38
18
Monthly business statistics
General index
19
Inside back cover
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is $2 a year. Single-copy price: Monthly, IS cents; weekly, 5 cents.
Foreign subscriptions, 33.50. Price of the 1938 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
130964—39
1
1
SURVEY OF CURRENT BUSINESS
March 1939
Monthly Business Indicators, 1929-39
INDUSTRIAL PRODUCTION
140
130
120
110
\
100
\
A
V
80
70
/
n1 J
\
90
INCOME PAYMENTS AND CASH FARM INCOME *
1
r
i
—
.
vo LUME (1923- 25H00)
A
/
\J
^y
V
f
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938 1939
1929
1930
1931
1932
CONSTRUCTION CONTRACTS AWARDED**
140
120
100
80
60
40
!
1933
1934
1935
1936
0
1937
1938
1939
140
VALUE (1923^25=100)
120
\
i
X
3
M
\
\
20
f
\J
N
\
0
1929
1930
1931
1932
/
/
\
100
/I
wp/
TOTAL, ALL 7"YPES ( OF CON STRUC TION
40
80
60
40
ARES "IDENTL
20
LDINGS
I
1933
1934 1935 1936
1937
1938 1939
1929
FACTORY EMPLOYMENT AND PAYROLLS
140
^C45-// INCOME FROM FARM MARKETINGS
^EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS)
FOREIGN TRADE *
VALUE (1923-25=100)
1
T
120
1
1v
V
MONTHLY INCOME PAYMENTS (1929*100)
CASH FARM INCOME (l924M929=100)
1930
1931
1932
1933
1934
1935
1936
1937
1938
0
1939
WHOLESALE PRICES AND COST OF LIVING
(l923-25«100)
110
23-25=100)
100
120
LIVINC
too
80
J /v
\
\
[V J"
60
40
90
j
FACTORY EMPLOYMENT-^
(ADJUSTED) ^ f \ S
i
V
80
J
|
\
^FACTORY PAYROLLS
(UNADJUSTED;
70
^ ^ N ^ y - WHOLES
60
50
20
0
0
1929
1930
1931
1932
1933
1934 1935
1936
RETAIL SALES
175
1937
1938 1939
1929
1930
1931
1932
*
1933
1934
1935
1936
1937
1938 1939
STOCK PRICES
350
(1923-25 = ioo)
AUTOMOBILE SALES (1929~31»1OO)
DEPARTMENT STORE SALES (1923-25=100)
300
150
— 346 • INDU.7TRIAL COMFANIES
1
125
-L
100
250
A
^DEPARTMENT STORE SALES
200
^ /
V
75
50
25
150
\
100
50
x
NEW PASSENGER AUTOMOBILE SALES
1
0
1929
1930
1931
1932
r
1
1933
1
1934 1935
1 I
1936
I
1937
1938
1939
1929
ADJUSTED FOR SEASONAL VARIATION
Figure 1.
•
1930
1931
^*^32
RAIL
1932
1933
;OA/M
1934
1935
0
1936
THREE-MONTH MOVING AVERAGE
1937
1938
1939
SURVEY OF CURRENT BUSINESS
March 1939
Business Situation Summarized
tion during the early months of the year, the seasonally
corrected production index in February was about onefifth lower than in November.
vigorous advance in business which featured the second
The large volume of heavy construction work placed
half of 1938 was not extended during the first 2 months under contract in the closing months of 1938 has occaof 1939, but the pause in the forward movement was sioned a rising demand for structural steel. According
not unexpected, in view of the rapidity of the preceding to Iron Age, awards of construction steel in the first 8
advance. As compared with the situation prevailing weeks of 1939 were more than three-fourths larger than
during the early months of 1938, business has experi- those of a year earlier. The railroads have expanded
enced substantial and widespread improvement.
their purchases of rolling stock and other equipment,
Industrial production held to a steady rate in Janu- though the total of such purchasing still remains small
ary and February; in the absence of the usual seasonal in relation to the needs of the carriers.
expansion there has been a moderate decline on an adAutomobile production, reflecting the midwinter lull
justed basis. The flow of income payments has been in sales, was lower in January and February than in
sustained at a level approximating the peak in 1938, December. Assemblies in these two months, however,
a condition that has found reflection in the mainte- were more than half again as large as in the comparable
nance of retail-trade volumes.
months of 1938. During February, assemblies averPurchasing by retailers in wholesale markets has aged nearly 80,000 units weekly, as compared with the
tended upward in anticipation of spring demands, but pre-Christmas rate of 100,000 units. With production
buying policies are generally cautious. These buying
policies have kept inventories of manufactured goods
MILLIONS OF DOLLARS
400
in distributors7 hands in line with current requirements
in most instances. Thus, production and distribution
have continued in close alinement since the latter part
600
of 1938, when production—after lagging behind distribution most of the year as inventories were reduced—
was again brought up to the level required to meet cur200
rent consumption. Total inventories, as revealed by
recent balance-sheet data, show a substantial reduction in comparison with the position at the end of 1937.
IOO
As these composite figures include the large holdings of
raw materials and semifinished goods, the aggregate
figures are still relatively high.
USINESS volumes during January and February
B
were little changed from those in December, according to the seasonally adjusted indicators. The
Manufacturing Production Holds Even Pace,
Production of the manufacturing industries during
January and February was generally stable; on a seasonally corrected basis, output was moderately lower
than in December or November of last year. The
Federal Reserve adjusted index of manufacturing production at 100 (1923-25 = 100) for January was down
4 points from the December figure. The unadjusted
index, however, held at 98 (1923-25 = 100), and no
marked change is indicated for February.
In the steel industry, the rate of ingot production
during January and February was below that in the
final 2 months of 1938, though finishing operations
were apparently at a higher rate in January than in
either December or November 1938. The rate of steel
ingot output in January and February moved between
50 and 55 percent of capacity, as compared with about
60 percent in November and early December. Since
is usually a substantial expansion in steel producDigitized there
for FRASER
1935
i
Figure 2.—Construction Contracts Awarded in 37 States East of the
Rocky Mountains, 1935-39. (F. W. Dodge Corporation.)
NOTE.—Privately owned residential contracts in 1935 only, include publicly owned
residential projects.
above domestic sales and exports, stocks of new cars in
dealers7 hands have increased. This represents largely
a seasonal accumulation in anticipation of an active
spring sales campaign. Retail deliveries of new passenger cars during January, though lower than in December, were more than one-third larger than such deliveries
a year earlier; partial sales reports for February indicate a margin of gain almost as large. Operations of
the plate-glass and rubber manufacturing industries,
which are closely related to the rate of output in the
automotive industry, have been sharply higher than a
year ago.
Production of nondurable goods generally increased
in January, though the rise in aggregate output was not
SURVEY OF CURRENT BUSINESS
so large as seasonally expected. According to the
Federal Reserve indexes, aggregate output in these
industries was one-fifth larger than a year earlier. Output of boots and shoes increased more than seasonally
from December to January to a volume nearly onethird larger than in January 1938. Operations in the
paper industry moved upward during January and
February.
Activity at textile mills did not experience the full
seasonal expansion in January, and the Federal Reserve
production index for the industry was about 8 percent
lower than in December. Output of the textile industries represented in this index was, however, more than
40 percent larger than in January 1938. Mill consumption of raw cotton in January totaled 592,000
bales, as compared with 433,000 bales a year earlier
and 565,000 bales in December. On a seasonally adjusted basis, consumption of raw cotton in January was
8 percent lower than in December. Deliveries of raw
silk to consuming establishments also increased less
than seasonally in January. In the wool industry there
was a reduction from the high rate of operations in
December.
Income Payments Higher Than a Year Ago.
Income payments in January were slightly larger
than in the opening month of 1938. This is the first
time since November 1937 that payments have exceeded
those in the comparable month a year earlier. The
gain from a year ago reflects the drop in payments in
January 1938, as income payments this year declined
more than seasonally from December. The adjusted
index of payments was 84.2 (1929 = 100) for January,
as compared with 84.5 in December. Compensation of
employees, though receding more than seasonally from
December, was 4 percent larger than a year ago, and
approximated wage and salary payments in January
1937. The slight recession in the adjusted indexes of
aggregate income payments and of employees' compen-
March 1939
sation followed a sustained rise in the latter half of 1938
that advanced these indexes by 5 percent and 9 percent,
respectively.
Dividend payments have not increased in recent
months, although the amount available for payment
from earnings has risen very substantially since the
third quarter of 1938. Preliminary indications for the
current quarter point to a volume of profits of industrial corporations which will compare favorably with
that attained in the final quarter of last year. Railroad
reports for January reveal that the recent traffic gains
have resulted in a definite improvement in the net
operating income of the carriers.
During the past few months income from farm marketings has made about the usual seasonal change and
has averaged 68 percent of the corresponding months in
1924-29, according to the Bureau of Agricultural Economics. Loans on cotton, wheat, and corn during this
period have helped to maintain income and have resulted in more than the usual quantity of these crops
moving to market or being placed under loan, which
leaves a smaller proportion of the 1938 crops to be marketed from now until new crops become available.
With small quantities of the major crops remaining to
be sold during the next few months, farm income from
crops may decline more than seasonally, the Bureau
reports.
Domestic and Foreign Trade.
Consumer purchasing has recorded no important
change recently and has been maintained near the
higher level reached in the latter part of 1938. Dollar
sales of general merchandise in January were somewhat
higher than those of a year earlier. Unit volumes
showed a larger advance from the January 1938 results,
as retail prices were lower than last year.
General merchandise sales in January, seasonally adjusted, were little changed from December, although
the magnitude of the normal seasonal decline from
INDEX NUMBERS,
1923-25 = 100
ZOO
ISO
\ 60
140
I 20
N
\ OO
INDEX NUMBERS,
1923-25=100
00
60
40
20
20
0
0
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
DP. 9907
Figure 3.—Indexes of Changes in the Volume of Manufacturing Production in the United States and of Changes in United States Exports of Finished
Manufactured Articles, by Quarters, 1929-38. (Production Index, Board of Governors of the Federal Reserve System; Export Index, Bureau of Foreign
and Domestic Commerce. Indexes Are Not Adjusted for Seasonal Variation.)
SURVEY OF CURRENT BUSINESS
March 1939
December to January makes exact measurement difficult. The Federal Reserve adjusted index of department-store sales was lowered 1 point from December to
88 (1923-25 = 100) for January; trade at these stores
was slightly below the dollar turn-over last year. Sales
of general merchandise in small towns and rural areas
were 5 percent larger than a year ago. Sales of independent merchants were 2 percent above those in January 1938, according to reports from more than 19,000
stores in the 27 States surveyed by the Bureau of
Foreign and Domestic Commerce. Variety-store and
chain shoe-store sales were also higher than last year.
Although export trade was maintained during 1938
at a relatively high rate, the support to business volumes from this source has not been so strong in recent
months. The value of exports, seasonally corrected,
has been tending downward since the second quarter
of last year and, in January, the trade dropped well
below the December figure. Total exports for the
month were nearly one-fourth smaller in volume than
in January 1938, as a result of the decline in shipments
of both manufactured and nonmanufactured goods.
Imports continued the trend toward higher levels in
January, though remaining substantially lower than
exports.
The extent to which export trade in manufactured
goods moved ahead of the domestic production of these
products in 1937 and 1938 is indicated in figure 3.
Exports declined to a larger extent than did domestic
output during the 1929-32 decline; for several years
subsequently the movement of the two lines, both
plotted on a 1923-25 base, was closely parallel. In
1937, the lines diverged sharply and the difference in
1938 was marked. As the index of exports of finished
manufactures dropped to about 115 in January 1939
while the index of manufacturing production remained
unchanged from the average for the final quarter of
1938, the two indexes have drawn closer. This is not
shown on the chart, which is plotted on a quarterly
basis, the latest figures being for the final quarter of 1938.
Construction Activity.
Construction contracts awarded in the early weeks
of 1939 were lower than in December, reflecting the
drop in public projects from the record figure reached
in that month (fig. 2). Despite this recent drop, the
dollar volume of publicly owned projects contracted
for in the first 6 weeks of 1939, according to the F. W.
Dodge Corporation data, was about one-third larger
than in the early weeks of 1937 and 1938. Contracts
for privately owned construction were little changed
from the December rate, as the volume of residential
awards has remained high.
The Lumber Survey Committee of the Department
of Commerce has estimated, on the basis of the building outlook and prevailing industrial trends, that the
consumption of lumber in the first quarter of 1939 will
be 20 percent larger than a year earlier. Demands for
other building materials will also increase as construction operations are accelerated this spring. Building
costs, an important element in the construction outlook, have not changed appreciably in recent months.
Material costs have been stable, paralleling the movement of wholesale prices generally.
MONTHLY BUSINESS INDEXES
Monthly income
payments i
Factory em Cash farm
3
ployment
and pay rolls income
Industrial
production,
adjusted2
Freight-car Retail sales, Foreign
trade,
loadings,
value, ad
value,
adjusted2
justed » adjusted
J
Year and month
1929: January
1933: January
1934: January
1935: January
1936: January
1937:
January
December
1938:
January
February
March
April
May
June
July
August
September
Oetober
November
December
1939:
January
P III1
Monthly average
1929 = 100
101.9
97.8
97.0
61.7
57.9
56.4
70.1 65.5
66.8
71.5
69.3
69.4
76.9
75.6
77.2
_
A
h
II
II
Z G
3 3
o
r
Monthly av- Monthly average 1923erage 192425=100
29=100
104.2 103. 8 106.0 106.5
64.9
40.3
41.0 44.0
56.1
80.7
49.5
50.5
67.5
88.8
53.5
54.0
76.7
94.3
65.0 66.5
119
65
78
90
97
120
63
76
90
96
116
75
88
95
104
108
53
62
63
70
104
68
68
64
63
110
62
73
76
81
138.5
41.0
33.5
75.0
102.0
126
31
45
45
51
113
29
42
51
57
120 142.4
22 61.1
49 66.9
27 76.0
62 88.7
Monthly
av rage
1926lOO
95.9
61.0
72.2
78.8
80.6
192931 = 100
Monthly average 1923-25=100
Monthly average
1923-25=100
84. 6
98.6
85.4
85.8
85. 9
85.1
105. 2
95.1
94.4
84.2
75.5
80.0
75.0
72.5
114
84
115
79
111
115
80
67
67
62
93
129.5
78.0
57
79
74
65
63 103. 4
61 105.6
85.9
81.7
83.7
76.0
81.4
81. 6
76.7
82.3
81.0
76.1
83.5
86.3
80.
90.0
83.5
82.6
82.7
81.4
80.4
80.7
80.7
81.5
82.0
82.3
83.5
84.5
82.4
81.4
81.0
80.1
79.5
79.4
79.8
81.4
82.5
83.1
84.5
86.3
90.0
88.9
87.4
85.4
83.7
82.4
82.9
84.9
86.9
87.5
90.0
91.6
75.0
76.9
77.1
74.6
72.9
70.8
70.6
76.9
81.0
83.8
84.1
86.6
71.5
54.0
60.5
58.0
60.5
61.0
72.0
72.5
85.0
91.5
78. G
72.5
69.5
62.5
67.0
70.5
67.5
72.0
82.5
72.0
72.5
67.5
S9.5
68.0
80
79
79
77
76
77
83
88
91
96
103
104
76
75
75
73
73
74
82
87
89
95
103
104
108
103
103
101
91
92
93
95
97
99
102
109
65
62
60
57
58
58
61
6?
64
68
69
69
61
62
61
60
60
59
60
60
61
62
61
61
90
65.0
74.0
61.0
60.0
57.0
50.5
56.5
54.5
60.0
84.5
102.0
92.0
75
76
72
76
72
69
68
66
62
60
58
67
52
51
48
46
45
47
47
53
55
54
55
54
52 89.3
51 74.2
46 88.1
52 84.1
51 81.2
54 87.0
59 84.5
66 81.2
78 83.3
82 91.7
96 86.1
96 106.7
80.9
79.8
79.7
78.7
78.1
78.3
78.8
78.1
78.3
77.6
77.5
77.0
84.2
85.7
91.5
83.2
69.5
68.0
101
100
110
69
62
92.5
55
55
86
76.9
1 84.5
^ e e footnote marked "t" on p. 19.
II
1
Total payments
2
Adjusted for seasonal variations.
89
J
From farm marketings.
6
SURVEY OF CURRENT BUSINESS
March 1939
Employment
of the Department of Labor show a subDATA
stantial reduction in the number of nonagricultural
workers employed during January as a result primarily
of seasonal reductions in labor forces of the retail trade,
manufacturing, and construction industries. Aside from
seasonal lay-offs, the volume of employment was maintained in line with the trend of business—which, in
general, has been relatively steady following the marked
rise in the latter half of 1938. The total compensation
of employees declined by more than the estimated seasonal amount from December to January; it was 4 percent larger than a year ago, although distributed to a
smaller number of workers. Average weekly earnings
were substantially larger than a year ago, though less
than in December.
In manufacturing, the volume of employment,
seasonally corrected, was about the same in January
as in December, with a slight further rise in the index
for the durable-goods group being offset by a decline
in the nondurable-goods group. Thus, the substantial
gains of the preceding 6 months in factory employment
were retained, and for the first time since October 1937
the index moved above the figure of a year ago. January of 1938 was, however, a month of sharp reduction
in business volumes, in employment, and in workers'
compensation.
While the volume of employment afforded by durablegoods production was down less than seasonally in
January, declines were reported by a large percentage
of the industries classified in this group. The increases
reported were generally small. The aircraft industry
reported a moderate rise, though employment and payroll totals do not as yet fully reflect the large increase
in orders for planes and engines which have recently
been placed, particularly for the export market. The
further rise in machine-tool business provided increased
employment opportunities in this industry. A sizable
employment gain was reported for the agriculturalimplement industry, with slight increases in several
others in the machinery and transportation-equipment
groups.
Among the nondurable-goods industries, the major
gain was in leather manufacturing, particularly in shoe
plants. The aggregate pay-roll decline for these
industries was somewhat smaller than that for the
durable-goods group, mainly by reason of the increase
reported for leather manufactures, and the very
slight drop in the petroleum-refining industry.
While the major employment declines among the
nonmanufacturing industries from December to January were in trade and construction, reductions were
reported for most of the other industries in this group.
The drop in construction workers was due entirely to
seasonal conditions, since the volume of construction
under contract presages a marked rise in employment
in this industry as soon as weather conditions permit.
EMPLOYMENT STATISTICS
Factory employment and pay rolls *
Employment
Unadjusted
Year and month
DuraAll Inble
dus- goods
tries industries
Retail trade,
unadjusted
Pay rolls, unadjusted
Adjusted «
NonNonDura- dNondura- All In- Duraura- Emble duraAll inble
ble
ble
ble
goods goods dus- goods goods
ploygoods dustries indus- indus- m e n t
Indus- tries indusindustries
tries
tries
tries
tries
1929: January
1933: January.
1934: January
1935: January
1936: January
1937:
January _
___.
December
1938:
January
February
March
April
...
May
June
July_._
August
September
October
November. _
December
1939:
Dollars
Thousands
Number
101. 0
47.7
65. 2
74.7
84.6
102.3
78. 1
91.7
98.0
99.2
104.2
04. 9
80.7
88.8
94. 3
104. 4
49. 1
07.0
7(5. 6
80.6
103.9
80. 0
93.7
100.4
101. 7
103.8
40.3
50.1
67. 5
76.7
102. 2
27.5
43.2
55. 8
09.9
105.6
54. 6
70.6
80.5
84.3
97. 2
72. 1
79. 8
79.5
80. 4
95. 9
.54. 7
59. 0
59.7
62.1
28. 76
16. 23
18. 77
21.59
23.40
. r,s5
63. 3
78.8
86.6
92.1
. 4G6
. 552
. 594
.608
48. 6
35.1
34.0
30. 3
38.4
83
98
140
167
82
81
32
102.7
94. 5
97.9
91.7
107.3
97. 2
105. 2
95.1
100.3
91.9
109.9
98.1
94.4
81.2
91.2
81.0
97.9
87.7
85. 4
100.4
68.0
80.6
26.11
24.36
.638
.715
41.0
34.1
171
131
109
22
87.8
88.2
87.7
85.7
83.4
81.6
81.9
85.7
88.8
89.5
90.5
91.2
81.7
80.1
79.3
77.0
75.0
72.4
70.3
71.7
75.3
79.0
82.1
83.1
93.7
95. 9
95.8
94.0
91. 5
90. 3
92.9
99.0
101. 6
99.4
98.3
98.8
90.0
88.9
87.4
85.4
83.7
82.4
82.9
84.9
86.9
87.5
90.0
91.6
83.7
81.0
79. 0
76.2
74.1
71.9
70.7
72.0
75.7
78.0
81.4
83.2
96.0
96.4
95.4
94.1
92.9
92.4
94.5
97.1
97.6
96.6
98.2
99.5
75.0
76.9
77.1
74.6
72. 9
70.8
70. 6
76.9
81.0
83.8
84.1
86.6
67.1
67. 2
67.4
65.6
64. 2
61.7
58.6
63.7
68.7
75. 2
78.3
80.4
84.0
87.8
87.9
84.7
82.6
80.9
84.1
91.7
94. 9
93.4
90.6
93.5
84.1
82.4
83.0
88. 2
83.8
83.0
81.1
80.0
85.0
86.1
87.2
98 7
70.1
68.4
68.6
72.2
70.0
69.5
68.1
66. 8
69.7
71.1
71.8
79.9
22. 98
23.53
23. 63
23. 53
23.38
23. 74
23.93
24.93
25.73
26.14
26 32
26.02
.710
.710
.714
.717
.718
.719
.713
.711
.714
.714
.714
.713
32.5
33.4
33.3
32.9
32.7
33.1
33.8
35.2
36.2
36.7
36.9
36.6
156
178
247
247
265
194
178
219
185
199
167
145
35
52
56
81.4
96.8
91.5
83.4
99.2
83.2
76.6
90.6
82.9
70.2
25.95
.713
36.6
170
101.7
January
Industrial disputes
Workers inStrikes volved,
begin- strikes
ning begin
Hours in
Hourly worked
Fay Weekly
month ning
earnearnin
per
roils
ings week
ings
month
Monthly average
1929 = 100
Monthly average 1923-25 = 100
Average factory
wages and hours
(National Industrial
Conference Board)
1
See footnote marked "f" on p. 25.
2
Adjusted for seasonal variations.
15
Mandays
idle
during
month
Thousands
of days
67
278
822
721
636
2, 720
674
477
505
751
822
1,145
839
751
807
969
817
504
475
650
SURVEY OF CURRENT BUSINESS
March 1939
Finance
EVELOPMENTS abroad have continued during
D
recent months to be a relatively important factor
in American financial markets. The reaction to these
developments has been reflected in the sustained weakness in several important European currencies, notably
the guilder, and in the statistics on gold imports, which,
during the week ended February 10, reached the highest
reported total since the last week of October 1938.
The high level of excess member-bank reserves of
recent months, which reached an all-time high of
$3,600,000,000 on January 25, has also been influenced
to some extent by the continued inflow of gold, which
was at times unrelated to ordinary international trade
and service transactions. A series of steps initiated
by the British Government during January and February was successful in terminating the weakness in
the pound sterling that prevailed during the latter
months of last year.
Stock-market price averages moved downward during
January following a mild year-end rise in December. A
subsequent reversal in the movement of prices in late
January and early February was followed by a period
of a few weeks during which quotations fluctuated
within a narrow range. The trend of public-utility
share prices differed from the general movement of the
market during the first 2 months of the year. In the
third week of February the utility share average was at
a high for 1939, while both the industrial and the railroad share averages showed a net loss for the year.
An important factor in the strength of utility shares
was the announcement of the agreement between the
T. V. A. and the Commonwealth and Southern Corporation.
In the capital market, one of the largest single
financing operations in recent years represented the
first large financing by a public-utility holding company
since the passage of the Public Utility Holding Company Act. The market for corporate bonds was otherwise inactive. The State of New York borrowed
$100,000,000 in short-term notes at the record low
rate, for this type of borrowing, of one-fifth of 1
percent.
From their peak of $3,600,000,000 on January 25,
excess reserves of member banks declined to $3,300,000,000 on February 21 as the member banks drew
upon their deposits with Federal Reserve banks to
purchase the notes of two Government agencies. The
deposits of the Treasury with Federal Reserve banks
increased proportionally. The assets of reporting
member banks evidenced no very significant change
during the first 7 weeks of^the year.
On February 23, the Senate acted favorably on a
bill, previously passed by the House, which 'provides
for the continuation of the functions of the ExportImport Bank and the Commodity Credit Corporation
until June 30, 1941, and which placed the former's
authorized lending capacity at $100,000,000 and raised
the latter's from $500,000,000 to $900,000,000.
FINANCIAL STATISTICS
Year and month
Federal
Reserve
bank
credit
outstandln
endF 'ofr
month
Reporting member banks, Wednesday
closest to end of month
Capital flotations,
corporate
All
Divilisted
dend
Interest
Excess
rate,
Cur- reserves
All listed bonds,
rates,
Deposits
Loans
Mon- rency
doaverage
comstocks,
of
etary in cir- member
mercial
average mestic,
per
gold
averpaper
culaprice
(N.
share
banks,
Com'I,
stock
age
New Refundtion
end of
indus- InvestDeY.S.E.) price
(600
(4-6
ing
capital
month
trial, ments m a n d , Time
com- months)
(N.
Y.
Total and Jigadpanies)
S.E.)
rfculjusted
turai
Dec. 31,
1924 = 100 Dollars
Millions of dollars
1929:
1933:
1934:
1935:
1936:
1937:
1938:
1939:
January
January
January
January
January
2,077
2,630
Dollars
6 053
8 559
9, 2X8
11,481 11,683
12, 9t6 14,017
6,893
5, 648
4, 836
4, 860
4,888
163.2
35.3
57.6
50.5
75.8
97.72
83.32
88.77
93.35
96.16
828, 327
22, 157
5, 983
5, 267
72, 935
142, 547
42, 300
1, 500
2, 459
200, 973
1.20
1.12
1.28
1.42
4,601
13, 638 15 493
12,015 14, 431
5,077
5,205
90.4
64.6
100. 05
92.75
203,517
14, 463
2.04
2.18
8,981
8,933
8,771
8, 587
8, 334
8, 321
8, 165
8.270
8,241
8,327
8,317
8,430
4,394
4, 357
4, 299
4,187
3.992
3,936
3, 865
3, 886
3,891
3, 892
3, 866
3,843
12, 253
12. 298
12,039
12, 257
12, 202
12, 240
12. 395
12, 591
12, 999
13, 081
13,008
13,219
14, 464
14, 381
14, 268
14, 598
14, 589
15, 036
14,951
15, 388
15, 508
15, 766
16,013
15, 986
6,225
5, 260
5,221
5,230
5,216
5,239
5.193
5,210
5,180
5, 155
5,124
5,160
54.6
67.3
44.2
49.8
48.1
58.3
62.2
60.6
60.6
65.4
64.1
66.2
91.64
92.44
88.71
90.84
90.81
91.97
93.32
92. 53
92.10
93.70
93.33
94. 35
96,194
42, 767
45, 533
40, 802
23,995
12, 313
35, 935
198,866
129, 061
124, 696
60, 887
63, 922
43, 071
47,181
3,773
62, 225
57, 643
66, 500
25, 692
95,034
51, 545
211,141
49,136
273, 237
102,368
196, 511
1.93
1.63
1.57
1.55
L43
1.39
1.39
1.39
1.39
1.39
1.43
1.41
8,233
3,767
13,209
16,048
5,1S3
62.6
94.25
5,427
10,136
1.41
2, 461
2,479
3,828
4, 200
4,036
8, 2S4
10,158
4 401
5, 344
5, 382
5,411
5,757
16 121
507 10,166
745 8[ S70
2,206
8, 023
3, 084 7, 969
January
December
2,497
2,612
11,310
12, 765
6,400
6,618
2, 152
1,212
8, 941
9, 387
January
February
March
April
May
June
July
August
September
October
November
December
2, 593
2, .590
2,611
2, 594
2, 582
2, 596
2.589
2, 585
2,600
2, 586
2, 584
2,601
12, 756
12. 768
12, 778
12, 829
12, 891
12, 946
12, 985
13, 057
13,441
13, 940
14, 162
14, 416
6, 397
6,319
6.338
6,337
6,415
6,433
6,464
6,482
6,570
6, 668
6, 750
6,888
1, 383
1.415
1,646
2, f 48
2. 568
2,875
3.022
2,941
2,869
3,227
3,383
3, 205
January
2,607
U,599
6,712
3,644
Thous. of dollars
Percent
H
8
SURVEY OF CURRENT BUSINESS
March 1939
Foreign Trade
T
HE declining foreign demand for United States
merchandise apparent in the latter part of 1938
was also reflected in the export figures for January.
Total exports of merchandise were one-fourth less in
value in January 1939 than in January 1938 and onefifth below the value in December 1938. These decreases were the result of smaller exports of a wide
range of commodities.
The value of import trade has moved upward since
last summer, and in January reached a figure higher
than that for any other month in more than a year.
General imports were approximately 4 percent larger
in value than in January 1938, but were one-fourth
smaller than in January 1937.
These divergent trends shown for exports and imports
since the middle of 1938 have resulted in a marked decrease in the export balance of merchandise trade.
Whereas the value of merchandise exports exceeded the
value of merchandise imports by $118,374,000 in January 1938, the export balance in January 1939 was
$34,707,000. This latest January figure, though large
for this period of the year, is the smallest monthly export balance since August 1937.
Exports of agricultural products in January were twofifths smaller in value than a year ago, while nonagricultural products were down one-fifth. Continued
curtailment in foreign purchases of raw cotton, which
dropped from 723,640 bales (500 pounds) in January
1938 to 327,236 bales in January 1939, was a major
factor in the decline in agricultural exports. Moreover,
exports of unmanufactured tobacco were only about
half as large as the value in January 1938.
The decline in crude foodstuffs from a year ago was
due chiefly to smaller shipments of grain at lower prices.
While wheat exports were larger in quantity than in
January 1938, they were lower in value, and exports of
corn fell off in both quantity and value. Although a
considerable amount of United States grain continues
to move to foreign markets, the shipments since about
last August have been smaller, on the average, than in
the earlier months of 1938.
Exports of semimanufactures and finished manufactures each decreased 20 percent in value in comparison
with January 1938. As in other recent months, exports
of metal-working machinery, aircraft, copper, and
manufactures of rayon were above those of a similar
period in the year before.
Imports of all the economic classes except manufactured foodstuffs increased in January over the total a
year ago. The latter declined 28 percent, principally
as a result of a marked decrease in "imports for consump tion" of Cuban sugar. In contrast with this
decline, imports of crude foodstuffs rose 27 percent
above the value in January 1938. Major increases also
occurred in imports of crude materials and semimanufactures. Imports of finished manufactures
were only slightly larger in value than in January 1938.
EXPORTS AND IMPORTS
Indexes
Year and month
Value Value
of
of
total total
imexports, ports,
adadjusted2 justed^
Exports,
including Total
reexports
Total
Un- Food- Semim an- stuffs, manil fac- total ufactures Total
tured
cotton
Monthly average 1923-25=100
1929: January...
1933: January...
1934: January...
1935: January...
1936: January...
1937:
January
December..
1938:
January
February...
March
April
May
,
June
July
August
September..
October
November.
December..
1939: January
Imports 1
Exports of United States merchandise
Crude maFinished manufactures
terials
AutomoMa- biles, Total
chin- parts,
and
ery
accessories
FinSemi- ished
Crude
man- manmate- Foodufacrials stuffs ufactures tures
Millions of dollars
126
31
45
45
51
113
29
42
51
57
488.0
120.6
172.2
176.2
198.6
480.4
118.6
169.6
173.6
195. 7
120.6
42.2
60.4
55.8
59.8
84.9
29.7
41.5
32.2
35.1
77.2
16.2
22.7
16.3
15.8
67.7
15.8
25.0
27.2
28.8
214.9
44.3
61.5
74.3
91.2
49.5
9.2
6.5
14.4
18.2
25.5
10.8
17.2
22.1
368.9
96.0
129.0
168.5
186.4
142.3
27.1
35.9
43.0
58.4
76.5
30.8
39.3
65.7
55.3
71.5 1
16.2
26.4
29.7
39.7
78.7
21.9
27.3
30. 1
33.0
57
79
74
65
221 6
319.3
217.9
315.3
60.6
37.5
39.9
13.1
34.0
34.2
53.5
110.1
151.9
31.5
44.7
27.6
39.7
228.7
203.7
77.0
68.5
68.4
50.4
46.5
43.6
36.7
41.3
75
76
72
76
72
69
68
66
62
60
58
67
55
52
51
48
46
45
47
47
53
55
54
55
54
55
289.4
262.7
275.7
274.5
257.2
232.7
227.8
230.6
246.3
277.9
252.2
268.8
212.9
286.1
260.0
270.8
271.5
253.6
229.5
225.1
228.1
24:<. 6
274.3
249.7
266. 2
210.3
67.9
48.2
47.0
44.5
34.8
34.5
32.8
43.8
59.6
72.1
59.9
49.4
36.4
34.6
21.2
23.1
20.1
10.4
40.3
39.4
35.5
38.6
48.2
34.6
38.0
35.8
31.4
33.3
29.5
28.4
31.1
44.1
41.7
46.2
46.3
42.6
37.0
37.3
35.6
40.2
44.5
40.0
50.5
35.5
133.9
130.6
142.1
142.2
128.0
123.4
117.0
112.9
112.5
124.4
120.4
137.9
107.4
39.7
41.4
46.1
45.6
42.4
41.5
39.7
39.5
36.6
38.7
34.6
40.9
31.2
34.4
28.1
28.8
26.4
20.6
17.2
17.5
12.3
14.2
17.3
25.4
29.2
21.4
163.5
155.9
173.3
155.5
147.2
147.9
147.8
171.1
172.9
178.5
171.7
165.5
169.3
51.8
46.7
51.2
43.8
40.2
38.0
43.2
49.5
52.4
53.7
52.4
53.5
53.9
44.1
47.1
55.5
49.5
45.7
47.1
44.1
49.5
49.1
48.4
46.8
44.0
43.4
32.9
29.7
32.1
28.6
27.8
30.4
29.6
35.0
33.6
35.8
35.2
35.3
37.2
34.6
32.5
34.5
33.8
33.4
32.4
30.9
37.0
37.9
40.6
37.3
32.8
34.9
75.9
9.4
10.5
10.7
20.5
24.1
25.0
19.0
15.0
i General imports through December 1933; imports for consumption thereafter.
1
46.0
Adjusted for seasonal variations.
.March 1939
SURVEY OF CURRENT BUSINESS
Salient Features of the 1937 Census of
Manufactures
By J. A. Van Swearin£en, Division of Business Review
T
HE value of manufactured products in 1937, while
less than that in 1929, compared favorably with the
total for any other census year, according to data recently made available by the Bureau of the Census.1
The total value of products—$60,710,000,000—was
more than one-third larger than in 1935, and about 11
percent less than in 1929; it was nearly double the
figure for 1933, and approximated the aggregates for
the census years 1919, 1923, 1925, and 1927.
As indicated by table 1, the rise of more than onethird in the value of products in 1937, as compared
with 1935, was accompanied by a slightly larger gain
in value added by manufacture. The number of wage
earners recorded a gain of slightly less than one-fifth,
and the amount of wages paid was about 38 percent
higher. The wage earners' total was 2 percent more
than in 1929; wage payments were about 7 percent
less than in that year.
establishments, mainly in the clothing, leather-glove,
and printing and publishing industries, perform contract work on materials owned by other establishments
and report the amount received for such work as "value
of products." This resulted in a duplication in the
value of products not offset by a corresponding duplication in the cost of materials which are reported only by
the establishment owning the materials. Since the
value added by manufacture is simply the difference
between value of product and cost of materials, the
duplication in the former carried over to "value added."
BILLIONS OF DOLLARS
70
Value of Products.
The figures for value of products are on a dollar basis,
and thus take no account of the significant variations
in prices. Also, they contain a large but indeteiminable
amount of duplication resulting from the inclusion of
the products of some industries as the raw materials of
others. This duplication occurs as a rule between
different industries, and is not found to any great extent
in individual industries. According to an estimate
made by the Bureau of the Census, the net value (at
f. o. b. factory prices, not retail prices) of finished manufactured products made in 1929, in the form in which
they reached ultimate consumers, was approximately
two-thirds of the reported total value of products for
all industries. No corresponding estimates for later
years have been made.2
Value Added by Manufacture.
There is considerable evidence that the proportion of
the total value of product representing duplication
varies somewhat in the different census years. This
factor is to a large extent eliminated in the data for
value added by manufacture. "Value added" is the
increment created by the manufacturing process; it is
calculated by deducting from the value of products the
cost of materials, containers, fuel, and purchased electric energy. Until the Census of 1937, however, this
item also contained an element of duplication. Certain
1 Data used throughout this article are based on preliminary reports of the Biennia
Census of Manufactures, 1937, and final reports for earlier years.
2 See Net Value of Manufactures, by Tracy E. Thompson, in the American Economic Review, December 1932.
130964—39
2
1914
1919
1921
1925
1925
1927
1929
1931
1955
1955 1957
Figure 4.—Value of Manufactured Products for Census Years, 1914-37
(Biennial Census of Manufactures).
In 1937, contract work was for the first time included
with other material costs. In table 1, comparable
figures are given for 1935; but the cost of contract work
was not reported by all industries in 1933, and it has
not been segregated by the Bureau of the Census for
earlier years. In 1935, contract work was valued at
$463,045,000; the corresponding figure for 1937 is not
yet available as a separate item, although, as already
mentioned, it is included with cost of materials for 1935
and 1937 in table 1. Lacking the 1937 dollar figure for
cost of contract work, it is not possible to readjust the
figures for value added by manufacture to the old basis
for the purpose of making long-term comparisons. It
should also be noted that while there is no duplication
in the figures for value added by manufacture, the
element of price change is still present.
Wage Earners and Wage Payments.
In analyzing the data for employment and pay rolls,
it should be borne in mind that technological changes
have an important bearing on the average output per
SURVEY OF CURRENT BUSINESS
10
worker, especially over a long period of time. Also,
average weekly hours of work per wage earner have
been sharply reduced in recent years, and wage rates
have been increased. A third factor of importance is
that the wage-earner totals include both part-time and
full-time workers, and the proportion of one to the other
varies in the several census years. On the other hand,
the element of duplication is not present in these figures
as in those for value of products. Thus, while a given
manufacturer includes the products of his various
supply industries in the cost of materials and value of
products in his reports to the Bureau of the Census,
he does not so include the suppliers' employment and
pay-roll figures with his own.
March 1939
goods and nondurable goods. The classification of
durable goods and nondurable goods by industrial
groups is an approximation, since such a division can
be accurately made only on a commodity basis. As
examples, the forest-products industries, classified in
table 2 as durable goods, include turpentine and rosin,
wooden packing boxes, and matches; the durable-goods
group entitled "stone, clay, and glass products" includes glass containers; and the group "iron and steel
and their products" includes tin cans. The census
group, "miscellaneous industries", comprises both durable and nondurable goods and includes such important
lines as tobacco manufactures, fur goods, roofing, and
photographic apparatus and materials.5
Durable and Nondurable Goods Industries.
Quantitative Output.
Changes in quantitative output are best measured
Despite the limitations of the industrial classification
by the Census index of physical volume.3 Indexes for used here, certain interesting comparisons can be made.
1937 are not yet available, but the Federal Reserve The cyclical fluctuations of the durable-goods industries
monthly index of manufacturing production—which, over the period 1929-37 were much wider than those of
over an extended period, has shown a rather close cor- the nondurable-goods industries. As is shown in
respondence with the Census composite index of the table 2, this applies with reference to all three of the
quantity of production—provides an indication of the measures used. For the durable-goods groups, the
approximate change in the aggregate volume of manu- value of product was reduced about two-thirds from
factures from 1935 to 1937. According to this index, 1929 to 1933; for nondurable goods, the reduction
physical production was about one-fifth larger than in was a little less than one-half. Durable-goods indus1935. This percentage change applied to the Census tries reduced their working forces by nearly one-half
composite index for 1935 yields a 1937 index approxi- and their wage payments by two-thirds over this
mately one-tenth lower than in 1929. The 1937 interval, whereas the producers of nondurable goods
figure approximated that of 1925 and 1927, and was reduced employment 15 percent and wages 40 percent.
In the period of cyclical improvement from 1933 to
well above that of any other census year.4
1937, the durable-goods industries reported increases
Trends in Recent Years by Major Classes of£lndustry.
of about 177 percent in value of products and in wages
In table 2, trends for value of products, wage earners, paid, and 81 percent in the number of workers emand wage payments, since 1929, are shown for the 15 ployed. For nondurable-goods producers, these gains
major groups into which the manufacturing industries were 64 percent, 57 percent, and 26 percent, respectively.
are divided for census purposes. These are further With the 1933-37 recovery, the ratio of durable
classified roughly into two major groups—durable goods to nondurable goods was about the same as in
1929, although for both major divisions the value of
* The index was originally computed by Warren M. Persons, and covered the
products in 1937 remained about 11 percent below that
census years 1899,1904,1909, and 1914. In a Census monograph entitled "The Growth
Ci Manufactures, 1899-1923," Edmund E. Day and Woodlief Thomas extended the
in the predepression year. The number of wage earners
index to 1923, with certain departures from the methods used in the earlier compilain the durable-goods group remained slightly below the
tions. Indexes for recent years were compiled by Aryness Joy and V. S. Kolesnikofif.
* The Census composite index based on 1899 as 100, and with the figure for 1937
estimated, is as follows: 1904, 122; 1909, 159; 1914, 170; 1919, 214; 1921, 169; 1923, 263;
1025, 274; 1927, 274; 1929, 311; 1931, 206; 1933, 191; 1935, 227; 1937, 274.
* For classification by commodities see Commodity Flow and Capital Formation,
by Simon Kuznets, published by the National Bureau of Economic Research.
Table 1 . — S u m m a r y Statistics for All Manufacturing Industries, 1914-37
Item
Number of establishments
Wage earners (average per year) 2
Wages
Cost of materials:
Including cost of contract work _
Excluding cost of contract work
Value of products _
Value added by manufacture:
Excluding cost of contract work 43
Including cost of contract work
_
l
Unit
1914
1919
1921
1923
1925
1927
1929
1931
1933
1935
1937
Thousands
Thousands
Millions of dollars .
269
6, 605
3,783
270
8,472
9,673
192
6,484
7,468
192
8,203
10,167
184
7,880
9,994
188
7,857
10,119
207
8,381
10, 909
171
6,163
6,689
139
5,788
4,940
168
7,204
7,311
167
8,570
10,113
36, 339 24, 446
60, 205 41, 749
33,658
58, 288
35,194
60, 926
34, 045
60, 472
37, 441
68,178
21, 229
39, 830
16, 550
30, 557
26 441
25, 978
44, 994
35 536
14, 008
18 553
19,016
25 174
. Millions of dollars
Millions of dollars... 13, 904
Millions of dollars... 23, 293
Millions of dollars
Millions of dollars...
9, 389
23, 865
17,303
24,630
25, 732
26, 426
30, 737
18, 601
60, 710
i Plants with annual production valued at less than $5,000 are excluded beginning 1921; in 1914 and 1919, the minimum was $500. This does not materially impair the
accuracy of the statistics except for the single item "number of establishments." Data for "Gas, manufactured, illuminating and heating" and for "Railroad repair shops"
were not collected in 1937; the necessary adjustments have been made in the figures for earlier years.
* Data represent averages of monthly figures, and include both full-time and part-time workers.
» Calculated by subtracting cost of materials, containers, fuel, and purchased electric energy and cost of contract work from the value of products. See text.
'Calculated by subtracting cost of materials, containers, fuel, and purchased electric energy from the value of products. See text.
•Not available. See text.
Source: Biennial Census of Manufactures.
March 1939
SURVEY OF CURRENT BUSINESS
1929 figure, but for nondurable goods a gain of about
8 percent was recorded; wage payments were less in
1937 for both divisions.
Conformity with the usual cyclical pattern is also
seen in the interrelationships of the three measures
used. Uniformly, the declines in value of products and
wages paid from 1929 to 1933 and the increases from
1933 to 1937 were sharper than the corresponding
changes in the number of wage earners.
Transportation Equipment.
According to table 2, transportation equipment is
the only durable-goods group for which the aggregate
value of products in 1937 approximated that of 1929.
The number of wage earners and the amount of wages
paid were higher than in 1929. The physical volume of
output, however, was somewhat lower in 1937 than in
the more prosperous year. In this census group, duplication in the value of products is large. Thus, the
value of products for the motor-vehicle bodies and
motor-vehicle parts industry (not including engines for
sale as such, tires, springs, batteries, ignition apparatus,
starting and lighting systems, and stamped sheetmetal parts for automobiles) amounted to $2,079,000,000
in 1937, an increase of more than one-half billion dollars over 1929. The value of products for this industry
is to a large extent duplicated in the corresponding
figure for the mo tor-vehicle industry, which in 1937
amounted to $3,096,000,000, a decrease of more than
$600,000,000 from 1929. This divergent movement
indicates that the parts and bodies industry contributed
a larger proportion of the total value of finished vehicles
in 1937 than in 1929, and that for the group total shown
in table 2 there was somewhat more duplication in the
figures for 1937 than in those for 1929.
The value of products for the motor-vehicle industry
alone gives a fairly good indication of the trend for the
industry as a whole, although price changes and the
increasing proportion of low-priced models to total
output affect the long-term comparisons. The value of
products for the motor-vehicle industry declined 17
percent from 1929 to 1937, while the number of units
produced dropped 12 percent. Although wage earners
and the amount of wages paid showed gains over 1929,
total man-hours worked declined considerably, a situation which also applies in many other industries. In the
automobile industry, for wilicli comparable figures are
readily available, employment and pay rolls were both
higher in 1937 than in 1929. Total man-hours worked,
however, were reduced about one-sixth, according to
National Industrial Conference Board data.
Iron and Steel and Their Products.
Industries classified under iron and steel and their
products, not including machinery, reported output for
1937 valued at only about 6 percent less than in 1929
and more than two and one-half times as large as in
11
1933. The individual industries in this group generally
reported declines from 1929; value of products for the
steel works and rolling mills (including all departments,
such as nut and bolt, wire, tin plate, etc.), however, was
practically unchanged for this comparison. The number of wage earners was about 10 percent higher than in
1929, and wage payments were about 2 percent larger.
Machinery, Not Including Transportation Equipment.
The more important machinery industries generally
reported a larger value of output in 1937 than in 1929,
the major exception being the electrical machinery,
apparatus, and supplies, and the engines, turbines,
waterwheels, and windmills classifications. Operations
in plants manufacturing agricultural implements (including tractors) were at a peak, with the value of output about twice that of 1929. Machine tools produced
were also larger in value than in any previous year,
exceeding the 1929 value by a small margin. Total
output for the machinery group was about 9 percent
less in value than in 1929, but more than three times
as large as in 1933. The number of wage earners employed was about the same as in 1929, and double that
of 1933. Wage payments were about 5 percent less
than in 1929, but almost three times as large as in 1933.
Other Durable-Goods Industries.
Value of output of the stone, clay, and glass industries was about 11 percent lower in 1937 than in 1929.
Output of plate-glass and glass containers, particularly
beer bottles and liquor ware, was much larger than in
1929, but these gains were more than offset by the reduced volume of cement, concrete products, brick, and
pottery. For the entire group of industries, the number
of wage earners was about 9 percent less in 1937 than
in 1929, and wages paid were about one-fifth lower.
The three major nonferrous metal industries showed
sharply divergent trends over the 1929-37 interval.
Value of output for copper refineries was more than
one-fourth lower than in 1929, and zinc smelters and
refiners reported a decline of 3 percent. On the other
hand, lead smelters and refiners reported a rise of about
one-tenth in the value of output. Production of metal
alloys was also sharply reduced. In the aggregate,
the value of product for the nonferrous-metals group in
1937 was 18 percent lower than in 1929, and wage
payments were reduced about 11 percent. The number
of wage earners was only slightly less than in 1929.
Nondurable-Goods Industries.
Among the nondurable-goods industries, several
classifications showed value of output, number of wage
earners, and amount of wages paid, all larger in 1937
than in 1929. The largest gain in value of product
was that for the paper and allied products group, which
reported a rise of 9 percent. Within the group, the
pulp industry experienced a small rise, the paper in-
12
SURVEY OF CURRENT BUSINESS
dustry a small decline, and several ol the more important paper-products industries reported marked increases. Wage earners in this group increased 13 percent and the amount paid in wages 7 percent, in 1937
as compared with 1929.
Industries classified in the chemicals and allied
products group reported value of products for 1937
approximately the same as in 1929. The value of
drugs and medicines, fertilizers, and paints, pigments,
and varnishes was somewhat lower than in 1929, and
the value of soap produced was slightly reduced. Such
declines, however, were offset by gains in rayon and
allied products, and in a long list of industrial and mis*
cellaneous chemicals. The number of wage earners
and the amount of wage payments for this group in 1937
were well above those of 1929. Group totals for food
and kindred products and for products of petroleum
and coal reported only small reductions in value of
products, and for these, as for the other nondurablegoods groups mentioned above, the number of wage
earners and the amount paid in wages were both larger
than in 1929. The 1937 totals for food and kindred
products, however, were greatly influenced by the
marked expansion in the production of beer and liquor;
most of the other major industries in this group showed
declines over the 1929-37 interval.
The sharpest decline in the value of products in 1937
as compared with 1929 was that reported by the textile
industries. Aggregate wage payments were also slightly
lower for these industries in 1937, but the number of
wage earners employed increased.
Changes in Value of Product.
All but 12 of the 299 industries for which comparable
data are available showed gains in the value of production in 1937 as compared with 1935 (see fig. 5). The
largest relative increases were reported for railroad,
mining, and industrial locomotives. Output of this industry in 1937 was valued at more than four times that
of the preceding census year, when operations were low
compared with other important lines. This industry,
as constituted for census purposes, does not include the
manufacture of locomotives by electric and steam railroad companies, or by establishments manufacturing
electrical products primarily. Production of locomotives by the railroads was also larger in 1937, but the
gain was not so marked as that recorded for the locomotive industry as such. All other industries for which
the value of output in 1937 was more than double that
of 1935 were in the durable-goods classifications and included aircraft and parts (not including engines), machine tools, and copper smelting and refining.
Sixty-one of the industries classified reported increases ranging from 50 to 100 percent in 1937. These
gains were largely confined to the durable-goods industries and were for the most part in continuation of the
cyclical upswing in production which began in 1933.
March 1939
Among the nondurable-goods industries, such increases
were largely confined to textiles and their products.
A total of 110 industries reported gains in value of
output of 25 to 50 percent. Of the 90 durable-goods
industries, 33 were included in this percentage group,
and for the 165 nondurable-goods industries, the proportion was only slightly smaller. Gains ranging up to
PERCENT
INCREASE
MORE THAN 9
9 O. 1 T O
9
85. 1 TO
eo. i TO
8
75. 1 TO
8
0
9 O.O
O
(-
1
o o. 1
TO
T
30
H
5.O • •
o.o H i
•••^••^
hflnnin 1
65.o pBB^B 1
6 o.o • B H H f e H I
55.1 TO
5OJ TO 5 5
45.1 TO oc
4O.I
NUMBER OF INDUSTRIES
10
15
20
25
5.0 pHHtam
5.O • •
7O.I TO 7 5.0
65.1 TO 70.0
6O. 1 TO
5
0
4
/>
1 U
4 v. v
3 0 . 1 TO 3 5.O
TO 3 0 . O
25. 1
TO 2 5 . O
20. 1
TO 2 0 . 0
15.1
T
n
i \jn . i i \j i1 P; /*>
5.0 TO 1
II
52
25
51
"™55!
52
TO
0.0
PERCENT
DECREASE
5.0
0. 1 T O
5. 1
TO
BB
1 o.o
5.O L
1 O.I T O
1
1 5.1 TO
2
O. 0
2 0. 1 T O
2
5.O p i
2 5. 1
TO
3 0. 1 T O
3O.O
3
MORE THAN 3
•
||
5.0
•
5. 1 |i
D D9964-
Figure 5.—Percentage Changes, 1937 from 1935, for t h e Value of Products
of 299 M a n u f a c t u r i n g I n d u s t r i e s .
NOTE.—Data used are taken from the preliminary reports of the Biennial Census
of Manufactures for 1937. The reports give 1937 data for 337 industries; the chart is
based on 299 of these for which figures comparable with 1935 are available. It is not
possible to make comparisons between 1937 and 1935 figures for 38 industries, chiefly
in the textile group, because of changes in the number of manufacturers reporting,
greater detail in the items reported, and because of additional break-down9 between
contract and regular factories.
25 percent were reported by 107 of the classified industries; nearly one-half of those in the nondurable-goods
classification fell in this percentage group, while for the
durable-goods industries, only about one-tenth were
included. Declines in the value of production in 1937
as compared with the preceding census year were mostly
restricted to a few of the textiles and food industries
and several of the "miscellaneous" industries.
13
SURVEY OF CURRENT BUSINESS
March 1939
Table 2.—General Statistics for Industry Groups, 1929-37 »
Percentages of 1929
Industry
Unit
1929
1937
1929
1931
1933
1935 1937
DURABLE GOODS
Forest products:
Value of products
Wage earners
Wages. _
Millions of dollars...
Thousands
Millions of dollars..
3, 531
1, 647
510
440
Stone, clay, and glass products:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
1,561
328
433
Iron and steel and their products, not including machinery:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
Nonferrous metals and their products:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
1,127
454
289
1,662
579
438
2,440
694
637
100.0
100.0
100.0
46.6
58.8
47.5
31.9
52.4
31.2
47.1
66.8
47.3
69.1
80.1
68.7
925
223
249
609
173
142
946
233
226
1,396
300
349
100.0
100.0
100.0
59.3
67.9
57.5
39.0
52.7
32.8
60.6
71.0
52.2
89.4
91.4
80.5
7,991
1,064
1,631
3,690
717
832
2,769
656
586
4, 589
879
991
7, 48U
1,166
1,661
100.0
100.0
100.0
46.2
67.3
51.0
34.7
61.6
35.9
57. 4
82.6
60.8
93.6
109.6
101.9
3,393
275
393
1,327
180
210
951
156
140
1,669
215
233
2,783
270
349
100.0
100.0
100.0
39.1
65.7
53.3
28.0
56. 8
35. 6
49.2
78.3
59. 1
82.0
98.4
88.8
Machinery, not including transportation equipment:
Value of products
Millions of dollars. _
Wage earners
Thousands
Wages
Millions of dollars..
6,470
959
1,450
3,126
605
701
471
445
3, 493
687
800
5,892
956
1,376
100.0
100.0
100.0
48.3
63.0
48.3
29.2
49.0
30.7
54. 0
71.7
55. 2
91.1
99.6
94.8
Transportation equipment—air, land, and water:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars-
6,018
576
935
370
464
2,047
303
316
4,290
476
652
624
967
100.0
100.0
100.0
47.9
64.1
49.6
34.0
52. 7
33.8
71.3
82.6
09. 7
99.5
108.3
103. 5
Total durable-goods groups:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
28, 964
4,070
5,768
13, 596
2,604
2,896
9,391
2,213
1,918
16, 649
3, 070
3,340
25, 976
4,011
5,338
100.0
100.0
100.0
46.9
64.0
50.2
32.4
54.4
33.3
57. 5
75.4
57.9
89.7
98. 6
92 5
Food and kindred products:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
11, 606
738
891
7,958
635
726
6,604
666
621
9,511
797
11,266
888
978
100.0
100.0
100.0
68.6
86.1
81.5
56.9
90.3
69.7
81.9
108.1
89.8
97.1
120.4
109.8
Textiles and their products:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
9,248
1,711
1,736
5,856
1,423
1,240
4,811
1,477
1,019
6,061
1,688
1,371
7,060
1,815
1,550
100.0
100.0
100.0
63.3
83.2
71.4
52.0
86.3
58.7
98.7
79.0
76.3
106. 1
89.3
Paper and allied products:
Value of products
Wage earners
Wages
Millions of dollarsThousands
Millions of dollars-
1,892
233
287
1,358
195
214
1,173
196
173
1,523
236
236
2,061
264
307
100.0
100.0
100.0
71.7
83.4
74.6
f»2.0
84.1
60.2
SO. 5
101.0
82.0
108.9
113.3
106.9
Printing, publishing, and allied industries:
Value of products
Wage earners
Wages
Millions of dollarsThousands
Millions of dollars-
3,156
356
634
2,488
315
536
1,726
263
354
2,165
305
446
2,583
353
533
100.0
100.0
100.0
88.5
84.6
54.7
73.8
55.9
68.6
85.6
70.4
81.9
99.1
84.0
Chemicals and allied products:
Value of products
Wage earners
Wages
Millions of dollarsThousands
Millions of dollars-
3,703
279
352
2, 651
230
263
2,118
237
221
2,837
276
286
3,722
315
381
100.0
100.0
100.0
71.6
82.5
74.8
57.2
85.1
62.7
76.6
99.0
81.2
100.5
112.7
108.4
Products of petroleum and coal:
Value of products
Wage earners
Wages
Millions of dollarsThousands
Millions of dollars-
3,135
104
169
1,797
86
133
1,576
84
108
2,118
96
134
2,954
106
177
100.0
100.0
100.0
57.3
82.2
78.7
50.3
80.8
63.8
67.6
92.5
79.3
94.2
102. 2
104.7
Rubber products:
Value of products
Wage earners
Wages
__
Millions of dollarsThousands
Millions of dollars-
1,117
149
207
614
99
113
473
106
99
678
115
134
130
171
100.0
100.0
100.0
55.0
66.6
54.3
42.3
71.3
47.8
60.6
76.9
64.5
79.0
87.0
82.6
Leather and its manufactures:
Value of products
Wage earners
Wages
Millions of dollarsThousands
Millions of dollars-
1,906
318
359
1,190
273
262
997
282
222
1,224
311
280
1,492
332
312
100.0
100.0
100.0
62.4
85.6
72.9
52.3
88.5
61.9
64.2
97.6
77.8
78.3
104. 3
86.7
Total nondurable-goods groups:
Value of products
Wage earners
Wages
Millions of dollarsThousands
Millions of dollars..
35, 764
3,889
4,635
23,911
3,256
3,487
19, 477
3,312
2,816
26,117
3,824
32, 022
4,203
4,408
100.0
100.0
100.0
66.9
83.7
75.2
54.5
85.2
60.8
73.0
98.3
79.5
89.5
108.1
95.1
Miscellaneous:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
3,450
422
506
2,323
303
306
1, 689
263
206
2,227
310
285
2,712
355
366
100.0
100.0
100.0
67.3
71.8
60.4
48.9
62.3
40.7
64.6
73.5
56.2
78.6
84.2
72.3
Total, all industries:
Value of products
Wage earners
Wages
Millions of dollars..
Thousands
Millions of dollars..
68,178
8,381
10,910
39,830
6,163
6,689
30,557
5,788
4,940
44,994
7,204
7,311
60, 710
8,570
10,113
100.0
100.0
100.0
58.4
73.5
61.3
44.8
69.1
45.3
66.0
86.0
67.0
89.0
102.3
92.7
NONDURABLE GOODS
not available for 1929 and 1931. It was therefore necessary to make a somewhat arbitrary adjustment in the figures for these two years. For the period 193&-37, these two
industries employed about 13 percent of the total wage earners in the "Machinery" group, and paid about 12 percent of total wages. Variations in these percentages for the
three census years 1933,1935, and 1937 were slight. Accordingly, 13 percent of the total wage earners and 12 percent of the wages for the machinery group in the years 1929-31
were transferred to "iron and steel", in order to obtain more nearly comparable data for the two groups over the full period.
A second classification change in the census for 1937 involved shifting "Carriages and sleds, children's" from "Transportation equipment" to "Miscellaneous;" the necessary adjustments have been made in the figures for earlier years. A third adjustment involved the removal of the 1929-35 figures for (a) "Gas, manufactured, illuminating and
heating" from "Products of petroleum and coal," and for (b) "railroad repair shops," since these data were not included in the census in 1937.
Source: Biennial Census of Manufactures
14
SURVEY OF CURRENT BUSINESS
March 1939
NEW OR REVISED SERIES
Table 8.—DURABLE AND NONDURABLE MANUFACTURES
[Monthly average 1923-25 = 100]
Month
1919
1920
1021
I
1922 I 1923
1921
1925
1928
1927
1928
1929
1930
1931
1932
1933
1934
1935
49
68
76
80
79
72
70
68
1936
1937
80
.107
114
123
130
132
116
118
122
103
94
1938
DURABLE MANUFACTURES
Without adjustment for seasonal variations
95
January
February...
March
April
May
June
July
August
September..
October
November..
December..
98
106
112
113
109
104
103
103
90
!
96
108
112
101
88
78
72
84
88
91
92
92
103
109
113
108
106
101
98
99
103
110
111
106
102
Annual index.
107
113
117
116
115
110
106
113
112
112
92
98
109
114
112
113
101
100
88
r
'
85
99
109
114
119
113
109
108
114
118
118
111
107
|
110 i 101 I 112
114
124
135
137
138
137
129
129
126
118
99
83
122 j
32
33
29
40
51
65
109
111
112
108
98
84
83
79
89
59
71
77
79
53
54
57
58
56
53
58
63
66
80
92
86
87
88
89
105
107
105
103
102
97
104
109
108
57
76
99
107
74
74
72
71
65
68
71
76
80
83
89
94
84
79
82
94
98
102
107
105
106
109
112
110
112
113
113
117
120
112
122
126
114
1C1
74
60
56
54
54
53
51
50
58
64
69
84
95
53
53
59
64
68
71
71
51
45
43
42
45
62
98
100
99
100
99
92
90
93
93
101
100
98
104
103
100
100
100
97
96
98
105
110
107
102
107
105
103
105
104
105
107
110
116
116
120
120
118
122
121
120
116
113
104
107
109
103
97
90
94
95
94
91
93
94
97
104
109
109
113
108
60
52
39
45
78
73
50
46
44
42
41
51
50
35
32
27
36
46
63
81
70
59
53
43
78
71
64
57
60
74
71
80
74
57
With adjustment for seasonal variations
January. _
February.
March
April
May
June
July
August.
September
OctoberNovember.
71
81
88
93
j 83
December.
96
98
97
86
91
96
94
98
96
91
82
64
59
52
49
50
47
45
49
49
55
56
76
54
57
62
OS
77
82
86
88
78
81
90
92
97
98
97
101
105
108
108
108
106
105
100
98
99
100
104
104
95
84
106
105
105
101
102
102
102
101
104
109
114
116
78
75
80
89
90
94
101
111
109
108
109
110
111
111
113
113
112
108
101
103
105
106
104
107
101
iuo !
104
106
105
110
107
109
112
113
117
us
120
122
122
121
124
125
129
134
134
127
124
M'i
108
93
100
107
102
100
68
70
72
70
08
62
58
52
47
44
46
48
43
40
35
85
34
33
29
25
29
31
33
35
NONDURABLE MANUFACTUSES
Without adjustment for seasonal variations
!
January
February.__
March
April
May
June
July
August
September..
October
November...
December. _
103
107
106
106
104
99
Annual index..
92
97
98
100
94
102
99
96
91
86
84
88
98
102
104
103
108
109
106
105
101
98
97
99
103
107
108
106
109
109
107
104
101
102
98
103
112
114
112
106
110
112
113
112
111
111
106
107
113
112
112
105
100
96
104
106
110
102
I
113
117
114
108
109
103 i
110
111
107
107
104
98
93
92
100
101
99
90
97
103
102
104
104
99
98
08
102
98
96
90
97
95
90
84
80
107
114
116
118
112
120
120
119
120
119
118
111
115
120
121
114
102
78
86
98
98
92
84
89
88
82
92
105
116
114
105
104
97
96
85
112
117
101
99
88
98
97
102
110
110
100
95
92
89
83
80
80
81
88
97
95
90
89
88
86
81
91
104
118
120
109
104
95
94
90
96
98
98
99
99
93
94
96
91
98
98
104
103
101
99
100
101
99
100
101
102
106
104
108
106
103
102
104
104
107
112
113
114
112
117
126
117
119
120
119
116
115
108
110
107
100
94
95
94
93
91
93
95
102
108
107
105
110
114
79
With adjustment for seasonal variations
January-- February..
March
April
May
June
July
August
September.
October—.
November.
December.
74
/4
80
85
87
89
89
92
93
94
93
96
94
93
91
91
87
83
81
78
73
65
CO
65
68
72
75
80
82
83
84
86
85
85
86
86
87
85
89
93
93
95
96
97
102
103
100
103
105
106
104
103
99
97
97
97
96
95
99
99
97
96
92
89
90
92
97
100
101
103
105
105
104
104
102
102
103
103
102
104
105
108
106
105
105
104
103
105
104
107
110
110
109
108
108
108
111
111
112
114
113
111
111
109
109
108
110
113
112
108
110
110
107
110
112
114
116
118
118
116
117
119
118
119
117
118
118
118
112
107
109
107
106
106
103
99
98
95
98
99
98
95
96
100
101
103
103
100
103
101
101
96
94
95
* New Series. Computed by the Board of Governors of the Federal Reserve System. These indexes are based on a break-down of the Board's index of manufacturing production according to the durability of the product. The durable-manufactmes index includes iron and steel, coke, nonferrous metals, lumber, cement, polished plate glass,
automobiles, locomotives, and shipbuilding. Nondurable manufactures include textiles, leather products, food products, tobacco products, paper and printing, petroleum refining, and rubber tires and tubes. In the 1923-25 base period, the production of nondurable goods comprised somewhat over half and the production of durable goods
somewhat less than half of all manufacturing. The underlying data are those used in computing the manufactures index, which, in combination with the minerals
index, makes u p the Board's index of industrial production. T h e total index and the minerals index are shown on p . 19. Indexes without seasonal adjustments have
not been computed prior to 1923.
15
SURVEY OF CURRENT BUSINESS
March 1939
Table 9.—PETROLEUM AND PETROLEUM PRODUCTS 1
Petroleum
coke
Gas a n d fuel oils
Crude petroleum
Stocks, Cali- Stocks, east of California, end foroia, end of month
of month
Gasoline
Stocks, end
Production
Production
of month
is
Year and m o n t h
G
o
11
Z 0
1937
102
92
10'
102
110
100
110
113
113
127
111
120
January..
February
M arch
April
May
June
July
August
September
O ct ober
November
December
1,307
109
Total
Monthly average..
61
384
380
403
412
399
391
380
376
360
329
366
379
94,179
84, 984
94, 400
93, 573
100, 452
99, 323
104, 783
105, 251
103, 494
105, 023
99,615
98, 363
G
eg
98, 537
93, 061
106, 833
105, 127
110,959
106, 068
110,783
115,413
110,052
111, 196
101, 302
106, 829
11,183,410 1,279,100.
380
98,620
80
79
79
81
83
851
87'
87
87
85
83
79
«s
Number
Thousands of barrels
61, 884
63, 768
62,110
61, 374
61, 685
61,933
62, 376
62, 433
63, 197
64, 503
65, 375
68, 649
33, 53.
33, 417
32, 96S
33, 253
33. 373
32, 730
32, 432
31,442
30, 955
30,181
30, 248
30,452
245,168
248, 4'
256, 506
263,137
266, 865
268, 087
268, 238
271, 340
270,601
270, 160
267, 538!
268, 006
39, 008
39, 901
42, 360
45,134
45, 885
48, 215
48, 049
47, 778
45, 60'45,150
43, 267
42, 786
Year and month
Lubricants
DoDomesmestic
tic
Stocks,!
con- Pro- rctin- i con- Pro- Stocks,
sump- ducsump- duc- refinery, Productry,
j
tion
tion
tion end of tion
tion end of
(inm o n t h
in
on ill
dicated
diea^d
dedoi
mand)
mund)
_
39, 381
3,282
64, 293
71,453
74, 171
73,419
72, 396
67, 839
62, 956
59, 413
58, 037
61,141
63, 72«
69, 892
44.144
50, 919
52, 887
51,474
48, 307
44, 142
39.441
35, 807
34, 884
37, 837
40. 203
46, 234
66, 562
4.3, 857 5, 527
4. 032
4, 290
4, 799
5, 292
5, 989
6, 338
6, 918
7,041
6,278
5, 444
5, 147
4, 758
Wax
Asphalt
Thousands of barrels
193'
January
February
March.
A pril
May.
June.
July
August
September.
October
November
December
Total
Monthly average.
18, 522
16,803
16, 325
15, 944
17,473
19,291
21, 778
23, 9S7
25,810
27, 679
27, 850
27 363
19 OSS
IS, 211
16, 724
16 SS9
18, 451
20, 657
23, 637
952
27, 020
28,101
26, 852
22, 566
33, 668 3, 785 43, 630
32, 034 3,613 40, 782
40, 524 3, 961 44, 621
43, 461 3, 963 44, 475
45, 407 4,041 46, 769
48,447 3, 921 45, 748
51, 069 4, 181 48, 271
49, 598 4, 290 49, 002
47,515 4, 324 49, 683
45, 446 4,471 51,223
42, 718 4, 269 47, 873
39, 465 4, 358 47, 064
5 1 9 ?>')•>49, 177 >59, 141
143 312, C041140, 703
21,569 22, 012 43, 279" 4, 098 46, 595
Kerosene
Natoral
gasoline
Thousands of barrels
13,319
11,206
11, 005
10, 674
11,158
11, OSS
12, 654
12, 558
12,681
13, 585
13,215
13, 563
83j 03,524 32,082 263,6
Gasoline
=5
ll
§5o
rercent of I
capacity
Thousands of
barrels
S3
e3"S
J 3
r
I
Thousands
of short
tons
*o ©
TJ2
I
ii
3
•3
.-
©'5
Slocks,
Stocks,
refin- P r o refindi ;<"'ery,
ery,
end'of t'um end of
month
month
Thousands of
pounds
Short tons
5, 286 5,923
4, 225 4, 866
4,820 5,187
4, 465 4, 907
4, 149 5, 343
3, 259 5, 037
3, 594 5,482
3, 667 5, 726
4, 397 5, 371
4, 985 5, 731
5, 705 5 876
6, 420 5, 809
54, 972 65, 308
4, 581 5, 442
5, 622
5, 443
5, 396
5. 047
5, 576
6,781
7, 553
8,637
8, 839
8,877
8, 357
7,083
0, 934
1, 625 2, 649
1. 429 2,728
2, 500 2,873
2,224 3, 048
2,079 3,141
2, 028 2, 978
1, 985 2,980
1, 925 2,900
1, 968 2, 920
2. 028 3, 215
2,037 2, 953
1,495 2,936
23, 323 35, 321
1, 944 2, 943
218, 20(s
177, 800
274, 400
318,500
398, 000
446. 200
467, 200
505, 400
468, 100
392, 600
315,300
200, 300
4,182,000
6,741
348,500
6, 788
7,H5|
6,771!
6, 556
6, 478
6, 447
6, 566
6,426
6, 542
6, 789
6. 907
7, 512
443,9001
444,600;
496, 500 i
528, 300i
547.300!
521,9001
500, 500!
529,100
465, 400
458, 300
510,400
557, 400
41, 72f
41,720
41. 720
43,C8G
47, 600
41, 160
43, 680
42, 000
42, 000
44, 240
49, 0C0
43,120
111,790
112,862
108,103
103,175
106, 0S9
105, 676
109,318
116,231
123, 563
129, 095
139,867
144, 992
521, 640
500,300
43,470 117,568
1
Revised series. Compiled by the U. S. Department of the Interior, Bureau of Mines. The above tabulation represents a revision of data for 1937 and supersedes statistics
that were shown on these series in the 1938 Supplement and in the monthly issues of the Surrey. Although all the monthly data were not revised, the complete tabulation
is shown for the convenience of the users of the statistics.
Table 10.—PASSENGERS CARRIED ON ELECTRIC STREET RAILWAYS
[Thousands]
Month
January
February
March
April
May
June
July
August
September
October
November
December
Total
Monthly average..
1929
1930
1931
1,026,023
' 952, 674
1, 058, 377
1, 003, 400
1, 028, 027
962, 500
936, 844
932, 734
928.177
1, 009, 680
975,199
1, 024, 290
,011,677
911,902
989, 047
952, 896
961,751
891, 245
850, 072
829, 686
852, 547
916, 928
866, 422
931, 251
896, 712
814,986
901, 833
876, 077
868, 073
821, 953
775, 788
747, 658
762, 246
827,191
775, 025
834,618
11,837,924
986, 494
10, 965, 422
913,785
), 902,158
825,180
1932
800, 082
753, 895
806, 865
772,183
757, 552
705, 568
648, 884
646, 884
669, 896
711,410
693, 773
737, 473
i, 704, 464
725, 372
1933
700, 279
643, 775
695, 342
680, 975
701,126
667, 401
629, 419
646, 683
661, 519
713,337
697, 766
750, 099
1,187, 719
682, 310
1934
761, 994
703, 407
799, 951
743, 680
760, 667
707, 890
650, 715
664,046
665, 546
745, 845
712, 541
763,962
1, 680, 243
723,354
1935
1936
764, 067
707, 779
776, 207
752, 533
755, 467
698, 581
669, 046
670, 815
691,463
771, 972
749,017
807, 257
804, 495
785, 351
821,645
799, 838
799. 013
769, 006
736, 360
717, 941
749, 258
829, 286
790, 644
862,125
803, 901
762, 693
867,116
830, 260
825, 474
783, 527
735, 073
724, 902
755, 438
815, 986
789,152
846,341
!, 464, 964
788,747
I, 539, 862
794, 988
8, 814, 203
734, 517
I
1937
1938
798, 274
729,897
819, 425
793, 728
775,120
736, 750
682,148
703, 880
729, 753
789, 875
777, 314
838, 724
9,174, 887
764, 574
i Compied by the American Transit Association. Data for 1936-38 cover revenue passengers, including bus passengers, carried by 206 electric railway companies,
representing about 93 percent of the passenger traffic of all companies in the industry. Figures for earlier years have been linked to the data for 206 companies by the uses
of percentage changes based on the comparison of each month with the corresponding month in the preceding year, the number of companies being identical in both years.
For all years the companies represent 90 percent of the industry, or over; hence the comparability of the series is not seriously affected by the extrapolation of the figures
for 1929-35. These data correspond with those shown in the 1938 Supplement and in recent monthly issues; the table provides a complete record of the monthly statistics.
16
SURVEY OF CURRENT BUSINESS
March 1939
Table 11.—BUILDING PERMITS ISSUED—1,728 CITIES 1
Total
Additions, alNew nonresi- terations,
and
dential
repairs
New residential
Additions, alNew residen- New nonresi- terations,
and
dential
tial
repairs
Total
Estimated
cost
Esti- Build- Esti- Build- EstiBuild- mated
mated ings mated
ings
cost
cost ings
cost
ThouNum- sands
of
ber
dollars
ThouThouThouNum- sands Num- sands Num- sands
of dolber of dol- ber of dol- ber
lars
lars
lars
Buildings
Estimated
cost
Esti- Build- Esti- BuildBuild- mEstia t e d ings m a t e d ings
a t e d Buildings
ings mcost
cost
cost
Number
Thousands of
dollars
Number
Month
Thousands
of dollars
Number
Thousands
of dollars
Number
Thousands
of dollars
1936
January
February
March
April
May
June
July
August
September
October
November
December
27, 722
26,140
49, 778
59, 501
60, 480
61, 589
60,109
60, 385
63, 883
66, 900
50,063
40, 617
Total
Monthly average
627,167
52, 264
92, 380
83,159
133, 452
124,937
123, 535
163, 792
161,493
149,422
131,164
134,145
116,061
124, 477
4,988
5,921
9,747
10, 760
10, 675
11,633
11,928
11, 533
11,473
12, 082
10, 570
9,558
35,098
33,364
50,480
54, 596
55, 463
79,078
90, 561
72, 362
63, 696
63,912
60,446
61,313
1937
4,792
3,623
8,597
10,902
11,195
11,310
10, 504
11,444
12, 939
13, 768
10, 643
7,950
36, 814
31,684
58, 842
43,000
38, 323
53, 260
38, 775
41, 793
37, 870
39, 832
32,137
41,944
17,942
16, 596
31, 434
37, 839
38, 610
38, 646
37, 677
37, 408
39, 471
41,050
28, 850
23,109
20,468
18,110
24,130
27, 341
29, 749
31,455
32,157
35, 267
29, 598
30, 401
23, 478
21, 221
33, 948
38,170
61,494
72,463
68, 549
65, 396
58, 642
61, 528
63,489
60, 248
46, 539
34, 566
104, 271
132,165
176,096
180,763
151, 258
156, 418
136, 725
144,065
133, 290
127,971
102, 406
153, 304
8,175
9,397
15, 340
16, 293
13, 848
12,988
11,274
10,901
10, 794
9,346
7,822
7,960
43, 857
63,713
87, 932
90, 769
70, 258
74,404
56, 076
56, 512
56,076
47, 348
44, 512
64, 367
5,779
6,225
10, 389
13, 309
12, 230
11,338
10, 201
11, 793
13,187
12,990
9,676
5,920
37, 533
38, 588
55, 922
52, 305
46, 727
44,919
46, 426
51, 249
45, 220
55,018
34, 518
61, 499
19,994
22,548
35, 765
42, 861
42, 471
41, 070
37,167
38, 834
39, 508
37,912
29, 041
20,686
22, 881
29,864
32, 242
37, 690
34, 272
37,095
34, 223
36, 303
31,994
25, 605
23, 377
27, 43S
120, 868 720, 368 117, 667 494, 274 388,632 323, 376 665,032 1, 698, 732 134,138 755, 824 123, 037 569,924 407, 857 372, 984
10, 072 60,031
9,806
41,190
32, 386 26, 948 55, 419
141,561
11,178
62,985
10, 253 47, 494 33, 988
31,082
1
Revised'series. Compiled by the Bureau of Labor Statistics, V. S. Department of Labor, and supersede data on building permits which were shown in the 1938 Supplement. The present series for the period 1936-37 are for 1,728 identical cities each having a population of 2,500 or more and a total population of 60,777,000, according to the
Census of 1930. Beginning January 1938, data shown on p. 21 are for a slightly smaller number of cities in the same size group, but comparability is maintained by the use
of link relatives. Figures cover new buildings and repairs to old buildings, but exclude data for installation permits (those for installing boilers, signs, etc.), which are not
strictly building operations. These permits are rather numerous, but in value they are of small amount. The classification "New residential buildings" includes 1-family
dwellings; 2-family dwellings; 1-family and 2-family dwellings with stores; multifamily dwellings; multifamily dwellings with stores; hotels, lodging houses, and dormitories.
The numberfiguresrepresent the number of buildings covered by permits issued (new construction and repairs, etc.), rather than the number of permits. Buildings authorized by permit are not always actually constructed, and the actual cost of those constructed may differ considerably from that originally estimated. Comparable data for
these cities are not available prior to 1936. Data on building permits, however, have been collected by the Bureau of Labor Statistics since 1920 and are available for a varying
number of cities, beginning with 1921, in reports entitled "Building Permits in the Principal Cities of the United States," "Building Construction," and "Monthly Labor
Review."
Table 12.—ESTIMATED VOLUME OF NEW LOANS BY ALL BUILDING AND LOAN
ASSOCIATIONS *
[Thousands of dollars]
Loans classified according to type
of association
Loans classified according to purpose
Mortgage loans o n h o m e s
Year and month
Total
1936
Refinanc- ReconConstrue-! Home
ing
ditioning
tion
purchase
Loans for
all other
purposes
Federal
NonState
members members
42, 791
45, 316
57, 871
64, 252
67, 077
68, 302
67, 896
67, 208
68,913
76, 521
63,315
65, 535
8,170
8,218
11, 382
12, 852
14, 690
15,612
17,013
17,818
18,722
19,521
16,730
17, 661
11,432
12, 096
14,722
18, 728
20, 647
21, 234
21,999
21, 577
21,350
26, 532
19,343
20, 421
12,144
12,941
14, 972
18, 363
15, 333
15, 6C5
13,971
14; 186
15, 074
16,153
14, 360
14,927
3,497
4,476
4,742
6,046
6,891
5, 390
5,917
5,490
6,294
6,388
5,611
4,692
7,548
7.585
12,053
8,263
9,516
10,461
8,996
8,137
7,473
7,927
7,271
7,834
Total
754, 997
178, 389
230, 081
178,029
65, 434
103,064
Monthly average.
62,916
14, 866
19,173
14, 836
5,453
8, 589
19,075
53, 867
56, 735
77, 214
89, 600
89, 332
92, 211
82, 234
77, 017
78.314
75, 456
64, 503
60, 096
13, 506
24, 382
23, 452
23, 395
22, 224
21,082
20, 003
19, 255
17.447
15,281
18,211
19, 767
26,433
32, 853
34, 904
35, 235
30, 624
28,011
29, 693
28, 034
22, 697
20,167
11,990
12, 878
17, 841
17,496
16,712
18,405
16,014
15,362
14,643
14,115
12, 671
12,677
4,059
3,320
4,853
6,237
6,124
6,495
5, 703
5,147
5,790
5,444
4, 796
4,175
6,101
6,589
8,193
8,632
8,140
8,681
7,669
7,415
8,185
8,608
6,892
7,796
17, 543
19, 360
27,829
32, 915
30,998
31, 577
28, 693
26, 768
26,189
24, 539
20, 829
20,038
Total
896, 579
234,102
326, 629
180, 804
62,143
92, 901
307, 278
379,286
210,015
Monthly average.
74, 715
19, 509
27, 219
15,067
5,179
7,742
25, 607
31, 607
17, 501
January
February. _.
March
April.
May
June
July
August
SeptemberOctober
November..
December..
January
February. ._
March
April
May
__
June
July
August
September..
October
November..
December __
1
1937
14,181
19,894
11,764
12,105
15,310
17, 740
18,966
21, 247
21, 491
21, 571
22, 500
23,914
19,771
22, 517
18, 434
17, 055
22, ISO
28, 597
28,166
29,197
27,898
26, 773
26, 761
30,864
26, 344
27, 252
12, 593
16,150
20, 381
17,915
19.945
17,858
18,507
18,864
19,652
21,743
17,200
15,766
309,521
216, 580
25, 793
18,048
20, 729
24, 594
32,177
37, 395
39, 28,8
39, 965
35, 758
32, 334
33, 307
32,104
27,113
24,522
15,595
12,781
17,208
19,290
19,046
20, 669
17.783
17,915
18,818
18,813
16,561
15,536
Revised Series. Compiled by the Federal Home Loan Bank Board. The revision was occasioned by the adoption of more refined methods of expanding the reported sample to a 100-percent basis. For a detailed explanation of the methods used, see the Federal Home Loan Bank Review, December 1938, pp. 84-85. For 1938 data, see p. 23 of this
issue.
17
SURVEY OF CURRENT BUSINESS
March 1939
Table 13.—POWDERED MILK »
[Thousands of pounds]
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
20, 533
19,281
22,900
25, 307
31,476
32, 353
24,004
19,936
18,179
19,032
17,281
19,912
21, 770
19, 549
22,780
24,843
30,818
31,650
25.695
21,407
21,049
23,071
20,946
24, 536
23,641
21,276
25,558
28,392
34,138
33,614
27, 381
23,269
1935
1936
1937
Month
PRODUCTION
January
February
March
April
May
June
July
August
September
October
November
December
1,116
967
2,050
2,628
3,290
3,633
2,948
1,925
1,940
1,873
1,292
1,770
__
2
Total
Monthly average__
1,607
1,807
2,900
3,711
4,506
4,103
3,343
3,199
2,373
2,231
1,473
1,823
2.834
3.119
4,306
4,412
5,211
5,071
4,324
3,307
3,312
2,201
1,990
1,806
2, 564
2,073
2,837
4,122
5,268
5,165
4,026
3,601
3,237
3,103
2,244
2,377
1;537
1,449
1,856
3,350
4,562
4,506
4,466
3,957
3,032
3,658
3,146
3,027
3,589
3,680
4,476
5,841
7,361
7,268
5,946
4,749
4.547
4,990
4,386
5,418
5,987
5,923
6. 556
7,233
8,242
8.224
7,209
5,683
4,733
3,612
2,748
3,069
3,757 5.400 6,064 10,459 11,807 17,137
3,800 5,647 6,219 10, 641 12. 059 16,131
5,330 7,755 8,382 13.008 15. 544 19,981
7,888 9.052 10, 398 14. F62 19. 276 22,208
9,985 11.042 12,984 17.979 24, 703 29,050
9,759 12.118 13,994 18,856 25, 796 30. 013
7,405 10,100 12,992 13,644 23, 602 26,013
6,146 7,907 11, 317 10, 491 18,17," 21, 503
5,261 6,924 9.473 9,880 14, 753 18,551
5,161 5,941 9,268 9,437 13,627 19,844
4,247 5,037 7,884 8,398 13, 089 19,408
4,578 4,795 9,148 10, 341 15,148 20,836
18,089
17.995
22,652
27,199
37,176
39,810
30,406
27,214
21,141 24,720
21,208 20,160
17,473 14,372
17,844 17, 713
20, 764 28,268
20,860 25.697
26,105 32, 700
35,795
40,037 46,428
43,268 45, 731
31.654 36,246
26.914 27,889
28,456 25,751
29,689
24,012 19,200
26,802 25,629
26,202 34,945 41,893 38, 546 40,617 62,251 69, 219 73, 317 91, 718 118,123 147,996 207, 579 260, 675 261,938270,194 288,114 294,935 297, 506 349, 550 372, 203
2,184 2 2,912
3,491
3,212
3,385
5,188
5,768
9,844 12, 333 17,298 21, 723 21,828 22, 516 24,010 24, 578 24,792 29,129 31,017
7,643
6,110
STOCKS, MANUFACTURERS', END OF MONTH
January
February...
March
April
May
June
July
August
September...
Octoher
November..
December..
8,273
10,990
7,421
7,804
11,865
11,370
11,409
11, 984
Monthly average.
10,140 10, 649
11,498
16, 924
11,149
10, 700
11,301
11,285
12.064
9, 085
9,433
8.237
7,109
9,000
9,935
11, 490
12, 338
12, 891
12,454
12,883
13,943
12,960
12,494
10. 475
7,632
6,853
5,017
4,321
4,278
4,861
6,136
5,323
4,892
6, 096
5, 627
5,272
4,745
4,472
9,737
8,294
7.884
8,590
9,678
7,921
7,417
4,801
3. 202
3,002
1,996
2,128
2,323
2,811
4,664
3,249
5,088
5,477
5,436
4,719
6,569
7,739
6,775
8,262
6,221
5,259 11, 362 5,087
4,218
4,345
4,289
6,092
8,136
10. 217
11. 652
12,277
12. 048
10,926
9,393
8,993
8,549
7,950
6,246
6,180
6,255
7,855
9,644
10,811
10, 526
8,083
7, 352
6.524
4,539
7,288
8,216
8,450
10,875
14,245
18,432
18,542
16.973
16.167
13, 671
11.309
10,837
11,794
11,525
12,892
15, 527
21,264
27,800
30,732
29,843
27, 649
26. 596
26, 313
28,066
27,503
24, 330
24, 081
23, 308
23,958
26, 087
26, 580
28, 293
27, 722
28, 759
32,223
35, 071
37, 416
38,390
38, 564
37, 671
39, 608
38,113
33,412
32,133
23, 453
20, 754
20,829
21, 789
23,433
23.423
22, 572
21, 716
22,051
23, 010
23, 390
20, 541
16, 241
14,906
13,870
15,165
14,258
13,953
12,956
10, 781
10,914
9,961
9,893
10, 334
12, 247
17. 452
19, 757
26,973
26,484
22, 548
22,956
26,302
33,006
37, 820
39,800
39,140
38, 274
37, 548
33,854
30,994
28,193
21,808
18,840
18,867
24,629
31,941
33, 337
29, 256
24, 364
18,159
10, 585
7,026
6,620
6,526
7,862
9,594
18,635
27, 984
24,872
20, 511
22,660
26,292
29,104
31,179
35, 425
36,814
36,085
37,179
43,129
48, 390
42,902
40,219
37,644
31,166
27,181
22,851
7,664 12,917 22, 500 27, 326 31,844 20,027 14,123 32, 394 22, 250 19, 320 36, 582
1
Revised series. Compiled by the U. S. Department of Agriculture, Burtau of Agricultural Economics, and cover the principal firms operating dry-milk factories. The
figures are for dry skim milk only. Data correspond with those carried in the 1938 Supplement and in recent monthly issues. This table provides a complete record of the
monthly statistics. For 1933 figures, see p . 42 of this issue.
2
Based on annual totals, and includes a small amount of milk which cannot be distributed on a monthly basis.
3 Average of 8 months, May-December.
Table 14.—BUTTER RECEIPTS, 5 MARKETS 1
[Thousands of poundsj
Month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
37,867
34,846
36, 592
41,287
63, 669
84,993
68, 926
55, 246
43,282
35, 573
30, 731
25,910
29,827
29,009
35, 314
28,002
43, 571
66,043
71,167
53, 714
43, 551
33, 378
26, 917
26, 050
30, 779
28,935
35,154
39, 088
59, 563
78,449
61,464
62, 734
50, 216
45,350
36, 421
37, 257
41, 775
39,041
45,101
40, 716
67,063
92, 634
76, 917
60,172
45, 577
40, 595
37,373
38,400
47,843
39,877
48, 955
47,946
64,328
89, 975
75, 337
56, 244
49, 307
45, 393
39, 759
41,459
44, 475
47, 758
52, 328
51, 690
67, 571
91, 742
92, 036
67, 959
56, 247
49, 761
35,867
39,471
44,825
41, 784
48, 350
50,034
67,456
88, 024
82, 918
68,340
53,303
51, 599
42,099
42, 993
46,809
46,809
54, 647
53, 991
64, 653
89,993
81,053
59,849
52, 985
45, 280
40, 588
42,825
44, 756
45, 502
53, 632
57, 299
75, 534
89, 774
79,671
68, 056
50,054
45, 426
39,894
39, 978
50,096
47,797
54, 300
52,158
63,582
81,317
75,900
64, 532
52,482
48, 906
42, 797
43,091
Total
558, 922
486, 543
565,410
625, 364
646, 424
696, 905
681, 726
679, 480
689, 574
676,959
Monthly average
46, 577
40, 545
47,118
52,114
53,869
58,075
56,811
56, 623
57,465
56,413
January
February
March
April.
May
June
July
August
September
October
November
December
1929
January
February
March
April
May
June
July
August
September
October.
November
December
_.
52, 490
48,557
53,979
56,880
73,879
81,181
___
__
Total
Monthly average.
79, 442
64,104
51,972
50, 246
44, 739
46, 648
1930
50,874
47,966
55,181
59,128
74, 505
82, 333
72, 662
52, 335
47, 744
45, 528
43,118
51, 290
704,116
682,664
58, 676
56,889
1931
53,340
50,529
57,012
62, 633
72,275
86,677
68, 325
52, 659
50,082
51, 240
52, 486
55,131
712, 390
1932
56, 775
56,971
58, 214
57,945
75, 552
83, 229
66, 513
60, 407
49,934
46,130
47, 235
50,019
1934
58, 294
51, 336
58,132
55,146
74, 618
83, 920
73,497
73, 306
63,017
58, 313
55,061
56,489
52, 607
46,861
57, 926
54,153
70, 551
73, 259
70, 273
66,404
56,664
57, 229
47,708
44, 9S1
1935
4b, 892
43, 390
43,766
50,800
67,613
83, 685
82, 745
60,848
55,437
48,375
37, 727
40,997
1936
48, 264
47,103
52,430
55, 344
64, 732
79, 496
62, 594
51, 253
51,047
54,002
45, 243
44,910
1937
42, 353
41, 379
49,007
50,811
65, 778
85, 914
70, 609
55,817
49,077
45, 672
43, 774
46, 706
1938
50, 252
48,343
55,887
60,869
78,992
90, 433
77,740
89, 250
78,843
64,457
49,862
52,352
708,924
761,129
698, 564
664, 276
656,418
646,897
797, 280
59,077
63, 511
58, 214
55,356
54, 702
53,908
66,440
i Computed by the U. S. Department of Agriculture, Bureau of Agricultural Economics, and represent the receipts of butter at Boston, New York, Philadelphia, Chicago,
and San Francisco. Data correspond with those carried in the 1938 Supplement and in the monthly issues of the Survey beginning November 1938. This table Drovides a
complete record of the monthly statistics.
130964—39
3
18
SUEVEY OF CUKKENT BUSINESS
March 1939
Table 15.—CELLULOSE PLASTIC PRODUCTS '
[Pounds]
Nitrocellulose
Cellulose Acetate
Sheets, rods, and tubes
Molding compositions
Month
Production
Consumed in reporting company plants *
January
February
March
April
May
June
July
August
September.
October
November
December
„
Total
M o n t h l y average
1935
1936
1937
1938
1935
1936
1937
246, 758
231,317
230,107
307, 940
237, 532
225, 496
231, 227
300, 091
332,176
372, 552
234, 919
231, 785
229,
218,
233,
249,
235,
250.
190,
326,
352,
344,
307, 214
279, 266
342, 067
295, 349
324, 283
336,084
338,117
250, 268
340, 243
271, 860
282,955
239, 775
136,192
157, 914
172, 253
204, 963
172,571
185, 568
233,954
157, 651
281, 853
296, 208
316,069
228, 006
246, 403
10, 850
10, 629
25, 463
33,438
IS, 292
15,918
14,374
13, 236
22, 817
29, 577
9,344
23, 830
24, 591
26, 684
26,909
23, 846
20, 692
17, 928
8,107
15, 342
9,855
18, 626
24,055
12, 412
11, 260
8,870
11,079
6, 561
7,552
9,459
10, 896
13, 037
13, 544
8,154
15, 867
8,621
3,181, 900
3, 324, 952
3, 436, 459
2, 653, 413
227, 768
229, 047
265,158
277, 079
286, 372
221,118
18, 981
19, 087
Shipments
1938
1938
8,334
5,409
7,498
5, 017
14, 092
7,162
369, 387
506,001
494,926
479,380
454, 069
465, 348
384,955
547, 569
859,994
1, 044,076
1, 030, 685
757,901
346, 607
423, 644
446, 689
433, 487
434, 598
414, 692
303, 327
484, 022
759,027
989,219
955, 591
671,160
124, 900
92, 583
7, 394, 291
6, 662, 063
10,408
7,715
616,191
555,172
5,231
6,557
8,315
9, 611
i New series. Computed by the Bureau of the Census, U. S. Department of Commerce, and are for use in conjunction with the series on cellulose-plastics product currently
shown in the Survey. The figures, which represent approximately a complete coverage of the industry, were compiled from the reports of 10 manufacturers except for the
periods June-December 1935 and January-July 1938, when 11 manufacturers were reporting.
* Data on production and shipments of molding compositions of cellulose acetate are not available prior to January 1938. The shipmentfiguresexclude consumption in
the reporting plants.
3 Data on the consumption of sheets, rods, and tubes of nitrocellulose and cellulose acetate are available beginning with 1935. Thesefiguresare also included as part of
shipments as shown regularly on p. 40 of the Survey.
Table 16.—AVERAGE YIELD ON UNITED STATES TREASURY BONDS»
[Percent per annum]
Month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
January
_
._ . .
February
March
April
May
June
July
August
._ _- __
September.- _.
October
November __
_.
December
Monthly average
_
4.63
4.70
4.73
4.72
4.67
4 69
4.72
4.78
4.73
4.71
4.81
4.90
4.93
5.05
5.09
5.28
5.58
5.54
5.57
5.67
5.43
5.08
5.21
5.40
5.23
5.28
5.27
5.24
5.25
5.27
5.26
5.22
5.12
4.83
4.64
4.47
4.45
4.50
4.41
4.28
4.26
4.24
4.14
4.12
4.19
4.30
4.33
4.32
4.32
4.33
4.38
4.39
4.37
4.34
4.34
4.35
4.36
4.40
4.37
4.35
4.30
4.28
4.28
4.23
4.15
3.98
3.94
3.91
3.92
3.87
3.90
3.96
3.96
3.95
3.96
3.93
3.87
3.79
3.79
3.85
3.85
3.82
3.79
3.80
3.77
3.71
3.71
3.70
3.67
3.67
3.68
3.70
3.70
3.68
3.62
3.56
3.51
3.48
3.37
3.35
3.31
3.34
3.36
3.32
3.30
3.29
3.23
3.17
3.18
3.19
3.17
3.20
3.24
3.29
3.42
3.48
3.46
3.47
3.38
3.45
3.52
3.62
3.74
3.64
3.64
3.69
3.64
3.71
3.70
3.61
3.35
3.36
3.43
3.41
3.29
3.37
3.31
3.25
3.25
3.26
3.24
3.21
3.19
3.22
3.20
3.30
3.27
3.26
3.16
3.13
3.15
3.18
3.25
3.63
3.63
3.93
4.26
4.11
3.92
3.68
3.76
3.76
3.58
3.45
3.42
3.43
3.45
3.35
3.22
3.31
3.42
3.42
3.30
3.21
3.20
3.21
3.19
3.22
3.46
3.53
3.50
3.32
3.20
3.11
3.02
2.98
2.92
3.03
3.20
3.10
3.07
3.01
2.88
2.79
2.77
2.74
2.72
2.72
2.69
2.76
2.85
2.85
2.83
2.83
2.80
2.77
2.71
2.68
2.66
2.66
2.65
2.61
2.60
2.62
2.53
2.51
2.47
2.46
2.60
2.80
2.76
2.76
2.72
2.72
2.77
2.76
2.71
2.67
2.65
2.64
2.64
2.62
2.51
2.52
2.52
2.51
2.58
2.48
2.50
2.49
4.73
5.32
5.09
4.30
4.36
4.06
3.86
3.68
3.34
3.33
3.60
3.29
3.34
3.68
3.31
3.12
2.79
2.65
2.68
2.56
Table 18.—COTTON SPINDLE ACTIVITY
Table 17.—AVERAGE PRICE OF UNITED
STATES TREASURY BONDS l
[Percentage of activity on an 80-hour week basis]
[Dollars per 100 dollar bond]
Month
1S31
107.7
January
106.4
February
106.7
March
106.8
April
May
_ _ _ 108.0
108.0
June
107. 5
July
107.0
August
105. 0
September
99.4
October
November . ._ _ __ 99.4
95.5
December
104.7
Monthly average
1933
1934
1935
1936
1937
1938
91 9
94.0
96.4
98.8
97.8
97.8
100.0
101.7
102.0
101.8
101.6
102.2
103.4
102.3
100.9
100.9
102.4
103.4
103.6
103.4
103.6
103.3
100.3
99.5
99.9
102.0
103.0
103.7
104.7
106.2
107.8
106.5
104.3
105. 6
105.9
105.7
106.4
107.4
106.8
106.6
106.6
106.6
107.0
106.0
104.9
103.1
102.0
102.0
102.5
102.8
103.6
103.9
104.2
103.7
103.4
103.9
103.8
103.4
104.6
104.4
104.6
104. 6
102.9
100.3
100.7
100.7
101.3
101.2
100. 6
100.7
101.3
101.9
102.3
102.4
102.5
102.7
104.0
103.9
103.8
104.0
103.0
104.3
104.0
104.1
January.
February
March
April
May.. .
June.
July
August
101. 7
103.4
Monthlv average..
102.3
104.6
105.5
103.7
i Revised series. C o m p u t e d b y t h e Board of Governors of the Federal Reserve System.
Average prices have been revised beginning 1931; figures for earlier periods shown in
the Survey should not be used in conjunction with the data given here. The new
price series includes the same bonds as the yield series shown in table 16, that is, all
Treasury bonds due or callable after 12 years. The price series is useful for comparing
market fluctuations over short periods which do not involve differences in the
issues included, but not for comparisons over a long period of time.
Month
1832
98.8
1938
September
October
November
December
_
1933
_
.
_.
_ .__
_.
.__
70.2
69.2
67.5
64.0
51.3
1934
1935
1336
1937
1S38
62.5
68.3
70.fi
70.5
64.6
50.3
49.6
50.5
382
64.1
62.4
60.8
67.9
67.4
64.1
56.6
54.9
52.5
48.7
52.6
62.7
68.1
70.3
69.2
73.8
72.9
71A
73.4
72.0
73.4
75.8
80.4
83.4
85.8
87.1
89.6
95.4
97.1
96.4
97.0
95.7
90.4
84.6
85.2
82.3
77.7
69.8
58.3
63.5
66.6
66.6
59.5
59.4
60.8
70.2
76.2
76.1
81.9
83.6
82.3
59.4
61.3
78.3
85.8
70.6
i Revised series. Compiled by the Bureau of the Census, U". S. Department o
Commerce. Data have been recomputed on the basis of a 2-shift 80-hour week.
The change was made to meet the new conditions resulting from passage of the Act
of June 25,1938, regulating wages and hours of employment. Formerly, computations
were on the basis of weighted average hours of operations for the day-shift.
19
SURVEY OF CURRENT BUSINESS
March 1939
Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1938 Supplement to the Survey of
Current Business. That volume contains monthly data for the years 1934 to 1937, inclusive, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series, and references
to sources of monthly figures prior to 1934. The 1938 supplement may be secured from the Superintendent of
Documents, Government Printing Office, Washington, D. C , for 40 cents per copy.
A few series have been added or revised since the 1938 Supplement went to press. These are indicated by
an asterisk (*) for the new series and by a dagger (f) for the revised series, A brief footnote accompanying each
of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variations. Data subsequent to January will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
1938
January
February
March
April
May
June
July
August
September
DecemOctober November
ber
BUSINESS INDEXES
INCOME PAYMENTS
Adjusted index
—
1929=100.
Unadjusted index
do—
Total
mil. of dol.
Compensation of employees:
Adjusted index.
1929=100-.
Total
mil. of doL.
Mfg., mining, and construction
do
Transportation and utilities
do
Trade and
finance
do
Government, service, and other
do
Work relief..
do
Dividends and interest
do
Entrepreneurial withdrawals and net rents
and royalties
mil. of dol_.
Direct and other relief
do—
Benefit payments under social Security Act
mil. of dol._
84.2
84.5
5,532
83.5
83.7
5,482
82.6
76.0
4,975
82.7
81.4
5,331
81.4
81.6
5,342
80.4
76.7
5,020
80.7
82.3
5,388
80.7
81.0
5,304
81.5
76.1
4,985
82.0
83.5
5,465
82.3
86.3
5,651
'83.5
'84.5
80.9
'90.9
' 5, 297 ' 5, 956
85.7
3,592
1,124
374
640
1,257
197
790
82.4
3,444
1,066
371
641
1,228
138
872
81.4
3,420
1,071
355
632
1,216
146
442
81.0
3,448
1,064
369
630
1,221
164
720
80.1
3,457
1,035
359
644
1,239
180
752
79.5
3,456
1,022
359
635
1,251
189
440
79.4
3,458
1,006
360
629
1,266
197
800
79.8
3,357
1,002
366
625
1,175
189
788
81.4
3,418
1,056
373
619
1,173
197
412
82.5
3,570
1,102
374
632
1,265
197
692
83.1
3,675
1,137
386
641
1,305
206
739
1,016
95
1,063
94
991
95
1,014
97
995
92
992
85
993
1,025
86
1,015
85
1,067
84
1,108
84
'84.5
86.3
' 3, 670 ' 3, 719
' 1,145 ' 1,166
372
'377
'646
'683
' 1, 298 ' 1,290
209
'203
450
1,079
1,030
1,055
92
85
27
52
46
47
49
48
55
52
45
37
77
75
59
82
47
51
96
197
65
82
77
165
90
64
49
28
59
158
89
80
76
73
49
69
44
47
105
198
65
84
77
163
91
64
57
19
60
156
92
79
77
75
52
86
72
46
87
192
72
80
83
169
91
62
51
67
65
156
87
45
67
89
70
108
203
91
89
110
161
95
38
64
37
46
167
105
74
91
89
26
86
107
75
119
206
96
90
104
177
102
50
76
78
48
163
97
71
91
89
46
69
107
76
102
206
96
98
103
160
97
50
71
4]
50
158
102
75
97
95
63
91
155
88
77
74
46
69
80
46
90
193
72
81
87
154
92
71
57
34
64
153
91
70
81
79
45
87
69
58
101
199
82
79
90
167
92
39
55
78
52
165
84
64
83
82
43
71
77
62
103
200
82
83
97
154
93
47
60
38
54
161
99
104
103
115
83
155
101
102
208
100
104
116
167
105
58
86
35
69
163
55
88
103
103
96
84
155
109
106
208
100
94
112
164
102
57
77
42
66
165
51
77
93
134
66
119
303
61
22
88
72
117
73
90
156
62
102
333
56
19
77
68
116
92
89
153
72
73
317
96
61
80
155
46
117
83
137
75
68
76
152
235
90
110
87
39
36
INDUSTRIAL PRODUCTION
(Federal
Reserve)
79
79
Combined index, unadjusted
1923-25=100.
78
75
76
77
Manufactures, unadjusted
_
do._.
76
65
'62
63
66
Automobiles
do
105
36
34
46
65
Cement
___do.-42
62
35
44
46
Glass, platedo._.
147
50
53
55
55
Iron and steel
do
90
87
107
102
104
Leather and products
_
do...
191
196
201
195
Petroleum refiningf
do__.
62
64
67
57
Rubber tires and tubes
do...
78
76
107
Slaughtering and meat packing
_do
85
101
83
76
78
84
Textiles
do...
p 113
152
146
150
Tobacco manufactures
do
143
157
95
91
Minerals, unadjusted
do...
103
v 106
56
47
72
Anthracite
do
v 75
58
52
Bituminous coal
do
72
Iron-ore shipments
do
Lead
do
65
70
73
170
Petroleum, crude
_do
170
168
170
P167
106
97
104
Silver
_
do....
96
92
103
83
97
Zinc
do
~~"~94"
79
80
77
79
Combined index, adjusted.
do
75
76
73
75
Manufactures, adjusted
do
PIOO
54
65
54
••62
Automobiles
_
..do
105
65
59
67
57
Cement
do
69
42
62
42
35
Glass, plate...
__do
147
49
52
50
Iron and steel
do
50
94
104
94
104
102
Leather and products
do
191
201
197
Petroleum refiningf
do
195
62
67
64
57
Rubber tires and tubes
do
83
92
84
86
Slaughtering and meat packing
do
87
81
75
74
79
Textiles
do
160
157
159
157
Tobacco manufactures
__do
165
103
108
101
Minerals, adjusted..
_
_
..do
v 110
103
68
67
45
Anthracite
do
53
58
65
62
Bituminous coal...
do
64
Iron-ore shipments
do
Lead
do
67
64
74
Petroleum, crude
do
177
171
172
170
Silver
..do....
Zinc...
do
90
87
80
MARKETINGS
Agricultural products (quantity):
Combined index
1923-25=10072
72
Animal products
__do
75
79
Dairy products
_.
do
101
106
Livestock
do
63
59
Poultry and eggs
_.do
97
116
Wool
do
46
106
Crops
_
_
do
69
64
60
42
Cotton
do
88
93
Fruits
do
59
63
Grains
...do
111
107
Vegetables
do
' Revised.
v Preliminary.
fRevised series. Petroleum refining, unadjusted and adjusted, revised beginning 1934; revisions not
Survey.
92
85
136
60
79
487
100
19
81
205
63
120
203
91
77
103
172
97
38
62
76
44
170
104
rill
209
98
94
103
161
106
63
79
86
52
163
101
78
96
95
84
80
155
90
'101
208
98
95
100
150
99
49
72
50
50
161
102
131
89
114
85
76
139
174
267
113
128
87
78
116
160
108
154
79
85
67
117
64
153
89
'103
202
110
101
111
145
'103
'65
'82
'164
86
95
'104
'104
99
82
153
102
'122
201
110
86
'117
179
'109
'66
'77
~~57
'169
85
93
76
81
91
67
116
68
71
78
85
62
61
given on p. 59 of the February 1939 issue will appear in a subsequent
20
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
March 1939
1938
February
January
March
April
July
June
May
August
September
Decem
October November
ber
BUSINESS INDEXES—Continued
MARKETINGS-Continued
Agricultural products, cash income from farm
marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100..
Adjusted
do
CroDs
- - -.do
Livestock and products
do
Meat animals
Poultrv and eccs
-
do
do
69.5
68.0
58.5
77.5
85.5
79.0
67.0
71.5
69.6
54.5
85.0
103.0
83.5
66.5
54.0
62.5
49.0
76.5
95.5
75.0
54.0
60.5
67.0
55.0
79.5
92.5
77.5
66.0
58.0
70.5
60.0
81.5
88.5
75.0
68.0
60.5
67.5
58.0
77.5
84.5
71.5
75.5
61.0
72.0
66.5
77.0
80.5
76.5
76.0
72.0
82.5
86.5
78.5
82.0
80.0
75.0
72.5
72.0
63.0
81.0
84.5
82.0
75.5
85.0
72.5
61.0
84.5
86.5
87.0
75.5
••91.5
67.5
55 5
80.0
86 0
77.5
77.5
78.0
69.5
55.5
84.0
85.5
83.5
83.5
180
198
182
204
188
214
193
226
196
240
204
259
307
168
191
117
88
111
319
172
194
108
96
109
326
171
199
101
100
108
320
185
202
102
94
99
324
192
199
107
92
103
222
287
223
281
208
241
297
166
193
119
91
111
202
217
194
202
••297
72.
68.
55.
82.
89.
78.
81.
WORLD STOCKS t
Combined index (quantity)
Cotton adjusted
Rubber adjusted
-Silk adjusted
Sugar adjusted
Tea adjusted
Tin'unadjusted
- Wheat adjusted
1923-25=100
-do
do
-do
do
do .
do
- do
202
282
144
111
323
184
218
115
102
129
316
168
221
118
104
146
309
172
195
119
105
163
305
179
199
126
105
169
172
188
129
102
169
19
20
'26
16
19
12
10
16
COMMODITY PRICES
COST O F LIVING
(National Industrial Conference Board)
Combined index
Clothinc
Food
Fuel and lieht
Sundries
1923=100..
-do
do
do
- ~
- ---
do
85.4
72.7
79.2
85.9
86.2
96.8
87.5
76.7
82.0
86.3
88.2
97.6
86.7
76.0
80.1
86.3
87.8
97.5
86.7
75.5
80.3
86.2
87.5
97.8
86.8
75.1
81.1
85.7
87.2
97.6
86.5
74.5
80.8
83.7
87.0
97.6
86.7
73.9
81.9
83.7
86.7
97.5
86.5
73.5
81.7
84.1
86.6
97.4
85.9
73.4
80.1
84.4
86.6
96.9
85.9
73.3
80.4
85.0
86.6
96.8
94
97
71
102
113
97
94
92
98
71
103
95
103
02
105
70
117
71
110
92
99
68
121
96
93
94
93
66
128
95
118
76
66
112
96
109
70
91
110
105
114
68
89
110
111
97
69
85
117
101
89
68
82
114
98
86
77
79
111
88
82
73
77
116
92
84
77.5
80.3
78.4
80.5
91.0
78.6
79.4
79.1
89.1
92.4
91.2
90.6
90.2
96.3
88.7
89.0
90.5
84.3
97.2
90.9
92.9
95.3
87.0
97.1
90.7
92.2
94.6
86.1
97.1
90.2
91.4
94.2
85.6
97.1
89.9
90.8
93.5
85,4
85.8
73 2
79.8
86 6
86.6
96.8
85.6
73.2
79.5
85 9
86.4
96.8
95
124
94
131
1
72
107
73
109
1
70
60
111
107
107
71
60
111
102
95
1(
K
1(
78 1
77.8
81
89
78
85
73
80
86
86
96
PRICES RECEIVED BY FARMERS§
(17. S. Department of Agriculture)
Combined index
Chickens and eggs
Cotton and cottonseed
Fruits
Grains
.1909-14=100 _.
do
do
- - -
-
do
-do
68
98
71
101
69
102
69
104
79
72
123
99
87
78
62
115
92
99
75
63
117
107
98
75.7
86 4
80.2
80.0
78.4
78.4
88.0
78.7
89.5
89.2
89.0
89.0
89.0
89.0
88.9
88
97.0
89.6
89.9
92.7
84.9
96.9
89.4
89.3
91.9
84.9
96.8
88.9
89.0
91.5
84.8
96.6
89.0
89.4
91.3
84.5
96.5
88.7
89.4
91.1
84.5
96.4
88.7
89.4
90 9
84.5
96.4
88.7
89.2
90.4
84.4
96
RETAIL PRICES
U. S. Department of Labor indexes:
Coal:
Anthracite
.1923-25=100.Food
Fairchild's index:
Combined index
Apparel:
Infants' wear
Men's
Home furnishings
Piece goods
do
Dec. 31, 1930=100..
do
do
_
-
do
-do
88
89
90
84
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (813 q u o t a t i o n s ) . . 1926= 100..
Economic classes:
Finished products _
-do
Raw materials
do
Farm products
do
Grains
_
do
Livestock and poultry
do
Foods
do
Dairy products
-do
Fruits and vegetables
do
Meats
_.
do
Commodities other than farm products and
foods
. _
1926=100Building materials
do
Brick and tile
»
do
Cement
_
do
Lumber
do
Chemicals and drugs
do
Chemicals
do
Drugs and Pharmaceuticals
do
Fertilizer materials
do
76.9
80.9
79.8
79.7
78.7
78.1
78.3
78.8
78.1
78.3
77.6
77.5
77
80.0
70.9
74.9
67.2
56.3
78.0
71.5
71.8
60.9
81.6
84.3
74.9
76.9
71.6
75.0
78.5
76.3
83.3
56.7
82.6
83.3
73.6
76.1
69.8
73.0
78.1
73.5
78.3
56.8
78.4
83.4
73.2
75.6
70.3
69.0
82.7
73.5
76.7
56.5
81.6
82.7
71.3
75.3
68.4
66.0
79.3
72.3
71.7
56.8
82.2
82.1
70.7
75.4
67.5
62.3
77.9
72.1
69.1
58.7
82.1
82.2
71.4
74.1
68.7
62.7
80.2
73.1
68.5
61.7
84.5
82.5
72.3
74.3
69.4
58.3
84.4
74 3
69.5
56.4
89.7
81.8
71.4
74.4
67.3
53 4
80.6
73 0
68.8
57.3
86 0
81.8
72.0
74.7
68.1
53.0
81.0
74 5
71.1
55.5
87.3
81.1
70 9
75.9
66.8
50 8
76.2
73 5
71.6
57.5
83 3
80.5
71 5
76.2
67.8
50 9
75.2
74 1
72.5
63.0
81 9
80
70
75
67
54
74
73
73
60
79
80.2
89.5
92.4
95.5
91.7
76.7
79.7
73.0
70.2
83.5
91.8
91.8
95.5
92.6
79.6
84.1
74.0
72.1
83.0
91.1
91.5
95.5
91.0
79.1
83.6
73.9
72.3
82.6
91.5
91.1
95.5
91.3
78.7
83.2
73.8
71.8
82.0
91.2
90.4
95.5
91.1
77.5
81.9
73.8
70.1
81.6
90.4
90.5
95.5
89.3
76.8
81.2
72.8
69.6
81.3
89.7
90.6
95.5
88.7
76.3
80.6
71.9
69.5
81.4
89.2
90.7
95.5
88.8
77.7
81.7
74.8
66.9
81.4
89.4
90.6
95 5
90.2
77.7
81 4
74.8
67.3
81.3
89.5
90.9
95.5
90.4
77.3
81.0
74.8
67.2
81 1
89.8
91.1
95 5
90.3
77.1
80 5
74.9
67.5
80 6
89.2
91.5
95 5
90.2
76.6
80 2
73.6
67.7
80
89
91
95
90
76
80
73
68
' Revised.
JData for Feb. 15, 1939: Total 92,chickens and eggs 91, cotton and cottonseed 70, dairy products 107, fruits 78, grains 66 meat animals 116, truck crops 108. miscellaneous U2.
fRevised series. Index of world stocks has been revised to exclude coffee, for which satisfactory data have not been available since the end of 1937; revised indexes of total
stocks beginning 1920 appeared in table 5, p. 17, of the January 1939 issue.
21
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
1938
January
February
March
April
May
June
July
August
September
DecemOctober November
ber
COMMODITY PRICES—Continued
WHOLESALE PRICES-Continued
U. S. Department of Labor indexes-—Contd.
Commodities other than farm products and
foods—Continued
Fuel and lighting materials
1926=100..
Electricity
_ _
.do
Gas
do
Petroleum products..
do .
Hides and leather products
do
Shoes
do
Hides and skins
. .do
Leather
do
House-furnishing goods
do . .
Furniture
do
Furnishings.. ._ .
_.do
Metals and metal products
do
Iron and steel _
. . . .
do
Metals, nonferrous
do
Plumbing and heating equipment
1926=100..
Textile products
do
Clothing .
do
Cotton goods
.
.
do _
Hosiery and underwear...
do
Silk and rayon .
do
Woolen and worsted goods
. do..
Miscellaneous
do
Automobile tires and tubes
do
Paper and pulp
do
World prices, foodstuffs and raw materials:
Combined indexf
1923-25=100..
Cotton...
do
Rubber .
do
Silk
._
do
Sugarf
do
Tea
.
do
Tin
do
Wheat
do
Wholesale prices, actual. (See under respective commodities.)
73.2
50.4
93.1
101.2
78.4
85.0
85.4
80. 5
90.1
94.4
96.4
76.7
78.3
89.1
81.8
58.8
96.7
104.7
82.3
86.6
88.3
83.7
92.8
96.6
99.6
75.0
78.5
89.6
82.9
58.0
94.7
104.6
74.6
84.4
88.0
83.7
92.2
96.0
99.3
72.1
77.7
86.8
83.4
57.9
93.6
104.6
69.5
83.3
87.7
83.7
91.6
96.0
99.4
71.6
76.8
87.0
85.2
57.5
92.1
104.5
62.6
82.2
87.3
83.6
90.9
96.3
100.4
70.7
76.2
86.4
88.3
56.4
91.3
102.5
63.4
82.1
87.2
83.6
90.8
96.7
101.8
68.8
76.4
85.0
90.4
56.3
90.1
101.8
62.3
81.6
87.1
83.5
90.7
96.1
100.9
67.2
76.8
84.7
91.0
56.8
91.5
101.2
70.8
82.5
86.4
82.2
90.5
95.2
97.2
71.8
76.8
81.6
88.1
56.7
91.9
100.8
75.6
82. 1
86.4
82.2
90.5
95.4
97 3
72.9
76.6
81.8
88.7
56.4
92.0
100.8
75.7
82.4
86.2
82 1
90.2
95.5
97 3
73 5
75.4
81.8
87.1
53.8
93.4
100.3
82.1
84.6
85.7
82.1
89 3
95.3
96.9
76.2
73.7
81.8
84 6
51.5
94.6
100.4
85.5
86.9
85.8
81 9
89.7
94.9
96.9
77 6
81.6
50.9
93.1
100.6
78.8
85.9
86.0
81.6
90.3
94.6
96.8
76.8
78.7
65. 9
81 5
64.3
59.1
32.1
74.5
73 2
58.8
81 0
79.6
69.7
86.3
68 2
63.0
28.9
83.8
75.2
57.4
90.0
79.6
68.6
85.8
67.6
60.9
28.5
81.0
74.8
57.4
89.7
78.9
68.2
84.6
67.5
60.3
28.8
80.2
74.4
57.4
88.8
77.2
67.2
84.6
65.7
60.6
28.9
77.1
73.4
57.4
87.5
77.2
66.1
82.2
65.0
60.5
28.4
76.0
73.1
57.4
86.9
77.2
65.5
82.2
63.9
59.7
27.6
75.6
72.9
57.4
85.5
79.5
66.1
81 7
65.1
59.8
29.9
75.9
72.7
57.4
82.8
79.2
65.9
81.7
64.4
59.8
29.2
76.3
72.4
57.4
82.4
78.5
65.8
81 6
64.1
59.9
29 5
76.3
72 4
57.4
81 9
78.5
66.2
81 6
64.6
59.9
30.9
76.3
72 6
57.4
81 7
78.7
66 2
81 6
65 1
59.9
30 3
76.4
73 0
58.8
81 5
78.7
65.8
81.6
64.6
59.3
30.8
74.8
73.1
58.8
80.9
37.2
32.7
36 9
26.5
31.3
66 7
92.3
39 3
44.2
31.6
34.3
21.9
32.1
75.4
82.6
75 8
45.2
32.7
34.5
22.2
28.3
77.4
82.1
82.5
41.9
32.7
31.7
22.8
27.1
76.0
81.9
69.6
40.7
32.4
27.7
22.6
26.0
76.9
76.3
68.5
38.8
30.9
27.1
22.4
26.2
75.3
73.3
62.9
39.6
30.9
29.4
22.5
27.1
70.9
80.3
64.0
41.2
32.7
36 0
25.3
28.2
70.5
86.3
62.4
39.1
30.9
37.7
24.3
28.1
76.3
86.1
53.9
38.3
29.8
37 8
25 2
28.9
78 4
86.3
50 2
37.8
31.6
39 6
25.9
26.8
72 9
90.0
46 7
37.5
33 5
38 0
25 2
28 8
66 0
92.0
42 3
36.5
32.0
37 6
25.3
30.4
67 2
91.9
38 1
130.9
129.0
156.5
119.0
124.5
124.5
144.1
116.3
126.2
127.6
151.5
117.2
126.4
127.2
153.1
117.2
128.0
125.9
156.5
117.2
128.9
126.4
159.7
117.5
128. 6
124.7
159.7
117.2
127.8
125 0
154.8
117.5
128.9
127.6
159.7
118.3
128.6
127 1
154 8
118.3
129.8
128 0
154 8
118.5
129.9
128 5
156 5
118.8
13Q.8
127 2
153 1
118.5
72.8
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
Retail food prices
Prices received by farmers
Cost of living . .
1923-25=100
do
.do
. . .
do
CONSTRUCTION AND REAL, ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
44
59
46
Total, unadjusted
__ 1923-25 =100—
61
63
70
69
65
79
78
85
'77
28
43
Residential, unadjusted
do
35
44
46
45
52
49
56
56
54
48
51
52
Total, adjusted
do
46
51
54
86
66
59
78
82
96
••96
32
37
33
Residential, adjusted
do .
37
42
54
53
49
56
57
56
57
F. W. Dodge Corporation (37 States):
9,261
15,058
Total projects
number.. 13, 281
14,533
18,194
17,565
17,648
16,926
19,664
18, 770
17, 772
16,027
Total valuation
thous. of dol_. 251, 673 192,231 118,945 226,918 222,016 283,156 251,006 239,799 313,141 300.900 357, 698 301, 679 389.439
Public ownership
do
51,054
94, 597
99,219 143,700 107,777
145, 382 117, 601
97,838 171,099 160,125 203, 359 178,948 279,403
67,891 132,321 122, 797 139,456 143, 229 141,961 142, 042 140, 775 154,339 122, 731 110,036
Private ownership
__do
106,291
74, 630
Nonresidential buildings:
2,456
2,466
2,303
3,344
2,965
3,368
Projects
number..
3,188
3,499
3,416
3,594
3,363
3,585
3,495
Floor area
thous. of sq. ft.. 14, 351
9,637
8,436
13,578
11, 579
14,429
14, 744
13,713
13, 787
23, 223
15,599
21,515
25,503
Valuation
thous. of dol _ 84,999
57,448
48,440
80,435
72,563
87. 316
77, 771
81,803
9i, 997 131,020 116,008 139, 513
87,823
Residential buildings, all types:
6,266
10,554
Projects
_
..number..
5,300
9,938
12,209
9,750
12,673
12,757
13,488
11,600
13,907
12, 515
10,413
Floor area
_
thous. of sq. ft.. 19,981
10, 350
18, 732
9,356
20,069
20,550
21,275
21,579
23, 574
21, 781
27,177
23, 405
22,720
Valuation
thous. of dol__ 80,163
40,023
74, 577
85,682
36,207
79, 396
83,153
87,978
99,732
99, 574 112, 673
95, 253
91, 539
Public utilities:
118
Projects
number..
138
197
171
258
213
195
151
274
335
500
288
330
Valuation
thous. of dol__ 29, 509 48,451
5,149
10,694
9,373
43,699
8,689
13, 431
37,980
26,167
21,176
44, 312
19,726
Public works:
574
1,342
Projects
number..
598
1,080
1,552
1,775
1,827
817
1,592
1,828
1,675
1,619
1,342
Valuation
_
thous. of dol . 57,002
25,333
50,125
49,005
74,832
78,533
65,827
88,113
57, 631
83,162
92, 829
70, 692 114,075
Building permits issued in 1,728 cities:c?
34,731
61,974
Total buildings
number.. 38,225
33,460
56,264
61,292
56,695
60.878
64,462
63,173
68, 543
52, 641
37, 586
Total estimated cost
thous. of dol_. 151,362 176,147
99, 523 118,134 133,845 117,382 139,568 161, 340 156,984 158, 083 158,083 142,907 143,336
New residential:
Buildings
_..number.. 11,276
12,302
8,016
6,998
11,750
14,427
13,766
15,545
13,720
15, 204
14,535
10,719
13,638
Estimated cost
thous. of dol.. 71,974
32,090
98,739
63,260
70, 851
60, 652
54,939
87,538
91,186
63, 863
87,188
78, 295
74, 693
New nonresidential:
Buildings
number..
5,669
5,435
9,677
10,974
10,875
6,533
11,818
10,745
9,671
12,137
13,169
10, 548
7,067
Estimated cost
thous. of dol_. 56,827
43,242
53,320
41,349
36, 626
42,596
28,071
44,491
42,889
52,184
45,978
59,010
47,436
Additions, alterations, and repairs:
Buildings
number.. 20,487
34,844
37,632
19,983
22,081
37,331
36,136
33,317
37,115
40,250
36. 558
28, 578
19,890
24,126
Estimated cost—
thous. of doL. 22,888
23,816
27,477
26,900
30,935
27,942
25,801
21, 236
27,877
26, 651
20,620
r
Revised.
fRevised series. Data on world prices revised beginning 1920; the index of coffee price was excluded so that the combined indexes of world prices and world stocks will be
comparable, and a new series on world sugar prices has been substituted. Earlier data appeared in table 4, p. 17, of the January 1939 issue.
c?Data through December 1937 based on reports from 1,728 identical cities having populations of 2,500 or more. Subsequent figures are based on reports of a slightly
smaller number of cities in the same size group, but comparability is maintained through the use of link relatives. These data supersede those shown in the 1938 Supplement, which were for approximately 1,500 cities. Data beginning January 1936 not shown above appear in table 11, p. 16, of this issue.
22
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1938
1939
January
March 1939
January
February
March
April
May
June
July
August
September
DecemOctober November
ber
CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, P E R M I T S , AND
DWELLING UNITS PROVIDED—Con.
Estimated number of new dwelling units provided in all urban areast'
Total
number..
1-family dwellings
_.
_.
do
2-farnily dwellings
do
Multi-family dwellings
do .
Engineering construction:
Contract awards (E. N. R.)l_ .thous. of doL. 311,693
31, 350
8,187
1,339
21, 824
11,015
7,989
799
2,227
17, 676
13,460
1,330
2,886
18,931
14,102
1,309
3,520
19, 699
15,611
1,213
2,875
20,977
16,063
1,253
3,661
26,064
15, 506
1,046
9,512
25,913
17,342
1,412
7,159
25,808
16, 214
1,156
8,438
23,648
16,857
1,290
5,501
22, 064
14, 781
1,042
6,241
18,355
11,517
796
6,042
190,186
209,481
255,018
193,374
183,806
223,066
223,333
236, 271
289, 725
235,898
217,023
339, 250
2,376
1,836
540
1,231
741
490
2,559
1,630
928
4,284
3,039
1,245
5,306
4,543
763
8,432
6, 201
2,231
5,194
3,511
1,682
7,247
4,548
2,699
8,064
3,213
1,851
4,671
2,871
1,800
4,583
2,001
2,582
4.270
2,765
1,505
3,042
42,149
3,178
41,407
3,198
40,636
4,031
44,072
5,011
51,158
5,002
51,299
4,728
53,137
4,109
48,958
3,463
43, 373
3,337
38, 572
3,122
36, 231
3,390
37, 677
5,875
101,626
184,112
6,276
106, 645
194,162
6,923
113,842
208,018
7,667
123,958
227,012
8,031
129,160
236,044
8,991
135,164
254, 869
9,278
134,900
257,078
9,521
135,158
260, 494
9,418
133,337
256, 592
8,872
130,841
252,852
7,968
120, 453
234, 256
7,514
113,828
221, 530
10,433
11,177
11,392
11,928
13, 577
14,465
12, 419
13,384
10,690
11,674
12,090
12, 782
12, 836
13, 676
11,416
12,136
12, 561
13, 370
12,112
12,877
13,930
15,159
12, 794
13,867
45,930
47,475
44, 758
46, 389
43,369
44, 885
45, 275
46, 832
45,162
46, 755
42,452
43,594
41,031
42,058
40,399
41, 298
37, 676
38, 567
35, 451
36,387
35, 883
36,808
35, 023
36,026
183
169
192
167
185
183
172
195
165
189
183
172
194
164
188
183
171
193
164
188
182
168
193
163
187
182
168
193
162
186
181
168
192
162
184
181
168
191
164
184
181
167
191
164
184
181
167
191
164
184
182
167
192
166
184
182
169
192
166
184
182
169
192
166
184
188
191
191
189
189
189
188
188
188
188
188
188
188
95.3
130.0
117.6
119.1
93.7
126.3
114.6
116.2
96.0
127.4
114.8
118.8
96.0
126.5
114.6
118.8
95.9
126.5
114.6
118.8
95.8
127.0
116.1
118.7
96.4
129.2
116.1
118.6
96.4
128.2
116.0
118.3
96.1
129.8
115.9
118.5
96.1
129.9
116.0
118.5
96.2
129.7
115.9
118.7
96.5
130.1
115.9
119.1
96.1
130.1
116.0
119.1
97.4
132.6
122.3
120.1
96.4
127.9
118.7
120.4
98.2
128.7
118.8
122.8
98.2
127.6
118.7
122.8
97.9
127.6
118.7
122.8
97.9
128.4
121.0
122.8
98.5
131.4
121.0
119.9
98.5
130.3
120.9
119.6
98.2
132.7
120.9
119.8
98.2
132.7
121.0
119.8
98.2
132.4
120.9
119.8
98.4
132.8
120.9
120.1
98.0
132.8
121.0
120.1
96.0
129.4
117.7
120.4
94.0
126.4
115.1
119.5
97.5
127.9
115.4
121.3
97.5
127.2
115.1
121.3
97.5
127.2
115.1
121.3
97.5
127.5
116.8
121.5
98.1
129.6
116.8
120.8
97.8
128.1
116.2
119.4
96.7
128.9
115.6
119.8
96.7
129.0
116.2
119.8
96.8
128.9
115.6
120.1
96.5
129.3
115.6
120.5
96.2
129.3
116.2
120.5
85.0
122.5
106.6
110.7
82.5
117.1
104.9
105.3
84.8
121.8
106.3
108.2
84.8
120.7
104.9
108.2
83.7
120.7
104.9
108.2
83.2
121.0
105.3
108.0
84.3
121.3
105.3
106.9
85.3
121.1
105.4
107.4
85.6
122.3
105.4
108.8
85.6
122.8
105.4
108. 8
86.0
122.6
105. 4
109.9
87.4
122. 4
105.4
111.0
86.3
122.4
105.4
111.0
81.6
121.3
98.7
107.7
76.4
113.3
97.7
98.6
81.4
118.7
99.5
103.1
81.4
118.1
97.7
103.1
81.1
118.1
97.7
103.1
80.4
118.3
97.4
102.8
80.9
118.8
97.4
102.8
82.2
119.3
97.5
103.3
82.3
120.0
97.5
105.1
82.3
120.5
97.5
105.1
82.8
120.4
97.5
106.5
84.6
121.2
97.5
108.1
83.1
121.2
97.5
108.1
234.7
239.6
239.0
238.8
238.0
236.8
236.9
232.3
232.4
232.7
234.3
234.4
234.9
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
3,190
Total
.
thous. sq. y d .
2 085
Roads
do
1,105
Streets and alleysd1
- do
Status of highway and grade crossing projects
administered by the U. S. Bureau of Public
Roads:
Highways:
Approved for construction:
Mileage
no. of miles
3 306
Federal funds
thous. of dol__ 36,294
Under construction:
7,541
Mileage
„
no. of miles.Federal funds
.
thous. of dol__ 113, 466
218,965
Estimated cost
do
Grade crossings:
Approved for construction:
13,572
Federal funds
do
14,587
Estimated cost
_ do .
Under construction:
36 440
Federal funds
do
37, 932
Estimated cost
do
CONSTRUCTION COST INDEXES
Ahprthaw (industrial building
1014 — 100
American Appraisal Co.:
Average, 30 cities
1913=100
Atlanta
_
do
New York
do
San Francisco
-- do_.
St. Louis .
do
Associated General Contractors (all types)
1913=100..
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta _
U. S. av., 1926-29=100.
New York
do
San Francisco _
__ _ do._ St Louis
do
Commercial and factory buildings:
Brick and concrete:
Atlanta
_ do
New York
do
San Francisco
do
St. Louis
-do . . .
Brick and steel:
Atlanta
do
New York
do
San Francisco
do
St. Louis
. ...
do.-_
Residences:
Brick:
Atlanta
...
...do
New York
do
San Francisco
do
St. Louis
do
Frame:
Atlanta
do
New York
_
do
San Francisco
do
St. Louis
do .
Engineering News Record (all types) §
1913=100..
REAL ESTATE
192
194
189
189
Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
64,627
58, 250
51, 058
74,191
60,419
68,344
67,878
61,775
63,267
18,866
39,903
19,340
thous. of doL_ 42, 218
Premium paying mortgages (cumulative).do.. 1,355,829 858,983 880,357 902,634 928,433 958,471 997,850 1,038,627 1,082,454 1,131,404 1,189,823 1,244,141 1,300,446
§Index as of February 1,1939, is 234.3.
^Data for March. June, September, and December 193K are for 5 weeks: other months, 4 weeks.
tf Data for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938.
JData in process of revision; will be shown when available.
23
SURVEY OF CUERENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
1938
January
February
March
April
May
June
July
August
September
October
Novem- December
ber
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE-Continued
Estimated new mortgage loans by all savings
and loan associations:!
72,931
72,279
74,709
49,102
65,218
67, 639
64,070
Total loans
thous. of doL. 55, 567
50,093
73,307
73,067
71,647
Loans classified according to purpose:
Mortgage loans on homes:
22, 099
19,892
19,152
12, 572
11,669
19,400
19,096
22.575
Construction..
do
16,099
16, 648
18,627
17, 710
21,018
24,677
25,636
14,896
16,117
24,123
21, 924
23,833
20,826
17,503
21,056
25,494
21,205
Home purchase
do
25, 698
12,913
13, 885
11, 334
11, 293
15, 281
13,194
12,805
11, 749
14,391
14,701
15, 772
12,182
Refinancing.
do
12,416
5,727
6,211
3,409
3,662
5,416
5,397
4,025
3,389
4,953
5,528
5,683
Reconditioning
do
4,791
4,821
7,515
8,443
6,891
7,352
8,059
8,028
8,170
8,072
7,126
8,648
Loans for all other purposes
do
6,827
7,724
7,235
Loans classified according to type of association:
26, 534
24, 721
23,356
26, 310
25,019
16, 781
17, 520
26,107
23, 823
26,858
24, 220
Federal..
thous. of doL. 20,894
25, 650
30, 546
31,196
26, 504
23,071
20,879
22,073
27,835
30, 238
30,350
28,973
29,506
State members
.
do
29, 255
26,115
15,851
12,411
11,442
10, 500
16,662
16,362
14,843
18, 345
14,027
16,407
Nonmembers
.
do.__~ 11,602
16, 742
13, 735
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of dol_. 1,040,770 864,900 874,800 895, 300 919, 700 930,300 947, 500 961, 300 976,074 994,218 1,011,087 1,020,873 1,034,162
Federal Home Loan Banks, outstanding advances to member institutions
thous. of dol__ 178, 852 190, 535 187,498 183,105 183, 747 186, 507 196, 222 191, 889 189,415 189,548 189, 217 189, 685 198,840
Home Owners' Loan Corporation, balance of
loans outstanding
_
thous. of doL. 2,149,038 2,370,984 2,348,025 2,323,995 2,301,894 2,281,884 2,265,153 2,248,982 2,234,899 2,221,417 2,203,896 2,186,170 2,168,920
Foreclosures:
195
194
189
161
169
154
179
172
Nonfarm real estate
1926=100..
191
169
153
159
165
181
177
153
176
161
142
145
170
177
Metropolitan communities
do
157
157
155
151
22,918
19,474
20,435
24, 798
29,051
25,616
20,821
27,676
26, 473
Fire losses..
thous. of doL. 27, 615
23, 373
28, 659
32,758
DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
Combined index
.1928-32=100.
Farm papers
do...
Magazines
do
Newspapers
.,
do...
Outdoor
___„
do
Radio
...do...
Radio advertising:
Cost of facilities, total
thous. of dol.
Automobiles and accessories
do...
Clothing.
.....do...
Electric household equipment
do...
Financial
do...
Foods, food beverages, confections do._.
House furnishings, etc
do___
Soap, cleansers, etc
do...
Office furnishings, supplies
do
Smoking materials
do
Toilet goods, medical supplies
..do...
All other.
_do_..
Magazine advertising:
Cost, total
._
do...
Automobiles and accessories
.do...
Clothing
do._.
Electric household equipment
do...
Financial
do
Foods, food beverages, confections d o . . .
House furnishings, etc
do
Soap, cleansers, etc.
do...
Office furnishings, supplies
do
Smoking materials
do___
Toilet goods, medical supplies
do
All other
do...
Lineage, total
thous. of lines.
Newspaper advertising:
Lineaee, total (52 cities)
do
Classified
_
do...
Display, total
_
do....
Automotive
do
Financial
.do...
General
__
do
Retail.
_
do...
273.6
79.8
66.7
78.4
74.1
75.3
272.2
81.2
67.4
82.1
75.7
72.5
260.9
83.7
59.8
81.5
77.8
91.5
253.2
82.4
69.6
79.9
76.7
91.3
226.5
80.0
67.2
75.0
74.7
85.0
250.5
79.5
66.8
73.0
74.8
76.6
281.0
77.4
55.8
74.7
72.5
74.7
261.0
80.3
79.3
74.5
75.2
77.0
274.7
82.1
58.8
73.5
78.9
76.9
260.0
78.4
64.7
73.6
73.8
77.7
242.3
83.6
65.7
82.0
79.9
65.9
257. 6
88.0
'70.3
78.8
86.0
71.0
261.7
7,023
647
25
0
41
2,318
49
714
0
836
2,045
348
6,943
858
15
74
62
2,204
18
634
0
710
1,907
462
6,432
813
23
64
48
2,083
2
600
0
687
1,738
375
7,074
850
23
71
54
2,408
2
682
0
797
1,849
337
5,924
632
19
90
36
2,107
1
626
0
674
1,489
252
6,051
639
56
87
22
2,122
0
662
0
724
1,482
257
5,524
557
34
72
27
1,949
0
647
0
678
1,374
187
4,493
374
33
10
22
1,434
0
580
0
616
1,236
188
4,530
352
37
0
27
1,380
0
624
0
672
1,242
195
4,781
447
30
0
21
1,543
0
611
0
655
1,308
6, 509
626
18
0
19
2,103
48
626
0
853
1,851
365
6,713
6,754
2,157
2,301
39
674
0
861
39
653
0
853
1.990
'349
1,977
7,993
1,188
272
67
320
1,429
194
209
122
654
1,266
2,271
1,929
8,913
1,260
372
101
386
1,431
197
235
136
786
1,413
' 2, 596
1,990
11,465 r 14,136
1,125
1,716
441
738
239
493
484
423
1,937
2,339
370
684
529
433
182
216
685
853
2,476
2,685
2,998
3,557
2,144
2,404
15,733
2,272
977
839
392
2, 254
877
440
211
818
2, 550
4,104
2,628
14,564
1,968
898
657
410
2,035
954
396
206
914
2,173
3,953
2,658
11,316
1,474
706
365
356
1,657
560
418
122
777
1,894
2,987
2,202
8,411
1,268
257
98
311
1,654
217
284
41
651
1,540
2,090
1,602
7,380
888
341
19
266
1, 353
130
275
116
705
9,846
769
822
136
341
1,516
599
355
228
734
1,642
2, 703
2,112
13, 668
1,630
1,022
342
444
2,073
862
398
223
889
2,261
3, 524
2,318
13,412
2,142
11, 529
1,295
2,143
1,931
2,210
3,394
2,251
1,815
3,424
1,658
87, 418
19, 556
67,861
2,446
2,301
12, 771
50,343
90. 624
20, 247
70, 378
2,060
2,315
14, 785
61,218
88,457 108,919
19,187
23,404
69, 270 85, 514
2,611
5,081
1,918
1,493
15, 273 17, 544
49, 892 60,971
109,917
22, 646
87, 271
4,347
1,459
17,505
63,960
109,906
22, 695
87, 2J1
5,676
1, 396
18, 310
61, 830
98.519
21, 331
77.188
4; 340
1, 556
16, 253
55, 039
83, 653
20,301
63,352
3,031
1,869
13,028
45, 424
] 13, 558 113,457
22,411
20, 233
91,147
93.314
4,932
6,608
1,732
1,449
18,411
18,749
66, 073 66, 509
118,096
20,372
97, 723
3,581
1,574
14,028
78, 540
'70.9
69.5
1,344
1,943
1,472
86,102 103,869
20,808
21,376
65,293
82,493
2, 623
2,366
1,201
1,209
12,175
15,888
49,295
63,031
600
18
0
26
689
312
426
679
363
225
829
626
10
0
21
273
531
470
299
509
234
266
755
GOODS IN WAREHOUSES
Space occupied, merchandise in public warehouses
..percent of total..
70.9
69.9
69.7
69.3
68.2
18.4
NEW INCORPORATIONS
Business incorporations (4 States)
number..
2,210 2,173 1, 787
2,094
1,910
1,940
1,877 1,774 1,818 1,614 1,723 1,793 1,943
r
Revised.
fRevised series. Revised data on estimated new mortgage loans by all savings and loan issociations beginning January 1936 not shown above are given in table
12, p. 16, of this issue.
24
SUEVEY OF CUEKENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
March 1939
1938
January
February
March
April
May
June
July
August Septem-
October
Novem- December
ber
DOMESTIC TRADE—Continued
POSTAL BUSINESS
Air mail:
Pound-mile performance
.
millions
Money orders:
Domestic, issued (50 cities):
Number
thousands
Value
thous. of dol._
Domestic, paid (50 cities):
Number
thousands
Value
_ .
thous. ofdol
Receipts, postal:
50 selected cities
50 industrial cities
thous. ofdol
do
1,108
1,057
1,279
1,156
1,303
1,255
1,199
1,273
1,235
1,299
1,252
4,234
39, 227
4,198
40,864
4,030
37, 555
4,515
42,566
4,168
40,039
4,002
38, 111
3,956
37,450
3,720
35,862
3,842
37,238
3,775
36, 651
4,170
39,485
4,067
37, 996
4,654
42, 202
12, 939
94,176
12, 602
93,941
2,285
11,932
89,070
2,167
14. 697
111,332
3,163
13,312
100,887
2,556
12, 789
97,283
2,070
13,366
100,250
2,220
11,975
92, 785
2,151
12,543
98,006
2,097
12,846
99, 470
2,606
13,989
107,933
1,985
14,028
106,097
2,280
15, 793
113. 841
7,717
28,537
3,667
27,492
3,535
27,046
' 3,360
31, 792
3,881
29,564
3,641
28,247
3,485
28,007
3,500
24,602
3,303
26, 609
3,446
29, 517
3,472
30,850
3,728
31,426
3,568
42,470
5,154
53.6
74.0
76.0
61.0
80.5
60.0
75.5
57.0
65.0
50.5
61.4
56.6
49.2
54.5
37.1
60.0
54.9
84.5
'97.8
102.0
'98.1
'92.0
106.4
108.8
103.3
116.0
105.0
112.8
103.3
109.4
106.3
109.7
108.1
120.0
106.0
116.0
109.4
122.0
108.0
120 0
109.5
121.2
112.9
127.0
94.1
93.6
95.6
94.7
94.4
91.7
95.0
93.6
93.6
92.2
89.2
91.0
88.5
92.2
93.0
94.9
94.9
94.4
96.7
96.7
101.1
98.1
78.6
94.1
81.7
97.2
95.2
92.9
90.7
90.7
90.9
95.7
88.0
98.9
85.2
96.3
94.1
98.5
98.2
96.7
102.2
100.2
' 193.6
'104.9
1,780
131
2,156
132
2,787
133
2,383
133
2,496
133
2,366
133
2,315
133
2,513
132
2,833
132
2,819
133
5,952
133
8,914
681
10,053
681
11,965
681
10,253
681
10, 643
680
10,004
681
10,179
682
11,125
685
12,353
685
11, 972
686
24,114
687
5,358
234
6,054
236
6,671
236
6,507
239
6,235
239
5,822
239
6,336
238
6,179
238
6,827
238
6,613
238
14,429
238
2,641
201
3,005
201
3,493
201
2,909
201
3,200
200
2,946
199
2,960
200
2,955
200
3,294
200
3,186
200
7,003
200
2,489
201
2,782
200
3,652
201
3,160
201
3,294
201
3,301
201
3,087
201
3,308
201
3,811
201
3,594
201
7,222
201
20,054
2,007
22,055
2,012
25,926
2,012
22,714
2,011
23,149
2,010
22, 733
2,010
22,566
2,011
23,491
2,013
26, 774
2,017
25,295
2,018
50,379
2,017
3,081
343
3,384
342
3,324
341
3,246
340
3,054
343
3,017
343
3,193
338
3,269
340
3,460
337
3, 275 |
336
' 5, 522
481
6,530
481
8,061
481
7,214
480
7,608
483
6,971
484
6,834
484
7,653
484
8,970
487
8,635
489
17,996
491
13,437
1,524
17,043
1,526
20, 371
1,527
18,853
1,528
20,322
1,531
18, 258
1,530
19,068
1,533
22,381
1,537
26,820
1,538
27,196
1,539
38,928
1,539
15.3
42.8
70
99
54
68
70
91
66
64
74
55
76
69
76
88
112
85
85
107
87
91
72
81
90
16.8
45.1
77
101
67
86
76
97
86
93
77
59
97
78
81
86
109
95
88
104
98
90
69
84
89
16.1
44.9
86
110
78
87
89
100
84
97
88
66
110
85
90
83
105
82
79
99
88
89
61
82
91
15.7
45.2
80
107
67
80
79
103
79
85
81
61
99
77
87
78
106
79
74
103
82
84
61
77
90
15.4
45.2
79
94
74
82
75
90
72
92
85
63
103
69
80
82
104
84
78
101
93
89
63
75
90
14.9
43.5
58
79
46
60
59
72
61
68
62
46
72
58
73
83
113
83
78
103
96
88
65
85
89
15.9
42.4
65
100
55
72
65
83
74
81
64
48
81
63
86
83
128
87
78
108
93
86
62
83
90
15.8
42.0
91
120
73
96
89
117
88
107
94
67
110
93
82
86
127
93
86
105
98
90
68
87
79
17.0
46.6
92
126
86
91
87
113
92
109
98
75
127
92
91
84
106
82
82
100
92
85
65
81
88
17.0
47.1
99
126
86
96
93
118
89
96
106
82
118
95
102
89
111
88
88
105
96
89
68
82
96
17.2
46.4
156
203
138
157
152
182
151
147
164
'127
'209
143
'162
89
119
'94
93
105
97
92
71
'70
95
11.2
9.3
8.6
8.5
7.3
9.4
14.7
11.5
11.1
10.3
7.1
67
70
71
70
71
69
71
69
65
68
61
67
65
67
70
67
74
67
78
67
62
66
RETAIL TRADE*
Automobiles:
New passenger automobile sales:
72.1
50.8
Unadjusted
1929-31=100
92.5
65.0
Adjusted.
do..
Chain-store sales:
Chain Store Age index:
Combined index (20 chains)
106.7
av. same month 1929-31 = 100. _ 107.7
Apparel chains
do
118.0
107.6
Grocery chain-store sales:
93.2
93.3
Unadjusted
1929-31 = 100..
96.1
96.2
Adjusted
.
do
Variety-store sales:
Combined sales of 7 chains:
73.6
71.6
Unadjusted
.
do _
96.1
98.7
Adjusted
do__.
H. L. Green Co., Inc.:
1,998
1,790
Sales..
thous. of dol__
Stores operated
number..
131
133
S. S. Kresge Co.:
8,607
Sales
thous. of dol..
8,801
Stores operated
number
687
680
S. H. Kress & Co.:
5,159
5,055
Sales
_
thous. of dol..
233
238
Stores operated
number
McCrory Stores Corp.:
2,535
2,476
Sales
thous. of dol..
202
200
Stores operated .
.
number
G. C. Murphy Co.:
2,490
Sales
thous. ofdol..
2,685
201
200
Stores operated
number
F. W. Woolworth Co.:
19,157
19, 653
Sales
thous. of dol
2,014
2,005
Stores operated
number
Restaurant chains (3 chains):
3,398
Sales
thous. of dol_.
343
Stores operated _
number
Other chains:
W. T. Grant & Co.:
' 5,328
5,531
Sales
.
thous. ofdol
480
489
Stores operated _ _
number
J. C. Penney Co.:
Sales
thous. of dol.. 16,523 ' 15,263
1,524
1,539
Stores operated
number
Department stores:
Collections:
Installment accounts
15.6
percent of accounts receivable
46.9
Open accounts
do
70
69
Sales, total U. S., unadjusted.. 1923-25= 100..
91
86
Atlanta
do
66
Boston
do
65
70
69
Chicago
do
67
67
Cleveland
. . do
87
87
Dallas
.
do
67
67
Kansas City
..1925=100..
72
Minneapolis
1929-31 = 100..
75
74
New York.
1923-25= 100..
68
51
Philadelphia
do
48
79
78
Richmond..
.
do
69
69
St. Louis _.
.
do
77
San Francisco...
do
77
90
88
Sales, total U. S., adjusted
.do
109
Atlanta
_do
115
88
Chicago.
do
86
88
88
Cleveland...
.
do
114
114
Dallas .
do
87
Minneapolis
1929-31 = 100..
91
94
New York..
1923-25=100
86
71
Philadelphia _
do
68
86
St. Louis
do
87
'94
San Francisco
do
93
Installment sales, New England dept. stores
10.2
percent of total sales..
11.6
Stocks, total U. S., end of month:
63
Unadjusted
1923-25=100
*>60
Adjusted
do
*67
71
' Revised.
9 Preliminary.
•The following reports, showing percentage changes in sales, are available at the Washington, D. C , office of the Bureau of Foreign and Domestic Commerce, or at
any of its District Offices: (1) Chain drug stores and chain men's wear stores, (2) Independent stores in 27 States and 4 cities, by kinds of business, (3) Wholesalers' sales,
by kinds of business, (4) Manufacturers' sales, by kinds of business.
25
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the
Janu1938 Supplement to the Survey
! ary
1938
January
February
March
April
May I June
July
August
Se
P£rn-
October
N o v e m
ber
-
Decem
ber
-
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Mall-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...
Eaetdo...
South
..do...
Far West
_
do...
Total U. S., adjusted
do...
Middle West.
do...
East.—
__.___.
doSouth..
_
do—.
Far West
do...
58, 320
24, 769
33, 551
52, 460
21,840
30, 620
52, 214
21, 765
30, 449
71,868
30, 797
41,071
81,920
37, 063
44, 857
79, 613
36,150
43, 463
79, 565
35, 745
43, 820
65,392
29, 075
36,316
72,783
32,849
39,934
87,722
38, 556
49,167
100,012
46, 667
53,345
93, 510
42, 295
51,215
125, 706
57.085
68, 622
91.3
84.1
87.8
111.3
100.2
110. 0
102. 6
104. 5
134.1
134.5
86.6
78.6
86.5
105.9
94.6
104.3
95.8
102. 9
127.6
126. 9
90.4
81.6
91.5
118.3
91.2
99.9
94.3
100.0
1183
115.4
98.4
89.8
102.8
120.4
100. 8
105.8
99.8
109.4
129.4
115.2
107.9
99.2
114.6
121.6
116.2
112.3
100.8
115.2
131.4
125. 6
103.5
96.1
104.7
113.7
119.3
110.1
99.1
107.4
127.8
132.5
106.2
99.4
107.5
1J2.0
125. 8
112.4
101.9
110.2
130.2
133.1
84.8
77.7
82.2
92.9
105.8
110.2
99.6
104.7
133.7
127.4
98.2
90.0
95.0
104.1
125.7
114.2
102.9
107.4
136.9
136.6
121.1
107.9
117.6
148.9
141.6
122.4
108.4
125.8
145. 3
121.0
140.9
123.3
139.8
189.3
153.4
115.5
104.0
118.0
137.7
131.1
147.2
135. 7
144.1
177.8
161. 5
119.7
110.4
125. 9
133. 7
134.0
183. 6
166.4
195.9
202. 8
211.0
129.3
117.2
137. o
146. 9
138. II
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
j
I
j
!
Factory, unadjusted (IT. S. Department of
I
I
Labor)t
1923-25=100..
89.3
87.8
88.2
87.7
85.7
83.4
81.6
81.9
85.7
88.8
89.5
90.5 ' 9 1 . 2
Durablegoods
do
81.4
81.7
80.1
79.3
77.0
75.0
72.4
70.3
71.7
75.3
79.0 r 82.1
r 83.1
Iron and steel and their product", not incl.
machinery
...1923-25=10085.8
86.4
85.3
84.4
82.3
80.7
77.8
76.7
79.4
81.7 ' 8 3 . 9 ' 8 6 . 5 ' 8 7 . 4
Blast furnaces, steel works, and rolling
mills
1923-25=100
90.7
94.5
92.7
90.9
88.2
85.8
82.3
82.4
84.0
85.1 ' 8 6 . 1 ' 8 9 . 8 91.1
Hardware
...do
84.9
75.2
71.8
70.5
64.9
63.5
61.3
56.5
60.6
66.9
79.5
84.4 ' 8 6 . 3
Structural end ornamental metalwork
1923-25=100
61.6
66.2
63.7
62.0
61.2
59.7
58.3
59.1
59.8
60.5
61.1
60.7 ' 6 1 . 9
Tin cans and other tinware
.do..
82.2
87.9
86.9
88.3
88.7
87.5
88.9
91.4
99.5
97.6
86.2
84.6 ' 8 4 . 1
Lumber and allied products
do
61.5
60.0
60.6
62.3
61.6
61.0
60.7
60.7
64.0
65.8
65.7
' 6 5 . 2 64.1
Furniture
do.
76.3
75.1
74.8
74.6
71.8
70.0
70.8
71.2
76.0
79.0
79.7
'79.5 '79.8
Lumber, sawmills....
__
.do....
48.6
47.9
48.3
51.0
51.0
51.1
50.1
49.8
52.4 1
53.5
53.1
52.3 ' 5 0 . 9
Machinery, not incl. transportation equipI
ment
1923-25-100..
01.5
104.0 I
99.7 j
96.9
93.2 j
89.7 I
86.1
82.9
84.1
85.5
87.2
89.5
91.8
Agricultural implements (including tracI
!
|
tors)
1923-25=100..
110.9
158.7
152.8
150.3 147.8 j 133.8
125.2
100.6
99.8
90.3
93.7
96.6 '105.0
Electrical machinery, apparatus, and
I
supplies
1923-25 = 100..
82.4
96.0
89.9
86.5
81.6 j
78.1
75.3
73.0
74.0
77.4
80.7
83.2
83.7
Engines, turbines, water wheel?, and
I
windmills
_
1923-25 = 100..
87.1
92.0
91.4
89.4 j
92.4 j
90.1
85.5
82.1
82.6
83.1
83.4
83.5
85.3
F o u n d r y and machine-shop products
!
1923-25 = 100
81.9
92.4
89.1
87.1
83.5 |
81.0
77.4
75.8
77.1
77.7
77.5
78.9 ' 8 1 . 7
Radios and phonographs
do
106.7
86.0
84.4
76.1
77.9 j
76.3
81.6
81.6
88.9
93.5
108.0
118.8 '118.0
Metals, nonferrous, and products - . do_
91.7
88.8
88.0
86.9
84.2 |
81.8
79.8
79.1
83.0
87.9
92.2 ' 9 5 . 4 ' 9 4 . 4
Brass, bronze, and copper products do
98.5
93.1
91.2
90.5
88.8
87.3
85.7
86.1
89.0
92.7
96.4
100.5 100.2
Stone, clay, and glass products . .
do .
66.3
63.1
63.0
63.7
65.4
66.0
65.8
64.6
66.3
67.8
70.1
71.6
70.5
Brick, tile, and terra cotta
do
48.6
42.8
42.9
43.8
47.0
48.4
48.3
48.8
49.9
51.2
52.0
52.4 ' 5 1 3
Glass
I "do."
89.2
87.6
85.4
83.5
81.6
80.7
79.3
74.7
78.7
82.1
87.5
92.1 ' 9 3 . 0
Transportation e q u i p m e n t —
do
95.7
82.6
79.9
77.4
71.9
68.2
62.4
55.5
51.0
63.7
79.4
91.6 ' 9 6 . 1
Automobiles...
do
106.1
84.7
82.1
79.3
72.9
68.6
61.5
53.1
48.0
64.9
86.3
101.9 '106.9
Nondurable goods
do
96.8
93.7
95.9
95.8
94.0
91.5
90.3
92.9
99.0
101.6
99.4
98.3 ' 9 8 . 8
Chemicals a n d petroleum refining,
do V
111.8
114.6
115.1
115.1
112.4
108.8 105.2
105.0
108.1
113.0
113.4
113.0 '112.7
Chemicals
do
115.5
120.2
117.3
113.4
111.4
109.6
109.7
107.8
110.3
112.5
114.8
117.2
116 9
Paints and varnishes
d o " " 111.9
112.5
112.2
113.5 114.2
114.9
113.0
110.8
110.6
112.5
112.9
112.4 112.4
Petroleum refining
do
117.1
122.8
121.7
121.2
121.3 120.9
121.1
121.8 121.9
121.0
119.5
118.9
118 1
Rayon and allied p r o d u c t s . . .
"do"""
312.9
294.3
307.3
312.1 283.0
283.8
265.4
270.5
293.9
315.2 314.4
312.8 '311.3
Food and kindred products
do "
113.6
114.7
113.3 112.0
112.6
113.6
119.4
128.6
138.3
142.7 '128.8
'123.4
'120.1
Baking
do
140.0
141.8
141.9
141.7
141.8 141.8 144.2
145.0
144.5
145.6
144.3
144.6 '143.5
Slaughtering and m e a t p a c k i n g . . . do "
99.9
102.3
97.0
93.0
91.5
91.9
93.5
94.7
94.2
95.5
97.4
100.7 '102.4
Leather and its manufacturesdo
92.8
89.6
93.5
94.2
92.1
86.0
81.8
89.3
92.7
92.3
89.6
84.8
'88 6
Boots and shoes
.
.
do
92.6
91.5
96.0
97.2
95.0
87.6
82.5
91.4
94.6
93.8
89.9
83.3
'87 6
Paper and p r i n t i n g . . . . .
. . d o
105.3 106.1
106.1
105.3 104.6
103.4
101.9
101.5
102.7
104.3
105.5
107.0 '108.0
Paper and pulp
do
104.9
105.5
106.0
105.4
104.3
102.9
101.9
101.6
102.8
104.0
104.8
105.9 '106 3
Rubber products.
I " I"do""""
80.9
77.9
74.1
72.9
72.7
71.4
70.6
68.7
72.5
75.9
77.7
82.4
'83 6
Rubber tires and inner tubes.
do_."
67.1
68.8
63.1
61.7
61.2
60.4
60.4
60.7
60.6
61.9
63.5
66.1
67.2
Textiles and their products . . . .
do
97.3
89. 7
94. 7
95.0
91. 8
87.4
84.6
86.6
95.1
97.9
97.5
96.9
' 98 6
Fabrics
"do ""
90.7
82.1
83.1
82.2
79.5
78.0
77.2
80.4
85.1
86.6
87.2 ' 8 9 . 5 ' 9 1 . 8
Wearing apparel
do..
110.6
105.3 119.8 122.7
118.5
107.2
99.7
98.9
116.3 122.1
119.6
112.0 '112.2
Tobacco manufactures
do
60.0
55.7
63.2
63.8
63.4
63.8
64.8
61.5
64.3
66.3
66.3
66.9
65 2
Factory, adjusted (Federal Reserve)t
do..~
91.5
90.0
88.9
87.4
85.4
83.7
82.4
82.9
84.9
86.9
87.5
90.0 ' 9 1 . 6
Durablegoods
do....
83.4
83.7
81.0
79.0
76.2
74.1
71.9
70.7
72.0
75.7
78.0
81.4 ' 8 3 . 2
Iron and steel and their products, not incl.
machinery
1923-25=100,.
87.6
88.2
85.7
83.8
81.6
80.2
77.8
77.4
79.4
81.1
83.3
86.4 ' 8 8 . 1
Blast furnaces, steel works, and rolling
I
mills
. . . 1923-25 = 100
92
95
92
90
87
85
83
83
84
85
87
90
92
Hardware—.
_
....do..I."
85
75
71
70
64
63
61
57
62
67
79
84
86
Structural and ornamental metalwork
1923-25=100
63
68
66
64
62
60
58
58
58
58
60
60
63
Tin cans and other tinware
do.
88
95
93
93
92
89
87
86
90
89
84
87
88
Lumber and allied products
do
65.8
64.1
63.6
63.4
61.9
60.9
59.9
60.2
61.9
63.2
62.9
64.6
65.3
Furniture
do
79
78
76
76
74
73
73
73
75
76
75
76
79
Lumber, sawmills
do..I.
53
52
52 !
52
50
50
48
49
50
51
51
53
53
Machinery, not incl. transportation equipi
I
ment
1923-25=100..
92.2
104.8 100.0 |
96.9
92.8
89.1
86.0
83.3
84.7
85.1
86.8
89.1
91.6
Agricultural implements (including traci
tors).
1923-25=100..
109
156
148 j
142
139
130
124
103
106
96
99
99
105
Electrical machinery, apparatus, and
|
supplies
1923-25=100..
83
97
90 |
87
82
78
75
73
74
77
80
83
84
Engines, turbines, water wheels, and
windmills
1923-25=100..
93
98
92
88
88 j
86
82
81
83
83
86
88
88
F o u n d r y and machine-shop products
|
1923-25=100
82
93
89
87
83
80
77
76
77
78
78 1
79
82
Radios and phonographs
do .
112
91
96
91
93
87
83
82
82
81
89
106
111
Metals, nonferrous, and products-... d o . . . _
93.4
90.4
88.4
86.5
84.5
82.4
81.3
82.0
84.4
86.7
89.0
'92.4 '93.3
Brass, bronze, and copper p r o d u c t s . d o . . . .
99
94
91
90
88
86
86
87
90
93
95
101
100
Stone, clay, and glass products
do...
73.4
69.8
67.6
65.7 j
64.9
63.4
63.2
63.4
64.0
65.4
67.8
71.1
72.0
Brick, tile, and terra cotta
do—J
57
50
49
48
47
46
45
46
46
48
49
52
'53
Glass...
_
do...
94
92
85
82
81
80
78
76
79
82
87
92
93
Transportation equipment
do
93.2
80.9
77.0
73.3
68.3
65.1
61.1
56.9
55.9
74.3
82.0
89.9 ' 9 3 . 9
Automobiles
-—
-—do—I
102
81
77!
74
69
65
60
55
55
79
90 !
90
'104
' Revised.
tRevised series. Data on factory employment, unadjusted (U. S. Department of Labor) revised beginning 1933; see table 76 on p.13 of the November 1938 issue and
table 1, p. 15 of the December 1938 issue. Factory employment, adjusted (Federal Reserve), revised in its entirety; data not shown in table 76, p. 13 of the November 1938
Survey, or in table 1, p. 15, of the December 1938 issue are available upon request.
130964—39
-4
26
SURVEY OF CURRENT BUSINESS
March 1939
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the January
1938 Supplement to the Survey
February
January
March
April
June
May
October Novem- Decei
August September
ber
ber
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)t—Continued.
Nondurable goods
.1923-25= 100..
Ohemicals and petroleum refining
do_.__
Chemicals
do_._.
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
_-do
Food and kindred products
-.do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do_
Boots and shoes
do.
Paper and printing
do.
Paper and pulp
do.
Rubber products
do.
Rubber tires and inner tubes
do.
Textiles and their products
do
Fabrics
-do
Wearing apparel
do
Tobacco manufactures
_do__.
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31 = 100.
Chicago
..1925-27=100.
Cleveland
.1923-25=100.
Detroit..
do__.
Milwaukee
1925-27=100.
New York
_
do...
Philadelphia
1923-25= 100..
Pittsburgh
do___.
Wilmington
_do.._.
8tate:
Delaware
do—
Illinois
1925-27=100..
Iowat
1923-25=100..
Maryland
.1929-31 = 100..
Massachusetts
.1925-27=100..
New Jersey
1923-25=100..
New York
.1925-27= 100..
Ohio
1926=100..
Pennsylvania
1923-25=100..
Wisconsinf
1925-27=100..
Nonmanufacturing, unadjusted (U. 8. Department of Labor):
Mining:
Anthracite
1929=100,.
Bituminous coal
do—
Metalliferous
do—
Petroleum, crude, producing
do—
Quarrying and nonmetallic
do
Public utilities:
Electric light and power, and manufactured
gas
1929=100.
Electric railroads, etc
do...
Telephone and telegraph
do...
Services:
Dyeing and cleaning
do.__
Laundries
_do.__
Year-round hotels
do...
Trade:
Retail, total..._
.
do...
General merchandising
do
Other than general merchandising
1929=100.
Wholesale
do...
Miscellaneous employment data:
Construction employment, Ohio 1926=100.
Hired farm employees, average per 100 farms
number.
Federal and State highway employment:
Total.
numberConstruction (Federal and S t a t e ) . . d o . . .
Maintenance (State)
do...
Federal civilian employees:
United States
do...
District of Columbia
do...
Railway employees:
Class I steam railways:
Total
thousandsIndex:
Unadjusted
1923-25=100.
Adjusted.
_
do...
Trade-union members employed:
All trades
percent of total.
building.._
do—
Metal...
do...
Printing
do...
All other
_
do...
On full time (all trades)
.do...
99.2
112.2
117
115
118
310
124.0
143
121
272
122.2
144
95
88.4
90
103.0
102
69.5
61
92.1
83.4
109.8
61.9
97.1
111.0
110
113
121
292
123.0
144
95
89.6
91
103.7
103
73.4
61
96.4
87.2
115. 7
62.9
97.6
111.4
111
114
120
312
122.2
143
96
91.3
92
104.0
104
76 0
62
97.0
'87.2
117.9
64.3
96. 6
111.2
113
113
119
313
119.2
142
97
90. 8
91
104. 3
105
76.8
64
95.6
86.3
115.4
63. 2
98.2
111.8
117
114
118
310
122 9
143
84.5
65.7
72.5
54.9
88.9
74.6
80.0
59.3
76.3
83.6
64.7
70.0
47.8
85.6
73.1
80.7
59.8
76.4
85.1
65.4
74.0
56.8
86.2
81.7
82.9
60.8
77.6
87.2
67.2
76.9
72.1
84.6
86.8
68.7
79.4
88.0
85.fi
88.3
86.1
G4.4
81. 0
86.5
69.6
80.6
97.6
89. 3
86.1
88.1
65. 9
83.7
73.1
'123.0
90.8
65.7
72.5
72.8
78.0
'70.3
81.7
84.0
71.4
' 124. 0
88.7
62.3
72.9
71.5
76.0
68.9
82.4
86.6
70.0
' 123. 9
88.1
63.2
72.5
72.2
75.0
'69.2
91.3
99.5
72.0
* 125.1
90.0
70.0
74.7
76.4
78.0
'71.7
86.0
94.2
73 7
126 9
91.9
71.8
75.7
80.3
81.0
73.4
83.1
87.7
74.4
r 130. 5
91.3
72.4
75.2
80. 8
82.0
74.4
81.4
87.8
75.3
' 127. 9
90.8
72 6
76.9
80. 3
85. 0
' 75. 4
81.5
57.0
85.8
61.6
73.8
41.7
52.8
82.2
58.8
73.2
43.7
56.0
80.2
56.0
72.8
43.6
44.6
78.5
49.7
72.3
44.1
37.6
80.1
51.4
72.4
44.6
46.4
83.4
55.2
71.5
44.6
52.4
87.2
57.9
69.5
44.4
51.0
88.6
'61.9
<• 68. 3
44.4
' 51. 3
'89.3
62.7
' 67. 7
'41.4
92.0
70.8
74.9
91.8
71.1
74.8
91.7
70.6
75.0
92.2
70.4
74.8
92.3
70.1
74.9
92.7
69.5
74.8
92.5
69.3
74.9
92.5
69.9
74.7
'91.9
69. 5
74.4
' 91. 4
69. Z
' 74. 2
95.6
95.7
94.5
98.5
94.8
93.4
111.8
95.4
93.5
109.9
96.2
93.7
110.8
96.6
92.2
108.6
97.8
90.7
105.0
97.5
90.4
107.8
96.5
91.8
106.8
94.4
92.9
' 102. 5
93.7
' 92. 5
'97.9
93.4
91.9
84.1
91.5
82.4
88.8
83.0
90.5
88.2
101.0
83.8
92.4
83.6
91.9
81.1
87.9
80.0
86.4
85.0
98.2
86.1
100.7
'87.2
' 105. 9
'98.7
' 147. 2
82.1
91.0
80.7
90.4
81.0
89.1
84.9
88.5
81.5
87.3
81.4
87.2
79.3
86.8
78.3
87.6
81.5
82.3
89.1
'82.3
89.8
' 86. 0
40.2
36.9
36.6
37.7
38.8
37.0
37.0
36.0
35. 0
' 32. 0
67
71
74
79
86
93
109
108
294,240
134, 248
159,992
322,508
153,602
168,906
323,650
153,509
170,141
106
337.63S
164.444
173,194
855,131
115,562
864,944
116,159
872,527
116,971
872, 525
118,079
95.4
112.7
115
114
122
307
122.4
143
95
89.9
92
105.6
105
72.4
62
91.4
80.3
115.2
64.6
94.1
110.9
112
113
122
289
120.4
143
94
89.8
92
105.0
104
72.2
61
89.4
78.9
112.2
64.9
92.9
110.2
110
110
122
290
120.0
142
93
87.1
89
103.7
103
71.3
60
87.6
78.6
106.6
64.8
92.4
108.4
110
109
120
274
121.2
143
94
84.4
85
103.0
102
71.3
60
87.4
79.3
104.1
65.2
94.5
108.3
106
89.5
92
106.4
106
78.0
69
90.6
81.4
109.8
60.7
96.4
114.4
119
113
123
303
124.2
144
97
89.9
92
106.1
106
74.1
63
92.2
81.1
116.2
64.2
75.3
81.9
79.8
95.3
79.1
89.5
72.4
85.2
89.5
74.2
80.2
74.3
93.9
82.4
91.1
69.2
81.7
89.3
71.5
76.7
70.5
93.3
83.0
90.3
67.9
79.7
88.8
69.4
75.5
68.4
91.8
81.8
87.2
64.8
77.3
87.4
67.5
72.3
58.5
90.0
77.2
82.5
63.0
76.8
90.4
80.7
'128.7
89.4
69.2
75.3
76.9
84.7
'75.6
84.9
86.8
79.8
' 127. 9
91.8
69.5
75.8
77.5
84.1
••75.2
84.7
85.1
77.6
' 126. 2
91.6
68.7
74.5
77.3
83.2
'74.7
84.5
82.6
75.7
' 126.2
91.6
67.0
73.2
75.5
80.7
'72.9
83.3
50.3
88.7
62.2
67.0
39.2
59.6
96.9
67.4
75.3
38.2
60.0
95.5
63.6
74.2
37.8
59.3
93.2
62.3
73.6
38.9
89.8
69.1
74.5
93.8
72.3
77.8
92.6
71.2
75.7
94.2
93.0
91.
96.8
96.8
94.3
82.9
92.7
97
92.7
93
105.6
105
81.2
67
98.3
89.9
115.6
65.4
84.6
69.7
81.8
100.8
28.0
0)
96.0
114.8
122
115
123
291
124.7
145
99
210, 851
76,305
134, 546
196,858
70,293
126,566
177. 675
61,965
115,710
179.420
62.608
116,812
213,802
81,902
131,900
272, 316
115,853
156,463
863,911
120.309
113,331
807,636
113,111
814,577
112,711
824,133
113,778
838.965
114,519
no
62.1
88.5
36.0
99
91.4
92
105. 4
106
81.7
99. 5
• 112.3
117
114
118
310
• 124.2
144
Ui>
'92. 1
92
' 106. 0
106
T
fj]
^3 °
" 67
96.0
88.7
113.6
63.7
' 98. 9
' 90. 3
' 116.4
64.2
'87.2
70.6
82.3
102. 9
92 7
Sti 9
r
90. 9
' 66. 4
' 86. U
r
91.9
76.1
131.0
91.6
73.8
81.3
86. 0
82^4
101
83
350.090
164, fi96
185, 394
341, 832
138,512
203, 320
266, 629
103,491
163, 138
873,694
118, 343
869, 256
118,985
•918,861
120, 604
976
955
943
929
920
930
945
955
979
992
977
961
52.1
54.3
53.7
56.0
52.6
54.6
51.9
53.4
51.1
51.5
50.7
50.1
51.2
50.1
52.1
50.8
52.6
51.3
53.9
52.9
54.7
53.2
53. 8
53. 4
52.8
54.1
84
65
78
80
60
81
89
84
79
57
79
89
84
58
79
56
76
84
85
58
80
61
75
88
85
59
81
63
75
88
85
60
81
64
75
87
85
62
82
65
75
87
86
62
83
64
75
87
88
63
84
68
73
88
88
65
85
68
74
84
68
76
88
89
64
85
67
65
66
89
65
«• Revised.
fRevised scries. Iowa employment revised beginning J u l y 1937; revisions not shown above are minor with the following exceptions: November 1937, 134.7 and December 133.4. Wisconsin employment, and pay rolls have been adjusted, beginning 1929, to trends indicated by census data. Indexes not shown on p . 26 of the November 1938
Survey will appear in a subsequent issue. D a t a on factory employment, adjusted, Federal Reserve, revised; see footnote marked with a " t " on p . 25.
1
Discontinued by reporting source.
27
SUEVEY OF CUREENT BUSINESS
March 1939
Monthly statistics through December 1937. to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
1938
January
February
March
April
May
June
July
DecemOctober NovemAugust September
ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS
Averace weekly hours per worker in factories:
National Industrial Conference Board (25 in
dustries)
hours
U. S. Department of Labor (87 Industries)^
hours
Industrial disputes (strikes and lockouts):
Beginning in month .
number
In progress during month
do..
Workers involved in strikes:
Beginning in month .
thousands
In progress during month
do
Man-days idle during month
do
Employment Service, United States:
Applications:
Active
file
. do
New
._
do _.
Placemen's, total.
do
Private
. . __
do
Ratio of private placements to active file
percent..
Labor turn-over in mfg. establishments:
Accession rate._.mo. rate per 100 employees..
Separation rate:
Total
.
„
do
Discharge
.
do _
Lay-off
do
Quit
do
32.5
33.4
33.3
32.9
32.7
33.1
33.8
35.2
36.2
36.7
36.9
33.2
34.3
34.5
34.2
34.4
34.4
34.7
36.3
36.9
37.4
36.5
37.1
270
' 156
'276
' 178
'295
'247
'372
'247
'404
'265
'433
' 194
'362
'178
'324
'219
'363
'185
'326
' 199
'323
'167
'299
p 14.r
p 75
p 650
35
'56
' 477
52
'77
'505
'56
'104
'751
109
'822
81
122
' 1,145
'52
'93
'839
48
'82
'751
'46
77
'807
'93
'130
'969
50
' 109
r 817
'38
'69
'504
v 51
M75
7,308
6,070
6,763
6,784
7,259
7,525
7,831
8,088
8,119
7,966
7,743
7, 529
7,216
052
200
130
942
137
93
750
132
91
806
177
129
667
218
154
677
239
159
803
246
164
705
228
156
623
271
190
523
281
203
565
292
208
503
251
178
477
230
161
36.6
M70
p
36.6
P249
1.8
1.5
1.4
1.9
2.1
2.1
2.1
1.9
2.3
2.5
2.7
2.4
2.2
4.09
3.78
3.13
3.13
2.58
2.84
3.44
4.81
5.29
4.51
5.19
4.24
3.22
3.19
6.08
4.39
4.46
4.54
4.57
4.41
3.81
3.08
3.56
3.30
3.14
3.88
.10
.11
.11
.11
.10
.13
.11
.06
.10
.12
.12
2.24
5.45
3.79
3.74
3.85
3.82
3.69
3.13
2.33
2 62
2.40
2.44
.52
.49
.61
.59
.62
3 21
.85
.61
.59
.65
.82
.78
.60
.58
.10
.09
PAY ROLLS
Factorv, unadjusted (CJ. S. Department of
70.6
72.9
74.6
70.8
76.9
84.1
83.2
75.0
76.9
77.1
81.0
86.6
Labor) t
1923-25=100..
83.8
64.2
65.6
58.6
67.2
67.4
61.7
63.7
76.6
67.1
Durable goods
do
68.7
75.2
'80 4
78.3
Iron and steel and their products, noi incl.
63.3
57.4
62.7
59.1
63.2
65.3
77.4
64.3
79.1
60.9
machinery ._
.1923 25=100
68.6
'80.8
' 74.9
Blast furnaces, steel works, and rolling
56.8
62.9
58.1
64.5
64.3
65.3
81.8
63.7
87.6
' 81. 9
'83.2
mills.,
1923-25-100
60.7
73.9
Hardware
_ ._ . . . do
81.4
55.5
59.3
56.4
51.8
48.3
53.2
52.4
57.6
65.7
93.2
'90.1
86.3
Structural and ornamental metalwork
48.8
50.6
49.4
51.2
48.8
52.0
46.7
50.1
54.2
51.8
49.7
'53.2
50.5
1923-25=100..
91.2
91.8
92 9
94.4
92.6
107.0
89.6
86.3
89.6
103.0
87.5
'87.9
89.2
Tin cans and other t i n w a r e . . .
do
50. 1
51.2
50.5
48.0
51.8
48.7
58.1
51.4
60.0
45.1
56.2
' 56.1
60.0
Lumber and allied products
do
Furniture..__
do
60.3
52.0
56.3
51.9
56.8
51.3
52.4
50 4
62.5
68.1
68.4
'64.9
'67.8
Lumber, sawmills
do . . .
41.3
37.5
39.3
44.4
44.5
41.6
45.4
45.4
50.2
50.6
50.4
46.4
'44.9
Machinery, not incl. transportation equip76.4
80.6
83.6
88.0
76.1
91.1
83.9
87.5
95.1
72.7
78.6
'89.2
ment
1923-25—100
81.9
Agricultural implements (including trac124.1
137.2
152.9
98.6
166.1
161.8
160.7
95.6
95.0 '113.5
113.6
87.1
92.4
tors)
1923-25-100
Electrical machinery, apparatus, and «up64.1
68.4
72.0
66.6
77.4
80.9
67.7
80.4
'82.4
pl'ps
1923-25—100
80.7
87.3
73.0
78.0
Engines, turbines, water wheels, and wind97.1
89.4
100.8
85.9
89.9
99.2
101.7
91.6
98.3
'98.0
98.8
90.0
90.4
mills.1923 25-100
Foundry and machine-shop products
70.0
74.9
71.4
75.2
63.7
65.7
67.2
70.6
' 75. 9
77.5
68.1
79.8
69.4
1923-25=100.
72.4
71.6
66.8
57.9
106.9 '107.6
68.3
95.3
83.5
Radios and phonographs
do
97.9
65.8
75.5
72.7
69.0
67.0
69.0
74.1
66.3
74.4
74.3
'90.2
74.9
81.4
'90.1
84.8
88.5
Metals, nonferrous, and products
do
74.5
77 9
76.0
72.5
83.4
77 5
99.8
77.1
75.8
89.1
'98.9
93.0
96.2
Brass, bronze, and copper products do
54.3
53.1
56.4
57.7
53.0
56.5
'63.8
47.9
51.3
58.3
'63.5
56.5
Stone, clay, and class products
do
63.0
36. 0
32.3
28.8
35.4
35.7
37.2
'39.0
26 9
28.2
38.6
'39.4
Brick, tile, and terra cotta
..do
36.0
40.6
77.6
81.4
69.1
79 1
77.6
78.6
98.6
Glass
...
do
80. 7
82 6
'99.4
90.6
77.7
92.9
59.5
57.4
65 9
64.9
49.9
64 7
65.1
51.0
95.9
94.1
'98.7
67.6
83.8
Transportation equipment
do
54
4
56.8
63.3
47.4
64.4
62.3
47.0
102.
3
107.6
62.7
91.3
'
108. 4
66.3
Automobiles
do
Nondurable goods
do
90.6
84.0
87.8
87.9
84.7
82 fi
80.9
84 1
91.7
94.9
93.4
'90.6
'93.5
111.1
115 7
120.1
114.3
112.8
119.1
117.3
116.9
117.3
118.9
119.8
115.7
120.1
Chemicals and petroleum, refining..do
114.5
117.4
116 8
US. 5
118.1
121.0
128.1
128.1 '129.8
123 6
121.4
127.9
125.3
Chemicals __
do
114.1
111 0
110.8
119 5
115.6
111.2
108.1
113.8
115.4
114.5
116.3
113.2
104.0
Paints and varnishes
do..
Petroleum refining
do
134.7
135.9
138.2
134.9
136.5
139.6
137.8
135 3
138.1
134. *
132.8
133. 6 ' 134.1
309.2
258.3
265.
8
244.2
281
7
257.9
242
1
249.5
289.0
308.2
302.
6
302.7
'
302.
4
Rayon and allied products
do _
121.7
114.1
117.3
128. 5
113.3
114.2
131.1
136. 7 ' 127.0
122.4 ' 120. 9
116.6
115.0
Food and kindred products
.
do
139.5
137.5
141.9
142.8
139.
5
137.3
139.8
143.5
139.7
137.7
'
138.
2
135.5
136.3
Baking..
.
do
103.6
100.8
104.7
107.9
110.0
105.0
1007
104.8
110.0 ' 112.5
108.7
111.2
118.7
Slaughtering and meat packing
do
57.5
69.4
70 6
60.9
76.6
74 0
69.6
77.0
70.0
62.4
70.0
69.0
77.9
Leather and its manufactures _.
do
709
Boots and shoes
do
73.2
67.2
76.5
69 9
76 5
57.6
52.8
67.0
75.1
64.5
54.4
'63.3
994
101.8
100.3
101.2
101.3
98.5
96 0
95.9
98.0
101.1
103.7
103.3 ' 107. 3
Paper and printing
do
Paper and pulp
do
101.9
96.3
101.4
98.4
101 8
97.2
94.9
96.9
101.9
101.5
106. 5 ' 102. 9 ' 103. 4
Rubber products
.„ do
84.4
66.1
58.9
61.9
60 9
63.3
63. 5
64.1
69.5
76.7
79.7
85.2
'89.0
Rubber tires and inner tubes
do
76.6
60.0
49.0
53.7
51.5
56.1
57.5
60.0
60.6
67.3
69.1
75.3
'79.0
80.6
68.0
77.9
71.6
78.0
66.3
62.4
66.6
80.0
84.0
83.1
'78.4
'83.3
Textiles and their products
do
Fabrics
do
78.4
64.4
69 0
63.3
67.6
62.0
61.2
65.7
73.4
74.7
76.5
'77.3
'81.1
Wearing appar°l
do
82.2
72.6
92.8
85 6
95. 8
72.5
62.6
66.0
90.4
99.5
93.0
'78.0
'84.7
52.6
53.2
54.7
56.6
59.4
57.1
59.0
61.0
60.7
59.8
59.6
Tobacco manufactures
do
50.3
48.0
Factory, unadjusted, by cities and States:
City or industrial area:
92.2
87.2
89.1
87.1
96.2
94.8
92.3
94.0
96.7
96.8
'99.4
90.9
95.6
Baltimore
1929-31 = 100
58.3
54.4
66.5
52.9
50 8
50.8
52.2
54.0
55.2
55.9
58.5
Chicago.._
1925-27=100
57.1
59.7
Milwaukee
do
87.6
87.2
84 3
86 8
81.4
81.7
78.8
84.1
80.9
84.5
89.7
92.6
76.3
74.3
77.4
68.5
66.6
66.7
75.5
83.6
80.6
76.0
79.0
New York .
do
70.5
77.6
88.0
82.3
85. 5
79.3
84.3
76.1
74.7
76.1
79.3
82.7
83.8
84.5
'89.6
Philadelphia
1923-25=100
Pittsburgh
do .
77.9
71.0
72.2
70.8
68.5
67.8
62 2
58.0
66.4
66.7
73.6
'78.6
'80.0
Wilmington. _
do
84.8
82.7
77.2
76.8
71.9
73.1
72.3
72.9
74.1
75.4
75.9
76.4
'84.2
State:
74.4
70.2
68.3
67.5
69.1
74.7
71.7
71.6 • '78.5
72.1
71.7
78.9
77.0
Delaware __
do
65.1
64 4
63.0
60.9
58.4
56.6
55.9
58.9
60.3
62.2
62.6
64.9
Illinois
.
1925-27=100
63.2
96 8
89 1
89.0
98.7
98.7 '101.9
93 6
93.9
95.7
96.0
97.5
91.3
'91.7
Marvland.
1929-31 - 1 0 0 . .
57.1
67.1
66. 3
69.5
64.5
67.6
59.1
55.3
62.0
68.3
62 9
61.3
Massachusetts
192.5-27= iOO
57.8
71 2
71.9
70 5
68.2
68.7
68.3
68.4
70.9
72.6
75.0
74.6
77.8
75.9
New Jersey _
1923-25=100
74.4
r.8.9
70.6
70.6
67.4
64.2
63.5
64.8
69.8
75.3
72.9
75.0
75.8
New York....
. 1925-27=100
73.4
' 65.8
'67 8
' 68. 5
65.7
'64.8
'62.1
'61.3
'66 9
68.9
'72.3
'73.3
'75.6
Pennsylvania
1923-25=100
80.9
82.1
81.9
79.6
77.0
81.3
77.4
80.3
77.7
80.9
81.6
83.8
Wisconsint
1925-27-100..
' Revised.
» Preliminary.
tRevised series. Data on factory pay rolls (U. 8. Pept. of LaboT) revised beginning 1933; see table 77 on p. 17 of the November 1938 Survey and table 2, p. 16 of the
December 1938 issue. For Wisconsin pay rolls, see footnote marked with a "t" on p. 26.
1 Current figures are not strictly comparable witn those prior to July 1938; revised series will be shown when available.
28
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey
1939
January
March 1939
1938
January
February
March
April
May I June
August Septem- October Novem- December
ber
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY BOLLS—Continued
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
. . . . . .-.1929-100Bituminous coal
...do
Metalliferous
..do....
Petroleum, crude, producing
do....
Quarrying and nonmetallic
do
Public utilities:
Electrio light and power, and manufactured
gas
1929=100Electric railroads, etc
.
do
Telephone and telegraph.._.
do
Services:
Dyeing and cleaning
._
do—
Laundries.._.
do....
Year-round hotels
„.__— do
Trade:
Retail, total
_do
General merchandising
do
Other than general merchandising..do
Wholesale
.do.»._
WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
industries)
...dollars..
U. S. Department of Labor (87 industries)!
dollars.Durable goods
do
Iron and steel and their products, not including machinery
dollars,.
Blast furnaces, steel works, and rolling
mills
.dollars.Hardware
do
Structural and ornamental metai work
dollars .
Tin cans and other tinware
..do
Lumber and allied products
...do
.
Furniture
.
...do
Lumber, sawmills..
do
Machinery, not including transportation
equipment
.
dollars-.
Agricultural implements (including
tractors)
.dollars.Electrical machinery, apparatus, and
supplies
dollars. .
Engines, turbines, water wheels, and
windmills
dollars..
Foundry and machine-shop products
dollars..
Radios and phonographs
do
Metals, nonferrous, and products__do
Brass, bronze, and copper products
dollars..
Stone, clay, and glass products.....do
Brick, tile, and terra cotta,_.
do
Glass
_
do
Transportation equipment
.do
Automobiles.....
do
Nondurable goods
.do.,...
Chemicals and petroleum refining—do
Chemicals
do
Paints and varnishes...
...do
Petroleum refining
do._..
Rayon and allied products
..do....|
Food and kindred products
»do
Baking
.
do
Slaughtering and meat packing__.do
Leather and its manufactures
do
Boots and shoes
.do....
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics...
...do
Wearing apparel
do
Tobacco manufactures...
do....
Factory average hourly earnings:
National Industrial Conference Board (25
industries)
dollars..
U. S. Department of Labor (87 industries)!
dollars..
Durable goods
.do
Iron and steel and their products, not including machinery
dollars..
Blast furnaces, steel works, and rolling
mills
dollars,.
Hardware
do_...
• Structural and ornamental metal work
dollars..
Tin cans and other tinware... do
Lumber and allied products
do
Furniture.
do
Lumber, sawmills
do
I
38.0
77.1
54. 7
60. 7
30.6
48.5
70.4
59.1
68.2
27.7
46.1
74.0
55.8
69.6
28.6
47.3
68.4
56.3
68.0
30.2
39.0
56.3
53.3
68.0
33.9
38.3
55.3
51.2
66.7
38.3
49.7
57.0
46.1
67.6
37.3
20.2
56.8
38.0
66.7
37.0
20.0
64.2
43.7
66.8
39.2
29.4
71.9
46.1
66.5
38.4
43.4
78.3
49.2
63.7
39.2
36.2
81.4
••52.3
63.3
37.2
95. 4
70.8
92.4
70.6
93.7
98.5
70.2
89.9
98.6
69.9
92.6
97.6
70.0
91.6
97.4
71.2
91.3
98.6
69.7
90.9
98.3
69.0
90.9
98.9
59.5
91.3
98.4
68.4
92.6
99.9
68.9
95.3
98.6
68.8
93.0
65. 7
79.4
80. 3
65. 5
80.1
81.6
65.2
79.1
83.6 j
68.2
78.6 !
80.9 !
87.2
74.3
83.1
77.4
81.7
81.4
78. 9
78.0
79.5
80.8
r 73. 9
79.3
'81.3
r
68. 3
' 80. 0
' 81. I
70.2
86. 4
60. 9
70.1
84.6
67.1
75.4
68.4 j
81.5 !
65.7
75.3 I
68.6
82.2
65 8
74.7
72.2
89.4
68.6
74.6
66.8
78.8
64.3
73.7
69.7
86.8
66.1
74.3
71.1
89.7
67.2
75.1
' 71. 8
'93.3
'67.3
'75.4
r
26.14
83.3
77.5
81.8
79.6
70.0
84.4
67.0
75.1
69.5
84.3
66.4
73.8
83.0
77.4
68.1
80.4
65.6 |
73.6
'98.2
' 69. r>
'92.7
79.9
126.4
'70.3
i
25. 95
' Revised.
t Revised series. See note marked with a "f" on p . 29.
80.7
80.5 :
' 42, o
' 80. 1
'r 54. 3
62. 5
' 33! 7
22.98
23.53 j
23.63 I
23.53
28.38
23.74
23.93
24.93
25.73 I
21.89
23.28
22.46
24.05
22.28 I
24.16
22.06
23.53
22.90
24.98
23.32
25. SO
22.11
22.44
22.43
24.29
22.75
22.30
24.22
20.42
22.30
23.80
21.54
22.17
21.91
20.17
17. 94
21.60
20.07
22.28
19.47
22.91 1 23.08
20.37
19.42
22.21
20.77
24.70
23.06
25.25
23,86
25.74
22.21
17.68
17.16
17.70
25. 74
22.46
18.69
18. 56
18.40
25. 63
23.92
19.34
18.87
19.33
25. 41
22.42
18.91
17. 92
19.17
25.26
22. 62
19. 52
18. 42
19.76
21.70
20. 77
26.01
22. 44
18. 64
17.87
18. 29
26.94
23. 40
21.02
20.43
20.90
25.93
22. 85
21.31
21. 50
25.61
25.48
25. 34
24. 94
24. 68
24. 34
25.08
29.50
29.28
29.54
28.61
27.36
27.05
26.43
25.17
24.88
24.49
24. 33
25. 28
28.32
28.72
29. 85
28.94
26.98
27.05
28.13
24.70
20.81
22.49
24. 85
19. 99
22.64
24.72
18.78
22. 97
24.47
20.91
22.15
23. 99
22.11
22.93
24.87
21.20
24.14
22.73
20.03
16. 53
2L10
22.77
21.47
17.26
22.56
20.86
25. 34
20.86
27. 51
29. 45
26. 26
35. 23
21.26
24. 74
25.30
27.32
19.09
18. 21
23.44
21.95
17.21
22. 95
23.78
23. 12
22. 00
19.17
17.89
23.44
22. 88
28.94 I 28.14
28.83
27.65
20.52 ! 20. 64
27.32
28. 50
29. 42
29. 63
27. 11
28. 17
34.47
35. 78
21.21
22.34
24. 89
25.40
25.81
25. 30
27.73
28.38
16.66
17.84
16. 90
15.12
27.41
27. 30
23. 20
23. 16
23. 39
22.47
26. 67
25.21
15.23
15. 60
15.12
15. 16
15.52
16. 69
16.31
15.54
24. 30
22. 07
22.20
23.14
22.77
19.43
23.48
29.64
29. 49
20. 52
28.80
29. 90
27.79
35. 26
22.42
24. 98
25. 76
28.19
16. 30
14.71
27.04
22.89
23.75
27. 35
15.03
15. 29
14.31
16.91
24. 74
21.90
18.83
22. 15
29.43
29. 56
20. 83
28.48
29. 40
27.38
34.60
22. 68
24.53
25.79
28.63
18.51
17.48
27.10
23. 37
24.84
28.43
15. 67
15.72
15.50
17.18
25. 63
22.77
19. 56
23. 95
31.22
32.33
21.25
29.02
30.39
27.39
35. 25
24 16
23. 18
25.33
27.93
19.80
IS. 85
27.48
24.26
25.39
28 73
16.87
16.56
17.68
16.89
26.32
23. 00
19.77
24. 13
32.64
33.81
21. 33
28.36
29.90
27.70
34.58
24.02
23. 43
26. 23
25.27
20.49
27. 20
29.18
25. 16
34. 28
21.58
25. 24
25. 26
29. 30
17.96
16.94
26.90
22.36
22.42
25.02
15. 34
15.08
16.09
15. 85
27. 40
23.51
20.97
22.33
16.41
15.82
17.94
15.32
24.42
23. 31
27.05
26. 10
20.91
27. 43
29. 23
26. 70
34. 89
22. 19
24. 78
25. 42
27. 26
18.90
18.04
27.71
23.73
22.08
24. 02
16. 37
15. 60
18. 12
15.79
.710
.710
.714
.663
.727
.657
.724
.655 !
.724 !
25.77
22.89
19.21
17.89
19. 42
24.96
28,37
24.27
27.78
24.74
21. 64
22.55
25. 57
26.55
26.07
28.00
25. 02
22.21
25.14
25. S6
28.66
18.98
17.87
27.91
23.92
26.91
31.27
17.03
16.43
18.68
16.96
.713
.711
.714
. 652
.722
.650
.721
.648
.718
.635
.704
.629
.702
.632
.708
.718
1
20.88
r
26. 02
' 23.95
' 2G, <J5
23.82 |
'27.11 I
' 25. 94
' 26. 64 ! 26. 90
' 26. 79
26. 32
' 28. 48 I
26. 79 |
26.12
22.50
21.09
26.07 I
22 50 i
19.91 !
19.74 |
19.57 |
20.77
20.94
26.07
24. 24
27. 25
28. 19
25. 31
27 18
22. 76
20. 14
20 6i)
19.27
'26.04 | 26. 93
27.11
27.08 j 29. 76
26. 71
26.69 I 27. OS
28.01
25.54
22.53
26.06
27.28
r 23. 96
20.37
25.47
33.88
34.98
"21.35
28.41
30.88
27.83
34.45
23.63
'24.11
25.30
28.51
18.32
16.97
28.14
24.85
27.27
31.25
17.00
16.65
18.01
16.84
28.35 i 29. 73
'25.51 !
22.40 !
'25.70 |
27.14 j
' 23. 82 I
' 19.46
25. 68
33. 64
34. 89
' 20. 85
28. 26
30.22
27. 34
34. 86
23. 74
24.22
25. 21
27. 51
17.22
15.41
' 27. 58
' 23. 78
27. 58
32. 77
r
16. 35
' 16. 35
16. 35
16. 55
.714
.714
'.631
.710
.645
.724
26.48
22. 62
25. 76
26.92 .
24. 03
20. 06
25. 76
32. 64
33.15
21.52
28. 52
30. 72
27. 80
35. 30
23. 8M
24. 72
25. 26
27. 68
18. 62
17. U
28.61
23. 85
28. 40
33. 80
16.99
16. 80
17.61
16.92
.648
.726
. 755
.760
.759
.762
.763
.763
.753
.753
.753
.753
. 757
.818
.651
.826
.666
.826
.651
.832
.646
.837
.649
.841
.653
.840
.652
.835
.657
.839
.658
'.539
.680
'.842
.689
.842
.667
.721
.610
.516
.539
.493
.720
.613
.515
.534
.497
.715
.614
.527
.538
.516
.718
.611
.535
.544
.528
.722
.610
.531
.543
.518
.602
.531
.531
.527
.728
.589
.511
.522
.502
.731
.597
.523
.522
.519
.726
.599
.526
.524
.525
.720
.606
.520
.518
.520
.725
.607
.533
.524
.537
! 608
.532
. 527
.533
29
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1933 Supplement to the Survey
1938
1939
January
February
January
March
April
June
May
August
July
Septem- October Novem- Decem
ber
ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued:
U. S. Department of Labor (87 industries)!—
Continued:
Durable goods—Continued:
Machinery, not including transportation
equipment
dollars..
Agricultural implements (including
tractors)
-.dollars..
Electrical machinery, apparatus, and
supplies.
_.„
dollars..
Engines, turbines, water wheels, and
windmills
.
dollars Foundry and machine-shop products
dollars-.
Radios and phonographs
do
Metals, nonferrous, and products __ do
Brass, bronzef and copper products
dollars.Stone, clay, and glass products.
do...- . . . . . . . .
Brick, tile, and terra cotta
.do
Glass
.
do
Transportation equipment
do
Automobiles
do
Nondurable goods
do
Chemicals and petroleum refining..do—.Chemicals
do
Paints and varnishes
do
Petroleum refining.. .
_ do
Rayon and allied products
do _.
Food and kindred products
do
Baking
_
do
Slaughtering and meat packing__do
Leather and its manufactures
do
Boots and shoes
,___ _ do
--- -- Paper and printing
do
Paper and pulp
..do
Rubber products
do
Rubber tires and inner tubes.._. do
Textiles and their products— _ do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
'
Factory average weekly earnings, by States:
89.0
Delaware
1923-25= 100
91.3
Illinois
1925-27=100..
93. 8
Massachusetts
,
do
110.2
New Jersey
1923-25—100
93.0
New York
1925-27 = 100..
Pennsylvania
.
1923-25=100..
97.8
Wisconsin. _.
1925-27-100
Miscellaneous wage data:
Construction wage rates (E. N. R.): §
.682
Common labor __
dol. per hour
1.43
Skilled labor
do
Farm wages without board (quarterly) f
dol per month
Railway wages (average, class I)
dol. per hour
Road-building wages, common labor:
United States, average
__dol. per hour..
East North Central
do
East South Central
do
Middle Atlantic
do
Mountain
do
New England
.do...
Pacific
._
_
do
South Atlantic
do
West North Central
.
do
West South Central
do
0.732
0.730
0.730
0.730
0.729
0.727
0.724
0.720
0.721
0. 717
0. 720
0 721
.804
.800
.795
.795
.796
.781
.781
.768
.771
.777
.794
.802
.749
.745
.749
.746
.749
.747
.742
.738
.737
.732
.730
.732
.781
.787
.795
.788
.776
.783
.785
.787
.788
785
.786
793
.714
.638
.676
.712
.628
.670
.712
.616
.672
.712
.626
.666
.713
.607
.663
.714
.599
.660
.710
.610
.668
.709
.595
.666
.710
.594
.661
.709
.577
.659
' . 710
.582
.662
.712
.582
.667
.738
.650
.541
.705
.887
.915
.602
.750
.793
.701
.978
.657
.618
.613
.688
.536
.514
.763
.627
.789
.957
.510
.490
.553
.476
.743
,649
.535
.699
.886
.916
.594
.742
.790
.697
.976
.653
.609
.606
.689
.526
.503
.759
.624
.773
.938
.510
.485
.557
.460
.743
.644
.524
.697
.886
.919
.593
.737
.790
.697
.970
.647
.621
.608
.693
.523
.500
.764
.622
.761
.949
.506
.482
.549
.464
.720
,638
.516
.691
.885
.920
.590
.742
.795
.690
.968
.650
.621
.610
.691
.513
.487
.765
.620
.767
.946
.495
.480
.521
.466
.714
.640
.518
.698
.885
.920
.688
.757
.789
.693
.975
.646
.624
.615
.688
.522
.484
.769
.623
.769
.950
.479
.473
.491
.462
.709
.641
.518
.705
.889
.925
.587
.770
.793
.697
.978
.648
.614
.613
.690
.514
.486
.774
.625
.770
.945
.479
.473
.489
.457
.714
.633
.511
.704
.883
.930
.583
.773
.787
.707
.988
.645
.599
.612
.691
.515
.492
.767
.619
.774
. 945
.482
.468
.508
.460
.715
.634
.511
.712
.883
.936
.578
.763
.785
.700
.986
.639
.586
.615
.689
.516
.493
.760
.617
.760
.941
.489
.464
.531
.462
.713
.632
.516
.707
.897
.933
.577
.744
.781
.699
.984
.638
. 576
.610
.686
.524
. 501
,765
.613
.758
.946
.492
.462
.539
. 458
.709
.640
.526
716
878
906
579
.736
694
.976
.639
598
.609
. 685
. 530
. 506
764
.613
756
.944
.486
459
. 531
.456
.710
. 645
.531
722
906
932
.08O
.744
776
695
.979
.641
.612
.611
. 685
. 533
. 508
. 762
. 613
756
.952
. 478
.460
. 510
.462
.708
. 651
.537
723
898
991
584
. 743
781
699
974
.641
89.2
87.7
88.7
105.4
89.6
85.6
88.3
86.9
87.5
9C.6
105.8
91.0
88.9
93.1
88.2
88.3
90.3
105. 6
91.4
80.9
92.8
85.4
87.4
88.3
104.1
89.3
88.6
91.4
86.3
86.8
88.0
106.0
88.2
90.2
90.6
85.0
85.9
88.8
104. 8
88.7
88.8
S9.3
84. 7
86.7
90.4
105.4
89.7
86.7
85. 2
78.4
88.7
92.3
105.9
91.4
91.9
89.3
82.5
88.9
93.6
106. 9
93.8
92.5
89.5
85.5
90.7
93.5
110 5
92 8
96.0
T
9a 1
85.2
90.1
91.5
108.6
90. 7
96. 7
95. 8
89. 2
92.6
94. 3
' 111.5
93. 3
98.8
97.4
.680
1.39
.675
1.39
.675
1.40
.677
1.40
.673
1.40
.677
1.42
.677
1.43
.677
1.43
.677
1.43
.682
1.43
.682
1.43
.682
1. 43
07 98
33.82
36.09
6m
616
.682
. 526
. 500
771
.613
764
. 9(53
.482
461
.521
.469
r
31 92
.737
.751
.724
.729
.729
.722
.726
.714
.727
.725
. 735
.34
.59
.28
.51
.33
.61
.27
.53
55
.52
.64
.26
.39
.36
.35
.58
.27
.49
.56
.45
.65
,27
.41
.36
.40
,59
.28
.48
.56
.45
.66
.27
.45
.36
.41
.58
.28
.49
.56
.44
.66
.28
.46
.37
.42
.62
.28
.49
.55
.44
.66
.27
.46
.37
.43
.62
,28
.49
.55
.44
.66
.27
.47
.39
.42
.59
28
.50
.55
. 45
.66
.27
.46
.38
.41
59
.28
50
54
.46
.68
.28
.47
.36
.40
.59
.29
.50
.45
.60
.26
.41
.34
.33
.60
.27
.52
53
.48
.62
.26
.41
.36
206
217
235
243
'247
' 255
252
264
262
'270
'274
271
40
47
41
'47
41
48
M
42
38
42
37
42
••36
43
36
43
'35
44
35
44
'36
45
41
88
5
98
5
114
6
126
9
132
11
140
13
144
5
155
5
154
5
160
5
' 160
5
152
5
2
2
20
2
2
19
2
2
18
\
18
2
3
18
2
3
17
0
2
4
21
2
4
19
2
2
3
2
2
2
2
5i
. 735
.47
.70
.27
.46
.36
ALL PUBLIC RELIEF
Total, exclusive of transient care and adminis
trative expense
mil. of dol._
Obligations incurred for payments for:
Old-age assistance, and aid to dependent
children and the blind
mil. of dol._
General relief extended to cases
do
Earnings of persons certified as in need of relief employed on works projects:
Works Progress Administration mil. of dol
Other Federal agencies
do
National Youth Administration:
Student aid
do
Work projects
do
Civilian Conservation Corps
do
Emergency subsistence payments to farmers
mil. of dol
C)
20
3
20
1
1
(a)
3
19
2
3
20
1
1
r
' Revised.
• Less t h a n $500,000.
C o n s t r u c t i o n wage rates as of F e b r u a r y 1,1939, c o m m o n labor $0,680. skilled labor $1.43.
fRevised series. I n d u s t r y classifications h a v e been revised as follows: " T r a c t o r s " h a v e been transferred from "engines, t u r b i n e s , water-wheels, a n d w i n d m i l l s , " t o
"agricultural i m p l e m e n t s " ; d a t a for these t w o groups prior t o J a n u a r y 1938 will b e shown w h e n available. Beginning J u l y 1938, " s t a m p e d a n d enameled w a r e " (not. s h o w n
separately in t h e Survey) h a s been transferred from "nonferrous m e t a l s " t o "iron a n d steel p r o d u c t s " a n d "railroad repair s h o p s " h a v e been dropped from t h e D e p a r t m e n t
of L a b o r ' s t a b u l a t i o n . Revisions in t h e affected g r o u p averages prior t o J u l y 1938 will be shown when available. In addition to these changes, which affect both average
wppkly e a r n i n g s a n d average hourly earnings, t h e latter figures for t h e 87 m a n u f a c t u r i n g industries combined a n d for t h e m a n u f a c t u r i n g groups are in t h e process of revision
for all m o n t h s prior to J u l y 193S; revisions, which in m o s t instances are small, will be s h o w n w h e n available. F a r m wages revised beginning 1913; d a t a n o t shown in F e b r u a r y
1939 S u r v e y will a p p e a r in a s u b s e q u e n t issue. Figures a r e r e p o r t e d as of J a n . 1, A p r . 1, J u l y 1, a n d Oct. 1; as t h e rates h a v e application to t h e preceding q u a r t e r in each
instance, t h e y are here s h o w n as of t h e e n d of M a r c h , J u n e , S e p t e m b e r , a n d D e c e m b e r .
30
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937. together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
March 1939
1938
January
February
March
April
June
May
July
August
Septem- October Novem- Decem
ber
ber
ber
FINANCE
BANKING
Acceptances and com'l paper outstanding:
326
Bankers' acceptances, total
mil. of dol_.
255
Held by Federal Reserve banks:
0
0
For own account
do
2
For foreign correspondents.__
do
0
Held by group of accepting banks:
266
204
Total
.mil. of dol_.
147
122
Own bills
do
119
82
Purchased bills
do
£9
52
Held by others
._
do
299
Commercial paper outstanding
do
195
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:
3,321
3,185
Grand total
___
mil. of doL.
Farm mortgage loans, total
do
2,719
2,839
Federal land banks
do
1,973
2,031
Land Bank Commissioner
_..do..-746
808
119
105
Loans to cooperatives, total
do
Bank for cooperatives incl. Central
87
Bank
mil. of doL.
80
Agricultural Marketing Act revolving
30
24
fund
_
_mil. of doL~
364
Short-term credit, total
do
361
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and banks for co165
164
operatives^
mil. of dol.39
33
Other financing institutions
do
139
148
Production credit ass'ns
do
15
11
Regional agr. credit corps
..do
113
115
Emergency crop loans.
do
57
55
Drought relief loans
do
102
85
Joint Stock Land Banks in liquidation.. do
Bank debits, total
mil. of dol__ 32, 340
32, 084
New York City
___do__.
14,533
14, 477
17,806
17, 607
Outside New York City
do
Federal Reserve banks, condition, end of mo.:
12, 697
Assets (resources) total
mil. of doL. 15, 639
Reserve bank credit outstanding, total
2,593
2.607
mil. of doL1
1
Bills bought
..do
12
5
Bills discounted
do
2, 564
2.574
United States securities
do
Reserves, total
do.--- 12,382
9, 556
Gold certificates.
_do-._- 11,948
9,127
12,697
Liabilities, total—-.
>__.do—. 15,639
Deposits, total
do
7,775
10,420
Member bank reserve balances, total
7,237
9, 215
mil. of doLExcess reserves (estimated)..
do.__.
3,644
1,383
Federal Reserve notes in circulation..do
4, 339
4, 138
Reserve ratio
__..percent-83.9
80.2
Federal Reserve reporting member bank*?,
condition, Wednesday nearest end of month:
Deposits:
14, 464
Demand, adjusted
_
mil. of dol.. 16,048
Time
_do
5,183
5,225
Domestic interbank
do
6,359
5,316
Investments, total
„
_.do
13,209
12, 253
U. S. Government direct obligations.-do
8,173
8,165
Obligations fully guaranteed by TJ. S.
1,789
1,141
Government
mil. of dol.3. 247
2,947
Other securities
.do
Loans, total
do
8,233
8,981
Commercial, industrial, and agricultural
3,767
4,394
loans
mil. of dol_.
324
455
Open market paper
do
To brokers and dealers in securities
792
762
mil. of doLOther loans for purchasing or carrying secu535
617
rities
mil. of dol_1,174
1,161
Real estate loans
do.
99
65
Loans to banks
do
1, 542
1,527
Other loans
do
Money and interest rates:
Bank rates to customers:
2.29
2.36
In New York City
_
percent..
In eight other northern and eastern cities
3.41
3.37
percent..
In twenty-seven southern and western cities
4.10
4.16
percent..
Bond yields (Moody's):
3.01
3.17
Aaa
do
5.89
5.12
Baa
do
1.00
1.00
Discount rate (N. Y. F. R. Bank)
do.
4.00
Federal land bank loans
do^___
4.00
2.00
2.00
Federal intermediate credit bank loans.do
Open market rates, N. Y. C :
Me
Me
Acceptances, prime, bankers
do.
1.00
Call loans, renewal (N. Y. S. E.)
do
1.00
Commercial paper, prime (4-6 months)
1
percentTime loans, 90 days (N. Y. S. E . ) . . . . d o . . _ .
VA
.03
. 10
Treasury bills, 91 days (yield)
do
.65
1.13
Treasury notes, 3-5 years (yield)
do.
• Less than $500,000.
tf«To avoid duplication, these loans are excluded from the totals.
m
307
293
279
268
264
265
0
1
0
0
1
0
2
0
2
246
140
106
61
293
236
143
93
57
297
229
141
89
48
271
218
139
80
48
251
210
135
76
52
225
0
1
217
133
84
47
211
3,321
2,834
2, 030
804
116
3,328
2, 824
2,026
709
111
3,337
2,818
2,023
795
107
3,335
2,811
2,020
791
104
3,336
2,804
2,018
786
106
3,319
2,795
2,014
782
100
87
82
80
78
81
75
28
371
27
393
26
412
25
420
25
426
25
424
173
39
148
15
113
57
100
25. 547
10. 915
14, 633
186
40
163
15
119
56
98
32,120
14, 746
17, 373
196
41
173
15
127
56
97
31,169
14,572
16, 597
202
41
180
15
128
56
96
28,841
12, 828
16,013
208
43
184
15
128
66
94
32, 797
15, 637
17,160
199
43
1S4
14
127
56
93
30, 505
13, 828
16,677
12, 796
12, 925
14,322
14,179
14, 214
2,590
1
10
2, 564
9, 637
9, 183
12,796
7,850
2,611
1
13
2,580
9, 690
9,223
12,925
7,917
2,594
1
9
2,564
11.091
10, 650
14,322
9,298
2,582
1
9
2,564
11.030
10,648
14,179
9,212
2, 596
1
8
2,564
11,041
10,645
14,214
9,247
7,248
1,415
4,139
80.4
7,287
1,546
4,142
80.3
7,623
2,548
4,148
82.5
7, 665
2, 568
4, 157
82.5
14,381
5, 260
5, 384
12. 298
8,137
14, 268
5,221
5,080
12, 039
7,778
14,598
5, 230
5, 632
12, 257
7,987
1.159
3,002
8,933
1,156
3,105
8,771
4,357
431
258
261
270
273
0
0
270
216
129
87
42
209
221
129
92
40
212
223
130
93
46
213
222
124
98
51
206
212
121
91
58
187
3,307
2,786
2,009
102
3,290
2.776
2,004
772
110
3,257
2,764
1,998
767
116
3,229
2,751
1.990
760
112
3, 210
2,735
1,982
753
112
87
86
87
26
420
27
404
28
377
25
366
24
363
197
43
181
14
126
28,270
12.2-17
16, 023
190
41
171
13
123
56
91
29, 525
13. 085
16, 440
175
36
155
12
119
55
90
33,235
15,140
18,096
167
35
148
12
117
55
89
29,406
12,425
16,981
168
34
148
11
116
55
87
39, 930
18, 879
21,050
14, 285
14,261
14; 573
14,861
15, 293
15, 581
2,589
1
7
2,564
11,049
10.642
14, 285
9, 270
2,585
1
2T 564
11,026
10, 640
14, 261
9,212
2,600
1
8
2,563
11.295
10,918
14, 573
9,406 !
2,586
1
7
2, 564
11,639
11,272
14,861
9,672
2,584
1
7
2,564
11,970
11.613
15, 293
9,. 935
2,601
1
4
2,564
12,166
11,798
15,581
10,088
8,024
2, 875
4,149
82.4
8,164
3,022
4, 135
82.4
8,179
2,911
4, 169
82.4
8,198
2. 869
4, 253
82.7
8,713
3,227
4,315
83.2
8.876
3,383
4, 385
83.6
8,724
3, 205
4,452
83.7
14,5^9
5,216
5,832
12, 202
7,844
15, 036
5, 239
5, 780
12, 240
7,770
14,951
5. 193
5, 927
12, 395
7,655
15,388
5,210
5. 958
12, 591
7,789
15, 508
5,180
5,799
12, 999
8,111
15, 766
5,155
6,219
13, 081
8,132
16,013
5,124
6,212
13, 008
8,106
15, 986
5,160
6,061
13,219
8,266
1,199
3,071
8,687
1,411
2,947
8,334
1,488
2, 982
8,321
1,646
3, 094
8,165
1,655
3.147
8,270
1,675
3,213
8,241
1,686
3,263
8,327
1,682
3, 220
8,317
1.732
3,221
8. 430
4,299
418
4,187
393
3,992
365
3,936
340
3,865
336
3,886
339
3,891
344
3,892
347
3,866
338
3, 843
328
769
680
652
603
652
616
1,158
82
1,520
605
1,150
96
1,523
591
1,149
104
1,511
583
1,156
114
1,521
fifi
92
602
690
649
728
712
583
1,160
113
1, 537
574
1,161
111
1,516
579
1.160
109
1. 507
576
1,161
118
1,502
571
1,164
110
1,515
572
1,169
117
1, 543
560
1,169
115
1,567
2.29
2.33
2.33
2.34
2.40
2.36
2.40
2.36
2.27
2.16
2.25
3.29
3.25
3.26
3.27
3.38
3.28
3.26
3.30
3.37
3.28
4.09
4.15
4.13
4.13
4.14
4.12
4.12
4.07
4.06
4.05
4.04
3.20
5.97
1.00
4.00
2.00
3.22
6.30
1.00
4.00
2.00
3.30
6.47
1.00
4.00
2.00
3.22
6.06
1.00
4.00
2.00
3.26
6.25
1.00
4.00
2.00
3.22
5.63
1.00
4.00
2.00
3.18
5.49
1.00
4.00
2.00
3.21
5.65
1.00
4.00
2.00
3.15
5.36
1.00
4.00
2.00
3.10
5.23
1.00
4.00
2.00
3.08
5.27
1.00
4.00
2.00
Me
1.00
1
VA
.08
1.09
Me
Me
Me
M
Me
Me
1.00
1.00
m
H
VA
H
tt-*4
VA
.05
.fi7
.07
.70
VA
.08
.82
1.00
1.00
1.00
%-\
%-\
H-l
VA
.77
VA
.08
1.01
IX
.09
.94
.05
Me
1.00
1.00
.06
.71
Me
1.00
1H
.05
.68
Me
Me
1.00
1.00
.04
.71
.03
.67
H
IK
March 1939
31
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937. to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
1938
January
February
March
April
May
June
July
August
Se
P £ m - October
No v e m
h ber
A r "
D
? ber
2.m"
FINANCE—Continued
BANKING-Continued
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of dol__
U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do
5,417
5,290
5,297
5,329
5,303
5,307
5,336
5,329
5,332
5,362
5,363
5,359
5,405
1,259
80
1,272
125
1,271
124
1,268
121
1,262
119
1,255
116
1,252
115
1,252
101
1,252
1,248
1,250
1,250
'87
1,252
84
1,263
54
54
218
7
43
17
9
12
12
17
15
8
41
3
34
802
135
19,122
1,912
615
6,803
81
1,636
387
357
1,090
575
713
267
335
650
26
686
7,731
2,061
1,377
58
60
241
12
51
18
3
24
14
7
59
3
35
895
123
21,415
730
775
8,553
299
1,258
781
78
312
116
1, 696
1,385
426
1,368
362
472
9,196
2,161
1,149
67
54
211
5
35
15
3
14
5
12
18
4
61
4
35
705
112
21,028
967
762
10,139
17
784
329
1,840
2,094
84
357
595
466
2,384
63
1,126
6,622
2,538
1,167
50
55
241
8
47
16
4
13
8
18
22
7
58
5
35
696
125
40, 325
809
955
27,065
633
1,962
308
15,104
2,208
145
960
1,781
155
2,722
154
933
7,612
3,884
1,172
50
40
210
11
34
29
7
14
4
9
11
10
50
3
28
748
124
21,147
2,701
1,195
7,535
168
1,200
1,025
523
973
442
243
114
454
1,806
120
467
7,055
2,661
1,123
47
60
217
12
39
15
4
15
11
7
19
10
50
5
30
690
109
19,139
1,196
757
6,860
222
717
464
155
573
480
668
328
416
1,382
510
945
7,879
2,447
1,073
47
59
198
2
24
19
8
15
7
8
16
4
62
6
27
665
104
15, 918
841
1,234
5,939
11
1,522
395
265
196
94
280
304
152
1,157
166
1,397
6,520
1,384
1,038
51
45
210
7
32
24
2
14
7
13
20
6
58
3
24
629
103
14, 761
617
376
5,957
100
2,143
389
295
258
221
291
293
350
991
150
476
5,385
2,426
1,015
34
57
173
8
37
12
2
11
6
12
9
7
41
6
22
629
122
16, 382
344
1,128
6,147
91
747
370
76
764
62
256
434
549
2,254
340
204
5,903
2,860
866
33
49
184
6
31
14
8
11
6
18
18
9
33
4
26
528
72
14,341
347
782
5,227
65
1,506
480
696
204
57
261
415
124
981
77
361
6,450
1,535
997
47
43
172
10
38
14
4
8
5
12
16
7
30
7
21
627
108
13, 219
575
607
4,110
245
1,031
478
316
81
54
206
604
305
341
106
343
5,251
2,676
48
55
196
6
44
13
0
10
10
12
15
7
51
8
20
586
99
12, 302
1,158
713
4,434
90
703
909
0
429
92
162
333
270
892
149
405
4,513
1,484
875
37
48
175
11
33
21
3
8
5
11
8
4
44
3
24
527
88
36, 528
1,628
797
6,285
185
1,743
489
156
524
169
704
89
116
540
1,206
364
4,142
23,676
21,623
4,213
674
3,539
1,769
2,640
21, 705
4,217
673
3,544
1,775
2,643
21,772
4,236
674
3,562
1,773
2,649
21,851
4,240
672
3,568
1,780
2,659
21,943
4, 256
672
3,584
1,784
2,663
22,057
4,276
672
3,604
1,797
2,667
22, 209
4,291
672
3,619
1,800
2,665
22,302
4,313
670
3,643
1,801
2,663
22,413
4,334
674
3,660
1,792
2,663
22,520
4,350
674
3.676
1,790
2,659
22,620
4,361
673
3,688
1,790
2,650
22, 729
4,381
670
3,711
1,751
2,636
11,970
5,490
2,619
2,718
1,143
680
351
11,999
5,470
2,668
2,720
1,141
712
359
12,053
5,493
2,685
2,730
1,145
737
324
12,120
5,499
2,713
2,761
1,147
731
321
12,159
5,510
2,730
2,764
1,155
759
322
12,199
5,486
2,760
2,756
1,197
785
333
12,349
5,560
2.789
2,752
1,248
774
330
12,388
5,507
2,847
2, 754
1,280
803
334
12, 553
5,598
2,885
2,754
1,316
732
12,658
5,603
2.954
2. 752
1,349
727
336
12,629
5,603
2,950
2,726
1,350
821
369
12,869
5,794
3.004
793
20
697
176
589,165
31, 401
179, 975
377, 789
277,860 261,842
35, 805 32, 444
12.131
12,914
60,996
65,146
163,895 156,271
766
25
577
164
589,407
41,671
174, 092
373, 644
246, 708
23, 354
10,643
58,314
154,397
878
20
656
202
672,142
33,050
198,025
441,067
274, 277
24. 894
12, 656
58,003
178, 724
833
16
643
175
617,475
37,815
193,131
386, 529
255, 403
21, 665
11,603
66, 589
155, 546
892
24
648
220
618,807
43,076
191. 648
384,083
254, 629
21, 662
10, 840
61,021
161,106
784
30
580
174
597, 773
45,076
170,312
382,385
258,072
26, 369
11,048
56, 103
164, 552
720
12
611
197
528,452
18, 659
153,392
356,401
287,110
66, 779
10,423
56, 737
153,171
712
18
518
176
550,960
33,443
156,304
361,213
245,298
22. 652
10,608
60,073
151,965
760
16
582
161
519,932
24, 924
173,641
321,367
237,
697
r
19, 366
r
10,408
60, 695
147, 228
822
24
598
200
592.432
32,288
179. 553
380,591
234,120
20.905
9.980
57,253
145,982
865
34
608
223
671.262
43, 754
182,690
444,818
248,595
28, 515
10,001
55,034
155,045
' 1,089
71
••755
264
COMMERCIAL FAILURES t
Grand total
.number..
Commercial service, total
..do
Construction, total
do
Manufacturing", total
do
Chemicals and drugs.
do....
Foods
do
Forest products
__
do
Fuels
__
do
Iron and steel
do
Leather and leather products.
do
Machinery
do
Paper, printing, and publishing
do
Stone, clay, glass and products
___do
Textiles
_
do
Transportation equipment
do
Miscellaneous
do
Retail trade, total
do
Wholesale trade, total
do
Liabilities: Grand total.
thous. ofdoL.
Commercial service, total
do
Construction, total
do
Manufacturing, total
do
Chemicals and drugs.._
.do
Foods
.do
Forest products
do
Fuels
.do
Iron and steel
do
Leather and leather products
do
Machinery...
.do
Paper, printing, and publishing
do
Stone, clay, glass and products
.do
Textiles
-do
Transportation equipment
do
Miscellaneous
_
do....
Retail trade, total
—do
Wholesale trade, total
do
LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, total*
mil.ofdol..
Mortgage loans, total
do
Farm.
_
do
Other..
do
Real estate holdings.
-do
Policy loans and premium notes
do
Bonds and stocks held (book value ) total
mil. of dol_.
Government (domestic and foreign)___do
Public utility
___do
Railroad
do
Other
do
Cash
_
do
Other admitted assets
do
nsuranee written:©
Policies and certificates, total number
thousands..
Group
do
Industrial
do
Ordinary
.do
Value, total...
thous. of dol__
Group
do
Industrial
do
Ordinary..
__do
Premium collections, total
do
Annuities.
do
Group
_
_
do
Industrial
do
Ordinary
do
648
30
357
262
729, 954
51,899
99, 363
578. 692
2,649
1,422
635
457
974,920
91, 294
226,085
657. 541
355,603
50,208
12,148
96,493
196,754
(Life Insurance Sales Research Bureau)
Insurance written, ordinary, total.thous. of dol_. 729,766 493,815 488,703 568,473 499,656 490,658 502, 588 457,224 470,917 428,482 488,956 570,648 897,886
35, 793 36, 267 43,357 37, 527 34,758 34,880 31,795 30,887 28,648 35,105 44.547 65,390
New England
do
58,827
Middle Atlantic.
-do.— 194, 457 139,868 137,311 155, 737 138,973 133,471 137,997 118, 748 123.610 112,049 139.695 170,752 279,319
174, 370 113,292 107,443 122, 416 105, 226 101,865 106. 665 99,159 97,453 90, 542 103.323 120,493 187, 742
East North Central.
do
76, 498 50, 259 50,268 57, 612 51,809 51, 575 52, 342 51, 227 53,082 45,864 49.986
West North Central
.do
56,665 93,672
South Atlantic
do
63, 300 43, 794 44,810 53, 553 47,631 48,159 48,060 42,860 46,830 42,111 46,365
51, 957 79, 463
20, 424 20,865 17, 586 18,834 19, 504 18,941
East South Central
do
27. 101 19,336 18,874 24,658 21,061
23.548 34,198
West South Central
do
53, 202 38, 649 40, 522 48, 484 40,355 43, 622 42,829 41, 694 41,235 36,175 40,218 40, 575 62,032
13,644 13, 296 16,140 14,413
13,928 14, 856 13.990
Mountain
do
17,806
14,850 13, 428 13, 504 14, 934 22,075
73, 995
Pacific
do
64, 205 39,180 39,912 46, 516 42, 661 42,856 44,094 40,165 44,136 40,161 41,819 47,177
Lapse rates
1925-26=100..
111
r
Revised.
t Revised series. Data revised beginning Junp 1934; see table 3. pp. 17-18 of the December 1938 issue.
t 37 companies having 82 percent of total assets of all United States legal reserve companies.
© 40 companies having 82 percent of total life insurance outstanding in all United Statss legal reserve companies.
32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
March 1939
1938
January
February
March
April
May
June
July
August
Septem- October Novem- Decem
ber
ber
her
FINANCE—Continued
Foreign exchange rates:
0.311
Argentina
—dol. per paper peso..
. 169
Belgium
dol. per belga..
. 059
Brazil
dol. per milreis__
. 849
British India
dol. per rupee..
, 992
Canada
dol. per Canadian dol--!
.052
Chile
—-dol. per peso..
.
026
France
dol. per franc—
.401
Germany
dol. per reichsmark—
.
053
Italy
.
dol. per lira..
. 272
Japan
__.___.__.dol. per yen..!
.542
Netherlands
„
dol. per guilder..]
. 046
Spain
___
dol. per peseta.. |
. 240
Sweden
„__
dol. per krona.-j
United Kingdom
dol. per £__ i 4. 669
.
614
Uruguay
dol. per peso.Qold:
14
599
Monetary stock, U. S
mil. of dol—
Movement, foreign:
Net release from earmarki—thous. of dol— 14, 106
SI
Exports
do
Imports
do____ 156, 427
Production:
Union of South Africa, total fine ounces..
Witwatersrand (Rand)
do
Receipts at mint, domestic (unrefined)._do
Currency in circulation, total
mil. of dol—
Silver:
Exports
thous. of dol—
Imports
do
Price at New York
dol. perfineoz—
Production, world
thous. offineoz_.
Canada
...do
Mexico
do
United States
do
Stocks, refinery, end of month:
United States
do
Canada
-...do....
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (167 cos.)
mil. of dol..
Autos, parts, and accessories (28 cos.) do
Chemicals (13 cos.)
Food and beverages (19 cos.)__.mil. of dol_.
Machinery and machine manufacturing
(17 cos.)
mil. of dol..
Metals and mining (12 cos.)
do
Petroleum (12 cos.)
do.___
Steel (11 cos.)
.....do
Miscellaneous (55 cos.)
do
Telephones (91 cos.) (net op. income) 0 do
Other public utilities (net income) (52 cos.)t
mil. of dol—
Railways, class I (net income)
do
Standard Statistics Co., Inc. (earnings):
Combined index, unadjusted*!
1926-=10G__
Industrials (119 cos.)
do
Railroads (class l.f)
__—do
Utilities (13 cos.)
do
Combined index, adjusted*!
___do
Industrials (IIP cos.)
—__do
Railroads (class l.f)-do
Utilities (13 cos.)...
_
do—
!
!
MONETARY STATISTICS
!
0.333
.169
.056
.377
1.000
.052
.033
.403
.053
.291
.557
.061
.258
5.000
.665
0.335
.170
.058
.379
1. 000
.052
.033
.404
.053
.290
.560
.061
.259
5.018
.660
0.332
.169
.059
.376
.997
.052
.031
.402
.053
.289
.556
.058
.257
4.984
.656
0.332
.169
.059
.374
.994
.052
.031
.402
.053
.290
.556
.058
.257
4.981
.655
0.331
.168
.059
.371
.992
.052
.028
.402
.053
.289
.554
.058
.256
4.967
.654
0.331
.170
.059
.367
.989
.052
.028
.403
.053
.289
.553
.058
.256
4.958
.652
0.329
.169
.059
.368
.994
.052
.028
.402
.053
.287
.550
.057
.254
4.929
.649
0.325
.169
.058
.364
.996
.052
.027
.401
.053
.284
.546
.057
.252
4.881
.642
0.320
.169
.059
.358
.994
.052
.027
.400
.053
.280
.539
.052
.248
4.804
.632
0.318
.169
.058
.356
.991
.052
.027
.400
.053
.278
.544
.051
.246
4.768
.627
0. 314
.169
.059
.352
.992
.052
.026
.400
.053
.274
. 543
.051
.243
4.708
.620
12, 756
12, 768
12, 778
12,829
12,891
12,946
12,985
13,057
13,441
13,940
14, 162
0.31!
. 168
.059
. :WJ
.991
. 052
. 026
.40!
. 053
. 544
. 050
.241
4. 670
.615
14,416
-1,106
5,067
7,155
987, 791
907, 777
208, 407
6,397
-614
20
52,947
-1,199 -53,947 -15,490
131
212
145
52,987
55,438
71,236
-20,942 - 2 8 , 785 - 1 3 , 2 5 5 -110,177
16
65
17
11
63,880 165,990 520,907 562, 382
929, 264 1,014,830
857,077
931,457
174, 792 204, 278
6,319
6,338
981,463 1,022,678 1,014,533
903,010 940,341 933,929
190, 201 227, 621 197, 528
6,433
6,337
6,415
,034,928 1,046,338 1,035,341 1,041,394
952,995 962. 757 952,602 960, 561
305,487 286,493 301. 593 277, 500
6,668
6,464
6,482
6, 570
-18,179
174
8,211
- 7 , 375
14 - 6 2 , 3 8 7
177, 782
IK
240. 542
1,024.057
944, 035
333,027
6,750
355
28, 708
.448
23, 553
1,622
8,662
5,222
233
15, 488
.448
21,465
1,735
7,144
5,083
191
14,440
.444
24, 128
1,729
8,803
5,752
250
15, 757
.428
21,197
1,430
7,153
5,044
317
17,952
.428
20, 440
1,509
6,244
4,813
254
19,186
.428
22, 490
1,603
8,417
4,679
193
18,326
.428
24, 071
2,112
9,019
4,530
401
4,985
.428
25,619
2, 528
9,224
5,596
1,463
24,098
.428
20, 064
2,202
4,486
5,073
1,259
25, 072
.428
20,154
2. 400
4,160
5,441
823
24, 987
.428
2, 023
1, 552
~2~879"
4, 624
2,606
521
4,120
903
6,302
800
6,708
579
6,939
495
7,212
470
7,843
355
7,887
488
6,396
552
6,824
611
4,492
633
2 f 409
698
74.0
4.
19.1
16.0
84.8
22.7
19.2
19.2
61.9
-6.2
24.2
20.0
7.7
1.
13.6
4.1
1.5
10.7
12.9
50.0
6.3
1.0
11.1
1.7
13.0
62.8
47.7
* 106.3
44.8
'74.9
42.1
'44.1
40.4
134.7
'48.0
'34.4
'6.1
'90.7
'47.0
'32.2
'4.8
' 104.8
'38.3
36.6
- 190.9
112. 1
' 41.1
38.7
102.0
d
102.
'40.7
35.8
- 128. 3
104.0
1.344
21', 53:-!
.428
14.9
50.5
»91.4
v 72. 6
v 100. 6
v 110.8
v 95.1
v 102. 3
PUBLIC FINANCE (FEDERAL)
38,395
38,426 r 38, 607
37,194
39, 427
37,424
37,167
37,596
Debt, gross, end of mo.
...mil. of dol— 39,631
37,459
37,636
37,513
37,560
Public issues:
34,920
35, 882
35, 743
33,903
33,834
34,950 '34,981
34,112
34,291
34, 603
34,465
34,486
34,579
Interest bearing*
do
526
649
543
534
689
535
551
541
553
546
556
565
Noninterest bearing*.
do
528
Special issues to gov't agencies and trust
2,949
2,582
2,810
2,933
3,215
3,090
2,676
2,943
2,481
2,518
2,501
2,314
funds*
mil. of dol—
Obligations fully guaranteed by the U. S.
government:^
Amount outstanding by agencies, total.
4,992
5,001
6,064
4,993
4,987
4,853
5,009
4,852
6,015
4,646
4,646
4,647
4,646
mil. of dol—
1,395
1,388
1,383
1,410
1,410
1,404
1,388
1,410
1,410
1,410
1,410
1,410
1,410
Federal Farm Mortgage Corporation.do
2,888
2,937
2,888
2,937
2, 888
2,937
2,888
2,888
2,937
2,937
2,888
2,937
2,937
Home Owners Loan Corporation
do
511
511
509
511
509
510
511
299
299
299
Reconstruction Finance Corporation.do
Expenditures, total, including recovery and j
relief t
thous. of dol_. 693, 385 533,709 528,329 751,953 642,924 568,613 937,004 762, 697 682,823 764,509 770, 311 678, 588 870, 278
391,451
326, 049 289, 654 476, 320 411,504 343,959 602,762 405,740 386,401 453. 422 453, 731 373, 861 500, 024
General*.—
__do
256, 746
146, 654 152, 608 195, 597 201,841 206, 408 314, 044 216,406 236,179 242,693 261, 606 248, 587 307. 241
Recovery and relief*
—do
6,895
5,827
10,249
9,703
6, 062
5,308
15, 514
12,484
12, 743
16,852
18. 172
8,790
Revolving funds, net*
do
3,820
44. 500
43, 500
48, 500
48, 500
38, 500
2,200
19, 403
800 135,107
56, 000
58,000
56,000
47,500
Transfers to trust accounts*
do
13,645
1,772
745
8, 685
626
532
137
1, 385
6,914
13, 215
3,864
1,186
0
Debt retirements*
do
308, 152 334,709
349.362 959, 404 272,629 375.396 773.948 311,092 487,487 710,603 331,965 381.644 704, 494
Receipts, totalf
—
do
28, 590
27, 338
25, 121
30, 797
22.336
23,101
24.318
24,430
26, 193
21,950
28,673
24,203
26, 307
Customs
. - _.do
315,845
305, 388 280,601 916.945 302, 476 277, 765 747,295 350,426 362,286 682,544 315, 061 304, 572 662, 252
Internal revenue
___
do
487,132
35,
912
473,
804
41,078
41,606
50,
764
45,931
541.900
33,978
52.
036
67,
586
706,
735
40,699
Income taxes
do
2,864
81.979
2. 939
81, 508
4,927
77,707
85, 736
72,036
3,470
91, 283
73,859
Social security taxes*—
__do____ 98, 992 83,542
d
' Revised.
Deficit.
* Preliminary.
1Or increase in earmarked gold ( - ) .
'Number of companies included varies slightly.
*New series. New details on Federal expenditures and receipts exclude trust accounts and related items. Data for these series and also for new items under Federal gross
debt beginning July 1932 not shown on p. 32 of the November 1038 Purvey will appear in a subsequent issue.
tReviscd series. Standard Statistics Co. index of railroad earnings revised beginning 1932 to include net income of all class 1 railroads; revisions not shown above for
this series and also for the combined index will appear in a subsequent issue. Data on total Federal expenditures and relief revised beginning July 1932 to exclude trust funds
and related items; figures not shown on p. 32 of the November 1938 Survey will appear in a subsequent issue.
d*By an act of Congress dated March 8, 1938 (Public, No. 442), the Commodity Credit Corporation was given authority to issue fully guaranteed obligations. The first
such Issue, to the amount of $206,174,000, was in May 1938, and is here included in "total amount outstanding, by agencies." Also included in the total is a small amount of
guaranteed debentures of the Federal Housing Administrator.
JAs a result of a consolidation, number of companies reduced from 53 to 52 beginning June 1938.
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.
33
SURVEY OF CURRENT BUSINESS
1938
1939
January
January
February
March
April
May
June
July
DecemOctober NovemAugust September
ber
ber
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Contd.
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
1,542
1,395
1,564
1,773
1,353
1,660
Admissions to theaters, etc.-thous. of dol_.
1,413
1,155
1,650
940
1,514
1,803
Capital stock transfers, etc.-.
do
249
231
197
576
261
368
Sales of radio sets, etc..
..do__.
Government corporations and credit agencies:f
Assets, other than interagency, total
11,130
11,167
11,050
11,078
mil. of dol.
11,039
8,524
8,503
8,503
Loans and preferred stock, total
do
8,485
8,477
Loans to financial institutions (incl. pre1,350
1,358
1,342
1,358
1,368
ferred stock)
mil. of dol..
468
447
446
437
440
Loans to railroads
do
2,368
2,385
2,405
2,450
2,429
Home and housing mortgage loans.do
Farm mortgage and other agricultural
3,484
3,479
3,465
3,441
3,449
loans
mil. of dol__
847
810
833
808
All other. __
do
827
U. S. obligations direct and fully guaran814
822
820
821
teed
mil. of dol..
788
413
408
393
398
403
Business property
do
698
685
637
655
668
Property held for sale
do
717
728
714
689
700
All other assets
do
6,773
6,611
6,610
6,613
6,618
Liabilities, other than interagency, totaLdo
Bonds, notes, and debentures:
4,852
4,647
4,646
4,646
4,646
Guaranteed by the U. S.
do
1,346
1,391
1,384
1,367
1,374
Other
do
575
572
597
587
592
Other liabilities incl. reserves
do
379
376
364
372
Privately owned interests.
do
367
Proprietary interests of the U. S. Govern4,014
4,144
ment
mil. of doL.
4,075
4,059
4,088
Reconstruction Finance Corporation, loans outstanding, end of month:
Grand total
thous. of dol__ 1,781,297 1,785,025 1,787,550 1,802,440 1,820,525 1,710,131
671, 534 655,165 651, 472 655,946 657,085 645,188
Section 5 as amended, total
do
Banks and trust companies, Including
receivers
thous. of doL- 118,832 149,360 146,124 143, 674 145,004 139,136
2,3-76
2,251
2,043
2,372
2,323
1,967
Building and loan associations
do
3,549
2,547
2,757
2,976
2,582
2,560
Insurance companies
do
103, 978 128, 600 126, 224 126.846 126, 768 98, 243
Mortgage loan companies
do
Railroads, incl. receivers
do
437,789 358, 215 361, 949 368, 431 369, 378 390, 233
11, 651
11,138
14,191
5,992
All other under Section 5
do
12, 111
12,222
Emergency Relief and Construction Act,
340,767 242,807
total, as amended
thous. ofdoL_ 208,067 314, 379
320, 735 331,142
Self-liquidating projects (including financ238,531 241,850
ing repairs)
-thous. of doL. 182, 265 233,190
231, 737 235,162
Financing of exports of agricultural sur47
47
pluses
thous. of doL. 25,047
47
47
47
Financing of agricultural commodities and
910
102,188
755
81,143
livestock
-thous. of doL.
95, 934
88,951
Direct loans to business (incl. participa72,882
73, 616
tions)
thous. of doL- 109,419
73,418
72, 590
73,053
Total Bank Conservation Act, as amended
thous of dol__ 584, 551 577,870 563,914 562,205 565,942 564,778
207, 726 164,192 178, 375 180,558 183,850 183, 741
Other loans and authorizations
do.
1,624
937
449
1,619
1,429
305
1,425
2,052
400
1,669
1,021
345
1,596
1,188
466
1,985
2,226
568
2,020
1,754
593
11, 389
8,514
11,365
8,452
11,317
8,476
11,319
8,496
11,335
8,502
11,451
8,562
1,363
471
2,357
1,357
475
2,346
1,333
491
2,340
1,329
495
2,335
11, 359
8,507
1,327
502
2,330
1,321
503
2,326
1,344
511
2,335
3,467
856
3,466
807
3,491
821
3,499
837
3,486
865
3,486
430
733
903
6,941
834
432
670
979
7,229
837
438
666
901
7,129
843
447
667
866
7,112
3,494
854
844
451
673
883
7,075
845
852
679
856
7,016
855
456
689
889
7,048
4,853
1,346
743
370
5,0*4
1,378
786
372
5,001
1,372
755
374
5,010
1,365
737
377
5,001
1,352
722
379
4,994
1,323
700
382
4,992
1,317
739
381
4,078
3,764
3,815
3,830
3,905
3,936
4,022
1,727,375 1,681,936 1,692,174 1,710,379 1,738,298 1,754.152 1,814,364
645, 567 649,559 654,087 662,155 679, 677 690,546 710,084
136, 864 134, 448
2,310
2,225
3,530
3,526
98, 368 100. 351
393, 699 398, 304
10, 797 10,705
244,077
189,649
243,132
188, 703
47
47
131,194 127, 783
2,133
2,201
3,494
3,512
96. 333 102.051
414,928 419,364
5,919
7,330
198, 310
199, 691
187,365
188, 748
10,047
10,047
127, 257
2.098
3,471
114,925
426,046
5,880
205,916
190,154
15,047
715
81,060
85,049
92,137
563, 758 561, 760
197, 600 199,908
554,919
199, 809
553,306
203,090
76,372
125,153
2,036
3, 052
126,534
428,041
5,730
205, 851
190,108
15,407
121,611
1,975
2,997
141, 221
436,094
6,186
201, 633
180,890
20,047
696
103, 598
98,224
551. 637 550,104
202,844 204,053
107, 747
588, 835
206,065
CAPITAL FLOTATIONS
New Security Registrations
(Securities and Exchange Commission)
New securities effectively registered under the
93, 634 272, 448 223,897 394,433 125,207 411,878 303, 280 144, 625
Securities Act of 1933, total
thous. of doL. 139, 672 79,909 206,698
69, 212 97,371
Estimated gross proceeds (total registrations,
less securities reserved for conversion)
85, 276 231,123 222.595 315,968 106,767 405,063 249, 989 '140, 709
total
thous. of doL. 139,075
78,838 186, 650 68, 334 96.931
Type of security:
20,932
12.092 ' r 19,443
26,477
22,090
13, 470
14, 423 51, 526
23,124
Common stock
do
17, 452 64, 701 37,316
5, 927
3. 225
4, 557
7,697
2.481
18, 566
3,854
23, 397
2. 962
21,441
710
4,438
Preferred stock
do
2,028
38, 762
8,992
18.431
23.028
7. 595 22, 694
12,968
51,510
10,354
8,179
Certificates of participation, etc
do
18, 688 53. 284
13, 160
22, 573
33, 955 r' 64. 181 169262
3,715
' 350 267,093 46,865
57,413
Secured bonds
do
56,488
18.215
11,463
8,532
900
61,050
54, 750 110,930 119, 804 16,061
84, 500 ' 97.240
Debentures and short-term notes
do
10,150
7,500 172,859
30,525
5,473
70,913
Type of registrant:
417
6,341
1,074
563
0
377
1,450
8.281
815
4,548
523
Extractive industries
do
569 ' 1, 451
59,681
31.964 101,158 117,693
38,319
11,096
8, 605
4,537
57, 226 31,981
Manufacturing Industries
do
2.209
7,200
35,514
39, 944 70, 787 42, 528 36,639
29,956
20, 754 31,094
8,528
Financial and investment
do
35, 856 ' 81, 500 49,050
22, 390
68, 253
0
2,115
0
0
30,555
0
0
Transportation and communications do
4,990
0
0
0
29,978
4,239
Electric light and power, gas, and water
3,255 243,412
0 275,173 103,219
82, 280
84, 919
64, 514
21,145
0
thous. of doL. 108, 512 39, 705 r 67, 308
2,414
5,402
3,864
800
1,500
685
0
3,415
Other
do
63, 475
500
878
450
7,749
Securities not presently intended to be offered
for cash sale for account of registrants:
Registered for account of others.thous. of doL _ 3,135
1,447
5,516
10, 622 ' 2,345
310
4,278
5,992
1,049
9,604
1,672
7,334
10, 215
Registered for options and for other subsequent issuance
thous. of doL83
4,389
34,199
56
2,288
23,114
0
23,931
0
158
939
7,406
0
Other securities not intended for cash
sale
thous. of dol__
25, 590
1,302
43
169 45, 311
2
13
5
204
0
7,633
1,247
270
' Revised.
t Revised series. Data on Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U . S . Treasury Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and assets have been brought out, but no changes have
been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue.
• The total includes $12,576,000 of face amount installment certificates.
34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may ba found in the Janu1988 Supplement to the Survey
ary
March 1939
1938
February
January
March
April
May
June
July
August September
Novem- December
ber
October
FINANCE—Continued
CAPITAL FLOTATIONS—Contd.
New Security Registrations—Contd.
(Securities and Exchange Commission)
Estimated gross proceeds (total registrations
less securities reserved for conversion)—Con.
Selling and distributing expenses:
Commissions and discounts.-thous. of doL.
4,013
Other selling and distributing expenses
904
thous. of doL .
Estimated cash proceeds to be used for:
131,022
Total
__..„ do
291
Organization development
-do
Purchase of:
1,915
Plant and equipment*
do
0
Other assets
_
.do
20, 399
Securities for investment
do
0
Securities for affiliation.
_do
1,675
Increase of working capital
__.do
35, 523
Retirement of preferred stock
do
69,058
Repayment of bonds and notes
do
3,161
Repayment of other indebtedness..do
0
Miscellaneous
__._do
2,948
6,856
'4,531
3,356
2,164
4,378
7,761
6,675
5,412
8,293
6,287
4,387
432
824
r 356
891
557
1,175
1,051
2,088
881
2,016
1,180
681
66,618
138
132, 847
153
60,514
10
87,041
429
51,129
226
208,291
6
211,172
26
279,808
65
94,257
490
38,187
8
25,590
0
1,449
0
773
156
317
808
0
64,829
899
1,259
0
62,084
2,524
291
4,036
0
44,143
0
5,239
0
6,566
359
161
3,510
0
18, 632
20
1,741
119
61, 838
675
79
9,851
1,472
1,105
0
9,050
0
19,937
9,470
20
105,144
232
6,497
119
16,423
0
55,477
24,385
8
108, 238
8
62,979
0
5,503
25,053
1,505
7,860
0
42,330
0
27, 241
40
5,029
13, 819
175,812
15, 436
37
199,188 245,178 352,020 216,724
82,072 126, 260 197,448 156,640
80, 672 126,260 197,448 156,578
12, 313 35,872
40,802
23,995
505, 517
345,257
342,371
198,866
464,920
389,896
389,396
129,061
415, 474 196,697
180, 228 120,362
179,778 120,362
124, 696 60,887
18,028 189,084
0
2,000
9,308
15, 650
474
194
127,211
0
0
1,850
121, 304
0
3,143
249
59,049
0
820
1,018
13,550 216,450
33,150
87, 556 129,955' 43, 886
2,886
500
63
0
0
63
0
0
0
0
2,886
500
60,084 160, 260 75,024
60,084 160, 260 75,024
51,545
25, 692 95,034
0
55,082
450
0
0
450
235, 247
235, 247
211,141
211,052 125,424
1,920
858
10,142
50,306
10.139 38,017
180
0
0
31, 654 21, 745 38, 375 27,669
123
798
0
8,400
5,625
2,997
8,716
0
18,168 10, 494
447
180 270, 494 88, 743 64,567
2,036
5,012 36,139
36
16
23,060
200
0
347,770
90
Securities Issued
(Commercial and Financial Chronicle)
Securities Issued, by type of security, total (new
capital and refunding)
thous. of dol..
New capital, total
do
Domestic, total
do
Corporate, total..
do
Bonds and notes:
Long term
do
Short term
do
Preferred stocks
do
Common stocks
do
Farm loan and other government agencies
thous. of doL.
Municipal, States, etc.
.do
Foreign, total
do
Corporate
do
Government
do
United States possessions
-do
Refunding, total
_ do
Domestic, total
_do
Corporate, total
do
Bonds and notes:
Long term
do
Short term
do
Preferred stocks
do
Common stocks
do
Farm loan and other government agencies
thous. of dol_.
Municipal, States, etc
do....
Foreign, total
do
Corporate.._
do
Government
do
United States possessions
do
Securities Issued by type of corporate borrower:
total
thous. of dol..
New capital, total
do
Industrial
do
Investment trusts, trading, holding, etc.
thous. of dol.
Land, buildings, etc.
do
Public utilities
do._.
Railroads
do
Miscellaneous
do
Refunding, total
_do
Industrial
do-_.
Investment trusts, trading, holding, etc.
thous. of dol.
Land, buildings, etc
do
Public utilities
".do...
Railroads
do
Miscellaneous.
do._.
276, 216 121,444
219, 658 92, 387
199, 658 92, 387
45,533
5,427
1,900
2,600
0
927
118,146
76,084
20,000
0
20,000
0
56, 559
56, 559
10,136
38,952
323
2,696
3,562
40,697
30
0
75
22,335
289
1,215
156
11,190
0
374
749
5, 600
0
41, 255 39,870
0
1,400
0
0
0
0
0
1,400
29,056 117,116
29.056 117,116
3,773
62, 225
8,700
93,564
0
0
0
0
118,918
118,918
57,643
140,000
45,135
0
0
0
0
154, 572
154, 572
66, 500
762,948
164, 682 218,907
164, 682 193,907
63,922 43,071
452, 677
218, 478
218,478
47,181
61,484
300
1,950
37, 369
40
1,344
4,319
31,882
0
11, 502
3,798
8,400
51,075
0
0
0
0
76,335
76, 335
49,136
0
100, 761
0
0
0
0
598, 266
598, 266
273, 237
0
150,837
25, 000
0
25,000
0
169. 680
129, 680
102, 368
55,000
116,297
0
0
0
0
234,199
231,574
196,511
4,950
5,000
0
186
1,074
1.677
1,023
0
62,105
120
0
0
57,432
211
0
0
66,500
0
0
0
25,692
0
0
0
94,284
750
0
0
51, 545 211,141
0
0
0
0
0
0
48,956
0
180
0
272, 706
0
0
531
83, 932 185,538
0
0
18, 436 10,974
0
0
19,250
27,172
0
0
0
0
17,750
7.533
0
0
0
0
32, 450
22,442
0
0
0
0
44,800
16,475
0
0
0
0
83, 725
4,347
0
0
0
0
30, 810
3.582
0
0
0
0
51, 500
13,726
0
0
0
0
20, 250
' 3,229
0
0
0
0
5,600
21,599
0
0
0
0
322, 862
2,167
21, 700
5,613
40,000
15, 563
5,427
1,027
49,306
45,533
5,177
103,027
40,802
105
81, 638
23,995
8,660
78,813
12, 313
6,139
61, 626 293,900
35,935 198,866
18,405 141,761
500
630
770
0
2,500
10,136
3,986
0
425
38,527
0
1,404
3,773
1,003
0
527
40,170
0
0
62.225
215
400
40
12,300
2,235
360
57,643
45,211
0
250
2,250
3,540
134
66, 500
6,000
0
725
16,805
0
0
25, 692
2,002
0
0
50,775
6,330
0
95,034
750
100
107
9,604
0
0
51, 545
1,500
3,000
1,350
49,965
3,148
0
211,141
41, 659
0
747
2.562
740
0
49,136
180
0
850
300
5,000
0
0
300
774
0
1,697
0
180
61. 830
0
0
0
277
1,265
10,000
890
0
0
60,500
0
0
0
120
23,570
0
0
0
0
94, 284
0
0
0
4,000
46,045
0
0
0
100
169, 382
0
0
0
7,132
41,824
0
0
62,669 172, 775 • 47, 870 150,914
38, 340 18,414
66, 266 184,642
175,194
112,525
13, 500
10, 606
0
0
0
0
180,606 335, 837 110,023
129,061 124, 696 60,887
119, 250 67, 232
0
0
0
0
0
40,000
20, 250
14,813
2, 625
0
0
2,625
0
337, 159 145, 439 243, 693
47,181
63, 922 43,071
40, 561 17,300 36,801
0
0
0
394
1,420
240
6,348
20, 441 21,819
0
0
0
3,638
1,500
3,712
196,511
273, 237 102, 368
2,779
14, 458 44, 656
0
0
0
416
0
120
258, 659 57, 712 139, 438
46,378
0
0
7, 50U
0
0
(Bond Buyer)
6tate and municipal issues:
Permanent (long term)
Temporary (short term)
.thous of dol.
_
do_._
98, 817 ' 49, 389
88, 066 216,278
50,594 ' 67,265 ' 88,156 138,203 169,883 ' 155, 033
142, 760 53, 698 89,347 139, 618 47,031 ,- 43, 764
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
_
...mil.ofbu.
Corn
___do—
Revised.
300
104
660
106
701
764
892
725
572
512
400
577
139
206
125
180
111
115
71
108
•Includes reimbursement of corporate treasuries for capital expenditures.
380
133
336
147
325
133
35
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
1938
January
January
February
March
April
May
June
July
August
Septem- October Novem- Decem
ber
ber
ber
FINANCE—Continued
SECURITY MARKETS
Brokers Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances
mil. of doL.
_
do
do
«. do
671
192
713
235
958
220
041
288
937
207
628
280
831
215
576
239
763
203
485
248
760
208
482
243
774
215
495
258
843
209
528
284
864
200
571
272
823
213
559
257
905
196
617
270
939
189
662
252
991
190
754
247
91.03
94. 25
58. 55
88.68
91.64
62.07
89.48
92.44
62.73
85.71
88.71
58.27
87.82
90.84
59.91
87.78
90.81
59.64
88.98
91.97
60.54
90.19
93.32
60.76
89.40
92.53
59.89
92.10
59.72
90.67
93.70
61. 20
90.34
93. 33
61. 02
yl.27
94. 35
60.11
72.77
100. 40
94.94
92.21
42.30
72.31
98.81
93. 61
93 52
41.'97
66.70
98.26
93.48
78.90
37.85
63.62
97.63
93.24
73.38
35.37
67.09
101. 70
97.06
75.31
38.16
60.36
104.88
97.68
72.55
30. 55
68.72
107. 75
99.65
75.10
39.09
65. 68
109.37
99.05
74.14
35.47
0)
0)
0)
0)
0)
0)
0)
(')
0)
0)
0)
0)
(!)
81.9
86.2
99.7
59.7
80.6
81.7
94.0
66.2
79.3
80.6
92.2
65.0
76.0
79.5
91.2
57.3
73.8
77.8
90.2
53.5
76.5
80.4
94.0
55.1
75.3
80.0
94.0
52.0
80.8
85.0
97.3
60.2
81.3
85.7
98.1
60.0
78.7
84.2
96.3
65.7
81.8
86.8
98.6
59.9
82.1
117.3
104. 4
111.5
102.3
112.2
102.4
112.2
102.5
111.6
102.7
113.6
104.0
113.6
103.9
114.2
103.8
115. 2
104.0
111.7
103.0
115.2
104.3
116.6
104.0
278
622
133, 593
192, 475
112, 786
157, 513
139,041
201,181
128,938
180, 796
116,394 119,899
161, 697 169,072
119,160
178,731
113,449
166,909
94,784
134,016
115,972
170,871
108, 296
152,817
89, 587 96, 606 127,133 93,667
127,972 140, 524 194, 877 130,647
J 59, 611
7, 581
165,910
16,353
127, 593
11,014
169,432
15,125
139,715
18,832
121,156
6,844
152, 030
131, 4G0
20, 540
149, 557
128,981
20, 576
116,579
96,374
20, 205
154,307
126,037
28, 270
120,883
102,133
18, 750
114,312 135,092 170,747
96, 654 118, 695 152,580
16, 397 18,167
17,658
51.587
46,933
4, 654
46, 958
44,233
2,725
47,910
43.112
4,798
42, 486
39, 508
2,978
47,895
43,124
4,770
42, 855
39, 862
2,992
48, 360
43, 601
4,760
41, 450
38, 677
2,773
48,279
43,559
4,720
42,399
39, 571
2,828
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars..
Domestic. _
do
Foreign
do
Dow-Jones & Co., Inc. (40 bonds)
percent of par 4% bond..
Industrials (10 bonds)
do
Public utilities (10 bonds)
do
Rails, high grade (10 bonds)
do
Rails, second grade (10 bonds) _„
do
Standard Statistics Co., Inc. (60 bonds)
doL per $100 bond..
Industrial (20 bonds)
...do
Public utilities (20 bonds)
_..do
Rails (20 bonds)
do
Domestic governmental issues:
Municipals (15 bonds).
do
U. S. Treasuryt
do___.
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
thous. of dol.
Par value
do
On New York Stock Exchange:
Market value
thous. of doLPar value
do
Sales on N.Y.S. E., exclusive of stopped
sales (N. Y. S. E.) par value:
Total
thous. of doL .
IT. S. Government
do
Other than U. S. Government:
Total
do
Domestic
do
Foreign
do
Value, issues listed on N. Y. S. E.:
Par value, all issues
...mil. of doLDomestic issues
do
Foreign issues
do
Market value, all issues...
do
Domestic issues
do
Foreign issues.
do
Yields:
Bond Buyer:
Domestic municipals (20 bonds) percent.
Moody's:
Domestic (120 bonds)
do
By ratings:
Aaa (30 bonds)
do
Aa (30 bonds)...
do
A (30 bonds)
do
Baa (30 bonds)
do
By groups:
Industrials (40 bonds)
do
Public utilities (40 bonds)
do....
Rails (40 bonds).
_
do
Standard Statistics Co., Inc.:
Domestic municipals (15 bonds)
do
U. S. Treasury bondst
.do
0)
0)
0)
0)
(0
157,
224,
144, 821
9,729
48, 244
43, 551
4, 693
42,347
39, 548
2,799
49,177
44, 489
4,687
43,757
40,919
2,838
157, 370 117,162
232,147 161,552
178, 265 120,363
6,161
7,518
49, 409
44, 657
4,752
44,561
41, 674
2,887
C1)
0)
0)
0)
86. 9
99.3
60.2
0)
(0
81.1
86.0
98. 7
58. 6
116. 5
104.1
110. 826 166,812 139, 760 146,188
148,992 237, 245 207,719 259, 364
92, 923 133, 469 107,389
126, 207 195, 775 169,415
116,550
221,469
133,954
17,163
185,179 155, 868 217,609
6, 535
4,419
7. 673
114,202 116, 791 177, 506 151,449 211,074
96,692 94,417 155, 698 130,133 185, 528
17, 510 22,374 21,808
21.316
25, 546
49,424
44,676
4,748
44,183
41,339
2,844
50,331
45, 649
4,682
44,837
42,041
2,796
50, 225
45, 546
4,679
45, 539
42, 675
2, 864
50,301
45 640
4, 661
45. 442
42, 597
2, 844
51,554
46, 920
4. 634
4.7, 053
44, 268
2, 785
2.76
3.07
3.05
3.19
3.08
3.05
3.00
3.01
2.88
2.98
2.90
2.83
3.86
4.19
4.23
4.36
4.50
4.28
4.40
4.17
4.09
4.17
4.03
3. 95
3.95
3.01
3 32
3.97
5.12
3.17
3.50
4.20
5.89
3.20
3.51
4.24
5.97
3.22
3.56
4.34
6.30
3.30
3.73
4.49
6.47
3.22
3.56
4.28
6.06
3.26
3.68
4.41
6.25
3.22
3.62
4.21
5.63
3.18
3.57
4.13
5.49
3.15
3.53
4.08
5.36
3.10
3.46
4.02
5.23
3.08
3.42
4.02
5. 27
3.31
3.57
4.70
3.54
4.01
5.02
3.57
4.07
5.06
3.58
4.05
5.44
3.64
4.11
5.75
3.51
3.90
5.44
3.55
3.90
5.75
3.48
3.79
5.25
3.43
3.76
5.09
3.21
3.60
4.20
5.65
3.50
3.82
5.18
3.43
3.73
4.94
3.40
3.63
4.82
2.70
2.47
3.03
2.65
2.99
2.64
2.99
2.64
3.03
2.62
2.91
2.51
2.91
2.52
2.87
2.52
2.82
2.51
3.02
2.58
2.82
2.48
3.39
3. 65
4.83
2.74
2. 50
Stocks
Cash dividend payments and rates (Moody's):
Annual payments at current rates (000 companies)
mil. of dol_.. ,316.25 1,793. 04 1, 510.79 1, 457. 60 1,443.85 1,328.37 1, 287.10 1, 288.80 1,295. 20 1, 293.92 1,293 59 1.328.16 1, 31 r>. 04
935.03
N u m b e r of shares, adjusted
millions
929.10
929.10
929.10 929.10 929.10 929.10 929.10 929.10 929.10 935. 03
929.10
929. 00
Dividend rate per share (weighted average)
1.41
1.39
1.55
1.39
1.39
1.39
1.43
(600 cos.)
dollars1.93
1.63
1.57
1.39
1.41
1.43
3.00
3.01
3.07
3.00
3.07
3.00
3.00
Banks (21)
do
3.07
3.07
3.07
3.00
3.01
3.00
1.24
1.41
1.23
1. 28
1.27
1.90
1.49
1.42
1.22
1.24
1.24
Industrials (492 cos.)
...do
1.28
1.29
2.24
2.38
2.24
2.37
2.31
2.38
2.38
2.38
2.24
Insurance (21 cos.)
do
2.22
2.24
2.31
2.24
1.94
1.93
1.94
1.91
2.02
2.02
1.97
1.93
1.91
Public utilities (30 cos.)
do....
1.94
1.93
1.92
1. 94
1.09
1.54
1.09
1.29
1.54
1.54
1.54
1.09
Rails (36 cos.)
do
.90
1.18
1.09
.85
1.05
Dividend declarations ( N . Y. Times):
Total
thous. of dol._ 194,118 253, 782 304,053 171,979 152,753 366, 435 222,001 167,170 240,965 185,428 180, 506 509,160 247, 569
Industrials and misc
do
181,480 235, 898 277,143 166,012 147,052 353, 652 207, 374 157,175 230,994 182,735 169,901 486.396 229,916
5,701
9,995
9,970
2,693
12, 638
26,910
12, 783 14, 627
10, 605 22, 765 17,653
Railroads
do
17,885
fi,967
Prices:
Average price of all listed stocks ( N . Y . S. E.)
Dec. 31, 1924=100
62.6
57.3
44.2
49.8
48.1
58.3
62.2
60.6
60.6
54.6
66.2
65.4
64.1
Dow-Jones & Co., Inc.: (65 stocks)
46.13
46.05
43.98
dol. per share.
49.13
38.73
49.64
42.26
40.92
37.86
36.38
35.57
49.32
50. 32
140.97
Industrials (30 stocks)
_
do
137.04
146. 87
118.79
139.47
150. 36 151. 96 150.12
114.20
128.38
126. 08
119. 07
112.85
20.01
18.49
Public utilities (15 stocks)
do...
23.30
22.92
22.00
21.64
17.76
20.80
19.23
17.96
19.38
21.94
23.35
28.49
25.62
Rails (20 s t o c k s ) . . .
do....
31.20
30.62
19.09
21.52
28.16
21.82
30.52
30.17
28.81
24.63
31.29
' Revised.
i Discontinued by the reporting source.
fRevised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear in tables 17 and 16, p. 18 of this
Issue.
36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
March 1939
1938
January
February
March
April
May
June
July
DecemAugust SeptemOctober November
ber
ber
FIN AN CE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued:
New York Times (50 stocks)..dol. per shareIndustrials (25 stocks)..
___do
Railroads (25 stocks)
do....
Standard Statistics Co., Inc.:
Combined index (420 stocks)
1926=100..
Industrials (348 stocks)
.do
Public utilities (40 stocks)
do....
Rails (32 stocks)
do.__.
Other issues:
Banks, N. Y. O. (19 stocks)
..do....
Fire and Marine insurance (18 stocks)-do..
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
mil. of dol_.
Shares sold
thousands..
On New York Stock Exchange:
Market value
mil. of dol_.
Shares sold
thousands..
Exclusive of odd lot and stopped sales
(N. Y. Times)..
..thousands..
Bhares listed, N. Y. S. E.:
Market value, all listed shares.—mil. of doL.
Number of shares listed__
..millions..
Yields:
Moody's, common stocks (200)
.percent..
Banks (15 stocks)—
do....
Industrials (125 stocks)
_
do.—
Insurance (10 stocks)
do
Public utilities (25 stocks)
do....
Rails (25 stocks)
do_._.
Standard Statistics Co., Inc., preferred stocks:
Industrials, high grade (20 stocks).percent..
102.73
181. 82
23.64
91.35
159. 53
23.18
89.73
157.18
22.28
83.14
148.12
18.17
81.92
146. 70
17.13
80.47
143.93
17.01
85.70
153.92
17.49
98.90
175.95
21.85
99.74
177. 53
21.95
95.68
171. 70
19.68
106. 81
189. 69
23.95
105. 29
186. 99
23.59
105. 36
186.99
23.74
91.8
109.3
81.2
29.8
81.6
95.7
75.7
29.0
80.7
95.7
71.2
28.3
77.9
92.7
68.5
25.5
70.7
84.2
64.0
20.9
73.9
87.4
69.5
21.8
73. 1
86.4
69.2
20.5
88.0
105.3
76.5
27.3
89.5
108.0
75.0
27.8
86.0
103.9
72.2
25.5
91.1
109.6
77.4
28.1
94.7
113.6
80.9
30.0
92.0
110.6
77.9
28.8
50.0
86.1
53.0
78.2
51.8
77.8
49.3
73.2
48.0
70.8
48.3
74.5
47.2
77.5
51.2
85.5
49.9
85.5
46.7
82.8
51.0
87.0
49.6
87.4
47.7
85.3
1,129
47,393
954
'42,603
681
•"28,558
885
••42,656
751
35, 759
566
26, 635
842
39, 875
1,621
70,651
40, 515
1,573
67,924
1,306
53,496
1,225
• 52,913
37,051
856
33,102
21,749
789
32, 524
679
28,151
499
20,153
752
30,198
1,474
57,636
891
32,151
943
40, 542
850
32,035
1,397
54, 625
1,157
41,923
1,065
' 39,954
25,1*6
24,145
14, 525
23,000
17,120
14,008
24, 364
38, 762
20,723
23,826
41, 561
27,923
27,490
44,884
1,425
39, 243
1,422
41,173
1,423
31, 858
1,427
35, 865
1,426
34, 585
1,424
41, 962
1,427
44, 784
1,427
43, 526
1,425
43, 527
1,425
47, 002
1,426
46,081
1,427
47, 491
1,424
3.8
4.8
3.4
4.1
5.6
3.5
5.9
4.8
5.8
4.5
6.7
6.0
4.6
4.7
4.0
4.3
6.5
5.6
5.9
5.7
5.2
5.5
8.1
5.1
5.1
4.6
4.7
7.0
7.8
4.9
5.4
4.3
4.8
6.8
3.9
4.8
3.3
4.0
6.2
5.0
3.7
4.7
3.1
4.0
6.1
4.1
4.9
3.3
4.0
6.2
4.4
3.8
5.0
3.2
4.1
6.2
4.5
3.6
4.8
3.0
3.9
5.7
3.9
3.8
5.0
3.3
3.9
5.9
3.6
3.6
4.8
3.1
4.1
5.7
2.9
4.94
5.25
5.25
5.30
5.47
5.32
5.29
5.17
5.07
4.99
4.92
4.94
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number..
Foreign...
do
Pennsylvania Railroad Co., total..
do
Foreign
do—
U. S. Steel Corporation, total
do
Foreign
..do
Shares held by brokers
percent of total..
645, 222
7,137
216, 726
2,942
168, 509
3,140
23.70
649,117
7,187
217,748
2,953
172, 219
3,166
22.54
648,056
7,180
216, 847
2,928
171,198
3,09®
23.65
646,671
7,173
214,532
2,874
168,399
3,084
24.89
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:
Unadjusted
....1910-14=100.
Adjusted
do...
Total, excluding cotton:
Unadjusted...
do...
Adjusted
..do...
56
55
76
75
69
76
73
72
72
76
68
72
61
69
60
68
61
66
65
62
73
60
66
58
91
56
62
114
77
67
103
70
68
108
73
67
110
73
66
105
68
65
95
62
65
94
60
64
96
61
64
102
65
64
116
74
63
107
67
63
111
71
64
55
55
53
52
50
51
54
48
50
46
46
45
45
47
44
47
51
53
52
55
55
54
55
55
53
54
100
53
53
90
51
57
87
49
56
97
54
56
88
49
55
84
46
55
87
46
53
88
46
53
102
54
53
102
54
53
104
56
54
99
54
54
99
52
53
68
61
102
91
79
85
78
79
79
93
74
89
57
74
62
86
61
76
71
66
83
62
81
62
99
98
108
107
103
113
93
94
108
116
133
140
95
106
102
113
101
102
87
81
101
87
90
83
212,908
289,437
262, 733
275, 711
274,482
257,177
232, 686
227, 780
230,621
246, 321
277, 928
252, 231
268,756
8,085
42, 445
17, 692
95, 830
10, 818
6,395
4,381
42, 462
27, 061
26, 684
20,801
5,581
18,695
3,114
4,968
1,736
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
6,659
2.266
12, 232
48, 965
19,466
123, 500
11, 308
7,856
4,679
49, 352
30,130
29, 574
23, 337
7,089
24, 570
7,633
4,177
1,932
10,955
59,461
22,696
115,569
12,839
8,161
5,225
40, 600
36, 207
35, 510
25, 492
6,132
28,027
8,217
4,788
2,842
9,928
61, 933
28,837
105, 725
12,312
9,169
5,101
34,900
46, 591
45, 926
21, 909
3,938
28, 396
9,466
5,428
2,387
7.456
47.052
18,074
100,418
10. 073
7, 280
4, 686
35, 325
55, 214
54, 506
19, 999
4,066
27,039
9,121
5,207
1,813
8, 622
47, 5X6
15,485
87, 835
8,859
6,330
4, 246
30, 223
45,303
44, 732
20,094
4,966
23, 247
6,569
4,394
1,500
9,194
43,118
13,938
90, 265
9.473
5,620
4,931
32,231
43, 489
42, 769
17, 967
3,606
23, 746
6,408
4,953
2,117
7,271
40, 579
13,607
102,995
8.3S1
10,270
3,621
41,432
39, 545
38,829
20.034
4,136
20,196
4,318
4,222
2,072
7,890
45, 107
19, 806
112, 702
11. 235
12,057
4,132
50. 737
36, 752
36, 170
21,156
4,465
22. 755
5,944
4, 849
1,913
10, 308
50,990
19, 502
127,710
12. 322
10,166
5, 385
56,140
42, 971
41,895
23, 2S5
4,501
22, 664
6,034
5,382
2,123
9,767
48, 494
19,104
110,192
13,788
8,620
5,091
43,238
38,992
33,513
21,473
5,239
23,314
6,796
5,143
1,741
13,185
61,591
28,528
112,672
11,134
8,317
5,141
46,825
29,067
23,458
23,705
5,829
28,538
7,736
6,749
2,139
84
78
VALUE
Exports, incl. reexports
thous. of dol.
By grand divisions and countries:
Africa
do...
Asia and Oceania
do...
Japan
Europe
France
Germany
Italy
United K i n g d o m . . .
_
North America, northern
Canada
_.
North America, s o u t h e r n . .
Mexico
South America
Argentina
Brazil
Chile
r
Revised.
do...
do...
do...
do...
.do...
do...
do...
do...
.do..
do__
do..
do__
..do..
do..
37
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1938
1939
January
January
February
March
April
June
May
July
August
September
October
Novem- December
ber
FOREIGN TRADE—Continued
VALUE—Continued
Exports inch reexports—Continued.
By economic classes (U. S, mdse. only):
Total.._
tbous. of dol..
Crude materials
do
Cotton, unmanufactured.
do
Foodstuffs, total
do
Foodstuffs, crude
do
Foodstuffs and beverages, mfgs
do
Fruits and preparations
_do
Meats and fats
do
Wheat and
flour
do
Manufactures, semido
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.ofdol.
Crude materials
do
Foodstuffs, crude
do
Foodstuffs and beverages, mfgs
do
Manufactures, semido
Manufactures,
finished
do
210, 258
36,391
14,975
31,051
16,443
14, 608
7,227
4,596
8,201
35,452
107,365
21,396
7,449
31,217
178, 201
286,138
67,917
34,607
40,310
24,459
15,851
7,200
3,985
10,896
44,059
133,851
34,396
7,589
39,728
170,763
259,958
48, 212
21,162
39,441
26,076
13,365
6,629
3,753
11,438
41,720
130,585
28,088
7,819
41,412
163,085
270,837
47,028
23,148
35,530
20,833
14,697
6.322
4,289
11,337
46,170
142, 111
28,791
7,666
46,067
173,405
271,499
44,487
20,137
38,557
25,562
12,995
6,267
3,776
8,405
46,284
142,171
26,370
9,861
45,635
159,907
253,615
34,770
10,403
48,169
34,140
14,029
7,195
4,431
13,241
42,649
128,028
20, 563
8,732
42,382
148,260
229,615
34,498
9,442
34,556
20,988
13,568
4,296
4,202
8,226
37,015
123,447
17,202
8,811
41,545
145,898
225, 111
32,809
10,460
38,029
24, 556
13, 473
5,914
4,049
11,436
37,270
117,003
17,469
9,042
39,719
140,836
228,143
43,789
10,689
35,826
22,164
13,662
7,519
3,150
9,064
35,615
112,912
12,299
9,572
39,461
165, 540
243, 621
59,605
20,511
31,391
14,254
17,137
10, 365
3,944
4,038
40,159
112,465
14,171
8,370
36,626
167,651
274,319
72,132
24, 056
33, 290
12, 509
20,781
13, 253
4,110
4,030
44,454
124,443
17, 303
9,085
38,653
177,979
249,694
59,867
25,016
29,474
12,045
17,429
10,116
4,113
4, 473
39,955
120,399
25,417
8, 516
34,550
176,181
268,171
M, 376
19,048
28,422
11,170
17,252
10,000
4,204
4,588
50,499
137,874
29,161
12,292
40,908
3,741
51,818
11,285
51,273
4,703
5,231
3,266
11,331
26,136
25, 222
17, 924
5,429
27,309
6,633
8,420
3,277
3,333
54,923
11,496
48,388
4.2S3
5,813
2,872
9,572
21,778
21,020
20,068
4,130
22,272
3,863
8,753
2,844
4,200
63, 507
8,926
44,407
3,981
4,119
2,612
9,024
16,600
16,449
20,238
4,242
24,134
4,733
9,064
2,834
6,137
53,246
9,893
44,342
4,859
4,374
3,808
8,679
20,266
19,922
24,405
6,045
25,011
3,743
8,646
4,129
5,689
49,937
10,519
41,014
4,007
4,614
4,394
7, 567
20,240
19,673
22,621
5,941
20,407
3,055
7,096
3,500
4,811
42,868
7,020
40,682
3,584
4,829
3,172
8,693
20,968
20,487
19,305
4,184
19,626
8,441
7,004
2,522
3,047
45,716
10, 688
40,109
3,248
4,534
4,184
7,889
19,829
19,027
17,910
4,215
19,287
1,909
6,686
2,310
4,416
36,909
8,594
39, 781
3,589
4,393
2,587
7,262
22,803
21,973
17,964
4,606
18,963
1,689
7,564
1,171
5,851
44,394
10,103
49,366
4,357
5,627
2,824
10,143
23,899
23,334
21,329
3,295
20,701
2,835
7,432
1,571
3,799
46,899
11,839
52,150
5,397
5,794
3,170
10,445
24,186
23,500
17,924
2,440
22,693
3,882
8,820
1,681
5,081
49,131
11,678
58,714
5,992
7,289
4,520
13,801
27,049
26,249
16,183
3,134
21,821
3,631
8,536
1,648
4,069
56,033
14,053
54,623
5,191
6,923
3,656
12,89S
25,839
25, 232
12, 566
3,084
23,051
3,566
9,150
1,567
4,145
f.2,130
12,020
53, 609
5,586
6.256
3,397
12, 251
24, 300
23, 554
12, 753
4,748
24,538
4,252
9,191
2,457
169, 323
53,890
26, 774
16, 638
37,158
34,864
163,526
61,844
21,100
23,046
32,926
34,610
155,941
46,704
22,482
24,570
29,700
32,486
173,328
51,173
25,001
30, 508
32,141
34,505
155,501
43,805
21,059
28,436
28,564
33,637
147,243
40,248
19,555
26,177
27,846
33,418
147,938
38,003
20,485
26,657
30, 360
32,432
147,797
43,236
20,344
23,711
29,607
30,899
171,053
49,498
21,663
27,829
35,030
37,033
172,947
52, 377
20,473
28,639
33, 591
37,868
178,460
53, 708
21,120
27,240
35,753
40,639
171,652
52, 355
23,788
22,995
35,172
37, 342
165,522
53,465
23,093
20,887
35,265
32,812
17M74
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
thous. of dol_.
Operating income
.do
Electric Street Railways
Fares, average, cash rate
Passengers carried %
Operating revenues
cents..
7,888
thousands.. 791,090
.thous. of dol_.
8,745
146
8,725
214
0,169
137
9,202
131
9,165
124
8,931
124
8,251
109
8,409
123
9,497
115
9,404
127
9,240
131
11,338
920
7.884
798,274
56,602
7.884
729,897
52, 560
7.878
819,425
68,233
7.878
793,728
56,557
7.909
775,120
55,650
7.909
736,750
53, 241
7.889
682,148
49,615
7.889
703,880
51,132
7.889
729,753
52,229
7.889
789,875
56,582
7.889
777, 314
55,274
7.888
838, 724
60,028
62
62
52
36
37
123
34
59
60
66
61
62
43
37
89
39
60
32
65
63
56
38
41
101
37
61
63
68
62
63
46
40
84
37
60
34
67
••2,760
••432
'20
'132
'186
'53
'717
'118
'1,101
316
HI
132
'2,273
'353
'17
'104
'223
'44
'563
'90
'879
256
105
112
2,392
382
18
120
191
49
Class I Steam Railways
Freight-carloadings (Federal Reserve):
Combined index, unadjusted.__ 1923-25=100__
Coal
.do
Coke
do
Forest products
do
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1
do __
Ore...
do
Miscellaneous
do
Combined index, adjusted
do
Coal
,.
_
.do
Coke.
do
Forest products..
do
Grains and grain products
.do
Livestock
do
Merchandise, 1. c. 1
do
Or«
do
Miscellaneous
do
Freight-carloadings (A. A. R.):1
Total cars
thousands..
Coal
do
Coke
.do
Forest products
do
Grains and grain products
do
Livestock.....
do
Merchandise, 1. c. 1
_do
Ore
do
Miscellaneous..
.do
Freight-car surplus, total..
do
Box cars
_
do
Coal cars
_
_
_
do
63
76
64
37
71
40
59
22
65
69
67
55
42
79
41
62
102
76
2,302
515
30
103
129
53
561
33
878
218
106
67
' 2, 257
'497
'26
'102
••150
'58
'671
'28
••823
29S
139
114
r 2,156
442
23
105
127
46
677
29
809
321
144
131
57
62
39
37
71
32
61
19
64
60
49
38
36
77
41
61
76
67
77
38
60
52
60
37
60
37
64
58
57
35
35
77
42
60
26
61
2,223
381
20
108
133
44
606
31
900
312
133
134
2,650
405
20
122
160
68
754
40
1,092
317
138
137
2,186
344
16
105
130
51
697
f6
887
328
152
133
' Revised.
JData for April, June, October, and December 1938, are for 5 weeks; other months, 4 weeks.
JFor comparable monthly figures beginning January 1929, see table 10, p. 15, of this issue.
229
100
92
64
78
58
37
72
40
59
23
67
50
42
95
44
62
48
72
2,553
468
22
120
148
63
604
106
1,022
169
86
49
3,542
668
31
159
221
102
799
14]
1,422
144
68
42
53
43
83
41
61
92
74
2,530
511
26
109
137
69
594
65
1,018
175
85
51
2,949
664
35
131
163
67
708
44
1,138
221
106
71
38
SURVEY OF CURRENT BUSINESS
1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
January
March 1939
1938
January
February
March
April
May
June
July
Decem
August SeptemOctober November
ber
ber
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION— Continued
Class I Steam Railways—Continued
Financial operations:
Operating revenues, total
thous. of dol.
Freight
do___
Passenger
do___
Operating expenses
do
Net railway operating income
do._.
Net income
do
Operating results:
Freight carried 1 mile
mil. of tons.
Revenue per ton-mile
cents.
Passengers carried 1 mile
millions.
Waterway Traffic
Canals:
Cape Cod
thous. of short tons.
New York State
do._.
Panama, total..
..thous. of long tons.
In U. S. vessels
do
St. Lawrence
thous. of short tons.
Sault Ste. Marie
do...
Suez
thous. of metric tons.
Welland
thous. of short tons.
Rivers:
Allegheny
do...
Mississippi (Government barges only) .do._.
Monongahela.
do...
Ohio (Pittsburgh district)
do...
Clearances, vessels in foreign trade:
Total
thous. of net tons.
Foreign
..do...
United States
do...
r
279,108
r
251,089 283,075
218,305 198,385 227, 084
r 37,428 31, 293 31,038
232,565 215,412 229,065
'7,144 ' 2,122 14, 470
* 33,476 ' 44, 567 ' 28,212
268, 269
211,438
31,845
219,543
9,237
' 33,483
26,404
.916
1,981
23,182
.940
1,648
26,030
.961
1,649
22, 789
1.020
1,712
23, 706
1.012
1,683
23,886
1.020
1,889
26,312
.998
2,118
25, 236
1.003
1,976
29,110
.977
1,825
32, 757
.977
1,662
28,471
1.004
1,564
28,133
0
292
0
2,095
752
0
0
2,452
0
243
0
1,999
629
0
0
2,225
0
252
0
2,269
814
0
0
2,707
0
334
341
2,279
747
0
971
2,437
0
303
466
2,309
804
1,512
3,365
2,355
1,740
285
671
2,122
709
1,184
5,364
2,213
1,461
270
524
2,026
810
1,178
5,552
2,508
1,529
697
2,172
810
1,215
6,237
2,482
1,588
278
480
1,998
779
1,296
6,624
2,248
1,786
328
684
2,360
888
1,429
7,141
2,460
2,030
327
845
2,224
789
1,065
4,466
2,270
1, 651
348
0
2,374
807
5
323
2,422
1S2
175
183
1,568
1,003
105
175
1,166
636
110
155
1,040
686
151
185
1,226
788
110
186
1,184
735
156
217
1,083
679
208
195
1,027
704
246
226
1,141
755
263
256
1,279
223
224
1,422
967
249
190
1,595
1,055
244
215
1,710
991
180
' 171
1,798
1,074
4,670
3,539
1,132
4,931
3,747
1,184
5,004
3,646
1,358
5,620
4,095
1,525
5,911
4,409
1,502
6,218
4,526
1,692
6,445
4,812
1,634
6,731
4,901
1,830
6,958
5,208
1,749
6,516
4,816
1,700
5,769
4,103
1,666
5,678
4,037
1,641
5,062
3,813
1,249
305,766
246, 803
34, 785
232, 946
32,891
342
0
2,393
753
0
0
272,665
217,875
282,140 299,641 315, 387 322, 595 353, 441 319,682 318,336
222, 718 238,146 253. 592 261,303 293, 762 264,135 251,320
36, 330 34, 427 31,459
34,988 38,036
30,211
37,913
217,113 218,192 222, 224 229, 632 232,040 242, 409 231, 257 232,704
16,497 25, 001 38, 387 45, 377 50, 362 68,566 49, 665 49,373
1,097
6,277 24,068
' 25,503 ' 15,954 * 3,955
7,422 22,225
Travel
Operations on scheduled airlines:
Passenger-miles
flown
thous. of miles.
Passengers carried
number.
Express
pounds..
Miles
flown
thous. of miles.
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:
Visitors
.
do...
Automobiles
do...
Pullman Co.:*
Revenue passenger-miles
thousands.
Passenger revenues
thous. of dol_.
56, 405 54,806 56, 828 46,090
32,461
34,388 43, 549 44,413 48,813 47,515 50,859
69, 435 73, 563 94,112 104, 661 119, 293 115, 255 127,590 143, 488 139, 297 143,993 113,621
456,303 421, 326 558,113 497, 225 499,980 558, 710 541, 346 623, 770 877, 564 855,151 685,389
6,360
4,561
5,549
5,622
6,137
4,995
6,278
6,271
6,151
5,776
6,302
3.24
66
90
3.35
66
91
3.21
64
82
3.30
63
96
3.14
61
3.18
60
93
3.19
55
82
3.29
57
5,927
21,445
24,864
2,047
3,983
6,691
28,156
28,985
1,280
4,332
5,959
30, 778
25,896
1,670
4,845
11,168
27,032
21,277
1,427
5,439
17,002
20,754
23, 381
2,177
6,057
24,979
22,943
31, 792
2,405
5,748
25, 752
32, 414
55, 528
2,616
6,385
13,094
56,906
51, 646
2,286
7,357
9,059
74, 834
20,587
77,662
22, 548
74, 785
20, 710
82,298
24,445
3.21
64
830, 211 683, 322 702,894
5,288
4,405
4,485
41,594
99,119
761,090
5,665
r
61
85
3.32
65
89
3.47
60
94
3.26
54
88
58,027
31,848
2,227
8,226
5,138
31,710
19, 931
2,081
8,825
5,122
15, 649
16,103
2,157
6,844
5,589
16,614
18,765
2,663
8,042
5,184
163,564 250, 568 462,038 857,931
47, 334 72,475 132, 460 238,139
811, 209 428, 827 236,771
226,102 125,436 71, 416
77, 750
23,783
57, 677
16,798
664,745
4,137
604,886
3,779
720,803
4,418
739,390
4,407
683, 593 715, 529 651, 851 585, 289
4,409
4,555
3,912
4,239
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.
Telegraph, cable, and radio-telegraph carriers:
Operating revenue, total
thous. of dol.
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of dol.
Cable carriers
do._
Radiotelegraph carriers.—
do—
Operating expenses
do—
Operating income
do
Net income
do—
96, 257
63,991
23, 533
66, 590
16,825
17,230
92,297
62,132
21, 589
63,906
15, 634
17,262
97,138
63,961
24, 649
66, 614
17, 557
17,302
95,912
63, 694
23,849
65, 379
17, 651
17,336
96, 289
63, 741
24,132
66, 323
17, 426
17, 366
96, 305
63,296
24, 577
65, 696
17, 752
17, 344
94,954
61, 587
24,800
65, 505
16, 458
17, 335
96, 482
62, 029
25, 984
66, 239
17, 261
17, 373
96, 725
62,850
25, 428
67,030
16, 791
17,465
65,105
25, 929
67, 634
18,637
17, 528
98,531
64,897
24,959
67,434
18,946
17,593
101,552
66,188
26,591
69, 444
18,835
17,704
10,501
8,840
9,928
8,384
11, 536
9,770
10,905
9,345
10,889
9,346
11,185
9,597
10,618
9,049
11,092
9,524
11, 550
9,851
11,156
9,491
10,751
9,114
12,408
10,553
506
862
800
10,021
'242
' 1,065
447
765
779
9,335
'102
'965
539
855
911
9,984
«13
459
749
810
9,970
210
'561
485
793
749
10,077
84
'755
499
803
785
9,909
550
'186
529
809
760
9,861
39
'764
485
791
777
9,935
431
'408
522
830
807
9,991
69
'774
570
9,899
953
199
569
861
804
9,903
558
'356
10, 756
1,041
291
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption.__„__
..thous. of wine gal..
Production
do
Stocks, end of month
do
Alcohol, ethyl:
Production
thous. of proof gal._
Stocks, warehoused, end of month..___.do
Withdrawn for denaturing
do
Withdrawn, tax paid
do
Methanol:
Exports, refined
gallons..
Price, refined, wholesale (N. Y.) _dol. per gal_.
Production:
Crude (wood distilled)
thous. of gal__
Synthetic.
do.
r
' Deficit.
Revised.
*New Series. Data for Pullman Co. revenue
6,720
6,828
1,379
5,939
5,883
' 1, 092
4,996
5,088
1,179
6,168
6,207
1,213
6,364
6,287
1,127
6,072
6,092
1,137
7,812
7,869
1,192
6,725
6,711
1,170
7,648
7,846
1,416
9,124
9,181
1,466
11,188
11,101
1,364
10,309
10,195
1,233
10,433
5,500
1,285
17,067
24,433
11,327
1,691
15,607
21,502
9,765
1,835
16, 765
27,579
8,874
1,503
18, 329
32,879
10,140
2,202
12,817
33,076
10,481
2,135
14,253
33, 867
10, 615
2,340
16, 395
32,047
14, 400
3,506
16,370
33, 727
12,350
1,684
17, 284
35,176
14, 483
1,590
15,800
32, 736
16,072
1,639
17,017
28,319
18,986
2,111
15,164
23,277
17, 249
2,439
16,772
20, 895
17,389
1,841
24,355
.36
30, 650
.36
5,117
.36
21,753
.36
15,889
.36
24,198
.36
10, 525
.36
10,609
.36
7,743
.36
22,716
.36
8,431
.36
12,648
.36
25,990
.36
352
2,463
458
2,897
409
2,291
433
2,344
315
1,976
331
1,860
293
1,630
309
1,450
282
1,898
303
1,930
335
2,295
344
2,618
357
2,844
passenger miles beginning 1915 and passenger revenues beginning 1913 are given in table 7, p. 18, of the January 1939 Issue.
39
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
1938
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
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 tonProduction short tons.
Purchases:
From fertilizer manufacturers
_do-._
From others
do
Shipments:
To fertilizer manufacturers
do
To others.
do...
29, 258
27, 754
24,607
23,425
22,961
24,904
25,445
23,136
27, 663
80, 545
522,108
106,440
503,028
30,443
32,151
29, 385
72. 520
472,986
28, 415
68. 900
478,774
142,451
147,443
125,294
129,233
110,496
119,218
102, 228
92,189
128, 312
126, 974
151,083
147, 592
148, 289
16. 50
181,386
16.50
183, 794
16.50
159,659
16.50
154,379
16.50
143,469
16.50
137, 764
16.50
114,199
16.50
109,969
16.50
131,106
16. 50
133,266
16.50
161, 285
16. 50
171,106
16. 50
176,923
20,418
22,343
26,754
16,496
20,983
15,569
19,474
29,989
14, 261
15,564
15,733
20,778
15,937
21,977
24, 249
30,388
25,097
38, 531
18, 560
40,284
21, 564
31,182
18,494
20,604
27,515
38,085
40,850
38,184
39,142
32,152
38, 570
38,128
33,019
28; 405
34,218
24,337
37,004
19,400
34,323
22,312
33,112
27,422
33,462
26.032
34,973
28,971
40, 904
37, 752
38,447
33.080
40, 915
276
127,496
103, 930
1,407
128, 498
101,416
73,025
2,547
1,669
116
99,717
3,848
92, 764
213
88,938
75,311
55,063
1,234
6,403
59
112,944
3,378
103,228
497
60, 235
36,833
8,969
738
19,414
44
146, 636
27, 504
108, 665
169
79,652
48,977
24,450
1,827
27,908
137
116,828
24,047
87,824
146
147. 587
20, 207
123, 331)
131,407
75, 849
20,829
8.276
42, 407
121
134,929
20,271
93,058
261
158,140
82, 576
32,971
9,337
64,124
116, 298
50,231
4, 851
6 046
58, 730
217
133, 295
25,119
101,186
72
149, 798
78,124
32,336
3,421
66, 897
1.450
1.450
1.450
1.450
1.450
1.450
1.450
1.450
FERTILIZERS
Consumption, Southern States
1,039
436
1,520
thous. of short tons..
••435
Exports, total._.
...long tons.. 85, 542 108,701 109,336 172,296 158,717
11,317
4,917
19,739
8.981
Nitrogenous
do
33,613
95,012 144, 287 137, 625
71,045
Phosphate materials
.do
73, 261
452
83
228
144
Prepared fertilizers
„
do
563
141, 898 170,007 145,233 191,449 162,357
Imports, total.
_
do
118,159 120,696 117,664 159,462 143,309
Nitrogenous, total
do
96,688
63. 854
61,388
91,426
Nitrate of soda
do
75,109
903
4,263
3,986
2,902
Phosphates...
do
4,931
20,186
20,120
22,322
6,561
Potash
do
42,931
Price, wholesale, nitrate of soda, 95 percent
1.450
1.450
1.450
(N. Y.) .—dol. per cwt..
1.450
1.450
Superphosphate (bulk):
322,335
314,727
278,520
Production...
short tons..
374,142
68, 224 192,888 239,942
Shipments to consumers
do
42,539
Stocks, end of month
_do
1,342,186 1,331,912 1,139,794 915,979
16, 744
369
413
283,189 235, 986 219,936 283,015 279, 381 314,359 326, 704 343, 204
21, 340 108, 470
23,393
6,592
117,258
46, 980
17,'717
17,147
949,442 1,054,545 1,058,452 1,057,215 1,160,299 1.249,272 1,322,806 1,361,127
NAVAL STORES
Pine oil, production
gallons..
0)
Rosin, gum:
Price, wholesale " H " (Savannah)
4.90
dol. perbbl. (280 lbs.) __
Receipts, net, 3 ports
bbl. (500 lbs.)_. 20,473
Stocks, 3 ports, end of month.do_
657,839
Rosin, wood:
Production
do.
0)
Stocks, end of month
do_
0)
Turpentine, gum, spirits of:
Price, wholesale (Savannah)___dol. per gal_.
.31
Receipts, net, 3 ports.
-bbl. (50 gal.)_.
2,390
Stocks, 3 ports, end of month
.do
123,584
Turpentine, wood:
Production
.do.
0)
Stocks, end of month
do_
0)
293,849
273,455
321,217
356,217
289,080
275, 719
0)
5.87
27, 630
157, 206
5.38
20,793
148,111
4.77
44,394
139,444
4.73
82,395
178,362
4.34
115,113
243,463
4.44
123,026
323, 280
4.61
121,396
402,121
43, 228
181,568
48,161
194,809
50,102
185,347
50,597
183,823
44,468
184,735
40,866
174,575
.29
4,605
63,655
.26
2,557
58, 705
.26
8,034
56,349
.23
20,156
64,409
.23
27,485
75,607
6,958
20,508
7,141
20,150
7,586
16,752
8.007
15,947
6,944
12,889
0)
0)
0)
4.48
121, 505
475,130
4.14
119, 818
542,161
5.12
87,935
588,870
4.89
97, 664
660, 252
4.34
48,095
678, 731
C1)
0)
0)
0)
0)
0)
0)
0)
(0
0)
0)
0)
.23
29, 824
87,077
.23
28,877
104,147
.23
29, 480
116,859
.21
31, 745
130,897
.22
17, 670
128, 334
.29
18,364
134, 460
.28
10,593
133,921
6,594
9,620
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
(0
0)
OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
Consumption, factory
thous. of lb_.
Production
do
Stocks, end of quarter
__do
Greases:
Consumption, factory.
_
do.._.
Production
do
Stocks, end of quarter
do
Shortenings and compounds:
Production
_
.do
Stocks, end of quarter
do
Fish oils:
Consumption, factory
do
Productiondo
Stocks, end of quarter
do
186,401
454,766
361,006
204,950
419,460
374,375
238, 802
395, 795
296,157
222,460
565. 816
312, 725
41,732
80,484
68, 780
47,745
80,158
62, 557
48, 656
79, 787
56,400
44, 480
87, 253
61,276
433,473
50,760
322,437
44,697
411,949
45, 270
370, 759
55, 662
50,497
39,447
185,277
46,179
3,346
159,386
51,950
97, 753
206,906
71,664
102,193
256, 352
Vegetable Oils and Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
mil. of lb.
Exports...
_
_—thous. of lb_.
Imports, total
do.
Paint oils
do_
All other vegetable oils
do.
Production (quarterly)
mil. of lb_.
Stocks, end of quarter:
Crude
do
Refined
do
Copra:
Consumption, factory (quarterly)
short tons.
Imports
_
do
Stocks, end of quarter—
do
2,815
91,692
11,414
80, 278
5,362
80,107
9,253
70,854
1,761
70, 219
8,726
61,493
1,097
3,411
101,782
18, 538
83,244
963
4,320
88,335
13,189
75,145
4,619
71,138
6,830
64,308
' Revised.
25,431
27,248
59,436
12,843
41, 601
2,359
89,048
14, 779
74,268
1,824
84, 636
11,850
72, 786
694
3,027
80,424
11,303
69,121
3,798
90,189
9,372
80,817
2,204
94, P82
15,414
79, 568
527
949
645
20, 967
827
3,984
98,419
9, 589
738
662
20,825
1
27,908
55,541
14,642
64,018
714
494
24,305
17, 927
Discontinued by the reporting source.
54,083
20,092
44, 953
997
2, 656
92, 613
10. 525
82,089
977
870
668
23,105
15, 437
58,414
26, 745
36, 525
40
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1988 Supplement to the Survey
1939
January
March 1939
1938
January
February
March
April
June
May
August September
July
Decem
October November
ber
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
Vegetable Oils and Products—Continued
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
thous. of lb__
Refined (quarterly)
do
In oleomargarine
do
Imports
. do
Production (quarterly):
Crude
do
Refined
do
Stocks, end of quarter:
Crude
- do
Rpfinpd
do
Cottonseed:
Consumption (crush)
thous. of short tons_.
Receipts at mills
_
__do
Stocks at mills, end of mo
do
Cottonseed cake and meal:
Exports
short tons..
Production
- do____
Stocks at mills, end of mo
do
Cottonseed oil, crude:
Production
thous. of lb_.
Stocks end of month
do
Cottonseed oil, refined:
Consnmntion fnotorv (Quarterly)
do
In oleomargarine
do
Price, summer, yellow, prime (N. Y.)
dol. per lb__
Production
thous. of lb
Stocks, end of month
_
_ do
Flaxseed:
Imports
thous. of bu__
Minneapolis:
Receipts
do
Shipments
.do
Stocks
-.
-do
Dtiiuth:
Receipts
do___
Shipments
do
Stocks
-do
Oil mills (quarterly):
Storks And of mifirter
do
Price, wholesale. No. 1 (Mpls.)-.dol. per bu__
Linseed cake and meal:
Exports
_.thous. of lb__
Shipments from Minneapolis
do
Linseed oil:
Consumption, factory (quarterly)
thous of lb
Price, wholesale (N. Y.)
dol. per lb_.
Production (quarterly)..
thous. of lb._
Shipments from Minneapolis
do
7,244
23,101
4,390
32,964
6,431
26, 448
122,113
63,433
9,555
32, 796
8,981
28,612
7,759
23,821
150,793
72,943
7,433
32,139
6,331
31,186
7,282
22,052
154, 327
77 365
8 711
32, 579
8,420
26,824
7,023
39, 792
150,922
78,573
7,204
34,725
74,656
70,288
70, 477
79,790
68 033
82 506
73,685
82,743
197,130
12 392
194,145
13 493
184,342
13 001
202,301
13,332
451
152
1,054
710
473
1,434
635
361
1,161
' 543
226
844
336
87
595
206
83
472
155
78
394
127
70
337
223
262
371
576
1,27'4
1,069
665
1,155
1,559
630
631
1,560
534
327
1,353
407
205, 494
289, 286
12. 808
318. 426
212, 812
10. 707
283. 087
251, 789
2,492
243,104
275. 381
766
151. 248
284,820
815
97, 927
280,848
7,520
74,185
259,002
4,422
56, 630
214,611
1,727
99,884
216,879
3,745
256,390
259, 659
2,200
294,408
295,380
1,235
284,458
313, 538
4,468
237,933
313,348
145,077
178,203
221. 770
210,084
197, 775
203,901
175,142
166,624
109,455
133,293
70, 252
87,882
52,345
46,481
41,843
33,834
67,603
46, 382
178, 632
111, 708
203, 746
151, 570
195,809
168,457
163,035
175,377
9,884
19,580
16, 792
455,021
16,327
11,422
9,958
351, 969
9,502
8,181
9,086
350 990
10,246
10, 381
10,807
301,398
10, 577
.071
138,022
609,950
.074
193,328
492,820
.079
188. 978
614. 703
.082
193. 361
563, 577
.082
130, 536
602,212
.081
107,008
599,176
.080
79, 740
566,450
.086
53,829
487,928
.081
53,996
409,781
.078
92,352
397, 382
.076
161, 768
446, 739
.074
162,361
503,890
.074
143,823
563,794
2,111
1,457
1,799
1,463
1,024
876
763
927
1,288
1,346
1,381
1,565
1,474
107
47
524
179
42
744
118
41
729
64
66
678
77
64
631
183
46
530
225
11
536
70
27
468
1,961
221
795
1,286
76
1,499
450
87
1,416
205
152
732
136
80
637
2
110
21
5
8
18
2
0
20
0
20
1
11
10
74
73
10
14
0
24
357
128
253
833
416
670
241
324
586
152
620
152
1
8
112
1.99
2.16
2.14
6,461
2,142
2.06
1.99
1.86
3,989
1,472
1.81
1.83
1.73
5 043
3 019
1.79
1.84
1.84
7,206
2,389
1.90
/ 8,171
50, 734
25,420
11,225
54,459
5,355
43,104
3,820
33,004
4,784
23, 518
4,482
24,322
5,380
27, 216
6,032
28,692
5,776
41, 577
11, 679
44, 746
11, 670
47, 302
7,913
51,820
9,760
.085
.102
.100
.095
.092
.086
.084
.087
.083
2,894
3,642
7,602
7,193
6,589
5,436
6,867
4,771
25, 671
28,371
32,000
31,824
29,812
29,991
.145
25, 512
.158
28, 718
.155
32, 387
.153
31, 092
.150
30, 221
.143
30,373
.106
.108
.103
.100
.098
.096
0)
63,875
.098
125, 587
4,973
223,109
0)
81,892
.087
77,513
7,261
145,909
Oleomargarine:
Consumption (tax-paid withdrawals)
thous. of lb__ 30, 350 ' 40,824 ' 36, 297 ' 39, 686 ' 33,139 ' 28, 774 ' 27, 890
Price, wholesale, standard, uncolored (Chi.140
.145
.138
.134
.145
.145
.150
cago)
- dol. per lb_.
Produrtion
thous. of lb_. 30, 319 ' 40, 380 ' 36, 208 ' 40, 974 ' 32, 662 ' 28, 516 ' 28,146
Vegetable shortenings:
Price, wholesale, tierces (Chicago)
.104
.102
.093
.103
.114
.105
.098
dol. perlb._
80 736
.084
98 407
8,263
113,012
72,419
.086
139,106
3,209
141,785
PAINT SALES
Plastic paints, cold water paints, and calcimines:
Plastic paints
thous. of dol._
Cold water paints:
In drv form
do _
In paste form
do
Calcimines
do
Paints, varnish, lacquer, and fillers:
Total
- - -.do
Classified, total
.
do
Industrial
do
Trade
- - do
Unclassified
do
32
-32
'33
'46
44
45
43
43
44
42
47
34
30
126
211
235
'102
'185
'259
'138
'193
'243
'223
'273
'312
188
'294
305
184
236
286
166
203
243
148
225
213
159
244
242
162
219
282
156
253
245
115
190
226
113
169
222
24,229
17,828
8, 180
9,648
6,401
21, 245
15, 002
6,371
8,632
6,242
21,657
15,326
6,085
9,241
6,331
29, 449
20, 721
7,938
12,783
8,728
33, 286
23,143
7,946
15,197
10,143
35, 294
24,115
7,823
16,492
11,179
32,390
22,386
7,418
14, 968
10,003
26,730
18, 512
6,603
11,909
8,218
28,821
19,747
7,249
12,499
9,074
29, 769
20,114
7,879
12,235
9,655
28, 773
20,486
8,481
12, 006
8,287
25,280
18,367
8,397
9,970
6,914
20,515
15,036
7,417
7,619
5,478
923
956
646
881
675
716
754
944
691
778
668
755
612
722
634
731
977
1,017
974
1,030
1,051
1,124
1,018
1,008
789
937
896
856
345
376
338
289
168
203
249
259
258
253
288
323
658
602
546
530
592
616
945
1,048
1,332
1,261
1,112
1,032
1,439
359
358
721
M.852
'398
'440
' 1,014
2,288
491
562
1,235
4,526
1,014
1,142
2,370
2,968
679
1,009
1,280
2,192
604
859
730
2,436
682
862
892
2,404
699
811
894
3,212
900
1,075
1,237
4,012
1,130
1,265
1,617
4,095
1,062
1,401
1,632
2,683
630
836
1,117
2,076
515
527
1,035
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_.
ShipmentscT
do_
ROOFING
Prepared roofing, shipments:
Total. . .
thous. of squares..
Orit roll
do
Shingles (all types)
_ _ _ . . . do._.
Smooth roll
_- _
do
' Revised.
> Less than 500 bushels.
/ Dec. 1 estimate.
^Includes consumption in reporting company plants; data for this item beginning 1935 are shown separately in table 15, p. 18, of this issue
41
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
1938
January
February
March
April
May
June
July
August
Septem- October Novem- i December
ber
ber
ELECTRIC POWER AND GAS
ELECTRIC
POWER
Production, total
.mil. of kw.-hr..
By source:
Fuel
do
Water power
do
By type of producer:
Privately and municipally owned
do
Other producers
do
Sales to ultimate consumers, total (Edison
Electric Institute)
mil. of kw.-hr__
Residential or domestic
do
Commercial and industrial
do
Public street and highway ltg
do
Other public authorities.
do
Sales to railroads and railways
do
All other sales
do
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol_.
10, 653
9,633
8,709
9,468
8,924
9,082
9,197
9,523
10,180
9,838
10, 210
6,907
3,746
6,106
3,627
5,179
3,530
5,534
3,934
4,907
4,017
5,252
3,830
5,519
3,678
6,878
3,645
6,397
3,783
6,376
3,452
6,868
3,342
6, 760
3,484
9,864
9,036
697
8,156
553
8,929
539
8,404
520
8,571
511
9,019
504
9,650
631
1,822
6,147
200
189
620
61
7,432
1,667
4,905
175
176
464
46
7,469
1,590
5,006
166
180
483
44
7,355
1,571
4,981
148
164
445
45
7,231
1,465
4,972
136
189
428
41
9,314
524
8,190
1,611
5,786
156
194
407
37
9,669
541
7,930
8,710
487
7,437
1,481
5,185
125
193
414
39
9, 690 '] 0,3^2
'550
554
8,475
1,723
5,849
197
194
479
34
191,881
181,207
176,919
176, 418 170,983
174,271
176,099
182, 380 185,948
188,019
192,178
9,894
9,235
186
464
34. 460
17, 226
7,694
9,410
9,919
9,254
194
462
32,085
16,476
6,976
8,423
9,875
9,211
183
469
32,368
17,052
6,113
8,992
9,880
9,208
190
471
31,189
16,595
4,529
9,970
9,299
194
467
29,682
16,687
3,353
9,564
9,922
9,261
186
464
28,264
17,224
1,707
9,179
9,930
9,277
177
465
25,650
15,999
856
8,613
9,943
9,288
181
464
24, 356
14, 663
684
8,872
10,029
9,362
197
462
26,864
16, 502
900
10,019
9,342
213
454
29,809
17,754
2,152
9,696
10, 008
9,318
222
460
31, 095
16,114
4, 861
9,908
10,030
9, 331
228
461
35,344
16,342
8,328
10, 421
33,197
21,819
4,809
6,425
31,485
20,599
4,674
6,081
31,920
21,391
4,168
6,201
30, 786
21.633
2,887
6,126
30,409
22,418
1,935
5,926
29,820
22,688
1,284
5,744
27,732
21,500
699
5,431
26,120
20,011
590
5, 409
28,614
21,930
820
5,757
30,834
23,024
1,660
6,022
31,133
21,946
2, 795
6, 259
33,500
22,073
4,772
6, 597
6,981
6,447
532
123, 942
46,979
75,833
6,979
6,447
531
122,302
45,967
74,832
7,002
6,463
537
115,334
41,414
72,420
6,978
6,447
529
105,608
34, 324
70, 516
6,462
516
91, 721
25,693
64, 514
6,942
6,451
489
82,497
19,648
61,702
6,443
481
79,488
16, 270
62,019
6,955
6,469
484
80, 697
14,510
64,829
7,002
6,514
486
85,624
15, 671
68, 554
7,064
6,554
507
94,403
19,683
73,348
7,176
6,621
553
109,128
29,457
78,903
7.202
6, 638
561
128,012
43, 333
83,170
47, 517
30,631
16,685
46,320
29,658
16,406
42,689
27,000
15,420
38,006
23,243
14.634
31,874
18, 577
13,057
27,069
15,131
11, 766
24,986
12,878
11,910
24,003
11,875
11,922
25,144
12,269
12, 675
28,929
14,849
13,883
36, 086
20, 250
15, 691
45, 448
27, 726
17, 483
6,387
6,135
9,189
5,748
5,337
8,540
4,428
4,313
8,242
4,134
3,595
7,570
3,774
3,731
7,367
3, 669
3,537
7,081
7,562
1,602
5,296
130
189
410
1,527
5,773
144
199
413
36
8,335
1,638
5,835
178
196
449
38
10, 244 '10,882
T>,976
'3,806
GAS
Manufactured gas:
Customers, total
thousands..
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers
mil. of cu. ft..
Domestic
do
House heating.
do
Industrial and commercial
do
Revenue from sales to consumers
thous. of doL.
Domestic
_
do
House heating
.
do
Industrial and commercial
.
do
Natural gas:
Customers, total
thousands..
Domestic
do
Industrial and commercial
_do
Sales to consumers
mil. of cu. ft_Domestic
do
Industrial and commercial
do
Revenues from sales to consumers
thous. of doL.
Domestic
_
_
do
Industrial and commercial
do
FOODSTUFFS AND
TOBACCO
BEVERAGES
Fermented malt liquors:
Consumption (tax-paid withdrawals)
3,103
thous. of bbl_.
3,642
Production.
do
7,467
Stocks, end of month
do
Distilled spirits:
Consumption, total (tax-paid withdrawals)
6,246
thous. of tax gal._
5,008
Whiskey.
do
11, 829
Production, total
_
do
9,193
Whiskey
_
do....
Stocks, total, end of month
. d o . . . 510,194
Whiskey
d o . . . . 470, 251
Rectified spirits, and wines, production
thous. of proof gal
3,072
3,574
7,482
5,097
4,231
14,624
11,639
482,650
459,247
2,550
3,247
3,673
7,759
4,015
5,022
8,559
4,164
4,968
9,161
4,561
5,199
9,590
5,204
5,511
9,661
5,367
5,672
7,255
6,386
6,443
6,732
6,592
7,491 10,203 11,745
9,724
4,382
4,226
5,648
4,939
5,111
4,313
5,175
5,837
8,173
9,571
7,693
6,095
12,991
6,692
12,283
10,116
9,658
9,294 18,923 22,147
6,857
16,956
4,217
10,254
3,915
9,886
8,244
7,653
4,997
8,119
4,721
10, 562 10, 780
489,436 492,840 495,992 498,067 497, 528 496,903 496,012 495,163 495,003 501, 207 505, 670
464,525 467,423 470,446 472,162 471,160 470,401 469,451 468,480 466,376 466,176 466,809
2,423
3,545
2,959
3,122
3,311
2,983
2,772
3,504
4,480
5,362
4,774
152, 408 150,192
153,152
DAIRY P R O D U C T S
Butter:
128, 760 122,586 135, 551 142,846 165,893 139,741
Consumption, apparent
thous. of lb._
Price, wholesale 92-score (N. Y.)
.34
.30
.28
.31
.26
dol. p e r l b . .
.26
116, 675 112,271 128,816 147,960 200,985 205, 599
Production, creamery (factory) t-thous. of lb._
50,252
55,887
Receipts, 5 marketst
do
48,343
78,992 90,433
8tocks, cold storage, creamery, end of month
31,211
14,387
19,574
thous. of lb__
21,033
54, 594 120, 351
Cheese:
54,343
Consumption, apparent
do
53,154 65,351
67,870
75, 756 72, 251
Imports
do
3,189
4,376
5,264
4,233
4,001
4,309
Price, wholesale, No. 1 Amer. (N. Y.)
dol. per lb__
.17
.18
.16
.14
.15
.15
.15
Production, total (factory) f
thous. of lb_.
40,800
41,750 52, 500 62,000
86,500 91,700
American whole milk
do
"287m" '29,442 29,810 37,842 48,458 70,240 71, 247
Receipts, 5 markets..
do
11,764
10, 753
12,223
15, 572 11,918
12,465
16,461
Stocks, cold storage, end of month
do
106, 450
93,497
85, 656 77,042 76,289
91,160 114,788
American whole milk
do
90, 348
80,479
73,815 66, 361 65, 767 79,345 99,676
' Revised.
tRevised series. Total production of cheese has been revised beginning 1920 to exclude cottage, pot and baker's
Survey will appear in a subsequent issue.
JFor comparable monthly figures beginning 1919, see table 14, p. 17, of this issue.
132, 413 138, 602 140,216
.26
184,778
77,740
.26
167,215
89,250
.26
149,914
78,843
.26
136,132
64,457
.27
.28
116,042 121, 790
49, 862 52, 352
172,622
201, 252 210,703
194,285
159, 254 128,872
64,174
3,881
.15
80,000
63,065
16,880
134,351
114,607
57,838
4,042
68,200
4,445
69,203
7,018
52, 088
5,925
50, 428
4,083
.14
.15
.13
.14
.15
69,800 54,400 53,877 ' 41,407 38, 728
55,830 42, 791 41, 267 30, 251 27,899
14, 718 16, 345 15,764
10, 998
10,537
150, 248 140,755 132,326 127, 440 120,174
127,862 121,423 115, 351 109, 738 102, 563
cheese; revisions not shown on p. 41 of the December 1938
42
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
March 1939
1938
January
February
March
April
May
June
July
Novem- DecemAugust September October ber
ber
FOODSTUFFS AND TOBACCO—Continued
DA1EY PRODUCTS— Continued
Condensed and evaporated milk:
Exports:
104
Condensed (sweetened)
...thous. of lb__
1, 522
Evaporated (unsweetened)
do
Prices, wholesale (N. Y):
5. 00
Condensed (sweetened)
dol. p e r c a s e . .
Evaporated (unsweetened)
..
do
2.90
Production:
Condensed (sweetened):
12, 847
Bulk goods
„
___.._ thous. of lb._
3, 421
Case goods
do
129, 452
Evaporated (unsweetened)
do
Stocks, manufacturers' end of m o n t h :
Condensed (sweetened):
8, 532
Bulk goods..
ttaous. of lb__
Case goods
do
6,101
Evaporated (unsweetened), case goods
thous. oflb._ 150, 311
Fluid milk:
Consumption in oleomargarine
do
5,85G
Production (Minneapolis and St. Paul)
thous. of lb_. 36,421
Receipts:
Boston (incl. cream)
thous. of q t ~
Greater New York (milk only)
-do
Powdered milk:
Exports
thous. of lb._
473
Production t
do
24,751
32, 860
Stocks, mfrs., end of m o . t
do
224
2,508
472
1,699
312
1,209
932
2,154
1,366
1,414
572
1, 983
220
1,862
1,922
279
2,380
356
2,335
2,034
355
2,198
5.00
3.25
5.00
3.25
5.00
3.21
5.00
3.00
5.00
3.00
5.00
3.00
5.00
3.00
5.00
2.90
5.00
2.90
5.00
2.90
5.00
2.90
5.00
2.90
12, 353
3,812
125, 682
11,463
3, 358
130, 077
17,916
4,212
169, 247
19, 769
4,974
206, 214
30,147
4,753
279, 741
23, 662
3.197
276,652
17.129
3, 289
224, 681
14,752
3,238
188,507
14,178
3,210
146, 679
14, 684
3, 050
122,885
11,290
3, 529
100,723
11, 922
3,210
119,614
4,229
4,037
4,574
5, 319
7,118
5, 601
15, 907
9,052
19, 538
9, 434
21. 850
10,249
20,119
9,932
17, 777
9,278
15, 248
8,521
11,701
9, 235
7,139
151,669
261,703
350, 790
392, 641
419,142
398, 287
344, 316
6,063
5, 509
5,292
4,787
5, 483
6,216
6, 247
42,062
45, 610
40, 746
34,641
29, 659
25,320
26, 377
4,935
150,894
132, 663
6,949
7,350
36, 412
4,827
123,801
7, 605
7,854
205,073
284,375
5,830
5,838
36,505
14, 484
113, 379
14, 566
109, 203
42, 771
16,483
121, 241
15, 795
115, 020
16, 090
119, 365
15,988
121,643
16, 579
120,412
17, 727
128,952
12, 291
115, 943
14, 936
120, 748
371
23,224
28.451
1,295
23, 933
32,174
788
30, 503
35, 509
36,089
41, 594
820
43, 808
53,520
1,058
41,955
58, 769
1,396
35, 562
59, 764
1,036
27, 350
55, 459
26, 871
52,602
751
25, 095
41, 204
5, 595
6,150
6,180
5,490
3,931
2,059
877
938
1,120
5,664
12,950
7 359
6, 862
IS, 726
2,433
8,760
16,426
2,766
6,513
17,029
2,062
4,013
19, 008
2,052
1,926
19,278
2,797
655
18,586
3,968
14, 223
1,626
11,385
1,158
10, 221
1,371
2,893
9, 768
3,211
10, 090
12, 780
2, 953
10, 272
14,391
2,341
1.144
.770
32,002
26, 700
14,342
118,277
15,327
118, 5S2
673
20,419
37,194
549
'21.532
'33.259
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu.._
Shipments, carlot
no. of carloads..
Stocks, cold storage, end of month
thous. of bbL_
Citrus fruits, carlot shipments..no. of carloads..
Onions, carlot shipments
do
Potatoes, white:
Price, wholesale ( N . Y.)—
dol. per 100 l b . .
Production (crop estimate)
thous. of bu_.
Shipments, carlot
no. of carloads..
GRAINS AND GRAIN P R O D U C T S
Exports, principal grains, including flour and
meal
thous. of bu._
Barley:
Exports, including m a l t - . . - do
Prices, wholesale, N o . 2 (Mpls.):
Straight
dol. per bu._
Malting
do
Production (crop estimate)
thous. of bu__
Receipts, principal markets
do
Stocks, commercial, domestic, end of mo.
thous. of bu._
Corn:
Exports, including meal
do
Orindings
-do
Prices, wholesale:
No. 3, yellow (Kansas C i t y ) — d o l . per bu._
No. 3, white (Chicago)
__do
Production (crop estimate)
mil. of bu._
Receipts, principal markets
thous. of bu._
Shipments, principal markets
do
Stocks, commercial, domestic, end of mo.
thous. of bu._
Oats:
Exports, including o a t m e a l . .
do
Price, wholesale, N o . 35 white (Chicago)
dol. per bu__
Production (crop estimate)
mil. of bu__
Receipts, principal markets
thous. of bu__
Stocks, commercial, domestic, end of mo.
thous. of b u _ .
Rice:
Exports
pockets (100 lb.)__
Imports
do
Price, wholesale, head, clean (New Orleans)
dol. per lb__
Production (crop estimate)
thous. ofbu._
Southern States (La., Tex., Ark., and T e n n . ) :
Receipts, rough, at mills
thous. of bbl. (162 l b . ) ~
Suipments from mills, milled rice
thous. of pockets (100 l b . ) . .
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
thous. of pockets (100 lb.)__
California:
Receipts, domestic rough
bags (100 lb.)__
Shipments from mills, milled rice
do
Stocks, rough and cleaned
(in terms of
cleaned rice), end of mo_..bags (100 lb.)___
Rye:
Exports, including
flour
thous. of bu__
Price, wholesale, N o . 2 (Mpls.).-dol. per bu._
Production (crop estimate)
thous. of bu._
Receipts, principal markets
do
Stocks, commercial, domestic, end of mo.
tbous. of b u . .
r
Revised.
» No quotation.
1. 595
1.225
1.294
1.475
1.494
1.515
1.619
17,406
20,647
20,245
23,870
21,061
22,940
"23,"452"
20,385
25, 774
28, 441
21,331
31,219
43,357
24, 752
368
1,238
791
636
1,303
1,973
1,619
.54
.60
.80
.84
.82
.84
.76
.80
.72
.77
.68
.78
6,409
5,814
4,263
6,670
/131,882
6, 067
r
8, 736
18,770
2,065
.931
1.100
1.095
"I47563" ""9,165"
14, 279
14, 890
12,397
1.456
/369, 297
12, 253
30,022
28, 323
15, 749
12, 545
15,111
11,495
861
2,744
1,954
1, 749
736
049
.57
.61
.48
.54
.47
.56
.53
.56
.50
.54
.50
.56
2,978
2,900
16, 817
12, 335
10, 522
5, 704
.57
252,139
5,846
13, 608
11,759
11,524
9,819
7,998
5,247
5,771
7,885
15,096
17,025
18, 924
16,187
15,015
7,050
5,740
13, 290
6,660
16,170
5,510
9,042
5,943
20, 698
5,638
25,446
5,669
13,375
6,784
15, 684
5,289
12,674
6,079
7,898
6,564
4,119
6,106
6,032
5, 993
3, 729
6,132
)
. 54
.58
.55
.58
.54
.58
.57
.59
. 55
.58
.53
.57
.55
.59
.44
.45
.46
.47
.48
.54
14,373
33, 726
21, 362
17,971
11, 760
23, 558
12, 921
29,948
24, 367
31, 867
38, 706
28,104
27,987
26, 573
17. 419
27,617
l a 061
17,240
9,942
45, 157
18, 994
32, 698
10,356
20, 202
10,969
41,092
39,000
43, 227
40, 704
25,916
23,674
15,004
10, 489
9,899
23, 081
46, 645
52,644
480
1,130
2,100
462
256
650
1,405
147
.33
.32
.31
.29
.27
.25
. 26
.29
/1,054
5, 658
8, 827
50,790
353
.33
616
1,349
.31
6, 221
~~6,~403~
3,933
4,730
4,381
5,267
3,609
.26
9,703
.24
24,669
10,128
7, 707
4,199
15, 768
25,077
23, 822
21,141
15, 547
9,483
6,825
6,837
20, 597
22,026
22, 609
17,676
16, 919
300,891
46, 344
443,085
52, 627
88,473
26,987
163,858
56, 394
152,916
60, 756
278, 979
64,407
325,820
51, 259
322,270
40,452
309,896
50, 501
215,914
46,483
351,826
39, 355
223,534
34,810
29S,935
39, 991
.033
.031
.033
.033
.033
.033
.034
.034
.034
.034
.033
.033
.033
2,303
892
1,199
922
1,007
676
770
631
270
485
1,625
3,191
1,458
911
1,248
1,101
1,008
1,190
967
902
970
696
611
839
1,437
1,158
978
3,695
2,337
2,299
2,188
1,940
1,841
1,434
1,027
854
1,685
3,568
3,983
3,979
262,200
129,003
510, 712
385, 282
211, 597
217,229
191, 798
57,908
65,445
87,859
65, 547
186, 353
94,592
165,480
119, 712
269,219
135,853
260, 721
118,298
477, 536
161,184
444,297
182, 438
212,534
136,365
393, 811
394,163
385,474
303,300
265,989
241,164
231,374
190,500
177,142
179,446
301, 531
382,460
366,012
249
.76
524
.74
607
.67
395
.61
502
.58
286
.56
116
.48
58
.41
283
.41
307
.41
21
.40
942
1,125
787
706
445
419
1,147
6,785
3,452
2,199
8,210
4,593
4,044
3,413
2,627
7,761
8,340
/ Dec. 1 estima
1,000
1,195
6,825
8,102
X For comparable monthlyfiguresbeginning 1919, see table 13, p. 17 of this issue.
.43
/55,039
1,248
43
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1938
1939
January
January
February
March
April
May
June
July
August
September
October
Novem- December
ber
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—
Continued
Wheat:
Exports:
Wheat, including flour
thous. of bu_.
Wheat only
.do
Prices, wholesale:
No. 1, dark, northern spring,
Minneapolis
dol. per bu_.
No. 2, red, winter (St. Louis),.
-_do
No. 2, hard, winter (K. C.)
do
Weighted av,, 6 markets, all grades..do
Production (crop est.), total
mil. of bu__
Spring wheat
do
Winter wheat
do
Receipts, principal markets
thous. of bu._
Shipments, principal markets
do
Stocks, end of month, world estimated
thous. of bu__
Canada (Canadian wheat)
do
United States (domestic wheat)
do____
Held by mills (end of quarter)
do
Wheat Hour:
Consumption (computed by Russell's)
thous. of bbL_
Exports
,
do
Grindiugs of wheat
thous. of bu__
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbl...
"Winter, straight (Kansas City)
.do
Production:
Flour, actual (Census)___
thous. of bbl_.
Operations, percent of capacity
Flour (computed by Russell)
thous. of bbl _
Offal (Census)
thous. of lb__
Stocks, total, end of month (computed by
Russell)
thous. of bbl._
Hold by mills (incl. wheat) (Census)._do
10, 448
8, 509
10, 578
8,764
10, 565
8,510
7,693
5, 724
13, 335
11,041
9,010
7, 059
1.27
1.00
1.03
1.02
1.25
.99
1.00
1.19
.92
.91
.93
1.10
.85
.85
.86
1.05
.71
.73
1.05
.75
.77
.81
11.900
12, 758
10, 910
13, 553
8, 542
10, 395
10, 642
10, 458
10, 875
13, 778
12,613
10,217
.80
154, 325
112, 303
510
5.10
3.32
320, 240 302. 690 273, 470 239, 440
50,088 45, 528 43, 399 41.029
79, 203 66, 467 54,426
43,191
114,796
!80
12, 764
10, 844
11, 498
9,623
5, 358
3,483
.78
.66
5, 720
3,104
6,917
4, 893
.73
.69
.65
. 05
.73
.66
.63
.05
19,110
14, 274 16, 984 101,105
61,080 38, 477 27,345
17, 090 14, 277 26, 726 25, 258 23, 291 23, 797 21, 096
190. 520 176, 500 260, 620 330, 930 420,110 437, 340 439,820
28,921
25,065
18. 726 65,457 150,665 173, 542 162, 375
33, 816 28, 333 96, 389 133, 725 139, 273 141,914 136, 204
185, 095
84, 501
6,970
4,430
.77
.70
.67
.68
/ 931
/ 244
/ 687
14, 892
18, 252
484,150
101.161
128 748
103, 097
8,501
413
37, 421
7,135
388
34, 921
7, 746
437
39, 589
7,918
419
36, 085
7,909
488
35, 784
8,779
415
39,165
8,830
409
39, 290
9,450
399
42.098
9,239
399
44, 234
43, 890
9 250
431
40, 324
540
48,357
5.89
5.21
5.91
5.51
5.50
4. 93
5. 35
4. 51
5.21
4.15
5.88
4.53
5.43
4.25
8, 507
55.0
4.97
4.01
4.91
3.91
4.81
3.79
4.91
3.80
5.06
3.84
6,049
7,834
7, 572
8,116
8, 600
7,739
8,474
9,160
53.2
49.9
52. 6
54.8
51.5
48.7
52.5
8,321
8.348
7,727
8,793
8,177
8, 656
10,094
9,573
675, 738 031,061 710, 240 650, 595 646, 817 707, 364 702, 336 743,993
9, 737
9, 034
8. 838
8, 416
59. 2
54.0
CO. 5
10, 548 10, 484
9, 286
770, 077 765, 608 704, 995 672,015
6, 750
6,560
6, 600
4,314
"~4~317
9, 699
63.0
5, 510
4.. 152
5, 536
5,316
4,866
3, 508
5,808
1,310
1, 626
1,502
1, 681
1,605
1,630
2,017
2,306
1,900
1, 465
863
443
137
1,013
605
231
920
576
201
1,021
632
218
995
615
215
952
659
242
1,103
821
335
1,061
950
469
1,122
1, 120
594
927
473
843
632
309
9.90
10.90
9.10
10. 53
9.57
9.63
9.31
9.50
9.60
9.13
8.78
11.01
9.25
10. 91
10.20
10. 88
10. 70
10.75
10.29
11.60
9. 63
2, 699
2, 892
1,962
1, 895
1,724
1,890
1, 757
1,570
1,797
11.11
10. 84
1,881
2, 255
2, 607
2,570
1, 928
754
41
2, 066
815
35
1,331
626
39
1,334
557
47
1,206
517
35
1,333
548
31
1,249
500
38
1,122
444
32
1,323
465
35
1,397
479
26
1, 600
587
28
1,903
691
33
1,848
726
43
5,696
5,900
1, 635
1,646
975
60S
259
1,054
557
188
11.59
10. 38
LIVESTOCK
Cuttle and cilvos:
Receipts principal market l.thous. of animals..
jJisposM ion:
Loci! si i'ltrhtrr
vin-rr ep«s, t< 11 1 . _
do..__
do
Slockerand feeder
__„
do___.
Pri^-, u iioh-s a^ (Chicago):
C IT tie, corn fed
__doi. per 1001b._
Calves, veilers
do
ilosrs- <
l{of""ipt « principal market s.tbous. of animals..
r>is;.n- ti.m:
T oc.il sKugMer..
„ do
shipments, total
do
Mocker iivl feeder
do
Price, wholesale, heavy (Chicago)
dol. par 1001b. .
:
hcop an 1 1 imbs:
IWeip'-s principal markets, thous. of animals..
D pt i
I.M'MI slaughter
shipment^, totil.
Stfcker m i Lnd^r
Prices, who'c-ulo (Chicago):
Kvs-s
Lambs
do
do
do
dol. per 100 lb_.
do____
MEATS
Total moats:
Consumption, apparent
mil. of lb_.
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do___.
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of lb_.
Exports
,
do
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb_.
Production (inspected slaughter)
thous. of lb..
Stocks, cold storage, end of mo
do.__.
Lamb and mutton:
Consumption, apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do.__.
Pork (including lard):
Consumption, apparent
do
Exports, total
do___.
Lard
..do
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb_.
Lard, in tierces:
Prime, contract (N. Y.)
do___.
Refined (Chicago)
do
Production (inspected slaughter) total
thous. of lb_.
Lard..
«.
do
Stocks, cold storage, end of month
do
Fresh and cured
.do
Lard.
do
f
Revised.
7.18
7.55
8.25
9.13
8.27
8.17
8.69
8.94
8.45
8.96
8.03
7.65
7.17
1,746
1,954
1,713
1,739
1,938
2,409
1,929
1,964
2,664
2,986
2, 805
1,945
1,552
1,063
677
113
1,150
793
95
1,058
663
82
1,079
853
90
1, 274
1,129
187
1,080
862
171
979
992
177
890
673
155
4.08
7.38
4.94
8.04
3.62
7.76
3.16
8.84
3.19
8.56
3.28
7.56
1,124
1, 673
856
3. 35
7.68
996
968
415
3.91
7.93
1,146
1,495
438
3.27
7.93
1,174
1,786
621
3.97
8.63
1,067
670
79
4.84
8.70
3.73
8.38
3.78
8.59
1,059
1, 202
789
1,039
1, 259
' 797
81
883
944
838
78
989
961
789
70
953
908
729
64
996
958
671
62
999
982
642
62
965
937
601
61
1,017
972
548
60
1,070
1,005
459
53
1, 097
1,073
413
50
1,092
1,177
484
54
r 1.040
1,227
434,140
1,105
458,087
1,012
403, 981 464,855
1,046
1,279
425, 605
53, 226
452,185 399, 062 453, 600
59, 369 57,023
50, 501
.141
61,582
61,123
3,052
563,193
36, 966
28, 520
.200
.073
64, 716
65, 140
3,294
59, 305
59, 573
3,523
60, 659
60, 094
2,901
442, 341 452, 874 456,814
913
944
1,029
.146
.150
.158
449, 240 468,355
1,194
1,082
.174
.170
423, 753 437,167 449, 569 444, 617 462,160
40,145
33, 601 33, 730 35, 925 34,467
58, 982
58, 253
2,121
61, 691
61, 732
2,125
56, 240
56, 321
2,148
55, 536
55, 392
1,972
62,186
62,112
1,861
••671
498, 910 479, 588 461, 485 •415,788
1, 248
1,261
1,192
1, 795
.170
.174
.170
495, 838 477, 452 467, 980 416,041
41, 218 52, 637 r 58,187
36,943
65, 392 63,276
56, 375 '54,281
65, 880 63, 588 56, 997 54, 684
2,318
2,606
3,171 ' 3, 541
517,997 419, 431 463, 597 451,294 481,847 486,067 460, 647 486,157 506,164 554, 066 574,142 570, 273
26, 750 23, 085 24, 911 22, 471 29, 711 25, 635 22,187
17, 329 25, 493 28, 332 27,075 27, 258
20, 453 16,284
16, 047 15, 508 20, 340 17,179
12,881
10, 842 18, 790 21,071
16,009
19,198
.209
.212
.214
.216
.214
.212
.222
.226
.242
.248
.200
.200
.091
.103
.093
.104
.094
.103
715,179 742. 082 485,475 447, 360 425, 797
158, 533 180,196 82, 645 77, 715 74, 908
656, 625 653, 346 699, 633 665, 263 622, 454
524,485 554,028 582, 654 543, 947 500, 564
132,140 99, 318 116,979 121, 316 121,890
/ Dec. 1 estimate.
.087
458,701
81, 023
574,097
450, 516
123, 581
.097
.095
.106
476, 552
80, 365
543, 770
417, 704
126,066
436,978
72, 938
502, 658
378, 981
123, 677
.098
.083
.097
.080
.092
.077
.090
.074
.086
448,180 443,756 531,753 651, 636 756, 532
74,192
89,716 105, 533 134,776
75,838
451, 397 367,177 319,312 373, 641 537, 525
334, 777 277, 231 251, 645 299,142 430,104
116,620
67, 667 74,499 107,421
44
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
January
March 1939
1938
January
February
March
April
May
June
July
August
Septem- October Novem- Decem«
ber
ber
her
FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of 1b.
Stocks, cold storage, end of month
do...
sipts, 5 markets
thous. of cases.
Stocks, cold storage, end of month:
Case.
thous. of cases.
Frozen
thous. of lb.
23,286
134,457
18,606
115,105
1,041
926
136
50, 560
314
95, 598
TROPICAL PRODUCTS
Cocoa:
18,143
Imports
long tons.
.0437
Price, spot, Accra (N. Y.)
dol. per lb.
Coffee:
1,191
Clearances from Brazil, total.thous. of bags.
662
To United States..
do...
1,423
Imports into United States—
do...
Price, wholesale, Rio No. 7 (N. Y.)
.053
dol. per lb.
1,295
Receipts at ports, Brazil
thous. of bags.
Visible supply, total, excl. interior of Brazil
7, 816
thous. of bags.
855
United States
..-do...
feugar:
Raw sugar:
Cuba:
Stocks, total, end of month
725
thous. of Spanish tons..
United States:
Meltings, 8 ports
-long tons.. 261, 257
Price, wholesale, 96° centrifugal (N. Y.)
.029
dol. perlb..
Receipts:
From Hawaii and Puerto Rico
long tons.. 62, 317
Imports
d o — 63,481
Stocks at refineries, end of month..do.._. 199,056
Refined sugar (United States):
4,018
Exports, including maple
do—
.050
Price, retail, gran. (N. Y.)
dol. per lb..
.042
Price, wholesale, gran. (N. Y.)
do—
Receipts:
4,183
From Hawaii & Puerto Rico...long tons..
Imports:
1,413
From Cuba
do—
From Philippine Islands
do
536
Tea:
Imports
.thous. of lb..
Price, wholesale, Formosa, fine (N. Y.)
dol. per lb..
.280
Stocks in the United Kingdom..thous. of lb..
14,369
100,493
281
!, 754
12,364
78,819
13,997
60,053
19,121
52,049
21,697
53,432
22,960
52,640
23,747
54,941
26,965
59, 942
36, 763
77, 692
74, 302
118,088 • 139,10b
1,639
1,978
1,916
1,509
1,035
1,303
96,475
3,204
115,874
5,100
130,872
6,255
138,510
6,411
135,329
5,942
125,018
4,765
1)0,244
3,244
94, 305
1,439 j
' 302
78,091 ! 62, 903
8, 930 j 15, 8S7
.04S0
.0462
716
14,197
.0609
15,954
.0605
27,515
.0606
12,936
.0520
5,795
.0467
8,987
.0470
21,180
.0526
40, 630
.0532
18,147
.0524
12,117
.0499
1,570
871
1,233
1,365
676
1,404
1,463
743
1,415
1,490
709
1,206
1,439
690
1,183
1,622
783
1,232
1,305
683
1,190
1,591
819
1,145
1,526
818
1,189
1,598
861
1,147
1,215 i
775 i
1.3S6 j
.059
1,550
.054
1,704
.054
1,470
.048
1,619
.048
1,525
.049
1,401
.049
1,214
.054
1,624
.056
1,792
.055
1,615
.055 j
.053
1,42! | 1,700
7,045
577
7,266
687
7,340
736
7,388
764
7,388
813
7,215
796
727
7,276
701
7,621
858
7,468
721
7,409 !
858 ;
7, S3G
914
1,894
7S4 i
750
546
1,341
2,401
2,545
2,407
2,037
245,130
290,170
300,583
343,685
343,093
374, 511
.032
.032
.031
.029
.027
.027
31,303
193,528
201,118
62,287
231,923
169,882
173,722
271,605
299,360
163,517
254,278
205,469
236,888
429,495
2,808
.053
.047
3,607
.053
.047
4,603
.053
.046
4,687
.052
.045
3,844
.051
.046
1,799
16,446
26,116
20,066
2,485
13,017
2,908
754
8,905
2,545
29,454
179
33,086
6,677
25,559
2,975
32,712
3,621
34,121
5,676
40,084
6,189
59,872
6,563
6,366
7,319
5,004
5,697
5,270
6,253
168,201
.280
162,841
.280
165,658
170,197
.280
182,558
13,053
7,138
. .280
1,554
1,316
1,014
391, 543
425, 588
375, 935
.028
.028
.030
.031
141, 731
226,003
345,274
158,276
211,077
282,876
113,822
347,381
334,246
4,034
.051
.044
4,958
.050
.044
5,134
.050
.043
227,392
217,914
17,080
17,387
17,856
15,785
13,307
12,695
10,359
31,201
358,183
26,508
427,917
37,588
587,392
42,769
259,361
46, 543
411,041
38,963
518,885
39,238
653,102
77, 003
'73,128
62,184
45,694
37,367
45,981
55,039
66,716
75,882
1,554
1,301
5,845
1,477
1,274
6,503
1,453
1,325
6,631
1,534
1,400
6,766
1,594
1,467
6,893
1,698
1,666
6,925
1,621
1,593
6,953
1,063
1,400
6,615
1,056
1,994
6,014
142, 271 116,173
311, 574 213,840
308, 086 269,978
1,451
7S5
1, 325
292, 036 ! 247, 226
.030 i .029
56,139
111, 170
215, 3S8
98, 038
46, 066
194, 732
5,625
.049
.046
5,003 j 4,472
.050
.050 !
.045 j .044
1,335
1,208
1,339 |
9,479
11,791
2,995
2,293
4,287
2,528
i
328
987
7,528
7,959
8, 404
.280
189, 983
.280
214,017
22,945
'21,401
6,428
.049
.045
7,603
.280 \
.280
231,628 243,223
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturersi-thous. of dol_.
Fish:
Landings, fresh fish, prin. ports.thous. of lb_.
Salmon, canned, shipments.._
cases..
Stocks, cold storage, total, 15th of month
thous. of lb_.
Gelatin, edible:
Monthly report for 7 companies:
Production
do—
Shipments
do—
Stocks
—
do....
Quarterly report for 11 companies:
Production
do—
Stocks
___do—
17, 717
TOBACCO
Leaf:
Exports
_
thous. of lb_. 28,013
5,820
Imports, incl. scrap.
...do
Production (crop estimate)..
mil. of lb_.
Stocks, total, incl. imported types, end of
quarter
_
mil. of lb_.
Flue-cured, fire-cured, and air-cured, .do
Cigar types
do
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
millions.. 13,863
Large cigars
thousands.. 349,497
Manufactured tobacco and snuff
thous. of lb_. 26,914
Exports, cigarettes
thousands.. 451,194
Production, manufactured tobacco:
Total
thous. of lb_.
Fine cut chewing
do
Plug
_
do
Scrap chewing
do
Smoking
do
Twist
do....
Prices, wholesale:
5.513
Cigarettes
dol. per 1,000..
46.056
Cigars.
do
6,305
9,969
45,046
5,353
35,113
3,703
36,624
23, 656
-21,243
46,890
36, 529 40, 275
814,883 1,112,465 899, 579
34, 666
539, 699
27,112
716, 458
84,537
85,665
93,024
•90,711
924
1,397
5,542
1,082
1,445
5,179
1,364
1, 22T>
5,317
1,518
1,242
5,593
6,147
9,914
28,987
4,752
21,396
4,373
2,433
1,958
371
21,425
5,793
r
5,234
8,004
3,909
7,956
13,467
10,435
35,219
6,284
2,178
1,726
359
60, 379
5,324
82, 034
6,289
55,167
5,641
2,343
1, 946
298
' 2,227
1,822
'323
13,058
328,574
11,492
338,887
13,728
431,691
12,527
384,918
14,324
417,144
14,717
477,443
13,784
420,510
15,892
477,596
34,711
486, 482
13,506
13, 264
525,662 515,859
12, 056
333, 982
26,280
475,939
25,077
551,625
30, 767
604,307
27,509
534,085
28,921
487,675
30,180
598,716
27,544
466,561
30,473
502,491
30, 577
420,493
27,869
631,023
30,940
518,943
27, 120
576,210
22,394
351
3,727
3,153
14,726
437
22,740
335
4,587
3,105
14,262
451
27,248
502
4,806
3,373
18,155
412
24,962
366
4,375
3,493
16,363
366
25,766
394
4,615
3,551
16,772
434
27,184
427
5,037
4,142
17,118
460
24,954
378
4,701
5,443
14,005
426
27,756
409
5,140
3,709
17,962
537
27, 327
403
5,023
3,655
17,812
433
24,969
358
4,344
2,151
17, 671
444
28,111
363
4,266
4,563
18,503
415
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5,513
46.056
5,513
46.056
5.513
46.056
5.513
46.056
' Revised.
/Dec. 1 estimate.
IFor monthly data beginning 1928, corresponding with monthly averages for 1928-33, shown in the 1938 Supplement, see table 6, p. 17, of the January 1939 issue.
54, 217
4,797
/ 1, 456
5, 513
46. 056
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
45
1938
January
February
March
April
May
June
July
Decem
October NovemAugust September
ber
ber
FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports..
thous. of long tons.
Prices, composite, chestnut:
Retail
dol. per short tonWholesale
.__
...do
Production
thous. of short tons.
Shipments
do
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply..
Bituminous:
Exports
_.thous. of long tons..
Industrial consumption, total
thous. of short tons..
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
___
do
Electric power utilities
do
Railways (class I)
_
do
Steel and rolling mills
__do
Other industrial
do
Other consumption:
Vessels (bunker)
thous. of long tons..
Coal mine fuel
thous. of short tons..
Prices:
Retail, composite, 38 cities
dol. per short ton..
Wholesale:
Mine run, composite
_.do
Prepared sizes, composite
do
Production
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total...
do
Byproduct coke ovens...
__do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
_
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total..
do
165
169
128
121
107
222
9.199
3,138
2,893
8.946
4,255
3,821
197
10.63
9.030
4,291
112
100
129
9.231
2,571
2,361
9.431
2,729
2,336
11.02
9.602
3,337
2,888
2,121
149
127
143
9.605
4,165
3,519
9.713
3,728
3,167
11.49
9.706
4,471
3,849
1,917
1,901
1,458
1,092
489
9.731
4,953
4,047
9.675
4,815
4,422
9.631
3,539
3,057
11.31
9.564
4,015
3,467
1,046
'1,652
1,413
1,265
1,272
1,390
1,764
1,757
1,924
29
27
26
25
44
58
57
58
63
44
63
277
297
271
279
673
929
1,148
956
1,093
1,032
1,107
26, 278
121
4,751
300
149
3,600
7,149
858
9,350
25,363
185
3,923
214
158
3,377
7,107
789
9,610
22,423
165
3,539
169
138
20,653
118
3,457
327
136
2,675
5,801
649
7,490
19,574
92
3,236
434
137
2,803
5,609
603
6,660
18,596
82
2,931
451
130
2,846
5,298
588
6,270
18,862
69
3,085
478
127
3,038
5,482
583
6,000
20,346
79
3,534
478
128
3,315
5,662
660
6,490
21,116
88
3,770
430
130
6,169
725
8,630
23,160
154
3,795
228
144
3,015
6,427
787
8,610
5,938
652
6,770
23,734
100
4,360
486
134
3,575
6,663
736
7,680
68
261
82
257
110
225
101
223
86
164
113
156
98
165
100
172
99
211
95
237
112
258
129
265
81
266
4.290
4.544
35, 530
4.441
4.779
30,950
4.440
4.784
27,440
4.359
4.544
26,745
4.301
4. 378
22,380
4.303
4.391
21,266
4.294
4.404
22,470
4.297
4.434
23,357
4.296
4.469
28,665
4.299
4.523
32, 276
4.299
4.576
35, 094
4.299
4. 565
36,110
4.298
4.557
36, 230
40,471
34, 021
7,890
345
260
8,594
5,813
742
10, 370
6,450
41,967
35,167
6,469
337
272
8,960
6,519
1,050
11,560
6,800
38,484
32,284
5,823
320
253
8,565
6,174
919
10, 230
6,200
35, 359
30,259
5,231
347
235
8,479
5,860
837
9,270
5,100
34,102
28,952
4,935
299
227
8,404
5,548
779
8,760
5,150
33,158
27, 748
4,867
309
253
8,201
4,996
722
8,400
5,410
33,452
27,612
5,000
311
271
8,067
4,827
716
8,420
5,840
33,615
27,265
5,364
275
277
7,905
4,532
652
8,260
6,350
34, 579
27, 719
5,540
299
279
7,834
4,556
651
8,560
36, 507
29, 377
5,952
313
263
8,029
4,672
638
9,510
7,130
39, 024
31, 324
6,459
330
258
8,195
5,052
620
10, 410
7,700
40,821 • 40, 720
33, 321 • 33, 670
7,462
7,173
346
'349
264
••252
8,413 r 8,491
5,315
5,629
650
••687
11,160
10,800
7,050
7,500
8.83
8.38
37
24, 921 • 26, 533
110
123
4,622
4,742
441
'342
138
144
3,530 r 3, 684
6, 597 ' 7,161
803
••837
8,680
9,500
8.54
COKE
Exports
thous. of long tons..
Prioe, beehive, Connellsville (furnace)
dol. per short ton.Production:
Beehive
.thous. of short tons..
Byproduct..
do.
Petroleum coke
do.
Slocks, end of month:
Byproduct plants, total
.do.
At furnace plants
do.
At merchant plants
do
Petroleum coke
..do.
25
29
22
19
28
45
60
39
3.750
4.250
4.250
4.250
4.250
4.250
3.875
3.750
3.750
3.750
3.750
3.750
3.750
77
3,367
117
2,762
126
2,367
1,087
1,280
390
105
2,494
122
2,474
1,196
1,279
419
97
2,675
114
75
2,436
127
3,134
1,348
1,786
522
58
2,283
138
3,275
1,376
1,899
562
52
2,067
137
3,375
1,411
1,964
574
44
2,177
138
50
2,494
148
63
3,093
147
70
3,278
153
79
3,363
142
3,564
1,460
2,104
610
3,709
1,453
2,256
651
56
2,675
111
3,675
1,392
2,283
623
3,716
1,334
2,382
654
3,745
1,307
2,438
678
3.610
1,291
2,319
3,360
1,271
2,089
2,777
1,305
1,472
469
55
38
PETROLEUM AND PRODUCTS f
Crude petroleum:
Consumption (runs to stills) thous. of bbl_.
97,900 88,179 95,885 95,675 99, 238 93,880 99,856
2,017
2,130
Imports
_.
do
1,924
1,923
2,045
2,405
2,669
1,371
1.160
Price (Kansas-Okla.) at wells._.dol. per bbl._
1.160
1.160
1.160
1.160
1.160
1.160
.960
Production
thous. of bbl~
106,007 94, 662 106,524 102, 702 98,674 94, 277 102,898
79
79
Reflnery operations
pet. of capacity..
78
77
78
77
79
Stocks, end of month:
California:
84, 724
77,008 79,965 81,822
Heavy crude and fuel
thous. of bbl..
71,879
74,461
33,138
31,669 31, 504 31,624 33,151
Light crude
do
29,341
31,188
East of California, total
do
268,978 267, 345 269,638 267,942 259,259 251,213 247, 361
Refineries
do
45,101 44, 314 43,674
45,104 45,228 45,822 45,975
223,874 222,117 223,816 221,967 214,158 206,899 203, 687
Tank farms and pipe lines
..do
1,606
1,656
1,574
1,707
1,776
1,539
Wells completed
.number._
1,441
Refined petroleum products:
Gas and fuel oils:
Consumption:
879
934
1,184
Electric power plants
thous. of bbl._
1,068
1,018
1,205
928
1,230
3,708
3,678
3,729
Railways (class I)
..do
4,092
3,964
3,811
3,675
2,923
3,169
3,249
3,393
3,219
2,969
Vessels (bunker)
do
2,813
2,587
.925
.925
.925
.925
Price, fuel oil (Oklahoma)
dol. per bbL.
.875
.875
.895
Production:
26, 204 23,866 25, 328 24,833 24,392 22, 761 23, 547
Residual fuel oil
thous. of bbl_.
12,294
Gas oil and distillate fuels, total
do
13,876
12,144
11,577
12,160
10, 784 12,688
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbL.
27,049 26,855 25,981 27,815 29,284 30,282 32,285
18,882 19,972 22,385
24,699
26,620
Gas oil and distillate fuels, total
do
21,543
19,885
Gasoline:
43,254 44,911
35,176 31,861
41,259
48,293 47,474
Consumption, domestic
-thous. of bbL.
2,702
3,742
Exports
do
3,029
3,603
3,517
3,597
3,100
2,764
Price, wholesale:
Tank wagon, delivered (New York)
.130
.130
.130
.130
.130
.130
.127
dol. per gal..
.119
.051
.053
.051
.049
.053
Refinery (Oklahoma)...
do
.041
.049
.055
.141
.141
.141
.141
.141
Frice. retail, service stations, 50 cities.do...
.141
.140
r
Revised.
t Revised series. Petroleum and productsnrevised for 1937; see table 9, p. 15, of this issue.
101,352
1,720
1.160
106,165
96,990
1,584
1.160
79
100,787
2,647
1.040
101, 830
79
97,309 97, 964
2,308
2,678
.960
.960
98, 567 102, 287
77
79
85,132 86, 705 87, 222 87,399
87, 222
33, 548 33,975 34,999 36, 064 37,193
243,952 240, 251 233,463 228, 741 229,140
42,724 42, 979 41,131 40, 386 41, 221
201,228 197, 272 192, 332 188, 355 187,919
1,715
1,601
1,419
1,648
1,572
2,916
.925
1,090
3,815
2,925
.925
1,101
4,199
2,788
.925
1,193
4.010
2,771
.925
' 1, 243
4,111
2,925
.925
24, 232
12,691
24, 552
13,074
25, 487
13, 820
24, 573
12, 793
25,197
13,873
32,874
28,841
33, 661
30, 860
33, 344
33,017
30, 935
32, 069
26, 991
27, 873
50,459
3,998
46,058
3,068
46, 272
3,572
44, 991
3,205
41,649
4,607
.124
.055
.140
.124
.051
.138
.124
.046
.134
.124
.046
.133
.119
. 043
1,205
46
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1938
1939
January
March 1939
January
February
March
April
May
June
July
Decem
October NovemAugust September
ber
ber
FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTSf—Con.
Refined petroleum products—Continued.
Gasoline—Continued.
Production:
At natural gas plants
thous. of bbl_.
At refineries:
Total
_do
Straight run
_
do
Cracked
do
Natural gasoline blended
do
Retail distribution
mil. of gal__.
Stocks, end of month:
Finished gasoline, total
thous. of bbl__
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
_
do
Exports
.
do
Price, wholesale, water white 47, refinery
(Pennsylvania)
-dol. per gal_.
Production
__thous. of bbl..
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic
do
Price, wholesale, cylinder, refinery (Pennsylvania).
_dol. per gal..
Production
-thous. of bbl_.
Stocks, refinery, end of month
do
Asphalt:
Imports
short tons..
Production
do
Stocks, refinery, end of month
do
Wax:
Production.._
_
...thous. of lb_.
Stocks, refinery, end of month
do
4,326
4,171
4,196
4,001
4,127
4,226
4,081
4,375
4,244
4,345
46,755
20,751
22,447
3,557
1,465
40,469
18,267
19,474
2,728
1,366
44,116
19,769
21,114
3,233
1,688
44,582
20,040
21,686
2,856
1,732
46, 645
20,804
23,042
2,799
1,850
44, 247
19,735
21, 877
2,635
1,926
47,607
21,020
23,652
2,935
1,982
48, 662
21,524
24,188
2,950
2,087
47,312
20,934
23,049
3,329
1,911
49, 677
21, 383
23, 862
4,432
1,889
47, 998
20, 397
23, 379
4,222
1,761
47, 780
20, 794
22, 701
4,285
1,749
79,114
53,219
4,951
85,018
58,945
5,017
85,035
60,043
5,531
82,684
57,660
6,179
54,010
6,548
73,725
47,159
6,951
70,224
43,091
7,614
64, 599
40,137
8,022
63,163
38,819
8,159
63, 542
38, 739
6,771
64, 083
39, 376
5,742
65, 949
41, 805
4,830
5,360
810
5,017
654
5,150
535
4,333
788
3,637
745
3,257
381
3,752
210
4,292
597
4,187
797
5,185
646
5,368
323
6,813
783
.056
5,638
6,523
.056
5,167
.054
5,798
.053
5,445
6,394
.052
5,649
7,627
.053
5,235
9,202
.053
4,889
10,112
.052
4,933
10,149
.051
5,348
10,497
.051
5,320
9,949
.050
5,419
9,676
.049
5,739
7,799
1,471
1,311
2,195
1,591
1,730
1,606
1,844
2,002
2,127
1,805
1,735
1,831
.110
2,785
8,006
.110
2,468
8,363
.110
2,697
8,210
.110
2,530
8,290
.110
2,595
8,255
.110
2,378
8,114
.106
2,631
8,194
.105
2,576
7,969
.105
2,615
7,605
.105
2,632
7,718
.105
2,535
7,817
.105
2,384
7,695
1,665
215,800
594,200
1,276
191,600
620,400
1,902
278,900
633,200
1,578
334,000
663,700
1,727
450,000
710,700
2,335
445,600
669,300
1,208
475,800
633,200
2,844
514,400
566,400
1,923
456,300
471,100
1,649
464,900
442, 200
3,461
322, 700
447, 600
2,078
242,400
480,900
41, 720
145,629
34,720
148,823
39,760
150,465
31,640
144,626
35,560
140,826
37,800
138,260
30,240
135,911
31,920
134,103
36,400
129,018
42,000
128, 926
37, 520
131,772
36,120
129, 340
4,336
776
.049
.105
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins
thous. of lb..
Calf and kip skins
_do—
Cattle hides...
do—.
Goatskins
do
Sheep and lambskins
do
Livestock (inspected slaughter):
Calves
.thous. of animals..
Cattle.
do....
Hogs___
do
Sheep
do
Prices, wholesale (Chicago):
Packers, heavy steers
dol. per lb_.
Calfskins, packers', 8 to 15 lb
do
LEATHER
Exports:
Sole leather
.thous. of lb_.
Upper leather
_
thous. of sq. ft—
Production:
Calf and kip
thous. of skins..
Cattle hides
__thous. of hides..
Goat and kid
thous. of skins..
Sheep and lamb
do
prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb..
Upper, chrome, calf, B grade, composite.
dol. per sq. ft_.
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides...
In process and
finished...
.do
Raw
__do
1,995
7,759
1,289
1,046
2,570
2,056
11,561
1,337
2,737
4,733
1,902
12,242
1,429
2,058
4,176
3,942
14,903
2,144
5,393
4,795
1,941
16,266
3,175
2,716
5,223
4,341
16,897
2,133
5,670
5,498
2,282
19,803
2,116
7,527
4,945
3,641
24, 399
3,440
10, 725
6,122
2,685
25, 657
3,972
9,588
6,075
4,468
716
2,833
1,424
506
809
2,610
1,428
502
749
2,462
1,425
500
772
2,585
1,550
475
816
2,533
1,485
436
820
2,254
1,461
457
848
2,467
1,603
453
917
2,671
1,694
470
884
3,311
1,638
457
858
3,913
1,453
417
758
4,346
1,347
.141
.136
.124
.118
.109
.123
.099
.113
.095
.123
.093
.114
.111
.139
.119
.145
.120
.143
.134
.161
.141
.163
.123
.157
53
4,328
209
4,780
52
4,567
4,563
109
4,169
97
3,623
49
3,669
60
3,738
41
3,709
49
4,651
42
3,420
26
3,689
890
1,398
2,972
1,757
1,000
1,471
2,638
2,195
1,127
1,617
2,831
2,125
870
1,381
2,506
1,827
865
1,409
2,371
2,010
1,032
1,457
2,675
2,184
1,222
1,407
2,394
2,308
1,349
1,764
2,755
3,226
1,066
1,717
2,336
2,716
1,100
1,755
2,525
2,822
1,138
1,786
2,634
2,872
1,266
1,881
3,245
2,899
.315
.349
.314
.305
.305
.305
.315
.318
.320
.320
.324
.318
.393
.381
.381
.378
.365
.377
.378
.378
.385
15,407
11,103
4,304
15,118
10,968
4,150
14, 576
10, 589
3,987
14,052
10,308
3,744
13,874
10,193
3,681
13,967
10,223
3,744
13,865
10,014
3,851
13,331
9,666
3,665
13,244
9,540
3,704
13, 885
10,074
3,811
13, 998
10, 304
3, 694
75, 666
39, 226
36,440
104,668
61, 742
42,926
122,385
69,028
53,357
109,081
55, 084
53,997
116,492
63,953
52, 539
145,710
85,185
60, 525
150,480
92, 255
58,225
181, 791
112, 736
69, 055
173,882
106, 761
67,121
183, 667 162,797
115, 942 102, 725
67, 725 60, 072
135,759
74, 065
61,694
182
203
171
127
116
136
32,826
3,563
13, 528
6,317
7,901
13, 597
1,514
5,952
3,009
1,887
9,567
981
3,071
3,404
1,508
415
761
4,043
1,456
420
830
4,201
1,552
.121
.163
3,097
9,251
916
3,158
13,440
9, 665
3,775
.390
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
dozen pairs.
Dress and semidress
do
Work
do.—
Shoes:
Exports
thous. of pairs
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxford
..do
Women's colored calf
.do
Production:
Total boots, shoes, and slippers
thous. of pairs..
Athletic
_do
All fabric (satin, canvas, etc)
do
Part fabric and part leather..
.do
High and low cut, total
do
Boys' and youths'
do
Infants'
do
Misses' and children's
do
Men's
do
Women's
do
Slippers and moccasins for housewear
thous. of pairs.
All other footwear
do
r
Revised.
108
5.75
4.75
3.00
33, 527
260
457
659
30,108
1. 412
1,988
8, 741
8,875
14, 091
1, 695
348
6.00
5.00
3.35
• 25, 707
' 124
' 1,140
' 1, 429
r
21, 472
' 1, 058
' 1, 307
' 2, 442
' 6, 625
' 10, 040
' 1,138
'403
6.00
5.00
3.35
6.00
5.00
3.35
6.00
5.00
3.35
5.75
4.75
3.23
30, 331 ' 37, 543 • 33, 468 • 30, 473
'131
'204
' 180
' 169
' 1, 303 ' 1, 036
'961
1.287
'889
'729
1,900
' 1,314
24, 820 ' 31, 636 • 28, 044 • 24, 998
1, 122 ' 1, 349 ' 1, 221 ' 1, 221
1,616
' 2, 039 ' 2. 079 '1,817
' 3,394
2,892
' 3, 663 '3,414
7, 080 ' 8, 442 ' 7, 360 ' 6, 829
12, 203 ' 16,143 r 13, 970 r 11, 738
' 1, 486
'608
' 2, 279
'806
' 2, 361
'958
' 2, 676
'941
5.75
4.75
3.00
191
200
138
113
5.75
4.75
3.00
5.75
4.75
3.00
5.75
4.75
3.00
5. 75
4.75
3.00
5.75
4.75
3.00
• 42, 252 38, 280
'263
'295
'319
'191
'405
'331
• 36, 247 31, 987
1,803
' 1, 958
' 1, 845
1,818
' 4, 090
3, 859
9, 568
• 10, 067
• 18, 287 14, 940
'35,012
'282
'303
'315
' 27, 799
' 1, 638
'1,878
' 3, 583
' 9, 250
'11,451
5.75
4.75
3.00
• 26, 897
'225
'459
'192
' 22, 491
' 1, 361
' 1, 681
' 3. 008
'7,314
' 9,128
" 30, 742
' 187
'314
'202
' 26, 546
' 1, 426
' 1, 576
' 3, 314
' 7, 027
r
13, 204
' 2, 837
'692
' 3,108
'384
fSee footcote m a r k e d w i t h a " t " on p 45.
164
r
4,
322
5,115
' 264
r 6, 078
'236
• 30, 054
'304
'305
'354
' 22, 556
' 1, 553
' 1, 886
' 3,132
' 8, 691
' 7, 295
29, 988
331
355
r
476
24, 359
1,426
1,775
3,399
8,403
9,355
' 6, 422
' 114
4,297
170
47
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
1938
January
February
March
April
May
June
July
Decem
October NovemAugust September
ber
ber
LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports (boards, planks, etc.)
M ft. b. m_
National Lumber Mfrs. Assn.:
Production, total
mil. ft. b. m_
Hardwoods
do._.
Softwoods
„
do
Shipments, total
„
_do._.
Hardwoods
„
.do....
Softwoods
do
Stocks, gross, end of month, total
.do...
Hardwoods
do.__
Softwoods
_
do...
Retail movement (yard):
Ninth Federal Reserve district:
Sales...
_
M ft. b. m.
Stocks, end of month
do...
FLOORING
Maple, beech, and birch:
Orders:
New
M ft. b. m..
Unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
..do
Oak:
Orders:
New
_
do
Unfilled, end of month
do
Production
do
Shipments..
„__ do
Stocks, end of month
do
SOFTWOODS
Fir, Douglas:
Exports:
Lumber
M ft. b. m_.
Timber..
do.—.
Prices, wholesale:
No. 1, common boards-dol. per M ft. b. m_.
Flooring, 1x4, " B " and better, V. Q.
dol. per M ft. b. m_.
Southern pine:
Exports:
Lumber.
M ft. b. m..
Timber
„
do
Orders:
Newt
jnil. ft. b. m_.
Unfilled, end of month
do
Price, wholesale, flooring
dol. per M ft. b. m_.
Production!
jnil. ft. b. m_.
Shipments t
do
Stocks, end of month.
do
Western pine:
Orders:
New
do..-.
Unfilled, end of month
do
Price, wholesale, Ponderosa pine, 1x8, no. 2,
common (f. o. b. mills)-dol. per M ft. b. m_.
Production...
jnil. ft. b. m_.
Shipments
.do
Stocks, end of month
do
West Coast woods:!
Orders:
New
do
Unfilled, end of month
.do
Production..
_
do
Shipments
do
8tocks, end of month
do
Redwood, California:
Orders:
New
M ft. b. m_.
Unfilled, end of month
do
Production...
do
Shipments
do
Stocks, end of month
do
58,817
68,805
52,902
62,400
61,572
69,945
63,735
64,857
61,517
67,998
1,582
295
1,287
1,662
308
1,355
8,309
2,055
6,253
1,249
245
1,004
1,387
202
1,186
8,826
2,287
6,539
1,275
249
1,026
1,389
221
1,168
8,710
2,313
6,397
1,698
296
1,402
1,748
238
1,511
8,647
2,354
6,293
1,473
219
1,254
1,489
225
1,264
8,625
2,348
6,278
1,550
208
1,342
1,531
222
1,308
8,648
2,332
6,316
1,696
211
1,485
1,684
230
1,454
8,672
2,318
6,354
1,606
204
1,402
1,775
267
1,508
8,511
2,259
6,252
1,998
222
1,776
2,033
283
1,750
8,481
2,200
6,281
1,901
237
1,664
1,843
293
1,550
8,560
2,155
6,405
1,790
239
1,552
1,847
295
1, 552
8, 506
2, 099
6,407
4,237
77,442
3,189
84,258
4,695
83,286
8,058
86,244
9,553
83,915
11,747
81,515
11,568
80,797
13,504
80,238
12, 637
76,062
16, 282
69, 666
7,450
14, 700
6,000
5,900
23,800
5,000
8,900
4,700
4,400
25,000
5,900
9,900
4,400
4,900
24,250
7,050
9,650
6,250
6,900
23,600
6,350
9,800
5,400
6,100
23,350
5,050
8,700
5,450
5,850
23,100
7,000
8,000
5,600
7,000
21,000
7,900
9,600
5,400
6,400
20,000
7,450
9,850
7,000
7,250
19,950
5,400
8,800
6,3C0
5,950
20, 350
7,000
10, 600
5,400
5,200
21,000
6,200
11, 200
6,100
5,500
21, 600
6,500
13,000
6,200
4,900
23, 350
60, 649
28,463
26, 916
95, 228
24,114
23,194
21,065
22,159
85,331
33,651
32, 355
24,399
24,490
85,240
38,105
34,805
32.272
35,655
81,857
24,643
32, 464
29,694
26,984
84,567
29,186
33,364
29,059
85,340
34,248
37,379
28, 783
30,233
83,890
58,516
59,906
30, 762
35,989
78,663
36,943
55,338
52,468
41,511
79,620
26,575
47, 416
39,035
34,497
84,158
41,133
56, 393
36,188
32,156
88,190
30,891
55, 724
35,139
31, 560
91, 769
26, 659
52, 697
31, 720
27, 686
94,181
18, 625
5,929
18,603
5,903
19,776
8,480
18,775
6,235
17,820
3,382
21,860
20,149
15,497
13,368
18,211
8,636
13,448
2,222
15, 712
4,365
19, 284
5,322
13, 608
4,961
21,083
9,015
18. 424
17.763
17.640
17. 640
17.640
17.640
17.640
17. 640
17. 640
17.640
17.640
17. 640
18.008
36.260
35.770
36. 000
35. 280
16,976
5,190
22, 652
4,012
539
323
473
307
42.09
530
580
2,075
41.01
508
489
2,094
68,107
56, 729
79, 697
1,675
246
1,429
1,789
311
1,478
8,442
2,058
6,384
1,505
233
1,271
1,593
263
1,330
8,373
2,069
6,304
17, 280
62, 948
35. 280
37.975
36.995
36.260
36.260
36.260
35.893
35.770
36.260
15, 283
4,326
20,469
5,261
17,170
4,924
20,156
5,570
20,120
4,228
21,777
7,215
20,513
5,083
19,087
4,245
21,280
4,632
21,282
4,197
557
330
611
334
495
555
264
496
264
497
239
584
288
724
343
622
304
612
40.76
540
534
2,100
43.74
536
568
2,234
41.97
527
520
2,241
41.19
615
600
2,256
41.05
524
496
2,284
39.67
553
522
2,315
40.63
520
537
2,298
40.78
570
667
2,201
41.41
630
661
2,170
41.46
639
620
2,189
21,933
4,527
710
364
41.22
578
642
2,125
279
247
272
187
24.69
'90
238
r 2,020
266
215
311
191
284
184
324
189
336
187
22.50
'456
'358
r 1,924
442
276
399
253
333
201
347
190
386
255
391
283
22.17
'488
'475
r 411
' 2, 037 ' 2,109
21.91
'430
22.04
22.92
238
322
2,014
24.30
181
299
1,896
24.65
'108
'239
r 1,889
24.15
24.77
'275
'219
'278
'323
r 1, 785 ' 1, 782 '
21.32
'432
'374
' 1, 982
22.49
••536
537
334
578
584
905
••388
' 2,139
••305
'335
' 2, 104
555
324
518
495
451
361
416
414
988
516
270
440
512
935
524
381
354
413
895
23,887 22,874
24,926
33, 302 24, 770 22,120
24,518 30, 336
23,944
31, 255 28,145
37,091
292,203 282,953 279,415
26,978
25,116
26, 665
23,333
282,291
41.0
42.0
47.0
53.0
58.0
60.0
57.0
58.0
8.0
10
15
43.0
11
12.0
12
16
41.0
10
5.0
11
16
43.0
10
5.0
21
26
46.0
12
3.5
21
27
50.0
16
4.0
20
23
55.0
18
5.0
20
20
60.0
16
6.0
19
18
61.0
15
7.0
12
13
62.0
13
82.1
102.3
87.6
87.2
82.1
102.3
87.6
87.2
82.1
102.3
87.6
87.2
80.3
102.3
87.6
87.2
80.3
102.3
87.6
87.2
80.4
102.3
87.6
87.2
80.4
102.3
87.6
87.2
79.3
102.3
87.6
87.2
77.6
102.3
87.6
87.2
350
280
398
412
1,019
347
314
330
334
411
354
333
372
1,059
624
342
510
536
1,033
23,526
26,865
18,487
18,857
299,803
22,992
37,991
23,734
13,949
24,483
43,765
20,574
17,825
309,437
56.0
45.0
42.0
42.0
43.0
4.0
19
21
58.0
12
6.0
15
25
49.0
11
6.0
14
23
46.0
12
8.0
13
17
49.0
14
77.6
102.3
88.1
82.1
102.3
87.6
87.2
82.1
102.3
87.6
87.2
82.1
102.3
87.6
87.2
445
388
446
413
1,021
23.31
'359
r315
1, 826
388
265
371
403
411
282
466
463
920
444
264
471
471
935
29, 218 23,409
26, 599 23, 322
34, 229 34,838
27,885
28,026
287,243 296,177
25, 350
25,111
30, 722
24, 427
299, 367
25, 939 22,134
24, 694 25, 310
33,106
27, 284
25, 028 19,961
304, 859 313,047
FURNITURE
All districts:
Plant operations
percent of normal
Grand Rapids district:
Orders:
Canceled
percent of new orders..
New
no. of days' production..
Unfilled, end of month
do
Plant operations
percent of normal..
Shipments
no. of days' production..
Prices, wholesale:
Beds, wooden
1926=100..
Dining-room chairs, set of 6
do
Kitchen cabinets...
.do
Living-room davenports
do
Steel furniture (see Iron and Steel Section).
0)
' Revised.
« Total for November and December; data not reported separately for the two months.
» As of December 31.
1Data for March, June, August, and November 1938, are for 5 weeks; other months, 4 weeks.
tRevised series. Production, shipments, and new orders of southern pine lumber for 1937-38 and production, shipments and stocks of western pine, 1937-38, have been
adjusted to the 1937 Census of Manufactures; data for southern pine not shown on p. 87 of the February 1939 issue, and for western pine not shown here, will appear in a
subsequent issue of the Survey. These revisions have not been carried into the totals shown on this page under the heading "Lumber—All Types." Revisions for the
latter series, embodying certain changes in addition to those occasioned by the adjustment of the southern pine and western pine, March 1939 figures, will be shown when
available.
1
No quotation.
48
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
March 1939
1938
1939
January
January
February
March
April
May
June
July
August
DecemOctober November
ber
ber
METALS AND MANUFACTURES
IEON AND STEEL
Foreign trade:
Exports (domestic) total
long tons.. 362, 672
227,884
Scrap. _.
do
27, 664
Imports, total
do
3,333
Scrap
-_do
Price, wholesale, iron and steel, composite
36.36
dol. per long ton..
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
2,927
thous. of long tons..
0
Shipments from upper lake ports
do
31, 689
Stocks, end of month, total
do
26, 646
At furnaces
_
-do
5,043
Lake Erie docks
do
180
Imports, total—
do
Manganese ore, imports (manganese content)
10
thous. of long tons.-
586, 294
356,537
29,631
222
460,640
256,790
19,589
0
526,883
338,648
11,827
227
489,202
309,952
21,237
12
540, 639
374, 320
20,814
395
312,021
162,066
15,887
314
263, 699
126, 423
14, 728
634
242,139
108,029
20,041
1,637
346, 068
149, 673
27, 958
4,218
425,421
223,954
26,445
5,524
469, 596
273,440
27,627
4,749
490,095
323,691
28,767
6,519
38.95
38.90
38.80
38.61
38.50
38.41
36.32
36.50
36.48
36.48
36.39
36.37
1,923
0
38,882
33,007
5,875
169
1,727
0
37,167
31,392
5,775
152
1,980
0
35,223
29,736
5,487
101
1,854
261
33,676
28,281
5,396
168
1,711
1,181
33,012
27,768
5,244
186
1,472
2,838
34,329
29,160
6,170
170
1,675
3,268
35,846
30,656
5,190
206
2,077
3,326
37,050
31, 759
5,292
172
2,314
3,285
37,874
32, 516
5,358
188
2,781
3,624
38,594
33,173
5,421
226
3,150
1,481
37,546
32,166
5,290
198
3,041
0
34, 579
29,456
5,123
187
17
13
16
12
19
8
21
31
35
15
26
30
38,105
35, 372
435
36, 403
17,076
18,894
23.1
20,910
19,557
19,252
23.5
20,596
20,556
21,902
26.0
22,962
19,724
18,680
22.7
23,045
17,564
17,097
20.8
20,560
18,143
18,077
21.7
21,673
16,905
16,630
20.2
17,500
25,752
25, 799
31.3
21,102
29,061
29, 460
34.8
26,941
32, 770
29,970
36.4
28,7x7
36, 643
35, 351
43.0
35,563
35, 633
38,802
46.0
36, 434
70, 235
118
46,035
91
47,045
91
46,480
90
42,310
79
37,225
72
34,385
70
41,400
77
51,370
89
57, 625
96
70,690
115
75, 795
121
71,315
117
20.50
21.15
23.50
24.11
23.50
24.11
23.50
24.11
23.50
24.13
23.50
24.15
22.50
23.59
19.50
20.15
19.50
20.15
19.75
20.29
20.50
21.14
20.50
21.15
20.50
21.15
22.89
2,175
25.89
1,429
25.89
1,298
25.89
1,452
25.89
1,376
25.89
1,255
24.89
1,062
21.89
1,202
21.89
1,494
22.14
1,680
22.89
2,052
22.89
2,270
22.89
2,211
1,573
1,642
15,986
378
1,422
20,493
502
1,215
19,994
1,063
1,131
19,929
931
1,181
19,709
1,224
1,297
19,707
2,478
1,400
20,758
2,135
2,015
20,677
2,227
2,287
20,619
2,391
4,078
18,925
3,561
4,803
17, 701
2,233
3,083
16,877
1,338
2,182
16,114
12,881
12, 276
99,128
7,879
10,852
118,054
10,380
8,417
119,846
12,931
9,209
123,711
10,219
10,557
123,440
13,560
12,798
124,291
16,705
14,123
125,805
14,681
17,841
122,860
20,367
17,804
125,446
25, 336
30, 852
119,841
22,851
34,108
108,445
15,388
20, 027
104,021
10,128
15, 081
98,831
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
..short tons..
Production
do
Percent of capacity
Shipments
short tons.Pig iron:
Furnaces in blast, end of month:
Capacity
long tons per day ~
Number...
Prices, wholesale:
Basic (valley furnace)
dol. per long ton..
Composite
do
Foundry, No. 2, northern (Pitts.)
dol. per long ton..
Production
thous. of long tons..
Cast-iron boilers and radiators:
Boilers, round:
Production
thous. of lb_.
Shipments...
_
do
Stocks, end of month
do
Boilers, square:
Production
do
Shipments
do
Stocks, end of month
do
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
and grilles.thous. sq. ft. heating surface..
Ordinary type:
Production
do
Shipments
do
Stocks, end of month
do
Boilers, range, galvanized:
Orders:
New
number of boilers..
Unfilled, end of month, total
do
Production.
do
Shipments
do
Stocks, end of month
do—
Boiler and pipe fittings:
Cast iron:
Production
short tons..
Shipments
..do
Malleable:
Production
do
Shipments
do
442
439
285
326
409
619
604
656
703
606
614
608
4,896
3,814
28, 279
1,918
3,320
26,896
2,753
2,571
27,576
3,071
2,715
27,850
2,794
3,692
26,999
3,752
5,008
25,637
5,240
4,423
26,451
4,958
5,219
26, 216
6,023
5,214
27,098
7,199
6,387
28,003
6,907
7,679
27,268
4,765
5,697
26,394
3,955
4,815
25, 624
61,003
15, 026
64, 094
66, 603
35, 317
48,035
16.485
35,358
42,158
33,443
49, 318
17,724
47,640
48,079
33,004
71,414
17,191
72,378
71,947
33,435
68,013
19,101
63,040
66,103
30,372
56,976
15,205
60,497
60,872
29,997
65,902
16,153
64,185
62,928
31,254
50,377
14,279
51,900
52,251
30,903
57,721
15,414
56,595
56,586
30,912
68,337
18, 016
65, 622
65, 735
30,799
108,427
46,882
77, 563
79, 561
28,677
70,862
37,170
83, 716
80, 574
31,819
47,882
20,626
70,232
64,426
37, 625
3,519
4,573
2,963
3,858
3,738
4,478
2,968
4,008
3,194
5,069
4,229
6,067
3,596
4,525
5,022
5,434
5,144
0)
1,998
2,778
2,157
2,692
2,636
2,977
2,229
2,994
2,759
3,310
2,967
3,998
2,991
3,039
3,518
3,217
3,094
0)
0)
0)
0)
42, 024
375
12, 606
38, 928
348
12, 804
29,187
26.1
7,354
30,967
27.6
9, 505
30,863
27.6
11,107
27,436
24.5
7,498
28,096
25.1
6,888
30,793
27.5
7,312
21,869
19.5
2,498
25,150
22.5
4,290
20,636
18.4
2,697
22,127
19.8
3,892
21,419
19.1
4,907
24, 111
21.5
4,479
36,641
32.7
16, 589
22,988
20.5
6,111
24,814
22.2
4,411
36,454
32.5
12,983
25, 565
22.8
5,462
28, 478
25.4
8,353
25,418
22.7
4,127
28,109
25.1
5,986
30,428
27.2
7,128
29,994
26.8
7,207
38, 342
34.2
14,749
36,130
32.3
11, 282
3,187
54
1,733
30
1,704
32
2,012
33
1,925
33
1,807
31
1,638
28
1,982
35
2,547
42
2,658
45
3,118
53
3,572
61
3,143
54
39, 648
19, 634
17, 590
21,185
19,882
18,262
18,234
18,166
28, 327
30,903
35,106
37, 673
36, 315
.0286
.0268
.0268
.0268
.0266
.0268
.0268
34.00
.0210
12.00
34.00
.0210
13.75
34.00
.0210
13.50
34.00
.0210
12.88
34.00
.0210
14.20
34.00
.0210
13.75
663
6S0
0)
0)
0)
0)
0)
6,737
0)
0)
0)
(0
(0
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
short tons..
Percent of capacity
Railway specialties.
short tons..
Production, total__
do
Percent of capacity
Railway specialties
short tons..
Ingots, steel:
Production
thous. of long tons..
Percent of capacity
Bars, steel, cold finished, carbon, shipments
short tons..
Prices, wholesale:
Composite, finished steel
dol. per lb..
Steel billets, rerolling (Pittsburgh)
dol. per long ton.
Structural steel (Pittsburgh)
dol. per lb.
Steel scrap (Chicago)
dol. per gross ton.
U. S. Steel Corporation:
Earnings, net
..thous. of dol.
Shipments, finished steel products
thous. of long tons.
'Discontinued by the reporting source.
.0268
34.00
.0210
13.85
.0289
37.00
.0225
13.00
.0289
37.00
.0225
12.69
.0289
37.00
.0225
12.15
.0289
37.00
.0225
11.38
.0289
37.00
.0225
10.95
518
475
572
502
465
478
19. 792
10,026
9 692
10 104
789
36.25
.0221
10.38
442
559
578
694
49
SUKVEY OF CUERENT BUSINESS
March 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1938
1939
January
January
February
March
April
May
June
July
Decem
October NovemAugust September
ber
ber
METALS AND MANUFACTURES—Continued
IEON AND STEEL—Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy type:
Orders, unfilled, end of month
number.. 438, 746 630, 507
Production
do
749,070 542,960
47.5
35.5
Percent of capacity
Shipments
number.. 746,510 542,278
34,717
31,330
Stocks, end of month
do
Boilers, steel, new orders:
502
1,077
Area
thous. of sq. ft..
552
Quantity
number..
1,256
Furniture, steel:
Omce furniture:
Orders:
New
_
thous. of dol..
1,966
1,986
1,132
Unfilled, end of month
do....
1,274
1,813
Shipments
do
1,996
Shelving:
Orders:
384
New
do
304
Unfilled, end of month
do
253
416
Shipments
do
318
Plate, fabricated steel, new orders:*
Total
short tons.. 20, 511 23,422
Oil storage tanks
_do
4,081
9,558
Plumbing and heating equipment, wholesale
price (8 items)
dollars.. 233.99 229.33
Porcelain enameled products, shipments^
592
thous. of dol.
Spring washers, shipments
do
136
Steel products, production for sale (quarterly):
Merchant bars
thous. of long tons..
Pipe and tube
_
do
Plates
_do.._.
Rails
do....
Sheets, total
_do.__.
Percent of capacity
Strip:
Cold rolled
thous. of long tons..
Hot rolled..
_
_do
Structural shapes, heavy
do
Tin plate
do
Wire and wire products.
do
Track work, shipments...
short tons..
2,909
3,135
448, 567 399,086
678.191 696,264
41.9
43.3
680,180 696,738
25,474
23,118
448,176 361,750
696, 528 629,448
43.3
39.1
685,453 622,155
34,089 41,287
378, 675 445, 310 374,454 248,376
766,374 783, 592 841,653 841,654
47.6
48.7
52.3
52.3
771,283 759,188 865, 572 855,572
60,160 36,241
35,756
36,241
484,965
529,566
35.0
633,716
26,799
498,917
773,570
47.8
771,313
28,770
435
739
475
685
734
7C0
547
691
894
783
579
1,124
717
1,125
635
947
892
1,012
1,680
1,105
1,849
1,822
958
1,969
1,444
976
1,426
1,290
974
1,293
1,689
1,128
1,591
1,554
1,202
1,480
1,538
1,063
1,677
1,630
1,026
1,667
1,650
958
1,718
1, 813
1,064
1,707
1,852
977
1,982
413
298
418
442
276
464
394
346
324
305
321
330
292
227
353
321
302
247
368
292
378
411
386
317
318
362
342
335
255
442
315
205
357
17,827
1,673
38,052
14,635
21,958
4,797
25,141
11,425
20,044
5,813
27,773
15, 382
22,069
3,646
18, 551
3,623
21, 793
5,379
20,213
3,629
28, 218
5,950
229.31
226.71
227.12
227.10
226.89
235.42
235.03
234.01
233.88
233.97
233. 97
606
114
313
138
354
488
312
215
788
30.4
703
119
648
115
709
101
84
749
123
736
137
796
164
675
186
133
177
3,014
62
171
308
356
402
4,461
3,793
2,633
519,375
830,979
51.7
822,746
32,696
351
491
310
176
781
29.9
434
564
384
116
1,131
43.1
616
611
452
105
1,812
69.0
65
166
318
383
463
2,942
214
367
331
528
2,346
160
384
395
374
617
r
2, 840
2,242
2,838
2,410
2,276
NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
Imports, bauxite
long tons.. 33, 660 51,448 44,058 69,097 36,361 29,110 34,622 34,446 18,855 36, 204 26, 795 33, 737 41,060
Price, wholesale, scrap, castings (N. Y.)
.0492
.0736
.0813
.0634
.0584
.0813
.0784
.0875
.0750
.0870
.0800
dol. per lb__
Babbitt metal (white-base antifriction bearing
metals):
1,474
1,366
1,106
1,538
1,234
1,225
1,305
1,382
1,177
1,510
1, 596
1,606
Consumption and shipments,totaLthous. of lb_ 1,714
453
329
345
508
509
644
370
468
269
233
390
597
648
Consumed in own plants
do
1,021
776
1,030
881
1,070
837
857
944
1,120
999
1,113
958
Shipments
._
_do.
Copper:
Exports, refined and manufactures
40,915
31,285
40, 741
short tons.. 25, 503 23,854 27,883 29,503 44,555 29,385 33,102 42,369 36,984 40,441
13,192
12,976
18, 578 15, 241 19,818
22,166
10,439
18, 551 19, 832 16,004
19,187
16,154 22,132
Imports, total
do.
12,402
11,673
15,
591
12,
575
19,649
9,408
18,076
16,631
18,
634
15,
568
13,163
18,
560
21,731
For smelting, refining, and export do.
Product of Cuba and Philippine Islands
42
91
1,974
1,976
156
100
1,995
2,001
172
77
1,978
short tons..
1,260
700
1,014
374
1,148
616
244
954
561
690
413
1,184
All other
do.
Price, wholesale, electrolytic (N. Y.)
.0978
.0878
.0990
.1003
.0938
.0959
.1076
.0978
.1103
.1103
.1020
.0978
dol. per lb_.
Production:
Mine or smelter (incl. custom intake)
short tons.. 69,048 58,760 50,704 56,199 50,941 49,125 38, 200 31,155 44,558 49,316 69,630 72,963 T 72, 622
38,053
45,808
66,182
55. 749 47,300
61,117
32,465
35.596
56,824
66, 746 67,947
59,393
70,487
Refinery
do
62,832 67,919
33,154
43,303
54, 827 30, 705 32, 282 44, 576 42,871
54.597
82, 605 64,557 47, 680
Deliveries, refined, total
do
48,071
28,044
53, 637 69,827
31,684
33,434
41,249
51, 297 38,853
51,059
27.389
24,881
Domestic
do
14, 761 14, 282 12, 778 13, 260
5,110
11,187
11,142
8,827
13,348
4,893
5,824
10,440
Export
_
" d o . . " 3,768
301,110 299,133 326, 244 342, 785 355,663 369,809 358,971 339,970 315,191 293,080 267, 299 269,488 289,755
Stocks, refined, end of month._
_do
Lead:
Imports, total, except manufactures (lead con4,443
4,482
3,263
1,726
4,034
tent)
_
short tons.. 11,998
2,727
4,476
2,915
1,486
1,401
4,241
Ore:
Receipts, lead content of domestic ore.do... 45, 280 34,429 30, 645 34,890 31,908 30, 726 27. 584 25,269 25,941 27, 605 28,193 34, 716 35, 885
3,744
3,576
6,432
1,902
6,052
Shipments, Joplin district*
do
9,695
4,108
5,052
3,911
4,330
5,113
3,370
5,427
Refined:
Price, wholesale, pig, desilverized (N. Y.)
.0500
.0483
.0415
.0490
.0509
dol. per lb__
.0450
.0440
.0487
.0450
.0488
.0510
.0463
Production from domestic ore..short tons.. 38,299 37,651 33, 555 35,129 37,997 31,918 33,992 27,976 23,723 24,994 27,968 35,958 30,988
Shipments (reported)
do
39,026
40,189
38,343
25, 952 25,098
31,052
35,048
40,409
45, 726 42,005 33,908
34, 923 30,135
Stocks, end of month
. _
do
117,214 133,401 138,134 143, 511 156, 716 164, 636 164,554 155, 631 142,868 131, 353 117,476 115,134 115,902
Tin:
Consumption of primary tin in manufactures
4,100
3,930
4,160
4, 330
3,770
long tons.. 4,550
4,120
3,950
4,060
4,350
4,370
3,720
4,000
3,775
3,535
3,400
4,465
4,330
4,275
4,205
3,775
4,960
3,745
4,555
5,550
4,420
Deliveries
do
4,448
3,555
3,895
3,971
3,628
4,561
4,880
4,643
3,685
3,583
4,266
3,333
5,054
Imports, bars, blocks, etc
do
.4623
.4618
.4338
.3684
.4035
.4522
.3834
.4326
.4115
.4337
.4152
.4127
Price, wholesale, Straits (N. Y.)..dol. perib-". .4638
Stocks, end of month:
32, 476 31, 539 30, 598 30, 554
34, 240 27,101
27,909
32,251
30,606
29,061
31,097
25, 261 29,125
World, visible supply
long tons
5,232
4,624
3,679
5,060
5,157
4,573
4,458
4,447
4,247
4,071
4,500
4,866
5,116
United States
do...
' Revised.
1As reported by 21 manufacturers; beginning January 1937 data are available from the reports of the Bureau of the Census for 34 additional establishments.
•Data are for 46 identical manufacturers; beginning January 1938 data are available from the reports of the Bureau of the Census for 21 additional small establishments.
JData for April, July, October, and December 1938 are for 6 weeks; other months, 4 weeks.
50
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey.
ary
March 1939
1938
January
February
March
April
May
June
July
DecemOctober NovemAugust September
ber
ber
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Metals—Continued
Zinc:
Ore, Joplin iistrict:
Shipments ^
short tons
27,452
12, 301
Stocks, end of month ^
_ do
Price, wnolesale, prime, western (St. L.)
.0450
dol. per lb._
Production, slab, at primary smelters
short tons.- 44,142
Retorts in operation, end of mo
number.. 39. 404
Shipments, total
short tons.. 42, 526
42. 526
Domestic
do
Stocks, refinery, end of mo
do
128, 220
30,914
15,028
32,994
13,954
30,749
19,401
34,716
21,949
22,923
23,431
18,079
27,430
28,065
25,292
38,014
13,149
31,894
14,895
39,014
18, 745
34, 827
17, 299
42,237
12, 251
.0500
.0481
.0442
.0414
.0404
.0413
.0475
.0475
.0485
.0501
.0492
.0450
48, 687
42, 423
24, 931
24,911
89,089
41,146
39, 267
22,097
22, 097
108,138
43, 399
36, 466
33,528
33, 528
118,009
38,035
34, 691
20,806
20, 808
135,238
37, 510
31, 525
24, 628
24,628
148,120
30, 799
26, 437
29, 248
29,248
149,671
30, 362
25, 596
33,825
33, 825
146,208
32, 296
29,767
36, 507
36, 507
141,997
32, 328
31, 555
43, 582
43, 582
130,743
36, 740
32, 427
43, 355
43, 355
124,128
40. 343
36; 243
43, 693
43, 693
120, 778
44, 878
38, 693
39, 052
39,052
126, 604
4,426
9,240
2,774
12,821
2,756
11,935
3,305
10,488
2,734
9,703
2,782
8,745
3,800
15,864
3,936
17,466
5,018
14, 237
4,487
16, 267
5,159
17,019
4,759
13, 740
4,347
11,463
1,391
939
970
1,360
1,297
1,323
1,347
1,373
1,538
1,382
1,446
1,359
1,218
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries _ _
.
short tons
Orders, unfilled, end of mo
.do
Plumbing fixtures, brass, shipments
thous. of pieces..
Radiators, convection type, sales:
Heating elements only, without cabinets or
grilles
thous. of sq. ft. heating surf..
Including heating elements, cabinets, and
grilles
thous. of sq ft. heating surf..
Sheets, brass, wholesale price, mill.dol. per l b . .
Wire cloth (brass, bronze, and alloy):
Orders, new. _
thous. of sq. ft .
Orders, unfilled, end of mo
do
Shipments
..
do
Stocks, end of month
do
37
22
18
25
26
52
46
72
60
65
58
110
109
410
.173
199
.173
173
.166
256
.165
259
.164
309
.161
343
.156
417
.164
565
.168
495
.168
494
.173
570
.175
491
.174
505
868
388
300
629
249
668
320
642
302
647
334
660
331
652
272
617
307
873
308
591
328
642
378
623
345
645
363
657
322
611
470
712
407
590
538
712
439
511
497
822
385
505
419
780
458
446
360
752
392
450
2,644
1,246
749
649
3,660
2,079
974
608
3,785
2,071
1,091
623
4,459
2,966
991
502
3,791
2,189
1,170
431
3,759
1,948
1,282
529
3,237
1,484
1,276
477
3,221
1,293
1,285
642
3,055
1,270
977
808
3,436
1,228
984
1,225
2,958
819
911
1,228
3,304
1,112
963
1,228
175
1,739
834
611
2,035
316
150
1,929
256
289
1,588
630
156
1,246
498
144
1,147
243
113
1,017
243
171
1,080
108
179
1,052
207
377
1,171
257
114.7
172.3
99.4
79.3
158.2
93.4
90.6
157.5
91.3
62.2
140.2
78.5
75.3
108.6
105.8
83.4
102.8
89.1
78.7
97.3
84.2
87.9
91.8
93.4
89.7
87.0
94.5
141.9
126.0
102.8
8,519
2,617
7,867
24,624
8
7,387
2,686
7,318
25,100
7
9,025
2,979
8,732
26,866
8
9,278
2,707
9,550
27,366
13
11,121
3,139
10, 689
27,096
18
15, 622
3,388
15,373
26,638
18
26, 403
3,386
26, 405
23, 705
6
20,346
2,673
21, 059
22, 556
8
11,409
2, 564
11,518
21,421
12
8,435
2,155
8,824
21, 326
19
3,776
3,522
4,831
5,894
8, 825
12, 555
20,126
17, 339
7,689
4,752
106
28, 254
106
23, 756
138
26,172
194
30,662
236
42, 265
304
44,190
326
45,030
342
59,920
228
34, 533
219
40,117
107.0
90.3
66.7
70.2
89.6
120.9
117.4
118.1
112.2
146.5
34. 711
1.144
14,641
32, 533
1, 064
15,460
31,832
989
18,099
34, 709
1,057
16, 228
32,426
931
15, 240
43,533
908
17,196
35, 803
928
17, 205
25, 556
997
13, 934
26 572
893
12,803
24, 889
805
10, 402
1,507
9,197
608
10,156
852
11,771
632
11,822
484
9,077
663
9,198
690
8,702
632
7,752
858
8, 412
649
7, 052
14,564
3,443
13,175
3,279
11,834
3,288
12,982
3,314
10, 257
2,333
10, 420
2,934
9,632
2, 075
12, 246
1,729
14, 053
2, 367
10, 708
1,480
1,302
927
999
952
1,034
2,006
1,462
1,449
970
1,155
1,064
871
922
1,090
822
1,244
1,078
1,191
1,038
1,077
(•)
283
672
4
283
593
3
327
580
17
271
581
18
365
640
14
337
665
1
381
714
4
340
656
3
456
720
4
612
910
193
418
158
359
169
336
144
253
150
289
164
298
205
332
165
394
172
388
236
418
478
MACHINERY AND APPARATUS
Air-conditioning systems and equipment:
Orders, new:
Total
thous. of doL.
Air-conditioning group
do
Fan-group . . .
Unit-heater group
.
do
do
Electric overhead cranes:
Orders:
321
742
New
__
. „
do
168
2,429
3,025
1,173
Unfilled, end of month
do
916
1,038
Shipments
do
166
Electrical equipment. (See Nonferrous metals.)
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
New
1922-24=100...
90.8
77.6
122.5
Unfilled, end of month.
do
157.1
147.7
151.4
Shipments
. _ „_
do
80.9
147.7
96.3
Fuel equipment:
Oil burners:
Orders:
6,362
5,413
New
_.._
number
9,616
1,965
2,090
3,033
Unfilled, end of month
„ . . do
5,538
6,338
Shipments
do
8,738
23, 770
21, 885 24,947
Stocks, end of month
do
13
Pulverizers, orders, new
do
16
7
Mechanical stokers, sales:
2,390
2,319
Classes 1, 2, and 3
do
Classes 4 and 5:
112
104
Number
24, 666
20,475
Horsepower
Machine tools, orders, new
118. 4
75.7
av. mo. shipments 1926= 100..
150. 8
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
26,870
units.- 41,191
33, 697
827
Power pumps, horizontal type
do
404
779
10,780
Water systems, incl. pumps .
do
14, 738 12,244
Pumps, measuring and dispensing, shipments:
Gasoline:
740
657
Hand-operated
units..
476
Power
do
5,657
5,176
5, 858
Oil, grease, and other:
9,203
11, 508
10 297
Hand-operated
do
2,008
2,071
4,850
Power
do
Pumps, steam, power, centrifugal, and rotary:
1,204
1,196
Orders, new
.
_ _ thous. of dol
1,110
Water-softening apparatus, domestic, ship881
1,050
1,108
ments
» . units
Woodworking machinery:
Orders:
1
3
Canceled
___thous. of doL_
13
288
New
do
315
303
807
900
8G3
Unfilled, end of month
«. do
Shipments:
146
104
Quantity
number of machines
190
404
313
Value
thoua. of dol—
397
• Less than $500.
1 Data for April, July, October, and December 1938 are for 5 weeks; other
months, 4 weeks.
51
SURVEY OF CUREENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
1938
January
February
March
April
May
June
July
August September
October
Novem- Decem
ber
ber
METALS AND MANUFACTURES—Continued
ELECTRICAL
EQUIPMENT
Furnaces, electric, industrial, sales:
Unit
kilowatts._
3,147
Value
thous. of dol__
195
Electrical goods, new orders (quarterly)
thous. of doL_
Laminated products, shipments
do
838
Motors (1-200 hp.):
Billings (shipments):
A C
do .
D. C
do.___
Orders, new:
A. C . . . _
do_...
D. C
_..do_._.
Power cable, paper insulated, shipments:
Unit
_„thous. offt._
271
Value
thous. of d o L .
273
Power switching equipment, new orders:
Indoor
.dollars..
Outdoor
do
Ranges, billed sales
thous. of d o L .
2,230
Refrigerators, household, sales
n u m b e r . . 149,687
Vacuum cleaners, shipments:
Floor
do
78, 753
Hand-type
do
23, 846
Vulcanized fiber:
Consumption of fiber paper
thous. of lb__
1,410
Shipments!
. . t h o u s . of d o l . .
458
829
1,118
85
2,320
144
1,507
127
612
30
74
488
35
1,914
144
594
154,154
626
579
582
157,315
587
521
635
158, 959
800
1,824
532
1,722
474
2,041
483
1,864
458
1,704
438
1,778
476
1,750
296
1,738
458
1,742
325
1,557
377
1,755
344
2,011
478
1,811
372
1,710
368
1,927
649
1,539
453
1,695
358
301
391
501
515
781
756
560
629
497
630
528
765
515
565
119,234
154,848
1,436
104,984
139, 523
158, 552
1,692
145, 094
81,964
141, 620
« 5, 420
174,332
77,493
274,115
1,999
212,884
93,838
261, 799
1,825
179,189
68,418
213,144
1,610
104, 796
96, 615
21, 512
•77, 867
22, 545
102,954
32, 589
84,926
27,174
74, 238
20,428
1,235
321
1,282
277
1,486
304
1,470
299
1,328
287
2,147
167
1,324
78
1,176
2,356
110
851
160, 374
876
1,538
300
1,506
305
1,713
446
1,733
472
1,641
347
1,605
651
1,733
659
657
763
764
587
555
603
588
476
502
195, 487
221,862
1,476
88, 772
118, 938
190, 306
1,367
92,956
121,481
120,784
1,272
62,148
55, 331
128, 450
1,257
34, 345
55,627
124,927
1,047
32,103
91, 720
138, 840
1,006
r
47, 599
68,975
16,943
55,022
13, 633
73,309
17,248
79,180
22,834
95, 684
24,121
89, 772
29, 734
95, 521
30, 632
1,152
286
1,073
306
1,450
350
1,189
1,495
372
1,565
422
1,385
383
450, 541 503,181
495,097
PAPER AND PRINTING
WOOD PULP
Consumption and shipments:*
Total, all grades
short tons..
Chemical:
Sulphate
do
Sulphite, total
do
Bleached
„ do
Unbleached
do
Soda
do
Ground wood
do
Imports:
Chemical
do
150, 510
Ground wood
do
20,076
Production:
Total. a!l grades.
__
..do
Chemical:
Sulphate
_
do
Sulphite, total
do
Bleached
„
do
Unbleached
do
8oda
do
Ground wood
,
do
Stocks, end of month:
Total all grades
do
Chemical:
Sulphate
do
Sulphite, total
do
Bleached
do
Unbleached
do
Soda
do
Ground wood
.,
do
Price, sulphite, unbleached
dol. per 100 Ib__
2.00
464,306
525, 085 522, 863 539,061
412,487
416,683
147,850
126,156
79, 765
46, 391
29,479
109,002
154,086 177,707 '169,264 173,986 175,258 200, 282 216, 739 211, 591 227, 063 214,796
133, 299 140, 243 129, 487 126,089 125,313 125, 749 144,320 146,614 151,056 151, 635
86, 301 88,074 81,148
75, 252 75, 240 73,113
86,403 88,885 91, 575 90,486
62,636 57,917 57,729 59,481 61,149
46,998 52,169 48, 339 50,837 50,073
28,388 33,985 30,370 27. 425 26,630 25, 546 30, 617 31,118 31, 505 32, 575
100,910 112,371
99,147 103 961 101,082 98,964 111, 505 105,774 115,461 123,857
131, 609
14, 523
118, 641
12, 598
83,834
10,614
65,992
12,856
114,881
130,181
14,377
121,919 159,990
12, 544 14,957
142,407 142,188
20, 576 15,175
426,182
428,893
478,380
437,603
438,157
422,193
429, 551 485,830
475,356
148, 572
132,330
84, 317
48,013
28, 888
116, 392
157, 765 175,908 167,113 177,140 176,254 200,930 217,004 212,664 231, 804 217, 896 212, 884
135, 475 148, 596 128, 622 123,874 123,389 115, 733 138,457 139,022 154, 210 157, 724 152, 498
85, 253 93, 352 80, 283 78,677 74, 350 69,146
78, 826 82,373 94, 729 93, 783 95, 845
50,222 55. 244 48, 339 45,197 49,039
46, 587 59, 631
59, 481 63, 942 56, 653
28, 290 34,166 31,136
32, 632 31,917
26. 965 26, 695 24, 701 30,718 30,995 31,625
107, 363 119, 710 110, 732 110,178 95, 855 88.187 99, 651 92, 675 105,186 125,171 124, 921
213, 557
225, 767 239,842
200,002
183,161
22, 022
122,956
82, 255
40,701
5,139
63,440
2.88
24,905 25,901
26, 549 26,814 27,887
35, 728
25, 701 23,902 21,751
125,132 133, 485 132, 620 130, 405 128, 481 118, 465 112, 602 105, 010 108, 164 114,253
76, 611 70,099
81, 207 86, 4S5 85, 620 89, 045 88,155 84.188
73, 253 76, 549
34, 277 35, 991 34, 911 34,911
37, 704
43,925 47, 000 47, 000 41, 360 40,326
4,750
4, 728
4, 905
5,989
5,530
5,595
4,851
5,041
5,223
4,848
54, 077 43, 802 45,116
69, 893 77, 232 88, 817 95,034 89, 807 79,030 67,176
2.07
2.53
2.29
2.00
2.60
2.38
2.20
2.02
2.88
2.79
36, 728
92, 205
50, 952
35, 253
4,826
49, 402
2.00
929, 58G 957,721
843,128
428,268
249,177
431,461
255,874
428,283
249, 784 228,794
211,443
211, 884
174, 546
115,442
59.104
31,996
120, 635
166,091 171, 520
17, 491 17, 366
522, 825 533, 423 522, 220
191, 702 189,442
PAPEE
Total paper:
Paper, tncl newsprint and paperboard:
Production
short tons-~
Paper eicl newsprint and paperboard:
Orders, new
short tons__
Prod unt ion
do
Shipments
do
Book paper:
CoHted paper:
Ord-rs, new
do
16, 765
Orders, (infilled, end of month
do
3, 071
Production
do
16. 845
Percent of potential capacity
63.3
Shipments
short tons_.
17, 319
Stocks, end of month
do
12, 070
Uncoated paper:
Orders, new
do
94, 160
Orders unfilled, end of month
do____ 40, 314
Price, wholesale, " B " grade, English finish, white, f. o. b. mills..dol. per 100 lb__
5.45
Production
short tons_. 89, 642
Percent of potential capacity
72.5
Shipments
short tons__ 91, 607
Stocks, end of month
do
107, 518
Fine paper:
Orders, new
do
Orders, unfilled, end of month
..do
Production
do
Shipments
do
Stocks, end of month
.
do
I
697, 627
728, 269 853,128
806, 949 790, 379
954,659
874,263
374, 580
356, 992
377,105
383,488 461,497 399, 848 388, 466 441, 468 443,677
384,664 466,712 407. 399 389,346 444,607 420, 758
386, 775 462, 874 402, 568 378, 438 443, 796 428,130
521,567
528,246
529,198
467,455 483, 049 513, 864 433, 002
454,897 485, 782 534, 886 438, 092
456,235 479,171 531,221 437, 281
15, 202
2,561
16, 914
;
56.1
15, 284
12, 895
15,066
2,733
16, 413
62.5
15, 883
13,479
' 14,711
' 1,997
' 14, 097
r 53. 8
' 16, 451
r
13, 574
14, 847
2, 824
13, 882
55.0
14, 748
13, 042
15,419
2, 752
15, 890
66.0
15,918
12,108
6.00
79,181
79, 686
31,828
92, 528
34, 512
30, 761
-• 78, 448
r
63. 1
' 82, 076
100, 502
6.00
77, 014
73.0
77, 350
98, 645
r
r
769,308
13,840
2,493
14, 600
52.5
15,115
11, 623
743,921
12,902
2,194
13, 256
49.2
13, 761
11,118
12, 294
2,377
12, 983
47.5
12, 020
12,081
13,694
2, 464
13, 946
53.1
13,733
12, 265
16, 003
3,410
16, 276
58.6
15, 954
13, 313
14,771
2, 648
15.921
58.3
16,412
12,047
90, 627
35, 725
85, 228
32, 905
83, 266
31,836
32, 522
11,157
32, 457
33, 565
71,169
34,184 47, 805 32, 750
11,587
15, 333 13,954
36, 551 44,980
37,813
34, 677 ' 45, 349 35, 327
73,166
71, 808 74, 659
84, 244
34, 072
5.45
5.45
5.45
5.45
6.00
6.00
5.45
6.00
6.00
5.45
92, 777 88, 557 77, 848 73, 975 73,015 89, 577 88, 009 88, 432 87, 041 82, 723
78.9
77.9
74.5
77.0
65.3
66.7
63.0
74.5
77.6
73.7
84, 341 83, 049
92,028 82, 493 75, 399 72,821 74, 662 87, 634 89, 939 87,827
99, 229 103, 448 106,067 107,315 107,081 109, 639 107, 378 104, 488 107, 848 107, 087
77, 397
30, 373
74,043
30,065
71, 530
29, 973
78, 739
33, 941
85,985
33, 959
28, 877 36,133 29, 553 27, 532 31, 983 30, 904 39,103
9,927 11,717
8,113
8,408
9,315
9,787
9,561
40, 691
29, 341 36, 861 30, 355 29, 913 34,102 28,069
28, 728 32, 935 29, 603 39, 418
31, 024 38,147 29,843
73, 272 71,383
72, 813
71, 723 70, 480 70, 664 72,449
• Cumulative for the 3 months January-March, and includes figures for 2 companies not reporting prior to March.
p Preliminary.
'Revised.
tRcvised series. Data revised beginning 1934. Revisions not shown on p. 51 of the January 1939 Survey will appear in a subsequent
•Comprises pulp used in the producing mills and shipments to the market.
30,189
10, 709
27, 031
30, 853
72, 672
16,653
3,037
16, 413
00. 1
16, 901
12, 991
issue.
52
SURVEY OF CUEEENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the January
1938 Supplement to the Survey
March 1939
1938
January
February
March
April
May
June
July
Decem
August SeptemOctober November
ber
ber
PAPER AND PRINTING—Continued
PAPER-Contlnued
Wrapping paper:
Orders, new__
_
short tons..
Orders, unfilled, end of mo
do—
Production
do
Shipments
do
Stocks, end of month
do
Newsprint:
Canada:
Exports
short tons..
Production.
_
do
Shipments from mills
do
Stocks, at mills, end of mo
do
United States:
Consumption by publishers
do
Imports...
do—
Price, wholesale, rolls, contract, destination
(N. Y. basis)
dol. per short ton..
Production...
_.
..short tons..
Shipments from mills
..do
Stocks, end of month:
At mills
do....
At publishers
do—
In transit to publishers
do
Paperboard:
Consumption, waste paper
do
Orders, new
_
do
Orders, unfilled, end of mo.
...do
Production
do
Percent of capacity
—
Stocks of waste paper, end of month:
At mills
short tons.
PAPER PRODUCTS
Coated abrasive paper and cloth:
Shipments
reams..
Paperboard shipping boxes:
Shipments, total
...mil. of sq. ft.
Corrugated
do
Solid
fiber
do....
PRINTING
Book publication, total
.no. of editions...
New books
do
New editions
do
Continuous form stationery
thous. of sets..
Operations (productive activity)
1923=100_
Sales books, new orders
.-.thous. of books..
114, 784
50,637
104, 369
113,403
124,485
122,169
48, 614
125, 371
125, 569
123, 581
159,520
47,458
159, 596
161, 506
122, 613
129,967
47,468
131,176
132,176
122,098
131,532
51,479
131,683
129,019
124, 856
175,729
64,100
164,305
164,498
126,094
162,193
70, 610
154,273
157,102
125,022
191, 380
67,336
195,253
195,822
122,122
193,624
208, 382
201, 852
167,968
169, 509
222, 500
159,107
106,394
139,734
202, 601
162,906
146,089
203, 729
224,604
182, 687
188,006
186,727
200,794
214,182
174,618
209,069
207,678
193,288
189,008
194,521
201, 694
208, 476
182,226
200,837
202, 546
205,490
179,282
219, 611
220,303
204,668
194,917
160,916
183, 050
169,922
184,761
156,475
123,289
174,971
152, 507
173,638
195,750
176, 600
210,521
159,199
172, 525
151,875
175,441
50.00
77, 264
72,967
50.00
72, 514
62,829
50.00
61, 357
62,480
50.00
67,864
66,138
50.00
58,836
57, 348
50.00
68,001
66,197
50.00
65, 382
66, 204
22, 880
267, 375
36,872
25,924
521,411
38,471
24,801
464,691
38,970
26, 527
406, 622
32,282
28,015
379,439
29,285
29,819
343,149
34,908
28,997
324,956
24,401
233,311
342,408
109,099
323. 394
61.2
203,424
269,367
79,595
268,121
54.7
215,047
273,651
72,832
282,248
59.8
243,571
317,472
74,137
318, 552
59.8
224,715
302,921
75, 296
303,073
58.7
282,095
331,582
325,166
333, 218
81,867
54,124
53, 389
2,222
2,075
146
1,826
1,691
134
1,909
1,768
141
659
602
57
111,211
1,071
887
184
91,207
93
14,434
895
751
144
90,496
93
13,742
15,998
159, 243
66,181
161, 933
161,282
123,360
• 189,530
f 69,322
191,105
• 189,695
• 124,683
137,417
62,899
144,678
143,884
125,136
195, 586
231,940
230,346
196, 511
248,068
254.872
255,100
196,283
245,813
245,295
264,421
177,157
211,452
209,753
225,472
161, 438
151,324
190,344
162,457
200,144
187,450
230,278
176,322
229, 284
177,134
209, 782
50.00
63, 278
69,718
50.00
67,436
66,006
50.00
68, 315
74,336
50.00
72,827
72, 203
50.00 I 50.00
78,3fl0 I 75,855
76,278 • 77,974
22,557
317, 442
26,191
23,987
315,419
34, 535
18, 590
17, 966
303, 254 288,385
47, 498
32,583
20,702 ! 18,583
291,331 j 284,412
44,503 j 30,015
210,117
281,401
76,701
286,574
57.4
218,652 221,218
298,845 322,948
76, 693
296,960 306, 343
55.0
59.7
264,418
361,323
86,635
358, 977
67.3
254,024
367,200
109,288
351, 051
68.5
267,193
370,453
107,235
370, 977
72.4
243,924 ! 221,708
127, 168 334,711
94,411
89, 586
344, 445 329.181
60.1
66.3
319,816
318,698
312, 684
300,917
296,070
284, 239
275,746
274.951 • 200.048
67, 764
68,125
62, 530
58,896
61,220
71,085
82,091
79, 007
72,029 | 02,309
2,272
2,117
156
2,004
1,870
134
2,041
1,891
150
2,244
2,075
169
2,193
1,982
211
2,708
2,466
243
2,589
2,372
217
2,639
2,430
209
960
841
119
103,696
92
14,972
1,036
884
152
102,684
88
14,221
778
652
126
104, 537
87
16,220
697
583
114
102, 344
81
16,285
829
686
143
787
635
152
89,385
77
16,995
720
80
113,132
80
15, 522
1,196
1,074
122
116,140
81
16, 280
78
14,578
149,372
66,278
152,063
152,281
122,107
2,547 ! 2, 239
2,385 I 2.081
' lob
163 !
900
790
110
119,903
84
16, 2.56
1,118
961
157
125,811
89
14. 788
46,169
37, 823
40, 333
38,170
r 79,928
'~31,~674" 35,066 ~~34~325~ 32,924
.166
.163
.161
.169
68,000
74,000
70,000
75,000
580,489 568,902 560,948 535,048
101,000
96,000
99,000
92,000
47, 772
48,927
51,062
51,114
99,614
93, 272
90,073
98,140
87, 531
90,939
89, 630
89,213
288, 936 285, 549 279,046 265,444
45, 315
92,021
37,294
.163
58,000
508, 532
80,000
45,105
86,853
84.499
257,180
19, 090
12, 668
13,995
19, 823
12, 269
14,712
21, 709
RUBBER AND RUBBER PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, total
longtons.
For tires and tubes
do
Imports, total, including latex
.do...
Price, smoked sheets (N. Y.)
dol. per lb.
Shipments, world
long tons.
Stocks, world, end of month
do
Afloat, total
do__.
For United States
do__.
London and Liverpool
do...
British Malaya
do...
United States
.do...
Reclaimed rubber:
Consumption
...do...
Production
do
Stocks, end of month
...do...
Scrap rubber:
Consumption by reclaimers (quar.) do...
TIRES AND TUBES
Pneumatic casings:
Production
thousandsShipments, total
do
Stocks, end of month.
_
..do...
Inner tubes:
Production
do.__
Shipments, total
do-_.
Stocks, end of month
do
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous. of lb.
46,234
29,429
23,868
28,947
45,384
.146
80,000
551,632
113,000
57,356
62,108
98,157
278, 367
41,064
.146
81,000
569,242
108,000
47,459
71,516
94,250
295,476
30,487
' 55,614
42,571
.136
81,000
591,968
109,000
41,882
76,617
99,287
307,064
27,984
36, 857
.158
86,000
523, 345
105, 000
48, 210
80, 643
90,142
247, 560
31,932
.118
86,000
593,340
114,000
39,071
82,754
85, 636
310,950
28,108
.116
68,000
577,063
94,000
32,859
87,215
86,036
309,812
13, 000
13, 763
21,960
6,673
7,467
27,179
7,238
6,012
26,431
8,471
6,875
25, 432
7,480
6,597
23, 339
8,009
6,866
22,275
32,209
30,629
«• 58,993
26,677 "~22,~ 405"
.126
.154
71,000
79,000
583,952 593,481
92,000 105,000
32,079
40,400
92,312
95,252
94,028
97,617
305,612 295,612
8,274
7,584
21,040
8,273
7,109
18,832
10, 732
10, 472
17,892
11,803
13, 558
25,044
18,923
17,218
11,281
12,016
18,127
4,581
4,162
8,932
2,776
2,500
10,988
2,238
2,359
10, 833
2,792
2,891
10, 820
2,737
3,273
10,317
2,724
3,405
9,855
3,109
4,067
8,763
3,353
3,947
8,201
4,093
4,046
8,330
3,970
3,943
8,406
4,134
4,144
8,237
4,117
4, 442
7,924
4. 079
4,171
8,498
4,098
3,937
2,418
2,424
10,164
2,132
2,127
10,161
2,475
2,544
10,130
2,199
2,782
9,525
2,261
2,890
9,010
2,717
3,629
8,108
2,784
3,357
7,512
3,815
3,570
7,808
3,863
3.615
7,907
3,924
4,125
7,737
3,944
4.122
7, o8T
4, 203
3, 838
8,001
58. o70
>• 49, 441
• 37,064
• 35,132
RUBBER AND CANVAS FOOTWEAR
Production, total.
Shipments, total
Stocks, total, end of month
r
Revised.
thous. of pairs.
do...
do...
4,807
4,778
16,157
3,588
3,937
20,031
3,639
3,212
20,296
4,453
4,197
20,558
3,566
3,837
20,400
3 811
3^648
20, 563
3,970
3,742
20,791
2,719
4,041
19,469
4,254
5,803
17,897
4, 709
6,360
16,246
5,067
4,991
16,321
5. 513
6,139
15, 695
5, 523
.5,035
16, 183
53
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the
January
1938 Supplement to the Survey
1938
January
February
March
April
May
June
July
Decem August SeptemOctober November
ber
ber
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
Production
_
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month
dol. per bbl.
thous. of bbl.
.
..
thous. of bbl.
do—
do...
1.667
5,301
24.3
5,640
23,615
5,564
1.667
4.534
20.7
4,390
25,023
6,589
1.667
3,916
19.8
4,575
24,361
6,732
1.667
5,879
26.9
7,259
22,979
6,623
1.667
7,983
37.7
8,691
22,262
6,497
1.667
10,361
47.4
9,752
22,875
6,326
1.667
10,535
49.8
10,943
22,467
6,218
1.667
10,968
50.2
10,164
23,286
1.667
11,007
50.4
11,823
22,534
6,902
1.667
10,559
49.9
11,716
21, 374
5,506
1.667
11, 556
52.9
12,357
20, 569
4,927
1.667
10,184
48.2
8,573
22,179
4, 963
831
795
255
511
516
267
651
607
290
802
787
268
577
709
252
710
668
250
788
784
240
778
751
243
1,063
1,015
200
841
215
1,119
1,130
193
1,189
1,070
195
12.047 12.050
12.007
114,909 129, 509 130,728
445, 379 419,200 428,843
11.927
145.476
431,900
11. 925 12. 039 12. 046
11.972 11. 902 11.895
129, 338 148,809 142,900 166, 471 • 151,568 133, 055
482,830
430,168 428,780 454, 393
• 482,032 483,190
46, 512 51,915
271, 488 267,844
7,9Q0
54,274
50,069
271.477
9,079
56,849
34,000 35,631 59,035 61, 312 62,296
355, 544 355, 270 345, 214 332,721 333,979
64,631
344,368
62,186 58,998
55,489
350,782 349, 271 345,089
r
1. 667
8,066
36.9
6,281
23,954
5,282
CLAY PRODUCTS
Bathroom accessories:
Production
thous. of pieces.
Shipments
do...
Stocks, end of month
_
do—.
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous .
Shipments
thous. of brickStocks, end of month
do...
Face brick:
Shipments
do...
Stocks, end of month
do...
Vitrified paving brick:
Shipments
_do._Stocks, end of month
do...
Hollow building tile:
Shipments
short tons.
Stocks, end of month
_
do...
12. 360
12.072 12.074
68, 794 74,978
511,904 486,950
20, 547 23, 327 38,801 45,902
299,019 298,041 288, 644 281,651
3,811
2,087
2,537
5,243
56,964 56,433 55,484 55,170
49,155
277,009
11,418
55,689
953
891
219
52,402 r 45, 701 37, 256
47,828
268, 583 267,016 • 272,200 282, 545
9,591
10,778
8,046
7.206
7,191
55, 423 54,396 52,999
51, 323 48,127
62,410
333,782
54, 762 46,584
335, 707 344,997
GLASS PRODUCTS
Glass containers:
Production.
thous. of gross.
Percent of capacity
Shipments
__thous. of gross.
Stocks, end of month
do...
Illuminating glassware:
Shipments, total
--thous. of dol.
Residential
..do...
CommerciaL..
do...
Miscellaneous
do.-_
Plate glass, polished, production.thous. of sq. ft.
Window glass:
Production
thous. of boxes.
Percent of capacity.
3,589
55.8
3,473
8,179
3,125
52.4
3,016
9,279
2,995
54.3
2,893
9,318
3,637
58.6
3,616
9,265
3,647
61.0
3,645
9,215
3,837
66.8
3,902
3,583
60.0
3,858
8,750
3,506
61.0
3,847
8,354
4,031
65.0
4,178
8,149
3,653
63.6
3,971
7,641
3,866
64.7
3,954
7,493
3,709
64.6
3,491
7,643
372
151
133
88
2,664
437
185
147
105
12, 209
359
119
142
98
5,119
421
165
142
113
3,820
391
160
129
103
3,866
167
115
102
5,956
357
154
130
72
5,506
421
200
141
80
7,676
507
266
148
93
8,873
551
285
153
113
12,869
532
288
133
111
12,883
443
227
125
91
12,691
943
58.1
706
43.5
537
33.1
528
32.5
341
21.0
360
22.2
344
21.3
330
20.3
434
26.7
522
32.1
641
39.5
883
54.4
1.003
61.7
3, 515
58.8
3,042
8.. 029
GYPSUM AND PRODUCTS
Crude:
Imports
short tons.
Production
.do...
Calcined production
do...
Gypsum products sold or used:
Uncalcined
do...
Calcined:
Lath..
thous. of sq. ft.
Wallboard
_.
do—
Keene's cement
short tons.
All building plasters
do...
For manufacturing uses
do...
Tile
thous. of sq. ft.
222, 282
727, 777
588, 788
313,120
806,957
650,804
108, 304
212,716
228,375
192,931
137,812
94, 261
,921
294,175
31,510
4,434
200,444
100,704
' 5,126
390,059
25,246
5,704
251,764
* 89,994
6,591
432,779
34,523
4,991
214,151
89,678
4,884
333, 730
36, 517
4,885
6,348
453,420
447,049
247, 673
683,127
534,415
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do
Stocks, end of month
do...
COTTON
Consumption
..bales.
Exports (excluding linters)
thous. of balesImports (excluding linters)
do~Prices:
Received by farmers
_dol. perlb.
Wholesale, middling (New York)
do~Production:
Ginnings, (running bales)* thous. of bales.
Crop estimate, equivalent 5U0-lb. bales..do—.
Receipts into sight
do
Stocks, end of month:
Domestic total
do—
Mills—
doWarehouses..
_
__do.-World visible supply, total
do.—
American cotton
do
' Revised.
11. 235
10, 211
21,242
8,843
8,464
22,020
9,481
10,109
21,499
10,995
12,077
20,574
9,840
10, 593
19,919
10,038
10,096
19,995
591,991
290
12
433, 258
647
6
426, 866
399
19
512,626
426
14
413,169
377
19
426,149
193
20
443,043
176
15
.083
.089
.079
.081
.084
.084
.088
.084
.084
.084
11. 558
17,644
417
1,005
726
670
497
255
213
16, 409
1,627
14, 782
9,361
7,050
13, 574
1.759
11,815
9,210
7,450
13, 283
1,808
11, 475
12,710
1,768
10,942
9,025
6,881
12,187
1,700
10,487
8,796
6,509
11,633
1,581
10,052
8,490
6,071
11,138
1,412
9,726
8,142
5,772
10,908
1,263
9,646
7,893
5,491
10,368
8,848
11,304 11,146
9,660
8, 538 11. 712 12,440
20, 827 «• 21,289 • 21,033 119,891
18,252
r
7,372
Total ginnings to end of month indicated.
11,848
11,957
19, 933
11,731
10,863
11,973
10, 641
19, 843 ' 20, 217
448,453
196
25
561,406
201
18
534,037
389
11
542,778
465
11
596,289
481
14
565, 307
361
11
.084
.081
.084
.082
.081
.085
.086
.085
.091
.082
.087
158
1,332
6,578
10,125
11.. 233
211
674
2,500
2,953
1,712
11,414
/ 12, 008
864
10,878 14,121
16,820
1,053
1,107
1,507
9,826 13,013
15,313
7,643
9,802
8,726
5,479
7,750
6,686
/ Dec. 1 estimate.
17, 292
1,714
15, 578
9,757
7,790
17, 028
1, 697
15, 331
9,652
7,478
54
SUEVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
March 1939
1938
January
February
March
April
May
June
July
DecemAugust SeptemOctober November
ber
ber
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
Exports..
thous. of sq. yd..
Imports
do—
Prices, wholesale:
Print cloth, 64 x 60
dol. per yd_.
Sheeting, brown, 4 x 4
.do—
Finished cotton cloth:
Production:
Bleached, plain
thous. of ydDyed, colors
-do—
Dyed, black.
.do.—
Printed
do—
Spindle activity:
Active spindles
thousands..
Active spindle hrs., total.
mil. of hrs_.
Average per spindle in place
hours..
Operations!
pet. of capacityCotton yarn:
Prices, wholesale:
22/1, cones (Boston)
dol. per lb_.
40/s, southern, spinning
do—
RATON AND SILK
Rayon:
Deliveries, unadjusted!
1923-25=100Imports
thous. of lb_.
Price, wholesale, 150 denier, first quality
(N. Y.)
dol. per lb_.
Stocks, end of mo.*
mil. of lb_.
Silk:
Deliveries (consumption)
bales..
Imports, raw
thous. of lb_.
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
dol. perlbStocks, end of month:
Total visible supply.—
bales..
United States (warehouses)
do—..
WOOL
Imports (unmanufactured)
thous. of lb~
Consumption (scoured basis) :1
Apparel class.
-do—
Carpet class
do—
Operations, machinery activity (weekly average)^
Looms:
Woolen and worsted:
Broad
thous. of active hours..
Narrow..
do—
Carpet and rug..
do—
Spinning spindles:
Woolen
do—
Worsted
do....
Worsted combs..
do—
Prices, wholesale:
Raw, territory, fine, scoured
dol. per lb_.
Raw, Ohio and Penn.
fleeces
do—
Suiting, unfinished worsted, 13 oz. (at factory)
dol. per ydWomen's dress goods, French serge, 54" (at
mill).
dol. per yd.
Worsted yarn, 32's, crossbred stock (Boston)
dol. per lb_
Recelpts at Boston, total.
.thous. of lb_
Domestic
do_._
Foreign
do—
Stocks, scoured basis, end of quarter, total
thous. of 1b.
Woolen wools, total...
_.do.__
Domestic
do—
Foreign
do.._
Worsted wools, total..
do—
Domestic
do—
Foreign
do...
MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
pet. of capacityStocks, end of month.
thous. of gross.
Fur, sales by dealers
thous. of dol_
Pyroxylin-coated textiles (artificial leather):
Orders, unfilled, end of mo..thous. linear yd.
Pyroxylin spread
thous. of lb__
Shipments, billed
..thous. linear yd..
20,468
8,534
24,252
5,108
23,882
4,667
33,613
4,700
27,793
3,923
24,713
4,092
20,444
4,503
20,097
4,301
21,154
24,493
4,981
26, 781
5,818
25, 978
4,912
28, 271
6,188
.043
.050
.047
.055
.048
.055
.047
.055
.046
.054
.045
.053
.043
.051
.047
.055
.044
.054
.043
.053
.045
.054
.045
.054
.043
.051
111, 876
60,223
3,300
87,154
116,995
75, 223
3,895
91,892
22,440
7,641
295
85.7
22,325
5,681
213
63.5
22,347
5,587
210
66.6
22,291
6,508
245
66.6
21,773
5,264
198
59.5
21,342
6,459
206
59.4
21,142
5,668
214
60.8
21,915
5,925
225
70.2
22,153
7,375
280
76.2
22,189
6,613
252
76.1
22,114
7,118
273
81.9
22, 449
7,575
291
83.6
22, 445
7,187
111
82.3
.220
.335
.235
.235
.369
.234
.230
.225
.219
.348
.230
.338
.223
.335
.223
.335
.230
.337
.240
.341
.225
.338
746
2,877
376
492
462
1,088
448
1,825
445
697
477
1,633
877
2,074
929
4,409
910
3,145
704
3,147
595
2,031
691
1,781
.51
39.7
.60
59.9
.54
61.1
.54
64.4
.54
66.9
.52
67.8
.49
67.0
.49
53.6
.51
41.1
.51
34.6
.51
36.1
.51
40.0
.51
39 5
40, 816
5,039
30,715
4,003
30,260
3,359
34,884
4,182
33,381
4,833
28,687
3,433
31,492
5,271
32, 593
4,073
4,975
38,844
5,524
41, 599
6,437
1.737
1.806
35, 631
5,417
1.854
35, 204
5,542
1.809
127,643 113,340 109,748
89,182 86, 273 79,044
4,047
3,833
4,183
104, 594 92, 795 82,876
102,327 110,568 130, 498 128, 642 134, 929 134, 661 141, 266
68,513
74, 656 88,362
95, 372 100, 200 102, 504
3,434
5,022
6,741
6, 617
6,369
6,379
5,877
78, 538 80,588 96, 417 89, 396 102, 278 109,136 118, 926
1.900
1.565
1.592
L634
L619
1.600
L609
1.811
124, 354
48,554
143,678
48,678
136,934
43,834
134,426
36,326
130,955
41,455
135,616
37,016
133,157
44,457
138,105
42,305
1.801
135, 347 142,511 151, 311 150,718 149, 778
39,747 40, 711 43, 811 46, 218 53, 278
21, 938
4,781
3,675
3,621
3,660
4,029
5,847
7,104
9,727
12,281
15, 373
16, 302
18,162
25, 941
9,784
12,709
3,672
12,090
10,412
4,328
12,623
3,329
12,944
15,467
3,313
22,746
4,996
23,136
6,025
19,619
6,386
24, 619
8,660
23, 512
7,716
29, 688
9,501
1,924
79
186
1,173
81
100
1,224
80
122
945
79
128
52
123
876
64
94
1,099
54
95
1,174
58
106
1,499
80
143
1,339
77
164
1,335
86
167
1,529
89
171
1,759
81
177
73, 480
87, 770
129
47,313
44, 299
56,245
40,012
67
41,824
29, 763
56
33, 211
33, 505
64
39,901
45, 718
84
48,020
55,134
101
57,438
55, 663
119
74,710
69, 644
145
66,022
62,851
117
66, 840
70, 205
120
71,110
85, 954
146
73,277
97, 019
149
.73
.31
.79
.31
.70
.27
.68
.26
.26
.26
.65
.26
.29
.71
.30
.70
.29
.71
.31
.74
.32
.73
.31
1.634
1.832
1.832
1.772
1.535
L535
1.535
1.535
1.535
1.535
1.535
1.624
1.634
1. 015
1.139
1.139
1.139
1.114
1.040
1.040
1.040
1.040
1.040
1.040
1.040
1.015
1.10
15, 539
5,374
10,164
1.10
6,338
5,763
575
1.08
6,529
5,504
1,025
1.05
6,798
6,159
639
109,487
48,064
38,823
9,241
61, 423
46, 825
14, 598
1.05
14,821
14, 090
730
1.05
40,900
40,198
702
1.01
44,989
44,181
808
1.03
65, 322
64, 582
740
1.05
44, 506
42. 069
2,437
1.05
16,047
10, 021
6,026
1.06
22, 222
18, 487
3,735
1.12
24,341
21, 239
3,103
1.11
13, 678
9,009
4,670
1,369
139,260
46, 509
37, 830
8,679
92, 751
79, 520
13, 231
147, 597
48, 276
40, 224
8,052
99, 321
84, 383
14,938
115,389
46, 494
36, 888
9, 606
68, 895
52, 604
16, 291
23.9
7,308
2,879
27.2
7,287
2,822
27.3
7,226
2,674
28.4
7,216
2,089
24.7
7,123
2,316
27.0
7,073
3,314
22.4
6,853
4,839
32.2
6,910
4,631
41.3
7,037
1,465
37.8
7,155
1,515
36.3
7,229
1,242
30.4
7,188
'1,100
1,925
3,532
3,253
1,964
4,111
4,016
1,864
4,804
4,664
1,577
4,301
4,237
1,554
4,116
4,072
1,702
3,322
3,435
1,819
3,862
3,757
1, 853
4,815
4,387
2,167
4f 957
4,337
1,885
4,903
4,483
1,888
4,263
4,134
2,096
4,647
4,474
' Revised.
•New series; data on rayon yarn stocks, poundage basis, have been substituted for the series formerly shown, which was on basis of number of months" supply. Figures
beginning January 1930 not shown on p. 94 of the February 1939 issue will appear in a subsequent issue of the Survey.
fData revised beginning August 1933; see table 18, p. 18, of this issue. Data on rayon deliveries revised beginning 1936; revisions not given on p. 94 of the February 1939
Survey will appear in a subsequent issue.
1 Data for January, April, July, October, and December 1938 and January 1939 are for 5 weeks; other months, 4 weeks.
SURVEY OF CURRENT BUSINESS
March 1939
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
55
1938
January
February
March
April
May
June
July
DecemOctober NovemAugust September
ber
ber
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, total
Commercial (licensed)
Military (deliveries)
For export
te
»
number.
„ do
do...
do—
299
•153
116
30
234
67
8,499
5,806
4,884
2,733
23,958
15,126
8,832
309
120
128
61
411
190
149
72
388
182
103
103
325
133
7,282
4,875
7,609
5,416
4,095
3,014
39,417
21,800
17,617
29,586
17,305
12,281
30,492
16,809
13,683
25,680
16, 757
9,923
5,253
3,588
19, 579
12,127
7,452
64,320
32,848
31,026
447
78,115
65,214
32,913
31,895
405
70,384
90,673
45,251
44,874
548
87,726
88,177
47. 620
40,060
597
92,661
53
27,929
51
30,208
67
83,259
93
806
149
85
72
310
176
81
63
291
143
84
64
5,795
4,433
4,760
8,376
3,460
2,399
2,946
1,753
2,747.
2,406
5,024
3,835
16,605
9,564
7,041
16,443
9,222
7,221
3,912
2,558
11,142
5,347
6,795
10,888
2,808
8,080
17,024
10, 930
6,094
29,043
20,172
8,871
34,978
21, 322
13, 656
88,906
46, 617
41,699
590
82,781
86,930
44, 388
42,014
528
71,323
77,039
39,160
37, 386
493
58,951
80, 847
40, 347
39,927
572
40,037
62, 561
29,174
32,948
439
26,769
62, 385 86,047 93,452
30, 344 51, 266 54,933
31,613 34, 2fiO 37,955
428
521
564
61, 359 126, 650 158, 289
76
29,532
73
30,077
70
30,991
77
29,122
54
32,321
57
32,124
62
30,816
17,624 16,066 16,802 18,819
13.385
11,753
12,276
14,033
209. 528 186, 531 221, 795 219,310
155, 505 139,380 174,065 176,078
54,023 47,151
47,730 43,232
971
528
478
854
18,115
13, 641
192.059
!54,958
37,101
706
9,007
14,732
5,273
11,014
141,443
174,670
136, 531 106, 841
34,602
38,139
410
527
6,452
3,063
90,494
58,624
31,870
468
5,774 17, 992 18, 670
6,089
4,290
5,412 15,423
15, 518
83,534 209, 512 372, 413 388, 346
65,159 187. 494 320.344 326,006
18, 375 22,018 52, 069 62,340
819
1,312
1,723
1,818
AUTOMOBILES
Exports:
Canada:
Assembled, total
number..
Passenger cars
do
United States:
Assembled, total
«..._
do
Passenger cars
do
Trucks
do
Financing:
Retail purchasers, total
thous. of dol__
New cars..
do
Used cars.
.,-do
Unclassified
do
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
,
number..
Hand-type
do
Production:
Automobiles:
Canada, total
do
Passenger cars
-do
United States ^factory sales), totaL-.do
Passenger cars
do
Trucks.
do
Automobile rims
thous. of rims..
Registrations:
New passenger cars
•*__.
number..
New commercial cars
do
8ales (General Motors Corporation):
To consumers in U. 8__,
do
To dealers, total._
„
do
To U. S. dealers..
do
Accessories and parts, shipments:
Combined index..
Jan. 1925=100..
Original equipment to vehicle manufacturers.
_._
Jan. 1925=100..
Accessories to wholesalers..
do—
Service parts to wholesalers
do
Service equipment to wholesalers
do
44
30,649
14, 794
11,404
339,152
280,040
59,112
1,714
145,765
31,995
88, 865
152, 746
116,964
63,060
94,267
56,938
148
'86
160
131
129
91
120,359
27,551
181,222
37,264
192,241 178,052
35, 682 32,937
156,384 148, 896 127,954
30, 649 33, 476 34,231
103
101
94
116
119
112
82
102
108
101
119,053
19,589
73
27,479
200, 853 226,973
23, 943 31, 474
78,758
90, 030
61.826
64,925
55, 431
34,752
84
75
79
104
133
136
138
74
99
119
90
60
100
125
58
104
143
91
136
161
91
129
133
167
150
126
142
157
129
121
83
()
1,705
241
14.3
10, 234
0)
0)
62,831 100, 022 103. 534 92, 593 76.071
94, 449 109, 555 109, 659 104,115 101,908
63,771
76,142 78,525 71,676
72,596
102
94
107
92
Q7
118
117
108
170,876
1,731
170,010
1,720
169,780
1,717
169,538
1,714
1,711
169, 002
1,708
197
11.6
6,547
1,929
4,618
200
11.9
6,558
1,632
3,926
202
11.9
5,825
2,052
3,773
211
12.5
4,867
1,746
3,121
226
13.4
4,484
0)
(0
229
13.6
5,071
1,541
3,530
2,158
43, 347
2,155
43, 228
2,156
43, 210
2,156
43,185
6,672
15.4
110
91
19
6,911
16.0
101
83
18
7,162
16.6
84
69
15
7,443
17.2
61
48
13
156
153
47
106
25
11
14
159
156
56
100
16
5
11
119
109
35
74
48
22
83
93,269
26,570
44
28,509
40, 796
131,387 118,888
36,335 123. 835 200, 256 187,909
16,469 92,890 159,573 150,005
RAILWAY EQUIPMENT
{Association of American Railroads)
Freight cars owned and on order, end of mo.:
Owned:
Capacity
„
_mil. of Ib_.
Number
_
.thousands..
Undergoing or awaiting classified repairs
thousands. _
Percent of total on line
Orders, unfilled
.cars..
Equipment manufacturers
do
In railroad shops
...do
Locomotives owned and on order, end of mo.:
Owned:
Tractive effort
mil. of Ib—
Number
_
Undergoing or awaiting classified repairs
number. _
Percent of totfti on line
Orders, unfilled
.numberEquipment manufacturers
do
In railroad shops
do
0)
1,672
225
13.7
6,637
0)
0)
0)
(0
8,084
19.1
25
(0
0)
(T7. S. Bureau oi the Census)
Locomotives:
Orders, unfilled, end of mo., total...number.
Domestic, total
do
Electric
_do._.
Steam
do___
Shipments, domestic, total
do
Electric.
_
do...
Steam
do...
Industrial electric (quarterly):
Shipments, total
do...
For mining use
do
0)
0)
0)
7,719
17.9
56
8
' 2,155
43, 124
7,875
18.3
37
26
11
0)
0)
(0
0)
238
14.2
8,892
0)
0)
1, 691
231
13.8
7,459
0)
0)
1,690
235
14. 1
5,153
0)
0)
1,686
233
13.9
4,335
0)
0)
1,701
0)
0)
7,984
18.6
26
0)
0)
0)
0)
0)
0)
0)
0)
8,108
18.9
14
8,075
18.9
14
0)
0)
0)
0)
8,133
19.1
17
0)
0)
8,155
19.1
7
0)
0)
166,707
1,682
231
14.0
5,080
4,426
654
2,130
42,467
7,881
18.6
0)
(0
100
92
84
8
'21
••18
3
102
101
(American Railway Car Institute)
Shipments:
Freight cars, total
number..
1,148
901
Domestic
.do
1,148
795
Passenger cars, total
.do
0
30
Domestic. »
.
d6
0
30
r
Revised.
•1 Includes 80 airplanes completed during 1937 but not reported until
Semiannually only, subsequent to April 1938.
108
108
23
23
January 1938,
260
10
0
0
194
188
10
10
362
354
1
1
407
407
573
650
22
22
2,336
2,308
19
19
1,662
1,655
3
3
1,136
1,023
0
0
1,198
1,198
0
0
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Janu1938 Supplement to the Survey
ary
March 1939
1938
January
February
March
May
April
June
Decem
August SeptemOctober November
ber
ber
July
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
(U. S.Bureau
of Foreign and Domestic
Commerce)
Exports of locomotives, total
number..
Electric
do....
Steam
do....
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
number..
Domestic
do....
do___.
Exports
.SHIPBUILDING
1
1
1
1
0
42
12
30
16
11
5
22
20
2
20
19
1
12
10
2
22
12
10
14
13
1
15
7
8
6
4
2
23
22
1
3
3
0
50
47
3
110
89
21
96
79
17
115
74
41
71
57
14
78
63
15
39
30
9
41
40
1
69
58
11
60
51
9
42
33
9
46
36
10
6
1
368
319
48
25,214
368
316
52
11,190
384
320
63
10,357
369
310
59
17,015
423
379
44
22, 232
462
420
43
23,016
440
397
43
30,817
465
423
43
846
466
404
62
22, 218
467
404
63
1,450
519
448
70
1,166
55
46
8
22,62
23,235
0
1,979
25, 214
3,000
500
7,690
11,190
7,654
0
2,703
10,357
10,972
113
5,930
16,902
19,050
700
2,482
22, 232
17,696
2,642
2,678
11,885
15, 539
12, 412
2,866
30, 605
0
316
530
846
12,000
8,750
1,468
22, 218
350
161
939
1,450
350
0
816
1,166
19,90
United States:
Vessels under construction, all types
thous. ffross tons
Steam and motor
do._Unrigged
do
Vessels launched all types
gross tons..
Powered:
Steam
do—.
Motor
. do
Unrigged — __
do—
Steel
. do -_
World (quarterly):
Launched:
Number
ships
Tonnage
thous. gross tons
Under construction:
ships . .
Number
Tonnaere
thous gross tons
7
2,72
22,62
235
626
302
848
254
807
24
70t
827
2,895
801
2,827
685
2,712
70'
2 66(
CANADIAN STATISTICS
Physical volume of business:
Combined index
1926=100Industrial production:
Combined index
do
Construction
. do . . .
Electric power
doM anufacturing
do —
Forestry
....do—
Mining
.do —
Distribution:
. _. do
Combined index
do
Carloadings
do __
Exports (volume)
Imports (volume)
do
Trade employment
_ ..do—
Agricultural marketings:
Grain
do
Livestock
. . . do —
Commodity prices:
do —
Cost of living
«.
do
Wholesale prices
Employment (first of month):
do
Combined index
Construction and maintenance
do
Manufacturing
do
Mining
. do .
Service
do—
Trade
do
Transportation
_ do .
Finance:
Banking:
mil. of dol
Bank debits
113.0
111.8
106.7
108.8
112.4
110.7
108.4
109.1
110.5
119.2
118.6
123.4
115. (
114.2
40.3
230.0
111.1
120.7
176.8
113.5
48.5
219.7
108.6
109.7
179.1
107.4
36.5
215.9
101.3
111.3
188.8
110.2
53.4
222.5
101.8
103.2
195.7
114.2
57.4
212.6
103.2
100.4
212.7
112.5
49.4
210.2
104.7
91.9
199.4
109.3
50.2
209.8
103.5
96.7
176.6
109.8
51.4
212.3
101.3
101.4
192.1
110.8
53.2
217.9
100.9
102.2
198.6
120.7
53.3
223.6
114.2
110.2
202.1
121.1
62.5
220.9
113.2
107.1
201.4
128.3
48.4
226.4
125.3
112.8
206.6
63.4
221. f
lll.C
111.7
183.1
109.3
70.7
141.2
77.6
133.8
106.7
77.2
91.8
84.8
130.6
104.5
75.0
80.4
79.6
130.4
104.7
75.0
80.3
79.1
130.9
107.2
71.4
97.8
88.2
133.3
105.5
71.8
86.4
81.7
132.8
105.7
68.7
100.1
79.8
133.4
107.0
71.5
104.3
79.8
133.7
109.5
76.3
127.1
82.6
131.9
114.9
81.0
162.6
84.4
134.0
111.5
76.0
132.0
89.1
133.7
109.2
74.2
122.7
85.7
132.5
108. f
73.7
100. C
75. S
137.0
52.0
46.3
77.9
37.6
29.8
72.7
25 7
14.0
77.8
29.7
17.4
84.5
38.3
31.0
70.7
41.1
34.1
72.5
20.6
75.9
40.3
29.7
87.3
89.2
91.9
77.0
123.9
135.1
74.0
145.6
162.7
69.0
101.6
106.6
79.1
85 7
88.4
73.6
83.1
73.3
84.0
83.8
83.9
83.6
84.2
83.1
84.2
82.3
84.1
80.3
84.0
80.1
84.1
78.6
84.8
76.0
84.0
74.5
83.8
74.1
83.7
73.5
83.5
73.3
108.1
96.4
104.3
160.4
131.7
144.8
79.9
113.4
81.9
108.6
155.2
132.5
141.7
82.0
110.4
71.6
110.3
154.3
128.4
127.9
79.6
107.8
71.4
110.5
153.9
127.1
126.0
79.0
105.0
71.6
110.8
151.3
129.8
127.1
78.5
107.4
88.2
110.6
149.7
131.9
131.3
83.9
111.9
114.5
112.3
153.3
135.3
131.5
84.9
113.5
124.9
111.8
154.5
146.1
133.3
86.3
112.1
128.0
110.0
153.6
143.5
132.1
86.9
115.1
133.8
113.8
157.4
146.7
131.0
88.7
116,7
143.5
112.5
160.8
136.1
134.5
90.1
114.6
122.5
110.9
163.4
132.8
135.6
87.9
114. C
112.8
110. 1
163.3
131.7
139.7
85. C
2,512
120
Commercial failures*
number..
Life insurance sales, new paid for ordinary
thous. of dol— 30,434
Security issues and prices:
139,515
New bond issues, total
do
62.1
Bond yields
1926=100Common stock prices
do
102.9
Foreign trade:
81, 773
Exports total
thnns of dol
fchons of bn
Wheat
7,879
380
Wheat
flour
.thous. of bbl43, 754
Imports
_.
-- do
2,445
77
2,176
99
2,371
101
2,401
47
2,462
93
2,731
92
2,466
72
2,371
102
2,655
81
2,976
92
2,965
122
2,905
71
30, 606
31, 204
32,796
29,981
30,342
35,120
30,126
31, 854
36,611
35, 827
157, 990 ' 73, 561
66.3
65.4
107.7
107.1
58,128
64.7
99.2
65,642 '198,461 ' 77,746 r 98,451
61.7
63.7
61.8
62.7
99.7
97.9
100.0
106.9
75,112
3,487
302
65,056
56, 253
1,618
185
48,895
Railways:
Carloading
Financial results:
Operating revenues
Operating expenses
ODerating income
f.hnns of pars
„
171
thous. of dol—
do
flo
Operating results:
Freight carried 1 mile
mil. of tons—
Passengers carried 1 mile
mil. of pass—
Production:
Electrical energy, central stations
mil. of kw-hr—
Pig iron
—
thous. of Ion? tons_
Steel ingots and castings
-do-.
Wheat flour
..thous. of bbl._
2,387
58
78
1,098
72,234
7.194
296
49, 720
60,981
2,839
272
46,952
72,791
3,371
297
67,123
8.2
78,308
7,275
300
58, 947
78,720
7,248
283
55,823
27,996
r
27, 442
r
108, 958 rl 04, 930 ' 86,142
61.5
61.8
63.2
110.4
106. g
109.7
51,399
62.7
105.2
r
86, 538
6,266
286
57,026
108, 542 102, 719
12, 615 24, 579
529
320
56, 412 63,909
51, 474
65.3
98.6
94,075
21, 704
478
63, 304
70, 452
15, 983
365
44, 286
178
187
180
200
185
190
187
183
213
250
257
219
24,362
24, 211
d
1,019
23,316
23,442
d
1,305
25,925
25,165
d
374
25,192
24,112
'136
25,445
24,186
96
24,577
23,816
'490
25,773
24,515
28,439
26,103
1,095
34, 504
26,919
6,375
37, 609
25, 681
10,684
30, 431
22, 661
6,502
2,023
149
1,976
137
2,235
148
1,841
138
1,798
128
1,525
160
1,689
192
2,063
172
3,389
153
3,924
119
2,668
101
2,280
75
112
921
2,058
61
99
849
2,258
66
119
999
2,064
66
116
794
2,082
72
115
978
1,973
64
109
969
1,988
51
84
929
2,072
49
83
1,103
2,164
50
74
1,639
2,329
51
76
1,906
2,375
46
90
1,606
di2
U6.
2,350
53
79
1,052
r
d
Revised.
Deficit.
*New series. Data compiled by Dun and Bradstreet, Inc. have been substituted for those compiled by the Dominion Bureau of Statistics which temporarily are not available; figures not shown on p. 56 of the November 1938 issue will appear in a subsequent issue.
U. S . GOVERNMENT PRINTING O F F I C E : 1 9 3 9
TO MONTHLY BUSINESS STATISTICS
r CLASSIFICATION, BY SECTIONS
Page
Monthly business statistics:
19
JRusiriess indexes
Commodity prices
20
21
Domestic trade._ __
__
23
Employraeat
conditions
and
25
wages
F'ineti^f
30
36
Foreign trade
Transportation and communica37
tions
Statistics on individual industries:
38
Chemicals and allied products. _
41
Electric power and gas
__41
Foodstuffs and tobacco.____
45
Fuels and byproducts
.__
46
Leather and products
47
Lumber and manufactures. __..Metals and manufactures:
48
Iron and steel
Nonferrous metals and prod49
ucts
-Machinery and apparatus.
50
51
Paper and printing. _
,
52
Rubber end products
53
Stone, clay, and glass products. »
53
Textile products
._...._
55
Transportation equipment..
Canadian statistics...._ _
56
CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
52
Abrasive paper and cloth (coated).
30
Acceptances .
.
.
_
Accessories - -Automobile_.
. . _ _ - 55
25
Advertising
..
„___
Agricultural products, cash income received
20
from iru.rkeiinp* of
,__
„
..i\s, loans
.
..29,30
Air-condiiit»!iir?g cou lament
50
Air rr.t.;l
. .-"
-___. ___-_._24
Airplanes . . _.
...
,
38,55
AJcohoi, sk'naturcl. ethyl, methanol.
38
Aluir-I/iuni ._
....
--49
Aniuial fas.•», frepses .
_.
39
Ai'.Lhrn* n.e rd-un,?
.
19, 26, 28, 45
Appntci, wealing .. ,
20, 24, 25, 26, 27, 28, 53
/•s'/ioii.
" . _ _ „___
46
A\noioohii.~«"
" '. .'". "___" 19, 24, 25, 27, 28,29,55
BtbbxCt meul
.
----49
Barley . . .. __ . . . . . _ . _ _ _ _ _
___42
B-YAA oo/n jrrcv-orles
___.
.-
53
Beef end ve^l. . . . .
43
Bevtis-f-cs, fcrrrje.'ited malt liquors and distilled spirit.?
.
.
41
Bitvrn*noti; coai
19, 20, 26, 28, 45
Boilers.- .
-49
Bonds,, pr-'ce?., sales, value, yields y
_„__ 30,35
,
Book pubhcption.
._ ,
52
Bo^e:*, paper
52
Brass
____--_-- — 50
Brick
....
__._
53
TFlro^GfV lo<3::s. _ _ . „.
,
_30
Bronze...
._50
Building contracts awarded.--_._-.
_~- 21,22
Buiii'ru:; c-sl«*
...
22
Bulkiing materials
. - 20,47,53
P,uiIfur>B permits issued.
.
21, 22
Business icJurcs
31
Er.ttrr...
_.
41
Canadian statistics
__.
56
Carai traffic.
38
Candy
.
44
Capital
flotations
. . . . . 33,34
Carload) ric^. .
37
Cattle and caive:;
„
43
Cellulose plastic oroduct*}
.
40
CemenL. __ .. . _*_
- „ _ . _ 19,53
Chain-store sales. _
24
Cheese
..-___
„__
41
Cigars and cigarettes
44
Civil-service employees
26
Clay products.. .
25,27,28,29,53
Clothing, _....
20, 24, 25, 26,27, 28.29,53
Coal
.
19,20,26,28,45
Cocoa.
44
Coffee
44
Coke
,
45
Collections, department stores.
24
Commercial paper
30
Construction:
Contracts awarded, indexes..
21
CO3tS
22
Highways
22
Wage rates
29
Copper.
49
Copra and coconut oil
39, 40
Cost-of-living index.^
20
Cotton, raw and manufactures
19, 20, 21, 53,54
Page
Cottonseed, cake and meal, oil
.
40
Crops
._ 19, 20,42,43, 53
Currency in circulation
32
Dairy products
19,20,41,42
Debits, bank
30
Debt, United States Government
32
Delaware, employment, pay rolls
.
26,27
Department-store sales and stocks
24
Deposits, bank
.
31
Disputes, industrial
.
27
Dividend payments
35
Earnings, factory, average weekly and
hourly...
28,29
Eggs
. . . 19,20,44
Electrical equipment
51
Electric power, production, sales, revenues. _
41
Electric, street railways
37
Employment:
Cities and States
26
Nonmanufacturing
26
Emigration
38
Enameled ware
49
Engineering construction
,_
22
Exchange rates, foreign
32
Expenditures, United States Government. _
32
Explosives
39
Exports
36,37
Factory employment, pay rolls
25, 26, 27, 28
Fairchild's retail price index
__.
20
Fares, street railways
37
Farm employees
26
Form prices, index
20
Federal Government, finances
32,33
Federal-aid highways
22, 29
Federal Reserve banks, condition of
30
Federal Reserve reporting member bank
statistics
30
Fertilizers
...
39
Fire-extinguishing equipment
55
Fire losses
. ...
23
Fish oils and
fish.
_
39 44
F I T seed
__ .
'40
Flooring, oak, maple, beech, and birch
47
Flour, wheat.
_~
43
Foo-1 rroUuts . . . .
. 20, 25, 26, 27, 28, 29 41
Fooler
- - - -- - - - — —
—"46,52
Fore* Hsures, ; re JI estate „
23
50
Foun'lry ini: *vrcnt
.
55
Fre'^bt errs (equipment) _.
37
Frei *ht ojrim iin~<s, cars, indexes
37
^re: Ut-car surplus _.
F:u:i-5
._
7 l 9 , 20.42
'50
F, -el eqnipir.ent.
45,46
47
F"rn ; 1me . . ._
41
45
Gar/ vi-l fu'il nils".
45,46
44
55
29 53
Cloves rrvl rv'ttens
.
'46
GoM __
...
32
Goi»'*> in "Aarchouj.es . . . .
23
C.rr-.
...
19,20,34, 42,43
rr/p^m
.
_.
53
21,46
T*'c>s anrt skins . _
43
IT line lorn b'^nks. Iritis outstanding
23
Horn-* -norto'>?c insurance
23
53
Holds. _ _
.__
25, 28, 38
22,
23
Hnus'nK*. _._
.
.
__„
20,
Il.inois. e*nolovecs, factory earnings
26, 27, 29
36.37
Imports _ _
.....
'
32
19
L-K crv ;y -rtnents _ .
:
23
Tnc-rpor :t '-ns. b.lines'* . .
19
24
Ins* - llment *.nie.s. New Fmdrmd
31
Tr.^urrmce, Hfr
__
.
_
30
I .it ere "ir r.rr1 'norev rr'^s ._
Tion o \ crud", manufactures
19,48
Kerosene..
.. . .
46
],^'<or i">n-pv r, dis:>u+-es_ .
27
Limb fn'l mot*on
43
Lard _
___
I
43
Lead..
19,49
Leather
.-----19, 21, 25, 26, 27, 28,29,46
Leather, artificial
54
Linseed oil, cake, and meal
___;
40
Livestock
19, 20,43
Loans, agricultural, brokers', real estate.. 23, 30, 31
Locomotives _ _ _ „,
55,56
Looms, woolen, activity _ _ _
,
54
Lubricants
. .
46
Lumber
20~ 25, 27, 28,47
Lumber yard sales and stocks
47
Machine activity, cotton, wool
.
54
Machine tools, orders
50
Machinery
25, 27, 28, 50,69
Magazine advertising
23
Manufacturing indexes
19
Marketings, agricultural
19,20
Maryland, employment, pay rolls
26,27
Massachusetts, employment, pay rolls
26,27
Meats
__ __"i9, 20,43
Metals.
19,21,25,27,28,29,48, 49,50
Methanol
,
38
Mexico, silver production
_
32
Milk
42
Minerals
19, 26,28, 45,50
Page
Naval stores.. „
39
Netherlands, exchange rates
32
New Jersey, employment, pay rolls
26, 27
Newsprint
52
New York, employment, pay rolls, canal
traffic
26, 27,38
New York Stock Exchange
35
Oats
42
Ohio, employment
26
Ohio River traffic.
38
Oils and fats
39,40
Oleomargarine
40
Paint sales..
40
Paper and pulp
21,25, 26,27,28,29,51,52
Passenger-car sales index
24
Passengers carried, street railways
37
Passports issued
38
Pay rolls:
Factory
27,28
Factory, by cities and States
27
Nonmanufacturing industries
28
Pennsylvania, employment, pay rolls
26, 27
Petroleum and products
19,
21,25, 26, 27, 28, 29,45,46
Pig iron
48
Porcelain enameled products
49
Pork
43
Postal business
24
Postal savings
31
Poultry
_ 19, 20,44
Prices:
Retail indexes
20
World, foodstuffs and raw material
21
Printing
25, 26, 27, 28, 29, 52
Profits, corporation
32
Public relief
29
Public utilities
31,32,35,36
Pullman Co
.
38
Pumps
50
Purchasing power of the dollar
21
Radiators
48, 50
Radio advertising
23
Railways; operations, equipment, financial
statistics
37, 38, 55, 56
Railways, street
37
Ranges, electric
51
Rayon
54
Reconstruction Finance Corporation, loans
outstanding
33
Refrigerators, electric, household
51
Registrations, automobiles
55
Rents (housing), index
20
Retail trade:
Automobiles, new, passenger
24
Chain stores:
5-and-lQ (variety)..
24
Grocery
24
Department stores
24
Mail order
25
Rural general merchandise
25
Rice
42
Roofing
40
Rubber, crude, scrap, clothing, footwear,
tires....
19, 20, 25, 26, 27, 28, 29, 52
Savings deposits
31
Sheep and lambs
43
Shipbuilding
56
Shoes
21, 25, 26, 27, 28, 29, 46
Silk
20, 21, 54
Silver
19,32
Skins
46
Slaughtering and meat packing. 19, 25, 26, 27, 28, 29
Spindle activity, cotton
54
Steel, crude, manufactures
19, 25, 27, 28, 48, 49
Steel, scrap, exports and imports
.
48
Stockholders
36
Stock indexes, world
20
Stocks, d epartment stores
24
Stocks, issxies, prices, sales
35,36
Stone, clay, and glass products... 25, 27, 28, 29, 53
Sugar
_"
1
20, 21, 44
Sulphur
39
Sulphuric acid
39
Superphosphate
39
Tea
20, 21,44
Telephone, telegraph, cable, and radiotelegraph carriers
38
Textile products
54
Tile, hollow building
53
Tin
20, 21,49
Tobacco..
19, 25, 26, 27, 28, 29,44
Tools, machine
50
Trade unions, employment
26
Travel
38
Trucks and tractors, industrial, electric
56
United States Government bonds
35
United States Steel Corporation
36,48
Utilities
31,32,35,36
Vacuum cleaners
5i
Variety-store sales index
24
Vegetable oils
39,40
Vegetables
19. 42
Wages
28, 9
Warehouses, space occupied
23
Waterway traffic
38
Wholesale prices
20, 21
Wire cloth
50
Wisconsin, employment, pay rolls, and
wages
26, 27, 29
Wood pulp
51
Wool
_
54
Zinc
19,50
PUBLICATIONS AVAILABLE
A recent inventory of stock of Commerce Department publications
released within the last four years reveals that a supply of these publications is still available at the Government Printing Office. The publications listed below may be of interest to users of the SURVEY.
DOMESTIC COMMERCE SERIES
No. 55. Market Research Sources, 1938 Edition. 30 cents.
No. 87. Consumer Viewpoint on Returned Goods. 5 cents.
No. 90. Costs, Sales, and Profits in the Retail Drug Store.
20 cents.
No. 92. Confectionery Distribution in the United States,
1933-34. 5 cents.
No. 93. Review of American Machinery Industries. 10
cents.
No. 95. Retail Credit Survey, 1935. 10 cents.
No. 96. Long-Term Debts in the United States, 1912-35.
20 cents.
No. 97. Confectionery Production and Distribution, 1936.
10 cents.
No. 98. Retail Credit Survey, 1936. 10 cents.
No. 99. Construction Activity in the United States, 1915-37.
15 cents.
No. 100. Small-Scale Retailing. 10 cents.
No. 101. Confectionery Production and Distribution, 1937.
10 cents.
No. 103. Retail Credit Survey, 1937. 20 cents.
No. 104. Store-Arrangement Principles. 10rcents.
No. 105. Suggestions for Use in Making a City Survey.
10 cents.
ECONOMIC SERIES
No.
No.
No.
1. American Direct Investments in Foreign Countries.
10 cents.
2. Economic Review of Foreign Countries, 1937. 25
cents.
3. Balance of International Payments of the United
States in 1937. 15 cents.
THilllE PROMOTION SIEIES
No. 164. Handbook of Foreign Currencies. 20 cents.
No. 167. American Douglas Fir Plywood and Its Uses. 10
cents,
No.
No.
No.
No.
No.
171.
175.
176.
177.
178.
California Redwood and Its Uses. 10 cents.
Export and Import Practice. 40 cents.
Trading Under the Laws of Canada. 20 cents.
World Chemical Developments in 1937. 25 cents
American Hardwoods and Their Uses. 15 cents.
k
No. 179. Commercial Travelers' Guide to Latin America
Part I, West Coast of South America. 20 cents
No. 182. United States Pulp and Paper Industry. 15 cents
No. 184. Taking Your Car Abroad. 15 cents.
No. 185. Control of Ocean Freight Rates in Foreign Trade
20 cents.
No. 186. American Hardwood Flooring and Its Uses. 1(
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No. 187. Commercial Travelers' Guide to Latin America
Part II, East Coast of South America. 20 cents
No. 188. American Wooden Boxes and Crates. 10 cents.
No. 189. Synthetic Organic Chemicals: World Develop
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TEADE INFORMATION BULLETINS
No. 292. Sources of Foreign Credit Information: 1937 Revi
sion. 10 cents.
No. 834. Insurance Transactions in the Balance of Interna
tional Payments of the United States, 1919-35
5 cents.
No. 840. Advertising in Sweden. 10 cents.
MISCELLANEOUS
1938 Supplement to the Survey of Current Business. 4C
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National Income 1929-35. 25 cents.
The Small-Housing Scheme of the City of Stockholm. J
cents.
Essential Facts on Government-Aided Housing in Westerr
Europe. 10 cents.
Copies of any of the above publications may be obtained at the price stated from either the Superintendent
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