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SURVEY OF
URRENT
USINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
BUSINESS
MARCH 1945
VOLUME 25, No. 3
Statutory Functions "The Bureau of
Foreign and Domestic Commerce • • to
foster, promote, and develop the foreign
and domestic commerce oj the United
States" [Law creating the Bureau, Aug.
23, 1912 \37 Stat. 408].]
Contents
Page
m
Department of Commerce
Field Service
Atlanta 3, Ga., 603 Rhodes Bldg.
Boston 9, Mass., 1800 Customhouse.
Buffalo 3, N. Y., 242 Federal Bldg.
Charleston 3, S. C , Chamber of Commerce
13 iag.
PliioaiTA A
Til
9C7 T
T C
pAimtltAiiaa
lihicago 4, ill., oo i U« 2>. vuourtnouse.
Cincinnati 2, Ohio, Chamber of Commerce*
Cleveland 14, Ohio, 750 Union|«Commerce
Bldg.
Dallas 2, Tex., Chamber of Commerce Bldg,
Denver 2, Colo., 566 Customhouse.
Detroit 26, Mich., 1018 New Federal Bldg.
Houston 14, Tex., 603 Federal Office Bldg.
Jacksonville 1, Fla., 425 Federal Bldg.
Kansas City 6, Mo., 724 Dwight Bldg.
Los Angeles 12, Calif., 1540 U. S. Post Office
and Courthouse.
Memphis 3, Tenn., 229 Federal Bldg.
Minneapolis 1, Minn., 201 Federal Office Bldg.
New Orleans 12, La., 408 Maritime Bldg.
New York 18, N. Y., 17th Floor, 130 W.
42d St.
Philadelphia 2, Pa., 1510 Chestnut St.
Pittsburgh 19, Pa., 1013 New Federal Bldg.
Portland 4, Oreg., Koom 313, 520 S. W. Morrison St.
Richmond 19, Va., Room 2, Mezzanine, 801
E. Broad St.
St. Louis 1, Mo., 107 New Federal Bldg.
San Francisco 11, Calif., 307 Customhouse.
Savannah, Ga., 403 U. S. Post Office and
Courthouse Bldg.
Seattle 4, Wash., 809 Federal Office Bldg
THE BUSINESS SITUATION....
President's Budget Message. •..
HOW CAN B U S I N E S S ANA LY'ftjftliyS
MARKETS ?
WARTIME CHANGES IN R
CONCENTRATION
STATISTICAL DATA;
New or Revised Series
....#^1$and 20
Monthly Business Statistics...
General
I n d e x . . . . . . . . . . . . . . . . . IHSIIIK liftck
cover
..\ • * 'v
i i O t C — C o n t e n t s of this publication are n o t oppjTfil^lited'and
may be reprinted freely. Mention of source will be appreciated.
Published by the Department of Commerce, HENRY A. WALLACE, Secretary, and issi
of Foreign and Domestic Commerce, Amos E. Taylor, Director. Subscription price of
CURRENT BUSINESS, $2; Foreign. $2.75 a year. Single copy, 20 cents. Price of the 1942
Make remittances only to Superintendent of Documents, U. S. Government Printing Offii
the Bureau
SURVEY OF
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25, D. C.
The Business Situation
By Division of Research and Statistics, Bureau of Foreign and Domestic Commerce
ACTIONS
months
have
limited extent the
POLICYaffected to a in recentHowever,
output of some commodities.
they have had little effect upon the total
volume of output—which continues at a
sustained pace—or upon the proportional
distribution of goods as between military
and other production.
The recent increase of over 100,000
workers in the munitions plants with expanding schedules, together with the genereal acceleration of output in these lines
resulting from bringing additional facilities into the operation and overcoming
impediments to the material and component flows, is reflected in the sharp increases being reported each month in the
output of critical items. This has not
resulted in expansion in total munitions
output, because of the reductions in required production that are prevalent over
important segments, most notably in
ships.
Among the civilian products, actions
have taken the form of arresting declines
that have been under way, and of shifting the composition of output so as to get
a better balanced production, or to protect the price structure. Among these
actions, were the steps taken to improve
the textile situation so as to procure increased amounts of some types of fabrics
and end products, more particularly certain types of clothing.
Under existing conditions, the general
business indicators trace the expected
pattern—a pattern of stability in the
over-all with major shifts in output occurring only in limited areas. This general pattern is consistent with the large
percentage increases reported in some
lines—for example, in such expedited
military programs as tires, cotton duck,
critical ammunition and aircraft.
No Basic Change.
While the general picture is not new, it
is significant that recent developments
have made so little difference in the general pattern. Nor are these likely to
make for much variation in the immediate future, or indeed until such a time
when current successes in the major theaters of military operations are reflected
in a lessening of the pressures upon the
expedited portions of the military programs.
The forward move of the Allied western
forces to the Rhine was accompanied by
announcements that adequate supplies
were available at the front for supporting
and extending the offensive now under
way and which, under the Yalta agreements, will be coordinated with the drive
from the East by the Soviet armies to
produce a final decision.
Meanwhile, every day that passes reduces German output and tips the balance of economic, as well as of military
power, more heavily in favor of the
Allies. The same is likewise true in the
630255—45
case of Japan whose industries are being
gradually brought under the same kind
of attack that is currently yielding large
dividends in Europe.
The movement in employment, potentially the most volatile element in influencing changes in output these days,
was typical. While employment in nonagricultural establishments declined between December and January, it reflected
primarily the post-Christmas adjustments in sales forces and usual seasonal
decreases in some of the nondurable
goods manufacturing industries. MuniChart 1.—Current Business
Indicators
(INDEX, JANUARV
1 O
1944 = 100)
INCOME PAYMENTS
(SEASONALLY ADJUSTED)
f
05
. . . . .
on
1 . . . . .
100
110
FREIGHT CARLOADINGS
(SEASONALLY ADJUSTED)
90 I i i I I I I i i I I I I I l I I I I i I i i I
FREIGHT CARS UNLOADED FOR EXPORT &
100
120
110 -
1944
1
2
1945
Represents ingots and steel for castings.
Represents daily average number of cars for
class I, II, and III railroads, including switching and terminal.
Sources : Income payments and manufacturers'
shipments, U. S. Department of Commerce;
steel production, American Iron and Steel Institute ; freight carloadings, Board of Governors
of the Federal Reserve System ; freight cars unloaded for export, Association of American
Railroads. Indexes either computed or recomputed with January 1944 as base by the U. S.
Department of Commerce.
tions employment in January remained
virtually the same as December. At the
same time, the intensive recruitment for
plants producing "must" programs resulted in the large increase in employment noted above.
As far as manufacturers' supplies, including goods going to civilians, as a
whole are concerned, they held even with
January, though not so on a daily average basis. The index at the bottom of
chart 1, which takes into account
changes in working days, shows a drop in
both durable and nondurable goods shipments.
Over-all production of munitions in
January differed little from previous
months, with the aggregate change again
the net of widely mixed movements.
Aircraft, ammunition, and communication and electronic equipment experienced production gains. On the other
hand, ships, guns, and combat and motor
vehicles output was reduced in response
to declining schedules. On the average,
January production of critical items
with rising programs showed an advance
in output of 11 percent over December.
As defined by the authorities responsible for munition production, critical
items include not only types of equipment that have increasing schedules,
but also some for which the demand is
urgent but requirements are temporarily
below previous peaks. Thus, substantial decreases were also recorded among
such programs on the official critical list
as tanks and heavy-trucks, but in these
cases January schedules were set by the
procuring agencies below December.
Just as over-all statistics on production do not reveal the extent to which
the urgent output needs of the procurement agencies are met, they also do not
give a clear picture of the change in flow
of munitions and supplies to the armed
forces abroad and to the Allied fighting
nations. One of the panels of chart 1
reveals the further increase in January
of freight cars unloaded for export. The
index for January was more than 8 percent higher than December—one-fourth
more than at the beginning of last year.
Weathe** Retarding Influence.
Probably the most important retarding influence on productive activity in
January was the weather. The industrial northeastern sector experienced this
winter the heaviest snowfall in 26 years,
culminating in severe transportation
difficulties at the end of January. The
effect was to impede railroad movements,
particularly in the yards. Consequently
those industrial operations closely geared
to rail movements of materials and products were affected.
Temporary embargoes against carloadings and movements of certain types
of commodities were applied in the last
week of January and the first week of
SURVEY OF CURRENT BUSINESS
February to the entire northeastern area
for the purpose of clearing terminals.
Movements of war goods was maintained
but other commodities were restricted.
Some passenger service was curtailed at
the request of the Office of Defense
Transportation.
Nevertheless carloadings (seasonally
adjusted) in January, as shown on the
chart, were higher than in December and
increased further in February. The rise
followed from the fact that in most parts
of the country carloadings rose, the adverse experience in the East being the
most important exception. Carloading
as well as ton-miles in the first two
months of the year were, however, below
comparable months of 1944.
Among the problems created by the
severe weather was a shortage of cars,
the most severe of the war period, which
resulted from the retarded return of
empty cars. This was, however, a local
situation, as can be seen from the fact
that there was no significant change in
car surpluses reported for the country
as a whole.
Steel Production Down.
The decline in steel production in January resulted largely from weather conditions, a view confirmed by the sharp
rise associated with improved weather in
the middle of February. The industry
is particularly dependent upon rail
movement of products and raw materials
both into and within its plants. Heavy
cold-weather demand for natural gas,
used in the steel industry for heat treating of rolled products, also forced some
curtailment of operations.
Concurrently, readjustments arising
from shifts in production due to the
changing composition of steel demand,
also was an additional factor in reducing
the rate of operation from 93 percent of
rated capacity in December to less than
90 percent in the last week of January
and the first week of February.
The reduction in steel output in the
first two months will not necessarily
mean a significant decline in metal products manufacture in the first half of this
year as compared with the last half of
1944.
The loss of steel in January and February, as calculated from the decline
since the fourth quarter in the average
daily production, is less than 3 percent
of the quarterly supply. Not all of this
loss will be reflected in reduced final
product, since manufacturers can make
up part of the loss by withdrawal from
inventories. With the high priorities for
m i l i t a r y shipments, it is doubtful
whether the decline in steel production
has materially affected deliveries to
plants making munitions.
Moreover, with the military and export claims on steel for the second quarter still below that of the third and
fourth quarters of 1944, it cannot be expected that steel use for nonmunitions
will be curtailed much as compared with
the last half of 1944.
As a matter of fact, the loss of steel
in the last 2 months as compared with
the amount expected is not much larger
than the reduced military and export requirements in the first half of this year.
Steel available for nonmunitions use in
the initial half of the year will not be
much less than last year. It will, however, be less than earlier expectations
based upon reduced military takings.
While allocations for civilian use in the
second quarter will show a drop, it will
represent a spreading over from the
first to the succeeding quarter of the
relatively high unfilled orders for civilian
use. The reduction in output has led to
a rise in unfilled orders on the books of
the steel mills. The lower allocations in
the second quarter are designed to permit the filling of the orders carried over
from preceding months.
Retail Trade Strong.
The flow of supplies to retailers has
been sufficient to provide high retail sales
for the time of the year without causing
much change in the inventories held.
Retail sales in January were well above
those of the same month in the preceding
Chart 2.—Retail Sales and Retailers9 Inventories
BILLIONS OF DOLLARS
8
1943
1944
1945
P.O. 45-142
Source : U. S. Department of Commerce.
year and on a seasonally adjusted basis
were 6 percent above the average for the
last half of 1944. While data are not yet
available for February on all retail trade,
the seasonally adjusted index of department store sales for February advanced
over January.
More striking is the ability demonstrated by retailers in obtaining goods
to support current volumes of sales and
at the same time maintain inventories.
Chart 2 illustrates that the large volume
of retail trade in 1944 resulted in no more
than seasonal depletion of the dollar
value of inventories. However, when related to sales, inventories are lower than
a year ago.
It is probable of course that the physical quantities of goods on dealers'
shelves are still smaller than a year ago
by reason of price increases, shifts in
price lines, and upgrading of merchandise. While inventories are far from
depleted, they are more broken and
spotty. Many items, such as low and
medium price textiles, continue to be
short. On the whole, the flow of goods
is adequate to maintain the consumption standards equivalent to last year,
though the pressures cf purchasing
power continues strong.
March 1945
Potential demand of consumers as
measured by income payments held up,
showing on a seasonally adjusted basis,
a slight rise in January over December.
This rise is due in part to the active business in distribution, though it comes in
part from a rise in the seasonally adjusted index of farm income. The trend
of income payments has been up over
the past 4 months as evident from the
top panel of chart 1.
Manpower Prospects
Analysis of the labor situation by the
War Manpower Commission and Department of Labor suggests that little change
from present conditions is to be expected
during the remainder of the initial half
of 1945. The expected increase in the
labor force resulting from the growth of
the population in working ages will be
adequate to meet anticipated requirements for military personnel and munitions production while maintaining the
number now engaged in other activities.
Labor Force Adequate.
Tight spots exist in some munitions
plants where schedules call for a sharp
expansion in output, and these are the
major areas of concern at the moment.
Also, the continued high rate of turnover of labor makes for a continuous
problem of new recruitment and training. The over-all picture can best be
seen by a comparison of June 1C45 with
June of last year, in order to avoid the
complicating effects of seasonal changes
in the labor force.
Taking into account the increases in
the population of working age and the
anticipated deaths and retirements, it is
expected that the labor force in June
1945 will reach 66.2 million—600,000
more than in June 1944. These additions will, however, be less than the estimated increase in the size of the armed
forces over the year period, with the
result that the civilian labor force in
June will be slightly less than in the same
month last year. The analysis referred
to above indicates that this decline will
appear in employment in agriculture.
Changes in Munitions Employment.
In terms of the immediate future, the
projections envisage a rise cf 200,000 in
requirements for nonagricultural employment between December 1944 and
the coming June. Aside from shifts in
other than munitions employment, due
to seasonal and other factors, which in
the net balance out, this increase reflects
an estimated requirement of 200,000 additional workers in munitions industries
in the first half of 1945. Two factors
were considered in making the analysis—changes in schedules for individual components of munitions production, and the trend of declining labor
requirements for each of these components during the past year.
The most important assumption involved in making these estimates is that,
aside from manpower, the munitions
schedules can be met, a situation which
has not prevailed in the past. In addition to delays in obtaining facilities and
materials, changes in the design of products, and the adjustments of production
March 1945
lines for sudden changes in required
rates of output, schedules have frequently included margins to take into
account anticipated slippages of production as well as to serve as an incentive
to management and labor.
For these and other reasons, production has from the beginning of the war
not met the production schedules. This
does not mean that output has not met
anticipations, nor does it mean that the
flow of materiel from the factories was
short of military requirements. This has
been covered in analysis in preceding
issues.
It is largely because of this relationship of schedules to production, as well
as larger increases in the rate of output
per worker than was allowed for in future projections that previous halfyearly forecasts of munitions employment requirements have always been in
excess of the eventual employment attained. But, even aside from this factor,
the estimated increased requirements are
relatively small compared with the number now engaged in munitions and even
smaller compared with the supply available. Moreover, the total stated requirements in munitions employment estimated for June is 300,000 below the
number employed in munitions industries in the same month last year.
The above considerations deal only
with net change. The rapidly shifting
schedules of munitions output present
many difficult problems of transferring
employees from one industry to another
in order to meet requirements. While
schedules calling for decreasing production, primarily shipbuilding, will release
about 200,000 workers, the increasing
segments of the munitions program have
a stated requirement of 400,000 additional workers.
Illustrative of the degree of shifting
that is going on is the change thus far
in 1945. From the beginning of the year
until the middle of February employment in plants engaged in the production of the more urgent munitions items
increased by 110,000. This was offset by
declines in other segments so that employment in all munitions plants remained stable.
Thus, new hiring in munitions plants
with rapidly rising schedules of output
will encompass much larger numbers
than are indicated by the figures on net
change. The channeling of workers released from industries with declining
production schedules, to the plants and
areas requiring large accessions contain
many problems of administration which
involve not only decisions on the control
of manpower but the coordination of
production scheduling in such a fashion
as to facilitate the most efficient use of
the available labor supply.
Requirements of the Armed Forces.
The largest demand on the labor force
in the first half of this year will be the
inductions into the armed forces. Here
again the problem is one of total number
of inductees that will be drawn in rather
than the net change in the strength of the
armed forces. This is illustrated in the
accompanying chart on accessions to and
reparations from the armed forces. The
SURVEY OF CURRENT BUSINESS
distance between the top line which represents accessions and the bottom line
on separations measures for each month
the change in the size of the military
personnel. Thus the slow down in the
rate of growth in our armed strength
since the last quarter of 1942 can be seen
in the diminishing gap between the two
lines.
The most rapid expansion took place in
the second half of 1942. The subsequent
decline in the rate of growth was dominated by the Army's more gradual expansion to its planned strength, which
was reached by about the same time as
D-day in Europe. Subsequently, the emphasis shifted to securing young men who
could be quickly trained and used in combat to replace casualties or separations
from the Army for other reasons. The
continuation of a net increase in the size
of the armed services after the middle of
last year came mainly in response to the
Chart 3.—The Armed Forces: Accessions and Separations x
MILLIONS OF PERSONS
2.0
$A
1.5 -
I1
$
\
\
1
1.0 -
.5 -
ACCESSIONS
V
\
\
SEPARATIONS
^—v
1
1
1
1
•
1 1943 , 1. .
. 1
1
,
1
1944
D D. 44-706
1
Data are total for the quarter.
Sources : U. S. War and Navy Departments.
rise in the size of the Navy. Present
plans of the Navy call for a further increase from its present strength of 3.8
to 4.0 millions by June.
A projection of the two lines on the
chart to the middle of this year would
show a small rise in the lower line and a
somewhat larger increase in the accessions line to take care of the planned
expansion in naval personnel. The total
gross accessions, however, for the first
half of this year will be about the same
as the last half of last year—approximately 900,000.
In terms of the population, there are
still large manpower reserves for the
armed forces. Close to 800,000 men are
in class 1-A, over bV2 million are in deferred classes, and over 50,000 youths
are becoming 18 years of age each month.
After deducting an estimated percentage of these that will, on the basis of
present standards, be rejected for general military service for physical and
other reasons, there will remain at the
middle of the year about 4.5 million mer
in the ages 18 to 37 capable of entering
military service.
3
The size of the reserve naturally narrows down when limited to the younger
age groups, as can be seen from the
table:
Number of men
Immediately available
(class I-A) 1
for
{In millions)
induction
0.8
Deferred *
5. 7
In industry and Government
Age 18-25
Age 26-29
Age 30-37
In agriculture
Age 18-25
Age 26-29
Age 30-37
New registrants from those coming 18
years of age, January to June 2
4.2
.1
.8
3.3
1.5
.3
.3
.8
Total
.6
3 7< !
1
As of January 1, 1945.
2
No adjustment is made for enlistment of
17-year-old males.
3
Detail does not necessarily add to total
because of rounding.
Source: National Headquarters, Selective
Service System, except for estimate of additions between January and June, which is
from U. S. Department of Commerce.
Adding those in the under 30 ages to
the number immediately available for
induction provides 2.3 million men. Adjustment for estimated rejections for
general military service would leave approximately 1.8 million men under 30
years of age fit for military service at
the middle of the year, from which the
900,000 are to be drawn, if limited solely
to those already in 1-A and those under
30 years of age. This would leave half
of the number for essential civilian occupations, and more if some persons over
30 were inducted.
Although the over-all changes in manpower requirements are not very large
and the supply is adequate to meet requirements, the gross inductions into the
armed forces and the recruitment of
labor for the expanding munitions plants
none the less mean real problems of adjustment. To minimize the effect of
withdrawals for the Army and Navy on
the industry and agriculture production,
it will be necessary for the high priority
requirements to come first. Quick rechanneling of workers released from declining munitions programs will naturally be effective, as will transfers from
less essential occupations. Lessening
turn-over can give the equivalent of substantial increases, but so far this inand out-migration has continued at high
rate.
President's Budget Message
Budget planning in wartime is always
subject to substantial modification by
later events because of its close dependence upon the progress of the war. The
uncertainty regarding the duration of
active hostilities on the several battlefronts makes the receipts and expenditures estimates for the fiscal year 1946
even more tentative than in previous
years.
The Budget transmitted by the President to the Congress in January is not
based upon any explicit assumptions
about the end of the war. Like previous
SURVEY OF CURRENT BUSINESS
March 1945
Chart 4.—Federal Budget Receipts and Expenditures, Fiscal Years x
would be counteracted to some extent by
absorption of workers resulting from a
cut in overtime work, by increased employment of persons in trades and occupations which have been understaffed
during the war, and by the expansion of
civilian production utilizing the freed resources. In addition, there would be
some voluntary withdrawals of war-induced additions from the labor force.
The shrinkage in wage and salary payments, however, would be relatively
larger than the contraction in employment, chiefly because of the reduction in
overtime pay and the shift to nonwar industries where incomes average less.
Should the lower estimate of 60 billlion
dollars of war spending prevail, a sizable
resumption of civilian production would
be possible in many of the areas which
have been severely curtailed during the
war. Not only would this be possible,
it would be necessary to provide for the
orderly transfer of workers and for maintaining profitable business operations.
The demand for producers' and consumers' durables and for construction will
be very large, but how rapidly it can be
met will depend upon the shifting of resources. Even with relatively rapid reconversion, however, over-all production
volume would be expected to decline significantly because of the anticipated reduction in the length of the work week,
the contraction of the labor force, and an
inevitable increase in "frictional unemployment."
The 70-billion dollar estimate accepted
by the President for war expenditures
in the coming fiscal period implies some
rather significant cutbacks in munitions
production. Even a cut of this size would
put a substantial premium upon contract
termination and reconversion policies effective in sustaining over-all production
and employment at adequate levels. The
production gap to be filled by increased
civilian production would be less than if
the cut were 10 billion dollars larger, but
BILLIONS OF DOLLARS
! 20
40 —
1942
1943
1945
1944
1946
• EST.-
-ACTUAL-
D. D. 45-139
Excludes trust accounts and debt transactions, Expenditures include government corporations
and credit agencies (net).
2
Total receipts less net appropriation to Federal old-age and survivors insurance trust fund.
Sources : U. S. Treasury Department and The Budget of the United States Government.
1
wartime budgets, it aims to provide for
military programs sufficiently large and
flexible to meet all demands.
Nevertheless, a sizable decline in military expenditures is forecast for the fiscal
year 1946. Referring to estimates of war
expenditures, under differing assumptions with respect to the progress of the
war, ranging from less than 60 to more
than 80 billion dollars, the President
proposed a 70-billion-dollar total for the
purpose of assessing the Government's
financial needs in the coming fiscal
period. War expenditures in the fiscal
year ending June 30, 1945 are estimated
at 89 billion dollars.
Reductions in War Spending.
A falling-off in expenditures is inherent in the nature of the war production
program. The President observed that
our war construction has now been substantially completed, the Army and Navy
and their Air Forces have been supplied
with the bulk of their initial equipment,
and supply lines to the war fronts have
been filled. The production job ahead
is essentially one of replenishing equipment and supplies, and of providing the
latest in fighting weapons. In addition,
we must continue to supply Lend-Lease
aid to our Allies and to assist in relieving
distress in liberated areas.
The 60-80-billion-dollar range cited by
the President is significant in that its
upper limit is still 9 billion dollars or 10
percent below estimated war spending in
the current fiscal year. Furthermore, its
mid-point indicates a decline of more
than double that amount. Such reductions would be preliminary to much larger
cuts after complete cessation of hostilities.
War spending at the upper limit of 80
billion dollars in the coming fiscal year
would assure income and production close
to the record amount in 1944. While the
reduction in munitions production would
be larger than 10 percent, since military
pay and subsistence would not share proportionately in the over-all cut, there
would not necessarily be a significant
contraction in general business activity and employment. It would permit
some reconversion of resources to nonmunitions use.
The release of workers from war jobs
Table 1.—Federal Receipts, Expenditures and Public Debt, by Fiscal Years l
(Billions of dollars)
Actual
Estimated
Item
1940
Net receipts 2
Expenditures, total
1941
1942
1943
1944
1945
1916
5.4
_._
War activities
Interest on public debt
Refunds 3
Veterans' pensions and benefits
Government corporations and credit
agencies (net)4
_.
Other
Excess of expenditures
Public debt at end of year
7.6
12.8
22.3
44.1
45.7
41.3
9.3
13.8
34.2
79.7
95.3
99.7
83.1
1.7
1.0
. 1
.6
6.7
1 1
1
6
28.3
1.3
.1
.6.
75.1
1.8
1
.6
89.7
2.6
.3
.7
89.0
3.8
22
1.3
70.0
4.5
2.7
2.6
.3
5.7
7
4 6
-.4
4.5
-1.5
3.6
-1.2
3.1
2
3.7
3.3
3.9
6.2
21.4
57.4
51.1
54.0
41.8
43.0
49.0
72.4
136.7
201.0
251.8
292.3
1 Excludes trust accounts and debt transactions.
Total receipts less net appropriation to Federal old-age and survivors' insurance trust fund.
Refunds of customs and taxes, including excess profits tax refund bonds.
Net expenditures for the war activities of the Reconstruction Finance Corporation and its subsidiaries are included
under "War activities" above. Negative figures indicate excess of receipts.
5
Excess of receipts amounting to $27,000,000.
NOTE.—Figures are rounded and will not necessarily add to totals.
Source: U. S. Treasury Department and The Budget of the U. S. Government for the Fiscal Year Ending June 30
1946.
2
3
4
SURVEY OF CURRENT BUSINESS
March 1945
nevertheless it would call for vigorous
action to accelerate reconversion.
It is important to note that the reconversion process will not often be simple
and automatic, particularly in its early
stages. Many of the freed resources will
be highly specialized and certain raw materials, equipment, and necessary employee skills may continue in tight supply,
despite the munitions cutbacks. Moreover, released workers will not always be
located near the areas where expansion
in civilian production is possible.
Budget Summary.
The budget estimates for the fiscal
years 1945 and 1946 are contrasted with
data for previous years in chart 4 and
table 1.
Federal expenditures are expected to
reach an all-time high of practically 100
billion dollars in the current fiscal period.
The drop which is indicated for the fiscal
year 1946 reflects the projected decline
of 19 billion dollars (under the 70 billion
expenditure estimate) in war spending,
offset to some extent by estimated increases elsewhere in the budget. The indicated reduction of receipts in that year
is largely a consequence of the smaller
profits and incomes that will be associated with the anticipated decline in
Federal spending.
Despite successive increases in tax
rates, revenues have never covered as
much as half of budget expenditures during any of the war years. The percentage of coverage is estimated at 46 percent
in the year ending June 30, 1945, or the
same percentage as in the preceding year.
With lower war outlays and the continuance of the existing revenue legislation,
taxes and other Federal receipts should
cover about half of 1946 outlays.
Income taxes on individuals and corporations have provided the bulk of the
war revenues, accounting for approxi-
mately four-fifths of estimated receipts
in the current fiscal year. Since these
taxes are more responsive to changes in
business activity than are other levies,
they will become less important relative
to total receipts as reductions in war outlays are reflected in lower income and
profits—assuming continuance of existing tax rates. This change in the composition of Government receipts is foreshadowed in the estimates for the fiscal
year 1946.
"Aftermath-of-War" Expenditures.
Expenditures for other than war purposes are estimated to increase substantially in the coming months because of
the expansion of the "aftermath-of-war"
category—veterans' benefits, interest,
and tax refunds (chart 5). Interest on
the public debt is estimated at 4,500 million dollars in the next fiscal year, assuming continuance of the low interest
rates at which the war is being financed.
Recommended appropriations for the
veterans' programs during the fiscal year
1946 include 1,080 million dollars for pensions, 295 million dollars for the costs of
education, readjustment allowances, and
loan guarantees, and 1,000 million dollars
for losses resulting from the hazards of
the war among holders of national service life insurance policies. In addition,
85 million dollars are included in the
Public Works program for constructing
and reconditioning hospital facilities »for
veterans.
The Nation's Budget.
The Budget Message this year contained an innovation. In connection
with the discussion of the problems of
demobilization and post-war changes,
the President presented a table entitled,
"The Government's Budget and the Nation's Budget," showing the income and
Chart 5.—Federal Expenditures for Nonwar Activities, Fiscal Years 1
BILLIONS OF DOLLARS
I 5
REFUNDS*/
10
VETERANS'
PENSIONS AND
BENEFITS
INTEREST ON THE
PUBLIC DEBT
OTHER
D.D. 45-140
1945 1946
1942
1943
1944
-«
EST. - ACTUAL1
Excludes Government corporations and credit agencies, trust accounts, and debt transactions.
2
Refunds of taxes and customs, including excess profits tax refund bonds.
Sources : U. S. Treasury Department and The Budget of the United States Government.
1940
1941
Chart 6.—The G o v e r n m e n t ' s
Budget and the Nation's Budget,
Calendar Years 1
BILLIONS OF DOLLARS
240
200 -
160 -
120 -
40 -
1
Totals of receipts and expenditures are
slightly in excess of gross national product because of adjustment items (transfer payments
and other specified transactions by governments). For an explanation of these adjustments and a detailed description of the components of the bars, see The Budget of the U. S.
Government for the fiscal year ending June 30,
1946, pp. 830-1.
2
Receipts for business equal undistributed
profits and reserves. Expenditures represent
gross capital formation.
3
Receipts for consumers equal income after
personal taxes. Expenditures represent consumption.
Source : The Budget of the United States
Government.
expenditure picture for the economy as
a whole in the calendar years 1939 and
1944. The data, adjusted to the more
recent gross national product estimates
of the Department of Commerce, are
presented in chart 6.
The basic information for the Nation's budget is found in the national income and gross national product estimates of the Department of Commerce.
These estimates make it possible to formulate a picture of receipts and expenditures for the national economy which
is analogous to the budgets relied upon
by business and government in planning
their respective activities. By making
available the Nation's budget, the President provided a framework for judging
the quantitative aspects of the problem
of sustaining consumption and production in the period ahead.
The left-hand bars for each year in the
chart show the magnitude of the income
flow to consumers, business, and government; the right-hand bars depict the
corresponding flow of expenditures. The
over-all balance in the national accounts
is the outgrowth of the dual nature of all
financial transactions—expenditures for
one economic unit are at the same time
receipts for another. Any excess of ex{Conlinued on p. 20)
SURVEY OF CURRENT BUSINESS
March 1945
How Can Business Analyze Its Markets?
By Louis J. Paradiso
FIRMS, both
and
small,
a period ahead
BUSINESSface demands will large when
effective market
once more
assert themselves as determinants of
sales volume. Then, the business community will require more than ever a
basis for evaluating business prospects
and for appraising the factors which
cause sales and profits to fluctuate.
There is no single method or certain
technique available for analyzing the
markets and their future tendencies.
Most approaches to marketing analysis
aim to measure by statistical devices the
effect of various economic factors on
the markets. But along with the statistical and economic results must be
brought to bear on the problems the
judgment of the businessman, backed by
his intimate knowledge of his own field,
and by his personal experience with the
ways in wrhich the numerous special
factors interact upon and affect his
operations and results.
Importance of General Factors
The businessman, however, cannot
brush aside the powerful action of the
general economic forces which permeate
all business activities and which set the
tone for all individual business operations. He must be in a position to evaluate the impact of these forces upon his
own particular business, on his costs, on
his investments, on his profits, so that
his decisions may be guided adequately.
He must be ready to extend and apply
these analyses to his own firm and
modify them if necessary on the basis of
his individual experience.
It is the purpose of this article to describe a method of marketing analysis
which the businessman can apply to the
operations of his own particular industry or firm. Three examples were selected to illustrate the method because
each presents a different problem but
together they are representative of three
major types of commodities. They are:
(1) Sales of retail jewelry stores, (2)
paper production in the United States,
and (3) demand for West Coast lumber.
The businessman will find that he
needs little or no technical background
to adapt the methods illustrated to his
own sphere of operation and with a
knowledge of this technique he will have
on hand a ready tool for judging very
quickly the effect of major economic
forces on his sales, profits, costs and
other factors pertaining to his business.
Guides to Analysis of Market
The method which will be described
and illustrated is known to technicians
as that of correlation analysis. In the
NOTE.—Mr. Paradiso is Chief of the Business Statistics Unit, Bureau of Foreign and
Domestic Commerce.
laymen's language this is simply a procedure for summarizing the experience
of the past for the purpose of arriving
at a statement of its implications for the
future.1
Chart I.—Relation of Manufacturers' Net Profits Before Taxes to
Sales 1
20
i
1
1
1
1
I
16
12 -
+8
/
4 OS/
+4
0
-4
-x
20
I
40
NOTE- Z."V<f 0 ^ REGRESSION
FITTED TO DATA FOR
SHOWN !N CHART.
1
i
!
1
60
80
!00
120
MANUFACTURERS' SALES
(BILLIONS OF DOLLARS)
1
140
160
D.D.4S-U6
1
Net profits before taxes represent corporate
and noncorporate profits.
Source : U. S. Department of Commerce.
The businessman is frequently not intested in the past except as it throws
light on current and future operations
and policies. By analyzing the experience of his firm or industry as it was
affected by the economic forces over a
period of widely varying business conditions, such as that from 1929 to 1944, he
1
This method of analysis has been used
for many decades and has been extensively
applied to the study of demand for agricultural products. More recently it has been
used as a basis for indicating probable markets at full employment. For applications
of the method in this connection see: Markets After the War, Department of Commerce; Tucker, Rufus, "Projections of National Income." Business Record, December
1944-January 1945, National Industrial Conference Board; Mayer, Joseph, Post-war National Income: Its Probable Magnitude,
Brookings Institution, Washington, D. C,
1944; National Budgets for Full Employment,
National Planning Association, Washington,
D. C, 1944, and Fortune Magazine, January
1944.
The pioneering study on markets at full
employment was published by the National
Resources Committee in Patterns of Resource
Use, 1938. This study established by means
of correlation analysis, 138 demand schedules
for 81 industrial segments of the economy
and their corresponding manpower requirements, taking into account the productivity
trends in each industry. It indicated that
in 1938 a consumer income of $88 billion
(1936 prices) would be associated with full
employment. When this figure is projected
to 1946 and translated into the gross national product at 1942 prices, the result is
a gross national product of about $165 billion, the estimate published in Markets After
the War.
will have a more adequate foundation
upon which to build and to plan his
future operations.
The method is illustrated graphically
in a very simple fashion in chart 1. The
problem in this case is to see how the
aggregate sales of manufacturing firms
are related to their combined profits before tax deductions. Each point on the
chart indicates the level of profits and
sales for the specified year. For example, in 1933 sales amounted to 30.6
billion dollars while profits in that year
were about 420 million dollars. The
point for 1933 on the chart is located by
means of these two magnitudes. The
other points are similarly located.
It will be noticed that for the period
1929-43 as sales increased or decreased,
profits also went up or down in a manner so that they tend (for the years before our entry into the war) to lie along
a straight line. The line shown in the
chart can be obtained in two ways. It
can be drawn by inspection in such a
way that it represents the line of "best
fit" for the points, i. e., the line that best
represents the pattern of points. It can
also be obtained by a formal statistical
procedure, known as the method of least
squares.2
Specifically the relationship indicates
that when sales change by 10 billion dollars, profits change by 1.7 billion dollars.
In other words, the change in profits before taxes constitutes 17 percent of the
change in sales of all manufacturing
firms. This conclusion applies to the totality of manufacturing firms. The percentage would be more for some firms
and less for others.
Basic Steps in the Analysis.
This example embodies many of the
problems inherent in this type of analysis. In general, there are five basic steps
to be considered in the study of markets
by the use of relationship analysis.
1. The element to be analyzed. The
first step is the selection of the element
or item to be analyzed. The businessman may be interested in such items as
sales, profits, production, prices, costs,
and investments. An important consideration is whether the item is to be
analyzed as a total or whether a separate analysis should be made of its parts.
For example, in the analysis of clothing
sales it may prove more fruitful to consider separately women's clothing, men's
2
For those who are interested in the regression or formula for the line obtained by
the method of least squares for the years
1929-1941 it is as follows: Profits (billions
of dollars) =-6.135+ .171 X sales (billions
of dollars). Most elementary text books on
statistics describe the method of "least
squares," for example, see: Croxton and
Cowden, Applied General Statistics, PrenticeHall (1942).
March 1945
clothing and children's garments. In
most cases this decision can be made on
the basis of experience.
2. Selection of related factors. The
second step consists in selecting the major factors which directly or indirectly
cause changes in the item to be analyzed.
This is perhaps the most important consideration of the analysis and requires
expert knowledge of the business as well
as good judgment.
In selecting the major factors the
businessman will have to answer many
questions. Does industrial activity have
any direct or indirect effect on changes
in the item to be analyzed? Or, is the
more important factor the incomes of
consumers? Is it construction activity?
Or is it the cash farm income? What
part does changes in prices, or wage
rates, or labor efficiency play? All of
the major factors that influence the fluctuations in the item must be considered
and weighed as to their importance in
affecting the course of the item under
consideration.
The businessman knows that there are
many factors, sometimes running into
the hundreds, that affect his sales or
profits or the other elements of his business. Some of these play a major role
while others are of minor importance.
However, underlying the fluctuations in
the items are the broad economic factors which synthesize the effects of the
numerous specific factors and which can
be used by proxy to represent their combined effects.
In general, therefore, one or two, or at
most three factors are usually sufficient
to explain most of the variations in the
item. For example, if the problem is to
determine the factors influencing the
price of butter, it is a simple matter to
list a dozen factors, such as production
of butter, its stocks, imports, exports,
prices of competing fats, etc., all of
which affect the price of butter to a
greater or lesser degree. However, the
analysis is much more useful if it can be
resolved in terms of a few dominant factors which account for most of the fluctuations in the price.
The most important consideration in
this respect is that the factors finally
decided upon must be as nearly causally
related to the item as possible and must
in any event be logically related. Many
spurious analyses have been made and
many forecasts have gone sour because
this condition was not satisfied.
Analyses are often illogical because of
the inappropriate choice of factors. For
example, a very close correlation has
been used by business statisticians between the total volume of freight traffic
expressed in ton-miles and the national
income in dollars in the past 15 years.
That is, whenever the national income
increased, freight traffic also rose, and
conversely. Yet, despite the close agreement in the fluctuations between these
two series, the relation is not a logical
one since a physical series has been related to a dollar series.
To see that the relation is not logical,
let us suppose that the production of the
Nation remained exactly the same in
volume and composition from one year
to the next but that prices of all goods
and services increased by a given per
SURVEY OF CURRENT BUSINESS
centage. As a consequence the national
income wrould increase. It would then be
concluded from the relationship that the
physical volume of freight traffic would
also increase, which is contrary to the
assumption.
A logical relationship would be one between revenues from freight traffic and
the national income, or between the
volume of freight traffic and the physical
volume of national production.
3. Nature of the Relationships.—Having decided on the factors that bear on
the problem, the next step consists of
determining on the basis of past experience the relation or the connection between the item to be analyzed and the
major factors influencing its fluctuations.
There are many ways of determining the
relations, but the techniques can be classified into two major types—numerical
methods and graphical methods.
In general, the graphical method is
the most satisfactory and, for most businessmen, the easiest to understand.
Chart 1 illustrates its application in its
simplest form. The method, however,
has many advantages and some disadvantages.3
When more than one factor is involved
in the relation, considerable experience
is required in the proper use of the
graphical method. Also there can be a
great deal of subjective judgment involved in establishing the relationship.
However, no other technique can throw
as much light on the nature of the relationship and no marketing analysis
should be undertaken without using the
graphical approach.
The numerical techniques of correlation analysis4 are conditioned in part by
the subjective selection of the general
formula to be used to express the relationship. For example, one analyst
may decide on the use of a straight line
while another will select a general curve.
Usually, however, the pattern of the
points on the chart and a knowledge of
the situation will suggest the nature of
the relationship. But a clear knowledge
of the problem and the industry is most
essential in making the final decision.
The advantage of the numerical approach is that once the general formula
is decided upon any analyst will be able
to arrive at the same specific formula
3
The graphic method of correlation analysis most commonly used was originated by
Louis H. Bean and published in the Journal
of the American Statistical Association, December 1929 and December 1930. Its advantages and disadvantages were discussed in
the Quarterly Journal of Economics, Harvard
University, May 1939 and February 1940, by
J. D. Black, M. Ezekiel and Louis H. Bean
and W. Malenbaum.
4
For a clear and comprehensive description
of numerical methods of correlation analyses'
see M. Ezekiel, Methods of Correlation Analysis, John Wiley and Sons, 1938. For extensive
applications of the methods to agricultural
commodities see Henry Schultz, Theory and
Measurement of Demand, University of Chicago Press (1938). The method used in the
analysis published in the Patterns of Resource Use, National Resources Committee,
was a combination of numerical and graphical methods; a discussion of the advantages
and disadvantages of the two methods is also
presented in this study along with a detailed
description of the general technique of correlation analysis.
from the data by the use of definite
mathematical rules.
As far as the businessman is concerned,
it is not necessary for him to learn any
complicated statistical methods. All he
needs for most purposes is a simple
graph such as that shown in chart 1. If
he is interested in deriving a numerical
expression of the relationship he can
have it done by a technician, or the statistical department of a university or a
research agency specializing in such
work.
4, Continuity in the Relationships. The
next step is the consideration of the
continuity in the relationship between
the factors and the item being considered. Of special concern to the businessman is the question of whether or not he
can use the relation which existed in the
past to anticipate the future. Will the
same relation continue in the future?
No one can give a definite answer to this
question,
In most cases, where the relation is
projected into the future it can be assumed that the continuity will be preserved. Usually a relationship which has
held for a long period of years covering
depressions and prosperity under different political and social conditions will
continue to hold in the future. And an
informed estimate based on the past experience through the use of this type of
analysis is certainly much better than a
guess based on hunches or on a mass of
uncorrelated information.
Arguments, however, have been set
forth against this assumption of continuity. But the general validity of continuity in economic activities is being
more widely accepted and certainly underlies all planning done by individuals
and corporations.
The continuity assumption implies
that consumer buying habits do not deviate radically from the pattern of the
past, that the income distribution is not
materially altered, that businessmen's
ways of operating do not undergo sudden
and marked changes, that technological
innovations are not too abrupt and
drastic and that no cataclysmic event
(such as a war) occurs to disrupt the
general structure and operations of the
economy.
A simple example will make clear the
application of continuity to market analysis. Suppose that on the basis of 20
years' experience a small manufacturer
of a special steel product found that his
sales conformed with the fluctuations in
general industrial activity, so that when
the latter increased or decreased by 10
percent his sales went up or down by 15
percent. He would like to use this information as a basis for future policy decisions.
But even though he has had 20 years
of confirmation of this basic relation he
must assume the continuity of the relation in the future. He could not and
would not use this fact if he knew, for
example, that his customers were going
to use substitutes for his product. He
obviously would make allowance for this
special factor in his calculations.
And it is at this very point where the
businessman's judgment, experience and
intimate knowledge of his field would
enable him to make the necessary ad-
justments to the results obtained on the
basis of past experience. In other words
the assumption of continuity does not
deny the possibility of discontinuities
but is used until there is evidence to the
contrary.5
5. The error of forecast.—Finally, account must be taken of the probable error
of a forecast which is based on the use of
the relationship. The error may arise
from two sources.
First, estimating an item from a relationship to other factors requires that
forecasts be made of these other factors.
These forecasts will usually contain errors which will be transmitted to the
item that is calculated from them. For
example, suppose that a relationship is
established between the level of inventories held by a business firm and the
volume of production of that firm. It
is required to determine the volume of
inventories corresponding to a forecast
of production. Obviously, if the production forecast is in error, the inventory
estimate made from the relation will also
be in error.
A second source of error arises from
the "fit" of the relationship. In the period from which it was determined, the
value of the item as calculated from the
relation differs from the actual value by
an amount which is called the error of
estimate. For example, in chart 1, the
calculated profits obtained from the line
for 1939 is $3.6 billion. This compares
with the actual profits in that year of $3.5
billion and represents an error of $0.1
billion or a percentage error of 3 percent when compared with the calculated
figure.
The average percentage error for the
entire period considered is a rough and
ready guide to the probable range of
error that may be expected in forecasting
from a relationship, assuming that it continues to hold in the future. In other
words, the likelihood that an error falls
outside the range of the average error is
fairly small.
Thus, in all business forecasting from
relationships allowance must be made
for these two sources of error and the results, therefore, must be expressed as a
range within which the actual values are
likely to fall.
This method of analysis is for most
purposes far superior to the more common procedures that are applied to mark e t i n g problems. The correlation
method leads to a more fundamental understanding of the interrelationships in
the economy and to a more reliable formulation of these relations. It often
brings to light some hitherto unrecognized associations between the item that
5
For an empirical method of testing the
continuity of relationships see: Patterns of
Resource Use, loc. cit. The method stated
briefly is as follows: The relationship was
determined for the period not including the
three or four most recent years for which
the data were available. The continuity of
the relationship was then tested for the years
which were omitted from the relationship by
comparing the values calculated from the
formula with the actual values in the subsequent years. The test was positive if the
error in these years was within the range of
errors obtained in the past period from which
the fomula was developed.
SURVEY OF CURRENT BUSINESS
Chart 2.—Relation of Jewelry Store
Sales to Consumer Income
1.2
1
I 1.0
o -8
" .6
/
/
ic 4
"ro
8
0
40
NOTE- LINE OF REGRESSION
FITTED TO DATA FOR
SELECTED YEARS, 1929-44,
SHOWN IN CHART.
i
i
1
!
60
80
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
D. D. 45-1/5
Source : U. S. Department of Commerce.
is being analyzed and the factors to which
it is related. As a guide to future trends
it serves as a more certain tool of analysis
than other techniques.
One of the most common of these other
methods is that in which ratios are used
such as the inventory-sales ratio or income-sales ratio. In many cases such
ratios are not meaningful since the true
relation may not be one of direct proportionality. Another method frequently used is to forecast an item from
an extension of its trend. This method
is in most cases very questionable since it
involves little understanding of the forces
contributing to the short-term fluctuations of the item.
With these preliminary remarks in
mind let us proceed to illustrate the
method to three particular areas of the
economy which have evoked considerable
interest recently. These examples are
typical of the problems which occur in
practice. The first is concerned with a
consumer durable good whose purchase is
greatly affected by changes in consumer
incomes, the second with a nondurable
good which is widely used, and the third
with a durable good used by both consumers and producers.
The Case of Jewelry Store Sales
In 1944, the retail jewelry trade in the
United States became a billion dollar
business. When it is considered that
sales of jewelry stores were as low as 175
million dollars in 1933 and as recently as
1939 amounted to only 360 million dollars, the billion dollar sales of last year
represents a booming business for the
trade. It is true that part of the increase of the sales in recent years was
accounted for by the Federal excise tax
on jewelry purchases, but even if the
taxes are excluded from the increase in
sales, the war years have been very profitable for the jewelry business.
With the favorable events on the military fronts it is natural for jewelers at
this time to be wondering about the sales
prospects in the post-war period. In
March 1945
order to make an intelligent appraisal of
the prospects for jewelry store sales it is
necessary to determine what are the
major economic factors affecting the
fluctuations in sales.
Every jeweler knows that the most important factor affecting sales for the
trade as a whole is the general condition
of business. In good times sales and
profits are high while in depressed
periods they drop to unfavorable levels.
Of course, the ability, location and capital of the individual retailer partly determines how the ups and downs of general business affect him personally.
However, for the total jewelry trade sales
volumes are conditioned by the general
level of prosperity.
Since this is a problem concerning the
demand for a consumer good the most
important factor affecting the volume of
dollar sales is the income of consumers
which in turn is dependent on the course
of general business activity.
A comparison of the data shown in
table on sales of jewelry stores and consumer income for the past 15-year period
from 1929 to 1944, indicates that sales
went up and down as the incomes increased or decreased. This is clearly
brought out in chart 2 which shows the
relation between sales of jewelry stores
and the disposable income of individuals.
The disposable income is the income left
to individuals after payment of taxes.
The striking fact in this chart is that
sales and incomes are intimately related
according to a definite pattern. The
points tend to fall very closely along a
straight line. The line shown in the
chart, represents the relationship and
was computed by statistical methods.
Essentially the same line, 6however, can
be drawn in by inspection.
The average percentage deviation or
error of the actual sales from the corresponding sales as calculated from the
straight line for the entire period from
1929 to 1944 is only 5 percent indicating
that sales have been almost completely
determined by the changes in consumer
income. Furthermore, more important
6
The formula representing the line on the
chart is given by: Sales of jewelry stores (in
millions of dollars) = — 388 +10 X disposable
income (in billions of dollars). This implies
that whenever consumer incomes change by
10 billion dollars, sales of jewelry stores can
be expected to change by 100 million dollars.
Table 1.—Sales of Retail Jewelry Stores
and Consumer Incomes
Year
1929
1933...
1935
1936 . .
1937...
1938..
1939 . .
1940
1941 . .
1942...
1943
1944 .
1
Sales of jewelry Disposable income of indistores (millions of dollars) viduals i (billions of dollars)
536
175
235
297
347
299
362
426
587
753
964
1,002
79.6
44.5
56.3
65.2
69.2
62.9
67.7
72.9
88.7
110.4
124. 2
137. 5
Represents income payments less tax payments.
Source: U. S. Department of Commerce.
March 1945
from the point of view of post-war considerations, sales in the war years were
not out of line from the pre-war relation. In other words, the tremendous
wartime expansion in sales kept pace
with expanding incomes in about the
same way as would be expected on the
basis of the pre-war experience.
Another striking point shown by the
relation is that sales of jewelry stores
are very sensitive to changes in consumer income. For example, from 1933
to 1937 consumer incomes increased by
55 percent, whereas jewelry store sales
increased by 100 percent, or almost
double the relative increase in income.
In general, on the basis of this past relation it can be shown that on the average a change of 10 percent in disposable
income was associated with nearly a 20
percent change in sales.7
This is an important conclusion for
the post-war business8 of jewelers. It
means that when consumer income is
high and increasing, jewelry stores will
gain tremendously since their sales increase in greater proportion to the rise
in income.
On the other hand, jewelers are at a
disadvantage relative to other retailers
when incomes and employment shrink
since their sales drop more precipitously
than the relative decline in income. Indeed, as shown in a previous study 8
jewelry stores stand at the top of the list
of major retail outlets when classified
according to the response in sales to a
change in consumer income.
Jewelers will find many uses for these
results. A particular jeweler can compare, his sales with total sales for the
trade. If he finds, for example, that his
share of total national business has been
in the same proportion over the years,
then the conclusions stated above would
apply to his case. If, on the other hand,
he was doing better or worse than the
trade as a whole, then he would modify
the results accordingly.
For the total jewelry business, an important application is the appraisal of
post-war prospects. The record of the
past provides the basis for gauging the
probable range of the post-war volume
of jewelry store sales. Since sales have
been related to income it is necessary to
determine the prospects for income.
This, of course, cannot be done precisely
but a probable range may serve as a
guide.
If there is relatively full employment
after the war the disposable income of
consumers is estimated at approximately
130 billion dollars at the present level of
wage and tax rates. Even if this high
level is not achieved there is reason to
believe that the income would not fall to
disastrously low levels.
Deferred demands for consumer and
producer goods will be great because of
wartime shortages and these will be
backed up by a substantial volume of individual savings and business savings
which can make them effective. Furthermore, our social insurance system, by
7
This result can be obtained by plotting a
chart similar to chart 2 except that instead
of arithmetic scales, logarithmic scales are
used.
8
"Retail Sales and Consumer Incomes",
SURVEY OF CURRENT BUSINESS, October 1944.
Digitized for630255—45
FRASER
2
SURVEY OF CURRENT BUSINESS
providing unemployment insurance and
old-age pensions, will act as a brake on
declining incomes. Finally, business and
government are laying plans for maintaining a high level of economic activity
after the war. This suggests that a business firm can figure limits of, say, from
100 billion dollars to 130 billion for purposes of calculating possibilities, and use
its own forecasting to fix the probable
total.
For jewelers, this range of income can
be translated into the corresponding
volume of sales on the basis of the relationship shown in chart 2. The estimates for this range are given in the
table.
Post-War Sales of Jewelry Stores in Rela
tion to Consumer Income
Estimated
sales of jewel
ry stores 1
(millions of
dollars')
i Since the average percentage error of the formula was
5 percent, an allowance for a probable error of about this
magnitude up or down must be made in these estimates.
At each of these levels of income sales
are considerably above the 1939 volume.
On the other hand, unless relatively full
employment is achieved sales will be
substantially below the 1-billion-dollar
sales of 1944. Because of probable reduction or elimination of excise taxes
and also because lower priced merchandise will be available in larger amounts,
the quantity of merchandise represented
by these sales will compare favorably or
even exceed the quantity distributed by
the trade in any of the war years.
The conclusion is that jewelers will
have good business in the post-war
years, provided income is maintained
reasonably well. Jewelers should not
rely on a boost in sales arising from pentup demands. The volume of the deferred
demand will be filled in fairly short order. For example, the demands for
other types of durable goods, such as
automobiles and refrigerators, will be
satisfied in part of the accumulated savings of individuals. But the satisfaction
of these demands should have little or
no effect on the ability of consumers to
purchase the jewelry they would demand at the levels of income which will
prevail in the post-war years. It is expected that the usual relation will not
be altered in the post-war period as a
result of the pressing demand for other
types of durable goods.
The Case of Paper Production
One of the most important wartime deficiencies in supply has developed in paper and paperboard. Despite record production of paper during the war years,
the supply has not met combined military and civilian requirements. War
demands have been rising at a rapid pace
since Pearl Harbor and in 1944 accounted
for about two-fifths of the total paper
9
production. At the same time civilian
demands rose and these had to be curbed.
Producers and consumers of paper are
vitally interested in the supply-demand
problem not only in the immediate postwar years but also for the longer run.
This is so because it involves a natural
resource both here and abroad. It is
not the purpose of this section to analyze
these various aspects of the paper situation since the Department has already
published an extensive study on the
prospects of the paper and wood pulp
industry.9
Rather, this discussion will be confined
to describing a method of approach
which the businessman can use to determine and evaluate the major factors
associated with fluctuations in the output of paper. In practice the businessman is interested in estimating consumption needs which he then adjusts
for exports, imports and changes in
stocks to arrive at the production estimates. However, the approach in this
example is to evaluate the factors that
affect total production directly.
Actually, individual producers and
consumers are less interested in the total
than in analyses of the output of specific
types of paper such as newsprint, book
paper, wrapping paper, tissue paper, and
container board. Similar methods, however, can be applied in each of these
cases.
The basic problem is to determine and
test the effect of general economic factors on production and consumption of
specific types of paper. For certain
types—fine paper, for example—the effect of such specific factors as changes
in its price might also be considered.
Furthermore, the analysis may be more
complex requiring such considerations as
technological changes and substitutions
of one type of paper for another. But in
any event the procedure in these cases
would be similar to that which is described below for total paper production.
Because paper is widely used throughout all segments of the economy, it seems
reasonable to assume that changes in its
output depend primarily on fluctuations
in general economic activity. This is
generally the case. Chart 3 shows the
relation between total paper production
(including paperboard) and the gross national product stated in terms of constant
(i. e. 1940) dollars. The data upon which
the chart is based are shown in table 2.
The gross national product is a measure of total annual output of goods and
services in the United States. It represents the output for business use, for
consumer use, and for Government use.
When stated in terms of dollars for a
period or year such as is indicated in the
chart (1940 dollars), it is equivalent to
eliminating from the current dollar totals the effect of price variations over the
period,10 resulting in a measure of
changes in the physical quantity of total
production.
9
The World's Paper and Wood Pulp Industry Before and After V-E Day, Industrial Series No. 14, Bureau of Foreign and Domestic
Commerce, Department of Commerce.
10
For a further discussion of this point see
the SURVEY OF CURRENT BUSINESS, February
1945, "The Business Situation," pp. 2-4.
SURVEY OF CURRENT BUSINESS
10
Chart 3.—Relation of Paper Production to the Gross National Product
20
1
1
1
I
1
/
18 to
o
'42
'43
/
o
(0
*4o/
14 o
•7
l
'37 /
o 12 -
As-
Q
O
'35J
•'29
or
CL
f'30
10 _
'33
8 -
40
k
_
LINE OF REGRESSION
FITTED TO DATA 1929-41.
,
NOTE.-
-
T'32
I
\
I
1
60
80
100
120
140
160
GROSS NATIONAL PRODUCT (BILLIONS OF 1940 DOLLARS)
180
D. D. 45-130
1
Paper production includes paperboard, newsprint, wrapping, book, tissues, and all other paper.
Sources : Facts for Industry, War Production Board, and U. S. Department of Commerce.
The chart clearly shows that from 1929
to 1941, the points representing the level
of paper production and gross national
product for each year fall within a welldefined pattern—pretty much along the
straight line shown. In two years only,
1929 and 1933, is there marked deviation
from the straight line—6 percent and 9
percent, respectively. In all other years
the points cluster very closely about the
line, the average percentage deviation
for the entire period being only 2.5 percent.
A somewhat different analysis yields a
relationship which is even better than
this. The bulk of paper is consumed by
the nondurable goods industries and the
output of paper is much more closely
related to the activity of these industries.
Indeed, part of the explanation of the
large discrepancy in 1933 shown in the
chart is that production of nondurable
goods industries rose very sharply from
1932 to 1933 whereas the increase in gross
national product was relatively small.
The relation between total paper production and the Federal Reserve Board's index of nondurable goods production gives
a very close "fit" for all of the years and
results in an average percentage deviation for the entire period of only 1.5 percent, and in each year the deviation is
less than 3.5 percent.
However, while this relation is better,
it has a disadvantage in certain applica-
tions. For marketing analysis a major
use of the relationship is to calculate
paper production from a predetermined
estimate of the factors to which it is related. In order to use the relation to
nondurable goods production, therefore,
it is necessary to estimate the production
prospects for each of the components of
the nondurable goods index. These include such industries as food, textiles,
leather and products, petroleum, chemicals, and printing and publishing. To
estimate with any degree of reliability
the prospects for each of these industries
requires an investigation of the specific
factors of supply and demand in each
case.
On the other hand, the prospects for
the gross national product can be determined from general economic considerations. Moreover, the likelihood of
making (or obtaining it elsewhere because many groups make such projections) a more accurate forecast of gross
national product is greater than that of
forecasting the nondurable goods group
from the combined estimates for the
individual industries of the group.11 This
11
The nondurable goods index can be estimated by relating it to the index of total
industrial production which in turn can be
related to the gross national product. Each
of these steps, however, involve errors of
estimation which makes the direct approach
indicated above more desirable.
March 1945
problem of forecasting the factors used
in a relationship is an important consideration in many applications of this
type of relationships.
The line of relationship shown in chart
3 indicates that a change of 10 billion
dollars in the gross national product is
associated with an average change in the
production of paper amounting to 1.6
million short tons.12 Another formulation which is useful to keep in mind is
that a change of 10 percent in the gross
national product would be expected to
result in a relative change of the same
magnitude—10 percent—in the output of
paper.13 Note that the response is much
less for paper than for jewelry.
This latter result should be of special
interest to the producers in the industry.
It definitely ties in the activity of the
industry as a whole to national activity.
If national production falls, past experience indicates that total paper production will fall in the same proportion.
Conversely, if the Nation is prosperous
the paper industry will enjoy a correspondingly prosperous condition. These
remarks apply to the industry as a whole
and a particular producer may do better
or worse than the industry, but in general, the tone of his activity will be conditioned by the national situation.
It may be noted that unlike the jewelry
store sales shown in chart 2, the points
for the war years 1942, 1943 and 1944 fall
considerably below the straight line and
suggest the magnitude of the deficiency
of output of paper in relation to demand
in these years. On the basis of past experience and assuming the existence of
the capacity and resources to produce
paper, it would have been reasonable to
expect the output of total paper in these
3 years to amount to 20 million short
tons, 24 millions and 25 millions, respectively. In other words, therefore, a discrepancy of 3 million short tons in 1942, 7
millions in 1943 and 8 millions in 1944
32
The regression equation for the line based
on the years 1921-1941 is as follows: Paper
production (in millions short tons) =1.58 x
gross national product (in billions of 1940
dollars)—1.0.
13
This is obtained from a straight line regression in which the logarithms of the data
for paper production and gross national product are used.
Table 2.—Paper Production and
Gross National Product
Paper production l (millions
of short tons)
Year
1929
1980
1931
1932
1933
1934
1935
193G
1937
1938
1939
1940
1941
1942
1943
1944
.
.
__
.
.
11.1
10 2
94
8.0
9.2
9.2
10.5
12.0
12.8
11.4
13. 5
14.5
17.3
17. 0
the
Gross national
product (billions of 1940
dollars)
81.3
71.0
66.4
56.9
59.4
66.8
72.3
82.6
85.6
80.1
89.3
97.1
114.8
132.9
157. 8
166. 5
1
Includes paperboard, newsprint, wrapping paper,
book paper, tissue paper, and all other paper.
Source: U. S. r Department of Commerce.
March 1945
from the actual production would have
been indicated. These deficits, however,
should not be construed to mean that the
demands not met during the war will
appear in the form of demand at a later
date.
Using again the range of the gross national product in 1940 dollars of between
110 and 140 billion dollars for illustrative
purposes, paper production would be between 17 million and 22 million short
tons. The former figure is almost equal
to peak production of the war period
whereas the latter is far above. Thus, if
the economy operates at a reasonably
high level in the postwar years, the demands for paper will be sufficiently large
to absorb the existing capacity, and at
the full employment volume more capacity would be required. A more extended discussion of the implications of
the relation to post-war paper requirements has been given in a recent publication of the Department mentioned
above.
The Case of West Coast Lumber
The war years have been very prosperous ones for the West Coast lumber industry despite many difficulties. The
total value of domestic sales of West
Coast lumber increased from 126 million
dollars in 1939 to 312 million in 1943.
However, a substantial part of this increase in sales was due to higher prices,
the average price in 1943 being almost
twice that of 1939.
Analysis of the markets for this industry is somewhat more complex than
is the case in the two previous illustrations. Changes in the total shipments
of West Coast lumber do not bear too
close a relation to general business activity nor to construction activity. It is
necessary to revise the procedure employed in the previous examples and analyze the West Coast lumber by uses rather
than as a total. Consequently, this illustration will round out the presentation
with a modification of the technique.
Uses of Lumber.
Since 1929 divergent trends have been
apparent in the proportion of West Coast
lumber that was consumed in building
and construction as against the other
Uses of lumber. In 1929, shipments for
building and construction constituted 59
percent of total shipments and by 1940
this proportion had risen to 82 percent.
Thus, shipments of West Coast lumber
for industrial uses, including uses for
boxes and crates, by fabricating industries and in railroad maintenance showed
a sharp downward trend in relation to the
total during the thirties. This movement is clearly evident from the data in
table 3. Because of these divergent
trends, the analysis will be made in two
parts, namely, the factors that affect
shipments of lumber destined for building and construction and those for industrial uses.
Building and Construction Shipments.
In general, the physical volume of lumber shipped for use in building and construction depends on the level of the
national income adjusted for price
changes, that is, the "real" national income. The question might arise at this
SURVEY OF CURRENT BUSINESS
Chart 4.—Relation of West Coast
Shipments of Lumber for Construction to National Income 1
1
8
/
'40
6
>29
-
/
7
W
A'37
/'30
A:
'ym'35
'33
A'32
2
9
"34
NOTE.- LINE OF REGRESSION
FITTED TO DATA, 1929-41.
0
1
20
1
!
40
60
80
100
NATIONAL INCOME (BILLIONS OF 1935-39 DOLLARS)
D. C: 45-134
1
Excludes shipments for export. The year
1934 is low because of longshoremen strike.
Sources: West Coast Lumbermen's Association and U. S. Department of Commerce.
point as to why the national income is
used in this case instead of the disposable
income or the gross national product.
Usually the disposable income is much
more closely related to the demand for a
product which is primarily for consumer
use.
The gross national product which is a
measure of national production at market prices is generally applicable to production of a commodity which is for both
consumer and producer use. The national income, which differs from the
gross national product by the exclusion
from the latter of business taxes, depreciation charges and other reserves, is
usually much more closely related to the
demand or expenditures made for a
product by both producers and consumers.
Chart 4 shows the relation and indicates that in the peacetime period 1929
to 1941, there was a close parallel between the fluctuations in shipments and
changes in the "real" national income.
Stated briefly the relation indicates that
on the average a change of 10 billion
dollars in the "real" national income
11
(expressed in terms of 1935-39 dollars)
was associated with a change of 1,070
millions of board feet.
It may be noted that deliveries in 1934
were abnormally low relative to the expectations on the basis of the national
income. This is explained by the curtailment in shipments resulting from the
3-months' longshoremen's strike on the
West Coast. The graphical analysis
brings out vividly the fact that 1934 reflected a special and temporary condition in the industry. Such unusual variations are sometimes obscured by the
use of numerical methods alone and this
case emphasizes an important advantage
of the graphical presentation.
In deriving the line of relation shown
in the chart, little weight was given to
the 1934 observation. For the other
years the straight line describes the position of the points very well. The average
percentage deviation for the entire period (excluding 1934) is only 3.6 percent,
which means that estimates of lumber
shipments calculated from the relationship could be expected on the average to
deviate from the actual experience by
less than 4 percent.14 Chart 5 shows the
shipments as calculated from the line of
relationship for the years 1929-1941 compared with the actual shipments for the
same period, and clearly indicates the
reliability of the relation for estimating
purposes.
Shipments of West Coast lumber for
building and construction depends,
therefore, on national activity as measured by "real" national income. Indeed,
shipments are extremely sensitive to
changes in national activity as evidenced
by the fact that the peacetime experience
since 1929 indicates that a change of 10
percent in the "real" national income
was associated with a change of 20 percent in shipments.
For estimating the probable volume of
shipments of West Coast lumber in the
post-war years, this analysis constitutes
only a first step. In addition to income,
shipments will also be affected in the
14
The equation of the line of relationship
determined by the method of least squares is:
Shipments for building and construction
(millions board feet) = —2033 + 106.8 Xnational income (billions of 1935-39 dollars).
Table 3.—West Coast Lumber Domestic Shipments and Nat tonal Production
Lumber shipments (million 5 of board
feetV
Year
Total 2
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1
1
2
8, 296
6,410
4,648
3,006
3,709
3,284
4,538
5, 945
6,450
5,307
6. 520
7,281
8,639
For build ins
and construction 3
5, 840
4, 211
3.407
2, 264
2,963
2,479
3,689
4, 905
5, 225
4,617
5,652
6 320
7,499
For industrial uses 4
2, 456
2. 200
1, 241
742
746
805
849
1,040
1,225
690
874
?Sl
1, 140
Real national Industrial
income 5
production 6
(billions of
(1935-39=
1935-39 dol100)
lars)
68.0
57.9
50.9
41.6
45.7
50.5
56.0
65. 2
69. 0
64.1
70.8
77.4
91.5
110
91
75
58
69
75
87
103
113
89
109
125
162
Excluding exports.
Source: West Coast Lumbermen's Association.
s Obtained from percent distribution of consumption of West Coast. Lumber in West Coast Lumber Fact*, West
Coast Lumbermen's Association, p. 18.
* Includes boxes and crates, fabricating and railroad consumption.
• "Department of Commerce, dollar estimates adjusted for price chances.
5
6
Board of Governors of Federal Reserve System, includes mining and manufacturing.
SURVEY OF CURRENT BUSINESS
12
immediate post-war years by the deferred demands for building and construction, by demands from returning
veterans many of whom will be in the
market for new houses and by additional
demands for housing arising from workers shifting back from war to peacetime
activities. Looking beyond the transition period, the direction and rate of
construction activity must also be considered and, while the level of the national income is likely to be the dominant
factor in demand for West Coast lumber,
estimates based on forecasts of the
volume of income must be modified upward should a construction boom develop. Here we have an instance where
deferred demand is real and will influence post-war trends.
Shipments for Industrial Use.
As indicated above, the proportion of
shipments for boxing and crating, for
fabricating industries, and for railroad
maintenance and repairs steadily declined in relation to the total shipments
since 1939. Chief factors accounting for
the downtrend were the use of substitute
materials for lumber and increasing industrial purchases of lumber from other
areas.
These shipments are destined for uses
which are directly connected with the
volume of industrial activity. The relation between the level of shipments of
lumber for industrial uses and industrial
activity is shown in the upper section
of chart 6. The index of industrial production of the Board of Governors of the
Federal Reserve System is used to measure changes in manufacturing and mining activity.
Two observations are at once obvious
from the chart. First, there is evidently
a tendency for shipments of lumber for
industrial uses to increase as the output
of industrial products rise and to decrease with a fall in total production.
The line AB indicates this average relation.
Chart 5.—West Coast Shipments of
Lumber for Construction 1
BILLIONS OF BOARD FEET
8
6
CALCULATED J '
/f
4
2
>
1
-
1 1
I 1 1 1 1 ! 1 1 1 1
1929 '30 '31 '32 '33 '34 '35 '36 '37 "38 '39 '40 '4i
0
0 0. 45-133
1
Excludes shipments for export. The year
1934 is low because of longshoremen strike.
2
See chart 4 for the relationship used to obtain calculated shipments.
Sources: West Coast Lumbermen's Association and U. S. Department of Commerce.
March 1945
Chart 6.—Relation of West Coast Shipments of Lumber for Industrial Use
to Industrial Production 1
1
B
RELATION TO INDUSTRIAL PRODUCTION
^
^
•'30
a
-
-
*>3I
I
3
9
'32
I
60
40
369
'35
9
38
O
>39
•'40
NOTE.- LINE OF REGRESSION
"AB"
FITTED TO DATA, I929-4L
I
1
1
1
80
100
120
140
INDUSTRIAL PRODUCTION (INDEX, 1935-39 = 100)
1
180
160
NET TREND
CQ
<
<S) UJ
(/) UJ
UJ UL
o m
NOTE.- LINE OF REGRESSION "CD'
FITTED TO DATA, 1929-41.
UJ
Q
1929
1930
1
I
1
-2
1931
1932
1
1
1933 1934 1935 1936 1937
1
\
1938 1939
I
1940
1941
D. 0. 45-138
Excludes shipments for export. Lumber shipments for industrial use include boxing, crating,
fabricating, and railroad. The year 1934 is low because of longshoremen strike.
Sources : West Coast Lumbermen's Association, Board of Governors of the Federal Reserve System,
and U. S. Department of Commerce.
In numerical terms the tie-up with
industrial production may be stated as
follows: A change of 10 points in the
index of production was reflected in a
change of 200 million board feet in lumber shipments, provided all other factors affecting shipments remained the
same. However, through the years, as indicated previously, other factors were operating which resulted in lowering the
relative position of lumber used for industrial purposes.
This brings us to the second observation concerning the pattern of points
on the chart, namely that relative to
industrial production the shipments
showed a declining trend over the period
under consideration. For example, the
index of industrial production was at
about the same level in 1929, 1937, and
1939 and yet lumber shipments for industrial use declined progressively from
2.5 billion board feet in 1929, to 1.2 billion in 1937 and to 0.9 billion in 1939.
The net downward trend in shipments—net because it is determined
after allowing for the influence of the
change in industrial production—is
shown in the lower panel of chart 6.
The points in this chart are determined
very simply by plotting the deviation of
the shipments for each year from the
corresponding reading for the year from
the line AB in the panel above.
For example in 1929, the actual shipments were 2.5 billion board feet; the
shipments that could have been expected
on the basis of the straight line AB in
that year would amount to 1.4 billion
board feet (the shipments read on the
vertical scale from the point on the line
corresponding to the index of industrial
production of 110 in 1929).
Thus, the deviation in 1929 is 2.5 less
1.4 or 1.1 billion board feet, which is the
amount shown for the year 1929 in the
lower panel of the chart. Readings for
other years are determined in a similar
manner. The trend line CD is then determined by inspection, or both lines AB
and CD can be determined by the use
of numerical methods.15
15
The regression formula for the period
1929-41 is given by: Shipments for industrial
use (in millions of board feet) = — 812.7
-171.44 (Year—1935) +20.17 X index of industrial production (1935-39=100). To calculate the value for 1929, when the index of
industrial production was 110, the procedure
is as follows: Shipments=812.7-171.44X
(1929-1935) +20.17X110= —812.7 -171.44 X
( - 6 ) +2218.7=-812.7+1028.6 + 2218.7=2.43
billion board feet, this compares with the
actual shipments of 2.45 billion board feet
in 1929, indicating a close agreement for that
year.
March 1945
The trend indicates that on the average, shipments tended to decline by almost 200 million board feet per year if
all other factors had remained the same.
In other words, this loss in shipments
could be expected to occur on the average
from one year to the next if no change
were to occur in the volume of industrial
production.
A word of caution is necessary in using
the extension of the trend CD in future
years. Since this trend presumably represents the combined effects of many
factors, its extension to post-war years
should be made with due consideration
given to the various factors other than
industrial production that affect it in
shipments of lumber for industrial use.
The factors that determine the net trend
may not operate in the same manner
after the war. As a consequence, the
trend may flatten out or even reverse itself. Thus, the judgment of those who
have an intimate knowledge of the industry is most essential in the proper
use of the relationship for post-war projections.
Applications of the Method
The method illustrated in the foregoing examples has wide applications to
practically every aspect of economic activity, by industries, by firms and by
regions. It is employed in analyzing
stock prices, commodity prices, interest
rates and wage rates. It is used to determine conversion factors in industrial
operations, to estimate manpower requirements, to determine cost-price relations and in profits analyses.
This method is applied in problems of
investment, in establishing inventorysales relationships and in the analysis of
imports and exports. It is widely resorted to in deriving consumption relationships, measures of demand and price
elasticities and in investigations in the
field of taxation. It is used in the determination of labor efficiency, raw material requirements and in problems of
overhead costs.
In fact, this technique is indispensable
to all types of marketing analysis whenever the experience of the past can be
utilized.
However, because the method is widely
applicable it emphasizes a necessary requirement in its application, namely,
that it must be used in a discriminating
and cautious manner. Indeed, since the
method is used to obtain results which
may serve as a basis for business policy
and even national policy, the greatest
care must be taken in the way it is applied and particularly in the interpretation of the results.
Considerable thought, for example,
must be given to the characteristics of
the period covered in the analysis, the
logical association of the factors and the
SURVEY OF CURRENT BUSINESS
nature and reliability of the relationships. There are many technical problems in the analysis of economic time
series which are yet unsolved and even
the best of technicians have been misled in the interpretation of such analyses.
This technique is an aid to, and not
a substitute for, analytical application
and judgment.
The question of interpreting and applying the results is of especial importance. The analyses are used in many
cases for forecasting purposes. However, great caution must be used in projecting a relationship far beyond the
range of the actual data since there is
no experience to indicate that a particular relationship such as a straight
line would continue to be a straight line
far beyond the range of actual experience. In other words, the error of a forecast becomes magnified progressively
with the distance from the actual events.
For example, the current practice is to
estimate the probable markets that would
correspond to full employment in some
future year. All of these estimates must
be qualified because they are estimated
from data falling far beyond the range
of actual experience and represent projections at much higher levels of economic activity than have ever prevailed
in peacetime periods. The probable error of such projections, therefore, can be
large.
Special care must be taken to avoid
drawing inferences which are not implied in the analysis. Frequently, conclusions are drawn which may not be
applicable to a more general or to a drastically changed condition.
For example, analysts have found from
a relationship of steel consumption to
industrial activity and the level of steel
13
prices that the price elasticity is practically zero. So long as the fluctuations
in steel prices do not differ very much
from past experience this conclusion is
valid.
However, no one can say precisely by
how much steel consumption would be
affected if, for example, steel prices were
reduced or increased by two-thirds from
the average of the past 20 years, a change
which is not within the range of their
past fluctuations.
These methods can be applied more
extensively to marketing analysis by
businessmen than has been the case in
the past. The benefits to be derived from
such studies are real and will pay dividents. Furthermore, it will aid the
businessman to recognize, in quantitative aspects, the relation of particular
business lines to the economy as a whole.
This relationship is definite, and so the
individual businessman has a large stake
in programs and policies designed to
achieve high-level national sales and
output.
Therefore, this suggests a twofold approach. First, since there is no substitute for individual initiative and effectiveness in determining the results of a
business venture, intelligent forehandedness on the part of each businessman requires a thorough knowledge of the general economic forces which influence the
demand for his product. Second, with
recognition of these general forces will
come a sympathetic approach to the difficult problems and, as an individual
member of the national community, the
American businessman must share the
responsibility of solving these problems
if high-level sales and production are to
be achieved and maintained as a peacetime norm.
New or Revised Series
Dairy Products: Revisions in 1943 Production Data for Page S-25
[Thousands of pounds]
Cheese
Month
Condensed milk
Butter
Total
American
Case
goods
Bulk
goods
Evaporated
milk
Utilization
of milk in
manufactured
dairy
products
January
February
March
April
May
June
July
August
September
October
November
December
122,661
120,089
140,218
149, 254
186, 204
200,896
180,952
151,021
125, 366
106,985
93,042
97,100
60, 245
61,211
77, 225
88,185
114,028
121, 741
107, 352
94, 444
83,815
70,989
56, 711
59, 685
44, 716
45, 890
57, 333
66,599
90,795
100,132
87, 333
75, 678
64,670
51,783
39, 415
40, 745
8,009
8,431
9,452
11,021
11, 698
12,429
10, 478
10,094
9,440
9,910
8,393
8,589
21,196
21, 364
27,627
34,921
49,671
56,453
43, 472
34,859
27,790
19,043
15, 538
21, 553
202,144
208, 915
251,464
285, 306
371, 455
381, 363
331,738
275,688
233,200
189,732
155,009
171, 260
3,644
3,610
4,302
4,677
5,900
6,316
5,619
4,736
4,011
3,403
2,891
3,066
Monthly average
139,482
82, 969
63, 757
9,829
31,124
254, 773
4,348
Source: Data are compiled by the U. S. Department of Agriculture, Bureau of Agricultural Economics, and represent
final revisions.
14
SURVEY OF CURRENT BUSINESS
March 1945
Wartime Changes in Regional Concentration
By Elmer C. Bratt
INCREASE in employment and
T HE WARTIME production has been
accompanied by much shifting about on
the part of the civilian population.
These movements have been dictated by
a variety of considerations, but most
notably by the need to add workers in
the manufacture of war munitions.
Nine million, or almost one-fourth of
the total number of civilian nonagricultural employees, are now engaged in
munitions manufacture. This compares
with 3 million employees in factories
producing similar or related products
before the war, when the output went
almost entirely for civilian use. This
article deals with the regional readjustment which will accompany industrial
readjustment in moving away from war
production.
The necessity to maximize war production has involved the use of practically all existing facilities in all parts of
the country as well as the construction
of many new facilities. In many cases
new facilities were best located in areas
with high industrial development—expanding shipbuilding centers, adapting
existing plants to the production of aircraft or aircraft parts, rounding out capacity in steel plants. Some completely
new facilities were located in relatively
undeveloped industrial areas such as
Wichita, Oklahoma City, and Dallas.
Local problems of post-war readjustment and reernployment have been created by the growth of industrial areas,
particularly because many of them reflect
expansion of industries with relatively
poor possibilities of conversion to peacetime production. Moving about will be
inevitable at the end of the war. The
resulting personal problems may not be
softened by the knowledge of a waiting
job which favored the wartime migration.
These facts tend to suggest to many
that there may be widespread unemployment after the war in some areas
at the same time that there are actual
labor shortages elsewhere. Does the
wartime migration warrant the conclusion that the mobility or lack of mobility of labor will have an important
bearing on the total amount of unemployment for the country as a whole
after the war? Or is postwar reemployment a national problem which must
be solved, not by moving people about,
but in terms of a national output far
above the best pre-war year and distributed proportionately over the major geographic areas?
NOTE.—Mr. Bratt is a member of the National Economics Unit, Bureau of Foreign
and Domestic Commerce.
The method used to answer these
questions is a study of the change in
the distribution of nonagricultural employment from 1939 to May 1944. Agricultural employment is omitted because
of its inherent stability and the absence
of reliable estimates on the change in
such employment by regions. Employment change is superior to population
in that it takes account of the influence
of relative employment of the population as well as of its movement. No direct measurement of the regional differences in industrial activity is equally
representative.
Increased concentration as used in
this article means an increase in the
percentage of the country's nonagricultural employees in a given area. Concentration is measured relative to the
country as a whole. Increase in employment produced an increase in concentration when the rate of increase in an
area exceeded that of the Nation.
The Increase in Concentration
The comparative stability of the distribution of total nonagricultural employment during the war is indicated by
chart I.1 The States where the 1944
percentages are above 1939 represent the
areas of increased concentration. In
general, however, the 1944 and 1939 lines
closely parallel each other.
The 20 States which have increased
their proportion of the Nation's nonagricultural employment account for 3.6
percent more of the national total now
than in 1939. This increase in concentration is necessarily offset by the other
States whose proportion has been reduced by 3.6 percent of the national
total.
These 20 States now employ 1.4 million more workers than they would have
if the geographical distribution had not
changed since 1939. Ninety-six percent
of the 1.4 million workers are employed
in 14 States where the rise in relative
1
The Bureau of Labor Statistics state distribution for total manufacturing and nonagricultural employees is used in this study
with these adjustments: (1) Employment
in Government-shipbuilding plants and arsenals is subtracted from nonmanufacturing
and added to manufacturing to derive a more
comparable manufacturing series; (2) the
total employees shown by States is blown up
proportionately to make the totals comparable with United States totals shown by
BLS for manufacturing and nonagricultural
employment. The manufacturing distribution resulting from this method was
compared with one obtained from Social Security data on covered employment and OldAge and Survivors Insurance data on uncovered employment. The two distributions are
very similar.
position in each State accounts for more
than 25 thousand employees (table I). 2
Since these States represent almost all
of the increase in concentration the
analysis is restricted to them.
The part of the total employment
which adds to the concentration in the
14 states is represented by the shaded
ends of the bars in chart 2. At the
maximum, the 112 thousand employees
in the State of Washington in excess of
1939 proportions, are 17 percent of the
present employment. The total of the
14 States is 9 percent.
Use of the 1939 distribution of nonagricultural employment as a base from
which to measure increased wartime
concentration does not allow for continuation of pre-war trends, or for the
changed conditions produced by the
war. Probably the most expanded states
will not return to 1939 proportions. If
pre-war trends are recognized, the overexpansion in California appears somewhat smaller and that in Ohio somewhat
larger than indicated by table 1 and
chart 2.
Population growth generally has continued pre-war trends. Almost all of
the increase in civilian population from
April 1940 to November 1943, occurred
in 8 of 14 3
States showing increased concentration. All of these 8 States except
Connecticut, experienced a more than
average population increase from 1930
to 1940.
In California, the population increase
in the pre-war decade amounted to one
and a quarter million persons which is
more than the spectacular increase occurring in this State during the war. In
interpreting this figure it must be borne
in mind that California's civilian population has lost in addition some 600 thousand persons to the armed forces.
Manufacturing employment in the 14
States showed above average growth in
the pre-war decade. In the 13 States
excluding Ohio an increase of 1 percent
compares with a decline of 5 percent for
the country. California accounted for
2
The six States omitted from the analysis—New Jersey, Oregon, Louisiana, South
Carolina, Nevada and Utah—account for an
increased concentration of only 60 thousand
employees. It amounts to less than 4 percent in all of these States except Nevada.
An increased concentration of 7 thousand
employees in Nevada amounts to 13 percent
of 3the May 1944 employees.
The overexpanded States showing population increases are: California, Washington,
Maryland, District of Columbia, Virginia,
Michigan, Florida, and Connecticut, according to Census reports developed from registrations in connection with War Ration Book
Number 4. These States represent 88 percent
of the tabulated increase in civilian population for ail States showing such increases.
March 1945
SURVEY OF CURRENT BUSINESS
Chart 1.—Percentage Distribution of Nonagricultural Employment by
States, 1939 and May 1944 1
STATE
NEW YORK
PENNSYLVANIA
ILLINOIS
CALIFORNIA
OHIO
MASSACHUSETTS
MICHIGAN
NEW JERSEY
TEXAS
MISSOURI
INDIANA
WISCONSIN
NORTH CAROLINA
CONNECTICUT
MINNESOTA
VIRGINIA
GEORGIA
MARYLAND
TENNESSEE
WASHINGTON
IOWA
ALABAMA
LOUISIANA
KENTUCKY
WEST VIRGINIA
FLORIDA
DISTRICT OF COLUMBIA
OKLAHOMA
SOUTH CAROLINA
KANSAS
OREGON
RHODE ISLAND
COLORADO
MAINE
MISSISSIPPI
NEBRASKA
ARKANSAS
1
Twelve States, each representing less than 0.5 percent of the U. S. total nonagricultural employment in either period, have been omitted from this chart.
Source : U. S. Department of Labor.
.3 percent more of the United States
total in 1939 and in 1929. Part of the
increased concentration shown in table
1 might be considered a continuation of
this trend, rather than a wartime abnormality.
The pre-war decline in Ohio amounted
to .9 percent of total United States manufacturing employment. The projection
of a similar decline for Ohio to the postwar period would give Ohio the appearance of a much greater overexpansion
than indicated in table 1. The location
in Ohio of 10 percent of manufacturing
war facilities (other than the essentially nonconvertible shipbuilding and
shell-loading plants) indicates, however,
that a projection of the pre-war trend
is hazardous.
For the most part, the areas of war
expansion represent a continuation and
acceleration of pre-war trends. Chart
2, which compares the wartime distribution with that in 1939, ignores these
trends. In general, therefore, the chart
tends to overstate rather than understate the increase in concentration.
Chart 2 also ignores the members of
the armed forces that will return to civilian employment. Assuming that 8.8
million persons are to be demobilized,
the Bureau of Labor Statistics has distributed the demobilization in proportion
to each State's contribution to the total
number of inductions (table 2). Adding
the projected demobilization for the 14
States to the May 1944 nonagricultural
employees, the difference in the distribution from 1939 is shown in table 2.
The result does not vary importantly
from the change in nonagricultural employees only, but in some States the proportion going to the armed forces is significantly lower than the percentage of
civilian employment so that concentration will be reduced by returning veterans. Allowance for returning veterans
in California and Ohio reduces substantially the relative proportion by which
the potential labor force in these States
exceeds the national average, because
they furnished a smaller proportion to
the armed forces than of civilian employment.
The returning veterans will aggravate
the immediate reemployment problem
for the whole country because to their
large number will be added civilians seeking new employment, especially in the
case of those who wish to return to manufacturing industries. They will, however, intensify the problem most in
15
States where no increase in concentration has occurred.
Relatively more of the employees
added in the 14 States represent abnormal additions to the labor force than in
the country as a whole because of the
large number of women and under and
overage employees working in these
areas. While we do not know the timing
or extent of their withdrawal, it probably
will be more than average in these States.
Concentration of Munitions Output
War expansion and concentration of
employment has resulted from three factors: War production, principally munitions; administration of the war, as typified by the expansion in the District of
Columbia area; and training of the
armed forces in widely scattered military establishments, but most significantly in the South. The expansion has
been so universal and so widely distributed that its influence has been marked
in areas which have not kept up with the
country as a whole as well as in areas
where concentration has increased.
The location of establishments to
manufacture war munitions most forcefully illustrates the widespread expansion. Almost a third of the increased
munitions employment occurred in New
York, Pennsylvania, Illinois and Massachusetts, which today employ a smaller
proportion of the Nation's workers than
in 1939.
The munitions industries account for
6 of the 8 million increase in nonagricultural workers since 1939.4 The location
of centers of war administration and
miiiitary training represent smaller factors in war expansion. While concentration has increased in the District of
Columbia area because of the centralization of war administration, this factor
has been of less importance elsewhere.
In such an important military training
center as Arkansas, no increase In the
proportionate share of the nonagricultural employment has occurred.
Employment in the manufacture of
war munitions exceeds 100 thousand in
each of the 17 states shown in table 3.
Together these States employ 8 of the
Nation's 9 million workers in these industries. They produce the major part of
the production in each of the munitions
categories.
The major industrial life of the Nation
is represented by these 17 States. As a
group their relative position has changed
little with the war. They account now as
before the war for approximately fourfifths of the manufacturing workers and
three-fourths of the nonagricultural
workers.
While little increase in concentration
has occurred in the 17 principal munitions States as a group, the major in4
These industries include employment in
the Manufacturing Census industries: 11,
rubber; 14, iron and steel; 15, nonferrous
metals; 16, electrical machinery; 17, machinery; 18, automobiles; and 19, transportation equipment. Also included in the munitions total are professional and scientific
instruments, photographic apparatus and optical goods and a portion of the chemical industry which cannot be distributed by States
for 1939 accounting for 125 thousand employees in that year.
SURVEY OF CURRENT BUSINESS
16
Chart 2.—Principal Areas of Increased Industrial Concentration Measured
by Changes in Nonagricultural Employment
STATE
THOUSANDS OF EMPLOYEES
800
1200
1600
2000
400
CALIFORNIA
2800
&%&S^^
MICHIGAN
Table 2.—Effect of Demobilization
Armed Forces on Concentration
£&%&££^^
OHIO
2400
March 1945
¥&$&$&Z&^
State
of
Hypothetical
Perdemobilization cent of
of armed forces* total
U.S.
nonPeragricent
culNumPerintural
ber
cent of
em- crease 2
(thou- total
ploysands) U.S.
ees,
May
TEXAS
1944
INDIANA
California . .
Texas
Ohio
Washington Michigan
Maryland
Indiana
District of ColumbiaAlabama
Kansas
Connecticut
Georgia
Florida
Virginia ...
MARYLAND
VIRGINIA
GEORGIA
WASHINGTON
ALABAMA
MONTHLY
AVERAGE,
1939
FLORIDA
PROPORTIONATE
INCREASED
TO NATION'S
CONCENTRATION
INCREASE
DISTRICT OF COLUMBIA
KANSAS
DO. 45-99
Source: U. S. Department of Commerce, based upon data of the U. S. Department of Labor.
creases in concentration which did occur
are represented by a part of these States.
This fact is illustrated by table 4 which
compares the 1939 and May 1944 concentration of nonagricultural employees.
An increase in concentration is shown
in 10 of the munitions manufacturing
States with California increasing its percentage of the country's employment
from 6 to 7. These 10 States account for
3.2 percent of the total 3.6 percent increase in concentration. No change in
concentration occurred in 3 of the States
while the percentage of employment declined in 4 of them. The 4 States which
showed reduced concentration account
for over half of the 3.6 percent total with
New York a very important factor.
Ten of the 14 States appearing in table
1 are also represented in table 4—the
first 7 as well as Alabama, Connecticut,
and Virginia. The manufacturing of
war munitions has played an important
part also in the other 4 States of table 1
as shown below:
(a)
(b)
o
o
Q
o3
^?^
si
(c)
n
co'
per
•o
o
o
o
Rat
o
Ipi
«"''
o
io o: col
(per
;,—
a
OS (3
in n
State
Employees
manufacturing munitions, May
1944 (thousands)
(d)
(e)
197
173
130
154
73
45
50
15
69
39
48
14
14 States in table 1
4,513 2,979 4, 291
Total United S t a t e s - 9,461 6,238 8, 328
105
114
69
75
Kansas
Georgia _ _ __
Florida
District of Columbia- _
93
79
66
23
88
68
62
22
None of these four political divisions
had significant employment before the
war in industries here classified as munitions. Only in the District of Columbia
is direct munitions employment now a
relatively unimportant factor. Such
employment much more than accounts
for the advance in relative position in
the 13 States other than the District
of Columbia.
Shipbuilding and aircraft manufacture alone are so important that without
the increase in these industries, none of
the 13 States would have experienced a
Table 1.—Number of Nonagricultural
Employees Added by Rise in Relative
Position, 1939 to May 1944
State
Nonagricultural employees
added l
(thousands)
California _
_ _
__ .
Texas
Ohio. . .
Washington^ . .
. .. ..
Michigan
_. .
Maryland
Indiana
District of Columbia
Alabama
Kansas
...
Connecticut
Georgia .
Florida
Virginia
Total, 14 states
Total United States 2
373
166
124
112
105
91
73
68
63
47
33
32
30
29
/
I
1,346
+1,406
-1,406
Percent of
May 1944
employees
14
11
5
17
6
13
7
14
11
11
4
5
6
4
9
+8
1
May 1944 employees minus 1939 proportion of United
States total for the state in May 1944.
2 The + and — figures are related respectively to the
States showing increases and decreases in concentration.
Source: U. S. Department of Commerce based on
Department of Labor data.
493
440
458
114
370
132
229
62
194
106
123
220
132
194
5.6
5.0
5.2
1.3
4.2
Total, 14 States
Total United States 3 .
CONNECTICUT
3,267
8,800
37.1
100.0
1. 5
2.6
.7
2.2
1.2
1.4
2.5
1.5
2.2
7.0
3.9
6.3
1.7
4.7
1.9
2.8
1.3
1.5
11
2.0
1.8
1.3
1.8
+0.7
+. 6
-hi
-J-.2
-f. 2
+.2
4- 2
+.1
-u. 3
+1
0
+ 2
+.1
+.2
39.1
+3.2
100.0 if +4.0
1 -4.0
1
1
Taken from Monthly Labor Review, September
1944, assuming a total demobilization of 8.8 million distributed in proportion to State's contribution of inductions.
2
May 1944 percent of nonagricultural employees plus
demobilized armed forces minus 1939 percent of nonagricultural employees.
3
The + and — figures are related respectively to the
States showing increases and decreases in concentration.
Source: U. S. Department of Commerce based on
U. S. Department of Labor data.
rise in relative position. At least 70 percent of the total employees manufacturing munitions are in these two industries
in Florida, Washington, California, Kansas, Texas and Georgia, compared with
a national average of 39 percent. Only
in Ohio, Connecticut and Indiana of the
13 States are the aircraft and shipbuilding 3employees below the national average. The employees in these three
States are widely distributed in the munitions industries.
The predominant importance of shipbuilding and aircraft in the States overexpanded relative to the country as a
whole points to the difficulty they will
experience in maintaining their disproportionate expansion immediately at the
end of the war. A major part of the
shipbuilding and aircraft facilities are
new rather than converted. The problems of putting them to peacetime use
will involve uncharted conversion rather
than reconversion.
However, the difficulties of reconverting will by no means be restricted to the
relatively overexpanded States. The
expansion in manufacturing of munitions has been uniformly large in all of
the 17 principal munitions manufacturing States, as indicated by table 3. Of
the 8.2 million employees manufacturing
munitions in these States, a net of 5.2
million have been added to the employment in these industries since 1939.
5
The major factor is the slight importance
of shipbuilding in these States. Aircraft employment is slightly in excess of the national
average in Indiana and Connecticut and.
slightly below in Ohio.
SURVEY OF CURRENT BUSINESS
March 1945
Variations Within States
State totals tend to blur the problem
of reabsorption in an overexpanded center of war production because the major
concentration has been in industrial
areas which occupy only a small part of
the State. An examination of expansion
in critical labor market areas shows,
however, that with some striking exceptions, their growth has paralleled that
of the States. Again they indicate the
postwar requirement for generally high
employment, though they by no means
minimize the need for vast shifting of
jobs.
Chart 3 shows the major importance
of shipbuilding and aircraft in a group
of labor market areas expanded by the
war. In Los Angeles, for instance, the
shipbuilding and aircraft workers added
equal the total number of workers in
manufacturing before the war. In the
San Francisco and Jacksonville areas,
the added shipbuilding workers exceed
pre-war manufacturing employees. Time
will be required to reabsorb many of the
added munitions employees in the areas
shown in chart 3, although some of the
added manufacturing employees will find
work in manufacturing industries which
do not require reconversion. In fact, a
small part of the manufacturing expansion during the war has been in civilian
industries. Intensive use of reconverted
facilities would in most cases employ
more manufacturing workers than in
1940.
Although chart 3 dramatizes labor
market areas expanded by the war, the
problem is brought into better focus
when compared to the expansion in the
country as a whole. It can be visualized
most effectively in two steps. First,
change in the position of the States
shows the relatively small extent to
which net interstate redistribution will
be required for an effective use of our
manpower. Second, table 5 shows the
extent to which the manufacturing employees in selected metropolitan centers
have expanded since 1940 relative to
State totals.6
Manufacturing industry has been the
most expanded activity in these centers
and, therefore, the general results shown
in table 5 are all the more striking. Nonmanufacturing employment in industrial
centers has been limited by the available
labor force, so that the relative expansion of total nonagricultural employment
since 1940 has been even less.
In California and Washington, San
Francisco and Seattle have experienced
relatively larger expansion than have the
States. These areas present very real
problems because shipbuilding, which is
a major factor in both, will probably not
have sufficient orders to utilize all of the
present capacity for making ships and
will be difficult or impossible to convert
to other manufacture. Los Angeles, now
as before the war, employs half of California's manufacturing workers. The
west coast will, more than any other
part of the country, need courageous enterprise in adapting its resources to the
production of civilian goods and services.
The hope of a rapid readjustment on
the west coast rests on the achievement
of a higher degree of industrialization
than before the war. Texas presents a
similar outlook. Houston, Dallas and
6
In the study of metropolitan areas the
population census was the only basis for
benchmark figures and, therefore, comparison
is made with 1940 instead of 1939 used in the
State analysis. The increase in manufacturing employment from 1939 to 1940 was not
great enough to alter the conclusions.
Table 5 is limited to metropolitan areas for
which data are available in States analyzed
in this article. Alabama is missing from the
table because data are available for Birmingham only where the manufacturing employment has increased only 25 percent compared
with 80 percent for the State. Including only
metropolitan centers in States representing
major increases in concentration and/or
major munitions production, table 5 omits
some striking war expansions. In Portland,
Oregon, for instance, manufacturing employment has increased 300 percent, with no significant increases in the rest of the State.
Table 3.—Munitions Employment in Major Munitions Producing States, May 1944'
[In thousands]
State
Total
munitions
Michigan
Ohio
Pennsylvania- New York
California
Illinois
New Jersey
Indiana
Massachusetts.
Connecticut
Wisconsin
Maryland
Texas
Washington
Missouri
Alabama
Virginia.-.
Total, 17 States
Total United States-
939
934
932
881
741
719
566
432
422
351
256
218
213
188
156
130
107
: 183
,
> 401
,
Aircraft
Shipbuilding
Ordnance
Machinery
Electrical
machinery
Other
munitions
industries
450
179
93
181
296
87
107
111
16
78
35
57
76
40
39
10
3
11
15
120
143
337
22
107
20
102
13
23
69
77
128
144
HO
85
105
8
132
55
54
57
91
38
16
27
3
50
15
13
116
162
104
62
30
135
42
31
53
58
86
10
7
4
19
3
1
16
80
113
149
12
125
129
62
110
22
23
21
1
203
389
417
240
59
218
126
153
86
89
51
45
25
14
30
60
22
1,85f>
2,086
1,299
1, 699
1,001
1,230
921
1,005
879
2, 228
2, 517
' War Manpower Commission classifies the following as munition industries: Aircraft, shipbuilding, iron and steel
ordnance, machinery, electrical machinery, nonferrous metals, automobiles, rubber, chemicals in part (2882-2886, 28C9
2897), other transportation equipment, professional and scientific instruments, photographic apparatus and optical
goods.
2 Less than 500 employees.
Source: War Manpower Commission.
630255—45
3
17
Port Worth all have expanded industrially even more than the state as a whole.
Contrasted to an employment of 38 percent of the State's manufacturing employees in 1940, these three metropolitan
areas now employ 64 percent. The striking expansion in Wichita accounts for
some 50,000 manufacturing employees.
Table 4.—Changed Concentration of
Nonagricultural Employment in Principal States Producing War Munitions,
1939 to May 1944
State
California
Texas
Ohio
Washington
Michigan
Indiana
Maryland
Alabama
Connecticut
Virginia.
New Jersey
Missouri
Wisconsin
Illinois
Pennsylvania
M assach usetts
New York
Percent of United Change
States total non- in peragricultural em- centage of
ployees
United
States
total
1939
M a y 1944
6.0
3.4
5.9
1.4
4.5
2.6
1.7
1.3
1.9
1.7
4.1
2.6
2.1
7.5
8.8
4.6
13.6
7.0
3.9
6.3
1.7
4.7
2.8
1.9
1.5
2.0
1.8
4.1
2.6
2.1
7.3
8.5
4.3
12.4
Total, 17 States
73.7
74.9
Total United States
100.0
100.0
+1.0
+.5
+.4
+.3
+.2
+.2
+.2
+.2
+.1
+.1
0
0
0
-.2
-.3
f -.3
-1.2
J+3. 2
t-2.0
(+3.6
\-3. 6
Source: U. S. Department of Commerce based on
U. S. Department of Labor data.
Metropolitan areas in the Middle West
and eastern States parallel the States of
which they are a part, with a few important exceptions. Most of the areas in
Michigan, Indiana, Wisconsin, and Illinois, have not greatly exceeded the State
expansion.
Shipbuilding centers represent the
maximum relative overexpansion in the
East. Norfolk, where manufacturing
employment has risen from 17 to 25 percent of the State total stands out, although Boston and Philadelphia present
similar but relatively less accentuated
shipbuilding expansions.
The problem in the Boston and Philadelphia areas may be less difficult because Pennsylvania and Massachusetts
now account for a smaller proportion of
total employment than before the war,
but the number of shipbuilding workers
added is much larger than in Norfolk.
The shipbuilding centers in Florida—
Tampa, Jacksonville, and Miami, together accounting for 66 percent of the
State's manufacturing employees compared with 41 percent in 1940—have
experienced a large overexpansion.
Fundamental readjustments have of
course occurred within metropolitan
areas. In some cases new plants have
been located at the periphery extending
the boundaries. New or expanded communities have arisen, such as Midwest
City in the Oklahoma City area and Richmond on San Francisco Bay. Commuting from outlying villages has become a
common occurrence.
The location of new plants has redirected the lines of traffic, reorganized
SURVEY OF CURRENT BUSINESS
18
Chart 3.—Shipbuilding and Aircraft Portion of Total Manufacturing Employment in Representative Metropolitan Areas, March 1940 and May
1944 1
METROPOLITAN
AREA
100
THOUSANDS OF EMPLOYEES
200
300
400
500
600
700
March 1945
proximately three-fourths of the war increase in all nonagricultural employment
as shown in table 6. Such a cut-back to
pre-war employment in the munitions
manufacturing industries, if there were
no offsetting expansion of manufacturing
for civilian markets, would leave the relationship of total manufacturing employment to the present 22 million nonmanufacturing employees approximately
in line with that of 1939.
The major decline in employment at
the end of.the war will occur in the
manufacture of war munitions, while
other industries which have been generally underserviced during the war will
tend to maintain or increase their employment. Only if the decline in employment in manufacturing munitions at the
end of the war greatly reduces the demand for civilian goods and services will
employment be reduced in most nonmanufacturing industries or in industries
manufacturing civilian goods.
Granting the possibilities of expanding
both the manufacture of goods for civilian markets and the employment in
nonmanufacturing industries, it is difficult to visualize added requirements in
any State in the immediate post-war
which cannot be met by workers now
residing in the State. For instance, the
state of New York, which now employs
only 12.4 percent of the country's nonagricultural workers in contrast to the
13.6 percent before the war, has an increase of 619 thousand workers manufacturing munitions to absorb. Of
these, 143 thousand have been added in
the shipbuilding industry and 181 thousand in aircraft.
Table 5.—Manufacturing Employment
in Selected Metropolitan Centers l
Metropolitan
Center
1
Shipbuilding a n d a i r c r a f t employment in 16 metropolitan a r e a s was less t h a n 2,000 employees.
Sources : U. S. D e p a r t m e n t of Commerce and Labor and War Production Board.
and expanded residential centers, and
realigned the occupations and modes of
living of the inhabitants. With the ending of the war production program, reshuffling within the areas will be of
major proportions.
Employment in industrial areas would
have been relatively high with production
at current levels even if the total product
were being made for civilians. Because
the increased product has gone for war,
these industrial centers are burdened
with a problem of conversion they would
not face in peace. The concentration of
conversion problems in industrial centers
does not indicate, however, that the geographical location of industry differs significantly from high level peacetime
needs.
Reemployment Possibilities
A major part of the employees added
since 1939 are manufacturing munitions.
Chart 4 shows the disproportionate expansion of manufacturing as against
non-manufacturing for the country as a
whole. The ratio of nonmanufacturing
to manufacturing employment is much
lower than would have occurred if more
adequate labor reserves had been available. Overexpansion has occurred principally in the war manufacturing centers.
Nonmanufacturing employment has become disproportionately low in those
centers.
The displacement of the munitions
manufacturing employees added since
1939 would redistribute or eliminate ap-
California:
Los Angeles. _.
San Francisco.
San Diego
Washington:
Seattle
Tacoma
Spokane
Texas:
Houston
Dallas
...
Fort W o r t h . . .
San Antonio._.
Kansas:
Kansas City«_
Wichita
Missouri:
St. Louis
Kansas City 2 .
Michigan:
Detroit
Flint
Grand Rapids
Indiana:
Indianapolis...
South Bend...
Gary
Fort Wayne...
Ohio:
Cleveland.....
Cincinnati
Youngstown..
Akron
Toledo
Dayton
Canton
Columbus
Percent of
State totals
52
Principal munitiosn
product
Aircraft,
shipbuild-
36 | Shipbuilding.
3 j Aircraft.
33 I Aircraft,
shipbuild-
11 | Shipbuilding.
3 j Distributed.
30 Shipbuilding.
21 Aircraft.
13
Do.
3 |
28 | Aircraft.
42 j
Do.
67
16
Distributed.
Aircraft.
57
4
Aircraft, trucks.
Guns, instruments
trucks.
Distributed.
15
8
4
5
Aircraft.
Aircraft, trucks.
Aircraft.
Electric.
22
12
6
9
5
5
4
Aircraft.
Do.
Bombs, aircraft.
Rubber, aircraft.
Trucks.
Aircraft.
Bearings, fire control.
Aircraft.
SURVEY OF CURRENT BUSINESS
March 1945
Table 5.—Manufacturing Employment
in Selected Metropolitan C e n t e r s Continued
Percent of
State totals
Metropolitan
Center
19
Chart 4.—Ratio of Nonmanufacturing to Manufacturing Employment,
by Quarters
PERCENT
300
I Principal munitions
product
2 50 Wisconsin:
Milwaukee
Illinois:
Chicago 2
Peoria
Maryland:
Baltimore
Connecticut:
Hartford
Bridgeport
New Haven __.
Virginia:
Norfolk
Richmond
New Jersey:2
Newark
Jersey City 2 -_.
Trenton 2
Camden
Elizabeth 2
Pattersons
Pennsylvania: 2
Philadelphia -_
Pittsburgh
Reading
Scranton
Erie
Massachusetts:
Boston
Lowell
Springfield
Worcester
New York:
New
York
City .2
Buffalo
Rochester
Albany. _.
Syracuse .
Aircraft, machinery.
Radio, aircraft.
Tractors.
73
Utica 2
Yonkers
Georgia:
Atlanta
Florida:
Tampa
JacksonvilleMiami
-
Aircraft, guns.
Radio, aircraft.
Guns.
Shipbuilding.
Ships, radio.
Aircraft.
Aircraft.
Ships, aircraft.
Ships, electric.
Aircraft.
Locomotives.
Engines.
Shipbuilding,
Guns.
Radios, electric.
Machinery.
Ships, aircraft.
Aircraft.
Fire control, photographic.
Radio.
Guns, ammunition,
motors.
Guns, ammunition.
Aircraft.
Shipbuilding.
Do.
Aircraft, shipbuilding.
1 The proportionate manufacturing employment in
March 1940 is taken from reports of the 1940 Population
Census, and the May 1944 figure is obtained by using
Bureau of Labor Statistics indexes of wage-earner
manufacturing employment by metropolitan area
related to 1940 Census figures and divided by State
totals used in the present study. The areas included
in a few of the metropolitan districts in the 1940 Census
differ slightly from that included in the 1930 Census,
which is the basis of Bureau of Labor Statistics estimates.
In no case is the difference great enough to affect the
results materially.
2 City only.
Sources: U. S. Departments of Commerce and Labor.
In New York current nonmanufacturing employment would satisfy peacetime
requirements if civilian manufacturing
employment did not absorb any of the
619 thousand additional munitions employees. Until civilian manufacturing
has taken on a substantial number of the
war workers, therefore, New York will
not present a major opportunity for
workers who wish to migrate from areas
experiencing an increase in concentration.
Conclusion
The regional concentration of industry
today is approximately the same as before the war. Some changes have occurred. There has been a trend away
from rural areas. Manufacturing is a
disproportionate part of the present national output and most industrial areas
200
Ships, aircraft.
100
1929 '30 '31 '32 '33 '34 '35 '36 '37
'38 '39 '40
'41 '42 '43 '44
D. D. 45-101
Source : U. S. Department of Labor.
have been correspondingly affected. In
general, the proportionate importance of
the North East has declined slightly while
portions of the South and the Far West
have risen. But there has been no major
redistribution.
All parts of the country never have
expanded by uniform proportions with
major rises in the national product.
With perfectly uniform expansion, nonagricultural employment in the states
experiencing increased concentration
would have risen 8 percent less than was
actually attained (table 1). There is no
way to know how closely a peacetime expansion of the same magnitude would
have paralleled the redistribution which
has occurred, but broadly the pre-war
tendencies have been extended. Several
aircraft and shipbuilding centers have
grown much more than indicated by prewar trends.
While concentration has not changed
much geographically, in terms of either
states or metropolitan areas, there has
been a vast movement within those areas
to new occupations, new industries, and
new places of employment. The necessary post-war readjustments pose serious and difficult readjustments for the
individuals concerned, for business and
for the communities.
In general, however, the problems of
post-war reemployment cannot be solved
by moving people to other parts of the
country where job opportunities await
them. Because the expansion has occurred in almost all areas, no parts of
the country will act as a vacuum to absorb excess workers from war production centers until the national output of
nonwar goods and services substantially
exceeds the pre-war level.
There is no need to reverse the wartime
movement away from agricultural employment. Any major shift in that direction will reflect a lack of job opportunities elsewhere. There is need of a shift
from manufacturing to nonmanufacturing occupations, but this shift does not
Table 6.—Increase in Employees Manufacturing Munitions Compared With Other
Employment
Increase in employees 1939 to May 1944
State
California-.
Texas
Ohio
Washington
Michigan _
Maryland
Indiana
District of Columbia
Alabama
Kansas
_
ConnecticutGeorgia
Florida.
. __
•
Virginia _ _ _ ___
Total, 14 states
Total, United States _
Total non- Nonmanuagricultural facturing
_
_.
_ ___
Manufacturing em- 1939 m a n u ployment
facturing
less increase employees
Manufacturing
Total
Munitions
tions
861
443
625
228
486
228
297
154
172
127
191
173
130
174
199
204
119
47
39
72
42
131
41
31
9
80
76
92
662
238
506
181
447
157
255
23
131
96
183
94
54
82
640
189
501
173
469
155
249
22
90
88
187
68
62
87
403
228
757
125
609
176
355
15
186
55
280
216
60
159
381
179
752
117
631
174
349
14
145
47
284
190
68
164
4,289
8,328
1,182
1,819
3,109
6, 509
2,980
6,238
3,624
10, 351
3,495
10,080
Source: U. S. Department of Commerce based on War Manpower Commission and U. S. Department of Labor
data.
20
SURVEY OF CURRENT BUSINESS
necessarily involve a move from one region or metropolitan area to another.
Expanded opportunities for nonmanufacturing employment everywhere will
depend pretty much upon securing a
basic output considerably above the prewar level.
Some communities will capitalize on
potential markets more than others because their reconversion problems are
less difficult or simply because they are
more enterprising. The wartime migration will not, therefore, be reversed to
restore the pre-war distribution.
Post-war readjustments will involve a
great deal of moving about from one region to another as well as the more local
shifts of occupation and residence. The
resulting personal problems will be intense, especially if high-level employment is not attained. The need to facilitate the mobility of labor will be of major
importance in many war centers. The
fact remains, however, that moving
about of itself will have a relatively unimportant effect on the total amount of
unemployment.
If the post-war national output is not
much higher than the best pre-war
year the supply of labor will be in excess
of demand in almost every area. Outmigration from overexpanded centers of
war production will spread the unemployment more evenly across the country
or move workers to places where they
can find subsistence. It will not materially increase the level of effective employment.
If the required high national output is
achieved there is little doubt that workers will migrate to where there are jobs.
Their presence in the areas of increased
concentration is ample evidence of their
willingness to move if the opportunities
for employment are better elsewhere.
Crowded, temporary housing and other
unsatisfactory living conditions in some
of these areas will be an added inducement.
The exact composition of the increased
national output potentially possible is
difficult to visualize today, but it obviously calls for increases in the whole
gamut of goods and services desired by
consumers—plus the necessary expansion and modernization of the facilities
to produce those things. It calls for
better housing and community facilities
of all sorts.
The potential markets are, if anything,
greater in those areas which have grown
most during the war. These communities have been geared to unprecedented production by making use of many
temporary expedients. If the present
level of activity were supported by peacetime production, much capital investment would be needed.
Expanded residential areas, additional
shopping facilities, and increased transportation facilities would be required.
If the war plants are not convertible, additional manufacturing facilities would
be needed. The large expansion called
for should make possible communities
more modern and better planned than
those whose pre-war facilities are more
nearly adequate. Additional personal
service, as indicated by its inadequacy
during the war, would be called for. All
of these things can occur, however, only
if civilian industry is found to replace
the major part of war industry.
Business Situation
(Continued from p. 5)
penditures over receipts in one sector is
automatically compensated by the opposite situation elsewhere in the economy.
Between 1939 and 1944 the Nation's
Budget more than doubled in size. This
growth was analyzed in detail in last
month's issue of the Survey as part of
the review of national income and production for 1944. As is well known, the
motivating force for the movement to
high production and consumption and
the absorption into active employment
of many millions of workers was the
Federal expenditures for war purposes.
The magnitude of the rise in Government
expenditures and the extent of the deficit in the Government's accounts are
strikingly shown in the chart.
With declining Federal spending in
prospect, the maintenance of income and
employment at high levels will depend
upon how effectively the freed resources
are absorbed into other uses. It has
already been indicated that declines are
inevitable as cut-backs are made in the
war production, if for no other reason
than because of the elimination of wartime pressure to expand abnormally the
labor force and to increase the hours of
work.
If the bars are to be sustained at a
height which signifies adequate sales and
employment opportunities, reconversion
conditions must be such as to encourage
increased spending by economic units
other than the Federal Government.
The business sector of the economy can
be expected to show the largest relative
expansion under favorable circumstances, since the necessities of war have
restricted its expenditures, and increased outlays for capital equipment
must precede the enlarged flow of many
types of consumer goods.
As indicated above, a decline in war
expenditures to 70 billion dollars—the
figure adopted in the budget recommendations for fiscal 1946—would entail
a significant reduction in income and
employment and would permit some reconversion. In analyzing the accompanying chart on the Nation's budget,
the dynamics of the situation are more
clearly demonstrated by considering the
two extremes of the range of estimates
of war expenditures cited by the President. Thus, as previously discussed, the
top of the range—80 billion dollars—
would result in little change from 1944
in the height of the receipts and expenditures bars or in the size of the components. Under the other extreme, the
shifts that would take place would be
much more extensive, and these are considered below for illustrative purposes.
Assuming a decline in Federal war
spending to an annual rate of 60 billion
dollars, or to approximately two-thirds
of the current rate, private gross capital
formation, including business construc-
March 1945
tion, producers' durables, accumulation
of inventories, and the private foreign
trade balance, might increase five- or
six-fold over the 1944 volume. The contribution of State and local governments
might also increase, since many public
works have been deferred during the
war. Nevertheless, the expansion in
these sectors could have only a partial
offsetting effect on a reduction in war
outlays of one-third, which would imply
a larger relative reduction in munitions
output.
Under the assumed conditions, aggregate consumer spending for goods and
services would tend to show little change
from 1944 during this particular period.
On the one hand, purchases of nondurables will slacken as income payments and disposable income contract
with declining Federal spending and war
production. On the other hand, production and sale of consumer durables
will rise to meet pent-up demands
buttressed by accumulated wartime savings. The limit to the production of
these goods will be prior claims to resources for the large munitions production that will remain, and the time required to reconvert war plants to civilian
output.
From an over-all standpoint, therefore, total output will decline, but will be
cushioned somewhat by increased production for business and for State and
local governments.
Referring to the Nation's budget after
the war, and looking beyond the immediate reconversion period, the President
said: "* * * Manifestly, full employment in peacetime can be assured
only when the reduction in war demand
is approximately offset by additional
peacetime demand from the millions of
consumers, businesses, and farmers, and
by Federal, State, and local governments.
And that means that consumers'
expenditures and business investments
must increase by about 50 percent,
measured in constant prices, above the
level of the year 1939, if full employment
is to be provided by private enterprise."
New or Revised Series!
d
Dried Egg Production: 1
New Series for
Page S-27
[Thousands of pounds]
Year
1927..._
1928
1929
1930....
1931....
1932...
1933...,
3934....
1935
1936 . .
1937
1938....
1939...
1940
Total
556
218
202
489 !
553
2, 286
3, 796
4,300
3,000
Month
1941
1942
January...
February
March.
April
May
73
680
2,539
3, 518
2,857
2,853
3,299
2.855
3,654
7,227
7,457
8,269
10, 774
14, 567
19, 692
22, 524
22.192
22, 282
23,899
22, 539
21, 689
22, 839
19,508
13,144
June
July
August
September
October ..
November
1,486 | December
2, 391
6! 002
Total... 45, 280 235, 649
10, 039
7,487
Mo. avg... 3, 773 19, 637
1943
12,000
20, 878
23.885
29. 560
28, 472
23,889
20, 618
16,169
20,053
23,208
22,179
21, 061
261,972
21, 831
i Compiled by the 17. S. Department of Agriculture,
Bureau of Agricultural Economics, from reports obtained
from plants representing the entire industry. Data include the production of dried whole eggs, albumen, and
yolks.
SURVEY OF CURRENT BUSINESS
March 1945
S-l
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That
volume contains monthly data for the years 1938 to 1941, 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 1938. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where
historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer
to adjustment of monthly figures for seasonal variation.
Data subsequent to January for selected series will be found in the Weekly Supplement to the Survey.
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
1944
January
February
March
April
May
June
July
August
September
October
Novem- December
ber
BUSINESS INDEXES
INCOME PAYMENTS t
Indexes, adjusted:
Total income payments
-1935-39=100.
Salaries and wages
do_..
Total nonagricultural income
do.-_
Total
mil. ofdol.
Salaries and wages:
Total §
.do....
Commodity-producing industries
.do
Public assistance and other relief 1
do
Dividends and interest
do
Entrepreneurial income and net rents and royalties
.mil. of doL.
Other income payments.
do
Total nonagricultural income
do
241.3
268.1
238.3
13, 320
227.2
255.7
224.2
12, 541
232.4
261.1
228.7
12,206
231.9
258.8
228.7
12, 979
231.1
258.3
228.4
12, 582
232.1
259.1
229.2
12,387
233.9
261.7
231.1
13, 573
233.2
263.0
232.3
12,928
234.0
263.1
232.3
12, 586
232.5
262.0
231.9
13, 670
235.5
263.4
233.6
13, 684
237.5
264.7
235.3
13,253
' 239. 0
' 266. 9
r 236. 9
14,405
9,496
3,945
80
932
9,039
4,050
79
834
9,180
4,044
79
459
9,138
4,009
79
1,161
9,145
3,995
78
811
9,223
4,008
78
494
9,344
4,051
78
1,554
9,284
4,045
78
914
9,304
4,056
78
486
9,375
4,039
78
1,317
9,541
4,066
79
829
9,508
4,010
79
509
' 9, 653
r
4,002
80
1,827
2,356
456
12,100
2,275
314
11, 324
2,137
351
11,118
2,186
415
11,852
2,127
421
11,496
2,175
417
11, 242
2,189
408
12,396
2,241
411
11, 681
2,300
418
11, 269
2,474
426
12,178
2,801
434
11,877
2,716
441
11,583
2,396
••449
13,082
129
126
132
135
117
149
121
87
147
127
83
160
133
80
173
127
80
163
131
114
145
i38
131
143
159
180
143
189
238
153
164
178
154
••136
131
••139
143
147
140
143
130
153
150
127
167
156
143
165
123
74
161
146
133
156
154
139
165
141
116
180
135
117
150
133
105
154
129
109
144
142
142
142
150
155
148
137
127
••144
1,641
1,554
1,628
1,536
1,439
1,343
1,528
1,433
1,480
1,402
1,546
1,452
1,558
1,504
1,649
1,602
1,741
1,690
2,007
1,954
2,460
2,427
2,256
2,188
' 1,747
' 1,697
234.0
275.0
326.5
240.5
194.5
257.0
289.5
231.0
260.0
278.5
248.0
191.0
281.0
273.0
202.0
276.0
271.5
279.0
201.0
333.5
286.5
215.5
274.0
276.5
272.0
199.5
322.5
283.5
211.0
270.0
282.0
262.0
209.5
306.0
252.0
218.5
276.0
284.0
271.0
219.0
308.0
278.0
226.5
275.0
283.0
270.0
213.5
316.0
260.5
241.0
252.0
264.0
244.0
207.0
266.5
260.5
254.5
281.0
272.0
253.5
202.0
288.5
265.5
294.0
243.5
258.5
233.5
200.0
240.0
287.5
365.5
262.5
308.0
232.5
197.5
235.5
298.5
329.5
267.0
298.0
246.5
191.5
265.0
308.5
'
'
'
'
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings
_
1935-39=100..
Crops
-do
Livestock and products
-do
Indexes, adjusted:
Total farm marketings
do
Crops
.do
Livestock and products
-do.
Cash farm income, total, including Government payments*
-.
mil. of dol.
Income from marketings*
do...
Indexes of cash income from marketings:!
Crops and livestock, combined index:
Unadjusted
..1935-39=100.
Adjusted
do___
Crops
do...
Livestock and products
_
do._.
Dairy products
_do..Meat animals_do...
Poultry and eggs
_do.-.
255.5
263. 5
295.0
242. 5
192.0
••255.0
313.0
PRODUCTION INDEXES
Industrial Production—Federal Reserve Index
232
••230
232
234
236
235
236
234
237
240
238
240
Unadjusted, combined indexf
1935-39=100
248
••248
250
252
248
252
251
249
255
257
259
259
Manufactures!
-do..
341
342
348
345
354
349
343
357
J-342
361
366
363
367
Durable manufactures!
-do._
201
"198
206
204
202
203
202
210
213
196
214
212
208
Iron and steel!
do._
120
'113
130
125
133
127
135
128
125
v 116
122
124
121
Lumber and productsf
do_.
141
142
144
143
142
146
139
'143
142
149
150
*139
148
Furnituref
_
do_.
109
123
97
127
129
119
123
117
116
107
110
107
p 103
Lumberf
-do..
442
435
••431
437
434
'428
427
445
452
458
461
P433
r422
Macbineryt
_do__
243
263
229
279
233
245
238
292
285
287
285
Nonferrous metals and products!
do_.
234
268
243
247
282
252
246
293
252
283
280
280
Fabricating*
do._
'252
244
252
186
273
200
289
299
297
226
205
297
P186
Smelting and refining*
-do
191
169
165
••159
165
167
163
167
164
163
161
161
P160
Stone, clay, and glass products!
-do
163
94
90
82
79
102
74
67
68
100
100
70
Cement
do
95
125
124
••120
122
122
122
126
125
121
125
120
Clay products*._-do
121
213
228
202
225
218
227
205
216
213
204
208
Glass containers!
do
210
716
704
726
708
730
••704
734
746
707
695
754
Transportation equipmentf...
....do
••698
223
228
226
232
••233
238
233
244
229
226
'229
Automobiles!
_
do
••228
169
167
168
169
171
173
172
173
'171
171
173
Nondurable manufactures!
do...
173
151
143
127
127
115
128
111
168
146
198
159
Alcoholic beverages!
-..do...
159
316
310
323
325
344
360
362
309
'313
310
307
Chemicals!
do.._
308
408
411
410
408
406
405
405
395
'396
400
408
Industrial chemicals*
._
do.._
394
114
103
112
116
112
114
108
115
'113
111
' 121
Leather and products!
_
do...
118
107
111
110
116
113
106
103
112
114
107
118
Leather tanning*
_
do_._
116
117
100
114
116
116
114
112
117
'113
114
122
Shoes
_
do—
p 116
119
r
v Preliminary
Revised.
^Formerly designated "Direct and other relief."
§The total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.
•New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes through 1942 were computed
by the Department of Commerce in cooperation with the Department of Agriculture; later data are from the latter agency. Data for 1913-41 for the dollar figures on cash farm income
are shown on p. 22 of the May 1943 Survey but the annual totals have been revised beginning 1940; revised monthly averages based on the new totals are as follows (millions of dollars):
Cash farm income, total including Government payments—1940, 759; 1941, 979; 1942,1,339; 1943,1,660; income from marketings—1940, 695; 1941, 930; 1942,1,281; 1943,1,604; the monthly
figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial production are showm on p. 18 of the December 1943 issue.
!Revised series. Data on income payments revised beginning January 1939; for figures for 1939-41, see p. 16 of the April 1944 Survey and for annual totals beginning 1942, p. 20 of
February 1945 issue; complete revisions are available on request. The indexes of cash income from farm marketings have been completely revised; data beginning 1913 are shown
on* p. 28 of the May 1943 Survey. For revisions for the indicated series on industrial production, see table 12 on pp. 18-20 of the December 1943 issue.
S-2
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
March 1945
1944
1945
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
BUSINESS INDEXES—Continued
PRODUCTION INDEXES—Con.
Industrial Production—Continued
Unadjusted—Continued.
Manufactures—Continued.
Nondurable manufactures—Continued.
Manufactured food products!
1935-39=100,.
Dairy products!
do
Meat packing
_
do
Processed fruits and vegetables*...
do
Paper and products!
do __
Paper and pulpf - do
Petroleum and coal products!
do
Coke
.- _.
- do - .
Petroleum refining!
do
Printing and publishing!
_
_..do
Rubber products! _ .
_. _
do
Textiles and products!
do
Cotton consumption
do ._
Rayon deliveries
do
Wool textile production _.
.
do ._
Tobacco products...
..do
Minerals!
. _
do
Fuels!
do
Anthracite! _
do
Bituminous coal!
- . . .
do Crude petroleum
do
Metals
._
_.
_
do
Adjusted, combined index!
_ . . _ _ do ._
Manufactures
...
do
Durable manufactures
do __
Lumber and products
do
Lumber
_ _ _ _ do _
Nonferrous metals
do
Stone, clay, and glass products
__.do
Cement
do
Clay products*.
do
Glass containers
do
Nondurable manufactures
_ do
Alcoholic beverages
do
Chemicals
do
Leather and products .
do
Leather tanning*
_ _ _ _ _ _ do _
Manufactured food products.__
_
do
Dairy products
_ _ _ do
Meat packing _
do
Processed fruits and vegetables*
do
Paper and products
do .
Paper and pulp .
do
Petroleum and coal products _
do
Petroleum refining
do
Printing and publishing _ _
do
Textiles and products
do
Tobacco products
do
Minerals
do
Metals
do
P144
P88
P 171
v 104
P102
P237
v 152
145
217
125
P133
v 145
P97
P151
P147
P234
P251
P344
P 129
P123
v 167
v 127
v 176
P318
P 116
v 156
P132
146
v 160
p 105
p J52
126
v 140
Munitions Production
Total munitions*
1943=100
Aircraft*.. _ . . _
_. _
do
Ships (work done)*
do
Guns and fire control*
do
Ammunition*
do
Combat and motor vehicles*
do
Communication and electronic equipment*
do
Other equipment and supplies*
do ._
103
112
84
77
134
85
123
118
145
'83
225
91
136
134
226
174
234
101
242
149
150
186
154
124
133
142
119
161
137
82
243
262
369
133
125
285
168
86
129
213
176
131
364
108
103
154
»126
187
140
136
134
226
234
104
149
125
139
124
L
r r
'112
'136
112
102
' 1C0
97
'133
101
143
* 143
183
92
138
134
233
176
242
104
231
151
151
196
153
120
138
143
129
155
139
112
239
256
361
126
118
292
165
78
125
227
172
123
323
116
117
158
»137
198
152
138
134
233
242
101
151
126
140
122
147
»185
180
94
142
137
237
175
246
100
230
147
142
195
152
124
146
146
134
159
142
144
236
253
356
124
115
279
161
76
122
210
169
116
324
112
110
154
215
140
138
135
230
238
102
152
119
142
127
142
*113
187
85
137
134
234
174
243
101
242
151
150
191
155
117
133
141
123
155
138
86
241
259
364
129
119
287
167
83
131
216
175
137
341
112
107
159
»135
202
155
137
134
234
243
100
151
123
139
126
180
145
142
137
237
246
98
147
124
143
120
172
105
141
137
242
172
252
100
228
145
140
196
148
126
146
146
128
158
143
148
235
251
354
127
118
263
168
84
127
230
169
119
319
115
113
153
» 153
173
136
140
136
242
252
100
145
121
142
120
'111
'136
110
'99
109
'83
'123
99
' 115
'148
114
95
110
'82
'126
106
' 111
'136
'110
91
114
76
' 121
Mil
'111
'143
' 112
88
112
73
'122
105
'104
'138
'105
'84
112
76
'124
1C8
143
P94
207
89
139
136
230
176
238
101
244
152
151
187
159
114
136
145
143
162
139
85
244
262
367
131
122
285
168
88
131
212
177
126
359
111
105
158
P128
P!39
153
P225
162
169
132
128
247
172
259
89
227
139
139
193
131
127
143
143
118
151
142
142
230
246
347
124
114
244
165
86
124
222
165
128
314
105
113
153
P151
P139
175
130
133
129
247
259
95
139
122
139
117
169
112
142
137
251
264
102
141
126
142
114
'106
r 132
' 102
84
' 116
'75
' 114
102
'108
'127
'103
87
'121
'82
'115
113
166
159
P155
165
9 178
147
213
141
137
251
171
264
98
231
141
140
189
140
129
147
147
124
154
146
145
232
248
348
127
118
245
162
88
122
204
168
186
314
112
108
147
163
P221
P125
148
236
141
137
258
168
272
100
230
147
148
196
144
131
147
148
129
151
149
138
230
246
342
120
111
238
159
86
116
200
168
156
307
121
120
146
P 147
161
121
142
137
258
272
99
147
124
143
114
'108
'120
'101
§*'
'81
'124
'79
/ 115
115
155
v 108
175
133
143
138
'268
170
'283
107
'231
149
149
209
143
137
140
148
126
155
148
'89
232
248
341
122
J12
234
160
88
116
208
173
184
'307
116
112
' 154
'149
156
180
143
139
266
170
281
105
231
146
140
199
150
125
'144
148
133
152
148
123
232
248
344
120
109
233
161
88
115
212
169
166
'307
115
HI
' 156
P152
P94
184
114
134
132
267
167
282
'106
'237
'152
146
215
152
121
'131
'141
109
138
' 146
68
'232
r249
'343
'122
111
229
'163
90
'116
218
'173
169
'312
'114
115
' 154
P165
P145
154
139
143
139
266
281
103
146
120
143
112
158
145
143
138
'268
'283
103
149
135
143
'112
158
'146
135
132
267
282
'104
'152
131
137
111
'108
'115
[102
L'84
125
'82
' 122
'127
'106
' 109
'99
'79
'125
r
88
-•121
'121
'105
'108
rQ4
'79
'130
95
'116
'117
r
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES
302
324
314
316
280
299
261
New orders, index, total
Jan/1939—100. _
276
271
293
316
301
461
403
455
365
384
487
429
455
411
Durable goods
__
do
436
445
468
429
40S
439
381
416
275
272
415
257
Iron and steel and their products., _ _ _ do .
300
330
366
389
326
316
348
396
339
401
406
389
523
395
Electrical machinery
do
398
407
455
501
440
446
439
Other machinery
do...
291
361
441
370
319
450
633
592
613
590
577
595
557
611
556
626
621
Other durable goods
_
do
589
201
202
204
223
194
23C
Nondurable goods .
do
215
189
198
'226
201
208
263
264
274
279
271
269
279
Shipments,index, total! _
_ _ avg. month 1939=100
257
268
274
264
273
373
366
376
392
389
382
Durable goods
do
372
384
377
383
364
371
289
292
313
309
329
Automobiles and equipment
_
do
303
282
295
314
301
299
290
249
243
262
245
253
247
244
Iron and steel and their products
do
248
252
234
235
248
263
282
286
267
Nonferrous metals and products.
do
275
257
273
273
279
260
272
274
483
492
526
Electrical machinery..
do
521
485
513
508
515
429
483
492
452
396
389
390
Other machinery
do
402
392
425
407
427
382
401
408
411
2,412
2,506
2,468
2,310
2,372
2,644
Transportation equipment (exc. autos) _ _ do
2,672
2,561
2,436
2, 542
2,414
2,526
210
210
219
219
207
208
213
206
219
198
221
Other durable goods
do
204
203
193
187
193
201
194
Nondurable goods
do
193
196
198
182
190
208
207
207
215
211
Chemicals and allied products .
do
204
200
199
205
206
218
204
208
206
217
216
203
216
Food and kindred products
__
do
208
227
207
214
204
200
200
172
165
178
172
179
172
Paper and allied products _ .
do
175
174
179
176
180
162
194
185
187
192
176
178
184
189
206
Products of petroleum and coal*
.do
179
192
170
Rubber products .
do
295
288
297
342
293
299
290
295
293
316
274
189
Textile-mill products
do
184
184
189
192
200
2G2
195
162
185
200
182
Other nondurable goods
do
169
165
175
189
189
181
180
147
163
174
172
180
* Revised.
* Preliminary.
•New series. Indexes of munitions production for 1940-43 are shown on p. 24 of the February 1945 Survey; subsequent revisions in the 1943 data are available on request.
!Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the industrial production series, see table 12 on pp. 18-20
of the December 1943 issue. Seasonal adjustment factors for a number of industries included in the industrial production series shown in the Survey have been fixed at 100 beginning
various months from January 1939 to July 1942; data for these industries are shown only in the unadjusted series as the "adjusted" indexes are the same as the unadjusted. The
indexes of shipments have been revised beginning 1939 to incorporate corrections in company reports due to renegotiations and other revisions and to take account of changes in the
weighting factors; the series "products of petroleum and coal" has been substituted above for "petroleum refining" formerly shown; data for other series are shown on the revised
basis beginning in the February 1945 Survey and annual totals back to 1939 are on p. 22 of that issue; complete monthly revisions are available on request.
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
January
S-3
1944
January
February
March
April
May
SepAugust * tember
July
June
Novem- December
ber
October
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, S H I P M E N T S ,
AND INVENTORIES-Continued
Inventories:
Index, total
avg. month 1939=100.Durable goods
_
-do
Automobiles and equipment
-do
Iron and steel and their products
-do
Nonferrous metals and products*
do
Electrical machinery
do
Other machinery
do
Transportation equipment (except automobiles)
avg. month 1939=100..
Other durable goodsf
-do
Nondurable goods
....-do
Chemicals and allied products...
do
Food and kindred products
-_do
Paper and allied products
do
Petroleum refining..
do
Rubber products..
..do
Textile-mill products
.
do
Other nondurable goods
do
Estimated value of manufacturers' inventories*
mil. of. dol.-
179.1
212.0
238.2
135.6
155.9
339.5
219.9
177.7
208.6
240.6
131.1
154.8
336.8
222.7
176.7
207.2
244.7
126.8
155.6
338.1
227.2
175.2
204.9
241.5
124.1
154.7
330.3
229.2
173.7
204.0
240.3
125.7
U>3. 6
341.2
226.9
173.3
263.6
234.1
126.7
154.6
338.9
224.9
173.2
201.9
229.9
129.0
152.7
335.5
225.1
173.7
200.9
228.0
128.1
153.0
334.8
218.4
172.4
198.8
229.8
127.5
148.6
327.8
218.9
172.0
197.1
229.6
126.3
145.8
318.6
219.4
170.8
194.6
220.2
124.4
146.7
320.5
216.2
168.1
191.7
209.0
119.5
152.8
322.1
215.9
1,100.1
110.4
150.4
If 8. 2
179.1
131.3
105.3
179.6
129.1
154.0
1,039.6
108.2
150.7
160.3
177.0
133.4
106.0
185.2
125.8
157.1
1,012.6
106.7
150.0
161.4
173.8
136.1
107.5
187.6
123. 5
156.7
991.3
106.5
149.2
163.8
170.8
139.0
108.4
190.6
120.6
155.3
943.7
107.4
147.2
163.6
166.2
138.8
112.0
188.1
118.5
152.0
954.1
106.5
146.9
164.9
170.7
139.8
108.1
182.1
116.1
149.3
910.2
106.2
148.1
164.2
177.7
143.4
108.3
174.7
116.2
147.5
929.3
107.4
149.9
162.5
185.7
144.7
109.0
172.9
115.0
147.9
907.0
105.5
149.4
159.2
187.0
142.7
109.7
174.3
112.5
147.9
895.2
105.9
150.1
156.8
188.3
139.9
110.9
174.3
115.6
149.0
873.8
106. 4
149.9
154.8
184.7
136.2
110.8
176.1
118.3
151.8
836.2
107.4
147.3
157.1
174.5
135.4
108.5
17,805
17, 666
17,562
17,414
17,268
17, 229
17,215
17,266
17,139
17,100
16,973
16,704
93
6
116.3
154.1
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
(17. <S. Department of Commerce)
Operating businesses, total, end of quarter.--thousandsContract construction
An
Manufacturing
do
do. .
Wholesale trade
...
Retail trade
2,840.1
137. 4
227.0
1J5.0
1,330. 5
554.5
475.7
56.5
56.3
45.4
do
do
do
do
Service industries
All other
New businesses, quarterly
Discontinued businesses, quarterly
Business transfers, quarterly.
do-._do
INDUSTRIAL AND COMMERCIAL FAILURES
{Dun and Bradstreet)
Grand total
number.Commercial service. _
do
Construction
_- _ _
do....
do
Manufacturing and mining
do. .
Retail trade
do
Wholesale trade
..thous. of doLLiabilities, grand total
.do—.
Commercial service
Construction
.__
. _ . do
do.._.
Manufacturing and mining
do. .
Retail trade
...
do
Wholesale trade
-
80
8
10
34
26
2
5,883
2,622
120
13
132
22
96
9
13
19
11
31
50
32
49
10
5
1,708
105
3,108
369
1,460
173
13
28
43
2,854. 6
1 351.8
565.6
61.4
46.9
49.9
148
14
110
9
91
10
77
3
75
8
74
4
75
12
26
131
9
20
37
56
12
9
9
12
11
18
4
23
41
28
32
24
26
30
25
18
21
36
36
34
63
31
51
6
11
7
2,697
102
1,854
224
1,293
903
1,071
305
2,451
291
557
272
3,288
161
3,521
156
513
115
8
3,559
514
1,054
16
5
11
3,819
43
3,008
1,663
1,804
80
482
f 41
2,128
254
893
304
2,032
391
801
303
24
223
107
68
135
150
95
159
86
188
19
235
235
1, 682
1,111
939
1,119
1,024
1,248
1,222
1,142
1,146
1,159
1,460
1,506
1,520
193
197
165
170
350
163
228
192
194
161
168
350
164
230
193
191
156
166
355
162
214
186
209
194
201
192
188
155
162
358
170
206
166
207
196
200
194
187
164
161
357
171
205
196
189
165
157
368
168
195
200
196
167
160
364
168
206
855
183
209
115
249
159
144
123
4,065
155
4
6
9
3,524
57
318
2,676
338
273
1,076
385
BUSINESS INCORPORATIONS
New incorporations (4 states) .
number. -
COMMODITY PRICES
P R I C E S RECEIVED BY F A R M E R S f
U. S. D e p a r t m e n t of Agriculture:
Combined indext Crops
Food grain .
Feed grain and h a y
.
Tobacco
Cotton " "
Fruit
.
Truck crops
Oil-bearing crops
Livestock and products
M e a t animals
1909-14=100.do--.do....
— do
do
do
"do....
-
do...
do...do.-..
do.—
201
200
169
163
365
163
205
196
199
170
168
350
162
204
195
196
170
169
348
161
206
262
214
202
203
267
203
193
194
247
205
194
199
196
198
169
171
351
161
215
242
207
194
203
196
200
171
172
352
163
237
194
198
170
173
350
160
232
220
207
191
203
225
208
190
201
231
210
189
200
195
209
190
197
153
211
199
201
188
215
202
200
228
215
202
198
Dairy products
do...
202
201
201
199
196
194
192
194
196
198
201
203
203
P o u l t r y and e g g s " " - - .
do....
199
177
168
162
151
153
154
165
171
179
190
207
211
...-1923=100._
do.
- - " do...,
- do—..
"do
~-do..-_
105.7
94.2
112.1
95.8
91.0
114.9
103.9
91.2
111.1
95.1
90.8
110.5
103.4
91.6
109.6
96.0
90.8
110.6
103.4
91.7
109.2
95.3
90.8
111.5
104.1
91.9
110.1
95.3
90.8
112.8
104.4
92.3
110.7
96.3
90.8
113.2
104.4
92.5
110.6
95.1
90.8
113.3
105.0
92.5
111.9
95.1
fi0.9
113.3
105.1
93.0
111.9
95.1
90.9
113.4
105.0
93.2
111.5
95.1
90.9
113.6
105.1
93.6
111.1
95.1
91.0
114.2
105.2
93.9
111.1
95.2
91.0
114.7
'105.7
94.0
'112.3
'95.8
91.0
114.8
COST O F
LIVING
National Industrial Conference Board:
Combined index
Clothing
"
Food
Fuel and light
-—
Housing
"
Sundries."."—I—"
• New series. D a t a for inventories of nonferrous metals and their products were included in the "other durable goods" index as shown in the Survey prior to the M a y 1943 issue;
revised figures for the latter series and the index for nonferrous metals beginning December 1938 are available on request. For the estimated value of manufacturers' inventories for
1938-42, see p . 7 of the June 1942 Survey and p . S-2 of the M a y 1943 issue. For earlier figures for the series on operating businesses and business turn-over and a description of the
data, see tables on p . 10 of the M a y 1944 Survey and pp. 8-11 of the July 1944 issue and the accompanying text and notes on sources and methods.
t T h e indexes of prices received b v farmers are shown on a revised basis beginning in the March 1944 Survey; revised data beginning 1913 will be published in a subsequent
Issue D a t a for F e b . 15 1944, are as follows: Total, 199; crops, 197; food grain, 169; feed grain and hay, 164; tobacco, 360; cotton, 161; fruit, 211; truck crops, 223; oil-bearing crops,
215; livestock and products, 201; meat animals, 209; dairy products, 200; poultry and eggs, 183. See note marked " • " in regard to revision of the index of inventories of " o t h e r
durable goods" industries.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
January
March 1945
1944
January
February
March
April
May
June
July
SepAugust tember
October
Novem- Decem
ber
ber
COMMODITY PRICES—Continued
COST OF LIVING-Continued
U. S. Department of Labor:
Combined index
Clothing
Food
Fuel, electricity, and ice
Housefumishings
Rent
. ..
1935-39=100do
-- - do
do
do
-- - do
127.1
143.0
137.3
109.7
143.6
0)
123.1
123.8
135.2
134.5
110.3
128.7
108.1
118.7
123.8
136.7
134.1
109.9
129.0
108.1
119.1
124.6
137.1
134.6
109.9
132.9
108.1
120.9
125.1
137.4
135.5
109.8
135.0
108.1
121.3
125.4
138.0
135.7
109.6
138.4
108.1
121.7
126.1
138.3
137.4
109.7
138.7
108.2
122.0
126.4
139.4
137.7
109.8
139.3
108.2
122.3
126.5
141.4
137.0
109.8
140.7
108.2
122.4
126.5
141.9
136.4
109.8
141.4
126.6
142.1
136.5
109.9
141.7
122.8
122.9
127.0
142.8
137.4
109.4
143.0
i 108.3
123.1
135.3
135.0
135.1
136.3
137.0
137.5
138.2
138.6
138.9
138.8
139.0
139.6
99.1
103.5
136.1
108.5
133.5
166.7
131.0
102.4
103.8
134.5
108.1
133.5
163.0
130.5
99.9
103.8
134.1
108.0
133.6
162.9
130.6
99.9
104.0
134.6
108.0
133.6
168.8
130.0
99.3
104.3
135.5
108.1
133.5
172.8
130.3
98.6
104.4
135.7
108.4
133.5
174.0
129.8
98.5
104.4
137.4
108.6
133.6
176.9
129.3
98.5
104.6
137.7
108.5
133.6
175.7
129.0
98.5
104.6
137.0
108.6
133.6
169.9
129.0
98.6
104.7
136.4
108.6
133.6
162.9
129.4
98.6
104.7
136.5
108.6
133.6
160.7
129.7
98.7
104.8
137.4
108.6
' 133. 5
164.2
129.9
124.2
134.7
136.1
109.5
128.3
108.1
118.4
0)
0)
RETAIL PRICES
U. S. Department of Commerce:
139.7
All commodities, index*
1935-39=100
U. S. Department of Labor indexes:
98.7
Anthracite
1923-25=100 .
Bituminous coal
_ do .. 104.8
137.3
Food, combined index
- 1935-39=100
Cereals and bakery products*
_ do... _ 108.7
133.5
Dairy products*
do
168.9
Fruits and vegetables*
do
130.2
Meats*
__ _. _do_.
Fairchild's index:
Combined index
Dec. 31,1930=100.. 113.4
Apparel:
108.2
Infants'
..
do
105.4
Men's _
_... _ do
113.5
Women's
do
115.6
Home furnishings
_ do
112.2
Piece goods
. __ ._
«.
.
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 series)
1926=100.. P104.9
Economic classes:
PIOI.3
Manufactured products
. __ _ do
115.1
Raw materials
do
94.9
Semimanufactured articles
_ .
do
126.2
Farm products
do
129.3
Grains
.
do
131.1
Livestock and poultry
do
p100.1
Commodities other than farm products
do
104.7
Foods
do
94.7
Cereal products
do
110.8
Dairy products
...
do
114.4
Fruits and vegetables
do
106.4
Meats
.
do
Commodities other than farm products and foods
1926=100.. P 9 9 . 1
Building materials
. ..
do.. _ 116.8
110.4
Brick and tile
do
97.4
Cement
.
.
do
153.8
Lumber...
..
do
106.3
Paint and paint materials. _ . . .
do
94.9
Chemicals and allied products!
do
95.8
Chemicals
.
do .
106.9
Drugs and pharmaceuticalsf
do
81.9
Fertilizer materials
_.
do
102.0
Oils and fats
do
83.3
Fuel and lighting materials.do
Electricity
do
Gas
.
do
64.3
Petroleum products
do
117.5
Hides and leather products._ .
do
114.8
Hides and skins... .
do
Leather
do....- 101.3
126.3
Shoes
_.
do
Housefurnishing goods
Furnishings
do
do
Furniture
«...
Metals and metal products
Iron andnonferrous
MetalSj steel
Plumbmg and heating equipment
Textile products._
113.3
113.4
113.4
113.4
113.4
113.4
113.4
1J3.4
113.4
113.4
113.4
113.4
108.2
105.3
113.6
115.5
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.6
115.6
112.2
108.2
105.3
113.6
115.6
112.2
108.2
105.4
113.5
115.6
112.2
103.3
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
v 104.7
100.2
112.2
93.2
121.8
129.5
120.8
99.1
104.9
95.1
110.6
118.4
106.0
100.4
112.8
93.4
122.5
129.3
123.3
99.3
104.5
95.1
110.7
120.7
106.0
100.5
113.4
93.7
123.6
129.5
125.6
99.3
104.6
95.1
110.5
123.3
106.0
100.8
113.2
93.6
123.2
129.6
123.6
99.6
104.9
95.2
110.2
126.5
ioa2
100.9
113.0
93.7
122.9
129.7
122.6
99.7
105.0
95.0
110.3
126.8
106.6
100. §
114.2
93.8
125.0
127.2
123.0
99.6
106.5
94.7
110.3
137.7
106.1
100.9
113.6
93.9
124.1
125.2
123.4
99.6
105.8
94.3
110.3
129.9
105.9
100.9
112.7
94.1
122.6
122.5
125.4
99.7
104.8
94.3
110.5
122.8
105.9
100.9
112.8
94.7
122.7
121.7
127.6
99.7
104.2
94.4
110.7
115.9
106.0
101.0
113.2
94.8
123.4
125.1
127.1
99.8
104.2
94.7
110.7
112.7
106.0
101.1
113.8
94.8
124.4
124.8
127.0
99.9
105.1
94.7
110.7
113.7
106.1
v 101.1
114.6
94.8
125.5
127.5
126.9
v 100.0
105.5
94.7
110.7
116.2
106.2
97.8
113.5
100.2
93.6
147.6
103.5
r
98.0
113.6
100.1
93.6
148.4
103.9
'05.0
107.4
119.7
71.5
30.2
112.7
94.2
73.0
107.6
96.3
r 106. 3
81.3
102.0
82.3
59.4
76.7
63.5
117.2
112.9
101.3
126.4
104,5
107.1
102.0
103.7
97.1
85.9
91.8
97.7
107.0
112.9
71.7
30.3
112.5
93.2
73.0
106.0
96.3
r 106. 4
81.4
102.0
83.1
60.1
77.2
64.0
116.9
111.0
101.3
126.4
104.2
107.1
101.4
103.7
97.1
85.8
91.8
97.7
107.0
113.4
70.5
30.3
112.5
93.4
73.0
106.6
98.4
115.2
100.3
93.9
153.4
104.4
'95.5
96.3
••112.0
81.4
102.0
83.0
59.9
77.1
64.0
116.9
111.2
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
91.8
97.8
107.0
113.9
70.5
30.3
112.5
93.5
73.0
107.2
98.5
115.7
100.5
96.4
154.0
104.7
'95.5
96.3
' 112.0
81.4
102.0
83.2
59.0
78.4
64.0
117.0
111.9
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
92.4
97.8
107.0
113.9
70.5
30.3
112.5
93.5
73.0
107.2
98.5
115.9
100.6
96.4
154.0
105.7
••95.3
96.2
'112.0
79.9
102.0
83.3
59.3
79.3
64.0
116.4
108.4
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
92.4
97.8
107.0
113.9
70.6
30.3
112.5
93.5
73.0
107.2
98.5
115.9
100.7
96.4
154.2
105.5
'95.5
96.2
'112.0
81.1
102.0
83.2
59.5
78.9
64.0
116.2
106.8
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.7
92.4
98.0
107.0
114.0
70.6
30.3
112.9
93.6
73.0
107.2
98.6
116.0
100.7
96.4
154.4
105.5
'95.5
96.2
'112.0
81.2
102.0
83.2
59 0
76.0
63.9
116.0
105.7
101.3
126.3
104.4
107.4
101.4
103.8
97.1
85.8
92.4
98.4
107.0
115.9
70.6
30.3
112.9
93.6
73.0
107.2
98.6
116.0
101.5
96.9
154.0
105.5
'94.9
96.0
' 106.9
81.2
102.0
83.0
60.3
76.8
63.8
116.0
106.1
101.3
126.3
104.4
107.4
101.4
103.8
97.2
85.8
92.4
99.2
107.0
118.7
70.8
30.3
112.9
93.6
73.0
107.2
98.7
116.3
104.8
97.5
153.8
106.0
'95.0
96.0
' 106.9
81.8
102.0
82.9
59.6
76.0
63.8
116.2
107.3
101.3
126.3
104.4
107.4
101.4
103.7
97.1
85.8
92.4
99.4
107.4
118.8
71.5
30.3
112.9
93.6
73.0
107.2
98.8
116.4
105.0
97.7
153.8
106.3
'94.8
95.5
' 106. 9
81.8
102.0
83.1
60.1
77.3
63.8
116.2
107.1
101.3
126.3
104.4
107.4
101.5
103.7
97.1
85.8
92.4
99.4
107.4
118.8
71.5
30.2
112.9
94.0
73.0
107.2
P98.9
95.0
98.1
114.2
100.3
93.6
150.7
104.4
••95.0
96.3
' 106. 4
81.4
102.0
83.0
59.0
76.7
64.0
116.9
111.2
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
91.8
97.8
107.0
113.6
70.5
30.3
112.5
93.5
73.0
107.2
74.6
63.8
117.4
114.0
101.3
126.3
104.4
107.4
101.5
v 103. 8
97.2
85.8
92.4
99.5
107.4
119.2
71.5
30.2
112.9
94.2
73.0
107.3
76.7
78.7
72.7
53.0
77.9
80.5
73.4
54.3
77.6
80.8
74.2
54.6
77.5
80.8
74.5
54.3
77.4
80.3
74.2
54.3
77.4
80.0
73.7
54.8
77.1
79.7
73.6
55.1
77.3
79.3
72.7
55.4
77.4
79.1
72.5
55.1
77.4
79.1
72.9
55.4
77.3
79.1
73.2
54.8
77.1
79.0
73.2
54.3
76.8
78 7
72.7
53.2
104.5
107.5
101.5
do
p 104.0
do
97.7
do . . .
85.9
do
92.4
do
99.6
do
Clothing
do
Cotton goods
do . .
Hosiery and underwear
do
Rayon
_
_
do _
Woolen and worsted goods
do
Miscellaneous
_» .
do
Automobile tires and tubes.
do
Paper and pulp
do
Wholesale prices, actual. (See respective commodities.)
116.4
105. 3
97.5
153.8
106.3
'94.8
95.6
' 106.9
81.8
102.0
83.1
PURCHASING POWER OF THE DOLLAR
As measured b y Wholesale prices
Cost of living. _
Retail food prices
Prices received by fannersf.
1935-39=100
do
do .
do_..
» Preliminary.
* Revised.
December 1944 index based on rents in 20 large cities, assuming no change in cities not surveyed; rents not collected for other months.
*New series. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey; minor revisions have been made in
the figures published prior to the Februaryl945 Survey; 1939-43 revisions are available on request. Data beginning 1923 for the indexes of retail prices of the food subgroups are available on request; the combined index for food, which is the same as the index under cost of living above, includes other food groups not shown separately.
t Revised series. The indexes of wholesale prices of chemicals and allied products and drugs and Pharmaceuticals have been revised beginning October 1941 owing to a change
in the method of computing the net tax applicable to the quoted price of undenatured ethyl alcohol and a reduction in the weight assigned to this commodity; revised figures
for 1941-43 will be published later; the revision has not been incorporated in the all-commodities index, which would be affected only fractionally, or in the indexes for manufactured
products, commodities other than farm products, and commodities other than farm products and foods. The index of purchasing power of the dollar based on prices received by
armers has been shown on a revised basis beginning in the April 1944 Survey.
1
March 1945
SURVEY OF CURRENT BUSINESS
_ : . . ,.
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
—.
- -„
, ,
=
1945
January
S-5
—*
=z
October
Novem- December
ber
1944
January
February
March
April
May
June
July
SepAugust tember
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction, total
mil. of dol._
Private, total
_
do
Residential (nonfarm) __ .
do
Nonresidential building, except farm and public
utility, total
mil. of dolIndustrial
.
do
Farm construction
._
do
Public utility
do
Public construction, total
do
Residential
__
do
Military and naval
do
Nonresidential building, total
do
Industrial
do
Highway _
_
do
All other
do
*>282
p 127
*>27
342
123
50
323
123
46
310
125
44
320
127
45
333
130
45
340
138
46
342
141
45
357
142
42
344
141
39
328
136
35
'•311
130
32
'284
' 126
'30
p 52
24
15
9
40
219
30
75
75
68
20
19
25
16
10
42
200
24
66
73
66
19
18
26
17
12
43
185
21
54
73
63
18
19
26
17
13
43
193
20
60
71
62
22
20
28
18
14
43
203
19
67
68
58
26
23
30
20
15
47
202
17
62
67
57
32
24
31
20
18
47
201
16
67
62
50
34
22
33
20
21
46
215
13
68
75
63
34
25
35
20
19
48
203
9
59
79
64
32
24
37
21
16
48
192
8
'52
78
••65
31
22
39
23
13
46
' 181
8
49
'80
'67
25
19
'44
'27
10
42
'158
7
'40
45
24
55
29
38
18
45
21
40
18
40
17
41
19
36
17
40
19
33
16
41
16
34
15
43
14
38
14
43
13
41
13
40
13
39
13
39
13
42
13
40
13
46
13
' 40
12
r
51
14
10,272
159,238
121,875
37,363
8,577
137,246
108,812
28., 434
9,927
176,383
133,264
43,119
9,877
179,286
132,845
46,441
10,115
144,202
97,958
46,244
8,309
163,866
121,924
41,942
8,830
190, 539
148,191
42,348
8,204
169,341
124,913
44,428
9,105
175, 739
127, 001
48, 738
9,266
144, 845
101, 612
43, 233
8,848
164,850
102, 522
62,328
' 7, 441
188,481
114,175
74, 306
2,594
11,185
67,908
2,413
11,770
57,, 269
2,546
11,863
79,960
2,616
12, 289
69,491
2,888
8,027
53,897
2,726
10,265
62, 520
3,435
14,508
84,199
2,831
12,127
76,637
3,148
15, 674
87,175
3,099
11,485
68,841
3,271
17,173
93, 604
2,788
19,193
97,933
6,841
8,896
40,997
5,239
5,359
24,, 861
5,914
7,533
35,164
5,886
8,225
37,772
5,499
7,251
34,476
3,942
6,477
30,622
3,854
4,964
25, 813
3,886
4,902
23, 273
4,217
4,444
24,4/0
4,764
6, 298
23, 805
4,481
4,734
23, 288
r
494
26,241
563
23,466
1,059
32,596
095
40,097
1,355
36,137
1,264
38,929
1,203
47,143
1,168
48, 693
1, 371
40, 353
973
34, 462
720
22,686
831
38, 784
343
24,092
362
31, 650
408
28,663
380
31,926
373
19,692
377
31,795
338
33,384
319
20, 738
369
23, 741
430
17,737
-376
25, 272
429
27, 862
P34
P 9
•P
39
v 155
v7
v 43
p 72
p 61
•p 15
p 18
65
17
17
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100..
P38
v 11
Residential, unadjusted
do
P46
Total, adjusted
. . do
Residential, adjusted
do
p 13
Contract awards, 37 States (F. W. Dodge Corp.):
7,210
Total projects _. . _
number
140,949
Total valuation
_
.
thous. of dol
Public ownership
do
74,960
65,989
Private ownership.. _
do
Nonresidential buildings:
2,227
Projects .
.
number
Floor area
thous. of sq. ft.. 11,374
81,614
Valuation
_thous. of dol..
Residential buildings:
4,268
Projects
_
number..
3, 703
Floor area
thous. of sq. ft..
19, 536
Valuation
thous. of dol_.
Public works:
Projects
number
445
23,836
Valuation
thous. of dol
Utilities:
270
Projects
number
Valuation
thous. of dol.. 15,963
Indexes of building construction (based on bldg. permits,
U.S. Dept.of Labor):f
29.1
Number of new dwelling units provided. 1935-39=100..
Permit valuation:
37.7
Total building construction
_
do
21.8
New residential buildings
do
35.9
New nonresidential buildings
do
78.1
Additions, alterations, and repairs.. .
do
Estimated number of new dwelling units in nonfarm
areas (U. S. Dept. of Labor):
Total nonfarm (quarterly)*
number
5,046
Urban, totals
_
do
4,095
1-family dwellings
do
213
2-family dwellings
do
738
Multifamily dwellings
do
Engineering construction:
Contract awards (E. N. R.)§
_thous. of dol.- 88,193.
3,393
4,872
23,902
64.5
52,2
71.9
55.3
64.3
67.5
50.3
47.5
38.6
43.7
46.1
'46.4
49.9
48.6
44.7
66.4
43.2
41.9
35.9
65.1
52.6
55.5
39.2
80.7
51.3
43.7
47.5
78.2
62.2
51.4
60.8
90.1
66.3
55.1
64.1
97.5
51.7
42.0
41.9
98.5
48.9
39.7
41.3
88.5
46.4
31.9
39.1
97.6
57.0
32.5
61.4
100.2
51.4
32.9
46.8
104.7
39.8
'r 32. 5
33. 0
'73.6
11,016
9,051
977
988
9,050
7,351
409
1,290
48,925
12, 361
10, 261
1,165
935
9,592
7,423
1,003
1,166
10,923
8,161
956
1,806
48, 278
11, 558
9,139
1,393
1,026
9,180
7,603
860
717
8,238
6,408
655
1,175
38, 608
6,686
5,406
575
705
7,573
5,979
733
861
7,950
6,468
612
870
156,518
117,878
175, 726
145,040
138,857
157, 811
158, 561
211,251
117,919
127,195
129,740
93, 257
1,046
708
96
242
2,424
1,670
325
429
3,317
2,753
238
325
1,863
1,109
334
421
2,607
1,352
672
583
5,743
3,289
1,611
843
3,966
2,736
808
423
2,812
1,046
1,124
642
2,712
962
1,186
564
1,204
456
238
510
2, 644
1,497
713
435
2,342
839
1, 092
r
33,174
' 8, 045
7, 029
568
448
r
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:!
Total
thous. of sq. yd._
Airports
do
Roads
.
do
Streets and alleys
... . .
do
1,070
541
342
187
411
CONSTRUCTION COST INDEXES
231
227
227
221
Aberthaw (industrial building).. . . . ._ .1914=100
American Appraisal Co.:
266
265
263
262
260
260
261
258
259
256
260
256
Average, 30 cities __ .
„
1913=100
267
267
268
268
270
271
267
267
262
264
267
267
Atlanta
do
268
269
270
266
266
268
262
262
266
260
266
259
New York
_
do
234
234
236
236
236
238
239
239
241
241
234
237
San Francisco
_
do
252
252
252
254
254
255
256
252
250
252
252
250
St. Louis
do
224.2
224.2
225.0
225.7
223.8
223.8
222.0
223.0
221.0
222.0
223.8
223.8
226 8
Associated General Contractors (all types)...1913=100..
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
121.6
118.4
119.0
119.0
121.8
118.0
118.0
114.1
116.2
116.8
116.8
118.0
Atlanta
U. S. av., 1926-29=100
121.8
151.9
151.9
153.4
153.1
151.7
145.5
151.4
151.4
145. 3
150.8
145. 2
150.8
153.1
New York
.
.
do
140.8
142.0
142.0
143.2
143.2
137.3
139.6
140.5
140.5
139.6
135.3
136.7
143.2
San Francisco
do
138.1
140.0
142.4
134.2
136.7
138.1
135.3
135.3
132.4
135.7
135.7
134.8
142.4
St. Louis
_. do
' Revised.
p Preliminary.
§ Data for March, June, August, and November 1944 are for 5 weeks; other months, 4 weeks.
{Data published currently and in earlier issues of the Survey cover 4- and 5-week periods, except that December figures include awards through December 31 and January figures
begin January 1; beginning 1939 the weekly data are combined on the basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when it
is included in figures for the preceding month (exceptions were made in the case of weeks ended Apr. 3,1944, and Feb. 3, 1945, which were included in the preceding month).
«JThe data for urban dwelling units have been revised for 1942-43; revisions prior to March 1943 are available on request.
*New series. Data beginning January 1944 for the series on new construction are revised joint estimates by the U. S. Departments of Commerce and Labor and the v\ ar Production Board; see note marked '•*" on page S-5 of the January 1945 Survey for sources of earlier data. The series on residential (nonfarm) construction has been revised back to January
1939 to exclude additions, alterations, and repairs, and the revision incorporated in the totals (for revised annual data for 1939-43, see p. 22 of February 1945 issue). Except for this
revision, data for 1929-43 are correct as published m issues of the Survey referred to in the footnote on p. S-5 of the January 1945 issue; however, additional minor revisions in the 1942
and 1943 data are expected. The quarterly estimates of total nonfarm dwelling units include data for urban dwelling units shown above by months and data for rural nonfarm dwelling units wnich are compiled only quarterly; for .1940 and 1941 data, see p. S-4 of the November 1942 Survey (revised figures for first half of 1942—1st quarter, 138,700; 2d quarter.
166,600); annual estimates for 1920-39 are available on request.
tRevised series. Data have been revised for 1940-43; revisions prior to March 1943 are available on request.
http://fraser.stlouisfed.org/
630255—45Federal Reserve Bank of St. Louis
S-6
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
March 1945
1944
1945
February
January
March
June
May
April
July
August
September
October
Novem- Decem
ber
ber
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST
INDEXES-Continued
E. H. Boeckh and Associates, Inc.—Con.
Commercial and factory buildings:
Brick and concrete:
Atlanta
U. S. average 1926-29=100..
New York
. do.—
do .
San Francisco
do
St. Louis
Brick and steel:
Atlanta
do
New York
do .San Francisco
St. Louis
Residences:
Brick:
do....
Atlanta
do
New York
San Francisco
do .
St Louis
Frame:
do
Atlanta
do ._
New York
. do_ —
San Francisco.
St Louis
1913=100..
Engineering News Record (all types).
Federal Home Loan Bank Administr ation:
Standard 6-room frame house:
Combined index
_ 1935-39=100..
do .
Materials
do
Labor
121.5
155.9
145 7
144 9
113.8
147.6
139.4
134.0
115.4
147. 7
140.5
135.8
115.7
147.8
140.4
136.0
116.8
154.4
143.1
136.7
116.8
154.4
143.1
136.7
118.4
154.8
143.8
136.9
118.4
154.8
143.8
136.9
118.6
155.0
144.0
137.9
119.3
155. 2
145.0
138.1
119.3
155.2
145.0
138.1
121.4
156.3
145.0
139.6
121.5
155.9
145.7
144.9
122 1
153 3
147 2
143.2
114.8
144.6
137.7
132.3
116.7
144.8
138.9
134.5
117.2
145.1
139.0
134.6
118.2
151.0
142.4
136.8
118.2
151.0
142.4
136. 8
119.1
151.6
143.4
137.1
119.1
151.6
143.4
137.1
119.6
152.0
143.8
137.8
119.8
152,4
146.1
139.4
119.8
152.4
146.1
139.4
122.1
153.6
147.1
141.1
122.1
153.3
147.2
143.2
129.4
157 9
145 3
146 7
116.9
148. 3
134, 6
132.1
120.5
149.0
136.6
135.6
122.3
150.1
136.6
137.7
122.5
152.6
137.5
137.7
122.5
152.6
137.5
137.7
124.1
154.2
140.0
138.6
124.1
154.2
140.0
138.6
126.2
155.7
141.4
140.9
126.5
156.5
143.4
141.8
126. 5
156. 5
143. 4
141.8
129.9
158.6
145.3
144.7
129.4
157.9
145.3
146.7
131 2
159 5
143.4
146 2
303.7
117.0
149.4
131.8
131.0
295.1
121.3
150.3
134.1
135.4
295. 3
123.6
151.6
134.2
137.7
297.7
123.8
153.1
134.7
137.7
298.0
123.8
153.1
134.7
137.7
298.7
125.4
155.1
137.8
138.9
299.9
125.4
155.1
137.8
138.9
300.4
128.1
157.3
139.6
141.8
300.5
128.3
157. 9
141.2
142.3
301.1
128.3
157.9
141.2
142.3
301.1
131.6
160.3
143.4
145.0
302.0
131.2
159.5
143.4
146.2
302.5
134.6
131 7
140.3
130.6
127.8
136.1
131.4
128.8
136.5
131.7
129.1
136.8
132.2
129.7
137.0
132.7
130.3
137.3
133.0
130.8
137.5
133.1
131.0
137.3
133.3
131. 3
137.3
133.7
131.2
138. 5
* 133. 9
' 131.3
' 139.1
134.4
131. 5
' 140.1
' 134. 5
r
131. 5
' 140.3
29,998
6,082
56,821
5,385
51,304
5,440
52,334
5,494
60,747
5,544
57,926
5,601
65. 333
5,653
41, 429
5,713
42, 457
33.865
5^845
37,982
5,910
29, 661
5,970
26,960
6,025
354, 578
301,949
309,644
368,240
369, 268
405,095
421, 631
411,136
416,185
422,839
393, 639
360, 227
102, 301
80,978
98,164
116,130
122,643
132,523
140, 709
125, 036
134,455
135, 228
118, 374
111, 138
3,772
77, 395
11,267
1,868
7,999
7,872
55,000
9,976
1,521
6,609
11,195
66,138
11,955
1,960
6,916
9,127
81,846
14,422
2,266
8,469
13,484
85, 568
13, 491
2,679
7,421
7,338
98,872
14,415
2,967
8,931
9,663
103,276
14,963
2,957
9, 850
7,078
93, 232
13, 871
2,841
8,014
7, 5S9
105,050
14,152
3,067
8,816
5,923
101,884
14,495
3,160
8,993
6,095
101, 461
15, 253
2,699
9,720
4,635
90,182
13,265
2,507
7,785
5,244
81, 508
13, 555
2,127
8,704
106
115
114
99
83
72
136
114
95
81
100
131
1,318
1,300
1,279
1,260
1,240
1,199
1,177
1,155
1,133
1,111
1,091
11.7
38,572
13.7
38,280
12.7
39,084
10 0
34,746
10 9
32,815
9 8
30,618
11 2
31,448
10 2
32,173
11 4
33, 847
10 9
48, 694
T
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Gross mortgages accepted for insurance.thous. of doL
Premium-paying mortgages (cumulative) mil. of dol.
Estimated total nonfarm mortgages recorded ($20,000
and under)*
thnns. of dol
Estimated new mortgage loans by all savings and loan
associations, total
thous. of dol
Classified according to purpose:
Mortgage loans on homes:
do...
Construction
Home purchase
do...
Refmancing
do.._
Repairs and reconditioning
...do...
do
Loans for all other purposes
Loans outstanding of agencies under the Federal Home
Loan Bank Administration:
Federal Savings and Loan Assns., estimated mortgages outstandingt
mil. of dol
Fed. Home Loan Banks, outstanding advances to
member institutions
mil. of dol
Home Owners' Loan Corporation balance of loans
outstanding
... .
mil. of dol.
Foreclosures, nonfarm :f
1935-39*= 100
Index, adjusted
Fire losses
.
. . . _ _ thous. of dol
1,927
44,865
5,782
430, 776
138,
674
2 025
1,973
128
1, 220
11 4
10 3
30, 5r»5 1 32,706
2, 058
i
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted :f
Printers' Ink, combined index.
1935-39*= 100..
Farm papers
do
Magazines
...do
Newspapers
do
Outdoor
do
Radio
do
Tide, combined index*
._
...1935-39=100..
Radio advertising:
Cost of facilities, total.
thous. of doL.
Automobiles and accessories
do
Clothing,.
...do
Electrical household equipment
do
Financial
.do
Foods, food beverages, confections
do
Gasoline and oiL.
do
Housefurnishings, etc
do
Soap, cleansers, etc
...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.._.
148.0
171. 9
130.3
138.6
141.2
109.7
139.0
247.9
150.0
128.2
131.8
138.0
104.8
147.1
270.7
144.8
125.1
133. 6
130.4
104.3
144.5
252. 5
135.5
122.3
133.4
130.0
98.7
122.7
288.6
135.1
124.7
137. 3
141.8
100. 4
113.2
285. 3
142.6
131.7
1 £3. 4
]fi0.8
105.1
107. 5
299.9
149.4
137.1
1C6. 3
183.4
105.9
112.8
326.8
161.2
143. 5
lf'0. 2
184.7
112.3
114.0
339.5
176.4
' 135.6
165.8
160.3
105.1
154. 5
•• 329.2
366.2
128.9
162.1
158. 2
103.1
123.7
' 275. 8
149. 4
133. 6
159. 4
152. 1
107.9
155.5
' 280. 6
150.3
127. 0
154. 2
168. 4
98.0
167.2
270.0
145. 3
15,424
774
187
101
177
4,290
662
108
936
1,742
4,274
2,172
14, 704
757
177
81
158
4,072
634
93
934
1,662
4,081
2,054
15,993
782
179
81
172
4,502
675
108
1,008
1,817
4,379
2,291
15,652
811
167
110
178
4, 375
663
136
920
1,628
4,208
' 2, 456
16,138
819
159
88
153
4,652
640
115
1,017
1,657
4, 573
2. 265
15,128
796
115
89
162
4, 4C&
588
122
944
1, 55f.
4,212
2, 136
15,340
893
119
111
180
4,158
612
164
935
1, 580
4.293
2, 296
15. 543
'784
136
89
167
4,194
628
158
1.133
1,623
4. 563
2.067
15,712
716
151
97
189
4,272
589
161
1,091
1,551
4,419
2,476
17,470
821
150
106
192
4,671
643
155
1,151
1,517
4.746
3,317
16,626
779
161
91
169
4, 575
604
155
1,109
1,511
4,537
2, 936
16,947
772
156
114
213
4, 679
715
178
1, 083
1,569
4,952
2.516
17,748
1,117
691
426
21,079
1,416
1,256
542
j 22,851
i 1,417
I 1,963
I
636
24,894
1,721
1,962
705
24, 280
1, 844
1, 724
713
21, 703
h 773
1. 192
609
20,027 j 19.921
1,831 I
1,694
609
1,382
531 '
627
25,127
1,859
2. 445
694
27, 247
2,038
2,351
871
24,952
1,906
1,932
832
23,174
1, 573
1, 530
801
nd data for January
—r-~
— ~
_._.. b ^ «.,japiled by J. K. Lasser & Co. for "Tide" magazine; the index
includes magazine and newspaper advertising, radio (network only prior to July 1941 and network and national spot advertising beginning with that month), farm papers, and outdoor
advertising, for which separate indexes are computed by the compiling agency; the newspaper index is based on linage and other component series on advertising costs; data beginning
1936 are available on request.
fRevised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p. S--6 of the M ay 1943 Purvey. Indexes of advertising from Printers'
Ink have been published on a revised basis beginning in the April 1944 Survey: revised data beginning 1914 will he published later.
SURVEY OF CURRENT BUSINESS
March 1945
S-7
1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
March
April
May
June
July
August
September
Octo- Novem- December
ber
ber
DOMESTIC TRADE—Continued
ADVERTISING—Continued
Magazine advertising—Continued.
Cost—Continued.
Financial
_
__thous. of doL.
Foods, food beverages, confections
do
Gasoline and oil—.
_„_
do
Housefurnishings, etc
do
Soap, cleansers, etc
do
Office furnishings and supplies
do
Smoking materials
do
\
Toilet goods, medical supplies
.--.do
i
All other
do...... I
Linage, total
thous. of lines., j
Newspaper advertising:
Linage, total (52 cities)
do....
Classifieddo..
-•
-Display, total
do.
Automotive
do.
Financial
do.
General
__.do
Retail
_
do.
3, 572
97,927
24,080
73,837
1,868
2,004
17,124
52,841
385
2,798
244
408
383
221
901
2,999
7,176
3,089
101,892
24, 991
76, 901
1, 571
2,056
17,864
55,410
419
3,420
329
547
675
320
774
3,855
7,527
3,354
452
3,597
408
805
687
357
836
3,930
7,763
3,537
481
3,581
545
1,061
804
426
969
4,219
8,417
3,709
99, 937 117,751 116,471
23, 775 26,377 27,168
76,162 91, 374 89,303
2,040
3,026
1,656
1,638
1,587
1,320
18,973 21, 769 21,713
54, 212 65, 927
476
3,619
593
1,154
697
440
959
4,086
7,973
3,456
417
3,153
498
985
722
313
830
3.863
7,348
2,993
117,776 112,631
27,854 25, 929
89, 922 86, 702
3,527
3,256
1,327
1,497
22,164 21,062
62,904 60,887
365
3,088
528
485
558
254
794
3,658
7,326
3,277
281
2,822
493
585
551
301
667
3,584
6,935
3,541
497
3,855
423
1,417
'750
379
1,050
4,744
8,873
4,088
441
3,691
385
1,059
641
456
1,001
4,588
8,019
3,772
379
3,293
279
1,051
487
436
973
3,977
8,395
3,212
97,130 105,892 112,592 129,177
26, 009 27, 390
25,883
24,139
72, 991 80, 009 86, 583 101, 787
2,283
2,923
2,786
3, 243
1,278
1,758
1,222
1,588
19, 870 25, 599
18, 234 17,881
50,076
58,120 63,151
71,357
128, 243
25, 317
102, 926
3,219
1,560
25,163
72,984
121,751
24,058
97,693
1,949
1,534
20,631
73, 578
86.4
'87.3
87.0
475
3,324
488
1,145
598
526
901
4. 119
8,553
3,992
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total.
POSTAL BUSINESS
Air mail, pound-mile performance
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
NumberValue
millions.
7,166
thousands..
thous. of dol— 153,951
__ .thousands.. 15,140
thous. of dol— 208, 793
85.6
86.2
86.7
86.1
7,045
6,587
7,339
7,009
6,140
100,031
6,102
112,171
14, 789 14,536
182, 332 185,538
87.4
8,078
87.5
8,379
8,672
87.9
5,639
5,481
5,938
182, 796 110, 676 111, 672 112,130
5,532
5,297
5,383
110, 964 126, 553 120,021
5,783
129,732
5,879
129,781
6, 639
144,872
19, 792 15,596
329,082 238,989
13,318
175,852
12.964
13,195
11,915
161, 568 179, 272 185,190
13, 639
194,334
14,281
200,810
14,120
197,557
22,440
14, 778
7,662
24,045
16, 327
7,718
152.7
157.9
143.
162.7
174. 5
142.0
163.6
174.4
144.6
162.5
172.7
144.5
24, 499
16,741
7,758
166.7
178.8
145.4
168.2
180.6
146.5
13,715
171,884
CONSUMER EXPENDITURES
Estimated expenditures for goods and services:*
Total
_
,
mil. of doll.
Goods
_
...do
Services (including gifts)
do
Indexes:
Unadjusted, total
1935-39=100..
Goods
do
Services (including gifts)..
do
Adjusted, total
do
Goods
do
Services (including gifts)
do
v 26, 646
p 18, 839
»7,807
P181.3
P201.2
v 146. 3
v 170.4
P183.8
P146.8
RETAIL TRADE
All retail stores:t
4,883
5,463
5,981
6,214
4, 753
7,445
5,581
5, 513
5,717
5,487
5,856
6,135
5,710
Estimated sales, total
mil. of dol—
876
651
628
744
774
838
830
1,004
777
914
848
892
Durable goods stores
....._
do
898
228
182
222
207
231
229
286
247
223
234
273
258
Automotive group
do
244
151
128
151
163
214
156
142
160
195
172
Motor vehicles..
do
178
170
167
77
55
72
56
62
78
68
73
81
63
Parts and accessories
_
...do
77
80
77
307
222
333
232
340
272
268
312
296
314
286
Building materials and hardware.
...do
340
336
187
135
193
205
169
150
192
192
160
171
158
Building materials
do
217
211
29
25
41
42
25
21
36
31
26
33
Farm implements—
do
37
33
90
62
99
94
74
60
77
88
103
Hardware
do
88
92
86
240
162
226
209
183
154
282
191
208
214
195
Homefumishings group
do
189
236
192
125
184
168
144
116
150
226
156
171
Furniture and housefurnishings
do
165
149
188
49
38
41
42
39
39
42
39
43
56
Household appliance and radio
.do
43
48
40
101
61
70
70
62
58
52
89
213
75
Jewelry stores
_
do
82
70
61
4, 719
4,233
5,338
4,125
4,807
6,441
5,150
5,237
4,710
4,817
Nondurable goods stores
.
do
4,941
4,878
4,665
424
507
680
406
574
946
605
637
508
567
Apparel group<
do
560
487
421
110
173
86
90
117
267
135
128
Men's clothing and furnishings
_do
154
128
102
130
93
248
308
207
204
297
406
291
256
Women's apparel and accessories._.
do
302
256
240
216
188
100
58
70
57
77
146
85
91
79
Family and other apparel
do
72
79
70
61
99
79
59
69
126
83
94
Shoes..
_
do
104
96
75
90
90
79
239
228
212
202
225
328
241
217
Drugstores
do
246
233
237
230
235
805
803
711
743
670
844
812
749
Eating and drinking places.-.
do
818
840
774
769
778
1,540
1,582
1,429
1, 368
1,493
1,799
1,687
1,494
Food group
.
do
1,641
1,604
1,579
1,612
1,661
1,162
1,096
1,138
1,047
1, 356
1,193
1,284
1,138
Grocery and combination
do
1,209
1,248
1,229
1,197
1,267
378
333
321
389
355
443
403
356
Other food
.do.
394
393
382
382
394
207
191
220
187
223
207
Filling stations
do.
225
224
201
227
231
235
232
772
669
1,116
1,464
859
690
1,011
834
General merchandise group
do.
940
833
884
819
735
405
487
744
929
423
552
Department, including mail order
do
593
651
507
508
543
494
416
General, including general merchandise with
96
101
121
143
108
96
food.
mil. of dol—
121
112
120
116
118
116
120
Other general merchandise and dry goods
84
74
73
117
87
168
mil. of dol..
105
94
110
102
94
96
100
94
98
135
112
Variety
do
224
122
121
130
119
111
115
114
662
597
602
695
707
836
Other retail stores
do
642
648
675
681
635
644
604
170
175
187
195
222
174
Feed and farm supply
.do
181
217
188
226
176
196
181
170
148
133
117
150
144
107
122
116
118
Fuel and ice
do.
116
117
101
122
99
105
131
123
179
125
107
128
109
Liquors
do.
123
112
116
200
175
176
253
212
339
229
203
243
227
Other
—
do.
220
219
206
r
p Preliminary. Revised. § See note marked " § " on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
•New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14), are now compiled quarterly only (data are
quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series (see p. 5 of the February 1945 Survey for 1941-44
dollar totals and p. 13, table 10, of the April 1944 issue for 1939-40 totals); the quarterly data are shown on the revised basis beginning in the February 1945 issue; quarterly data beginning 1939 are available on request.
jRevised series. The following unpublished revisions have been made in the data on sales of retail stores as shown in the Survey prior to the February 1945 issue: Dollar sales
is—
and indexes- all retail stores, total nondurable goods stores, total "other retail stores," and liquor stores, 1940-43: total durable goods stores, all series in the home-furnishings group
and feed and farm supply stores, 1941-43; filling stations, 1942-43; general merchandise group and department stores, 1943 (general merchandise group index revised also for 1941-42):
indexes only—automotive group, 1942-43; apparel group, November and December 1942; jewelry stores, November and December 1942 and November 1943. Revised 1941-43 data
for drug stores are shown on p. 16 of the November 1944 Survey. The unpublished revisions listed and January-May 1943 revisions for other series, also unpublished, are available
on request. Revised figures for 1929, 1933, and 1935-42, except as indicated above, are available on pp. 7 and 11-14 of the November 1943 Survey.
S-8
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
March 1945
1944
1945
January
ary
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail stores—Continued.
Indexes of sales:!
152. 3
179.4
177.7
153.6
168.0
171.9
169.5
172.7
168. 7
185.3
197.3
Unadjusted, combined index
1935-39=100—
189.7
83.3
113.6
111.6
81.6
93.4
100.0
108.5
101.1
92.5
Durable goods stores
do
106.9
111.6
113.1
174.8
200.9
199.3
177.0
192.3
195.3
189.4
196.1
193.5
210.8
215.1
224.7
Nondurable goods stores
do
175.0
175. 5
175.0
172.8
177.6
169.9
178.7
178.5
194.0
Adjusted, combined index
do_
177.4
183. 6
191.5
130.8
129. 6
129.7
133.1
129.0
126.2
130.8
130.1
140.7
129. 3
133. 9
139.5
Index eliminating price changes
J do
100.6
106.3
98.1
106.0
105.0
100.5
109.6
102.5
111.9
Durable goods stores
do.
103. 5
107.4
107.6
51.7
63.8
48.2
59.7
53.3
56.2
57. 7
57.1
54.3
53.3
56.5
53.7
Automotive
do.
147.4
145.6
144.7
151.2
141.9
144.3
163.5
164.0
144. 5
138.7
143.2
Building materials and hardware.
do.
147.0
146.9
148.5
143.4
153. 8
146.8
144.9
156.0
169.2
151.4
164.5
171.0
175.6
Homefurnishings
do
306.0
285.7
327.8
460.7
264.0
310.2
275.1
317.4
321.1
347.3
345.4
345.3
Jewelry
do.
199.2
198.0
197.1
201.3
192.5
201.2
197. 5
220.8
203.3
Nondurable goods stores
do.
201.5
208.4
218.9
219.9
211.8
220.6
226.6
204.7
216.8
201.0
255.3
233.2
212.9
Apparel
___
_
do
218.7
245.8
186.4
192.8
181.2
192.5
188.0
192.9
195.3
200.3
193.5
Drug..
do.
199.3
207.3
209. 5
312.8
296.2
305.5
301.4
301.5
294.6
299.1
353.6
291.7
304.8
336.1
320.2
Eating and drinking places
do.
193.6
199.9
190.6
194.7
190.8
203.3
203.2
212.9
204.7
204.5
208.1
212.1
Food
do.
106.8
103.3
110.0
106.3
101.2
104.8
114.9
98.6
98.1
100.7
105.4
Filling stations
do
108. 5
165.9
168.4
165.7
172.1
173.4
163.5
186.0
161.5
176.6
General merchandise
do
172.6
178.6
190.2
228.0
218.3
224.5
233.9
225.3
218.7
242.5
216.5
223.5
218.8
Other retail stores
.do
230.7
246.0
5,959
6,361
6,233
6,381
6,166
6,314
6,075
6,343
6, 521
Estimated inventories, total*
mil. of dol.
6,602
6,779
6, 665
1,701
1,910
1,774
1,820
1,849
1,869
1,655
1,874
1,906
1,909
Durable goods stores*
do__.
1,914
1,869
4,258
4,451
4,459
4,561
4,317
4,445
4,420
4,469
4,615
Nondurable goods stores*
do...
4, 693
4,865
4.796
Chain stores and mail-order houses:
1,048
1,266
1,246
1,252
1,296
1,080
1,214
1,239
1,338
Sales, estimated, total*.
_
do__
1,170
1,392
1,404
18
27
19
21
24
17
27
26
Automotive parts and accessories*
do
22
26
27
30
31
49
36
41
45
37
52
46
40
48
Building materials*
_
do
54
'48
10
13
12
13
14
9
12
13
Furniture and housefurnishings*
_
do
11
14
17
18
121
165
179
185
178
126
134
143
143
180
Apparel group*
do...
186
193
16
25
28
27
26
17
16
16
Men's wear*.__
do...
21
26
32
32
66
80
96
91
90
66
70
80
Women's wear*
_
do...
76
94
96
••98
28
46
40
52
48
33
38
35
34
Shoes*
do...
45
42
46
51
54
57
53
55
52
55
55
53
Drug*
_
do...
56
58
' 57
39
42
42
41
43
42
42
43
45
Eating and drinking*
do...
43
44
42
350
400
381
386
397
376
405
387
Grocery and combination*
do...
374
404
399
383
257
320
322
328
340
248
297
332
290
General merchandise group*
do...
404
370
429
Department, dry goods, and general merchan^
124
125
159
174
187
175
145
dise*
mil. of dol.
162
174
215
197
228
42
35
59
41
42
Mail-order (catalog sales)*
do
51
31
60
68
50
' 76
84
81
97
105
103
Variety*
do.
87
105
113
116
Indexes of sales:
146.2
145.6
162.2
167.4
169. 7
172.4
Unadjusted, combined index*
1935-39=100—
157.1
159.9
162.2
176.4
187.1
'192.8
165.5
171.3
170.4
163.4
168.1
169.9
185. 6
172.2
Adjusted, combined index*
do.—
175. 8
172.7
178.0
182.6
121.6
117.9
117.7
119.5
126.7
127.4
141.4
140.5
Automotive parts and accessories*
do...
127.3
141.8
153.4
173.6
155.6
170.5
152.8
159.4
166.6
150.6
180.0
190.7
Building materials*
do__.
149.4
146.3
159.7
' 163. 9
115.0
116.2
119.3
120.0
133.0
120.3
133.0
132.4
Furniture and housefurnishings*
do...
114.1
127.4
134.0
139.7
227.3
242.1
229.1
212.6
199.9
217.2
266.1
213.5
Apparel group*
do...
235.5
223.6
' 226. 8
' 242. 2
r
160.7
152.0
204.9
171.2
169.0
190.9
182. 3
162.6
Men's wear*.._
do...
187.1
196.2
" 200. 4
200.0
323.1
336.4
316.8
296.6
272.2
301.4
376.6
283.8
Women's wear*
_
_
do...
329.4
326.4
324.0
' 330. 7
168.1
200.3
152.6
151.1
144.1
145.8
203.2
170.7
Shoes*
do...
165.1
132.8
141.7
177.0
177.1
178.0
191.2
182.1
184.7
182.7
181.1
186.7
Drug*
do...
186.5
187. 6
190.1
' 190.4
r
178.3
182.8
176.4
175.2
189.2
184.2
196.8
188.6
Eating and drinking*
do...
187.5
182.7
177.9
180.9
167.8
175.1
169.8
169.3
182.1
178.7
Grocery and combination*
do...
180.7
182.6
183.4
179.6
186.5
179.4
163. 5
167.8
172.8
160.2
161.7
168.7
190.7
165.2
General merchandise group*
do...
178.5
173.1
177.3
188.1
Department, dry goods, and general merchan183.4
183.8
175. 5
170.8
dise*
.1935-39= 100188.6
179.1
208.4
184.3
194.0
182.7
192.2
210.6
127.9
140.2
158.4
124.0
116.1
114.3
174.1
Mail-order*
do...
126.3
158. *>
163.3
135.6
157.2
155.2
163.5
162.0
165. 5
159.1
171.2
161.7
Variety*
do...
155.6
161.8
164. t
175.7
169.6
Department stores:
Accounts receivable:
44
41
38
Instalment accounts§
1941 average=100.
34
40
32
32
33
35
40
82
72
Open accounts!...
_
do...
67
70
78
81
90
102
79
Ratio of collections to accounts receivable:
30
31
36
31
33
Instalment accounts!
percent.
31
30
34
35
39
39
61
61
64
65
Open accounts!
..do...
63
63
61
64
64
65
67
156
' 138
142
178
170
172
Sales, unadjusted, total U. S.f
_„ 1935-39=100—
163
142
157
196
209
248
228
211
179
194
219
228
199
197
Atlantaf
do.
218
257
273
315
162
132
119
115
144
161
110
Boston!
do.
144
118
170
184
207
170
147
131
131
139
159
166
151
Chicagof
do.
160
185
197
231
179
145
132
133
140
159
167
172
157
Cleveland!
do.
191
204
244
228
194
211
177
200
220
227
228
Dallas!
do.
203
265
272
314
194
168
191
178
153
160
182
Kansas City!
do.
182
177
220
226
263
160
130
154
135
119
122
140
Minneapolisf
do.
159
151
184
179
218
142
100
110
124
112
115
New York!
—do.
139
137
132
158
173
207
161
117
123
134
122
124
Philadelphia!
do.
162
159
143
173
190
231
210
151
176
Richmond!
do.
174
152
159
203
193
183
231
248
294
197
154
178
St. Louisf
do.
174
149
153
185
183
170
212
221
268
203
185
202
San Francisco
do.
196
166
178
197
192
193
226
238
299
181
192
187
Sales, adjusted, total U. S.f
do.
200
175
175
185
172
175
183
194
210
233
263
245
263
224
225
Atlanta!
do.
225
222
237
247
260
269
164
160
154
Boston!
_
_
do.
163
148
148
162
157
151
156
165
177
167
187
180
Chicago!
_
_
do.
193
172
162
173
165
163
168
192
201
181
191
182
Cleveland!
do.
186
169
166
183
166
166
180
190
'203
228
266
250
Dallas!..
_
...do.
261
206
241
247
232
245
241
252
264
192
212
204
Kansas City!
__.
do.
241
207
203
193
181
192
200
215
244
158
165
173
Minneapolis!
do.
180
160
176
159
157
151
162
158
189
150
149
151
New York!..
_—do_
150
' 136
138
158
140
142
152
149
164
168
170
158
174
'159
157
Philadelphia!
do.
173
162
159
170
168
183
211
214
213
238
208
209
Richmond!
.
do.
212
199
203
214
224
251
197
208
207
212
182
194
195 ,
173
189
St. Louis!
do.
193
215
235
216
223 I
221
247
208
209
218 I
201
210
San Francisco..
do.
217
228
253
» Preliminary. ' Revised.
§ Minor revisions in the figures prior to November 1941 are available on request.
* New series. Data for 1929, 1933, and 1935-42 for the new chain store series are available on pp. 15 to 17, tables 2, 3, and 4, of the February 1944 Survey except for subsequent
revisions as follows: The totals and furniture and house furnishings (dollar figures and indexes) have been revised back to January 1940 and the indexes for all series in the general
merchandise group, except mail-order, back to January 1942; indexes for the apparel group and women's wear for November and December 1942; the latter revisions and revisions
beginning December 1943 for other series are in the February 1945 Survey; earlier revisions are available on request. January-May 1943 revisions for other series, which have not
been published, are also available on request. Data beginning 1939> for the new estimates of retail inventories will be published later.
!Revised series. See note marked " ! " on p. S-7 regarding revision of the indexes of retail sales and the source of earlier data. The indexes of department store sales for the United
States and the indicated districts have been revised for all years; the revisions reflect primarily enlargement of the samples, adjustment of indexes to 1929 and 1939 census data, where
necessary, and a recalculation of seasonal factors; in addition, all series have been computed on a 1935-39 base. The Boston index is anew series from the Federal Reserve Bank.
Revised data beginning 1919 or 1923 for the United States and two districts have been published as follows: United States, December 1944 Survey, p, 17; Dallas, February 1944, p. 20*
Richmond, June 1944, p. 22. Complete data for other districts will be published later; indexes for Atlanta have been shown on the revised basis beginning in the February 1944 Survey and for other districts beginning in the June 1944 issue (further revisions in July 1943 index for New York—unadjusted, 92; adjusted, 137).
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
S-9
1944
1945
January
February
March
April
June
May
August
July
September
October Novem- December
ber
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Department stores—Continued.
Sales by type of credit:*
Cash sales
percent of total sales..
Charge account sales
do
Instalment sales
do
Stocks, total U. S., end of month:f
Unadjusted
.-1935-39=100..
Adjusted
do_._.
Other stores, ratio of collections to accounts receivable,
instalment accounts:*
Furniture stores.._
percent.
Household appliance stores
do
Jewelry stores
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol. 120,127
45, 633
Montgomery Ward & Co
_..do
74, 494
Sears, Roebuck & Co
_
do
Rural sales of general merchandise:
183.2
Total U. S.t unadjusted
1929-31=100.
174.4
East
do
258.9
South
do
158.1
Middle West—
do...
203.4
Far West
do...
240.8
Total U. S., adjusted..
do...
229.5
East.
.do...
327.3
South
.do...
206.7
Middle West
do...
276. 8
Far West
_
.-do...
64
32
4
63
33
4
62
34
4
62
34
4
62
34
4
63
34
3
65
31
4
64
32
4
63
33
4
63
33
4
62
34
4
64
32
4
137
154
147
154
151
148
150
145
151
147
150
157
148
165
163
170
167
161
172
154
166
'144
127
'136
20
22
31
20
22
31
23
26
34
23
26
28
25
26
30
24
28
30
23
29
31
24
32
31
24
33
32
26
36
33
24
37
34
23
38
48
95,551
35,810
59,740
97,662
37,516
60,145
132,007
53,383
78,624
123,675
48,247
75,428
131,971
50,160
81,810
123,969
47,105
76,864
138.6
131.1
194.7
119.6
155.9
182.2
172.5
246.1
156.4
212.1
158.0
143.1
256.9
132.9
160.6
195.3
174.9
281.7
167.2
217.0
197.1
200.0
261.5
177.6
193.8
224.5
222.7
289.6
200.5
235.5
172.7
164.0
228.0
151.2
188.4
187.9
172.0
258.8
161.9
211.0
161.4
151.8
205.4
143.0
181.1
175.8
165.0
242.2
151.0
201.4
155.4
141.5
198.4
138.2
194.4
170.6
154.1
246.8
146.4
204.0
133.9
109.7
171.2
120.4
173.6
183.5
154.1
252.2
163.1
211.7
180.3
169.9
224.4
162.5
210.0
220.4
213.1
311.2
197.0
228.1
222.7
210.3
324.5
186.2
250.8
210.7
213.9
294.0
181.6
214.4
246.1
246.6
345.0
212.4
258.3
189.5
191.6
232.8
167.2
215.1
285.0
286.1
294.9
245.0
324.3
219.0
221.9
287.6
186.9
267.4
245.5
213.7
327.1
217.8
296.7
153.5
128.3
217.8
139.6
181.8
3,262
744
2,518
4,052
3,251
776
2,475
4,089
3,625
866
2,759
4,097
3,314
840
2,474
4,121
3,467
870
2,597
4,146
3,486
882
2,604
4,088
3,282
813
2,469
4,043
3,490
893
2,597
3,987
3,437
854
2,583
3,995
3,620
878
2,742
3,999
3,556
861
2, 695
3,987
3,465
802
2,663
4,002
r
111,687 131, 234 153,349
43,888 52,208 63,686
67, 799 79,026 89,662
172, 499 184, 434 196, 291
70, 475 74, 749 76, 468
102,024 109, 684 119,823
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total
mil. of dol.
Durable goods establishments
do...
Nondurable goods establishments..
do...
All wholesalers, estimated inventories*
do...
3,425
807
2,617
3,978
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the Census):*
52,060 52,840 54,220 55,000 54,010
52, 210 51, 250
53,030 52,870
Labor force, total
_
.thous.. 50, 960 51,430 61,150 61,360
34,880 34,910 35, 540 35,890 35, 570 34,590 34, 410 34,060 33, 720
33, 650 34,640 34,520 34,480
Male
_
do
17,930 18,680 19,110 18,440
17,180
18,440
16,790
16,630
16,880
18, 460 18,150 17, 530
17,310
Female
_
do
53, 220 54,000 53,170
52,250 52,240 51, 530 50, 570
60,260 50, 490 51,290 51,960
50,120 50,350
Employment
___do
33, 710 33. 320
33,990
34,010 34, 010
34,440 34,490 35,040 35,410 35,140 34,190 34,100
33,160
Male...
_
do
17,470
17, 820 17, 250
18,180 18, 590 18,030
18,060 18,140
16,250
16,850
16,480
16. 960 16,360
Female
_
do
8,600
8,570
8,140
8,670
6,650
9,670
6,910
7,500
8,750
6,690
7,090
6,600
9,560
Agricultural
_
___do
43, 580 43, 490 43, 390 43, 480
43,610 43,580
43,790 43,360 43, 660 44,330 44,600
43, 430 43,750
Nonagricultural
_
do
680
780
890
840
1,000
870
770
630
840
680
1,080
1,000
Unemployment
do
Employees in nonagricultural establishments:!
Unadjusted (U. S. Department of Labor):
38,689 38,672 38,846 38, 731 38, 744 38,571 38,364 • 38, 340 ' 38, 811
Total.
_
.thous.. 37, 852 38,965 38,840 38,725
16,122 16,093
15, 544 16,825
16, 559
16,309
16,013
16,023
16,735
15,843 15, 698 • 15, 600 • 15, 616
Manufacturing
do
839
803
852
844
834
816
812
806
858
844
826
Mining
_
do
858
686
584
678
683
700
652
'629
'590
715
691
671
Construction
do
764
3,768
3,809
3,739
3,744
3,818
3,767 ' 3, 771 ' 3, 770
3,704
3,723
3,803
3.791
3,664
Transportation and public utilities..
do
6,942
6,962
7,012
6,968
6,918
7,146 ' 7, 299
7,617
6,867
6,919
6,994
6,919
6,977
Trade
_
do
4,618
4,274
4,236
4,363
4,582
4,340 r 4, 315
4, 292
4,131
4,123
4,488
4,128
4,542
Financial, service, and miscellaneous
do
5,830
5,896
6,905
5,932
5,869
5,945 r 5, 914 ' 6,120
5,830
5,871
5,807
Government.
_
do
5,958
Adjusted (Federal Reserve):
38,865 38,749 38,766 38,700 38,654 38,400 ' 38,159 • 38, 037 ' 38, 086
38, 325 39,454 39,352 39,123
Total
do
16,203
15,943
16,642
16,391
16,013
15,764 • 15, 614 • 15, 522 • 15, 538
16,819
15, 622 16,910
Manufacturing
do
843
830
802
862
852
833
807
862
848
822
812
848
808
Mining.
do
673
648
786
737
653
635
830
719
677
627
609
'615
Construction
do
'611
3,768
3,762
3,780
3,753
3, 796
3,780
3,763
3,765
3,735
3,748 ' 3, 771 ' 3, 789
3,720
Transportation and public utilities.__
do
7,059
6,997
7,084
7,192
7,046
6,982
7,012
7,065 '7,077 ' 7,053 ' 7 , 0 2 0
7,096
7,043
Trade.
do
Estimated wage eaz-ners in manufacturing industries,
total (U. S. Department of Labor) •
thous.. 13,097 ' 14,338 r 14, 254 ' 14, 056 ' 13,814 • 13, 652 ' 13, 610 ' 13, 544 r 13, 562 " 13,406 • 13,250 ' 13,155 ' 13,184
Durable goods...
do
7,780 ' 8, 765 ' 8, 698 ' 8, 570 ' 8, 421 ' 8, 315 ' 8,246 ' 8,144 ' 8,105 ' 7,968 ' 7,854 ' 7, 783 ' 7,798
Iron and steel and their products
do
1, 655 ' 1, 736 ' 1, 730 ' 1, 704 ' 1, 680 '1,669 ' 1,672 ' 1, 669 ' 1, 675 ' 1,659 ' 1,646 ' 1,637 ' 1,651
Blast furna ces, steel works, and rolling mills
474
486
491
482
481
482
477
474
475
496
482
thous.
498
'755
'745
'732
'707
'702
769
'747
'736
'726
'716
Electrical machinery
do
••767
'765
Machinery, except electrical
_
do
' 1, 284 ' 1, 272 ••1,251 ' 1,227 '1,211 '1,210 ' 1,194 ' 1,183 ' 1,169 ' 1,158 ' 1,149 ' 1,159
454
468
446
450
493
476
470
462
461
Machinery and machine-shop products
do
450
499
484
79
73
79
77
76
74
80
76
75
Machine tools
do
89
86
83
'703
'691
'697
'691
'663
'724
'673
'671
-•766
'753
'739
'710
Automobiles
..do
672
Transportation equipment, except automobiles
thous..
2,095 ' 2,560 ' 2, 533 ' 2,486 ' 2,442 ' 2,401 ' 2,334 ' 2, 275 ' 2,236 ' 2,179 ' 2,139 ' 2,108 ' 2,096
Aircraft and parts (except engines)*
do
708
720
1,117
1,047
1,035
1,152
1,092
1,074
1,193
1,179
Shipbuilding and boatbuilding^.
do....
1,237
1,213
1,054
1,250
'415
'432
'423
'405
'397
'416
'395
••453
'444
' 426
"""393"
Nonferrous metals and products
do
•"458
r
Revised.
* Preliminary.
X Data temporarily discontinued pending revision of series.
§ Data revised beginning January 1941; see p. 19 of December 1944 Survey.
•New series. The new series on department store sales by type of credit have been substituted for the series relating to installment sales of New England stores shown in the Survey
through the July 1944 issue; data beginning January 1941 will be published later. Collection ratios for furniture, jewelry, and household appliance stores represent ratio of collections
to accounts receivable at beginning of month; data beginning February 1941 are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on request; the amount
of instalment accounts outstanding are shown on p. S-16 under consumer credit. Data beginning 1939 for estimates of wholesale sales will be published later; for estimates of wholesalers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p . S-2 of the May 1943 issue. Estimates of civilian labor force, employment, and unemployment are shown on a
revised basis beginning in the May 1944 Survey; revisions for 1940-1943 are shown on p. 23 of the February 1945 issue. See note marked "*" on p. S-10 regarding the new series on wage
earners in manufacturing industries.
fRevised series. The index of department store stocks published on a 1923-25 base through the May 1944 Survey has been recomputed on a 1935-39 base. The estimates of
employees in nonagricultural establishments have been revised beginning 1939, by months, to adjust figures to levels indicated by final Unemployment Compensation data through
the last quarter of 1942 and to other data collected by government agencies; annual data for 1929-38 have been revised to a comparable basis; monthly averages beginning 1939 and
monthly figures for the unadjusted series beginning January 1943 are shown on p. 3 of the June 1944 Survey; all revisions will be published later.
S-10
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
March 1945
1944
1945
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Estimated wage earners in mfg. industries—Continued. *
Durable goods—Continued.
'476
449
'487
'484
'475
'474
'462
Lumber and timber basic products
thous..
'484
'471
'459
'480
236
235
232
233
235
234
238
240
234
227
226
Sawmills
do
'361
"334
'358
'354
'347
'342
'345
'346
Furniture and finished lumber products
do
'348
'339
'337
'338
107
166
164
156
153
153
159
153
Furniture
-do
158
157
157
'343
328
'346
Stone, clay, and glass products
--do
'348
'339
'335
'329
'325
'338
'337
'335
'327
' 5, 556
5,317
' 5, 573
' 5, 393
' 5, 337
Nondurable goods
do
' 5, 457
' 5, 364
' 5, 400
' 5, 438
' 5, 396
' 5, 372
Textile-mill products and other fiber manufactures
'1,163
1,082
' 1,151
r 1,162
thous..
' 1,128
'1,076
' 1,072
' 1,104
' 1, 088
' 1, 083
'1,081
' 1.110
459
461
455
445
Cotton manufactures, except small wares... do
436
434
438
428
424
429
431
91
93
Silk and rayon goods
do
94
93
88
88
89
90
90
89
Woolen and worsted manufactures (except dyeing
159
and
finishing)
...thous..
158
158
155
151
146
146
146
147
145
'906
Apparel and other finished textile products..-do
'906
'909
'862
'879
'867
'838
835
'856
'861
'854
'858
Men's clothing
do
218
217
213
217
214
214
208
211
208
208
206
Women's clothing
_
...do
229
231
213
229
221
217
216
219
218
205
215
'317
'318
'315
'315
'312
Leather and leather products
do
310
'313
'308
'309
' 312
'312
'310
176
176
175
174
Boots and shoes
.-do
175
175
172
172
174
174
171
Food and kindred products
d o — "I," 016' ' 1, 021 ' 1,013 ' 1, 002 ' 1, 002 ' 1, 005 ' 1,038 r 1, 120 ' 1 , 1 6 3 ' 1,170 ' 1,113 ' 1,074
258
Baking
do
259
255
254
256
262
257
259
257
265
258
94
Canning and preserving
_
-do
95
100
100
111
220
244
180
134
90
177
168
Slaughtering and meat packing
_
do
172
156
155
158
156
151
148
162
149
159
87
84
88
'83
82
Tobacco manufactures
do
'83
82
82
83
'83
84
83
'321
308
'311
Paper and allied products
do
'320
'314
'311
'306
'304
'318
'308
'310
'311
149
145
Paper and pulp
...
do
148
146
146
145
144
148
145
147
146
331
329
Printing, publishing, and allied industries
do
'338
338
332
336
'330
325
331
333
'331
333
110
Newspapers and periodicals
-do
111
110
110
110
110
109
111
110
110
110
131
Printing, book and job
do
137
137
133
135
132
133
' 135
130
133
135
"629
' 665
' 655
'601
Chemicals and allied products
do
'592
' 624
'584
'589
593
'601
607
584
' 123
121
120
Chemicals
..--.do
120
120
120
117
116
115
118
119
125
127
128
Products of petroleum and coal
do—
130
127
132
'133
132
' 132
135
134
83
84
86
Petroleum refining
_._
do
87
85
89
91
90
91
91
90
'197
' 204
'204
Rubber products
do
'202
' 195
'193
194
' 192
' 192
' 192
' 192
' 193
92
94
Rubber tires and inner tubes
do
94
90
89
92
92
91
93
Wage earners, all manufacturing, unadjusted (U. S.
159.9
' 171.6
' W8. 6
'174.0
' 166.7
' 163.6
'175.0
' 166.1
' 165. 3
' 161.7
Department of Labor)f-.1939=100.' 165.6
' 160.6
215.5
' 242. 7
' 240. 9 ' 237. 3
' 233. 2
' 230. 3
' 217. 5
' 225. 5
' 215. 5
Durable goods
--.
-do
' 228. 4
' 220. 7
' 224.5
166.9
' 175.1
' 174.5
'171.9
' 169.4
' 168. 3 ' 168. 7
Iron and steel and their products
do
' 168.3
167.3
165.2
' 168. 9
166.0
Blast furnaces, steel works, and rolling mills
128.2
127.6
126.4
1939=100-.
125.0
124.0
123. 8
122.7
121.9
124.0
124.1
122.0
' 295. 2
' 296.9
' 295. 9
Electricai machinery
do
' 291. 5
' 288.4
' 276.3
' 287. 7 ' 284.0
' 272. 9
' 282. 4 ' 280. 4
' 243.1
' 240. 6 ' 236.7
Machinery, except electrical
do
218. €
' 232. 2 ' 229.2
' 229.0
' 225.9
' 223.9
' 221. 2
' 219. 2
' 217. 5
239.2
246.4
243. 7
Machinery and machine-shop products
do
235.1
232.1
224.3
222.3
231.3
228. 4
220.2
227 7
234. 2
227.1
Machine toolsj.
do
242.8
219.4
216.0
214.4
210.2
206.5
207^ 4
204.0
202.2
167.1
' 187. 3
' 190.4
'183.7
' 180.1
Automobiles
do
' 176.5
' 174. 6
' 171.8
' 173. 2
'171.8
' 167. 4
' 164. 9
Transportation equipment, except automobiles
1939=100- 1,319.9 ' 1,613.1 '1,596.1 1,566. 5 1,538.3 1,512.7 1,470.7 1,433.4 • 1,408. 8 1,373.2 ' 1,347. 8 '1,327.8
1,813. 5 1, 785.4
Aircraft and parts (excluding engines) •
do
1, 804.6 1, 786. 2 1, 752. 4 1, 722. 5 1, 703. 2 1, 664. 2 1,612.7 1,577.1 1,551.4 1,522.5 1,511.4
Shipbuilding and boatbuilding§._
do
' 199.6
' 193. 5 ' 188. 3
171.7
' 197.6
Nonferrous metals and products
--do
'185.7
' 184. 5
' 181.4
' 176. 8
'173.6
' 172.1
' 180.9
'115.2
' 113.1
106.7
' 115.8
' 114.7
' 112.9
'114.2
Lumber and timber basic products
do
' 113.3
' 115.1
' 112.1
' 109. 8
' 109. 2
81.8
81.7
80.4
81.2
80.7
Sawmills
do
81.7
82.5
81.1
78.9
83.4
78.5
r 109. 9
' 109. 3
101.7
'107.9
'105.8
' 104. 3 ' 105.3
' 105.3
Furniture and finished lumber products
do...' 106. 0
' 103. 4
' 102. 8
' 103.1
104.1
104.9
103.1
96.3
Furniture
_
do
100.1
97.9
98.3
95.8
95.9
99.0
93.8
r
111.6
'117.9
'116.8
' 114. 7 ' 1 1 4 . 2
Stone, clay, and glass products
do
'118.6
' 115.6
' 114.2
' 112.2
' 110.9
115.0
'111.4
116.1
'117.9
' 121.3
Nondurable goods
_
do
' 119.8
'117.7
' 116.5
'118.7
' 117.8
'121.7
' 117.3
'117.1
' 119.1
Textile-mill products and other fiber manufactures
94.6
' 101.6
' 101.7
' 96. 6
' 100. 6
' 97.1
'95.1
'93.7
1939=100..
'94.1
94.5
'94.7
116.3
112.5
110.0
109.6
Cotton manufactures, except small wares —do
116.0
115.0
110.6
108.9
107.1
108.3
108.0
78.3
76. 3
73.9
Silk and rayon goods
_.
-do
74.1
77.5
74.8
74.7
73.7
73.6
74.4
78.0
Woolen and worsted manufactures (except dyeing
106.5
103.9
97.7
97.8
106.0
105.8
101.4
98.4
102.0
97.8
97.6
and
finishing)...
1939=100..
105. 8
' 115.1
' 114.8
' 114.7
' 111.3
' 109.2
' 109.8
' 106.1
' 108.1
' 108. 7 ' 108. 4 ' 109. 0
Apparel and other finished textile products.._do
99.5
99.2
97.9
97. 3
95.2
99.0
97.8
96.3
95.2
95.3
94.1
Men's clothing
_do
84.2
81.5
78.6
84.2
84.9
79.7
75.5
79.6
80.5
80.1
79.0
Women's clothing
do
'91.4
'90.9
'89.9
"89." 4
'90.8
'90.3
'88.9
'89.4
'91.7
'88.8
'90.0
'89.9
Leather and leather products
do
80.3
80. 3
79.7
80.2
80.7
80.8
79.8
79.7
78.9
78.5
79.0
Boots and shoes
do
r
' 119.5
117.2
' 121. 5
' 118.6
' 117. 3
' 117.6
' 131.1
' 136.1
' 137. 0
' 130. 3 ' 125. 7
Food and kindred products
do
112.1
111.8
110.5
111.6
110.8
113.3
110.1
112.0
111.5
112.0
114.8
Baking
„
do
70.5
69.9
74.1
74.3
82.2
131.8
67.0
163.4
181. 8
133. 9
99.9
Canning and preserving
do
139.6
129.6
128.3
130.9
131.7
122.7
143.0
134.0
129.7
125.0
123.7
Slaughtering and meat packing
-do
89.6
'89.4
88.3
' 89. 4
' 93. 5
88.6
'94.1
89.5
'88.2
'88.0
'89.2
'90.1
Tobacco manufactures
do
" 118.3 ' 117.1
•
' 120. 6
' 117.0
' 117.2
'121.2
'119.9
'116.8
' 114.7
' 115.1
116.1
' 116.0
Paper and allied products
do
106. 2
105. 4
106. 2
108.7
108.0
107.3
106.4
105.7
105.5
106.8
104.7
Paper and pulp..
_._
do
100.9
' 103. 2
' 102. 4
'101.2
'100.2
'103.0
'100.7
' 101.5
' 101.0
99.2
' 100. 8
' 101.4
Printing, publishing, and allied industries
do
93.1
92.9
92.6
92.9
93.1
92.7
92.5
92.9
92.1
92.9
93.3
Newspapers and periodicals*
do
108.4
108.4
106.7
104.9
103.6
104.6
106.9
103.2
105. 5
105.5
106.4
Printing, book and job*
_
do
r
' 230. 7
' 227. 4 ' 216. 6
' 208. 6 ' 205. 4 ' 202. 7
218.1
202. 5 ' 204.5
' 205. 6
' 208. 7 '210.6
Chemicals and allied products
do
174.5
175.8
172.5
172.7
172.5
170.9
170.0
168.1
166.6
165. 5
171.8
Chemicals
_
do
'119.7
' 118.3
'121.0
'122.7
' 126. 6 ' 127.2
' 125.0
125.3
' 126.1
' 120.1
' 124. 2
' 125.1
Products of petroleum and coal
do
115.3
117.0
113.6
116.2
125. 5
120. 0
121.8
124.3
124.6
123.6
124.0
Petroleum refining
do_
'168.6
' 161.2
" 160." 3 r 168. 6
'159.2
' 159.5
' 158. 5 ' 159.1
' 167. 2 ' 162. 8
' 158.8
' 159.0
Rubber products
do.
166.5
169.3
174.1
173.8
172.9
168.5
170.6
170.6
164.8
165.6
171.4
Rubber tires and inner tubes
do.
' 175.9
' 174. 6 ' 172. 1 ' 169. 4
' 167.7
' 166. 7 ' 165.2
' 164.1
'162.6
' 161.0
' 160. 2
Wage earners, all mfg., adjusted (Fed. Res.)f
do
' 243. 2 ' 241. 5
' 237. 7 ' 233.4
' 225. 3 ' 224.1
' 228.2
' 230.3
' 220. 4
' 217. 3
' 215. 4
Durable goods..
._.
do
'118.9
' 122. 9
' 121.9
' 117.9
' 120.4
' 118.3
' 118. 3
' 116.8
' 117.0
' 116.6
'116.7
'Nondurable goods
do
r
Revised.
§ Data revised beginning January 1941; for revisions for 1941-43, see p. 19 of the December 1944 Survey.
JFor data for December 1941-July 1942 see note marked "J" on p. S-10 of the November 1943 Survey.
• For data for December 1941-February 1943, see note at bottom of p. S-35 of the May 1944 Survey; data temporarily discontinued pending revision of series.
•New series. Data beginning 1939 for the new series on wage earners in manufacturing industries will be shown in a later issue; data for the individual industries shown in the
Survey beginning with the December 1942 issue, except those for shipbuilding (see note marked "§"), are comparable withfigurespublished currently; the figures for all manufacturing,
durable goods, nondurable goods, and the industry groups are shown on a revised basis beginning in this issue and are not comparable with data in earlier issues.
tRevised series. The indexes of wage-earner employment and of wage-earner pay rolls (p. S-12) in manufacturing industries have been completely revised; for 1939-41 data for the
individual industries, except newspapers and periodicals and printing, book and job, and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry
groups, see pp. 23-24 of the December 1942 Survey (the 1941 data for shipbuilding published in that issue have been revised; see note marked "§"); for 1941 data for the totals and the
industry groups, see p. 28, table 3, of the March 1943 issue. Data beginning 1942 for the totals and the industry groups have recently been revised to adjust the indexes to levels
indicated by final 1942 and preliminary 1943 data from the Bureau of Employment Security of the Federal Security Agency; revisions for 1944 are shown above and 1942-43 revisions
will be published later. The seasonally adjusted employment indexes are shown on a revised basis beginning in this issue of the Survey; the adjusted indexes are available only for
the totals shown.
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
S-ll
1944
1945
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Nonmanufacturing, unadjusted (U. S. Dept. of Labor):
Mining:f
Anthracite
1939=100.
Bituminous coal
do
Metalliferous...._
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas!
do...
Public utilities:!
Electric light and power
do__.
Street railways and busses
_
do.._
Telegraph
.
do___
Telephone
_do__.
Services:f
Dyeing and cleaning
do
Power laundries..
_
do...
Year-round hotels—
do...
Trade:
Retail, totalf
.do...
Food*
do...
General merchandising!
do...
Wholesale!
do...
Water transportation*_
_____
do._>
Miscellaneous employment data:
Federal and State highways, total}:. _.
numberConstruction (Federal and State)
do
Maintenance (State)
__
do___
Federal civilian employees:^
United States
_
thousands.
District of Columbia
_
do__.
Railway employees (class I steam railways):
Total
_
....thousands.
Indexes: Unadjusted!- _
1935-39=100.
Adjusted!
_
do___
83.4
99.8
101.4
83.7
81.1
84.2
99.8
100.5
82.9
81.2
83.5
98.7
98.3
82.8
81.6
82.6
97.1
96.2
84.1
82.0
82.7
96.0
93.6
84.5
82.5
83.0
96.1
91.1
85.8
83.6
77.9
94.7
87.6
86.4
84.1
77.9
95.0
85.5
86.7
84.1
81.5
93.9
82.4
84.3
83.0
80.5
92.3
80.4
83.0
82.7
79.9
91.8
79.2
82.2
82.1
79.2
' 91.3
' 78. 5
79.6
82.1
81.9
116.6
83.8
118.8
123.1
127.9
83.6
119.8
125.2
128.2
83.5
119.6
123.9
128.1
83.1
119.2
122.3
128.1
82.8
119.1
121.9
128.2
83.1
119.1
123.1
128.5
83.2
118.8
123.9
129.7
83.2
118.9
122.8
129.6
82.6
118. 6
122.2
128.2
82.1
117.7
122.1
127.1
82.1
117.7
121.7
127.1
82.0
' 117. 7
121.7
' 126. 7
111.0
107.2
109.6
111.2
109.9
108.6
114.2
110.5
109.3
117.3
110.3
109.2
120.7
109.5
109.2
124.8
110.1
109.0
126.9
112.4
109.4
122.3
112.1
109.2
118.4
109.0
109.4
118.4
106. 8
109.0
119.8
108.0
109.6
117.1
107.6
110.3
' 114. 5
107.8
' 110.5
97.7
97.5
106.8
110.4
95.1
198.9
96.0
106.6
106.5
95.7
205.7
96.9
107. 8
108.6
95.4
211.7
97.7
106.9
110.9
95.1
226.1
96.9
107.3
108.5
94.4
233.5
96.6
106.3
107.7
95.0
238.9
95.5
106.4
104.5
95.1
249.1
94.1
104.6
102.4
95.5
255.3
96.6
106.3
109.2
95.0
258.7
99.7
108.8
116.7
96.0
257.2
103.2
109.0
127.4
96.8
267.7
' 111.9
110.2
152.2
'97.1
' 274.5
127,889 136,050
20,353 24,802
84, 005 87,446
150,133
16,103
109,546
156,865
33,528
98,190
159,944
33,828
100, 724
154, 836
31, 392
98, 458
153,913
30, 228
99,742
144,368
22,981
97, 246
126, 312
16,959
85, 559
91.6
78.7
96.1
273.6
124,983
18,556
122,543 122,340
16, 521 15,610
82, 773 83,056
2,820
263
2,828
264
2,866
264
2,941
2,909
2,881
2,878
2,876
264
2,853
264
2,918
256
270
271
265
259
258
257
2,860
255
136.3
141.7
1,384
133.0
138.3
1,414
135.9
139.3
1,428
137.2
140.6
1,440
138.4
140.6
1,453
139.6
140.2
1,476
141.8
139.9
1,471
141.4
138.4
1,477
142.0
139.1
1.454
139.7
136.3
1,438
138.2
133.7
1,435
' 137.9
' 136. 7
1,431
137.2
139.4
45.2
45.2
46.6
46.9
45.7
45.3
46.7
47.1
45.8
45.3
46.7
46.9
45.2
45.0
46.5
46.5
45.5
45.3
46.6
46.8
45.9
45.4
46.8
46.8
45.4
44.6
45.7
46.0
45.6
45.2
46.6
46.7
45.6
44.8
46.1
46.6
45.7
45.5
47.1
47.2
45.6
45.3
46.7
46.8
45.8
45.6
47.1
47. S
45.6
46.9
49.4
48.9
50.7
46.9
46.2
46.8
49.1
48.6
50.4
46.3
46.0
46.7
49.1
48.7
51.0
46.3
45.9
46.2
48.8
48.1
50.7
46.4
46.1
46.3
48.7
48.4
50.8
45.5
46.4
46.6
49.1
48.7
51.0
45.9
45.9
45.7
47.5
46.8
50.2
43.7
46.3
46.3
48.3
48.1
50.4
45.1
46.3
46.2
47.9
47.6
49.9
43.5
47.1
'46.3
48.8
48.7
51.2
45.6
46.6
46.3
48.2
48.2
' 50. 5
45.5
47.0
46.7
48.0
48.7
52.0
45.7
46.7
47.5
45.7
47.0
41.2
43.4
42.6
43.0
46.9
47.4
46.2
47.0
42.9
44.2
43.3
43.2
47.0
47.0
46.6
46.9
43.2
44.5
43.6
43.2
47.1
46.7
47.3
46.6
43.2
43.7
43.2
42.5
47.4
46.8
48.1
46.6
43.3
44.4
43.7
43.2
47.3
47.1
47.4
47.1
44.5
44.6
43.8
43.3
46.8
47.2
47.1
46.0
42.4
43.6
42.4
43.0
47.4
47.1
47.8
46.5
44.7
44.8
44.0
43.0
46.9
46.2
47.6
46.3
43.3
44.0
43.4
43.0
48.1
47.1
49.1
'47.2
"44.7
'45.9
44.7
43.3
47.8
47.1
48.8
47.0
'43.0
'44.3
'44.1
'43.2
48.3
47.5
49.3
47.5
42.3
44.5
44.2
43.5
41.5
41.8
41.9
41.2
41.6
42.0
41.7
41.8
41.8
42.2
42.3
38.2
40.5
45.8
42.1
45.2
38.7
41.2
45.5
41.3
45.6
41.4
45.3
40.9
45.8
37.3
41.1
44.8
39.0
45.5
38.1
41.3
45.8
42.0
46.0
38.2
41.6
45.9
42.3
46.3
37.3
41.2
45.6
42.4
45.7
37.7
41.2
45.0
42.3
46.2
38.1
41.5
44.5
43.4
46.2
'38.2
41.6
44.8
43.3
46.7
38.0
41.2
45.3
'44.1
46.5
37.7
41.5
46.0
45.0
46.6
40.7
45.7
45.6
45.2
40.7
45.7
46.5
45.7
40.8
45.8
46.6
46.6
40.6
45.6
46.3
44.7
40.9
46.0
47.0
45.1
41.3
45.8
46.8
45.2
41.2
45.5
46.9
45.0
41.1
45.6
46.9
45.6
41.4
45.6
46.4
45.7
40.9
' 45.9
47.9
'45.9
41.3
45.7
46.9
45.7
41.5
38.5
37.6
38.5
38.7
40.4
40.2
40.6
40.0
40.1
40.7
39.7
39.4
44.0
43.9
43.6
44.4
46.5
45.2
44.3
44.0
45.2
41.7
44.6
44.5
45.4
45.5
38.2
43.0
44.0
45.6
44.9
41.9
44.0
44.4
47.4
45.5
40.9
44.0
44.6
47.7
45.6
35.8
39.5
42.9
46.3
45.3
40.8
44.0
44.7
47.9
46.1
39.9
42.0
43.9
46.8
45.9
42.6
44.1
'45.0
48.9
44.9
38.6
' 42. 6
'43.8
46.8
45.9
41.5
43.1
44.7
44.9
45.4
41.9
49.2
45.5
42.0
42.8
50.3
45.0
42.1
43.0
49.8
45.0
41.6
42.3
49.4
45.9
41.6
43.4
50.6
46.3
42.0
43.8
50.9
46.5
42.2
42.7
50.7
46.5
42.6
43.9
51.0
46.8
42.6
43.7
50.2
46.5
43.0
43.1
50.2
45.8
42.9
43.4
50.8
45.3
'42.3
43.2
51.8
45.4
42.7
44.0
44.1
43.5
43.7
44.0
43.7
43.7
43.7
44.7
43.9
44.3
43.6
44.4
44.1
43.9
43.8
44.3
43.9
43.8
43.7
43.5
43.4
40.2
42.5
41.0
42.6
40.2
42.8
40.0
42.5
39.9
42.8
42.4
43.0
41.7
42.8
41.9
43.1
40.4
42.9
40.4
43.2
39.4
43.0
43.4
43.5
39. S
43.3
LABOR CONDITIONS
Average weekly hours per worker in manufacturing:
Natl. Indus. Conf. Bd. (25 industries)
hours..
U. S. Dept. of Labor, all manufacturing!
do
Durable goods*
do
Iron and steel and their products*
.do
Blast furnaces, steel works, and rolling
mills*...
hours..
Electrical machinery*
do
Machinery, except electrical*
do
Machinery and machine-shop products*.-do
Machine tools*
.do
Automobiles*
_.do
Transportation equipment, except automobiles*
hours..
Aircraft and parts (excluding engines)*...do
Shipbuilding and boatbuilding*..
do_...
Nonferrous metals and products*
do
Lumber and timber basic products*
do
Furniture and finished lumber products*.-.do___
Stone, clay, and glass products*
do
Nondurable goods*
do__.
Textile-mill products and other fiber manufactures*
hours.
Apparel and other finished textile products*
hours.
Leather and leather products*
_do__.
Food and kindred products*
do_._
Tobacco manufactures*
.do...
Paper and allied products*
do...
Printing and publishing and allied industries*
hours .
Chemicals and allied products*
do__.
Products of petroleum and coal*
do...
Rubber products*
do_._
A verage weekly hours per worker in nonmanufacturing
industries (U. S. Department of Labor):*
Building construction.._
_
hours.
Mining:
Anthracite
do__.
Bituminous coal
do...
Metalliferous
do
Quarrying and nonmetallic
do...
Crude petroleum and natural gas
do
Public utilities:
Electric light and power
do__.
Street railways and busses
.do...
Telegraph..
do...
Telephone
do...
Services:
Dyeing and cleaning
do
Power laundries
do...
Trade:
Retail...
_
do...
Wholesale_
do.__
42.8
4.-5.7
46.9
46.6
' Revised.
tTotal includes State engineering, supervisory, and administrative employees not shown separately.
JSee note marked *T' on p. S-ll of the July 1944 Survey regarding changes in the data beginning June 1943. The United States total beginning November 1943 reflects a further
change in reporting resulting in an upward adjustment of 24,558 in that month. Data cover only paid employees. The December 1943 total includes about 220,U00 excess temporary
Post Office substitutes employed only at Christmas; such employees are not included in the December 1944 figures.
•New series. Indexes beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning
March 1942 for all series on average hours, except for the telephone and telegraphindustries, are available in the May 1943 Survey and data back to 1939 will be published later; data
back to 1937 for the telephone industry, shown separately beginning in the December 1944 Survey, will also be published later; data for the telegraph industry are available only from
June 1943 (for data beginning that month see note on p. S-ll of the January 1945 issue).
!Revised series. For data beginning 1939 for the Department of Labor's revised indexes of employment in nonmanufacturing industries (except for the telephone and telegraph
industries), see p. 31 of the June 1943 Survey. Separate data for the telephone and the telegraph industries have been computed beginning 1937; complete data will be published later.
For revision in the Department of Labor's series on average weekly hours in all manufacturing industries, see note marked " ! " on p. S-13 of the July 1944 Survey. The indexes of
railway employees have been shifted to a 1935-39 base and the method of seasonal adjustment revised; earlier data not shown in the May 1943 Survey will be published later.
S-12
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
1945
March 1945
1944
January
February
March
April
May
June
July
SepAugust tember
October
Novem- Decem
ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Industrial disputes (strikes and lockouts):
Strikes beginning in month:
Strikes..
_
number..
Workers involved
thousands..
Man-days idle during month
.do
U. S. Employment Service placement activities:
Nonagricultural placements!
thousands. _
Unemployment compensation (Social Security Board):
Continued claimsO
.thousands..
Benefit payments:
Beneficiaries, weekly average.—
do
Amount of payments
thous. of dol...
Labor turn-over in manufacturing establishments:^
Accession rate
monthly rate per 100 employees—
Separation rate, total
do
Discharges
-do
Lay-offs
do
Quits
do
Military
-do
Miscellaneous
do
PAY ROLLS
Wage-earner pay rolls, all manufacturing, unadjusted
(U. S. Department of Labor) t
1939=100..
Durable goods
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills
1939=100Electrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products
do
Machine toolst
-do
Automobiles
do
Transportation equipment, except automobiles
1939=100..
Aircraft and parts (excluding engines) 1
do
Shipbuilding and boatbuildingA
do
Nonferrous metals and products
do
Lumber and timber basic products
do
Sawmills
do
Furniture and finished lumber products
do
Furniture
do
Stone, clay, and glass p r o d u c t s . .
do
Nondurable goods.
do
Textile-mill products and other fiber manufactures
1939=100Cotton manufactures, exc. small wares
do
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing
and
finishing)
1939=100..
Apparel and other finished textile products..do
M e n ' s clothing
.do
Women's clothing..
_
do
Leather and leather products.
do
Boots and shoes
do
Food and kindred products
do
Baking
do.
Canning and preserving
do.
Slaughtering and meat packing
do
Tobacco manufactures
_do._.
Paper and allied p r o d u c t s . .
do...
Paper and pulp
do...
Printing, publishing, and allied industries
do...
Newspapers and periodicals*..
do...
Printing, book and job*_
do...
Chemicals and allied products
do...
Chemicals
..do...
Products of petroleum and coal
...do
Petroleum refining
do
Rubber products
do
Rubber tires and inner tubes
...do
Nonmanufacturing, unadjusted (U. S. D e p t . of Labor):
Mining:!
Anthracite
1939=100..
Bituminous coal
do.
Metalliferous
doQuarrying and nonmetallic
_do.
Crude petroleum and natural gas!
do.
Public utilities:!
Electric light and power
__do.
Street railways and busses
do.
Telegraph
_
_
do.
Telephone
_.
__
___do.
Services:!
Dyeing and cleaning
do.
Power laundries..
do.
Year-round hotels
do.
Trade:
Retail, totalf
do.
Food*
do.
General merchandising!
do.
Wholesale!
...do.
Water transportation*
_
do.
240
44
228
330
110
625
1,087
330
115
470
360
115
415
435
155
580
600
155
680
470
145
485
190
935
390
185
660
440
220
690
375
200
710
973
610
290
1,400
1,093
1,259
1,172
788
745
778
761
1,127
1,034
593
543
565
591
477
514
423
397
407
348
370
417
105
7,299
84
5,277
104
6,156
112
7,351
83
5,471
87
(5,771
78
5,225
66
' 4,348
72
63
4,246
64
4,350
71
4,918
6.47
6.69
.69
.79
4.60
.53
.08
5.46
6.52
.64
.76
4.56
.49
.07
5.76
7.33
.65
.87
5.00
.73
.08
5.53
6.78
.59
.58
4.90
.64
.07
7.08
.63
.50
5.27
.60
.08
17.6
7.1
.7
.5
5.4
6.3
7.8
.7
.5
6.2
6.1
7.6
.6
.6
6.1
6.0
6.4
.6
.5
5.0
'6. 1
6.0
.6
'.5
' 4.6
.5
6.3
6.6
.7
.5
5.0
.4
.3
.3
.3
' 345.1
' 489.4
' 320.9
r 344.7
' 487. 3
'321.2
' 341. 3
'481.6
' 316. 5
' 335. 0
' 474. 8
' 310.5
' 334. 3
' 470. 9
' 310. 9
' 334.6
' 469. 0
' 313. 3
' 326. 8
' 453. 8
' 308. 5
' 330. 3
' 458.1
'311.5
' 329.1
' 453.3
' 314. 3
' 330. 3
' 455. 6
r
313. 2
223.6
' 521.1
' 456. 5
454.6
419.8
' 358. 0
225. 2
' 524. 2
' 449. 2
447.4
405.0
' 347.8
222.2
' 524.7
' 443.4
441.1
400.5
' 342.1
221.2
' 513. 2
' 434.4
429.2
383.0
' 336. 5
221.1
-•512. 2
' 428.8
420.1
381.3
' 324.4
224.5
' 518. 9
' 434.1
429.1
383.8
' 325. 3
224.9
' 505. 2
' 414. 7
408.6
370.6
226.7
222.7
' 512.1
' 507.2
' 414. 3
' 417. 5
415.1
410. 3
369.2
366.8
'313. 7 I ' 305. 9
3,221.2
3, 438. 9
3, 599. 4
r 373. 3
' 196. 2
139.0
' 189.1
181.3
' 189.8
' 204.0
3,213. 9
381.1
3, 629. 6
' 370. 9
' 202. 9
146.1
'191.3
184.1
'191.0
' 205. 3
3,171.9
3,152.7
3,127. 3
3,028.8
2,930. 9
2,933.1
2,883.7
2,916.1
2,905. 9
3, 599. 2
' 362. 9
' 204.0
146.7
'191. 5
183.4
' 191.5
' 204.1
3,621.1
'351.7
' 205.8
149.1
' 186. 0
175.7
' 189.4
' 198. 2
3, 645.0
' 347. 9
' 208. 4
152.1
' 187. 7
175.7
' 189.8
' 200. 7
3, 497. 7
' 349.0
' 215.8
159.3
' 190. 8
177.9
'191.9
' 203.2
3, 386. 5
' 336.6
' 206. 4
151. 5
' 187.1
173.9
' 186. 2
' 202. 6
3,379.1
' 338.1
' 220. 6
164.8
'194.8
181.0
'191.2
' 205. 2
3, 399. 3
-331.7
' 209. 8
154.3
' 189.6
175.0
' 188.4
' 207.5
3,468. 7
' 332. 2
' 212. 8
156.5
' 193.1
178.5
' 192.1
' 207.8
3,509.6
' 326. 9
' 199. 3
143.8
' 190. 7
177.2
' 189. 5
' 207. 0
r 171. 7
199.1
135. 6
' 174.1
202.2
138.8
' 173.7
202.2
138.2
' 109.8
201.3
134.7
'171.0
202.4
136.1
' 172.3
204.7
135.8
' 168. 3
206.6
130.7
' 108.1
203.7
133.7
' 169. 0
204.4
132.8
'170.4
203.5
138.5
'172.2
206.8
139.4
197.2
r 187. 9
150. 5
141.4
r 149. 9
134.0
'191.5
160. 6
131.8
243. 2
' 158.1
r 188. 6
173. 2
' 134. 6
112.3
147.6
' 395. 7
297.7
' 196. 7
185. 0
r
291.0
288. 9
199.4
199.6
' 196. 8
' 200. 2
163.2
167.3
148. 3
152.9
' 154.2
' 155. 8
137.8
139.0
' 188.1
' 185. 7
161. 1 |
103. 0
133. 0
120. 8
220. 0
212.3
T
' 154. 7
140. 5
' 190. 0
' 190. 5
170.3
170.4
' 134. 6
' 135.1
113.0
114.1
147.0
140.5
' 389.0
' 372.1
296.1
294.1
'201.4
' 203. 9
192.2
195. 7
' 295. 7
' 297. 0
295.6
299.3
192.5
'181.0
158.2
132.0
' 154. 9
138.3
' 185. 1
159. 9
141.2
200.3
' 142. 7
'187.6
175.1
'133.5
113.8
144.4
' 358.8
295.0
' 206. 4
199.6
' 281. 3
280. 0
192.9
' 182. 8
166.4
128.1
'156.1
139.8
' 191.0
103.8 i
143.2 i
210.9
' 152.8
' 188. 8
177.2
' 134. 9
116.1
144.8
' 358. 7
296. 5
'212.4
205.2
' 283. 3
283.0
194.8
' 180. 4
166. 5
134.8
' 158. 0
142.8
'197.6
160.8
150.7
217.5
' 157.4
' 191. 2
179.8
' 137. 3
117.1
149.5
T
355. 1
290. 5
' 215.5
207. 5
' 281.4
278.5
181. 3
'175.6
154.6
125.6
' 155.8
139. 8
' 209. 2
168.0
242.8
219.0
' 157. 0
' 189.4
178.6
' 137. 9
117.1
151.9
' 355. 2
297.6
' 222. 8
215.6
' 279.7
280.9
181.1
' 187. 4
160.6
139. 6
' 150.0
140.2
'213.1
107. 5
306. 2
210.7
' 157. 5
M90.6
180.6
' 137. 8
118.4
149.4
' 356. 6
295.1
' 220. 5
214.0
' 287. 9
294.3
185.1
' 195.6
166.3
148.4
' 158.5
143.1
' 212. 8
108.7
336.4
200.3
' 163. 0
' 189.8
180.0
' 138. 9
119. 6
151.5
' 360. 8
292.8
' 220. 8
213.3
'291.4
300.8
188.0
' 196. 9
169.0
147.4
' 158. 0
142. 7
r
207.4
171.4
262.3
200.2
' 165. 7
' 192. 9
182.6
' 139. 5
119.3
153.7
' 364. 5
288. 6
' 224.4
219.7
' 290.2
297. 5
189.4
' 192. 3
169.2
141.1
'157.4
141. 9
' 203.8
174. 5
188.7
211.4
' 172. 7
' 194. 0
182. 0
' 142. 2
120.8
156.8
' 306. 2
289.2
'219.2
214.2
' 289. 9
298.2
137. 7
197.7
125.0
153. 8
130.9
' 327.1
' 449. 9
' 308. 8
225. 3
221.9
' 503. 7
' 498. 7
'417.4
' 409. 0
415.5 i
408.4
372.6
363.2
' 307.8
' 304.4
146.0
228.9
157.4
139.6
126.2
190.2
231.0
157.0
139. 7
126.9
157.8
225.0
155. 5
144.9
125.7
142.3
214.2
152.5
150.0
129.5
155.8
215.5
148.5
157.4
127.9
151.8
217.9
145.7
162.2
131.1
130.6
194.4
135.1
160.7
136.5
145.8
215.6
136.6
165.3
132.7
150.1
207.8
130.8
158.2
135.4
159.8
210.2
130.7
r 163. 7
129.6
112.9
161.4
171.9
150.2
112.3
166.7
172.6
152.5
112.5
164.9
171.fi
151.6
112.9
164.9
173.4
152.1
112.9
168. 5
176.1
153.5
114.8
170.4
177.9
153.2
114.6
170.3
179.3
156.8
115.4
171.5
177.9
156.6
115.6
168.9
177.9
159.4
114.3
168.3
174.9
159.0
163. 5
155.0
148.9
165.3
154.4
152.7
173.7
155.2
153.6
179.9
155.7
154.5
194.2
161.3
155.3
195.7
163.6
157.2
187.3
165.1
157.4
178.6
159.8
158.8
185.5
159. 5
159.0
188.0
161.3 !
161.9 !
181.9
160. 7
104.6
122.2
132.7
132.1
131.2
448.7
121.4
133.0
128. 3
132. 7
472.6
122.6
134.5
131.2
133.4
490.5
124.3
134.4
134.6
134.0
524.6
124.2
135.2
132.4
133.4
552.6
127.4
139.6
136.6
135.4
571.7
128.3
142.4
136.7
135.9
585. 6
126.8
141.7
132.7
136.3
585.2
128.0
139.2
138.9
136.4
602.6
132.0 I
141.6
147.1
140.4
599.0
134.2
141.9
155.9
140. 0
651.9
I
!
I
'
114.2
170. 1
172.1 !
'156.9
I
146.8
145.0
190.7
142.3
672. 9
r
Revised. © Small revisions have been made in the data for 1940-43; these are available on request. l Data computed to tenths only beginning June.
0* Rates beginning January 1943 refer to all employees rather than to wage earners only and are therefore not strictly comparable with earlier data. ^ Index is being revised.
X See note marked "t" on p. S-10. A Data revised beginning January 1941; for revisions for 1941-43 see p. 19 of the December 1944 Survey.
*New series. Data beginning 1939 for the indexes of pay rolls for the newspapers and periodicals and printing, book and job, industries will be shown in a later issue. Indexes of
pay rolls beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey.
! Revised series. The series on placements by the U. S. Employment Service has been revised beginning in the August 1943 Survey to exclude agricultural placements which are
now made only in cooperation with the Department of Agriculture extension service; comparable earlier data are available on request. For information regarding the revised indexes
of wage-earner payrolls (or weekly wages) in manufacturing industries, see note marked " !" on p. 8-10. For revised data beginning 1939 for the indexes of payrolls in nonmanufacturing industries, see p. 31 of the June 1943 Survey (data for the telephone and telegraph industries have subsequently been revised; revised data beginning 1937 will be shown later).
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
S-13
1944
1945
January
February
March
April
May
June
July
SepAugust tember
October
Novem- Decem ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES
Factory average weekly earnings:
49.82
18.41
18.09
' 49.42
49.30
49.42
49.39
18.46
48.86
Natl. Ind. Con. Bd. (25 industries)
dollars..
47.56
48.98
18.15
47.45
46.24
46.24
45.64
46.02
' 46.86
45.43
46.94
45.88
45.55
U. S. Dept. of Labor, all manufacturing!
do
45.29
45.47
53.69
51.89
52.14
52.18
51.54
' 53.07
51.07
51.84
Durable goodsf
do
51.67
53.18
51.21
51.40
51.84
50.65
51.27
50.41
50.01
50.18
50.07
50.95
50.25
51.48
Iron and steel and their products!
do
50.14
50.30
Blast furnaces, steelworks, and rolling
55.33
53.11
52.74
53.12
53.43
54.55
54.32
55.43
55.46
54.58
52.49
53.80
millsf
_
dollars..
49.47
48.55
' 48.42
47.88
47.22
47.18
46.84
47.28
47.76
Electrical machineryf
do
'48.54
47.04
47.06
56.02
54.47
54.54
54.72
' 55.48
54.40
55.06
53.33
54.37
54.15
Machinery, except electrical!-.
do
54.69
54.35
54.76
53.10
53.70
51.85
53.28
52.53
53.84
52.94
54.37
53.18
Machinery and machine-shop products!-.do
53.36
52.99
61.09
56.54
58.95
56.80
56.97
'58.05
57.77
57.33
57.18
57.08
Machine tools...
do
55.93
55.85
58.45
56.43
58.37
r 57.56
58.19
58.48
56.90
55.98
57.85
58.68
Automobiles!.
__do
58.86
58.13
Transportation equipment, except automo59.41
58.43
63.39
59.87
' 63.11
62.53
58.73
59.66
59.29
60.36
60.80
57.91
biles!
dollars..
55.39
56.42
53.55
54.10
55.71
54.61
54.43
54.73
54.31
53.70
Aircraft and parts (excluding engines).__do
54.05
53.93
68.25
61.46
62.89
64.02
' 68.70
62.80
62.69
63.96
65.23
67.69
Shipbuilding and boatbuilding
.do
59.67
60.83
50.74
' 49. 68
' 49.99
48.96
48.83
49.33
48.34
48.69
48.99
48.65
Nonferrous metals and products!
do
48.79
48.88
33.62
34.05
34.54
' 34.00
35.56
33.74
35.78
34.82
'36.11
33.30
Lumber and timber basic products!
__do
31.77
33.03
32.26
' 32. 66
34.72
32.73
35.21
33.91
' 35. 29
32.26
33.14
33.59
Sawmills.
_.
._
do
30.37
31.94
37.43
' 36. 91
36.26
35.39
36.58
36.51
' 37.48
35.47
35.23
36.04
Furniture and finished lumber products|_do
34.24
34.97
38.00
' 37.51
36.71
35.94
37.15
36.83
' 37.81
36.29
35.93
36.72
Furniture^..
_
_
do
35.09
35.89
40.34
38.45
38.98
' 40.10
39.19
38.12
39.33
39.52
' 40.82
38.46
Stone, clay, and glass products!do
37.53
38.00
38.40
37.30
37.05
37.15
37.66
36.56
37.03
36.16
'37.97. '37.87
Nondurable goodsf
do
36.03
36.32
Textile-mill products and other fiber
28.88
28.66
28.85
30.55
29.87
29.64
30.10
' 30.49
29.74
29.51
28.30
manufactures!.dollars..
Cotton manufacturers, except small wares!
27.91
24.98
26.76
27.26
25.26
25.75
26.33
' 27. 49
27.12
27.37
24.66
26.90
dollars..
30.41
30.04
28.53
29.13
29.07
28.33
28.27
28.92
30.20
28.89
Silk and rayon goods!.
do
27.75
28.29
Woolen and worsted
manufactures
36.63
36.04
35.32
34.79
35.51
35.05
35.50
36.00
35.35
35.96
34.95
34.85
(except dyeing and
finishing)!
dollars..
Apparel and other finished textile products!
31.35
31.74
30.11
30.72
' 31. 34
29.95
31.83
28.70
29.45
29.28
30.44
28.99
dollars..
33.01
32.93
32.29
32.28
' 33.95
30.86
33.54
31.77
30.46
31.65
Men's clothing!
...do
29.77
30.98
38.45
39.82
37.67
35.89
39.12
S5.46
37.77
37.83
34.16
34.39
Women's clothing!
_
do
35.28
36.93
34.18
34.02
33.35
32.48
'33.69
33.01
34.06
32.36
33.02
33.16
Leather and leather products!
do
31.35
32.06
32.55
32.15
31.43
30.99
31.18
30.43
30.39
31.97
32.29
30.95
Boots and shoes
.
do
29.50
30.13
39.82
37.67
39.09
38.04
37.87
' 38. 88
38.52
38.39
37.95
39.08
Food and kindred products!
--do
38.43 ' 38.08
39.24
38.93
38.86
38.21
38.42
38.58
38.31
37.42
37.00
38.06
Baking
do
36.61
36.91
31.10
29.98
30.84
30.49
29.75
31.67
30.76
30.27
30.56
31.27
Canning and preserving!.
do
30.19
30.75
48.16
43.98
45.73
45.87
44.69
43.56
43.70
46.81
44.68
46.41
Slaughtering and meat packing
do
46.86
44.76
33.24
31.43
29.82
32.46
30.04
31.53
30.27
27.75
27.00
29.34
Tobacco manufactures!
do
28.42
28.00
40.40
39.65
39.17
38.72
40.11
39.10
40.26
38.09
38.20
38.77
Paper and allied products!
..do
37.24
37.84
43.96
43.07
42.83
43.73
42.42
44.24
42.67
41.50
41.59
42.49
Paper and pulp
._
_do
40.24
41.19
Printing, publishing, and allied industries!
45.96
' 45. 53
44.37
44.12
45.06
44.43
45.60
42.93
43.84
42.82
42.49
42.49
dollars..
49.85
48.45
48.65
48.88
49.92
47.07
' 49. 63
49.21
47.06
48.29
Newspapers and periodicals*
do
46.33
46.78
44.82
' 44. 48
42.97
42.70
43.93
42.67
44.26
41.18
41.35
42.09
Printing, book and job*...
.do
40.87
40.60
44.07
' 43.69
43.86
44.00
' 43. 94
43.79
44.08
43.01
43.91
42.99
Chemicals and allied products!
_
do
42.91
42.74
52.64
52.48
51.65
52.15
51.99
51.90
52.22
51.07
51.20
51.42
Chemicals
do
50.46
50.57
55.95
' 55. 61
55.30
56.27
55.27
' 55. 70
' 56.99
55.14
54.24
54.36
Products of petroleum and coal!
.do
52.99
53.86
58.50
' 58.66
57.98
59.08
58.00
58.24
'60.37
57.62
57.83
58.27
Petroleum refining..
do
55.80
57.25
52.63
49.30
49.17
50.24
50.99
' 50.59
' 50.92
49.53
48.12
Rubber products!
do
48.98
48.18
48.95
61.71
56.78
57.01
' 58.30
58.62
59.33
' 58. 54
58.38
55.63
57.11
Rubber tires and inner tubes
do
55.79
57.21
Factory average hourly earnings:
1.085
1.072
1.079
' 1.079
1.069
1.080
L.057
1.053
1.070
L062
1.048
Natl. Ind. Con. Bd. (25 industries)
...do
1.046
1.040
1.018
1.017
1.032
' 1.035
1.031
1.016
L. 003
1.006
L013
L017
U. S. Dept. of Labor, all manufacturing!
do
1.002
1.140
1.116
1.129
' 1.137
1.113
1.132
1.112
L. 110
L112
1.103
Durable goods!
___
do
1.100
1.099
1.095
1.088
1.086
1.091
1.081
1.075
1.101
L.069
L.070
L.077
L.077
Iron and steel and their products!
do
1.069
1.179
1.170
1.189
1.163
1.176
1.170
1.198
L.158
L. 160
1.148
L. 150
B last furnaces, steel works, and rolling mills!.do
1.151
1.058
' 1.049
1.032
1.032
1.026
1.051
L.021
' 1.046
L.014
L. 010
L. 005
Electrical machinery!
Jdo
1.003
1.146
1.121
1.134
1.123
1.137
1.122
1.136
L. 110
L. 107
.115
L. 116
Machinery, except electrical!
do
1.107
1.124
1.100
1.105
1.116
1.116
1.103
1.116
L. 089
L.092
L. 095
1.099
Machinery and machine-shop products!.do
1.090
1.175
1.138
' 1.150
1.131
1.150
1.131
1.144
1.114
L116
L.122
Machine tools.
do
1.104
1.107
1.261
1.279
1.280
1.291
1.275
1.287
1.270
1.261
1.262
L.266
Automobiles!
do
1.255
1.257
Transportation equipment, except automo1.311
' 1.321
1.262
1.297
1.301
1.272
1.264
1.261
1.267
1.251
1.247
1.240
biles!
dollars..
1.193
1.185
1.177
1.159
1.161
1.177
1.155
1.143
1.148
1.158
Aircraft and parts (excluding engines)...do
1.138
1.138
1.385
' 1.409
1.379
1.324
1.339
1.370
1.331
1.319
1.330
1.332
Shipbuilding and boatbuilding....
do
1.306
1.317
1.068
' 1.058
1.059
1.049
1.047
1.058
1.051
1.044
1.045
1.047
Nonferrous metals and products!
do
1.038
1.040
.794
.791
.799
.801
.803
'.807
.796
.771
.788
.798
Lumber and timber basic products!
do
.771
.770
.779
'.776
.798
.792
.793
.795
.788
.757
.775
.788
Sawmills
do
.757
.756
.842
'.833
.816
'.833
.813
.829
.812
.797
.805
.812
Furniture and finished lumber products!.-do
.789
.792
.862
'.853
'.849
.835
.833
.847
.832
.816
.834
.827
.807
.812
Furniture
do
.914
.910
.895
.912
.894
.910
.899
.882
.891
.893
Stone, clay, and glass products!
do
.881
.879
.883
.877
.878
.862
.861
.876
.846
.850
.858
.838
.842
Nondurable goods!
do
Textile-mill products and other fiber
.725
.722
.721
.712
.710
'.723
.711
.710
.701
.686
.690
.682
manufactures!
.
dollars..
Cotton manufactures, except small
.646
.647
.639
.634
.637
.637
.605
.599
.623
.597
wares!
dollars..
.708
'.707
.706
.700
.691
.689
.672
.697
.686
.666
.669
Silk and rayon goods!
_
.do
Woolen and worsted manufactures
.852
.849
.849
.849
.842
.845
.840
.841
.831
.833
.837
.827
(except dyeing and
finishing)!
dollars..
Apparel and other finished textile products!
.831
'.824
.832
.832
.784
.772
.807
.785
.789
.770
.778
.750
dollars..
.862
.864
.857
.846
.821
.823
.811
.817
.802
.800
.775
.793
Men's clothing!....
do
1.017
1.001
1.027
1.035
.999
.946
.963
.969
.927
.918
.924
.952
Women's clothingj
do
.824
.818
.819
.806
.820
.801
.802
.782
.800
.790
.774
.778
Leather and leather products!
do
.794
'.787
.789
.771
.765
.788
.767
.743
.747
.754
.766
.740
Boots and shoes
...do.,..
' Revised.
t Sample changed in November 1942; data are not strictly comparable with figures prior to that month.
§ Sample changed in July 1942; data are not strictly comparable with figures prior to that month.
. .
• New series. Data beginning 1932 for the newspapers and periodicals and printing, book and job, industries will be published later; see November 1943 Survey for data beginning
August 1942.
! Revised series. The indicated series on average weekly and hourly earnings have been shown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked " ! " on p . S-13 of the July 1944 Survey); there were no revisions in the data for industries which do not carry a reference
to this note. Data prior to 1942 for all revised series will be published later.
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1944
1945
January
March 1945
January
February
March
April
June
May
July
August
September
October
Novem- December
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued.
U. S. Dept. of Labor, all mfg.f—Continued.
Nondurable goods—Continued.
Food and kindred products!
dollars__
Baking
do___
do.._.
Canning and preserving!
do....
Slaughtering and meat packing...
do
Tobacco manufacturest
do
Paper and allied products!
Hn
Paper and pulp
Printing, publishing, and allied industriest-do
Newsnarjers and Deriodicals*
fin
do
Printing book and job*
Chemioals and allied Rroductst
do
do
Chemicals
do
Products of petroleum and coalf
do
Petroleum refining
do__._
Rubber products! _ _ _
rio
Rubber tires and inner tubes
Nonmanufacturing industries, average hourly earnings
(U. S. Department of Labor):*
Building construction
dollars..
Mining:
Anthracite
do
do
Bituminous coal
do.
Metalliferous
do....
Quarrying and nonmetallic
do
Crude petroleum and natural gas
Public utilities:
. .
do
Electric light and power
do....
Street railways and busses
do
Telegraph
do..
Telephone
Services:
do....
Dyeing and cleaning
do
Power laundries
Trade:
do
Retail
do.
Wholesale
- Miscellaneous wage data:
Construction wage rates (E. N. R.):1
dol. per hr
Common labor
do_
Skilled labor
Farm wages without board (quarterly) ©
dol. Der month
.dol. per hr__
Railway wages (average, class I)©
Road-building wages, common labor:
. do
United States average
0.839
.819
.762
.913
675
824
866
1.044
1 217
973
939
1 087
1.162
1 237
1.066
1.224
0.838
.822
.766
.909
678
.829
869
1.044
1 216
.970
935
1 C87
1.159
1 233
1.072
1.240
0.839
.829
.759
.903
679
.834
871
1.049
1 226
973
938
1 094
1.163
1 235
1.086
1.256
0.845
.830
.779
.918
691
.837
875
1.059
1 232
.983
944
1 097
1.174
1 247
1.075
1.234
0.854
.839
.777
.934
.698
.842
.879
1.072
1.248
.994
.954
1.101
1.174
1.242
1.087
1.257
0.851
.841
.770
.924
706
.845
.884
1.075
1 248
1.001
958
1.101
1.181
1 248
1.092
1.254
0.845
.839
.743
.921
.709
.847
.886
1.072
1 253
.997
966
1.114
1.199
1.265
1.094
1.256
1.295
1.297
1.296
1.297
1.310
1.300
1.160
1.195
.993
.827
1.160
1.245
1.179
.992
.828
1.143
1.162
1.174
.999
.833
1.121
1.166
1.182
1.012
.848
1.168
1.159
1.175
1.C05
.849
1.131
1.144
1.182
1.C09
.857
1.138
1.097
.913
.795
.889
1.091
.916
.793
.898
1.092
.922
.796
.904
1.110
.928
.800
.908
1.094
.928
.807
.907
.697
.596
.705
.597
.708
.601
.722
.606
.680
.966
.676
.967
.711
.966
0.891
.869
1.62
.869
1.62
gQ QA
76.06
.936
0.844
.839
.765
.922
715
.847
0.859
.855
.773
.933
.736
.863
.899
r
1.103
L.268
L.036
r .956
1.121
' L.186
.253
1.107
'1.258
0.866
.855
.786
.935
.738
.867
.904
1.10?
1.268
1.045
.965
1.125
1.194
1.262
1.129
1.293
.080
258
L.001
961
1.106
L. 179
.245
,102
L.264
i
265
L 030
966
119
L. 202
268
.117
.273
0.857
.849
.790
.930
728
862
901
1.102
1 262
1 037
r 957
1 117
1.190
r
1 257
1.108
1.263
1.302
1.323
1.339
r 1.342
1.349
1.349
1.194
1.199
1.010
.871
1.187
1.179
1.190
1.003
.861
1.130
1.187
I. 213
1.016
.871
1.172
1.197
1.191
' 1.015
.880
1.156
1.156
r1.173
1.014
-.871
1.146
1.176
1.187
1.019
.884
1.162
1.097
.933
.804
.900
1.118
.935
.805
.903
1.102
.939
.802
.902
1.120
.942
.812
.921
1.127
.945
.809
.928
1.120
.946
.809
'.930
1.126
.95£
.81£
.93E
.725
.620
.724
.617
.722
.621
.719
.626
.736
637
'.745
.641
'.747
.641
.743
.64'
.690
.984
.697
.979
.701
.986
'.732
.989
' 730
.981
736
.994
.741
1.008
736
996
.72?
1.005
.870
1.62
.874
1.63
.874
1.63
.877
1.64
.882
1.64
.882
1.64
.883
1.64
.886
1.64
.886
1 64
89C
1 64
.966
.944
81.15
.950
.943
.939
89.54
.947
.938
.955
86.80
.952
.959
.96f
.70
.68
.65
.64
.68
.68
.76
.77
.79
.80
.79
.78
74
P80
78
79
79
78
78
78
78
78
78
79
79
8C
v 72
v 59
71
57
8
71
57
8
71
57
8
71
57
8
71
57
7
71
57
7
71
58
7
71
58
7
71
58
7
71
58
7
72
58
7
75
55
2,289
1,651
1,274
378
175
2,260
1,630
1,258
372
155
2, 243
1,614
1, 245
369
146
2,214
1,591
1,228
363
143
2,172
1,567
1,211
357
135
2,124
1,544
1,194
351
135
2,105
1,518
1,175
343
176
2,079
l,4G0
1,155
336
207
197
171
3
3
444
462
34
36
233
249
22
21
116
119
39
39
3
3
' 69, 056 ' 60, 241
29,644
25,297
' 39, 412 ' 34,944
152
3
475
36
260
21
119
39
2
60, 757
24, 708
36,049
143
3
482
35
269
21
119
39
2
r 76,192
33, 563
' 42,629
140
3
481
35
269
20
118
38
2
66,062
28,474
37, 688
132
3
469
32
263
20
116
38
2
62, 497
26,165
36,332
132
3
445
30
246
19
112
38
2
63,625
26, 860
36, 765
35, 542
14, 759
237
14, 251
19,362
19,097
36,132
15,272
13
14,901
19,287
19,010
35, 815
15, 325
37
14,915
19,104
18,823
36, 678
16, 201
95
15,806
19,028
18,759
37, 492
17,113
49
16, 653
18,915
18, 647
S84
0.847
.850
.764
.921
724
.858
891
mi
PUBLIC ASSISTANCE
mil. of dol
Total public assistance
Old-age assistance, and aid to dependent children and
the blind, total
mil. of dol
do....
Old-age assistance
do. . .
General relief
P 8
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised
by the Farm Credit Administration:
Total, excl. joint-stock land b a n k s . .
mil. of d o l . .
Farm mortgage loans, total
..do
Federal land banks
do
Land Bank Commissioner
do
Loans to cooperatives, total
do
Banks for cooperatives, including central bank
mil. of d o l . .
Agr. Marketing Act revolving fund.
.do
Short term credit, total
do
Federal intermediate credit bankscf..
do
Production credit associations-..
do
Regional agricultural credit corporations...do
Emergency crop loans
.do
Drought relief loans...
.do
Joint-stock land banks, in liquidation
.do
Bank debits, total (141 centers)!
do
New York City
do
Outside New York City
do
Federal Reserve banks, condition, end of month:
Assets, total
.mil. of d o l . .
T
Reserve bank credit outstanding, total
do
Bills discounted
_
_
.do
United States securities
do
Reserves, total
do
Gold certificates
.do
2,041
1,443
1,119
324
220
2,380
1,729
1,332
397
244
2,355
1,706
1,315
391
227
216
3
378
30
197
11
103
37
1
75, 282
34,990
40, 292
238
4
408
32
201
29
108
40
3
' 64,990
27,031
' 37,960
221
4
422
32
215
24
112
39
3
64,061
27, 592
36,469
39,929
19,552
176
19,006
18,666
18, 373
33,978
12,428
22
12, 073
20,101
19, 746
33,448
12, 092
34
11,632
19,866
19, 536
2,319
1,673
1,290
383
202
33,808
12, 571
63
12,115
19,736
19,423
34,870
13,800
118
13, 220
19, 546
19, 265
203
172
3
3
412
382
28
28
221
198
15
18
104
107
37
38
2
2
' 66, 891 ' 70,397
28, 558
30,016
' 38,336 ' 40,381
38, 700
18, 325
345
17, 647
18, 802
18,552
39,854
19,357
473
18,388
18,770
18,528
J
v Preliminary.
' Revised.
Rates are for January 1, 1945. O Weighted averages for 1942-43 revised as follows: 1942, $55.91; 1943, $72.51.
© Wage increases which became effective December 1943 (retroactive to February or April 1943) and January 1944 are cot fully reflected in the figures until March 1944. T h e
figures do not include accruals of back pay.
^Rates as of February 1: Construction—common labor, 0.891; skilled labor, $1.64. cf Excludes loans to other Farm Credit Administration agencies.
* New series. Data on hourly earnings beginning August 1942 for the newspapers and periodicals and printing, book and job, industries and beginning March 1942 for the nonmanufacturing industries, except the telephone and telegraph industries, are available, respectively, in the November 1943 and M a y 1943 issues; figures beginning 1937 for the telephone industry, which are shown on a revised basis beginning in the December 1944 issue, and data back to 1939 for other series, except the telegraph industry, will be published
later; data for the telegraph industry are available only from June 1943 (for data beginning that month see p . S-14 of the January 1945 issue).
!Revised series. See note marked " ! " on p . S-13 in regard to the series on hourly earnings in manufacturing industries. Bank debits have been revised beginning M a y 1942 to
include additional banks in the 141 centers; see p . S-15 of the September 1943 Survey for revised figures beginning that month and note marked " t " on p . S-15 of the July 1944 Survey
for monthly averages for 1942 on the new basis.
March 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in. the
1942 Supplement to the Survey
SURVEY OF CURRENT BUSINESS
1944
1945
January
S-15
January
February
March
April
May
June
July
August
September
October
38,700
16,017
14,148
990
20,792
51.1
39,854
16,427
14,728
1,179
21,391
49.6
40,269
16,411
14,373
1,773
Novem December
ber
FINANCE—Continued
BANKING—Continued
Federal Reserve banks, condition, end of month—Con.
Liabilities, total
mil. of dol..
Deposits, total
_
do
Member bank reserve balances
.
do
Excess reserves (estimated) __
do
Federal Reserve notes in circulation
do
Reserve ratio
...percent..
Federal Reserve reporting member banks, condition,
Wednesday nearest end of month:
Deposits:
Demand, adjusted._
mil. of doL.
Demand, except interbank:
Individuals, partnerships, and corporations-do
States and political subdivisions
...do
United States Government
do
Time, except interbank, total
do
Individuals, partnerships, and corporations.do
States and political subdivisions
.do
Interbank, domestic
.do
Investments, total
do
U. S. Government direct obligations, total..-do
Bills
do
Certificates
do
Bonds
do
Notes
...do
Obligations guaranteed by U. S. Government.do
Other securities.._
.do
Loans, total
do
Commercial, industrial, and agricultural§._.do
To brokers and dealers in securities
_do.._.
Other loans for purchasing or carrying securities
mil. of dol..
Real estate loans...
.do
Loans to b a n k s . .
„
.do
Other loans
_
.do
Money and interest rates A
Bank rates to customers:
New York City
_
percent..
7 other northern and eastern cities
_
do
11 southern and western cities
do
Discount rate (N. Y. F. R. Bank) •
do
Federal land bank loanscf
do
Federal intermediate credit bank loans..
.do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers', 90 days
do
Commercial paper, prime, 4-6 months.
do
Time loans, 90 days (N. Y. S. E.).._
do
Average rate:
Call loans, renewal (N. Y. S. E.)_.
do
U. S. Treasury bills, 3-mo
do
Average yield, U. S. Treasury notes, 3-5 yrs.:
Taxable*
._
do
Savings deposits, New York State savings banks:
Amount due depositors
_.
mil. of dol.U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do
39,929
16,165
13,884
982
21,748
49.2
33,978
15,248
12,917
1,112
17,024
62.3
33,448
14,383
12,311
1,162
17,316
62.7
33,808
14,478
11,889
512
17, 559
61.6
34,870
15,090
12,684
773
17,969
59.1
35,542
15,299
13,046
711
18, 532
57.2
36,132
15,386
12,866
1.306
18,899
56.3
35,815
15,022
12,855
1,188
19,127
55.9
36,678
15,206
13,072
846
19,735
54.5
37,492
15,508
13, 548
1,035
20,215
52.9
36,076
31,873
32,327
32,660
34, 649
36,208
33,008
33,597
35,097
35,435
37, 587
38,539
34, 667
36,251
1,859
12,314
7,860
7,697
117
8,856
47,139
43, 657
2,553
9,971
21,937
9,196
600
2,882
12,107
6,350
1,869
32.0C6
1,741
11,462
6,350
6,169
123
8,858
40,746
36,163
3,660
8,691
18, 284
5,528
1,767
2,816
11,431
6,396
1,649
32,609
1,706
12,030
6,403
6,213
131
8,483
41, 755
37,159
3,848
9,043
18, 541
5,727
1,739
2,857
11, 535
6,394
1,667
32,649
1,782
10, 235
6,487
6,306
123
8,036
40,994
37,434
3,247
8,910
18,026
7,251
653
2,907
11,018
6,305
1,482
34,357
2,005
7,196
6,622
6,445
129
7,954
40,418
36,972
2,773
8,968
18,105
7,126
641
2,805
10, 256
6,035
1,253
36,184
2,054
4,934
6,753
6,575
130
8,146
39, 907
36,413
2,299
8,886
18,134
7,094
616
2,878
10,081
5,846
1,192
33,170
1,765
12,589
6,810
6,643
119
8,766
42,872
39, 288
2,942
10,341
18, 743
7,262
629
2,955
12,164
6,027
2,032
33,650
1,777
13,602
6,962
6,798
119
8,691
45, 430
41, 875
3,881
11,057
19, 435
7,502
613
2,942
11,487
6,015
1,446
35, 111
1,756
11,100
7,120
6,952
122
8,515
44,635
41, 075
3,077
11,057
19, 537
7,404
600
2,960
11,065
5,984
1,393
35,499
1,762
9,221
7,299
7,131
122
8,691
43,693
40,140
2, 473
10,757
19, 569
7,341
584
2,969
10,980
6,076
1,523
37,808
1,954
5,804
7,602
7,436
120
9,105
42, 543
39,057
1,774
10, 247
19,762
7,274
599
2,887
11,371
6,247
1,806
38,823
2,039
5,757
7,611
7,450
116
9,688
43,428
39,920
1,768
10,384
20,350
7,418
594
2,914
11,665
6,274
2,118
35,219
1,735
13,870
7,741
7,584
112
9,875
47, 257
43,708
2,864
10,090
21,453
9,301
615
2,934
12,630
6,415
1,969
1,462
1,049
72
1,305
961
1,099
86
1,240
1,061
1,089
102
1,222
880
1,081
55
1,215
629
1,074
62
1,203
589
1,073
55
1,326
1,616
1,073
53
1,363
1,547
1,071
87
1,321
1,255
1,071
54
1,308
957
1,062
32
1,330
851
1,060
81
1,326
836
1,061
64
1,312
1,770
1,054
107
1,315
1.00
4.00
1.50
1.00
4.00
1.50
2.23
2.55
3.18
1.00
4.00
1.50
1.00
4.00
1.50
21, 731
49.0
4.00
1.50
2.18
2.82
3.14
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.93
2.61
P2.62
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
2.10
2.75
3.12
1.00
4.00
1.50
.44
.75
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
1.00
.375
1.00
.374
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.66
1.31
1.30
1.32
1.36
1.36
1.35
1.34
1.31
1.30
1.31
1.35
1.34
1.35
7,204
6,221
6,258
6,322
6,383
6,464
6,570
6,623
6,709
6,810
6,897
6,978
7,116
2,401
8
1,833
9
1,867
9
1,906
9
1,947
9
1,994
9
2,034
9
2,084
8
2,140
8
2,198
8
2,257
8
' 2,305
8
2,337
CONSUMER SHORT-TERM CREDIT
' 5,786
' 5,412
' 5,595
' 5,148
v 5,451 ' 5,029
' 5,192
' 5,272
' 5,037
' 5, 209
' 5,148
' 4, 874
' 5,057
Total consumer short-term debt, end of month*__do
' 2,080
v 1,994
' 1,864
' 1,847
' 1, 859
'1,882
' 1,889
' 1,896
' 1,912
' 1,937
' 1,973
' 1,846
'1,898
Instalment debt, total*
_
_
do
'835
J>766
700
707
709
743
773
690
706
707
720
696
745
Sale debt, total*
do....
200
181
210
208
*192
192
204
171
210
167
167
210
169
Automobile dealers*
do
Department stores and mail-order houses*
184
162
141
148
132
*169
142
138
132
138
147
144
158
mil. of dol. .
'269
j>247
236
231
229
235
237
234
233
236
244
253
248
Furniture stores*
do
13
v 12
16
15
14
13
13
13
13
18
21
19
24
Household appliance stores*
do
'69
v 55
45
42
43
44
48
44
43
48
52
51
55
Jewelry stores*
do
-100
p 91
85
82
82
81
79
79
80
84
89
83
91
All other*
_
do
r
' 1, 245
v 1, 228
' 1,159
' 1,187
' 1,192
' 1,194
1,200
' 1,175 ' 1,183
' 1,139
' 1,168
' 1,157
' 1,153
Cash loan debt, total*
do
'357
'325
'342
'344
'345
*357
'335
'339
'343
'319
'303
' 305
'316
Commercial banks, d e b t * . . . . .
do
Credit unions:
119
116
117
118
115
119
119
118
118
118
117
121
119
Debt*
do
23
16
16
20
22
19
20
19
18
18
26
18
15
Loans made
_
do
Industrial banking companies:
'175
172
172
172
165
172
174
164
169
170
164
161
161
Debt
._.
do
'37
35
30
35
38
33
35
33
34
34
29
38
27
Loans made
_
do
Personal finance companies:
388
365
361
363
364
362
365
363
367
378
356
369
360
Debt
do
106
72
75
70
68
77
67
73
61
58
94
60
53
Loans made
do
'118
104
102
103
106
111
115
' 117
108
*>117
118
112
123
Insured repair and modernization debt* do
88
P g7
85
85
85
85
85
85
85
85
86
85
84
Miscellaneous debt*
^
do
1,758
1,390
1,330
1,402
1,516
1,664
1,287
1,370
1,346
P 1,515
1,376
1,294
1,218
Charge account sale debt*.do
' 1,220
1,139
1,189
1,241
1,250
1,238
1, 228
1,228
' 1,231
v 1,210
1,113
1,115
1,146
Single-payment loans, debt*__
do
'728
732
'727
716
730
710
724
731
704
*>732
697
701
692
Service debt*
do
Index of total consumer short-term debt, end of month:*
87
84
87
83
82
83
82
81
79
80
77
78
85
Adjusted
1935-39=100..
'Revised.
» Preliminary.
§Includes open market paper.
HFor bond yields see 3. S-19.
•A rate of 0.50 became effective October 30, 1942, on advances to member banks secured by jovernment obligations maturing'or callable in 1 year or less.
cf The temporary rate of 3H percent established by legislation for instalments maturing after July 1,1935, expired July 1,1944; effective that date the banks voluntarily reduced
their rates to 4 percent on all loans in the United States, some of which bore a contract rate as high as 6 percent.
ningl929are i
consumer short-term debt, dollar figures and indexes (revisions beginning November 1943 are in January 1945 issue except for further revisions in data for commercial banks and
the totals affected); total sale debt, charge account sale debt, and service debt for 1941 and 1942 as published prior to the July 1943 Survey. All revisions will be published later.
The November 1042 Survey includes a description of the data as originally compiled; a detailed explanation of the recent revisions is available in the December 1944 and January
1945 issues of the Federal Reserve Bulletin.
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through*l941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1945
December
March 1945
January
February
March
April
May
June
July
August
September
October
Novem- December
ber
FINANCE—Continued
LIFE INSURANCE
Life Insurance Association of America:©
Assets, admitted, totalj A-mil. of dol..
Mortgage loans, total
do
Farm
_
do
Other
do
Real-estate holdings
do
Policy loans and premium notes__
do
Bonds and stocks held (book value), total
do
Govt. (domestic and foreign), total
do
U. S. Government
do
Public utility
_
do....
Railroad
do
Other
._
...do
Cash..
_do
Other admitted assets
do
Insurance written:®
Policies and certificates, totalf
.thous_.
Group
..do
Industrial!
do
Ordinaryf
do
Value, total f
-thous. of dol_.
Group
-.
.do
Industrial —
f
do
Ordinary!
__
.-._
..do
Premium collections, total®
...do
Annuities
._
do
Group
do
Industrial
_
.do
Ordinary
_
.do
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
_
-thous. of dol._
Death claim payments
_
___do
Matured endowments
do
Disability payments
do
Annuity payments
do
Dividends
do
Surrender values, premium notes, etc
do
Life Insurance Sales Research Bureau:
Insurance written, ordinary, total
do
New England
_..do
Middle Atlantic_
.-do
East North Central-.do
West North Central
do
South Atlantic
do
East South Central
do
West South Central
_._
-do
Mountain
_
do
Pacific
___
do
31,101
5,283
627
4,656
1,065
1,830
21,081
12,173
10,555
4,457
2,486
1,965
1,152
690
737, 564
58, 092
204, 556
159,399
70,450
71,948
27,466
49,991
22,608
73,054
31,473
5,256
611
4,645
1,018
1,793
22,252
13,279
11,687
4,497
2,495
1,981
506
648
31,661
5,258
615
4,643
995
1,777
22,234
13,297
11,728
4,481
2,473
1,983
671
726
31,848
5,252
618
4,634
976
1,762
22, 296
13, 365
11, 762
4,476
2,473
1,982
811
751
32,102
5,263
620
4,643
954
1,746
23,055
14,149
12,575
4,464
2,456
1,986
398
686
32, 295
5,261
620
4,641
936
1,733
23, 242
14,346
12,797
4,454
2,452
1,990
457
666
32,454
5,259
617
4,642
921
1,719
23,381
14, 447
12, 904
4,466
2,473
1,995
466
708
32,658
5,258
616
4,642
902
1,707
23,531
14,574
13,054
4,471
2,492
1,994
521
739
32,864
5,249
612
4,637
893
1,693
23,619
14,646
13,172
4,497
2,471
2,005
665
745
33,063
5,239
605
4,634
876
1,678
23,569
14,631
13,165
4,468
2,460
2,010
947
754
652
82
340
230
815,295
190,145
131,091
494,059
314,354
43,387
23,589
63,281
184,097
660
50
362
248
710,746
62,597
131,108
517,041
314,772
28, 761
22,856
63,200
199,955
701
53
382
267
791,695
88,179
137,811
565, 705
350,926
32,649
24,514
71,006
222,757
691
95
346
250
774,292
126,479
124,535
523, 278
272,833
27,106
18,927
53,558
173,242
693
54
376
263
820,098
136, 333
136,127
547, 638
308, 760
29, 633
21, 070
63, 752
194, 305
698
89
340
269
842,991
125,675
125,183
592,133
339,600
35,319
21,680
70,116
212,486
586
42
304
241
722 960
80,' 220
112,395
530, 345
285,072
33,842
19, 258
57, 309
174,663
627
70
313
244
746,819
110, 319
115, 490
521.010
312,031
39, 567
21,330
59. 522
191,612
562
35
300
227
648,376
64,796
111, 226
472,354
306,311
27,139
20,532
69,974
188,666
678
46
367
264
777,793
97,910
134,171
545,712
292, 693
32, 665
20, 833
61,419
177,776
645
44
344
258
776,801
101, 755
124,976
550,070
309, 284
36,898
20, 407
57,036
194, 943
216,012
103, 573
30,833
7,889
17,354
38,079
18,284
573
37
299
236
747,853
64,376
123, 724
559, 753
31, 270
5,262
621
4,641
1,049
1,812
22,108
13,199
11,601
4,459
2,485
1,965
456
583
205,318
98,962
30,496
6,977
13,488
36,034
19,361
238,284
115,183
34,601
7,772
15,499
42,913
22,316
198,176
98,960
29,048
6,879
13,845
31,352
18,092
208, 273
101, 597
31,101
7,746
14, 099
33, 304
20,426
210,972
95,739
29,807
7,626
15,460
41,357
20,983
189,589
91,629
25, 920
6,976
14,429
32, 598
18,037
199, 500
103, 802
26,162
7,068
14.335
29,014
19,119
188,026
90,148
25,591
6,758
14, 791
33,153
17,585
200, 236
101,612
30, 515
7,083
13, 955
29,072
17,999
201,985
101, 740
31,133
6,972
14,942
30,167
17, 031
635,474
50, 735
180,975
138,980
61,705
61,603
22,801
40,565
17,040
61,070
682, 296
53, 445
189,450
149,742
67,181
66,181
23,927
44, 290
19,133
68,947
753,498
56,382
200,503
164,710
72,237
76,290
31,118
52,336
22,003
77,919
676,653
49,426
182,624
150,163
64,158
67,647
27,074
46,144
20, 293
69,124
717, 341
51,019
190, 254
159, 814
70, 093
72, 400
27, 605
48, 777
21, 503
75, 876
771,832
54, 219
196,325
161, 592
76,048
74,900
30,372
54,664
23,274
100,438
696, 046
49, 896
178, 969
150, 976
71,311
70,826
28,082
46, 734
22,595
76,657
701, 705
48, 553
165, 996
157, 726
74, 816
75, 315
28,945
50,456
22,103
77, 795
636,518
44,821
152, 249
143,620
67,355
66,398
27,172
47,761
20,322
66,820
724,840
51,959
187, 461
159, 629
71, 442
76, 669
27, 550
50, 450
22, 230
77,450
726,452
52,499
192, 674
159,734
72,174
74,901
29, 268
50,119
21,356
73,727
.298
.061
.301
.896
.573
.206
4.035
.298
.061
.301
.893
.573
.206
4.035
.298
.061
.301
.900
.573
.206
4.035
.298
.061
.301
.905
.573
.206
4.035
.298
.061
.301
.904
.573
.206
4.035
.298
.061
.301
.902
.573
.206
4.035
.298
.061
.301
.900
.573
.206
4.035
.298
.061
.301
.894
.573
.206
4.035
.298
.061
.301
.897
.573
.206
4.035
.298
.061
.301
.898
.573
.206
4.035
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
Argentina
dol. per paper peso..
.061
.061
Brazil, officialcT
dol. percruzeiro..
.301
.301
British India.-.
dol. perrupee..
.896
.900
Canada, free rate§
dol. per Canadian dol._
.573
.572
Colombia
_
dol. per peso
.206
.206
Mexico
_
_-.do_4.035
4.035
United Kingdom, official rate§.
dol. per £ . .
:w
Gold:
":i %
m
"
'*
21,918
20, 550
Monetary stock, U. S
mil. of dol
Net release from earmark^
thous. of dot.. - 5 8 , 1 6 0 -27,594
Production:
Reported m o n t h l y , t o t a l !
Africa
-..
do
do
56, 589
39,472
9,023
21,712
21,429
21,600
21,264
11,486 - 4 8 , 7 1 8 - 7 0 , 5 4 2 - 9 3 , 1 1 0
20,996
21,173
—6,395 —96,627
54,163
37, 349
8,988
3,429
' 54,775
' 39,401
8,397
2,431
57,152
39, 547
9,333
2,933
53, 887
38,260
8,568
2,936
57,227
40, 245
8,989
2,881
55,607
39, 593
8,247
2,959
20,688
20,926
20,727
20,825
2,690 - 2 7 , 3 7 8 —22,647 - 3 4 , 669
57, 226
40, 224
8,290
2,779
54, 826
39,074
8,274
3,028
v 54,425
v 39,110
8,051
2,863
P 53, 644
v 38, 525
' 7, 809
Canadai
_
...do
2,974
United States^
_.
...do.-..
3,085
Money supply:
25,019
24,425
22,699
23, 292
20,824
21,115
21,552
23,794
22,504
22,160
Currency in circulation
_
...mil. of dol._ 25,290
20,529
Deposits adjusted, all banks, and currency outside
128,600 127,900 127, 500 128,000
136,169 v 139, 200 P139, 000 P138, 900 p 139,300 P142,600
banks, total*
mil. of dol-125,300
Deposits, adjusted, total, including U. S. deposits*
109,400 108,400 107,600 107, 500
115,288 P118, 100 *117,300 P116,700 *116, 600 *>119,300
mil. of doL.
106,400
Demand deposits, adjusted, other than TJ. S.*
58,100
59,600
62,100
62,500
60,065 * 61, 500 v 64, 200 v 65,400 •p 69,300 v 72,000
65,100
mil. of dol.33,200
33,700
34,100
34,600
35,717 P 36,300 v 37,000 v37,800 v 38,700 * 39,100
35,300
Time deposits, including postal savings*...do
Silver:
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
Price at New York
.dol. perfineoz_.
Production:
1,192
1,054
1,072
830
1,273
1,367
905
1,205
1,230
1,030
1,160
Canada
_
thous. offineoz._
2,889
3,105
3,119
2,778
3,827
4,005
3,071
3,538
2,291
3,511
United States
do..
2,892
2,215
2,924
5,118
5,154
Stocks, refinery, U. S., end of monty,
do..
0)
' Revised.
» Preliminary.
$36 companies having 82 percent of the total assets of all United States legal reserve companies.
* Discontinued by compilers.
A In January 1944 one company was replaced by a larger one and the 1943 data revised accordingly; revisions for January-September 1943 are available on request.
< > 9 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. # Or increase in earmarked gold (—).
g3
cfPrior to Nov. 1,1942. the official designation of the currency was the "milreis." ©Formerly "The Association of Life Insurance Presidents."
§The free rate for United Kingdom shown in the 1942 Supplement was discontinued after Feb. 1,1943; the official and free rates (rounded to thousands) were identical from January
1942 to January 1943. The official rate for Canada has been $0,909 since first quoted in March 1940.
IData for Mexico, included in the total as published through March 1942, are no longer available. For revised monthly averages for 1941 and 1942 for the total and Canada and for
1942 for United States, see note marked "V* on p. S-17 of the March 1944 Survey. Monthly revisions for 1941 and January-May 1942 are available on request.
•New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, including
payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beginning September
1941 are available in the November 1942 Survey; earlier data are available on request. The new series on bank deposits and currency outside banks are compiled by the Board of
Governors of the Federal Reserve System and are partly estimated. Demand deposits adjusted exclude cash items in process of collection. The figures for time deposits include postal
savings redeposited in banks and amounts not so deposited. The amount of U. S. deposits can be obtained by subtracting the sum of demand and time deposits from figures for total
deposits. Monthly data beginning January 1943 and earlier semiannual and annual data will be published later.
fData for value, total and ordinary, revised beginning December 1938. Further revisions beginning January 1941 have been made in all series except group owing to substitution of
one company and the inclusion of dividend additions and juvenile policies at ultimate, instead of issue, amounts; this revision increased thefiguresby the following percentages: 1941—
Total, 6.3; industrial, 21.6; ordinary, 2.7; 1942—Total, 5.9; industrial, 18.5; ordinary, 3.7. Revisions prior to November 1942 are available on request.
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1945
January
1942 Supplement to the Survey
S-17
1944
January
February
March
April
June
May
July
August
September
October
Novem- Decem
ber
ber
FINANCE—Continued
*
PROFITS AND DIVIDENDS (QUARTERLY) •
Industrial corporations (Federal Reserve):
Net profits, total (629 cos.)
mil. of dol..
Iron and steel (47 cos.)
do
Machinery (69 cos.)
do—
Automobiles (15 cos.).
do
Other transportation equip. (68 cos.)
do
Nonferrous metals and prod. (77 cos.)
do
Other durable goods (75 cos.)
do—
Foods, beverages and tobacco (49 cos.)
do
Oil producing and refining (45 cos.)
do
Industrial chemicals (30 cos.)
do
Other nondurable goods (80 cos.)
do....
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):*
Net profits.__
do.._.
Dividends:
Preferred. _
do....
Common.
-do
Electric utilities, class A and B, net income (Federal
Reserve)*
mil. of dol..
Railways, class I, net income (I. C. C.)
do....
Telephones, net operating income (Federal Communications Commission)
mil. of dol._
452
47
40
52
i 58
29
20
40
49
42
36
39
464
46
40
55
»53
30
22
43
52
43
37
43
478
46
37
56
150
28
22
41
58
51
34
55
222
227
236
20
142
22
149
20
137
135
145.0
123
168.4
111
173.3
58.9
58.2
58.3
164.8
FUBLIC FINANCE (FEDERAL)
TJ. S. war program, cumulative totals from June 1940:*
Program
mil. of dol..
Cash expenditures,.
do—
U. S. Savings bonds:*
Amount outstanding
do—
Sales, series E, F, and G
do....
Redemptipns
do—
Debt, gross, end of month®
do
Interest bearing:
Public issues
do
Special issues§
do
Noninterest bearing
_
do...
Obligations fully guaranteed by TJ. S. Gov't:
Total amount outstanding (unmatured)
do...
Expenditures and receipts:
Treasuiy expenditures, total
do...
War activitiest-do...
Transfers to trust accountsj
do...
Interest on debt
-do...
All othert
.do...
Treasury receipts, total
do...
Receipts, net
...do...
Customs
...do...
Internal revenue, total
_
do...
Income taxes
do
Social security taxes
do...
Net expenditures of Government corporations and
credit agencies*
mil. of dol.
Government corporations and credit agencies:^
Assets, except interagency, total
.do.
Loans and preferred stock, total
do.
Loans to financial institutions (incl. preferred
stock)
mil. of dol.
Loans to railroads.
do...
Home and housing mortgage loans.
do..,
Farm mortgage and other agricultural loans.do..
All other
do..
TJ. S. obligations, direct and guaranteed
do..
Business property.__
do_.
Property held for sale
_
do_.
All other assets
do..
Liabilities, other than interagency, total
do..
Bonds, notes, and debentures:
Guaranteed by the TJ. S
do..
Other
do_Other liabilities, including reserves.
do..
Privately owned interests
do..
TJ. S. Government interests
do.-_
Reconstruction Finance Corporation, loans outstanding,
end of month, totalf.mil. of d o l . .
Banks and trust cos., incl. receivers
do
Other financial institutions
_
do
Railroads, including receivers
do
Loans to business enterprises, except to aid in national
defense...
mil. of d o l . .
National defense
-do
Other loans and authorizations
do
390,350
252,036
343,102
160,758
341,308
168,566
341,330
176,515
341,767
184,008
341,606
191,926
343, 514 392,377
199,883 207,238
392,453
215,035
392,479
222,140
391,096
229,586
390,389 390,506
236,682 244,516
41,140
1,074
341
232,408
28,901
1,698
188
170,659
31,515
2,782
185
183,107
31,974 32,497
739
709
237
268
184, 715 184,967
32,987
751
279
186,366
34,606
1,842
248
201,003
36,538
2,125
227
208,574
36,884 37,323
692
602
279
283
209,802 209,496
37,645
695
401
210,244
38,308
1,023
382
215,005
213,984
16,688
1,736
154,170
12,873
»3,616
168,541
13,168
1,398
169,842
13,607
1,367
169,715
13,697
1,654
170,753
14,122
1,492
185,256
14,287
1,460
192,156
14,961
1,456
192,827 191,873
15, 461 15,976
1,514
1,645
192,438
16,170
1,636
194,192 212,565
16,583 16,326
2 4,230
1,739
1,496
4,269
4,227
2,258
2,258
1,529
1,516
1,468
1,475
1,480
1,480
1,470
1,470
8,202
7,551
69
191
390
3,587
3,556
36
3,042
2,422
48
7,570
7,138
37
87
308
2,779
2,747
40
2,188
1,727
49
7,862
7,518
5
56
283
2,754
2,503
35
2,464
1,747
373
8,525
7,726
7
449
343
6,676
6,673
42
6,353
5,911
7,859
7,346
40
117
355
3,119
3,087
8,292
7,879
26
52
334
3,256
2,950
38
3,024
2,167
337
8,625
7,567
40
747
271
6,249
6,247
28
5,734
5,241
75
8,110
7,201
451
86
372
2,212
2,163
28
1,985
1,247
56
8,119
7,571
57
77
415
2,859
2,568
23
2,702
1,552
319
7,930
22
581
329
5,927
5,926
25
5,749
5,174
65
8,024
7,479
47
133
365
2,054
2,001
29
1,880
1,240
60
7,828
7,401
18
56
353
2,506
2,240
27
2,300
1,501
293
8,416
7,503
22
560
332
5,418
5,416
29
4,945
4,347
63
-21
165
331
95
29, 508
7r~
29, 791
7,863
30,263
742
420
1,807
2,766
2,146
1,942
1,645
7,588
10,452
10, 856
721
419
1,791
2,770
2,162
2,099
1,658
7,753
10,418
10, 504
682
416
1,773
2,761
2,177
2,090
1,677
7,829
10,858
8,550
4,277
1,332
5,247
435
18,216
4,226
1,322
4,956
435
18,853
8,631
413
213
8,851
407
224
385
31'
20'
287
69
39
2,935
2,475
39
87
148
193
254
-35
31,083
7,743
31,153
7,656
31,666
7,621
31,097
7,504
32,690
7,370
11^524
9,164
632
406
1,732
2,653
2,233
1,750
I,""
8,042
12,020
8,722
674
405
1,706
2,591
2,244
1,701
1,702
8,392
12,250
9,364
667
405
1,681
2,532
2,219
1,578
3,742
8,496
9,776
8,663
631
387
1,643
2,474
2,235
1,592
3,747
9,220
10,761
9,131
1,636
3,407
1,368
1,603
15, 776
3,050
4,126
9,167
2,274
1,326
4,950
433
21,280
2,274
1,302
5,589
435
21,484
1,672
1,427
5,623
435
21,996
1,766
1,413
6,185
443
21,858
1,571
1,229
5,863
444
21,990
1,571
1,200
444
23,114
1,565
1,204
6,398
498
21, 771
9,051
390
224
383
9,174
379
221
375
9,330
372
222
372
9,428
357
222
37:
9,473
351
218
371
9,607
342
209
354
9,711
338
208
353
365
230,630
31,959
7,405
652
409
1,754
2,708
2,220
2,161
1,671
40,361
2,002
9,704
335
208
34;
164
9,846
330
207
340
9,865
322
205
312
40
38
3'
36
32
34
31
34
33
31
33
7,072
7,449
7,627
7,749
8,104
7,295
8,265
8,329
7,977
8,089
7,807
724
702
694
722
713
681
674
692
665
690
r
Revised. §Special issues to government agencies and trust funds. ® Figures are on the basis of Daily Treasury Statements (unrevised).
i Partly estimated. 2 March and November data include prepayments on securities dated Feb. 1 and Dec. 1,1944, respectively, sold in the Fourth and Sixth War Loan drives.
•In addition to data shown above, quarterly estimates of profits of all corporations are published in special tables in the Survey as follows: 1940-43 and the first quarter of 1944,
p. 6 of the July 1944 issue of the Survey; 1939, June 1943 issue, p. 25; the latter includes also on p. 24, annual data back to 1929 and, on p. 28, a description of the data; it should be
noted that these estimates are in line with profits compiled from income tax returns and thus include reserves not allowable as deductions in computing taxes.
JFor 1941 revisions see p. S-17 of the November 1942 issue. Data for the agricultural adjustment program, shown separately through the February 1944 issue, and unemployment
relief, shown separately through the July 1944 issue, are included in the "all other" item. Debt retirements, which have been comparatively small, are excluded.
^Beginning September 1944 data are reported quarterly and for some items (notably farm mortgage and other agricultural loans, all other loans, business property, property held
for sale, all other assets) are not comparable with earlier data owing to changes in Treasury Department regulations governing reports from the agencies and to shifts between classifications.
*New series. For data beginning 1929 for profits and dividends of 152 companies, see p. 21, table 10, of the April 1942 Survey. Data for net income after taxes of class A and B
electric utilities have been substituted for data for 28 companies; they include affiliated nonelectric operations and cover 95 percent of all electric power operations. Data beginning
1939 are available on request. Data beginning July 1940 for the series on the war program are shown on p. 29 of the June 1943 issue; a comparatively small amount of intercompany
duplication in thefiguresfor R. F. C. and its subsidiaries has been eliminated beginning October 1943; see footnote marked "*" on p. S-18 of the April 1944 issue. The series on war
savings bonds is from the Treasury Department; amounts outstanding are at current redemption values except series G which is stated at par; this item and redemptions cover all
savings bonds series, including pre-war issues; sales represent funds received during the month from sales of series E, F, and G, the series issued since April 1941 (for sales beginning
May 1941, see p. S-16 of the October 1942 Survey). The series on expenditures of Government corporations and credit agencies includes net transactions on account of redemptions
of their obligations and other net expenditures by the Reconstruction Finance Corporation, the Commodity Credit Corporation, and other lending agencies; transactions 01 these
agencies are not included in Treasury direct budget expenditures and receipts shown above; since October 1941 funds for these agencies are provided by Jthe Treasury.
tRevised series; see note in the December 1943 Survey regarding changes in the classifications; the figures include payments unallocated, pendinr advices, at end -of month.
nding - —"--- -- — j
28
8,370
664
41
6,853
725
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
January
1945
March 1945
1944
January
February
March
April
May
June
July
August
September
October
Novem- December
ber
FINANCE—Continued
SECURITIES ISSUED
Securities and Exchange Commissionrf
Estimated gross proceeds, total
mil. of dol.
By types of security:
Bonds, notes, and debentures, total
do...
Corporate
-do
Preferred stock
.
do...
Common stock..
_
_
do
By types of issuers:
Corporate, total
do._.
Industrial
do...
Public u t i l i t y . .
do...
RaiL
—-•
do...
Other (real estate and
financial)
do...
Non-corporate, total®
do...
U. S. Government
do...
State and municipal
do
New corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
..do
Plant and equipment
-do
Working capital
do
Retirement of debt and stock
do
Funded debt
-do
Other debt—
__do...
Preferred stock
do
Other purposes
...do
Proposed uses by major groups: §
Industrial, total net proceeds
do
New money.
do
Retirement of debt and stock
do
Public utility, total net proceeds
do
New money
do
Retirement of debt and stock
do....
Railroad, total net proceeds.
do
New money..
do
Retirement of debt and stock
...do
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
do
Federal agencies
do
Municipal, State, etc
do....
Foreign
_
do—
Refunding, total
do
Domestic, total
do—
Corporate
..do
Federal agencies
do
Municipal, State, etc
.do
Foreign
do
Domestic issues for productive uses (Moody's):
Total
mil. of dol_.
Corporate
do—
Municipal, State, etc
do
Bond Buyer:
State and municipal issues:
Permanent (long term)
thous. of dol..
Temporary (short term)
.do
SECURITY
1,583
1,911
8,541
937
916
1,069
12,109
2,353
1,148
1, 531
229
37
15
1,837
80
70
3
8,533
89
5
2
166
32
6
804
43
96
16
1,045
125
15
9
12,097
151
2,312
152
20
20
214
12
2
1,085
375
54
281
84
66
121
10
1,302
1,074
113
154
83
63
8
<•)
1,757
1,698
59
97
56
31
9
0
8,444
8,381
62
203
30
142
29
3
734
709
25
155
122
28
0
4
761
739
17
148
87
58
2
1
920
751
160
163
60
24
45
34
11,946
11,914
31
192
112
59
21
<•)
2,161
2,125
36
229
68
26
135
0
668
602
65
275
150
95
199
150
146
160
188
35
14
21
240
221
0
19
0
34
23
11
116
54
2
60
1
49
18
31
37
32
4
1
8
48
32
16
150
129
3
18
1
53
24
28
94
55
1
38
3
23
17
6
123
115
23
8
15
135
103
18
13
1
60
36
24
122
109
0
13
6
82
28
54
65
0
65
119
0
119
81
26
55
61
0
61
8
55
40
8
30
0
30
9
9
0
28
14
14
140
6
134
29
29
0
118
49
66
28
0
28
0
0
0
58
17
40
24
0
23
45
4
41
109
34
70
58
5
52
21
21
0
625,461
135, 900
135, 900
42, 741
1,505
91,655
0
489, 560
489, 560
272, 280
195, 460
21,821
0
249,798
r 74,957
' 62, 247
37,773
0
24,474
12, 710
174,841
167,551
122, 683
' 30, 705
14,163
7,290
117
27
90
24
21
30
21
29
17
12
115, 726
119,334
59,069
64,802
34,491
69,027
25,740
64,852
1,090
780
800
820
780
790
730
530
560
370
650
370
630
380
600
390
101. 91
99.78
100. 66
72.87
100. 21
101.03
73.39
100.32
101.11
74.45
121.6
120.5
120.4
117.3
121.2
117.0
113.7
68.6
136.6
101.0
113.2
119.8
115.5
104.1
52.8
134.4
100.2
113.6
119.3
115.8
105.7
58.1
135.8
100.1
219,887 210,242 234, 729 418, 587 238,982 274, 420
58,045
79,994 53,486
73,421
70. 425
63,481
58,045
79,994 53,486
73,421
68, 925
42,481
45,456
73,464 32,616
62,616
57, 328
15,373
0
0
0
0
0
4,125
12, 589
10,805
6,530 20,871
22,983
11,597
0
0
0
0
1,500
21,000
146,466 152,196 154,735 365,100 175, 501 203, 995
146, 466 119, 743 149, 235 355,950 170,251 203, 795
77, 535 107,636 184,091
96,146
78, 754 153.917
30,055
24,525
31,460 32,875
27,455
83,025
12,153
25, 795
10,140 138,984
22,423
8,471
32,454
0
5,500
9,150
200
5,250
1,538
1,441
14, 732
39
10
1,410
315
18
13
14,685
107
2
45
438
88
153
191
6
710
692
18
735
191
505
37
2
803
695
108
347
31
262
53
1
1,095
1,023
71
154
18
10
83
42
14, 579
14, 544
34
226
429
722
340
152
57
24
33
166
147
•)
19
3
66
38
27
26
•)
24
134
19
115
27
17
10
396
357
1
38
5
123
9
114
592
566
2
24
7
24
11
13
316
207
54
4
50
96
96
0
1
1
85
10
75
149
5
139
189
10
179
186
113
73
498
8
484
36
2
35
29
16
12
259
. 4
255
52
18
12
5
10
0
10
82
0
82
331,720 478, 271 898, 654
145,073
41, 874 177, 599
145,073
41, 874 177, 599
105, 573 29,208 130,618
0
0
0
12, 666 46,981
39,500
0
0
0
186,647 436, 397 721,055
186,647 436, 397 714.055
140,608 400, 717 610, 535
20,315
30,010
42,370
25,724
5,670
61,150
0
7,000
0
479, 670
39, 270
39, 270
22, 816
10, 090
6,364
0
440, 401
440, 401
335, 894
39, 425
65, 082
0
193, 296
38, 231
38, 231
18, 6S1
0
19, 550
0
i55,065
155,065
114,104
26, 715
14, 246
0
109
33
27
6
19
9
10
53
45
93
55
30
17
13
56
16
40
17
11
6
25
7
18
16,933 166,138
52,845 20,292
37,391
45,354
32,695
122,700
56,733
5,100
23, 441
28,199
112,149
97, 431
7,700
48, 288
19, 366
887
196
619
424
940
940
940
950
940
550
400
660
420
630
410
640
420
670
430
640
430
1,041
209
726
472
100.31
101.10
74.62
100. 62
101. 41
75.29
100. 53
101. 26
76.32
100. 71
101. 40
75.50
100. 74
101.41
76.04
100. 61
101. 29
75.55
100.71
101.38
76.11
100.92
101.60
76.15
101. 35
101.97
76.33
120.5
120.7
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
113.7
119.8
115.9
105.3
60.1
136.0
100.3
114.4
121.0
116.6
105.5
59.0
135.8
100.3
114.7
121.5
116.0
106.5
58.9
135.6
100.2
114.5
121.5
115.9
106.2
61.2
135.5
100.2
114.7
121.1
116.3
106.8
61.3
136.1
100.2
114.8
120.9
116.2
107.3
57.3
136.5
100.4
114.5
120.1
116.5
107.0
55.5
136.2
100.4
115.5
119.9
116.9
109.6
59.1
135.5
100.3
115.9
119.9
116.8
111.1
61.7
135.2
100.3
116. 9
120.7
116.8
113.2
65.8
135.5
100.3
63
57
6
MARKETS
B r o k e r s ' Balances (N. Y. S. E. m e m b e r s carrying
margin accounts) ^
Customers' debit balances (net)
Cash on hand and in b a n k s . . .
Money borrowed
Customers' free credit balances
mil. of dol_.
do
do—
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.) .dollars..
Domestic
do
Foreign
.do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds)
dol. per $100 bond..
Medium and lower erade:
Composite (50 bonds)
do
Industrials (10 bonds)...
do
Public utilities (20 bonds)
do....
Railroads (20 bonds)
do
Defaulted (15 bonds)
do..-.
Domestic municipals (15 bonds)f
do
U. S. Treasury bonds (taxable)t
--do
Revised.
• Less than $500,000.
^Includes for certain months small amounts for nonprofit agencies not shown separately.
§Small amounts for "other corporate", not shown separately, are included in the total net proceeds, all corporate issues, above.
^Complete reports are now collected semiannually; except for June and December, data are estimates based on reports for a smaller number of firms.
fRevised series. For an explanation of changes in the data on security issues compiled by the Securities and Exchange Commission and revised 1941 monthly averages for selected
series, see p. S-18 of the April 1943 Survey; there have also been unpublished revisions in the January-July 1943 and January-May 1942figuresand in the July-December 1942 figures
for U. S. Government and the totals that include this item (July-December 1942 figures for other items are correct in the August 1943 Survey); all revisions are available on
request. The price index for domestic municipals is converted from yields to maturity, assuming a 4 percent coupon with 20 years to maturity; revised data beginning February 1942
are on p. S-19 of the April 1943 Survey; earlier data will be shown in a later issue. Revised data beginning November 1941 for the price series for U. S. Treasury bonds are shown
on p. 20 of the September 1944 issue.
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may b« found in the
1942 Supplement to the Survey
January
S-19
1944
1945
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
FINANCE—Continued
1
SECURITY MARKETS-Continued
Bonds—Continued
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of dol__
Face value.
do
On New York Stock Exchange:
Market value
do
Face value
_
do
Exclusive of stopped sales (N. Y. S. E.), face
value, total
thous. of dol—
U. S. Government
do
Other than U. S. Government, total...do
Domesticdo
Foreign
do
Value, issues listed on N. Y. S. E.:
Face value, all issues.
mil. of dol._
Domestic.
.do
Foreign
do
Market value, all issues
do
Domestic
do
Foreign
...do
Yields:
Bond Buyer:
Domestic municipals (20 cities)
percent..
Moody's:
Domestic corporate
do
By ratings:
Aaa
-do
Aa
do
A—
do..._
Baa
do
By groups:
Industrials
_
do
Public utilities
_
_
do
Railroads.._
_
do
Standard and Poor's Corporation:
Domestic municipals (15 bonds)
do
U. S. Treasury bonds:
Partially tax-exemptt
do
Taxablef
do
237,830
411,818
211,667
352,987
228, 798
428, 754
185, 281
307,972
144,881
221,137
223,579
384,803
196,771 215,113
334, 298 411,040
169,339
286, 625
341,960
337,114
1,052
336,062
326,658
9,404
354, 781
292
354,489
347,657
6,832
260, 533
472
260,061
249, 255
10,806
133,606 153, 442
206, 364 218,886
191,157 213, 749
400
915
190, 757 212, 834
180,680 204,161
8,673
10,077
111,885
109, 219
2,667
114,020
111,959
2,060
90,742
87,884
2,858
90,544
88, 462
2,083
96,632
93,787
2,845
96,838
94, 750
2,088
95, 409
92, 575
2,834
95, 713
93,604
2,110
95,013
92,181
2,832
95,305
93,192
2,114
170, 406 115,386 100, 214 141, 242
258,532 164, 549 143, 273 197,373
139,318
208,588
194,057
308,571
104.051
90,966
149, 718 131, 764
137, 613 132, 211
331
461
137, 282 131, 750
130,104 124,941
7,178
130, 747
185, 232
129,013
196,075
183,545
293,799
166, 619
247
166, 372
160, 202
6,170
196,864
365
196,499
189,948
6,551
266,532
349
266,183
257,840
8,343
95, 729 101, 559 101, 581 101, 399 101,088
92,929
98,856
98, 704 98, 400
2,700
2,799
2,703
2,694
2, 688
96,235 102, 285 102, 329 102,017 101,801
94,099 100, 244 100, 276 99, 981 99, 756
2,053
2,041
2,137
2,036
2,046
100,450
97,765
2,685
101,378
99,333
2,044
111,116
108, 438
2,678
112, 621
110,577
2,044
166,046 184,358
234, 544 296,029
93, 272
90, 442
2,830
93,849
91,719
2,130
169,220
267,881
158,655
243,004
243, 784 193, 748
436
503
243,348 193, 245
231,087 182, 523
12, 261 10, 722
1.65
1.64
1.59
1.59
1.66
1.64
1.63
1.62
3.08
3.06
3.05
3.04
3.02
3.03
3.02
3.02
2.98
2.74
2.82
3.10
3.70
2.74
2.82
3.09
3.68
2.73
2.81
3.07
3.63
2.73
2.81
3.07
3.59
2.72
2.80
3.05
3.57
2.71
2.79
3.04
3.55
2.72
2.81
3.01
3.55
2.72
2.80
3.01
3.53
2.70
2.76
2.98
3.49
2.83
2.98
3.49
2.83
2.97
3.48
2.83
2.97
3.45
2.81
2.97
3.41
2.79
2.96
3.40
2.79
2.95
3.37
2.79
2.94
3.34
2.72
2.79
3.05
3.56
2.79
2.94
3.35
2.79
2.96
3.32
2.77
2.98
3.29
2.74
2.96
3.25
1.92
1.85
1.84
1.85
1.86
1.87
1.84
1.82
1.83
1.87
1.88
1.87
1.95
2.49
1.93
2.49
1.91
2.48
1.94
2.48
1.94
2.49
1.91
2.49
1.89
2.49
1.90
2.48
1.93
2.47
1.93
2.48
1.90
2.48
1.87
2.48
1.53
1.70
2.97
1.65
1.65
3.11
3.10
3.09
2.69
2.76
2.98
3.46
2.72
2.83
3.11
3.76
2.74
2.83
3.10
3.72
2.73
2.97
3.23
2.83
2.99
3.51
1.81
1.81
2.44
Stocks
Cash dividend payments and rates, Moody's:
Total annual payments at current rates (600 companies)
..mil. of dol.. ,843.52 1, 740.52 1, 752. 58 1, 761.55 1, 763.92 1, 818. 36 1,818.13 1,817.90 1,819.87 1, 822.01 1,833. 24 1,860.07 1,843.45
941.47
941.47
941.47
941.47 941.47
941.47 941. 47 941.47 941. 47 941.47
941.47 941.47
Number of shares, adjusted
millions.. 941.47
Dividend rate per share (weighted average) (600 com1.92
1.93
1.94
1.95
1.87
1.93
1.93
1.86
1.87
1.96
1.85
1.98
panies).
dollars..
1.96
2.81
2.81
2.82
2.82
2.81
2.81
2.82
2.81
2.81
2.81
2.82
2.81
Banks (21 cos.)
do.
2.82
1.79
1.88
1.88
1.88
1.89
1.92
1.88
1.88
1.79
1.80
1.90
1.77
1.90
Industrials (492 cos.)
_. _do.
2.54
2.54
2.54
2.54
2.54
2.54
2.54
2.57
2.67
2.54
2.54
2.57
2.67
Insurance (21 cos.)
do,
1.80
1.80
1.80
1.80
1.80
1.80
1.80
1.80
1.81
1.81
1.80
1.81
1.81
Public utilities (30 cos.)
do
2.56
2.56
2.42
2.42
2.42
2.55
2.42
2.42
2.40
2.40
2.57
2.29
2.29
Railroads (36 cos.).
do.
Dividend payments, by industry groups:*
342.1
124.4
114.4
446.9
133.4
375.0
298.0
774.1
356.1
301.7
285.8
135.3
Total dividend payments
mil. of dol—
'281.7
141.2
236.2
262.1
61.8
69.9
67.3
126.5
445.0
127.9
94.4
59.4
221.5
Manufacturing
do_
'92.1
20.4
3.5
32.8
1.1
1.0
4.7
2.8
68.3
.8
21.8
4.0
1.8
Mining.^
do.
1.3
25.5
17.3
25.9
3.8
16.8
5.1
44.9
16.3
3.7
7.3
22.7
18.4
17.2
Trade
do.
23.0
75.7
29.8
25.5
48.3
10.6
66.3
20.5
43.8
7.9
25.1
70.4
71.0
Financedo.
11.9
14.7
37.2
7.9
12.7
2.9
57.7
17.2
1.4
6.7
14.2
16.6
16.8
Railroads
do.
31.8
37.0
32.5
31.3
37.8
31.4
52.5
32.1
31.5
40.7
30.8
34.6
Heat, light, and power
do.
34.7
14.4
46.5
14.5
.1
46.5
.2
11.4
46.4
.1
45.7
.1
13.6
45.8
Coramunications
do.
11.8
6.2
12.1
1.9
4.7
2.1
28.0
10.3
5.4
2.2
3.8
3.7
3.0
Miscellaneous
do.
Prices:
Average price of all listed shares (N. Y. S. E.)
67.4
72.6
65.3
64.3
69.2
73.8
69.8
70.3
64.1
70.2
69.5
69.7
64.1
Dec. 31, 1924=100-.
49.85
55.32
49.26
53.03
57.11
52.60
53.15
53.11
51.85
51.81
48.56
49.99
48.18
Dow-Jones & Co. (65 stocks)
dol. per share..
139. 22 145. 46 148. 37 146. 72 145. 20 147.68
150.35
137.19
153. 95 137. 74 135. 97
146.88
139. 07
Industrials (30 stocks)
do.
25.61
22.74
25.80
22.72
23.96
26.53
24.74
25.45
23.47
24.67
22.33
Public utilities (15 stocks)
do.
22.80
23.60
41.52
39.36
46.34
39.00
41.85
48.87
41.12
42.11
40.58
39.75
35.41
37.59
39.28
Railroads (20 stocks)
_
do
103.03
96.95
106.45
96.06
103. 34 102. 25 100.60
107. 79
102. 71
101.46
94.10
97.02
94. 36
New York Times (50 stocks).
_.
do
177. 38
179.07
173. 52
163.87
162. 27 164.04
171. 88 173.59 173. 42 171. 24 174. 72
Industrials (25 stocks)
do...
161. 48 159. 35
31.33
35.52
29.88
31.73
36.51
31.09
31.89
29.86
31.04
29.97
Railroads (25 stocks)
do._.
28.86
30.18
27.25
Standard and Poor's Corporation:
104.7
97.2
102.7
103.5
96.6
95.1
101.5
108.4
100.7
102.7
94.4
104.3
94.6
Combined index (402 stocks)
.1935-39=100.
106.4
99.0
104.6
96.5
103.9
104.7
105.6
110.4
96.4
102.6
106.7
95.8
98.2
Industrials (354 stocks)
do...
86.5
96.0
87.8
87.7
86.6
88.1
92.7
92.6
94.5
96.1
Capital goods (116 stocks)
do
94.3
95.6
99.4
100.9
113.4
103.6
99.0
110.2
98.9
102.3
110.7
113.1
Consumer's goods (191 stocks)
..do
112.0
113. 2
116.3
111.7
87.3
92.4
87.8
86.7
86.9
88.4
89.6
91.4
91.3
Public utilities (28 stocks)
do...
92.7
92.1
93.8
92.1
97.3
113.9
99.3
91.0
98.7
96.1
100.8
Railroads (20 stocks)
-.1
do
98.7
105.3
103.4
104.9
120.7
102.5
Other issues:
106.2
114.6
107.3
109.4
100.7
100.7
106.7
98.5
103.9
114.4
105.0
Banks, N. Y. C. (19 stocks)
do.._
117.8
116.4
118.0
112.1
113.9
113.3
116.9
112.3
115.5
113.6
120.8
114.2
117.7
Fire and marine insurance (18 stocks)
do
Sales (Securities and Exchange Commission):
Total on all registered exhanges:
Market value
thous. of dol.. 1,472,624 673,210 668,973 980,399 562,816 686, 237 1,159,179 1,055,963 735, 302 623, 094 749, 411 742,746 11,154,134
31,371
51,026
33, 554
28, 275
26,370 29, 409 59,069 53, 995 38,826
69,879
33, 662 31,409
46, 916
Shares sold
thousands.
On New York Stock Exchange:
562, 227 564, 775 831, 575 472,164 578,183 997,805 898, 478 610, 477 518, 521 617,187 617,307 977,806
Market value
-..-thous. of dol. 1,238,351
38,418
22,139
23, 480
19,682 21, 633 45,854 40, 055 27, 530 20, 284
34,932
25,147 22,509
51,208
Shares sold
thousands.
Exclusive of odd lot and stopped sales (N. Y.
18,019
31, 260
13,847
17, 228 37, 713 28, 220 20, 753 15,946 j 17,534
27,643
Times)
thousands.
17,101
17,811
38,995
* Revised.
•New series. Data for 1941 and 1942 for dividend payments are shown on p. 20 of the February 1944 issue.
tRevised series. The revised yield series above and the price series on p. S-18 for long-term Treasury bonds consists of all issues not due or callable for 15 years, whereas for the former series the minimum term was 12 years and for taxable bonds included only issues available for purchase by all investors. The revision of the partially tax-exempt yield average
extends back to November 1935, when the new and the old averages were identical. The taxable bond series cover the entire period from October 20, 1941, when the 2^'s of the
1967-72 were first issued. The revised price index of Treasury bonds is a straight average of the market prices of the bonds included in the new yield series. Revised data are
shown on p. 20 of the September 1944 issue.
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
January
March 1945
1944
1945
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—C ontinued
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of dol._
Number of shares listed
millionsYields:
Common stocks (200), Moody's
percent..
Banks (15 stocks)
do
Industrials (125 stocks)
do....
Insurance (10 stocks)
...do
Public utilities (25 stocks)
do....
Railroads (25 stocks)
do
Preferred stocks, high-grade (15 stocks), Standard and
Poor's Corporation
percent..
56,586
1,496
48,397
1,490
48,494
1,492
49,422
1,492
48,670
1,494
50,964
1,493
53,068
1,493
52,488
1,497
53,077
1,499
52,930
1,481
53,087
1,481
53,592
1,483
4.8
3.6
4.6
3.5
4.7
3.6
4.7
3.5
4.7
3.5
A K
4. 0
3.3
3.6
5.3
3.6
5.3
7.0
6.8
4.8
3.7
4.8
3.8
4.9
3.8
A
A. 0
4. R
A. 0
4. A
3.7
5.5
6.9
3.8
5.6
7.0
3.7
5.4
6.7
3.7
5.2
6.6
3.7
5.3
6.6
6.7
4.7
3.5
A C
4. 0
3.7
5.3
6.7
4.04
4.03
4.04
3.98
3.94
3.96
3.95
3.95
3.92
4.6
3.3
4.8
3.8
A. 4
4. A.
A. f\
4. 0
3.6
5.2
6.3
3.9
5.5
7.0
4. 0
4.0
5.5
6.7
3.79
4.09
4.06
R
3.7
5.2
4.8
A. O
4. ft
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
Value
Unit value
Imports for consumption:
Quantity..
Value
Unit value
.1923-25=100.
...do.
-do.
.do.,
.do..
..do..
240
276
291
105
270
289
107
292
309
106
296
318
107
348
379
109
305
339
HI
290
320
110
276
320
116
276
319
116
259
304
117
269
316
117
111
116
95
83
115
95
83
132
112
85
131
111
85
136
117
86
118
101
86
106
90
86
111
93
84
104
87
84
122
103
85
121
101
84
VALUE
Exports, including reexports, totalj.
Lend-lease*
—
Canada§
Latin American Republics §
Argentina^
Brazil§
—
Chile§_
Cuba§
Mexico§
Exports of U. S. merchandiset
General imports, totalj
Canada§
Latin American Republics§._
Argentina§
BrazilS
Chile§
Cuba§
Mexico?
Imports for consumption $.__
.thous. of dol.
do.
_do_
.do.
.do.
.do.,
.do.
.do..
..do.
..do.
.do.
..do..
..do..
..do.
.do.
.do.,
-do.
.do.
.do.
901,407 1,124,235 1,108,001 1,196,966 1,226,108 1,455,397 1,295,336 1,197,188 1,187,725 1,192,680 1,140,008 1,184,849
649,672 923,943 901,884 951,445 986, 717 1,193,139 1,035,397 936,478 927, 576 953,923
901,990
107,407 117,993 120,675 123,170 132, 223 131, 541 130,197 133,138
71,043
82, 516
68,745
82,003
85,589 95.870
97,832
2,661
2,681
2,084
1,945
1,839
2,680
2,338
1,677
16,194
29,028
10, 471
17,327
14, 949
14,088
14.951
26,712
4,748
5,205
2,295
4,656
3,008
4,529
5,206
4,016
14,562
13,301
10,832
14,956
11,387
13,442
13,397
16,022
17,426
21,481
19,670
24,804
24,884 25,638
19, 537
23,763
894,465 1,115,542 1,099,156 1,187,293 1,216,289 1,446,084 1.286,840 1,190,137 1,180,515 1,186,502 1,134,722 1,176,439
333,391 299,855 312,710 358,715 359,364 385,988 330,280 293,184 302,445 280,365 327,187 321,922
95,526 106,084 106,225 124, 797 120,818 102,952
90,873 101, 281
122, 774 119,526 162,695 142,095 157,179 128,360 126, 793 131,315
13,513
17,491
16,602
11,067
13,391
18,415
17, 545
11,942
20.613
18,177
40,364
13,983
33,651
22,810
24,449
21,234
8,679
15, 712
12, 731
13,011
11,980
7,745
18,179
13, 952
26,434
27,269
34,175
27,579
51,015
39,581
33,102
33,010
18,288
17,423
22,913
14,479
22,275
18,040
15, 359
13, 435
355,161 304,290 303,919 357,428 355, 526 372,210 322,061
297,417 278,503 330, 278 323,779
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Commodity and Passenger
Unadjusted indexes:*
213
219
231
220
222
226
232
224
229
226
225
Combined index, all typesf
1935-39=100..
230
219
225
226
228
233
237
234
241
236
238
Excluding local transit linest
do
200
206
207
206
212
212
208
214
216
216
210
Commodity f
do
254
260
265
276
288
272
286
••270
260
272
287
Passengerf
do
'373
354
361
366
389
418
424
409
379
383
426
Excluding local transit lines
do
By types of transportation:
457
442
464
594
544
488
'679
613
670
674
696
Air, combined index
„
do
'917
651
641
674
662
731
791
797
884
874
910
Commodity
do
329
311
326
373
464
421
522
492
529
556
542
Passenger
do
Intercity motor bus and truck, combined index
225
225
220
220
235
241
235
223
226
236
236
1935-39=100222
216
207
212
199
202
211
221
191
216
'209
For-hire truck
do
'275
254
257
268
290
292
321
338
339
283
303
Motor bus
do
184
172
177
181
181
180
181
172
172
183
179
Local transit linest
do
232
240
246
244
273
249
259
239
250
246
261
Oil and gas pipe linest
do
241
238
248
247
248
252
254
256
251
248
250
Railroads, combined index
do
226
224
216
223
219
227
229
229
223
225
'226
Commodity
do
406
417
419
441
465
461
'414
428
417
467
447
Passenger
do
'72
36
40
42
62
84
88
83
87
Waterborne (domestic), commodityf
...do
83
86
Adjusted indexes:*
219
225
226
228
225
229
224
228
222
'223
Combined index, all typest
...do
223
226
232
233
235
232
Excluding local transit linest
do
228
235
230
229
228
237
Commodity
do
207
212
212
211
214
212
208
211
205
206
207
Passengertdo
'279
257
265
272
281
279
281
272
276
277
277
'394
Excluding local transit lines
do
362
376
386
405
400
401
394
384
389
388
By type of transportation:
482
457
470
Air, combined index
_
do
483
576
646
'696
537
599
687
650
Commodity
.
do
'917
651
641
674
662
731
884
791
797
874
910
334
336
Passenger
_
do
434
'550
370
365
409
489
539
469
502
Intercity motor bus and truck, combined index
235
238
230
226
229
221
231
1935-39=100229
225
226
231
214
227
214
218
For-hire truck
_
do
203
206
211
207
207
195
206
'286
274
279
287
301
300
Motor bus
do
290
306
308
300
288
'Revised.
t See note marked "*".
• New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27, table 5, of the May 1943 Survey (small scattered revisions have been made in the data
beginning 1940 for the series marked "f", as published in the Survey prior to the December 1943 issue; revisions are available on request). See p. 22 of the February 1945 Survey for
annual totals on lend-lease exports for 1941-44, monthly data prior to December 1943 will be shown later.
t For revised data for 1941 and 1942, see p. 22, table 4, of the June 1944 Survey.
§ Revised security regulations now permit publication of data for Latin American Republics, Canada, and Mexico on a 6-rronth delayed basis; publication of totals for the selected
countries formerly shown in the Survey has therefore been resumed beginning in the August 1944 issue; revised figures for 1941 and data for January 1942 to May 1943 will be published
later. Other country and commodity data formerly included in the Survey may be published only on a 12-month delayed basis.
SURVEY OF CURRENT BUSINESS
March 1945
Unless otherwise stated, statistics through 1941 1945
and descriptive notes may be found in the Janu1942 Supplement to the Survey
ary
S-21
1944
January February
March
April
May
July
June
August
September
Octo- Novem- December
ber
ber
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Commodity and Passenger—Continued
Adjusted indexes*—Continued.
By type of transportation—Continued.
Local transit lines
1935-39=100..
Oil and gas pipe lines
_
do
Railroads
_
do
Commodity
_
do
Passenger
do
Waterbome (domestic), commodity
do
Express Operations
Operating revenue
_
_
Operating income
Local Transit Lines
Fares, average, cash rate
Passengers carried §
Operating revenues!
171
223
242
221
407
65
179
239
252
228
439
178
241
256
229
460
65
179
244
258
232
451
67
182
257
253
228
447
65
180
256
249
225
434
63
179
260
247
225
421
68
181
269
241
216
434
182
264
242
217
433
71
184
270
239
213
439
73
181
270
231
208
410
70
19,377
108
thous. of doL.
do
173
226
253
230
428
19, 282
70
20,168
249
19,888
73
20, 783
79
20,613
78
20, 222
75
20,838
74
21, 692
75
22,092
123
22,826
75
26, 953
93
7.8004
.cents..
thousands.. ,316,500 ,244,445
109,938
thous. of dol..
Class I Steam Railways
Freight carlo actings (Fed. Reserve indexes):
Combined index, unadjusted_.
...1935-39 = 100-.
Coal
do....
Coke
..do
Forest products...
..do
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1
do
Ore
-do...
Miscellaneous
.do.._
Combined index, adjusted!
do...
Coalf
do...
Coket
do...
Forest products.
_
do...
Grains and grain products!
do...
Livestock!
..do...
Merchandise, 1. c. 1
do .
Ore!—.
--.do...
Miscellaneous!
_.
do...
Freight carloadings (A. A. R.):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 and shortage, daily average:*
Car surplus
_
thousands.
Car shortage
_
.do...
Financial operations:
Operating revenues, total
thous. of dol.
Freight
.-dO-__
Passengerdo...
Operating expenses
_
do...
Taxes, joint facility and equip, r e n t s . . .
_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.
Financial operations, adjusted:!
Operating revenues, total
mil. of dol.
Freight
do...
Passenger
..do...
Railway expenses
do...
Net railway operating income
do...
Net income
.do..-
132
141
185
128
128
115
63
40
143
143
141
176
142
128
120
66
161
157
3,002
661
56
150
176
63
383
45
1,467
14
9
7.8004 7.8004 7.8004 7.8143 7. 8143 7. 8143 7. 8143 7. 8198 7. 8198
7.8115
.8115
.199,288 ,307,703 1,262,124 ,297,900 ,252,900 1,228,600 1,216,000 1,231,800 1,312,500 1,275,000 1,333,343
104,398 112, 238 110,450 114,290 110,940 109, 500 109,190 109,007 114,836 111,457 119, 633
133
149
191
140
145
108
64
48
138
143
149
180
146
148
135
67
193
147
132
140
187
141
125
103
67
51
142
140
140
185
141
136
131
67
174
149
135
141
186
141
108
107
68
168
144
138
141
190
141
123
120
67
190
146
141
147
188
146
113
106
67
281
145
138
147
190
140
128
118
67
195
144
144
148
191
154
137
100
66
291
147
139
148
194
148
135
124
67
187
143
147
143
188
157
172
102
66
302
151
143
143
194
156
144
124
66
189
150
146
146
178
162
141
115
68
281
151
142
146
185
155
131
121
68
188
149
150
147
181
148
142
151
70
276
158
139
147
182
137
126
114
67
184
146
148
143
178
140
147
184
69
237
156
137
143
182
133
147
120
66
153
143
144
143
181
135
147
170
70
138
155
141
143
181
138
150
135
68
153
149
128
127
175
120
126
124
65
41
142
137
127
166
135
134
128
68
133
151
'875
77
193
268
77
491
'69
' 1, 752
3,159
729
61
174
208
61
405
55
1,467
3,135
684
59
176
182
58
422
55
1,499
4,069
850
74
217
194
75
537
214
1,910
3,446
711
59
181
160
60
422
318
1,534
3,445
710
60
183
180
55
410
328
1,520
4,361
838
72
236
295
69
505
412
1,934
3,580
710
57
203
203
64
427
324
1,593
4,428
862
69
222
241
100
534
379
2,022
3,599
695
57
173
208
104
435
272
1,654
3,366
W665
56
163
204
93
424
176
1,585
3,699
755
67
181
219
88
499
58
1,833
24
5
740, 672
548,419
140,115
504,013
153,835
82,824
45,324
15
7
735,305
551, 442
135, 881
492,094
158,718
84,493
46,038
19
2
23
24
1
26
1
17
2
12
10
4
11
5
14
797,029
596,953
147, 759
527, 433
177,092
92,504
53, 653
759,534
561,093
146,583
509,004
162,856
87, 674
48,033
804,056
600,069
150,076
526, 767
178,783
98,505
59,020
799, 475
585,128
159, 584
518, 467
181,187
99,822
61, 337
809, 038
593, 829
162,198
525, 057
185, 348
98,633
57, 362
836,183
617,348
162,070
538, 489
196, 329
101,366
60, 346
799, 229
591,104
152, 971
521,264
188,838
89,126
55, 545
818, 737
612,020
146, 369
539,157
182, 234
97,346
59,822
64,704
.907
7,583
63,101
.930
7,275
66,960
.953
7,823
64,450
.931
7,973
68,376
.934
7,979
65, 695
66, 754
. you
8,706
68, 454
.958
8,405
65,065
.967
8,067
67,679
.959
7,790
778.1
578.4
146.7
662.0
116.1
78.5
774.5
575.7
145.9
671.4
103.1
65.9
781.6
577.5
149.9
690.1
91.5
53.4
780.1
574.0
152.1
688.7
91.4
53.9
778.8
573.3
152.2
687.7
91.2
52.6
808.8
599.8
153.7
700.7
108.1
70.6
803.5
601.5
149.2
705.9
97.6
59.0
781.3
579.5
145.0
710.3
71.0
29.7
789.9
581.4
154.0
709.8
80.1
40.1
791.2
584.7
150.0
709.5
81.7
43.3
145
150
185
147
159
121
67
203
149
145
150
185
147
159
121
67
202
149
• 3,802
•
0)
QAQ
780,672
585,432
140, 288
524,450
164, 644
91,579
63,506
756,858
555, 810
146, 412
555, 775
131,499
69,584
41,474
63,203
983
7,468
61,107
788.5
587.2
147.1
697.2
91.3
' 53.5
780.3
586.2
144.1
711.3
69.0
33.3
r
Travel
Operations on scheduled air lines:
14, 596 13, 942 13.651
13, 555 13,570
9,505
12, 770
9,902 11, 236 11, 674
Miles
flown
thous. of miles.
9,343
8,508
6,354
6,202
4,536
6,763
6,730
6,149
4,776
4,323
Express carried
thous. of l b . .
4,079
5,331
5,756
4,897
Passengers carried
number..
278, 213 254,199 293, 523 318, 560 369,649 389, 017 441, 712 476, 808 464, 536 497,664 455, 726 414,992
217,388 204, 513
Passenger-miles
flown
.thous. of miles
141,474 125,089 142,834 155, 412 181,038 193,289 211, 704 227,351 225, 472 239,022
Hotels:
3.96
4.04
4.07
4.16
3.77
4.09
3.84
3.77
3.97
3.84
3.89
3.82
Average sale per occupied room
dollars.
83
90
88
89
89
88
90
82
88
88
Rooms occupied
..percent of total.
87
88
174
194
192
214
178
193
194
184
198
174
165
Restaurant sales index
1929=100..
160
167
Foreign travel:
16, 498
16, 297 16, 611 15,136
9,636 10, 205 12, 206 11, 710
7,680
17. S. citizens, arrivals
number..
7,348
6,749
8,283
8,221
8,091
5,346
5,253
7,925
8,307
4,670
5,178
U. S. citizens, departures
...do
844
716
453
619
314
487
458
393
735
302
Emigrants
-do
2,125
3,246
2,370
2,209
2,391
2,499
3,199
3,261
2,097
2,251
Immigrants
_
do
13,111
9,772
2,309
10, 694 10, 302
10, 094 12,163
13,434 17,875
11, 587
10,195
15, 855
Passports issuedcf
-do
r
Revised, i Less than 500. ©"Includes passports to American seamen. IData for January, April, July, September and December 1944 are for 5 weeks; other months, 4 weeks.
§Data cover 186 companies; for 1943 data for 188 companies comparable with 1941 and 1942 figures on p. S-21 of theApril 1943 Survey see p. S-22 of the April 1944 Survey.
JRevised data for December 1943, 29,286. Other revisions for 1942-43 are shown in notes on p. S-21 of the November 1944 and subsequent issues of the Survey.
tThe indicated seasonally adjusted series for freight carloadings have been shown on a revised basis beginning in the October 1943 Survey, and for financial operations of railroads
beginning in the June 1944 issue (see those issues for periods affected); all revisions are available on request. Beginning in April 1944 Survey, revenue data for local transit lines cover
all common carrier bus lines except long-distance interstate motor carriers; revised monthly average for 1942, 86,667; 1941, 66,695; 1941-42 monthly data available on request.
* New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (small scattered revisions have been made in the indexes for local
transit lines, oil and gas pipe lines and waterborne transportation, beginning 1940 as published in the Survey prior to the December 1943 issue; revisions are available on request).
• Data for freight-car surplus and shortage are daily averages for weeks ended within the month. Comparable data for January-September 1943 for surpluses, shown only for the
last week of the month prior to the December 1944 issue of the Survey, and for the new series on shortages are shown on p. S-21 of the December 1944 Survey.
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
1945
March 1945
1944
January
February
March j April ! May
June
July
August
September
October
Novem- December
ber
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Travel—Continued •
National parks, visitors
Pullman Co.:
Revenue passenger-miles
Passenger revenues.
number.
thousands.
thous. of dol.
19,170
20,101
26,363
35,809
50,990
90, 304 192, 694 174, 076 114, 622
69, 816
34, 705
21,230
2,360,007 2,242,587 2,570,780 2,475,173 2,301,964 2,344,949 2,321,047 2,339,036 2,406,237 2,414.808 J2,249,f>27
13, 247 13, 403 13,672 12,790
13,381
13,085
12,415
13,828
12, 992 13, 291 12,893
COMMUNICATIONS
Telephone carriers:^
Operating revenues
thous. of dol._
Station revenues
_
do
Tolls, message-do
Operating expenses.....do
Net operating income
do
Phones in service, end of month
.thousands..
Telegraph and cable carriers: §
Operating revenues, total
thous. of dol._
Telegraph carriers, total
do
Western Union Telegraph Co., revenues from
cable operations
thous. of dol..
Cable carriers..
_
.do
Operating expenses
do
Net operating revenues
do
Net income trans, to earned surplus
.do
Radiotelegraph carriers, operating revenues
.do
162, 260 161,297 159,385 164,169 161, 352 166, 857 Ib5, 244
88, 741 88, 473 86, 430 87, 709 87, 654 90, 405 89, 916
60, 313 63, 852 60, 920 63,110 62,179
61,054 60,313
104, 584 103, 399 105, 021 105, 617 104,973 105, 485 105, 087
19, 972 19, 356 20, 663 19, 987
19, 427 19, 371 18,964
24,183 24, 231 24, 264 24, 303 24, 340
24,147 24,161
158, 967 156, 238 161,807
89,001
88,578 86,976
58, 219 56,970 60,775
104,095
102,066 100,565
19, 765 19,074 20.093
24,045
24,067 24.094
158,691
87,847
58,578
101,615
19,400
24,085
16,762
15,338
16,044
14,742
17, 655
16,111
16,764
15,350
17, 543
16,016
17,072
15,654
16,429
15,091
17, 202
15, 805
16, 515
15,163
16, 943
15,668
16, 218
14, 876
17, 767
16,190
1,066
1,423
12, 526
2,344
887
1,191
1,042
1,302
11,937
2,235
785
1,251
1,125
1, 545
12,797
2,981
1,122
1,295
1,036
1,414
12,515
2,413
769
1,201
1,028
1,527
13, 544
2,097
733
1,346
951
1,418
13,079
1,913
699
1,376
938
1,337
13,407
965
530
1,386
935
1.397
13, 365
1,940
830
1,397
941
1,352
13,093
1, 515
714
1,368
1,041
1,274
13,033
2,029
848
1,552
1,012
1,341
12, 866
1,483
1,691
1, G57
1,085
1,577
13,104
2, 438
1,362
1,766
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS*
Ammonia, synthetic anhydrous (100% NHs):
42, 927
42, 308
40,071
44, 931
45, 292
49,113
49, 721
43,191
42,963
43,242
50, 833
46,487
Production
.short tons.
3,614
3.579
2,764
2,834
4,802
5, 004
5,384
Stocks, end of month..
do...
3,766
2,488
6,120
4 559
2,884
Calcium carbide (100% CaCj):
67,481
64,131
65, 685
63,043
69,324
62,591
65, S06
67, 807
63, 713
Production.
.do...
' 66,030 '65 021 ' 68, 794
29, 707
30, 043
29,605
31,706
32, 705
31, 078
30, 382
Stocks, end of month
_
do...
' 20,135 '24 847 r 27,108
28, 484
29, 643
Carbon dioxide, liquid, gas, and solid (100% COj):0
70,241 r 83, 487 ' 86, 676 ' 90,060 ' 90,697 ' 84, 963
65, 225
' 55, 679 '60 687 ' 70, 318
76; 134
58, 747
Production-.
thous. of lb_.
9, 397
' 9,005
Stocks, end of month
.do..
' 9, 437
9,108
8,940
' 11, 921 r 11,708 ' 16, 546 ' 23,. 488 ' 22, 570 ' 1 5 , 9 9 7 ' 11, 202
Chlorine:
,,339
Production
short tons
106, 675 101, 375 108,524 106,835 M 09, 415 104,641 106, 657 104, 074 102, 190 103,517 101,999
r
4,812
6, 414
6,028
4,966 I 5,059
6,572
1,506
Stocks, end of month
_
do...
8,398
5, 023
7, 942
9, 053
8, 609
Hydrochloric acid (100% HC1):
31,519
30, 667
32, 325
35, 106
29, 671
30, 940
32,131
34, 454
29,048
28, 591 29, 475
:, 975
Production
.do
2,533
3,126
2, 902
3. 590
3, 102
2, 773
Stocks, end of month
do
!, 522
2, 942 r 2,428
2,601 I 2,575
3, 261
r
' 1,879
1, 899
2, 0S5
2, 114
1,914
' 1, 998
' 2,102
Hydrogen, production
.
mil. of cu. ft..
:, 086
2, 090
'2,061 I '2,068
2, 075
Nitric acid (100% HNOg):
38. 153 , 36,509
38. 471
41,955
39,349
42, 571
37, 621
,328
Production
.short tons..
38 161 38, 968 39 275 38,974
6. 189
6, 795
5, 905
5, 795
6, 249
', 380
7,961 |
7,534
8,570
6 887
047
Stocks, end of month,.
do
6 555
,
1,582
1, 505
,497
1, 568
' 1, 482 I r i t 037
' 1, 551
1, -"30
Oxygen, production
.mil. of cu. ft..
r 1,544
1 552 ' I,
556 ' 1490
Phosphoric acid(50% HiPO*):
57,807 I 59,147
55, 531
57, 324
52, 255
52, 039
52, 487 ' 54. 626
65,484
'65,003
61,887
:. 364
Production
short tons..
14, 764 r 15,112
14, 476
14, 397
11,084
12,892
12,458
13,910
'11, 920
15,067
!'97O
12, 491
Stocks, end of month
do
Soda ash, ammonia-soda process (98-100% NajCOa):
393, 474 363, 875 399,758 385,085 393, 823 371. 754 373, 921 368, 833 365, 362 379,472 374. 453 308, 588
Production, crude
short tons..
35, 959
32, 209
41, 737
36, 445
29, 639
34,049
37,113
27, 210
38, 260
31,916
Stocks, finished light and dense, end of month., .do
Sodium hydroxide (100% NaOH):^
062
158,215 147, 388 158,974 157,089 158, 286 155, 283 161,546 159,283 155, 239 157,497 158,742
Production
do
46, 842
45, 692
50, 646
51, 761
49, 799
59, 388 I 1 57, 479
916
51,353
45,870
53,106
Stocks ,end of month
do
50,477
Sodium silicate: •
Production
_. .short tons. Stocks, end of month
do
Sodium sulfate, Glauber's salt and crude salt cake:
66,625
63, 629
68, 526
70, 418
68, 109
67, 490
69, 895
65,185
67. 833
62,529
65,178
64,174
Production
_.
__.short tons._
79, 800
79, 931
83, 976
83, 735
87, 283
78i 905
72,930
77, 698
71,430
77, 693
70,463
77, 421
Stocks, end of month.
......do
Sulfur:
179, 226 186, 568 229,699 271,903 278, 751 280, 545 305,064 306,146 293, 963 312, 060 293, 551 280, 580
Production
long tons..
4,360,018 4,302,437 4,251,744 4,244,827 4,200,031 4,168,394 4,154,349 4,161,012 4,140,976 4,110,395 14,089,022 4,100,320
Stocks, end of month
...do
Sulfuric acid (100% H2SO4):
744, 944 814, 871 820, 953 853, 254
788,321 737,107 760,848 743,807 765,922 722, 000 742, 526 767, 413
Production
_
short tons..
204, 393 213, 457 216, 230 253, 479
273,000 292, 719 278,088 287,962 266, 448 232, 213 218,811 202, 785
Stocks, end of month...
.do
Acetic acid: t
24,973
28,663
26,303
27, 941
27, 174
27,920
26, 531
27, 572
29. 999
28, 747
31, 009
25, 331
Production...,
thous. of lb__
7,621
7,594
10,731
9,156
9,514
11,235
9,113
10, 472
10,324
9,281
Stocks, end of month
do
10, 966
8,513
Acetic anhydride:
40, 048
39,113
41,361
41,963
41,648
42,084
42, 327
43, 900
41,686
39,966
38,720
40, 838
Production
.do
12,026
10,867
11, 746
11,534
12,108
9,922
12, 295
12,083
12, 380
9,646
10, 245
Stocks, end of month
.do
9,958
Acetylene:
471,669 463, 726 483, 545 469, 490 463, 200 452,465 456, 347 453, 640 438,829 482, 408 450,165 450,991
Production..
_
thous. of cu. ft_.
10, 955
11, 790
11, 323
9,966
11, 386
13,170
11,911
11,114
10, 038
11,333
11,397
11,615
Stocks, end of month
do
Acetyl salicylic acid (aspirin):
819
676
744
691
846
754
830
774
764
738
834
Production
thous. of lb_.
961
972
1,012
596
815
749
916
929
819
910
Stocks, end of month.
do
980
881
f
' Revised. " * Not comparable with earlier data, see note marked " d \ " ©Revised; not comparable with data shown in previous issues.
^Production figures represent total production of liquid material, including quantities evaporated to solid caustic. Stock figures represent stocks of liquid sodium hydroxide
only prior to October 1944; beginning that month they include stocks of both liquid and solid sodium hydroxide.
• Data are being revised; the new data will be shown in a later issue
"""'
§ Beginning 1943 data have been compiled on the basis of a new accounting system; available comparaDle data for 1942 are shown in footnotes in the September 1943 to April
1944 Surveys; 1942 data on the old basis, comparable with figures for earlier years, are available in the March and April 1943 issues.
1 Data for 3 companies operating outside of United States, included in original reports for 1943 to date are excluded to have all figures cover the same companies.
* The new monthly series for sulfur are compiled by the Bureau of Mines and cover total production and producers' stocks of native sulfur (Texas and Louisiana have been the
only producing States since 1942 and the production figures are therefore comparable with the quarterly figures formerly shown). The new series for acetic acid, acetic anhydride,
acetyl salicylic acid, creosote oil, cresylic acid, ethyl acetate, naphthalene and phthalic anhydride are compiled by the Tariff Commission; the other new chemical series are compiled
by the Bureau of the Census. The monthly data for a number of the chemicals are reported quarterly only. For further information on these data, see note marked " • " on p. S-22
of the November 1944 Survey; a more detailed description of the individual series and earlier data will be published later.
t Includes synthetic acetic acid and acetic acid produced by direct process from wood and from calcium acetate; statistics of recovered acetic acid are confidential and are not
included.
SURVEY OF CUREENT BUSINESS
dnrch 1945
Jnless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1945
January
S-23
January
February
March
April
May
June
July
SepAugust tember
October Novem- Decem
ber
ber
CHEMICALS AND ALLIED PRODUCTS-Continued
CHEMICALS —Continued
Creosote oil:*
Production
thous. of galStocks, end of month...
do...
Cresylic acid, refined:*
Production
_
•
thous. of l b .
Stocks, end of month
do...
Ethyl acetate (85%):*
Production
do...
Stocks, end of month
do...
Glycerin, refined (100% basis) :•
High gravity and yellow distilled:
Consumption.
do...
Production
do
Stocks, end of month.
do...
Chemically pure:
Consumption
___
do...
Production
do
Stock:, end of month
_
do...
Methanoi:§
Natural:
Production (crude, 80%)
thous. of gal.
Stocks (crude, 80%). end of month*
. do...
Synthetic (100%):
Production
do...
Stocks, end of month*..
_
do.__
Naphthalene, refined (79° C and over) :*
Production
thous. of lb'_
Stocks, end of month
do...
Phthalic anhydride:*
Production
_
_do
Stocks, end of month
..do
Explosives, shipments.
do...
Rosin, gum:
Price, wholesale " H " (Sav.) bulk
dol. per 100 lb_
Receipts, net, 3 ports
bbl. (500 lb.)_
Stocks, 3 ports, end of month
.do
Turpentine, gum, spirits of:
Price, wholesale (Savannah)f
.dol. per galReceipts, net, 3 ports..
.bbl. (50 gal.).
Stocks, 3 ports, end of month.
do...
14,271
20, 536
14,470
25,681
14,618
27, 241
14, 432
28,478
13,999
28,307
13, 726
26, 361
11, 762
24, 043
12, 443
18,880
11,055
13, 584
M,C81
12, 696
13.484
10,931
14, 234
10,712
2,724
1,982
3,748
2,108
3,737
2,366
3,343
2,155
3,782
2,016
3,257
2,230
3, 553
5,859
3, 432
2,720
3.369
2,242
3,424
2.023
3,279
1,095
3,077
1,694
9,914
5,106
9,016
4,729
10,176
6,030
7,676
5,323
8,214
5,397
8,772
6,571
7,771
6,135
9,074
6,766
7,767
5,222
9,683
5,721
10,266
4,873
9,852
6,241
6,497
7,774
38,005
5,978
7,233
33,947
5,802
7,344
35, 212
6,382
8,137
36,836
6,079
7,636
37,948
5,861
7,694
38, 475
6,488
7,452
6,240
6. 713
37; 590
7,611
8,730
38,517
6,814
8,745
38, 598
6.792
9, 262
39, 443
6,236
10, 834
40, 515
5,982
7,587
39,348
7,712
8,008
36,089
6,164
8,019
37, 967
5,709
9,766
40, 537
7,370
9,079
43,942
6,723
8,015
44, 243
6,922
8,281
44, 549
6,579
7,173
44,497
6,375
5,501
42, 411
7,085
9,823
42, 874
7,470
7,785
40, 026
8,815
8,779
37, 423
9,084
7,684
36,605
7,548
8,800
37, 237
375
190
347
233
363
257
341
310
364
312
341
331
315
286
319
240
334
201
382
264
361
260
356
276
6,007
5,777
5,419
5,208
6,270
5,939
6,320
7,128
6,694
6,768
6,563
6,834
5,838
5,496
4,849
2,344
5,435
1,926
5.671
1.851
6,363
2,388
5,851
2,382
7,268
3,043
7,769
2,783
8,180
2,910
7,579
2,604
7,077
1,786
7,295
1,357
6,351
1,454
6,123
1,972
5,979
1,815
5.907
1.462
6,394
2,535
6,217
2,091
9,205
1,564
35,574
9,676
1,736
36,609
10,345
1,983
36, 282
10,608
1,780
35,461
10, 714
2,404
38,158
9, 664
2,909
38, 564
10, 644
2,954
37,645
10,600
3,244
39,916
10,611
3,154
38, 921
10,792
3,782
38,042
10,426
2,835
36, 276
10,779
1,749
32,863
5.81
4.10
5,740
131,916
4.33
3,957
108,083
4.73
3,927
92,878
4.68
6,151
79,813
4.92
7,919
78,313
5.62
10,326
61,165
5.52
9,876
57,190
5.48
10, 406
53, 202
5.49
9,345
48,609
5.71
7,881
43, 512
5.81
7,755
36,657
5.81
6,346
31, 900
.79
.77
765
93,040
.77
776
91,366
.77
358
86,473
.77
2,052
83,597
.77
7,211
85, 536
.78
4,147
82, 867
.76
3,696
76, 973
.79
3,745
77,131
.79
2,798
68, 675
.79
2,324
68, 222
.79
2,236
67, 320
1, 929
66, 759
1,116
1,165
1,225
694
144
96
147
295
254
477
551
1.650
64,973
1.650
73,693
1.660
75, 727
1.650
56,140
1.650
37,398
1.650
81, 359
1.650
05, 743
1.650
71,981
1. 650
67, 511
1. 650
81,296
1. 650
70,630
1.650
652,924
978,837
691, 992
954, 404
664,256
860, 581
616,901
776,955
685, 762
839,018
620,667
871, 917
567, 783
874, 737
601, 240
861, 236
528, 887
870, 259
604,512
875, 970
604, 416
879, 317
599, 890
887,114
34,124
.79
FERTILIZERS
Consumption, Southern States.
thous. of short tons.. 1,189
Price, wholesale, nitrate of soda, crude, f. o. b. cars, port
warehouses •
dol. per 100 l b . . 1.650
Potash deliveries
._
short tons,-1
Superphosphate (bulk):f
Production
. do...
Stocks, end of month
...do...
O I L S , FATS AND BYPRODUCTS
Animal, includingfishoil:
Animal fats: I
Consumption, factory
thous. of lb
135, 755 123,420 134,029 142, 628 122,161 129,998 113,703 107,053 150, 650 139,595 152,060 137, 546 118,906
Production
do
243,439 364, 308 401, 403 346, 406 323,984 349, 799 308, 435 263, 085 254, 417 193, 700 204, 820 268,802 259,130
Stocks, end of month
do | 467,490 435, 540 585, 301 740,435 799, 371 867,192 J 903, 454 876,121 810, 479 697,159 598, 309 542,129 533, 508
Greases :j
Consumption, factory...
.
do
73,179
58, 947
54, 440
58, 487
63,343
60, 438
58,034
57,439
60, 440
71, 685
65, 462
63. 987
59, 598
Production
do
50, 275 60, 831 63, 481.
57, 781
57, 073
63, 383
59, 138
52,164
43. 921
52, 410
52, 293
49, 777
45. 240
Stocks, end of month.
d o . 111,169
98, 827 109, 999 127, 707 135, 940 154, 056 168,949 185,421 167, 454 159, 946 147,824 136,001 123, 245
Fish oils:I
Consumption, factory
do
31, 347 19,197
16,584
14,793
15,894
16, 371
15,896
16, 282
18,981
16, 976
28, 886
30, 539
24, 700
Production
__.do
7,293
12,316
2,006
767
705
1,615
12,928
23, 022
32, 688
24,857
25, 843
14, 696
52. 995
Stocks, end of month...
do
214,442 209, 793 195, 257 183,271 170,213 160, 227 156,067 169,906 176,846 196, 646 222, 733 236, 552 228, 228
Vegetable oils, total:t
Consumption, crude, factory
mill, of l b . .
396
363
356
361
310
314
271
237
287
283
341
371
378
Production, crude-..
do....
412
415
304
388
286
270
273
311
269
375
413
361
371
Stocks, end of month:
Crude
do
815
922
937
959
952
857
845
808
791
779
812
784
787
Refined
do
397
522
458
495
533
527
493
427
316
359
305
294
353
Coconut or copra oil:
Consumption, factory: J
Crude.
_._
.thous. of l b . . 14, 537 21,756
19,600
21,418
17,383
17,148
13,633
13, 256
15,613
19,064
15, 253
15, 794
14,276
Refined
do
8, 756
8,794
7,625
7,326
7,523
6,123
5,369
5,164
6,712
6,654
6,506
6,268
5,827
Production:
Crude*
do
18,720
12,406
8,587
14, 381
9,461
13,470
17, 652
8,267
8,392
11,807
13,032
0)
0)
Refined
do
8, 394
7,820
7,063
7,524
6,960
5,830
5,334
4,755
5,953
6,451
6, 740
6,008
5,676
Stocks, end of month X
Cruded o . . . . 102,496 116,552 114,199 122, 534 116,996 114,099 119, 269 113,050 100,013 103,297 101. 275 94,152
98, 412
Refined...
do
2, 372
3,168
3,348
3,530
3,392
3,260
3,366
3,536
3,293
2,457
2,714
2,996
2,640
Cottonseed:
Consumption (crush)
thous. of short tons..
576
332
268
'457
186
134
55
74
100
354
615
523
528
Receipts at mills
_
do
244
48
74
24
123
25
34
34
163
908
934
1,321
361
r
Stocks at mills, end of month
do
1,345
450
669
928
179
119
140
182
735
1,534
1,852
1,676
r
Revised.
1 Data included in "total vegetable oils" but not available for publication separately.
§ See note marked " § " on p. S-23 of the November 1944 Survey.
• Price of crude sodium nitrate in 100-pound bags, f. 0. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series shown
in the 1942 Supplement; figures for August 1937 to December 1941 are the same as published in the Supplement; for data for 1935-36 and all months of 1937, see note marked"*" on D
S-23 of the May 1943 Survey. Prices are quoted per ton and have been converted to price per bag.
JData for the indicated series on oils and fats revised for 1941; revisions for fish oils are shown in note marked"!" on p. S-22 of the April 1943 Survey; revision* for all other series
were minor and are available on request. Data for 1942 also revised; revisions are available upon request.
*New series. m For information regarding the new chemical series see note marked "*" on p. S-22 of this issue and the November 1944 issue.
fRevised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represent price for turpentine in barrels and
can b© converted to a comparable basis with the current data by deducting 6 cents. Superphosphate is reported on a revised basis beginning September 1942, covering all known
manufacturers of superphosphate, including Tennessee Valley Authority; the new series include all grades, normal, concentrated, and wet base, converted to a basis of 18 percent
available phosphoric acid; see note marked " t " on p. S-23 of the July 1944 Survey regarding data prior to September 1942 published in the Survey.
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
1945
March 19
1944
January
February
March
April
May
June
July
August
September
October
Novem- Dece
ber
bei
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS,
I
FATS, AND BYPRODUCTS—Continued
Cottonseed cake and meal:
Production
short tons..
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production...
.thous. of lb..
Stocks, end of month
_..do
Cottonseed oil, refined:
Consumption, factoryX
do
In oleomargarine
do
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per lb_.
Production
thous. of lb_.
Stocks, end of month.
...do—
Flaxseed:
Duluth:
Receipts
thous. of bu..
Shipments
do
Stocks
do—
Minneapolis:
Receipts
do....
Shipments
do—
Stocks
..do....
Oil mills:t
Consumption
-do—
Stocks, end of month
.do—
Price, wholesale, No. 1 (Minneapolis)
dol. per bu_.
Production (crop estimate)
-thous. of bu_.
Linseed cake and meal:
Shipments from Minneapolis
-thous. of lb-.
Linseed oil:
Consumption, factoryt
do,...
Price, wholesale (N. Y.)
dol. per lb_.
Production!thous. of lb..
Shipments from Minneapolis
do
Stocks at factory, end of month
do—
Soybeans:
Consumption*.
thous. of bu..
Production (crop estimate)
do
Stocks, end of month
_
do—
Soybean oil:
Consumption, refined}
thous. of lb..
Production:
Crude*do....
Refined
do—
Stocks, end of month:
Crude
...do....
Refined*
do....
Oleomargarine:
Consumption (tax-paid withdrawals)!
do
Price, wholesale, standard, uncolored (Chicago)
dol. per Reproductions
...thous. of lb..
Shortenings and compounds:
Production
.._
do—
Stocks, end of month*
.do—
Vegetable price, wholesale, tierces (Chi.).dol. per lb_.
264, 559 213,931
74, 326 '72,083
179,201 r144,822
159, 993 148,805
155, 392 128,010
69,412 63,830
86,964
58,121
62, 717
49,345
33, 877
37, 741
25, 213
27, 776
44,334 158,014 239, 586 284, 201
30, 353 60, 523 69, 977 73, 674
106, 459 86,639
139,678 113,470
61, 266
90, 969
43, 436
65,050
22, 548
40, 627
17, 964
30,186
90, 485 100,092
15, 497 13, 728
91, 705
11, 482
75, 746
10, 911
29, 762 105, 402 159, 097 190, 543
29, 589 64, 957 94, 089 125, 483
85, 291 73, 598 95,393 105, 766
13, 755 19,629
24,116 23, 318
93, 393
22,153
90,672
19, 080
.140
.143
150,878 '133,303
313,968 -317,136
.140
117,353
339,365
13
22
371
75
26
1,926
180
18
2,088
252
243
2,097
48
195
1,950
121
805
1,266
207
567
905
137
87
1,871
837
342
3,132
894
182
2,771
942
267
2,102
807
129
1,610
614
123
2,306
4,800
3.12
4,764
15, 764
3.06
4,666
12, 755
3.05
5,098
11, 006
3.05
4,122
8,825
3.05
28,440
53, 220
50, 760
55, 500
47,160
105, 361
86, 354
18, 991
.140
.140
.143
.140
.142
.143
.143
105, 250 78,619
66, 363 43, 871 25,138 30, 720 58,351
361, 285 353, 927 333,162 294, 678 241, 270 183, 448 164,802
.143
.143
111,825 146,507
182, 570 220,122
271
606
249
805
572
496
1,393
444
1,443
584
1,311
715
990
152
646
143
466
583
944
147
551
2,540
494
582
4,409
533
1,647
3,519
290
2,651
999
254
2,998
3,870
9,150
3.05
4,496
7,076
3.05
5,123
5,964
3.05
4,540
5,541
3.10
3,661
6,295
3.10
3,327
7,456
3.10
2,842
7,645
3.11
47,880
54,120
45. 600
44, 640
44,640
42, 000
39, 240
46, 560 45, 985 51, 994 44,906
49, 575 48, 952 45, 566 51, 379 49, 447 49, 431 47, 585
.151
.151
.151
.151
.151
.151
.151
.151
.151
.153
. 155
43, 291 90, 880 88, 207 98, 037 79,182 74,137
87, 729 98, 645 87, 783 70,192
63, 379 54, 273
20, 340 25, 800 26,820
38,160
29, 460 24, 360 29, 400 39, 960 45,180
34, 800 29, 640 24, 960
252,366 287,252 305,217 340, 397 361, 382 308,077 335,902 320, 267 322,952 310,686 303,378 274, 832
45,180
12,717
13, 258
14, 749
15, 266
13, 227
12, 506
11,082
11,153
11,261
9,399
47, 765
40, 201
38,119
35, 203
30, 958
27,429
23, 712
19, 250
11,260
5,214
74,718
83,127
88,041
81, 435
93,620
86, 525
72, 852
97, 856
90,827
89,277
111,997 123,888 129,867 112,857
86, 412 95, 780 106, 350 98,822
107,944
107, 265
96, 298.
95, 050
96, 379 97, 220
88,179 108,807
82,862
91, 561
79, 449 101,189
86,197 82, 572
78, 007 81,882
72, 845 51,068
78, 256
111,098
91, 791
77, 807 115, 551 133,418
48, 229 90, 563 101,155
44,769
41,831
146,654
112,478
41,316
35,157
31, 844
.165
55, 234
.165
57,858
.165
44,755
.165
44, 459
132,186 109, 579 118,321 111,320
54, 742 56,855
48, 688 52,421
.165
.165
.165
.165
103,164
61,477
.165
.165
.165
57, 363
151, 091 144, 287 129, 373 134,000
129,077 138, 226 140, 714 131,117
106, 858 91, 502
126,923 105, 252
9,043
11,713
31, 748 "48," 785
89, 259
28,121
.165
40,189
112, 569 100,089
59, 755
65,361
.165
.165
34,353
48,773
.165
34, 720
.165
37, 665
.165
51, 083
.165
57,182
93, 745 130, 292 117,841
63, 921 62, 331 56,802
.165
.165
.165
122,189
50,485
.165
.165
55, 272
133,026
47,627
.165
'93
'39
53,830
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines..thous, of dol..
Plastic paints
-do
Cold-water paints:
In dry form
do—
In paste form, for interior use
.do
Paint, varnish, lacquer, and fillers, total
do—
Classified, total
do...
Industrial
do—
Tradedo....
Unclassified.
..do....
101
28
102
41
113
38
104
42
131
330
43,481
38,858
20,080
18, 778
4,622
161
434
45,655
41,233
20, 236
20,997
4,422
185
462
53,651
48, 581
22, 570
26,011
5,070
196
502
51,064
46,146
20,858
25,288
4,918
119
48
233
590
57, 264
51, 630
22,497
29,133
5,634
124
37
43
38
95
41
85
44
252
538
58, 970
52, 964
23, 617
29, 348
6,006
216
398
51, 704
46,878
21, 305
25,573
4,825
215
459
58, 712
52, 935
24,945
27, 990
5,777
196
378
52,110
46,«741
21,661
25, 080
5, 369
174
329
53.571
48, 071
23, 601
24, 471
5,500
' 137
'311
48,152
43, 365
21, 378
21,987
' 4, 787
ELECTRIC POWER AND GAS
ELECTRIC POWER
19, 226
19,949
18,613
18, 780
19, 766
18, 702
19,153
18,806
19, 775
Production, totalcT
mil. of kw.-hr.. 20, 505
19,066
18, 981
By source:
13, 453
14, 282
12, 760
11,319
13,988
13,454
13,163
11,803
12, 485
12,994
13, 303
14,042
Fuel
...do
7,294
5,642
6,295
5,773
5,699
5,667
7,016
7,263
5,778
6,462
Water power
._.
do
5,400
By type of producer:
16, 702
15, 752
16,009
16, 582
15,832
16,318
17, 060
16,003
16, 265
17,384
16,149
16, 014
Privately and municipally owned utilities
do
2,908
3,073
2,861
2,771
3,184
2,889
2,889
2,802
2,917
2,870
Other producers
_..do
3,120
2,968
Sales to ultimate customers, total (Edison Electric
16,654
16,460
16,920
16,613
16,296
16, 238
16,477
16,767
16,232
16, 230
16,045
Institute)
mil. of kw.-hr..
2,401
2,547
2, 685
2,893
2,688
2,592
2,422
2,483
2,781
2,472
2,403
Residential or domestic
do
432
172
242
371
373
255
304
358
177
194
269
Rural (distinct rural rates)
do
Commercial and industrial:
2,502
2,462
2,413
2,520
2,464
2,471
2,453
2,526
2,547
2,349
2,474
Small light and poweri
do
9,319
9,401
9,652
9,509
9,764
9,315
9,420
9,522
9,345
9,511
9,395
Large light and power^
do
167
145
193
207
186
155
160
174
204
214
149
Street and highway lighting
do
863
689
791
800
115
853
736
826
727
902
Other public authorities
..do
680
602
561
608
583
593
668
567
552
638
671
565
Railways and railroads
do
84
80
82
83
76
85
73
73
80
Interdepartmental.
-do
76
Revenue from sales to ultimate customers (Edison
270,931 273, 362
280,028 277,657 275, 337 270, 205 267,136 268, 601 265, 765 271, 444 270, 233
Electric Institute)
thous. of dol..
1
' Revised.
December 1 estimate.
^Unpublished revisions for January-May 1943 are available 911 request.
{ Revisions have been made in the data for 1941 and 1942 for the indicated series on oils and oil-seeds; revisions are available on request.
§1For July 1941-June 1942 revisions, see February 1943 Survey, p. S-23; minor revisions, July-December 1942, are available on request.
d For 1943 revisions for total electric power production see p. S-24 of the January 1945 issue; January-October 1943 revisions for the detail are available on request.
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
1945
S-25
1944
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
ELECTRIC POWER AND GAS—Continued
GASf
Manufactured gas:
Customers, total
thousands..
Domestic.do
House heating
„
do
Industrial and commercial
-.do
Sales to consumers, total
...mil. of cu. ft..
Domestic
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers, totaL.thous. of dol..
Domestic
do
House heating
do
Industrial and commercial
do
Natural gas:
Customers, total
thousands..
Domestic
__do__ _
Industrial and commercial.—
do
Sales to consumers, total
mil. of cu. ft..
Domestic
do
Indl., coml., and elec. generation
do
Revenue from sales to consumers, total..thous. of dol..
Domestic
do
Indl., coml., and elec. generation
.do
10,403
9,592
362
440
46, 873
18,953
12, 784
14, 731
40, 944
23, 773
8,345
8,596
10, 465
9,637
379
439
45,110
19,026
11,452
14, 242
40, 286
23, 505
7,879
10, 431
9,614
356
447
46,114
19,358
10,849
15,534
40, 230
23, 606
7,563
8,832
10, 410
9,580
371
446
44, 029
18,382
9,504
15,803
38, 261
23, 322
5,979
8,736
10, 509
9,669
382
446
39, 705
17, 500
7,224
14, 687
36, 273
23, 619
4,077
8,401
10,500
9,678
366
445
35, 252
18,150
2,988
13,840
34,019
23,755
2,230
10, 564
9,754
351
447
32, 087
17,047
1,775
12, 958
31, 547
22, 667
1,384
7,359
10,614
9,801
353
448
31, 386
16, 221
1,475
13, 460
30,901
21,975
1,211
7,560
8,935
8,873
8,946
8,919
8,290
8,255
8,239
8,300
8,236
8,294
643
632
637
643
634
623
213, 647 208,865 204,136 190, 334 173,635 156,407
58, 215 42, 606 29,379
78, 285 70,856 68,003
131, 288 133,121 131, 306 129,856 127, 411 123,339
70,071
63, 332 52, 645 44,119
78, 529 73,078
36,188
27, 548 20,809
47,987
43,032 41,401
26, 846 24,638
30, 004 29, 396 28,006
22,889
8,973
8,337
633
151,266
24, 689
123,147
41,430
18,154
22, 766
8,955
8,335
618
152, 679
23,041
125, 560
40,030
16, 627
22,950
8,092
8,074
8,637
8,275
8,100
8,240
10, 609
9,787
369
445
32, 580
17, 406
1,472
13, 442
32, 067
22,889
1,361
10, 578
9,743
389
435
36, 430
18, 531
3,350
14, 234
34, 998
24, 095
2,661
8,055
9,043
9,003
8,397
8,377
643
624
155,666 179, 007
23,924 30,094
128,162 145, 640
40, 779 46, 605
16,953
21,038
23, 403 25,153
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquor :f
Production.
_
thous. of bbL
Tax-paid withdrawals
do.-.
Stocks, end of month
do...
Distilled spirits:
Apparent consumption for beverage purposes!
thous. of wine gal.
Production^
thous. of tax gal.
Tax-paid withdrawals!
_
_
do...
Stocks, end of month!.
_
do...
Whisky:f
Production
_
...do...
Tax-paid withdrawals...
do...
Stocks, end of month
do...
Rectified spirits and wines, production, total!
thous. of proof gal.
Whisky
..do...
Still wines:!
Production
thous. of wine gaL
Tax-paid withdrawals
_
do...
Stocks, end of month.
_
_do.-Sparkling wines:!
Production
do...
Tax-paid withdrawals
_
do...
Stocks, end of month
do...
6,295
5,527
' 5,807
' 5,421
r
7,834
5,652
5,531
7,638
7,422
6,147
8,527
11, 626 12, 683 13,864
763
28, 281 r 1, 022
784
7,112
11,116 r 6, 251
6,378
350, 316 ••393,952 388, 343 381,152
6,783
6,157
8,769
7,227
6,973
8,578
11, 532 12,557
748
733
6,051
7,181
375, 402 368,410
8,131
7,334
8,871
11,909
12, 627 14,644
661
695
15,151
6,901
8,221
9,784
361, 426 353, 900 361,063
7,683
7,127
8,293
7,561
6,733
8,573
6, 697
6,228
8,505
6,174
5,701
8,429
13, 749. 16, 064
9,241
3,775
9,778 10, 830
353, 845 345, 511
16, 466
5,206
11,615
337, 512
2,606
10,925
330,970
11,728
9,579
r
0
0
0
0
5,291
4,510
4,537
3, 932
379, 998 374, 485 367, 597 361,980
6,076
5,614
5,686
' 5, 325
5,093
4,784
4,578
' 4, 585
0
5,364
355,259
0
4,933
348,648
0
5,930
341,137
6,008
5,212
5,999
5,044
6,695
6,054
8,181
7,195
5,196
5,512
4,814
6,192
8,219
6,933
6,727
6,606
131, 600 124, 849 116, 460 109,804
25, 858
5, 523
336,092
4,373
7,695
103,054
4,481
7,054
94,313
4,412
6,362
88, 733
6,410
7,176
82, 780
133
106
864
170
86
936
134
85
985
140
122
996
97
120
961
84
132
904
84
168
818
.423
.423
130, 568 171,467
69, 276 69,663
.423
177,905
103,164
.423
.423
153, 722 130,547
138,050 137,907
423
113,354
140,276
423
100, 332
123, 596
423
85, 897
90, 303
.233
233
. 233
.233
.233
121, 066 104, 946 91, 477 81, 502 74, 560
102, 971 88,129 76, 002 65, 797 59, 672
203,785 223,254 230, 332 186, 268 164, 690
167,173 190,804 187,289 164, 615 148,416
.233
63, 719
48, 795
151,414
138, 647
100
86
718
108
105
742
202
121
810
169
120
847
13, 585
765
5,753
5,610
347, 868 340,971
0
6,113
333,144
0
6,335
324, 453
0
5,789
317, 404
8,815
7,306
10, 335
11,516
9,668
11, 568
9,600
41,074 135, 099
7,524
6,640
92, 258 144, 310
56, 478
7,840
156, 018
DAIRY PRODUCTS
Butter, creamery:
Price, wholesale, 92-score (N. Y.)$
_dol. per lb_.
Production (factory)!
thous. of lb_.
Stocks, cold storage, end of montho"
do
Cheese:
Price, wholesale, American Cheddars (Wisconsin)
dol. per lb_.
Production, total (factory)!
...thous. of lb..
American whole milk!
do
Stocks, cold storage, end of monthc?
do
American whole milk
.do
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case..
Evaporated (unsweetened)
do
Production:
Condensed (sweetened):
Bulk goods*
.thous. of lb..
Case goods!
do
Evaporated (unsweetened), case goods!
do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb..
Evaporated (unsweetened)
..do
Fluid milk:
Price, dealers', standard grade.
dol. per 100 lb..
Production
mil. of lb..
Utilization in manufactured dairy products!...do
r
.423
423
423
.423
98, 455 104,051 105, 843 124,833
38, 656 130, 246 107, 560 82,118
.233
.233
.233
.233
. 233
.233
67, 820 61, 254 63, 047 77, 641 88, 965 116,051
45, 737 58, 222 68, 927 94,713
51,100 42,915
133,511 167, 681 171,956 150,198 154,610 162, 733
124, 222 142, 610 144,812 121,869 125,097 137,244
6.33
4.15
5.84
4.15
5.84
4.15
5.86
4.15
6.22
4.15
6.33
4.15
61, 772 60, 592 46, 210 32,147 23,816
16, 500 16, 400 12, 600 11,650
10,475
412, 315 412, 500 358, 277 312, 000 275,176
18, 337
9,660
246, 652
17, 998
8,811
212, 362
22, 776
8, 620
229, 488
7,404
254, 721
7,125
190, 465
6 725
143, 308
3.25
9, 022
3,473
3.26
r 8, 372
' 2, 957
8,652
6,134
8,430 12,968
147, 285 150, 333 180, 938 241,012
3.24
r
8,612
r
3,392
.233
62, 529
47, 704
144,553
131,379
6.33
4.15
7,328
6,248
131, 743 r168,186
3.24
8,651
3,295
r
6.33
4.15
35,878 45,083
26,906
9, 435 11,800
13,990
209, 751 266, 552 313,837
r
r
6.33
4.15
4.15
23, 948 24, 627
8,810
9, 550
252, 000 192, 047
3.26
8, 892
3, 370
423
• 87, 993
' 60, 767
6.33
4.15
15,023
307,697
6.33
4.15
6.33
4.15
9,584
10,825
12,811
321, 083 291, 496 272,613
3.24
3.24
3. 24
3. 23
3.23
3.24
3.25
r 9, 765 r 10,240 • 11, 908 r 12, 498 ' 11, 570 ' 10, 322 ' 9, 334
r
' 3, 865
r 4, 042 * 4, 399 i ' 5, 750 I r 5, 956
5,138
4, 390
r
r
r
r
3.26
8, 658
3, 045
Revised. d"See note marked " c ? " on p . S-27.
t Reflects all types of wholesale trading for cash or short-term credit. Base ceiling price comparable with data prior to January 1943 shown in the Survey is $0.4654 through June 3
and $0.41% effective June 4, 1943; these are maximum prices delivered market; sales in market proper are at permitted mark-ups over these prices.
lAugust and September 1944 and J a n u a r y 1945 production figures include whisky, rum,, gin, and brandy (whisky and gin included for September represent completion of beverage
operations authorized during August); the total distilled spirits of all kinds produced for'beverage purposes in January 1945 was 46,308,000 tax gallons (including in addition to the
amount shown above 15,148,000 tax gallons of spirits produced b y registered distilleries and 2,879,000 tax gallons produced b y industrial alcohol plants, for beverage purposes) and in
August, at least 50,000,000 tax gallons (see February 1945 Survey for further detail for this m o n t h ) . Production figures for other months represent r u m and brandy, the only spirits
authorized for beverage purposes since October 1942 except during August 1944 and J a n u a r y 1945. Stock figures exclude data for high-proof and unfinished spirits which are not available for publication. For revised 1941 data see p. S-24 of the February 1943 Survey.
t D a t a for manufactured and natural gas have been revised beginning 1929 and are not strictly comparable with figures shown in the October 1944 and earlier issues; all revisions
are available on request. Revisions for consumption of distilled spirits for beverage purposes for January 1940-July 1943 are available on request. Revisions in the 1941 and 1942
monthly data for the other alcoholic beverage series not published in issue&of the Survey through March 1944 are shown on p . S-25 of the April 1944 Survey. 1943 revisions for
indicated dairy products series are shown on p . 13 of this issue; see note marked "f" on p. S-25 of the February 1945 Survey for sources of 1941-42 revisions, except for the series on
utilization of fluid milk in manufactured dairy products which has been revised for 1920-42; these revisions are available on request.
* Revised data for 1943 are shown on p. 13 of this issue; see note marked " * " on p. S-25 of the February 1945 Survey regarding earlier data.
S-26
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January .
March 1945
1944
1945
January
February
March
April
May
June
SepAugust tember
July
October
Novem- Deember
ber
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS-Continued
Dried skim milk:
Price, wholesale, for human consumption, U. S.
0.141
average
dol. per lb_.
Production, total!--thous. of l b . . 43,475
42, 350
For human consumption!
do
38, 716
Stocks, manufacturers', end of month, total
do
37, 342
For human consumption
__
do
0.140
27,415
26, 225
25,084
24,633
0.140
29,650
28,800
27,480
27,198
0.145
48,850
47,800
40,504
40, 039
0.145
61,650
60,225
55,684
64,870
0.144
0.146
• 81,950 r 82,285
• 78, 775 79, 735
75,492
68,394
72,810
66, 482
0.144
69,850
•67,450
79,258
75, 844
0.142
53.100
51, 300
66,527
63, 594
0. 144
42, 350
' 41,300
59, 342
56, 660
1
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
.._thous. of bu__
182
5,412
993
3,355
3,654
3,913
3.173
463
4,830
862
Shipments, carlot
___no. of carloads..
0
5,436
2,251
261
8,437
10, 501
0
Stocks, cold storage, end of month
thous. of bu_. 25, 370 15,479
908
21, 702
19, 713
7,739
11, 216
17, 547
Citrus fruits, carlot shipments
no. of carloads.. 19,812 r 21,428 18,430
12,730
21, 377
Frozen fruits, stocks, cold storage, end of month
129,494 214,460 246,472 298, 059
thous. of l b . . 242, 394 209,824 186,067 161, 643 130,906
116,930
Frozen vegetables, stocks, cold storage, end of month
114,455 138,772 166,355 178, 394
thous. of l b . . 145,260 169, 658 153,820 130, 315 106,176
98,910
Potatoes, white:
3.569
3.960
3.000
2.830
2.794
3.056
4.116
2.625
3.744
Price, wholesale (N. Y.),
dol. per 1001b..
3.355
Production (crop estimate)!...
..thous. of bu..
24, 779
24, 276
18,847
"20," 538' 21, 683
26, 313
27, 694
15, 517
Shipments, carlot
no. of carloads.. 22,147
0.142
36,850
35, 775
49,892
47, 373
0.138
30,850
30,000
39, 283
36,781
0.139
• 37, 575
36.800
39.801
37,873
12, 265
30,358
12, 959
8,316
34, 951
15, 395
124, 212
r
6, 670
' 32,686
r 23,600
301, 590
291, 2C4
268,407
186,984
182,623
166,910
3.101
2.988
24, 086
20, 939
3.156
379,436
' 20, 756
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis):
No. 3, straight...
_
_
dol. per b u . .
No. 2, malting
do
Production (crop estimate)t
thous. of b u . .
Receipts, principal markets
do
Stocks, commercial, domestic end of month
do
Corn:
Grindings, wet process
...do
Prices, wholesale:
No. 3, yellow (Chicago).
dol. per b u . .
No. 3, white (Chicago)
.
do
Weighted average, 5 markets, all grades
do
Production (crop estimate)!
thous. of b u . .
Receipts, principal markets
...do
Stocks, domestic, end of month:
Commercial
_.
do
On farmst-do
Oats:
Price, wholesale, No. 3, white (Chicago) _dol. per bu_.
Production (crop estimate)!-_.
.thous. of b u . .
Receipts, principal markets
do
Stocks, domestic, end of month:
C ommercial
do
On farmsf
_
do
Rice:
Price, wholesale, head, clean (New Orleans)
dol. per lb_.
Production (crop estimate)!
.thous. of bu..
California:
Receipts, domestic, rough
bags (100 lb.)..
Shipments from mills, milled rice
do
Stocks, rough and cleaned (in terms of cleaned),
end of month
bags (100 lb.).
Southern States (La., Tex., Ark., Term.):
Receipts, rough, at mills..._thous. of bbl. (1621b.)..
Shipments from mills, milled rice
thous. of pockets (100 lb.)--Stocks, domestic, rough and cleaned (in terms of
cleaned), end of mo
thous. of pockets (100 lb.).
Rye:
Price, wholesale, No. 2 (Minneapolis)
dol. per bu..
Production (crop estimate)!
thous. of b u . .
Receipts, principal markets
do
Stocks, commercial, domestic, end of month
do
Wheat:
Disappearance, domestic!
.thous. of bu..
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 inkts., all grades
do
Production (crop est.), total!.
thous. of bu_Spring wheat..
do
Winter wheat
do
Receipts, principal markets.
do
Stocks, end of month:
Canada (Canadian wheat)
do
United States, domestic, totalf !
do
Commercial
do
Country mills and elevators!do
Merchant mills. _
do
O n farms!..
r
do
1.32
1.37
1.33
1.37
1.35
1.38
1.35
1.38
1.35
1.38
1.35
1.38
1.31
1.35
1.23
1,31
1.12
1.30
1.15
1.31
6, 741
27, 542
8,634
16, 267
7,476
13,910
6,210
11,947
9,079
11,284
8,346
8,948
7,850
6,923
11,134
8,261
22, 921
17, 620
21,515
26,032
17, 612
31, 421
1.20
1.30
1284,426
14, 323
10,095
33,728
30,886
6 11,252
11,824
10,932
10, 358
6,507
9,244
9,449
9,258
10,125
9,411
10, 557
11,200
1.15
1.27
1.01
1.14
1.11
1.13
1.06
()
11
.6
()
11
.3
()
11
.3
1.14
47, 437
42, 287
31, 492
"i5,"888"
15, 200
22,065
14,607
19, 591
17, 729
21, 800
14,110
1,093,083
9,406
7,696
11,819
561,181
12, 392
.77
.73
5,707
4,863
8,340 ~~~7~ 557
7,684
1.24
1.30
1.15
C)
.79
.82
~~7~318
9, 604
13,062
13,805
10,029
5,438
415, 576
6, 347
8,031
.067
.067
.067
.067
.067
(•)
"8,~726~
C)
6,547
3 185,293
.067
C)
(°)
1.14
1.11
1.14
(•)
1.08
"ll,468
12,311
16,165
10, 296
7,478
3206,621
5,469
23, 669
20, 356
13, 522
4,440
13, 213
17, 328
950,861
17, 377
.067
.067
.067
.067
C)
C)
1.16
1.31
11,064
1.14
(•)
1.01
13,228,361
39, 388
31, 291
1.09
1.28
1.02
13, 682
11,698
'2,145,520
.74
.66
'1,166,392
9,280
8,105 !
I
16,674 ! 14,982
j 750,454
.067
()
i 70, 237
611, 763
416,632
702, 455
467, 579
738,629
488,173
690, 228
401, 656
414,119
300, 737
464, 543
321, 373
590,470
573,966
264,815
275, 232
143, 465
154, 521
84. 602
57, 482
899,123
156, 354
602,864
300,102
394, 584
316,633
567, 268
387.155
378, 998
424, 684
399, 269
380,196
191,378
102,421
48, 047
44, 313
499,366
610,139
593,109
699
918
575
376
168
74
124
37
442
1,288
4, 073
3, 641
1,313
1,710
1,214
980
1,236
795
509
398
301
220
1,110
1,826
2,331
3,819
2,842
2,511
1,718
1,143
729
458
193
427
1,207
3,608
5, 047
1.23
1.27
1.23
1.24
1.27
1.19
1.12
1.13
1.12
1.03
1.15
1.13
529
11,116
603
20, 382
1,573
20, 509
1,963
21,148
1,573
22, 977
664
20,150
515
18,052
875
15,664
1,155
14. 728
1,090
13, 221
1,176
13,021
2, 195
21, 635
272, 933
1.67
1.76
1.64
1.63
1.67
()
1.65
1.66
1.63
1.65
19, 275
42. 942
52, 395
335, 057
321, 532
317, 615
133,905
123, 284
115,870
256,629
1.54
1. 55
1.51
1.52
1.54
1.58
1.53
1.52
1.61
1.69
1.61
1.56
101, 057
68,894
62, 836
55, 675
317, 434 292, 508 261,092 265,751 267, 628
545,041 .,_
3 316,055
123,700 I 123,307 '~95~640' 3 82,912 170,786
56,759 '
3 29, 712
96,388 !
3 67, 308
s
!
103,742
219,679 !
266, 402
1.65
1.66
)
1.64
1.67
1.67
(
1.63
1.67
1.63
1.61
1.56
1.61
1.61
<• 1 . 5 7
1.52
1.55
61,147
51,341
49, 552
57, 404
()
•
4, 707
1.14
i 25,872
639
12, 207
303,333
228,986
1.67
()
1,767
r
1.64
1.74
1.62
1.60
11,078,647
1314, 574
1764,073
28, 629
39, 832
1.64
1.71
1.69
1.60
284.118 323, 297 330, 633
1.091,369
200,736 199, 475 184, 983 166, 705
199,441
| 137,818 I
i 532,270 '
i _
;
327,046
834, 740
152,043
159,867
113,560
392, 423
Revised.
i December 1 estimate.
° No quotation.
* F o r domestic c o n s u m p t i o n only; excluding grinding- for export*
>
3
I n c l u d e s old crop only; n e w corn n o t reported in stock figures u n t i l crop year begins in October a n d now oats a n d w h e a t until t h e crop year begins in J u l y .
^ T h e total includes c o m p a r a t i v e l y small a m o u n t s of w h e a t owned b y t h e C o m m o d i t y Credit Corporation stored ofi farms in its o w n steel a n d wooden bins, n o t included in t h e
b r e a k d o w n of stocks.
t R e v i s e d series. T h e indicated grain series h a v e been revised as follows: All crop estimates beginning 1929: domestic disappearance of w h e a t a n d stocks of w h e a t in c o u n t r y mills
a n d elevators beginning 1934; corn, oat, a n d w h e a t stocks on farms a n d total stocks of U n i t e d States domestic w h e a t beginning 1926. Revised 1941 crop e s t i m a t e s a n d D e c e m b e r 1941
stock figures are on p p . S-25 a n d S-26 of t h e F e b r u a r y 1943 S u r v e y ; revised 1941 q u a r t e r l y or m o n t h l y averages for all series other t h a n crop e s t i m a t e s are given on p p . S-25 a n d S-26
of t h e April 1943 issue, in notes m a r k e d "f". All revisions are available on r e q u e s t . F o r 1941 a n d 1942 revisions for production of dried skim milk, see p . S-25 of t h e M a r c h 1943
SURVEY OF CURRENT BUSINESS
March 1945
1944
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
S-27
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Continued
Wheat flour:
Grindings of wheats
thous. of bu_.
Prices, wholesale:
Standard patents (Minneapolis) §
dol. per bbl_.
Winter, straights (Kansas City)§—
do....
Production (Census) :^
Flour
tbous. of bbL.
Operations, percent of capacity
Offal
_
.thous. of lb_.
Stocks held by mills, end of month
thous. of bbl_.
LIVESTOCK
Cattle and calves:
Receipts, principal markets
thous. of animals
Shipments, feeder, to 8 corn belt Statesf..
do
Prices, wholesale:
Beef steers (Chicago)
dol. per 100 lb_.
Steers, stocker and feeder (K. C.)
__.do
Calves, vealers (Chicago)
do
Hogs:
Receipts, principal markets...,
thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. per 1001b..
Hog-corn ratiof-bu. of corn per 100 lb. of live hogs..
Sheep and lambs:
Receipts, principal markets
thous. of animals-.
Shipments, feeder, to 8 corn belt Statesf
do
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 lb-.
Lambs, feeder, good and choice (Omaha)
do
52,063
46, 441
46,020
40,972
41,984
41,360
42, 342
46, 671
46, 463
46,485
6.55
6.49
6.55
6.49
6.55
6.42
6.55
6.33
6.55
6.25
6.55
5.98
6.55
5.92
6.57
6.03
6.55
6.26
6.55
6.30
11,429
78.9
901,486
10,209
73.3
799,386
10,126
64.7
793,659
4,141
9,038
61.9
701,802
9,243
61.2
9,095
60.2
713,902
3,423
10, 279 10, 235
9,322
65.2
63.9
70.1
725, 248 798,575 795, 783
3,469
10,192
69.8
807,133
3,570
2,372
113
1,964
92
1,722
71
1,791
73
1,734
84
2,030
106
2,219
105
2,681
236
2,863
367
3, 587
525
2,985
376
2,211
170
14.71
12.40
14.75
14.82
11.60
14.00
14.91
12.95
14.00
15.12
13.06
14.00
15.04
12.76
14.00
2,010
74
15.44
12.84
14.00
16.06
11.65
14.00
16.06
10.93
13.60
16.07
11.50
13.75
15.78
11.34
14.66
15.95
11.50
15.08
15.78
11.96
14.81
14.87
11.49
14.75
3,361
6,278
4,769
4,764
3,932
4,161
3,862
3,231
2,704
2,304
2,743
3,390
3,365
14.66
12.9
13.21
11.3
13.50
11.4
13.94
11.5
13.53
11.3
12.91
11.0
12.66
11.0
13.25
10.9
14.32
11.5
14.42
11.7
14.49
12.2
14.14
12.7
14.19
12.6
2,297
132
2,010
129
1,587
1,571
94
1,465
66
2,455
118
2,704
90
2,563
103
2,765
382
3,732
835
2,801
420
2,134
169
15.02
12.99
15.00
12.50
15.86
13.27
15.84
13.25
15.94
13.09
15.04
12.37
14.55
13.19
13.51
12.71
3,421
770
13.51
12.43
13.84
12.36
13.87
12.49
14.14
12.50
1,672
1,989
1,684
144
1,500
1,746
1,706
135
1,613
1,836
1,650
133
1,609
1,754
1,531
77
1,668
1, 554
1,250
72
1,634
1,572
969
65
1,476
1,426
784
53
1,637
1, 605
646
40
1.643
1,715
617
35
1,589
1,761
'675
593, 516 567,800
593,052
MEATS
Total meats (including lard):
1,547
1,757
Consumption, apparent
mil. of lb._
2,021
2,189
Production (inspected slaughter)_.
do
1,747
1,618
1,314
698
Stocks, cold storage, end of month ©c?
do
152
34
143
Miscellaneous meats©cf
do
Beef and veal:
609, 533 544, 565
Consumption, apparent
thous. of lb__
Price, wholesale, beef, fresh, native steers (Chicago)
.200
.200
.200
dol. per r ^ Production (inspected slaughter)
thous. of lb.^ 678, 745 630, 711 584,953
114,683 241, 550 279,654
Stocks, beef, cold storage, end of month ©d"
do
Lamb and mutton:
68, 700 62,027
Consumption, apparent
do
Production (inspected slaughter)
...do
90, 263 81, 521 64,169
34, 599 32, 251
Stocks, cold storage, end of month©c?
do
18,199
Pork (including lard):
1,079,148 940,621
Consumption, apparent
do
Production (inspected slaughter)
_
-do
977, 737 1,476,475 1,372,196
597, 293 645, 730 709,042
.200
.200
.200
.200
609, 671 546, 898 566, 583 556,169
293,971 270,994 243, 508 207,400
72,941
66, 557
21,659
61, 378
58,683
16, 723
69, 365
68, 335
14,479
68,780
69,000
14,616
713, 631 793, 076 725, 715 676,618
.200
.200
.200
.200
.200
575, 794 704, 481 690,170 762, 573 694,348
168,446 161, 486 143, 530 127,119 114,589
73, 479
71, 595
12, 721
73,006
75, 469
15,027
1,005,242 870,425 950,105 942, 901 948,907 852,196
1,312,673 1,140,100 1,200,891 1,128,596 906, 752 791,913
78, 762
80,114
16, 069
87, 694
89, 675
17, 882
.200
658,443
107,171
79,887 79,080
81,062 81,200
18, 874 ' 20,183
683, 753 756. 573 837, 517 833,263
655, 519 752, 481 939,194 1,021,414
Pork:
Prices, wholesale:
.258
.258
.258
.258
Hams, smoked (Chicago)
dol. p e r l b . .
.258
.256
.252
.256
.255
Fresh loins, 8-10 lb. average (New York)
do
.258
Production (inspected slaughter)
thous. of lb_- 761,150 1,111,863 1,017,973 970, 921 836,825
Stocks, cold storage, end of month©^-.do_._ 406,412 646,631 792,113 791, 867 784,801
Lard:
Consumption, apparent.
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
Refined (Chicago)
Production (inspected slaughter)
Stocks, cold storage, end of monthcf
-do
122, 914
dol. per lb_.
()
do
.146
thous. of lb_. 158,069
__-do
81,923
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago)
dol. per l b . .
.Receipts, 5 markets
thous. of lb_' Stocks, cold storage, end of monthcf
do.
Eggs:
Dried, production •
_do
Price, wholesale, fresh firsts (Chicago) X- dol. per doz_.
Production
millions. Stocks, coTd storage, end of month :<?•
Shell
.thous. of cases
Frozen
thous. of l b . .
.139
.146
265,873
248,038
98,822
.258
.258
.258
.258
.258
.255
.255
.255
.257
.258
811,276 649, 075 582, 012 503, 292 586,853
803, 357 646,499 478, 224 359, 023 296,815
145, 920 123, 621 182, 625 155,005
.139
.139
.139
.146
.146
.146
259,054 249,020 221,830
361, 508 432, 339 498,235
.250
.255
.250
33,085 30,683 22,999
215, 735 239, 993 220,863
.258
.255
871,665
769,138
.255
.250
18, 728 21,779
168,478 130,044
154, 814 152, 400
21, 565
.350
r
4,484
26, 037
.334
5,346
301
99,693
765
81, 712
2,008
4,453
6,963
98, 597 148, 557 218,032
95, 010 109, 644 125,590
105,039
(a)
(a)
()
()
()
C)
()
.146
.146
.138
.140
.138
.146
.143 188, 897
153, 220 111,344 120,115 152, 956 171,924
240, 789 231,877
342, 450 240, 298 168, 251 118, 072 90, 536 ' 98,484
490,281 420, 301
.242
233
.246
.219
.228
.228
.227
.250
46, 753 62, 047 62, 046 60, 236
28,982 38, 578 42, 059 38,688
122, 729 130,817 141, 654 160, 689 187, 959 244, 075 268,128 269, 021
31,981 ' 32, 056 ' 34, 579 r 32,712 ' 31, 272 ' 34,149
.332
.338
.348
.321
.308
.311
4,010
5,437
6,978
6,763
6,704
4,631
15,192
.380
4,146
.258
.258
.258
.258
728,945 785, 370
318, 055 371,393
9,632
292,445
7,653
11,335
9,351
354, 223 388, 547 371,627
r
25,000 ' 23,946 r 16, 835 '10,610
.423
.418
.368
.389
3,387
2,998
3,515
3,278
5,427
2,905
332, 505 279,175
1,045
220,180
165,933
MISCELLANEOUS FOOD PRODUCTS
32, 864 34, 836 37,623 32, 356 31,062 28, 266 23,461
29, 795 34, 860 39, 043 40, 214 37, 399
Candy, sales by manufacturers.
...thous. of dol__ 40,391
Coffee:
1,645
1, 215
1,185
1,123
742
1,247
1,616
731
998
955
1,207
1,204
Clearances from Brazil, total
thous. of bags.1,118
1,395
972
996
1,039
563
607
786
1,127
955
893
1,024
846
To United States
do
957
.134
.134
.134
.134
.134
.134
.134
.134
.134
.134
.134
.134
Price, wholesale, Santos, No. 4 (N. Y.)___dol. per l b . .
134
1,352
1,450
1,514
1,516
1,233
1,220
966
1,609
1,472
1,778
1,235
1,470
Visible supply, United States..
.thous. of bags..
1,418
I
Pish:
17, 297
11,818
27,422 i 32, 497 47, 879 49, 605 52, 483 46, 585 43,015 35, 891 25, 746
18,119
Landings, fresh fish, principal ports
thous. of lb__
Stocks, cold storage, end of month
do
78, 813 85,060 69, 857 52,969 I 51, 545 69, 672 88,842 109,841 123, 255 131,584 130, 914 128,223 110,802
r
Revised.
• No quotation.
{Compiled by the U. S. Department of Labor; see note in April 1944 Survey.
§Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.
fThe hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revised data beginning 1913 will be published later. The series for feeder shipments
of cattle and calves and sheep and lambs have been revised beginning January 1941 to include data for Illinois; revisions are^shown on pp. S-26 and S-27 of the Au£ust_1943 Survey.
meats"), and also, beginning September 1944, data for sausage and sausage products and canned meats and meat products which were not reported previously; separate data for these
items through November 1944 are given in notes in earlier issues; December 1944 and January 1945 data are as follows (thousands of pounds): Veal—December, 8,116; January, 6,573;
sausage and sausage products—December, 15,443; January, 18,959; canned meats and meat products—December, 17,881; January, 16,706.
^Data relate to regular flour only; in addition, data for granular flour have been reported beginning 1943; see note in previous Surveys for data through November 1944. Granular
flour data for December 1944: Wheat grindings, 3,231,000 bushels; production, 699,000 barrels; offal, 55,156,000 pounds; percent of capacity, regularand granular flour combined, 74.5.
d"Cold storage stocks of dairy products, meats, and poultry and eggs include stocks owned by the D. P. M. A., W. F. A., and other Government agencies, stocks held for the
A.rmed FRASER
Digitized forForces stored in warehouse space not owned or operated by them, and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.
S-28
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
1945
March 1945
1944
January
February
March
April
May
June
July
August
September
2,392
2,181
October Novem- December
ber
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS-Con.
Sugar:
Cuban stocks, raw, end of month §
1,130
thous. of Span, tons...
United States, deliveries and supply (raw value):*
Deliveries, total
..short tons.. 610,160
568, 077
For domestic consumption
do
For export
- d o — 42, 083
Production, domestic, and receipts:
Entries from off-shore areas, total
do
From Cuba-..
do
From Puerto Rico and Hawaii
-do
Other
do
Production, domestic cane and beet
do
Stocks, raw and refined
do
Price, refined, granulated, New York:
Retail
_.dol. per l b . . ( a )
.054
Wholesale...
do
1,192
539, 352
498,992
40, 360
1,580
2,480
3,097
507,168 586, 629 524,064
459, 811 549, 671 494,788
47, 357 36,958
29,276
3,164
2,945
2,666
1,913
1,027
588, 968 686. 001 760, 031 748, 282 662,419 649, 792 592, 731
544,408 654, 592 743, 815 737, 665 653, 568 640,706 580,186
44,560
31, 409 16, 216 10, 617
8,851 r 9, 086 12, 545
306,150
173,089
95, 764
37,297
73, 455
,590,451
341,707
219,148
107, 857
14, 702
17, 441
1,436,890
439,292
301,821
137, 216
255
13, 455
1,294,536
493,084
389,108
103,936
40
9,087
1,336,492
673,458
465,193
207,137
1,128
4,001
1,347,503
638,100
418,773
219, 206
121
7,702
.,287,717
.066
.055
.066
.055
.066
.055
.066
.055
.055
.066
.055
437, 600 489, 798 378, 550 455, 075
270,188 273,140 282, 044 376,110
159,821
88, 386 72,172
7,591
8,120
7,850
6,793
49, 873 391, 506
4,377
10,003
972, 577 715, 572 464, 564 642,165
.055
.066
.055
.066
.054
417,485
353, 656
57, 036
6,793
605,515
1,054,005
.064
.054
()
.054
TOBACCO
Leaf:
Production (crop estimate)
mil. of lb.
Stocks, dealers and manufacturers, total, end of
quarter
...mil. of lb..
1,052
2,702
731
Domestic:
370
360
323
Cigar leaf.
do—
275
253
231
Fire-cured and dark air-cured
_
.do
1,991
2,317
' 2, 085
Flue-cured and light air-cured
.do
2
2
2
M iscellaneous domestic
do
Foreign grown:
24
Cigar leaf
-do—
65
Cigarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals):
17, 425 19,956
21,166
20, 278 22,305
20, 021 19. 771 20, 554
18,778 21,065
Small cigarettes
..-millions.. 20, 077 20,115
Large cigars
-thousands.. 379, 420 366,919 388,955 419,291 362, 403 399, 992 384,171 352,131 418, 205 391, 492 411,894 446, 325
27, 519 23,939
21, 339 22,002 20,036 23,968
23, 350 21, 338 26, 971 25, 335 28, 793 30, 729
Mfd. tobacco and snuff
thous. of lb_.
Prices, wholesale (list price, composite):
6,006
6.006
6.006
6.006
6.006
6.006
6.006
6.006
6.006
6.006
6.006
Cigarettes, f. o. b., destination
dol. per 1,000-.
25,073
22, 288 22, 922 20,903 24,862 23,848
22, 853 27,978 26, 364 30, 637 32,168
Production, manufactured tobacco, total.-thous. of lb
340
365
318
319
371
288
311
374
370
349
Fine-cut chewing
_do._
348
5,495
5,217
5,078
4,859
5,406
4,683
4,706
5,496
5,687
4,890
5, 365
Plug
do..
4,323
4,473
4,119
4,196
4,508
4,187
3.682
5,047
4,407
4,720
5,015
Scrap, chewing
_
.do-_
11,018
8,845
9,835
8,380
8,352
10, 720
10, 092 13,290
12, 944 15, 491 16, 973
Smoking
do._
3,649
3,199
3,676
3,923
3,338
3,675
3,122
3,207
3,231
3, 850
3,809
Snuff
-do..
561
531
511
543
514
480
564
566
610
Twist
-
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves . .
..thous. of animals
Cattle
do
Hogs
do
Sheep and lambs
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb_.
Calfskins, packers', 8 to 15 lb _ .
do
LEATHER
Production:
Calf and kip
thous. of skins .
Cattle hide . .
thous. of hides
Goat and kid
thous. of skins..
Sheep and lamb
.
do
Prices, wholesale:
Sole oak, bends (Boston)f
dol. per lb
Chrome, calf, B grade, black, composite.dol. per sq. ft_
Stocks of cattle hides and leather, end of month:
Total..
.
.
thous. of equiv. hides. .
Leather, in process and finished « .
do
Hides,raw
do . . .
5,299
2,073
468
1,141
7,839
1,933
441
1,043
7,380
1,501
565
1,057
7,165
1,538
555
939
6,290
1,378
541
989
6,643
1,694
594
1,003
6,095
1,823
634
1,079
4,795
1,898
756
1,339
4,145
1,924
753
1,310
3,521
2,003
920
1,451
4,223
2,238
874
1, 336
5,258
2,013
669
1 275
5, 663
1,934
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
955
2,366
2,543
756
1,952
2,929
4,572
829
2,020
2,922
4,997
926
2,208
3,323
4,867
865
2,083
2,676
4,527
952
2,215
3,132
4,564
998
2,233
3,158
4,322
802
2,020
2,711
3,765
1,029
2,240
2,901
4,807
940
2,198
2,735
4,328
1,006
2,208
2,900
4,520
948
2, 274
2,794
4,529
r
879
2, 158
2,465
r 4, 088
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
11,817
7,095
4,722
r 10,406
6,139
r
4, 267
10, 667
6,286
4,381
10,954
6,303
4,651
10,708
6,344
4,364
10,674
6,417
4,257
10, 413
6,390
4,023
10, 668
6,717
3,951
10, 857
6,790
4,067
10,912
6,911
4, 001
11,149
6,933
4, 216
11, 409
7,019
4, 390
37,170
233
5,977
791
25, 885
3,577
38,047
173
5,996
840
26, 440
3,755
42, 212
206
7,059
940
28, 962
3,924
36, 854
203
6,225
1,093
24, 635
3, 564
39, 648
198
7,066
1,459
25,903
4,189
40, 682
222
7,184
1,355
26, 852
4.307
31,774
174
4,732
995
21,687
3,697
41, 464
217
6,073
1,257
27, 435
4,738
38, 786
209
5, 061
1,047
26, 262
4,474
40, 760
256
4, 604
873
27, 861
4,815
1, 576
2,155
2,659
5, 965
9,952
3,790
495
1,615
2,198
2,756
5,994
10,123
4,045
552
1,508
2,478
3,387
6, 516
11,149
4,475
570
1,368
2,200
2,988
5,304
9,211
4,179
518
1,354
2,304
3,024
5,499
9,532
4,383
640
1,405
2, 419
3, 062
5,795
9,863
4,542
528
1,05!
2,025
2, 562
4,463
7,888
3,870
316
1,260
2, 666
3,153
5,373
10, 245
6,162
320
1,323
2,483
2,974
5,078
9,930
5,936
271
1,336
2,728
3,163
5,421
10, 398
6,899
266
560
j,284
r
r
1 1 , 643
r
7, 050
4,593
LEATHER MANUFACTURES
Boots and shoes: t
Production, total—
thous. of pairs..
Athletic - do
All fabric (satin, canvas, etc.) . _ . .
do
Part fabric and part leather
do
High and low cut, leather, total
do
Government shoes
do
Civilian shoes:
Boys'and youths'
.
do
Infants'
do
Misses' and children's
do
Men's
.
.
do
Women's
do
Slippers and moccasins for housewear
do
All other footwear
do
r
3 9, 507
240
r
4, 386
762
r 26, 829
r
4, 671
35, 758
' 227
4,483
612
25, 000
4,386
1, 335
2,676
2, 9K3
5, 316
' 9, 818
' 6, 936
353
1,157
2,418
2.862
5,042
9,129
5, 079
363
r
r
••Revised.
i December 1 estimate.
2 Revised estimate.
• Not available.
§ For data for December 1941-July 1942, see note marked " § " on p. S-28 of the November 1943 Survey.
5 Data for June to December 1943 were revised in the August 1944 Survey; revisions for January-May 1943 are available on request.
*The new series on sugar are compiled by the U. S. Department of Agriculture and replace the series on meltings and stocks at 8 ports shown in the Survey through the July
1944 issue; data are compiled from reports by cane sugar refiners, beet sugar processors, importers of direct consumption sugar, and continental cane sugar mills. Data represent
both raw and refined sugar in terms of raw sugar. Data beginning 1934 will be published later.
t Revised series. The price series for sole oak leather is shown on a revised basis beginning with the October 1942 Survey; revisions beginning July 1933 are available on request.
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
1945
S-29
1944
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
National Lumber Manufacturers Assn.if
Production, total
__.mil.
Hardwoods
Softwoods
Shipments, total
Hardwoods
...
Softwoods
Stocks, gross, end of month, total
Hardwoods
Softwoods
bd. ft..
do
do
do
.do
do
do
do
-do
1 4, 237
1
1,182
3, 055
2,188
414
1,774
2,278
422
1,856
3,492
1,150
2,342
2,554
2,278
2,528
2,573
2,791
2,800
481
415
451
453
447
477
2,072
1,863
2,078
2,338
2,353
2,096
2,399
2,658
2,665
2,722
2,743
2,565
469
468
447
458
466
462
1,929
2,189
2,218
2,264
2,103
2,277
1 4,190 J 4, 075 1 4,041 1 4, 085 J 4,126 1 4,176
1,096
1,097
1,098
1,099
1,070
1,050
1 3, 094 1 2,978 1 2, 943 1 2,986 1 3, 076 J 3,106
151,197
79, 429
2,133
375
1,759
2,292
466
1,826
155, 267 169, 210 149, 455 157,061 153, 636 144, 276
77,855 81, 568 68,540
70, 438 71, 625 66,828
763, 928 839, 480 746,102 785, 759 817,392 766, 521
762, 799 847, 519 754,003 789, 832 805,604 774,719
515, 224 516, 806 513, 291 525, 483 542,463 568,019
121, 735 136, 783 124, 168 126, 798 129, 821 98, 762
118,023 137, 669 125, 506 128,157 132,167 94, 767
32, 776 30, 215 30,131
34,187
27,367 30,804
2,999
2,665
2,658
555
596
539
2,403
2,119
2,110
2,825
2,574
2,530
483
490
505
2,343
2,069
2,040
1 4,162 1 4, 324 1 4,409
1,106
1,166
1,197
1 3, 056 1 3,158 1 3, 212
2,072
2,365
481
376
1,884
1, 696
2,346
2,114
435
390
1,911
1,724
1 4, 416 1 4, 336
1,242
1.235
1 3,174 1 3,101
PLYWOOD AND VENEER
Hardwood plywood, production:*
Cold press
thous. of sq. ft., measured by glue line..
Hot press
do
Hardwood veneer:*
Production
thous. of sq. ft., surface area..
Shipments and consumption in own plants
do
Stocks, end of month
-do
Softwood plywood:*
Production
thous. of sq. ft., %" equivalentShipments
_
do
Stocks, end of month...
do
764,048
782,082
494,839
121,618
120, 677
32, 244
167,184 154, 292 153,163 147, 505
80, 604 68,671
71, 533 r 71, 762
844,009 758, 512 785, 800 762,116
850, 483 778, 558 808, 669 786,856
589,154 592,612 601,127 603,668
670, 822
710, 670
595, 805
133, 616 124, 989 127,368
132, 274 126.606 126, 717
30,910
30,487 31,351
127,192
127,371
31,080
112,028
114,774
28, 439
133,545
66, 184
FLOORING
Maple, beech, and birch:
Orders, new
_
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month..
Oak:
Orders, new
Orders, unfilled, end of month
Production.
Shipments
Stocks, end of month
M bd. ftdo
_do...
do...
.do
_
4, 625
7,925
3, 525
3, 650
2,900
3,150
7,400
2,950
2,000
2,900
4,900
9,000
3,350
3,400
2,950
3,600
8,850
3, 500
3,800
2,650
3,360
8,800
3,260
3,500
2,350
3,250
7,700
4,000
3,300
3,050
3,650
7,350
3,950
3,950
3,150
3,550
7,825
3,650
3,050
3,725
3,825
7,800
4,075
3,075
4,500
2,725
7,075
3,775
3, 775
4,750
3,9C0
6,500
3,775
4, 375
4,325
4, 675
7,300
3, 375
4. 050
3, 650
3, 650
6, 925
3, 375
3, 650
3,325
_do...
-do_._
do.-.
do...
do.-_
16, 755
37, 823
16,630
15, 905
5,197
12, 306
23, 399
13, 857
10, 572
7,151
20,162
29. 477
14,022
14,084
7,334
13, 658
27, 263
16, 479
15, 873
6,902
13, 234
23, 940
13, 905
14,816
5,991
16. 282
21, 876
16, 438
17, 491
4,938
13, 010
19,424
15,116
15, 462
4,736
19, 397
25, 687
13,361
13,134
4,963
27,107
32,196
15, 942
18, 281
4,075
17.635
37,169
15, 790
16, 464
4, 095
17, 644
36,843
17,135
17, 970
3,791
17,100
36, 554
17,547
17,389
3,949
15,135
36, 921
15,418
14,716
4, 456
33.810
44.100
33.810
44.100
33.810
44.100
33.810
44.100
33.810
44.100
34. 790
44.100
34. 790
44.100
34. 790
44.100
34.790
44.100
34.300
44.100
33. 810
44.100
33.810
44.100
33.810
44.100
676
936
793
1, 056
710
1,073
806
1,111
717
1,047
809
970
772
936
798
887
690
873
721
876
600
809
716
909
650
649
1,188
37. 636
51. 384
664
651
1,341
37. 636
53. 699
685
693
1,333
39. 234
54. 313
745
768
1,310
41. 394
55. 233
727
760
1,277
41. 394
55. 233
800
818
1,259
41.172
55. 233
764
785
1,238
41.172
55. 233
762
806
1,194
41.172
55.233
806
847
1,153
41.172
55.480
710
704
1,159
374
412
411
435
480
464
512
517
546
530
546
517
484
505
535
471
557
504
41.172
(2)
699
667
1,196
417
420
41.172
(2)
607
616
1,187
394
383
34.42
306
388
915
34.63
284
382
957
34.60
309
388
878
34.60
389
452
815
34.66
428
459
784
34.91
592
533
844
34.77
621
559
906
34.70
586
496
1,006
34.64
656
594
1,031
34. 52
572
520
1,083
41.172
(2)
723
718
1,164
496
475
34.71
555
525
1,113
34.62
414
472
1,057
34.61
368
428
997
735
982
638
623
495
691
1,033
658
639
466
743
1,073
683
659
491
793
1,083
725
764
460
691
1,134
698
780
485
622
1,073
634
668
414
709
1,057
710
703
440
565
1,006
565
585
439
847
1,075
707
689
449
642
1,070
624
621
482
603
983
650
652
478
581
926
615
602
475
600
884
58b
527
470
38, 510 34,653
99, 793 101,121
39, 092
41,161
38, 202 34, 901
59,043 62, 521
31,208
77, 851
40, 747
35,348
63, 521
26, 330
70, 478
37, 265
33.049
66,123
29, 631
70,186
29, 562
28, 871
74,311
SO FT WOODS
Douglas fir, prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
dol. per M bd. ft..
Flooring, B and better, F. G., 1 x 4, R. L
do
Southern pine:
Orders, newf
mil. bd. ft..
Orders, unfilled, end of monthf
-do
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" and 8"f
dol. p e r M bd. ft..
Flooring, B and better, F. G., 1 x 4f
do....
Productionf
mil. bd. ft.
Shipmentsf
.do
Stocks, end of monthf
do
Western pine:
Orders, new
do
Orders, unfilled, end of month
do
Price, wholesale, Ponderosa, boards, No. 3 common,
1" x 8"
-dol. per M bd. ft..
Production!
mil. bd. ft..
Shipments!—
--do
Stocks, end of monthf—
do
West coast woods:
Orders, newf
do—
Orders, unfilled, end of month
do
Production f
do
Shipmen tst
do
Stocks, end of month
.do
Redwood, California:
Orders, new
M bd. ft.
Orders, unfilled, end of month
do
Production
do—
Shipments
.do...
Stocks, end of month
do...
()
34, 539 40, 063 47, 202 32, 442 28, 724 38,162 19, 305
151,022 158, 094 166, 707 161, 208 151, 447 146, 607 111,518
32, 485
33, 129 34, 616 40, 365 37, 653 41, 390 40,181
36, 770 34, 222 36, 636 36, 854 39, 301 37, 818 36, 211
69,018 66, 558 70, 687 68, 759 68,128 66,682 62, 216
386
378
FURNITURE
All districts, plant operations
percent of normal.
Grand Rapids district:
Orders:
Canceled
percent of new ordersNew
no. of days' productionUnfilled, end of month.
do...
Plant operations
.percent of normalShipments.
no. of days' production.
54
60
58
58
24
56
57
58
57
58
53
1
65
72
50
15
r Revised.
1 Includes Southern pine stocks at concentration yards not included prior to February; these stocks totaled 798 mil. bd. ft. Dec. 31, 1943. 2 Not available.
* New series. The plywood and veneer series are from the Bureau of the Census and are practically complete. The unit of measurement for hardwood plywood is the "glue
line" or total area of glue spread. The "glue line" measures the surface area of the veneer used in the manufacture of plywood but does not include the core. The hardwood
veneer figures are in terms of surface measure with no account taken of thickness. For softwood plywood, all thicknesses are converted to f£-inch equivalent. Data beginning
September 1941 for softwood plywood are shown on p. 16 of the September 1944 Survey; data beginning August 1942 and September 1942, respectively, for hardwood plywood and
veneer are published on p. 14 of the November 1944 issue.
f Revised series. Revised 1937-39 figures for total lumber stocks, hardwood stocks and softwood stocks, and revisions for 1941 and, in some instances, earlier years for the other
indicated lumber series are on pp. 27 and 28 of the March 1943 Survey. Further revisions in data published prior to the December 1943 Survey have been made as follows: Total
stocks and hardwood and softwood stocks beginning 1940 and all series beginning January 1942 on the basis of 1942 data from the Bureau of the Census. Southern pine unfilled
orders and stocks were further revised in the May 1944 issue to include data for concentration yards (revisions carried back to 1929 by adding 798 to stocks and 111 to unfilled orders
as previously published). All revisions will be published later (for revised 1942 monthly averages see May 1944 Survey). The 1942 Census included many mills in the Eastern
States not previously canvassed; this affects the comparability of the statistics for 1942-43 with those for earlier years for Southern pine and for total lumber, total softwoods, and
total hardwoods. U. S. Forest Service estimates of total lumber production for 1939-41, based on census data adjusted for incomplete coverage, together with census totals for 1942-43
and estimated 1944 total, are shown in the table on p. 22 of the February 1945 issue; the monthly figures shown above have not as yet been adjusted to the 1943 census data.
Digitized forrevised price series for Southern pine each represent a composite of 9 series; for comparable data beginning August 1942 see note at bottom of p. S-35 of the June 1944 issue.
The FRASER
SURVEY OF CURRENT BUSINESS
S-30
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Januarv
I
March 1945
1944
January
February
March
April
May
June
July
August
September
October
Novem- i December
ber
METALS AND MANUFACTURES
IRON AND S T E E L
I r o n a n d Steel Scrap
5,170
2, 952
2,218
5,658
1.652
4, 006
7,207
0
28, 910
24, 357
4,553
7,659
0
21,333
17, 658
3.675
5,185
2,976
2,209
5,340
1,560
3,780
5,245
2,988
2,257
5,369
1,607
3, 762
4, 995
2,864
2,131
5,376
1,613
3,763
4,954
2,864
2,090
5,343
1,592
3,751
5.077
2,931
2,146
5,444
1,670
3,774
5,008
2,890
2,118
5,370
1,715
3, 655
5, 246
3, 099
2,147
5,080
1,635
3, 445
7,273
5.288
17, 892
14, 985
2,907
5,406
3,089 I
2,317 |
5,435 |
1,598 |
3,837 |
7, 558
12,114
21, 474
18, 356
3,117
7,112
11,975
26, 655
23, 289
3,366
7,372
12,909
32, 069
28,237
3,832
7, 342
12, 288
37, 243
32, 727
4,516
6, 950
11,329
41, 943
36. 684
5,259
7,320
10, 595
45. 343
39, 540
5.797
765,423 j 764,369
780, 453
790, 674
763, 459
689, 744
778, 205
744, 954
88,169
09, 820
69, 300
92, 285
70, 555
72, 279
103,692
70, 993
71, 758
106, 626
61, 320
61, 704
r 71,307
74, 297
' 70,172
49,502
74, 628
72, 821
828, 648 I 757,880
79, 352
93. 855
90, 038
74,812
75, 594
81, 480
74^ 452 j 73,231 j 81,215
5,070
2,999
2,071
4.791
1, 52S
3, 203
6,
4,
44,
39,
5,
5, 025
2, 884
2,141
4, 425
1,453
2, 972
8S3
072
722
249
473
7, 090
0
37, 824
32, 883
4, 941
I
i
Castings, gray iron, shipments*....short ton3 ,_
Castings, malleable:<j"
Orders, new, net
.do
Production
do
Shipments
do
Pig iron:
Consumption*
,
thous. of short t o n s . .
Prices, wholesale:
Basic (valley furnace).
dol. per long t o n . .
Composite
__do
Foundry, No. 2, Neville Island*
do
Production*
thous. of short tons..
Stocks (consumers' and suppliers'), end of month*
thous. of short tons..
Boilers, range, galvanized:
Orders, new, net
number of boilers
112,720
Orders, unfilled, end of month
do
170, 350
Production
do
54, 550
55, 014
Shipments.
do
11,272
Stocks, end of m o n t h . .
do
Steel, Crude and Semimanufactured
Castings, steel, commercial:
:
Orders, new, total, net
.
short tons..
Railway specialties
.do
Production, total
____
do
Railway specialties
do
Steel ingots* and steel for castings:
Production
thous. of short tons..
Percent of capacity§.
Prices, wholesale:
Composite, finished steel
dol. per lb._
Steel billets, rerolling (Pittsburgh). ..dol. per long ton.
Structural steel (Pittsburgh)
dol. per lb._
Steel scrap (Chicago)
.dol. per long ton..
U. S. Steel Corporation, shipments of finished steel
products
thous. of short tons.
Stee!, Manufactured Products
Barrels and drums, steel, heavy types:1
Orders, unfilled, end of month
thousands..
Production
do
Shipments
.__.
_
.do
Stocks, end of month
do
Boilers, steel, new orders :
Area
thous. of sq. ft..
Quantity
number..
Porcelain enameled products, shipments! thous. of dol..
Spring washers, shipments
do
Steel products, production for sale:^
Total
.thous. of short tons. .
Merchant bars
do
Pipe and t u b e . . .
_.
do
Plates
do
Rails.
_
do
Sheets
_.
do . . .
Strip—Cold rolled
.do
Hot rolled
do
Structural shapes, heavy.
do
Tip plate and terneplateQ-do.Wire and wire products
do
4,944
2,838
2.106
5,580
1,613
3,967
7.482
0
36,059
30.746
5,313
Consumption, total*
____thous. of short tons._
Home scrap*
do
Purchased scrap*
_do
Stocks, consumers', end of month, total*
do
Home scrap*
do
Purchased scrap*
__do
I r o n Ore
Lake Superior district:
Consumption by furnaces
thous. of long tons..
Shipments from upper lake ports
do
Stocks, end of month, total
do....
At furnaces..
do
On Lake Erie docks,
do
Pig Iron a n d I r o n M a n u f a c t u r e s
700, 383
741,534
76. 536 ' 48,149
80, 505 r 79, 029
76,882
77, 528
09, 972
70,187
70, 831
5.202 I
4,996 |
5,378
5,161
5.218
4, 960
5.062
5,159
4,893
5,108
4, 8S7
4,959
23. 50
24.17
24.00
5,276
23.50
24.17
24.00
5,083
23.50
24.17
24.00
5,434
23.50
24.17
24.00
5,243
23. 50
24. 17
24.00
5, 343
23.50
24.17
24. 00
5,057
23. 50
24.17
24.00
5,157
23. 50
24.17
24.00
5,210
23. 50
24.17
24. 00
4,988
23. 50
24.17
24. 00
5,200
23. 50
24. \ 7
2\. 00
4, 904
23. 50
24.17
24. 00
4, 999
1,616 I 1,658
61,214
88. 730
78, 986
71, 859
28,924
167, 739
18,181
159,795
25,826
78, 825
78, 982
80,516
88,573
20, 867
173,
27,
161,
27,
592
244
359
488
1,650 !
83,359
76, 649
82. 066
85, 692
17, 241
1,663
1,649
1,639
69, 560
68,106
66, 107
69,047
16, 782
57, 966
66, 272
54, 903
59, 800
11,885
61,099
69,632
59,416
57,739
13, 562
68. 009
80, 696
58,154
56, 945
14, 771
176,993
37. 807
161, 783
29,974
181,816
28,147
157.444
30, 309
169, 921
19. 248
131,940
24, 756
171, 309
29, 921
154,911
31, 864
129, 847
14,371
144,458
27,660
1,636 1,658
62,828
67, 593
• 74. 305
•
71, 884
19, 722
I
162,575 1 175,053
36, 202
44,140
174,626 I 155,778
30,760 j 27,822
1,617
51,
76,
54,
55,
13,
288
432
589
552
808
1, 590
1 : 530
1,492
74, 085
83, 637
69, 3S9
66,880
16.317
71,103
91,010
03. 022
03,184
10, 253
70, 249
112. 038
52, 089
50, 006
11,736
116
173
719
949
120, 007
20, 937
146,411
20, 939
138,066
30, 256
144,162
25, 080
146,
16,
150,
28,
r
7,178
90
7,587
7,188
7,820 !
7.58S
7, 697
97
7,229
94
7,493
94
7,493
94
7.230
94
7,616
96
7, 274
94
.0209
34.00
.0210
18.75
. 0265
34.00
.0210
18.75
.0265
34.00
. 0210
18.75
. 0265
34.00
.0210
18.75
.0265
34.00
.0210
18.75
.0265
34.00
.0210
18.75
. 0265
34.00
.0210
18.75
.0265
34.00
.0210
18.75
.0265
34.00
.0210
18.75
.0265
34.00
.0210
18.69
. 0265
34.00
.0210
16.90
. 0205
34. 00
. 0210
17.00
. 0265
34.00
. 0210
IS. 69
1,569
1,731
1,756
1,875
1,757
1,777
1,738
1,755
1,743
1,734
1,775
1,744
1, 768
5,031
2,254
2,233
61
4,532
3,179
1,854
1,907
1, 862 j 1,917
44
52
3.383
1,610
1,610
41
3, 432
1,539
1, 531
49
3,707
1,509
1,518
40
3,649
1,439
1,427
51
5,276
1,611
1,619
43
6,666
1,394
1,390
47
6,824
1. 575
1,565
57
6,742
1,059
1, 605
52
0, 747
1, 5S4
1, 594
41
753
533
2,589
363
1,005
662
2,722
376
779
703
3,046
853
602
2,754
350
1,155
849
2,664
379
1,608
839
2,868
382
1,122
728
2,870
319
1,649
1,070
3,152
361
831
757
3,060
347
904
692
3,302
383
914
099
3,1 55
414
925
538
2,818
5,265
560
484
1,096
196
764
86
119
353
156
349
5,208
530
483
1,074
216
754
86
116
337
194
349
5,616
554
515
1,164
226
831
96
133
357
223
379
5,211
508
496
1,073
197
768
89
115
319
216
347
5,313
533
521
1,042
220
790
97
115
318
231
5,164
512
504
1,010
192
768
97
119
298
256
363
5,082
498
506
969
201
763
88
117
300
246
337
5,159
510
518
858
195
839
95
121
298
238
377
5,157
497
510
936
214
828
97
121
311
204
360
5,184
471
501
957
214
841
98
127
306
205
369
5,161
499
512
900
204
833
100
121
312
202
354
4,965
474
503
819
209
802
103
113
302
234
342
.0358
.0503
.0462
.0445
.0425
.0425
.0425
.0425
.0420
.0362
.0317
.0312
97.3
• 169. 5
•
48.3
215.6
148.8
47.8
206.7
160.4
59.3
232.2
155.6
60.9
"218.4
152.9
59.9
r 221. 3
132.8
55.9
187.9
135.1
••53.4
199.6
123.3
55.9
223.6
94.9
47.0
211.2
88.9
48.0
208.1
93.7
r 40. 7
105.1
2,417
1,174
3,029
7, 301
r 93
NONFERROUS METALS AND PRODUCTS
Aluminum:
Price, wholesale, scrap castings (N. Y.)..dol. per lb__
Production:*
Primary
.mil. of l b . .
Secondary recovery
do
Aluminum fabricated products, shipments*
do
r
96.8
43.4
199.2
T
Revised.
1 Beginning 1943 data cover virtually the entire industry.
©Designated "tin plate" prior to the July 1944 Survey but included terneplate.
cf Beginning July 1944 the coverage of the industry is virtually complete; the coverage was about 97-98 percent for September 1942-June 1944 and 93 percent prior thereto.
§ Beginning July 1944, percent of capacity is calculated on annual capacity as of July 1, 1944, of 94,050,750 tons of open-hearth, Bessemer, and electric steel ingots and steel for
castings; earlier 1944 data are based on capacity as of Jan. 1, 1944 (93,648,490 tons), and July-December 1943 data on capacity as of July 1, 1943 (90,877,410 tons).
t Of the 99 manufacturers on the reporting list for Jan.l, 1942, 29 have discontinued shipments ot these products for the duration of the war.
• Beginning 1944 data represent net shipments (total shipments less shipments to members of the industry for further conversion) instead of net production for sale outside the
industry, as formerly. For 1942 data, except for April, see tne October 1942 and July 1943 Surveys; for April data see note at bottom of p. S-31 in the September 1943 issue.
* New series. For a description of the series on scrap iron and steel and pig iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November 1942
Survey; later data are available on p. S-30 of the April 1942 and subsequent issues. The new series on pig iron production is from the American Iron and Steel Institute and is approximately comparable with data from the Iron Age in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survey
for further information on this series and data for 1941-42. The new pig iron price, f. o. b. Neville Island, replaces the Pittsburgh price, delivered, shown in the Survey prior to the
April 1943 issue. For data beginning January 1942 on aluminum production see p. 24, table 6, of the June 1944 Survey. Data for aluminum fabricated products cover total shipments
of castings, forgings, sheet, strip, plate, rods, bar, and other shapes, and are available beginning January 1942; data for gray iron castings are based on reports of foundries accounting
for about 98 percent of the total tonnage of the gray iron castings industry for January-November 1943 and 93 percent thereafter. Both series are from the War Production Board.
SURVEY OF CURRENT BUSINESS
March 1945
1945
and descriptive notes may be found in the
1942 Supplement to the Survey
January
S-31
1944
January
February
March
April
May
June
July
August
t'Xr
October
Novem- Decem
ber
ber
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS—Con.
Bearing metal (white-base antifriction), consumption
and shipments, totalj.
thous. of lb._
5,439
Consumed in own plants
do.....
1,314
4,125
Shipments
do
.195
Brass sheets, wholesale price, mill
_dol. per lb_.
Copper:
.1178
Price, wholesale, electrolytic, (N. Y.)
dol. p e r l b .
Production:^
Mine or smelter (incl. custom intake)..short tons.. 73,640
Refinery
do
67, 726
145,904
Deliveries, refined, dornesticd"
do
59,715
Stocks, refined, end of monthcf
—_
..do
Lead:
Ore, domestic, receipts (lead content)^
do
Refined:
.0650
Price,wholesale, pig,desilverized(N. Y.) _dol. per 1b..
Production, totaled.
short tons.. 49,099
45, 463
From domestic orccf
do..
40,887
Shipmentsd"
._
do--.
27, 738
Stocks, end of monthcf
do—.
Magnesium production:*
7.7
Primary
....mil. oflb
2.5
Secondary recovery
do
. 5200
Tin, wholesale price, Straits (N. Y.)_dol. per lb._
Zinc, slab:
Price, wholesale, prime, Western (St.
.0825
Louis)
_.
dol. per ib._
Productioncf
short tons.. 70,492
92,804
Shipmentscf
do.
90,300
Domest.iccf
.-._
do_
215,208
Stocks, end of monthcf..
do.
5,269
648
4,621
.195
5,543
1,318
4,225
.195
5,485
964
4,521
.195
5,643
1,353
4, 290
.195
4,774
1,154
3,621
.195
5,283
1,218
4,065
.195
5,336
1,204
4,133
.195
4,588
1,215
3,373
.195
.117S
5,161
1, 229
3,932
.195
5,300
1,129
4,171
.195
4,780
971
3,809
.195
4,302
1,221
3,082
.195
.1178
. 1178
82, 769 82,776
91,047
139,515 118,054
50, 991 51,412
82, 653
89, 068
126,590
49, 358
76,466
87,145
127, 517
58,051
' 76,799
82, 649
156,800
66, 780
31, 266
31,489
31,395
30,498
. 0650 .0650
38, 436 38,614
35. 934 35,717
40, 884 43, 586
28, 890 23, 911
.0650
42,997
34, 642
42. 303
24, 595
. 0650
42,842
36,112
43,513
23,915
.0650
46,052
40, 264
50,420
19, 536
16.6
2.8
.5200
12.5
2.1
.5200
8.5
1.8
.5200
.0825
67,432
' 65, 559
'65,519
246,217
.0825
' 70,035
' 78, 732
' 78, 710
237, 520
.1178
.1178
.1178
.1178
. 1178
^. 1178
.1178
95,400
92,781
101,779
45,800
95,712
87,128
124,800
36,489
101, 247
99,118
156,083
37, 259
92, 530
95, 280
156,233
94, 534
98, 580
165, 887
37,074
89, 070
93, 958
141,139
42, 467
86, 224
93, 650
121,898
48,050
37,738
37,155
38,894
35,951
36, 931
34, 255
29,982
34, 873
.0650
49, 768
47, 672
45, 258
37,590
.0650
48, 302
41, 591
51,367
34,518
.0650
55, 324
47, 294
55. 449
34,379
.0650
50,154
46, 258
44,690
39, 830
. 0650
45. 903
42, 663
48,142
37, 586
.0650
39, 755
34,413
43, 485
33, 847
. 0650
40, 471
33, 434
42,966
31, 344
42.0
2.1
.5200
40.9
2.7
.5200
41.0
3.6
.5200
37.8
2.3
.5200
34.3
2.8
. 5200
29.4
2.1
.5200
30.1
2.0
. 5200
18.5
2.7
.5200
. 0825
84,066
63, 552
60,404
194,024
. 0825
79, 893
62, 716
61, 258
211,201
.0825
86, 037
84,431
83,104
212,807
. 0825
80,405
75, 213
75, 213
217,999
.0825
80. 497
80, 825
r 80, 540
217,671
.0825
73,067
65, 785
65, 488
224, 953
.0825
72, 947
63,193
63,193
234, 707
974
5,379
1,147
431
4,765
943
430
4,124
870
553
3,884
783
3,841
810
378.3
321.6
577.5
456.8
402.6
648.2
498.4
457. 6
642.6
385.7
322.2
610.1
503.9
477.0
598.8
' 5, 786
13, 092
'6,613
23, 671
' 4, 471
• 12, 483
' 5, 080
• 22, 576
r 4, 970
12, 200
' 5, 253
21,419
25.0
2.8
.5200
. 0825
71. 281
64, 295
64, 158
241,693
.0825
66,891
65,150
64,927
243,434
. 0825
68, 781
67, 871
67, 820
244, 344
.1178
.1178
MACHINERY AND APPARATUS
Blowers and fans, new orders
thous. of dol
Electric overhead cranes: §
Orders, new
do..
Orders, unfilled, end of month
do..
Shipments
do-Foundry equipment:
New orders, net total.
1937-39=100...
422.4
New equipment
_do.
362.2
Repairs
_do.
634.7
Fuel equipment and heating apparatus:
Oil burners:©
Orders, new, net
nuniber..
Orders, unfilled, end of month
do
Shipments
_
.do
Stocks, end of month
_do
Mechanical stokers, sales:^
5,091
Classes 1, 2, and 3 . . . .
..do
Classes 4 and 5:
Number
„
_
_
228
Horsepower
__
44,322
Unit heaters, new orders
..thous. of do!..
Warm-air furnaces, winter air-conditioning systems,
and equipment, new orders
thous. of dol..
Machine tools:*
Orders, new, net
do
58, 958
Orders, unfilled, end of month
_
do— — 282, 233
Shipments
do
37,498
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units..
Power pumps, horizontal type
do
Water systems, including pumps
d o . —I
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of dol—
3,579
ELECTRICAL
13, 236
' 5, 308 ' 7, 535
13,145
• 13, 919
' 5, 315 r 6, 761
27, 344
• 24,991
r
r
•11,780
13, 370
473
3,837
663
680
3,796
700
522
3,714
598
466.1
426.8
604.8
375.8
327.5
546.4
450.5
416.3
571.4
388.0
336 5
569.7
1,146
4,579
597
526.5
504.0
605.9
' 7,162
14,443
r 6, 060
17, 802
' 5, 988
• 13, 835
' 6, 596
'16.061
' 9, 029
• 14, 398
' 8,466
13,110
3,996
5,183
4,768
4,849
406
418
70, 854 74,188
' 3, 848
362
63,288
380
70,390
4,653
' 7, 049
' 12,630
'6,619
20,192
r
' 5, 653
• 13, 341
r 4,942
• 18,996
1
1
1,473
1,417
1,793
2,193
2,515
3,235
3,293
4,368
184
34, 943
192
41, 092
206
43,012
2.867
252
52, 299
279
51, 737
352
57, 007
2,591
370
70, 453
474
83, 689
26, 457
181,538
56,363
33, 419
164, 536
50,127
40,950
153, 563
51,907
55, 247
167, 232
41,370
59,922
185,746
41,819
49, 558
194, 450
41, 471
31,889
191, 295
32, 753
40,466
368
21, 519
32, 632
313
23,046
39, 431
478
30,463
35,897
241
26,726
36, 701
300
25, 299
29, 988
262
28,126
26, 671
409
30,142
3,606
2,812
3,206
3,912
4,815
3,096
3,497
1,484
1,507
1,545
1,297
1,324
1,368
1,485
394
353
414
269
443
394
405
346
393
483
408
383
338
403
388
458
9,209
876
5,627
7,685
662
6,066
9,041
750
6,326
16,011
1,055
5,895
20,608
1,328
5,727
11,156
810
5,861
11, 743
843
4,921
4,872
3,798
6,850
7,986
6,280
5,539
4,825
6,622
4,324
6,560
6,434
5,732
8,101
4,539
7,782
5,940
5,532
7,190
5,417
7,747
6,199
6,378
6,654
9,907
7,904
5,557
5,935
6,994
6,602
8,395
4,442
1,384
4,505
1,290
4,653
1,393
4,181
1,218
3,953
1,240
4,273
1,276
r
8,788
822
4,032
4,761
3,774
518
4,292
795
369.5
301.7
609.4
•15,866
• 22, 441
' 7,823
• 12, 679
' 6, 350
397.4
351.7
558.4
12, 326
27,214
7,553
11,221
6,335
33,152
41,079
196, 760 194,125
35,889
35,177
57, 206
213, 675
37, 516
58,706
235,396
36,277
62, 504
260,880
36, 784
32, 050
418
25,561
22, 494
292
23,865
31, 229
354
32,171
29,843
392
29,040
22,838
248
20, 427
4,175
3,635
4,016
2,207
2,242
1,857
1,934
1,741
1,635
352
350
357
266
340
480
12, 781
1,005
5,519
8,094
711
4,936
6,970
688
5,006
9,531
927
4,854
6,152
491
4,779
5,048
6,221
6,385
7,042
7,967
6,005
7,133
6,839
5,803
8,531
5,420
4,899
6,533
6,743
8.173
5,675
5,402
6,372
2,992
5,965
5,210
6,190
9,293
8,811
6,677
7,490
6,010
3,933
9,266
3,773
1,079
4,184
1,174
4,130
1,156
4,416
1,275
4,038
1,170
3,845
1,149
EQUIPMENT
Battery shipments (automotive replacement only),
number*
thousands..
Electrical products:f
Insulating materials, sales billed1936= 100-.
Motors and generators, new orders
do
Furnaces, electric, industrial, sales:
Unit
kilowattsValue
thous. of dol—
Laminated fiber products, shipments
do
Motors (1-200 hp):
Polyphase induction, billings
do
Polyphase induction, new orders
do
Direct current, billings.-do
Direct current, new orders
do
Rigid steel conduit and fittings, shipments, .short t o n s . .
Vulcanized fiber:
Consumption of fiber paper
thous. o f l b . .
Shipments
thous. of dol..
10,653
870
I
' Revised.
iThe total and the detail cover 59 manufacturers; see March 1944 Survey for comparable data for 1942.
cf For data beginning January 1942 for the indicated copper, lead, and zinc series, see p. 24, table 6, of the June 1944 Survey.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 8 companies beginning March 1943.
© The 1944 data have been revised to include data for a number of manufacturers who started manufacturing and shipping oil burners after a considerable period of inactivity and
now cover 124 manufacturers; because most of the manufacturers added were small or had been inactive, there has been no significant change in the percentage of the industry covered.
1 Of the 101 firms on the reporting list in 1941, 20 have discontinued the manufacture of stokers: some manufacture stokers only occasionally. The manufacture of class 1 stoken
was discontinued Sept. 30,1942, by order of the War Production Board; this accounts for the large reduction after that month in figures for classes 1, 2» and 3.
*New series. For magnesium production beginning January 1942, see p. 24, table 6, of the June 1944 Survey. The series on automotive replacement battery shipments represents
estimated industry totals compiled by Dun and Bradstreet; data beginning 1937 are available on request. For 1940-41 and early 1942 data for machine tool shipments see p. S-30 of
the November 1942 Survey; for new and unfilled orders for 1942 and the early months of 1943, see p. S-31 of the August 1944 issue. The data for machine tools cover virtually the entire industry through June 1944; thereafter, reports were no longer requested from 150 small companies which formerly accounted for about 4 percent of total shipments.
t Revised series. Indexes for electrical products have been shown on a revised basis beginning in the January 1943 Survey; the index for motors and generators was further revised
in the April 1944 Survey (see p. S-31 of that issue). Data beginning 1934 are available on request.
S-32
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
March 1945
1944
1945
January
February
March
April
May
June
July
August
September
October
Novem- Decem
ber
ber
833, 433
69,071
341.152
138, 404
73, 329
36, 500
125, 443
775, 530
64, 872
316, 288
127, 017
68,167
34, 211
119, 011
844, 288
73,484
339, 840
137, 247
72, 594
37, 356
134, 858
819, 376
72, 190
327, 587
130,481
71, 720
36, 523
135, 584
72.561
4,040
10, 704
12, 378
8, 536
1,886
32, 075
66, 643
4, 734
10, 162
11,717
8,971
2,122
26, 344
PAPER AND PRINTING
WOOD PULP
Production :f
Total, all grades.
Bleached sulphate.
Unbleached sulphate
Bleached sulphite
Unbleached sulphite
Soda
Groundwood
_.
Stocks, end of month:f
Total, all grades.
Bleached sulphate
Unbleached sulphate
Bleached sulphite
Unbleached sulphite
Soda
Groundwood
short tons..
-do
.do
.-do
do
do
_
-do
804, 337
70, 006
303, 375
136, 408
74, 908
37, 388
136, 861
*
d o . . . . 75, 994
7,211
-do
9,471
-do
12, 994
do
10,015
.do
2,897
-do
29, 718
do
759,863
60, 719
306,595
116,242
' 76, 674
r
35, 760
133, 493
r
72, 004
4.578
7,409
' 13,316
' 10,652
' 2, 952
' 30, 993
795,840 743,904
730,410 784,058 750,633
64, 365 66, 617 69, 222
59, 964 65, 796 61,070
291,239 299, 649 290, 633 319,009 323,855 308,015
117, 368 133, 292 121, 504 131,435 129,165 117, 376
71, 717 75,925
71, 598 76,625
73,124 63,141
34,000 35, 708 33, 233 35, 530 35, 306 30,591
124,287 137, 922 134,402 139,677 125, 599 112, 241
75,891
4,666
7,833
14, 372
10,499
3,270
33,496
78, 374
4,738
9,190
14,822
9,721
2,455
35, 794
81, 879
5,265
7,751
14, 500
9,245
2,066
41,013
91,052
5,084
9,794
16,113
9,183
1,925
46, 347
88, 204
3,966
9, 751
14,131
10,126
2, 027
46,158
82, 281
5,350
8,606
12,849
9,246
2,216
41, 560
64,780 !
5,276 |
8.717
11,989
8,529
2, 468
24,351 j
734.987
65,811
276, 294
122, 264
r
67, 367
r
35,188
128, 253
66,552 r 66, 844
4, 162
5, 306
8,690 r 10, 645
12,505
12, 360
9, 225 r 8,169
l'945 r 2, 336
25,002 r 25, 580
PAPER AND PAPER PRODUCTS
All paper and paperboard mills (U. S. Bureau of the
Census):*
Paper and paperboard production, total..short tons..
Paper
.
.
...do
Paperboard
do
Paper, excl. building paper, newsprint, and paperboard
(American Paper and Pulp Association):!
Orders, new
short tons..
Production
do
Shipments
do
Fine paper:
Orders, new
...do
Orders, unfilled, end of month.
do
Production
.do
Shipments..
.do
Stocks, end of month
:
-do
Printing paper:
Orders, new
...do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month...
do
Wrapping paper:
Orders, new _
do
Orders, unfilled, end of month
..-do
Production
do
Shipments
do
Stocks, end of month..
do
Book paper, coated:
Orders, new
..percent of stand, capacity..
Production
do
Shipments
do
Book paper, uncoated:
Orders, new
do
Price, wholesale, " B " grade, English finish, white,
f. o. b. mill..
dol. per 100 lb_.
Production
percent of stand, capacity..
Shipments
do
Newsprint:
Canada:
Production
.short tons..
Shipments from mills
-do
Stocks, at mills, end of month
do
United States:
Consumption by publishers
...do
Price, rolls (N. Y.)
.dol. per short ton..
Production
short tons..
Shipments from mills
do
Stocks, end of month:
At mills._.!._
do
At publishers
-do
In transit to publishers
do
Paperboard (National Paperboard Association) :J
Orders, new
__do
Orders, unfilled, end of month
_do
Production
do
Percent of capacity
Waste paper, consumption and stocks: §
Consumption
short tons..
Stocks at mills, end of month
do
Paper products:
Shipping containers, corrugated and solid fiber, ship*
ments*
mil. sq. ft. surface area..
Folding paper boxes, value:*
New orders.
1936=100..
Shipments.
do
1,413,365 1,379.311 1,483,085 1,402,095 1,484,667 1,460,686 1,325,711 ,518,922 1,421,869 1,501,175 1,4^4,762 ! 1,328,489
693,006 672,767 722,973 659,976 705, 821 688, 817 619, 392 717,452 677, 538 715,058 699,872 J 655,422
720, 359 706, 544 760,112 742,119 778,846 771, 869 706,319 801,470 744, 331 786,117 764,890 j 673,067
565, 770 558,442 585, 763 517,178 537, 293 547, 065 496,210 564,593 533, 103 569,426 '•532,728
560, 773 544,233 582, 739 530, 222 509,074 553, 709 493,254 ! 580, 177 542, 887 578,547 r
!'565, 355
590, 444 563, 609 588, 385 536,878 569, 060 571, 676 490,505 577,933 549, 797 '574,494 579, 259
82, 332 80, 217 86, 972 82, 387 73, 020 79, 322 76, 591 78, 329 86, 106 r 96, 399 ' 78, 501
144,139 140, 395 148,007 148,181 137,287 136,946 148,933 140, 606 139,164 151,863 141,589
78,313
77, 291 88,024
78,020 82, 856 79, 709 69, 941 85, 959 81,931 r 87, 432 ' 86, 083
r
79,427
76,974
89,078 81,211
89, 0?>9 r 87, 733
80,357
84,115 69, 716 ? 83.912 83,840
47,004
46, 723 46, 885 44,010 44, 823 40, 664 45, 098 1 45, 794 42, 955 r 42, 817 ' 41,080
179, 222
135,311
173, 957
177,091
52, 239
172,160
144, 599
173,447
175,089
57,110
170,216
143, 328
169,853
170,077
57, 647
217,849
200, 312
219, 596
218, 618
69, 536
217, 362 225, 567 199,526
201, 738 197,595 199, 886
212, 048 227, 079 199, 825
212, 440 r229, 828 203, 621
67,881
66, 585 63, 584
168, 918
143,171
166,017
166,649
52,533
553, 901
530, 562
541,238
90, 636
138,448
72, 242
72, 455
36,030
141,524 182, 929 158,566 172,243 172,949 I 178,981
126,368 144, 979 138, 797 139,394 I 131,521 j 140,516
144,083 176, 434 164, 909 172,531 \r 172. 559 ! 171,840
""
"
143,743 172, 545 167, 538 172,152 179,356 i 171,169
49, 490 53, 495 51,036 ' 53, 291 53,006 j 52,576
i
211,055 217, 062 207,172 223, 689 217, 972 224, 199 •204,708 208, 279
189,349 188.679 203,499 195,112 194,127 202, 175 !
•184,809 198, 948
221,429 219,158 198,265 228, 416 210, 897 226,251 I
'218.306 I 200, 958
214,767 225, 921 192,602 229,867 212,312 219,708 •218,595 !206, 364
r
62, 077 r 70, 288 | 69. 648 | 66, 679
67, 002 * 62, 486 68,127 64,142
171,750
140,808
173,587
i 174,990
j 51,208
158, 537
128, 593
165, 886
167, 297
48, 600
56.7
52.4
57.4
54.9
55.6
57.5
57.0
58.6
58.6
52.1
61.5
57.4
56.0
55.3
57.5
51.3
52.3
54.4
51.9
57.0
56.5
48.8
46.2
47.6
77.9
82.0
84.3
82.2
77.5
73.7
70.1
7.30
76.3
76. 8
7.30
82.9
83.8
7.30
82.6
83.1
7.30
80.7
81.3
7.30
80.1
81.1
7.30
78.1
78.4
7.30
79.5
80.0
7.30
71.1
71.5
53.3
55.7
53.6
57.2
53.4
55.7
7.30
81.3
79.7
7.30
80.7
52.7 I
53.6 I
56. 5
57.7
61.7
56.3 I
7.30
80.3
80.2
7.30
84 2
83*. 0
78.8
52.2
54.2
50.6
81.6
7.30
78.3
264, 766 242, 658 240, 005 252, 092 236, 353 262,467 246, 864 244,406 262, 695 244, 209 258,301 256,762 ! 244,970
232,110 209, 599 227, 387 232,012 256, 543 276,054 268, 213 249, 979 274, 706 252,928 262, 998 259,409 | 230,780
89,227 98, 456 111,074 131,154 110, 964 97, 377 76,028 70, 455 58, 444 49, 725 45, 028 42,381
56,571
185,193 194, 690 182, 487 201, 708 201,136 197,427 191,077 174,866 182, 432 189, 612 218, 137 211,572 I 205,952
58.00
58.00
58. 00
58.00
58.00
58.00
58.00
58.00
58.00
58.00
58.00
58.00 i 58.00
60, 381 60, 354 53, 852 61, 201 54, 636 60,909
61,106 59, 875 60, 631 61, 529 61, 994 62,546 ! 61,169
54,033
61, 471 56,103 62, 319 CO, 648 59,946 61,217
60,120 61,102
61, 069 62, 537 61,697
61,295
7, 618 10, 244 10, 063
9,793
8,326
7,303
6,916
7,374
7,177
7,483
6,717
6,634
272, 897 303, 244 292, 289 278, 202 268, 648 275, 80'J 300,070 325, 365 342,122 345,049 332, 393 325, 112
50,160 47, 359 45, 559 37,182 46,933 50,036 46, 388 44,336 46, 642 51, 997 46, 575 49, 256
7,357
296, 784
45, 496
733, 751 642, 386 650, 711 649, 058 634, 593 695, 585 635,256 645,895 683, 881 605, 367 704, 746 651,974
565, 064 597,011 621, 875 607, 537 601, 880 599,322 544,454 570,626 549,114 482, 896 486, 882 484,811
652, 913 613, 429 614, 340 659, 555 626,877 697,674 673, 808 608, 458 708, 973 654,104 680, 288 672,212
91
95
96
90
85
93
96
95
95
610,859
471,289
596,214
85
393,004 360,602 j369,978
164, 576 113,199 112,633
353,103
186, 383
403,646 375, 794 411,870 389, 217 344,457 406.115
112, 520 122, 534 122, 779 129,777 157, 290 164, 211
398, 559 487,039
174, 556 186, 949 187, 697
4,131
4,011
4,305
3,872
4,078
3,968
3,756
4,316
4,105
4,271
4,078
322.4
272.5
244.4
253.5
259.7
251.4
275.8
271.6
247. 6
248.4
258.4
262.4
241.2
260.3
201.2
228.4
256.4
267.6
223.3
261.1
261.2
276.1
266. 0
281.0
257.2
487
398
89
570
497
73
545
436
109
496
392
104
721
588
133
610
524
538
432
106
562
462
100
461
397
64
656
544
112
491
428
63
669
555
114
651
552
99
PRINTING
Book publication, total
New books.
New editions
no. of editions.
...do...
do
'Revised.
JFor revisions for 1942 and the early months of 1943, see note for paperboard at bottom of p. S-35 of the July 1944 Survey.
{Computed by carrying forward March 1943 figures on the basis of percentage changes in data for 59 identical companies reporting to the National Paperboard Association.
t Revised series. Revised wood pulp production data beginning 1940 and sulphite stocks for all months of 1943 are shown on page 20 of December 1944 Survey; revised 1942 stock
figures for all series are on pp. 30 and S-31 of the June 1943 issue. The data exclude defibrated, exploded, and asplund fiber. The paper series from the American Paper and Pulp
Association have been revised to coyer industry totals and are not comparable with data shown in the Survey prior to the August 1944 issue; earlier data will be published later.
•New series. The new paper series from the Bureau of the Census cover production of all mills including producers of building paper and building boards; for comparable 1942
monthly averages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers and a description of the series, see p.
20 of the September 1944 Survey. The indexes for folding paper boxes are from the Folding Paper Box Association, based on reports of members accounting for around 50 percent of
the industry totals; earlier data will be published later.
March 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise staled, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
January
1945
S-33
1944
January
February
March
April
May
June
July
August
September
October
Novem- December
ber
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
Retail
_
dol. per short ton.
Wholesale
do
Production
.thous. of short tons.
Stocks, end of month:
In producers' storage yards
do._.
In selected retail dealers' yards.No. of days'supply.
Bituminous:
Industrial consumption and retail deliveries, total
thous. of short tons.
Industrial consumption, total
do...
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...
Retail deliveries
do...
Other consumption, coal mine fuel.
...do...
Prices, composite:
Retail (35 cities)
dol. per short ton.
Wholesale:
Mine run
_do--Prepared sizes
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...
13.87
11.430
4,241
13.92
11.421
5,028
14.38
11. 723
5,879
14.04
11. 481
5,576
14.04
11. 527
5,202
13.96
11. 574
5,848
13.85
11. 435
5,623
13.84
11.419
4,962
13.84
11.419
5,623
13.84
11.419
5,443
13. 85
11.419
5,603
13.86
11.424
5,088
13.86
11.430
4,570
322
11
259
11
254
10
318
334
11
353
15
348
15
378
18
413
22
442
20
462
22
492
25
445
19
59,284
42,982
714
7,933
296
145
7,327
12,011
1,078
13,478
16, 302
239
55, 989
42, 610
1,069
8,022
311
144
7,251
12,054
1,020
12,739
13,379
260
53,004
40,347
1,011
7,583
268
140
6,690
11,484
993
12,178
12,657
255
47,411
37, 753
962
7,925
254
133
5,632
11, 204
879
10, 764
9,658
231
44, 260
36, 746
1,006
8,134
293
126
5,847
10,834
829
9,677
7,514
257
43,072
35, 295
958
7,778
311
112
6,167
10,230
778
8,961
7,777
248
43,171
35, 254
944
7,967
316
117
6,414
10, 248
780
8,468
7,917
228
46, 585
36,958
896
7,978
358
115
7,046
10,445
831
9,289
9,627
252
45, 710
35, 967
805
7,606
336
121
6, 657
10,095
807
9,540
9,743
233
49, 516
39, 003
822
7,985
364
128
6, 754
10, 940
8b7
11,143
10, 513
235
49, 684
39,644
759
7,748
360
129
6,824
10,714
908
12,202
10,040
229
55,186
41,813
'632
r 7, 984
352
138
r 7,066
11,758
1,022
12,861
13, 373
204
10.33
10.19
10.22
10.22
10.24
10.27
10.28
10.29
10.31
10.31
10.31
10.32
10.33
5.237
5. 513
52,200
5.235
5.457
53, 975
5.240
5.461
52,740
5.242
5.497
54, 330
5.248
5.503
49,600
5.244
5.508
55, 220
5.239
5.510
53, 395
5.238
5.512
48, 930
5,239
5.514
54, 220
5.237
5.509
50,010
5.237
5. 509
51, 500
5.237
5. 516
50, 215
5.237
5. 516
44, 735
49, 740
46,403
5,692
494
214
14, 377
11,311
666
13,649
3,337
53,628
48, 260
6,162
544
249
13,871
9,245
753
17,436
5,368
52, 720
47,169
6,383
479
229
13, 915
9,584
765
15, 814
5, 551
51,835
46,884
6,281
465
208
13, 996
9,893
765
15, 276
4,951
50, 513
46,874
5,930
475
193
14, 802
10, 250
758
14, 466
3,639
55, 293
50, 591
5,892
472
205
15, 713
11, 737
761
15,811
4,702
59, 680
54, 259
6,152
491
206
16, 457
13, 329
785
16,839
5,421
61,413
55, 537
5,711
508
216
16, 965
13, 797
811
17, 529
5,876
63,909
58, 233
5,928
537
239
17,505
14, 633
775
18, 616
5,676
64,905
59,150
6,174
550
250
17, 773
14, 773
791
18,839
5,755
55, 074
59, 256
6, 397
592
243
17, 962
14, 691
796
18, 575
5,818
64,020
58, 330
6,737
582
261
17, 671
14,427
783
17, 869
5,690
57, 204
' 52,470
••6,112
538
243
16, 305
•12,918
'701
15,653
4,734
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
r 5, 627
116
644
5,345
138
667
5,677
144
614
5,558
137
644
5,706
145
614
5,457
135
605
5,627
158
574
5,633
158
516
5,377
155
527
5,635
181
850
••640
'208
179
713
561
152
166
624
513
111
173
535
150
166
762
569
193
141
791
554
237
127
921
589
332
130
596
390
116
995
565
430
116
1,040
586
454
137
54,417
41, 709
1,046
8,124
264
142
6,539
12,043
1,020
12,531
12, 708
253
COKE
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehive
..thous. of short tons..
Byproduct
do.
Petroleum coke...
do.
Stocks, end of month:
Byproduct plants, total
do.
At furnace plants..
do.
At merchant plants
do.
Petroleum coke
do.
457
5,576
913
609
304
i, 468
164
,198
688
509
162
419
5,603
172
1,149
655
494
187
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)f
thous. of bbl__
131,161 126, 993 137, 902 132, 330 139, 537 139,937 143, 434 143,047 140,453 143, 720 140,045 145,125
Price (Kansas-Okla.) at wells
dol. per bbl..
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
Productionf
.thous. of bbl
135, 767 128,901 136, 752 133, 593 141,293 137,251 141, 287 145,296 142,989 146,938 142,404 145, 282
Refinery operations
.pet. of capacity
92
91
90
91
92
96
95
94
95
95
95
94
Stocks, end of month:
Refmablein U. S.f
_
thous. of bbl..
241, 245 241, 718 236, 530 234, 694 235,176 229,631 223, 503 223,901 222,868 223. 500 222, 759 220, 862
At refineries
do.
47, 686 47, 933 48, 911 51, 625 50,407 50,190
48, 895 50,150
48,919
50, 323 49,039
48, 576
At tank farms and in pipe lines.
..do.
179, 979 180,417 174,415 169, 574 171, 467 166,227 160,938 160,162 160,216 159,447 159,582 158,181
Onleasest
do.
13,204 13, 495 13,302 13,214
13, 580 13,368
13,670
13, 730 14,138
14,105
13, 589 13,733
Heavy in California_
.do
6,553
6,766
6,852
6,254
6,473
6,469
6,487
6,186
6,291
6,482
6,107
6,118
Wells completed!
number..
912
1,056
884
1.033
953
1,098
1,357
1,194
1,154
1,099
1,200
1,177
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantsf
thous. of b b L .
2,489
1,915
1,491
2,144
1,490
1,516
1,746 ' 1,825
1,505
1,650
1,530
1,640
2,012
Railways (class I)
do
7,976
8,574
8,489
7,956
8,095
5,496
7,970
7,750
7, 579
8,284
8,314
Price, fuel oil (Pennsylvania).
-dol. per gal..
.066
.066
.065
.066
.066
.066
.066
.066
.066
Production:
Gas oil and distillate fuel oil.
thous. of bbl
19, 344 18, 454 19, 863 19, 604 21, 215 20,028
21,316
19,110
20,593
21, 697 18,870
19,058
Residual fuel oil
.do..
38, 519 36, 493 39, 738 37, 281 38,026 37,902
38, 332 37, 291 37,903 39, 322 39,370
41, 278
Stocks, end of month:
Gas oil and distillate fuel oil
do_.
36, 890 33, 561 29, 926 30,152 32,484 35, 242 38, 335 40,712
43. 687 47, 352 45, 584 38, 333
Residual fuel oil
do..
46, 270 45,070 45, 427 44,137 44, 682 46, 649 50, 589 53, 506 57,849
57, 420 55, 643 50, 383
Motor fuel:
Prices, gasoline:
Wholesale, refinery (Okla.)
dol. per gal..
.059
.060
.060
.060
.060
.060
.060
.059
.060
.059
.059
.059
.059
Wholesale, tank wagon (N. Y.)
.do
.161
.161
.161
.161
.161
.161
.161
.161
.161
.161
.161
.161
.161
Retail, service stations, 50 cities
do
.146
.146
.146
.146
.146
.146
.146
.146
.146
.146
.146
.146
.146
Production, totalf
thous. of bbl__
58, 383 56,288 60,145 58, 384 61,191
63, 480 64,064
63, 674 65, 514 68, 842 66, 394
61,719
Straight run gasoline..
do.
20, 679 19,857 21,148 21,185
22,352
22, 510 22, 748 22, 655 23,827
24, 421 24,019
24,081
Cracked gasoline
do.
30, 896 29, 888 31, 905 30,492 31, 510 31, 959 33,062
33, 769 32, 283 33,190
33,055
34,020
Natural gasoline and allied products if
do.
8,021
7,765
8,250
8,028
8,477
8,767
8,387
8,792
8,648
9,090
9,024
9,788
Used at refineriesf
do
5, 382
4,624
5,377
5,012
5,198
6,165
6,084
5,429
5,799
6,020
6,109
6,008
Retail distributions
mil. of gal..
1,787
1,787
2,010
2,163
1,979
2,235
2,305
2,264
2,194
2,223
r
Revised.
§ These data, based in general on returns made in accordance with gasoline tax or inspection laws, are designed to reflect total consumption of gasoline in the United States. It is
stated by the compilers that since the beginning of the war some gasoline has moved on government bill-of-lading and, as such, by-passes State inspection and is not included; on the
other hand, some government purchases intrastate that finally find their way abroad are included. For revisions for 1941-42 see p. S-33 of the August 1943 Survey and p. S-34 of the
July 1944 issue, respectively.
^Includes production of natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants and, since the beginning of 1942, benzol. Sales of liquefied petroleum gases for fuel purposes and transfers of cycle products are excluded from these figures before combining the data with production of straight run and cracked gasoline to obtain
total motor fuel production. Separate figures through November 1944 for the items excluded are given in notes in previous issues of the Survey; December 1944 data are as follows:
Sales of liquefied petroleum gases for fuel, 1,359,000 barrels; transfers of cycle products, 139,000 barrels.
tRevised series. Production of bituminous coal revised beginning June 1939; see note marked "f" on p. S-32 of the April 1943 Survey. Data for the indicated series on petroleum
products revised for 1941 and 1942; for 1941 revisions, see notes marked "f" on p. S-33 of the March and April 1943 issues, and for revised 1942 monthly averages, see note marked "f"
on p. 33 of the July 1944 issue; 1942 monthly revisions not shown in the December 1943 Survey are available on request.
S-34
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
January
March 1945
1944
1945
January
February
March
April
May
June
July
August
September
October
Novem- Dccem
ber
ber
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—Continued.
Motor fuel—Continued.
Stocks, gasoline, end of month:
Finished gasoline, total
-thous. of b b L .
At refineries
do
Unfinished gasoline
do
Natural gasoline.
do
Kerosene:
Price, wholesale, water white, 47°, refinery (Pennsylvania)
-dol. per galProduction
thous. of bbl_.
Stocks, refinery, end of month
.do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gaLProduction
thous. of bbLStocks, refinery, end of month
do
Asphalt:
Production
short tons__
Stocks, refinery, end of month
do
Wax:
Production
thous. oflb.Stocks, refinery, end of month
_
do
Asphalt prepared roofing, shipments: $
Total
thous. of squares..
Grit surfaces
do
Ready roofing
do
Shingles, all types
do
70,490
49,768
10,819
4,296
72,909
52,925
11,843
4,245
75, 275
52,513
11,825
4,242
76,638
51,830
11,735
4,213
74, 519
49,047
12,193
4,436
70,246
45, 468
11,738
4,477
68, 921
43,639
11,581
4,425
66, 542
41, 752
11, 924
4,211
64, 914
40, 608
12, 072
4,141
65,886
42.145
12, 388
4,160
68,107
43, 527
12,467
4,334
.074
.070
7,071
5,231
.073
6,413
4,382
.074
6,960
4,078
.074
6,489
4,142
.074
6, 710
4,969
.074
6,246
5,949
.074
6,277
6,665
.074
6,358
7,583
.074
6,339
7,985
.074
6,515
7,847
.074
6,505
6,977
.160
.160
3,379
8,006
.160
3,158
7,942
.160
3,488
8,011
.160
3,273
8,068
.160
3,337
7,771
.160
3,453
7,590
.160
3,364
7,426
.160
3,356
7,169
.160
3, 458
7,364
.160
3,672
7,452
.160
3,587
7,562
422,900
631,300
398,200
717,900
455,400
795,300
455,500 598,900
852, 200 889,500
690,700
844,600
71,120
80,640
65,800
80,080
79,800
84,560
76,440
94,080
65, 520
93,800
60,480
91, 560
63, 560
93,800
64,120
96, 040
62,160
94, 920
67, 480
63, 560
94,920
3,962
1,231
1,440
1,290
4,144
1,256
1,637
1,249
4,311
1,320
1,632
1,357
3,741
1,099
1,298
1,343
3,938
1,233
1,269
1,537
3,787
1,193
1,136
i,556
3,451
1,068
1,075
1,397
4, 015
1, 238
1,250
1,630
3,813
1,232
1,043
1,641
3,991
1, 260
1,113
1,724
3,918
1,253
1,229
1,540
711,600 800, 200 750, 400 677, 600 553, 600
735, 600 590.000 495,100 465, 800 534,400
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments
reams__ 117,087
124,976
129,751
134,908
144,198
6,379
31
4,873
21,369
5,746
6,322
30
5,047
24,428
6,329
5,686
29
5,055
25,073
6,603
6,139
29
6,225
24,995
6,567
6,463
32
7,373
24,080
6,687
142, 604 123,538
114, 484
7,906
40
9,350
21,008
6,172
8,516
41
9,283
20, 233
5,577
128, 464 117,325
128,272 | 122,485
PORTLAND CEMENT
Production
.thous. of bbl__
Percent of capacity
_
Shipments
thous. of bbl_Stocks, finished, end of month..._
_do
Stocks, clinker, end of month
do
CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
dol. per thous_.
Production*
thous. of standard brick..
Shipments*
do
Stocks end of month*—
do
15,248
7,181
35
8,784
22, 455
6,378
8,739
9,003
44
44
10, 758 10,121
18, 482 • 17,144
5,287
5,096
9,194
45
10, 263
16, 019
4,862
8,304
42
7,380
16,993
4,856
14. 5Sfi 14. 830 14,997
14,095
14.159
14.109
13. 879 13. 939 14.008
139, 300 139,288 155. 065 157,357 157,870 176, 585 164, 682 185,573 ' 174,069
183, 078 206,368 !r 183, 506
142, 468 151,128 181, 649 179,104 177,815 198, 845
424, 546 408, 096 379, 011 355, 727 335, 347 312,176 293, 616 272,569 !r 261,743
780
291
671
427
13. 840
133,891
129, 821
429, 315
8,203
117.6
8,032
603
2,469
449
616
612
2,054
797
242
190
4,319
7,771
115.9
7,538
546
2,137
497
712
631
1,801
692
243
278
4,426
8,842
122.1
8,325
623
2,285
628
844
749
1,777
781
255
384
4,779
8,582
127.9
8,393
546
2,236
720
935
725
1,837
735
211
448
4,793
8,866
127.1
8,766
552
2,415
679
982
785
1,806
915
239
394
4,710
8,966
128.5
8,431
594
2,106
679
1,061
695
2,008
728
251
309
4,947
8,075
120.4
7,784
624
1,909
657
871
738
1,785
708
251
241
5,082
8,692
120.0
8,514
809
2,179
611
811
891
1,963
700
271
278
5,097
7,737
115. 4
7, 522
894
1,873
497
661
904
1,640
642
251
159
5,164
8,601
123.3
8,187
774
2,287
536
749
947
1,908
697
247
41
5,394
7,967
118.8
7.787
529
2,310
508
874
908
1,732
652
242
32
5,346
5,298
5,136
6,233
4,728
4,171
6,793
5,862
5,756
6,990
5,912
5, 851
7,600
4,679
5, 254
7,063
5,120
5,434
6,752
7,027
6,591
7,077
6,561
6, 290
7,148
5, 860
5,024
7,286
4,697
4,481
7,376
1,525
7,746
1,522
7,980
2,164
8,702
5, 512
4,854
7,603
2,005
8,079
2,311
9,391
2,014
9,265
2,301
8,246
3, 202
9, 746
2,820
9,046
3,353
9,105
2,271
7,619
13.
143,
136,
426,
GLASS PRODUCTS
Glass containers:f
Production
thous. of gross..
Percent of capacity
.._
Shipments, total
thous. of gross.Narrow neck, food
do
Wide mouth, food
.do
Pressure and nonpressure
do
Beer bottles
do
Liquor ware
do
Medicine and toilet
do
General purpose
do
Milk bottles
-do
Home canning
_
do
Stocks, end of month.
_..do
Other glassware, machine-made:
Tumblers:
Production
thous. of doz..
Shipments
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz__
Plate glass, polished, production^
thous. of sq. ft__
Window glass, produetiond*
thous. of boxes
Percent of capacity d1
8,915
GYPSUM AND PRODUCTS
Gypsum, production:
Crude
_.
Short tons._
Calcined
do
Gypsum products sold or used:
Uncalcined
...do
Calcined:
For building uses:
Base-coat plasters
.
do
Keene's cement
...do
All other building plasters.
do-_.
Lath
thous. of sq. ft.-!
Tile
do._
Wallboard©
do...
Industrial plasters
short tons
919,692
629,470
980,401
593,985
917, 395
588, 878
246,712
260,867
!48,199
121,778
2,439
52,046
160,176
3,292
431,6S4
44,433
142,655
2,932
65, 2S2
152,748
3, 553
361,418
47,566 i
129,173
3, 671
53. 568
165, 030
4, 105
338, 527
53, 571
115, 507
3,379
48,491
146,133
3,929
364, 575
54,94j
r
Revised,
§ Coverage of reports changed beginning September 1943. D a t a shown above are computed on percentage changes as indicated b y new data.
^According to the compilers, data represent approximately the entire industry.
cf Collection of data temporarily discontinued.
©Includes laminated board reported as component board; this is a new product not produced prior to September 1942.
t Revised series. See note marked " t " on p . 34 of the July 1944 and M a y 1944 issues of the Survey regarding changes in the coverage of the data on glass containers and comparable
figures for 1940-42.
FRASER*New series. D a t a are compiled by the Bureau of the Census and cover all known manufacturers 'data beginning September 1942 are shown on p . 24 of the February 1945 issue.
Digitized for
SURVEY OF CURRENT BUSINESS
March 1945
Unless otherwise stated* statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1945
January
S-35
January
February-
March
April
May
June
July
August Septem- October Novem- Decem
ber
ber
ber •
TEXTILE PRODUCTS
I
CLOTHING
Hosiery:
Production
_
thous. of dozen pairs..
Shipments
_
.do
Stocks, end of month
do
12,301
12,075
17, 520
12,202
12,144
17,453
13, 458
13,590
17,197
11,650
11, 761
16,961
12, 763
12,657
16,942
12,126
11,974
16,970
10,052
9,982
17,040
12, 767
12, 966
16,840
11, 466
11, 764
16, 542
11, 697
12,118
16,122
818,724
.202
811,062
.199
903,538
.200
775,617
.202
832,812
.198
805,823
.202
723,402
.203
841,490
.202
793,086
.210
795, 379
.213
.202
.208
.211
.210
.210
.215
.216
.214
.214
.216
48
576
3,985
8,282
11, 977
12,003
15, 496
10, 432
10, 901
15, 028
COTTON
Cotton (exclusive of linters):
Consumption
bales.. 849,945
.202
Prices received by farmers!
dol. per lb._
Prices, wholesale, middling lWf, average,10 markets
.217
dol. per lb._
Production:
Ginnings§
thous. of running bales
11,118
Crop estimate, equivalent 500-lb. bales
thous. of bales..
Stocks, domestic cotton in the United States, end of
month:$
Warehouses
thous. of bales.; 12,941
Mills
. . . d o j 2,244
Cotton linters:
j
129
Consumption
do j
170
Production
_.do j
Stocks, end of month
do
440
10, 933
» 11,129
836,
760, 740
.209
10,
10, 538
.216
11, 429
2 12, 359
12,046
2,328
11, 468
2,292
10,840
2,233
10,205
2,165
9,515
2,054
1,931
8,221
1,820
7,872
1,602
9,703
1,672
11,926
1,927
1,122
1,162
13, 343
2, 269
99
137
859
107
100
845
116
82
111
56
746
123
40
661
122
21
545
133
23
454
125
29
357
121
100
328
126
152
342
122
180
373
120
156
414
21.32
.209
.092
.110
20.57
.192
.087
.108
19.98
.192
.087
.108
19.72
.193
.087
.108
19.78
.199
.087
.108
19.81
.199
.087
.108
19.28
.199
.087
.108
19.81
.206
.092
.108
20.35
.209
.092
.108
21.30
.209
.092
.114
21.12
.209
.092
.114
21.31
.209
.092
.114
21.41
.209
.092
.114
22, 261
9, 950
431
119.7
22, 216
9,719
417
124.0
22, 513
9,659
414
123.2
22, 570
10,637
456
123.9
22, 412
9,316
400
124.9
22, 385
10,058
431
119.0
22, 380
9,711
417
118.5
22, 291
8,603
369
115.4
22, 241
9,952
428
116.3
22, 280
9,381
404
122.3
22, 228
9,487
410
117.4
22, 257
9,707
420
120.6
22, 220
8, 763
379
118.5
.451
.568
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.451
.568
.451
.568
.451
.568
.451
.568
49.8
13.7
41.5
13.9
43.3
13.6
45.6
14.9
43.2
11.3
45.4
14.6
44.0
14.3
41.3
13.6
44.8
14.4
44.8
13.0
47.8
14.6
48.3
13.9
49.0
13.6
.550
.250
.550
.240
.550
.240
.550
.240
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
. 550
.250
.550
.250
6.7
2.7
7.6
2.1
7.5
2.1
8.1
1.7
7.8
1.8
8.3
2.5
2.6
8.8
3.0
3.2
3.0
8.4
2.7
8.6
2.7
6.1
2.7
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 in. in width, production, quarterly*
mil. of linear yards
Prices, wholesale:
Mill margins
..cents per 1b...
Denims, 28-inch._.
_.
dol. per yd..
Print cloth, G4 x 56d"
_
do
Sheeting unbleached, 4 x 4©
_
...do
Spindle activity:
Active spindles
thousands. Active spindle hours, total.
mil. of hr__.
Average per spindle in place
hours..
Operations
percent of capacity..
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, for knitting(mill)t
dol. per lb_.
Southern, 40s, single, carded (mill)
do
RAYON
Consumption:
Yarn
mil. of lb..
Staple
fiber
.do
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb_.
Staple fiber, viscose, \\h denier
do
Stocks, producers', end of month:
Yarn
mil. of lb..
Staple
fiber
do
2,539
2,301
2,418
WOOL
Consumption (scoured basis) A
46,228
Apparel class.
thous. of lb_.
46, 908
59,315
42, 396
46,892
38, 752
51,890
46,928
45,316
52,170
45,752
Carpet class
do
3,128
4,435
3,016
3,824
4,315
4,008
3,516
4,192
2,916
3,795
3,700
Machinery activity (weekly average) :1
Looms:
Woolen and worsted:*
Broad..
-thous. of active hours..
2,587
2,647
2,613
2,512
2,381
2,503
2,327
2,080
2, 322
2,287
2,426
Narrow
do
64
69
62
63
60
63
54
63
59
59
63
Carpet and rug:*
Broad
do
60
61
54
53
43
50
58
50
50
50
45
Narrow
do
40
37
36
35
34
35
31
35
37
38
29
Spinning spindles:
125, 674 125, 512 123, 552 121,302 120, 333 113,128
Woolen..
do
99, 780 115,256 110, 238 117,659 114,120
xr
115,020 114,099 114,101 111,032 111, 253 103,880
* orsted
do
89,154
95,724 100. 396 103,819 101, 450
206
V, orsted combs..
do
206
202
207
172
191
195
188
191
196
Prices, wholesale:
1.190
1.190
Raw, territory, 64s, 70s, 80s, fine, scoured*..dol. per lb..
1.190
1.190
1.190
1.190
1.190
1.190
1.190
1. 190
1.190
1.190
1.190
.545
Raw, bright fleece, 56s, greasy*
do
.545
.545
.545
.545
.545
.545
.545
.545
.545
.545
.545
.545
Australian (Sydney), 64-70s, scoured, in bond
(Boston)
dol. per lb__
.765
.750
.765
.765
.765
.765
.765
.765
.754
.765
.765
.765
.765
Women's dress goods, French serge, 54" (at mill)
1.559
1.559
1.559
dol. per y d . .
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
Worsted yarn, f6»'s, crossbred stock (Boston)
1.800
1.900
1.800
1.800
dol. per ll
1.800
1.900
1.800
1.900
1.900
1.900
1.800
1.900
1.900
Stocks, scoured basis, end of quarter:!
Total
thous. of lb
279, 263
339, 369
373, 666
Wool finer than 40s, total
_.do.
731, 537
287, 276
Domestic
do.
115, 225
164, 283
314, 824
Foreign
do.
116,312
122, 993
! 189,277
Wool 40s and below and carpet
do.
47, 726
52,093
i 125, 547
-II 58,842
r
Revised.
i Total ginnings of 1943 crop.
2 December 1 estimate of 1944 crop.
§Total ginnings to end of month indicated.
v Preliminary.
« Not available.
cf Production of 64 x 60 for which prices through June 1943 were shown in the Survey has been discontinued.
©Price of 56 x 56 sheeting.
JFor revised figures for cotton stocks for August 1941-March 1942, see p. S-34 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31,
1944, including stocks on farms and in transit, were 10,626,000 bales, and stocks of foreign cotton in the United States were 118,000 bales.
IData for March, June, and September 1944 are for 5 weeks; other months, 4 weeks.
• Data exclude carpet and rug looms operating on blankets and cotton fabrics and, through October 1943, woolen and worsted looms operating entirely on cotton yarns (no separate
data for the latter have been collected since October 1943); for weekly averages for 1942 and 1943, including such looms, see note maiked " • " on p. S-35 of the May 1944 Survey.
fRevised series. For monthly 1941 data for the yarn price series see p. S-35 of the November 1942 issue (1941 monthly average, $0,355). The farm price series has been revised
for August 1937-July 1942; for revisions see note marked "f" on p, S-35 of the June 1944 Survey. Wool stocks have been published on a revised basis beginning 1942 (see p. S-35 of
the May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.
•New series. The series on cotton goods production is from the Bureau of the Census and covers practically total production of cotton broad woven goods (except tire fabrics)
containing by weight 51 percent or more cotton; for data for first half of 1943 see p. S-35 of the August 1944 Survey; earlier data will be shown later. The new wool prices are compiled by the Department of Agriculture; they replace similar, but not identical, series formerly shown in the Survey, compiled from the Boston Commercial Bulletin which discontinued quotations after 1943; earlier data are shown on p. 24 of the February 1945 Survey.
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
January
March 1945
1944
January
February
March
April
May
June
July
August
September
October
Novem- .Decem
ber
ber
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES
Woolen and worsted woven goods (except woven felts):*
Production, quarterly, total..-thous. of linear yards..
Apparel fabrics
do
Mien's wear
do
Women's and children's wear
do
General use and other fabrics. _ - - _ .. do
Blankets .
do
Other nonapparel fabrics _ _ _
_
do
MISCELLANEOUS PRODUCTS
139,744
119,219
60,928
46, 263
12,028
IS,987
1,538
Fur, sales by dealers.._
...
thous. of dol..
Pyroxylin-coated textiles (cotton fabrics):
Orders, unfilled end of month _ _ thous. lin. yd
Pyroxylin spread
thous. of lb
Shipments, billed
- thous. linear yd-
135,589
113, 281
£6,675
43,879
12,727
20, 440
1,868
123,808
101,911
49,991
39,826
12,094
19,397
2,500
7,385
6,079
5,190
3,822
2,381
3,016
2,620
1,796
1,606
v 2, 281
p 2, 591
12, 285
4,716
5,919
11,816
4,456
6,545
12,156
5,277
6,328
12,516
4,896
5,735
12, 773
4,828
5, 517
12,987
4,900
5,111
13,027
3,915
4,591
12,478
4,232
5,145
12, 594
4,118
5,117
12, 739
4,939
5,904
14,266
4,477
5,514
p 2, 534
TRANSPORTATION EQUIPMENT
MOTOR VEHICLES
Trucks and tractors, production, total*
Civilian
Military
Light: Military
Medium:
Civilian...,
Military
Heavy:
CivilianMilitary...
58,596
2,528
56,068
21, 479
55,671
2,766
52,905
21,095
56, 359
4,628
51,731
21,081
55,719
8,151
47,568
19,481
56,920
9,298
47, 622
19, 338
61,186
11, 926
49, 260
20, 830
61, 540
11, 243
50, 297
20, 269
68, 545
12,511
56,034
23, 441
65,042
12, 277
52, 765
21,367
64,129
13,075
51, 054
18, 534
69, 013
14, 677
54,336
19, 765
do...
do...
1,985
12,806
1,798
9,940
3,317
8,303
6,245
6,649
7,310
7,007
9,319
6,625
8,582
6,031
10,034
6,300
9,432
6,144
10,153
6,503
f 9, 565
[ 5,326
do...
...do...
543
21,783
968
21,870
1,311
22, 347
1,906
21, 438
1,988
21, 277
2,607
21,805
2,661
23,997
10,248
5,746
2,263
26,847
2,243
25,098
3,643
26, 376
4,524
28,068
r
4,100
2,425
351
351
5,361
2,092
445
445
7,962
1,999
166
166
7,316
713
16
16
7,034
1,501
0
0
6,090
1,698
0
0
6,151
2,197
0
0
4,837
2,662
0
0
4,130
2,807
0
0
4,741
3,517
0
0
4,595
3,244
i 5
4,395
3,098
li
12
1,752
42
2.4
32,211
20,780
11, 431
1,752
43
2.5
31,844
20, 669
11,175
1,753
43
2.5
35, 581
24, 241
11,340
1,754
48
2.8
43, 321
32, 677
10, 644
1,753
53
3.1
42, 244
32,859
9,385
1,754
51
3.0
41, 236
33,166
8,070
1,755
54
3.1
37, 985
30, 955
7,030
1,756
52
3.0
34, 064
28,070
5,994
1,758
51
3.0
30,153
25, 285
4,868
1, 759
50
2.9
28, 385
23, 885
4,500
1,762
51
2.9
28,910
25,154
3,756
1,764
51
3.0
34, 417
29, 675
4,742
2,137
5.4
303
252
51
2,127
5.4
264
218
46
2,092
5.3
243
204
39
2,167
5.5
228
191
37
2,182
5.5
203
168
35
2,120
5.4
179
146
2,190
5.5
172
139
2,194
5.6
150
118
32
2,187
5.5
124
2, 254
5.7
102
77
25
2,300
5.8
90
65
25
2,161
5.5
66
356
321
35
39
494
450
44
442
419
23
421
375
46
367
321
46
307
271
36
431
413
18
361
341
20
443
435
28
336
303
33
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total.
number.
Domestic
-do—
Passenger cars, total-.do...
Domestic
do
Association of American Railroads:
Freight cars, end of month:
Number owned
thousandsUndergoing or awaiting classified repairs.. .do...
Percent of total on line
Orders, unfilled
carsEquipment manufacturers
do...
Railroad shops
_
.do..Locomotives, steam, end of month:
Undergoing or awaiting classified repairs, number.
Percent of total online
Orders unfilled
numberEquipment manufacturers
do
Railroad shops
do...
IINDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Exports
-
-
r
number.
do...
do...
do.-_
-
1,767
51
3.0
34,579
29, 386
5,193
r
70, 682
15, 653
55, 029
20, 433
6, 088
29, 270
•
2,333
5.9
80
32
48
number.
do...
do...
[IS
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indext
1935-39=100..
Industrial production, combined indexf
do
Construction!
do
Electric power
_
do
Manufacturing!do
Forestry!
do
Mining!
do
Distribution, combined index!do
Agricultural marketings, adjusted:!
Combined index
do
Grain
do
Livestock
do
Commodity prices:
Cost of living
_
do
Wholesale prices
1926=100..
Railways:
Carloadings
thous. of cars..
Revenue freight carried 1 mile.
mil. of tons..
Passengers carried 1 mile
mil. of passengers..
247.0
275.4
69.6
156.3
303.5
114.2
249.7
188.0
247.8
282.7
201.8
154.7
300.5
125.3
262.6
175.4
239.5
270.0
140.2
153.1
291.3
115.3
247.5
176.2
241.8
272.3
109.2
165.0
297.3
119.3
238.8
178.6
266.8
111.8
160.2
292.2
121.1
225.5
180.8
232.2
262.1
98.8
154.8
287.6
112.8
225. 4
170.3
233.1
263.5
91.6
156.4
291.5
121.9
214.5
170.1
231.0
260.4
104.1
153.4
284.5
116.4
205.5
170.3
228.0
259.7
113.4
152.4
285. 8
128.5
208.9
162.4
227.9
255.4
92.7
148.5
284.7
124.6
191.7
171.1
245.5
277.3
107.3
118.6
102.8
241.6
279.5
113.5
153.8
304.5
124.6
255.5
163.1
237.2
257.3
149.9
220.3
244.2
116.4
305.5
352.7
100.7
217.6
238.8
125.3
270.4
307.8
108.3
361.7
420.6
106.0
101.7
94.8
132.0
81.5
76.9
101.6
110.7
111.1
133.4
135.0
126.7
119.0
102.5
118.9
102.7
119.0
103.0
119.1
102.9
119.2
102.5
119.0
102.5
119.0
102.5
118.9
102.3
118.8
102.3
118.6
102.4
118.9
102.4
281
5,349
280
5,024
448
312
5,534
506
284
5,342
544
318
5,769
535
315
5,457
638
297
5,640
714
317
5,520
702
317
5,563
591
330
5, 815
532
327
5,597
487
r
Revised.
^Preliminary.
!Revised series. The revision of the Canadian index of physical volume of business is due mainly to changes in the weighting and in the list of components, so as to present a
picture of the expansion in industries engaged in war production. Revised data were first shown on p. S-36 of the December 1942 Survey; subsequently the construction index was
further revised in the March 1943 Survey and the mining index was revised in the April 1944 issue. The revisions affected principally indexes for the period beginning January
1940; the agricultural marketings index and the distribution index were revised back to 1919 and minor revisions were also made in data prior to 1940 for other series. All series are
available on request.
•New series. The new series on woolen and worsted goods are compiled by the Bureau of the Census from reports of manufacturers who account for 98 percent or more of total
production; the statistics include estimates for a few manufacturers from whom reports were not received; yardage is reported on an equivalent 54-inch linear yard except bJankets
which are on a 72-inch linear yard. Data on trucks and tractors are from the War Production Board and cover the entire industry. Jeeps, military ambulances, and wheel drive
personnel carriers are included but not half-tracks, full-tracks, or armored cars. Light trucks are defined as those up to 9,000 pounds gross weight, mediums, 9,000 up to 16,000 pounds,
and heavy, 16,000 pounds and over. There were some differences in the definitions employed in collecting these statistics and the trucks statistics formerly shown in the Survey; it
should also be noted that the latter were "factory sales." Earlier data for all new series will be published later.
O. S . GOVERNMENT PRINTING O F F I C E : 1 9 4 5
MONTHLY BUSINESS STATISTICS, Pages S1-S36
Abrasive paper
b«XfeU.- 1,2,25
;*iS.£^fij s — 23 32 4
0
*'i "iw.
ill" 12,14^ 33
11,12,13,35
iii—
34
s
II , 12,13, 17
^ « ; ^ . . 14,15
% I t , 12,14, 33
30
^TfT-
fe^M*™^?^-^
23,24
11^^4,25,26
15
Pages marked S
Debt, United States Government
17
Department stores, sales, stocks, collections-8, 9
Deposits, bank
15,16
Disputes, industrial
12
Dividend payments and rates
1,19
Earnings, weekly and hourly
13,14
Eggs and chickens
1,3,4,27
Electrical equipment..
2,3,6,31
Electric power production, sales, revenues
24
Employment estimated
..
9,10
Employment indexes:
Factory, by industries
.
10
Nonmanufacturing industries
11
Employment, security operations
12
Emigration and immigration
21
Engineering construction
5
Exchange rates, foreign
16
Expenditures, United States Government
17
Explosives
23
Exports
20
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14
Failures, industrial and commercial
3
Fairchild's retail price index
4
Farm wages
14
Farm prices, index
3,4
Fats and oils
4,23,24
Federal G overnment, finance
17
Federal Reserve banks, condition of
14,15
Federal Reserve reporting member banks
15
Fertilizers
_
4, 23
Fire losses
6
Fish oils and
fish
23, 27
Flaxseed
24
Flooring
29
Flour, wheat.
27
Food products
2,
3, 4, 6, 7, 10, 11,12,13, 14, 17, 25, 26, 27, 28
Footwear
2, 4, 7, 8,10,12,13, 28
Foreclosures, real estate
6
Foundry equipment
31
Freight cars (equipment)
36
Freight carloadings, cars, indexes
21
Freight-car surplus
21
Fruits and vegetables
2,3,4,26
Fuel equipment and heating apparatus
31
Fuels
_
2,3,4,33
Furniture
1, 4,10,11,12,13, 29
Gas, customers, sales, revenues
.
25
Gas and fuel oils
.
33
Gasoline
33,34
Glass and glassware (see also Stone, clay, etc.). 1, 2,34
Glycerine
23
Gold
.16
Goods in warehouses
7
Grains
_
3, 26
Gypsum
,
34
Hides and skins
4, 28
Highways
5,11
Hogs
27
Home-loan banks, loans outstanding
6
Home mortgages
.
6
Hosiery
_
_
4,35
Hotels
._
11,12, 21
Hours per week
11
Housefurnishings
4, 6, 7,8
Housing
3,4, 5
Immigration and emigration
21
Imports
.20
Income payments
1
Income-tax receipts
17
Incorporations, business, new
3
Industrial production indexes
1, 2
Instalment loans
15
Instalment sales, department stores
8
Insurance, life
16
Interest and money rates
15
Inventories, manufacturers'and trade
3,8
Iron and steel, crude, manufactures
2,
3,4,9,10,11,12,13,17,30
Kerosene
34
Labor force.
9
Labor disputes, turn-over
12
Lamb and mutton
27
Lard
27
Lead
31
Leather
1, 2, 4,10,11,12,13, 28
Linseed oil, cake, and meal
24
Livestock
_
1,3,27
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
6,14,15,17
Locomotives
36
Looms, woolen, activity
35
Lubricants
34
Lumber
1, 2,4,10,11,12,13, 29
Machine activity, cotton, wool
35
Machine tools
9,10,11,12,13, 31
Machinery
1, 2,3,9,10,11,12,13,17,31
Magazine advertising
6, 7
Manufacturers' orders, shipments, inventories.
2, 3
Manufacturing production indexes
1,2
Meats and meat packing.. 1, 2, 3, 4,10,12,13,14, 27
Metals
1, 2, 3, 4, 9,10,11,12,13,17,30,31
Methanol
_
23
Milk
25,26
Minerals
2, 9,11,12,14
Money supply
„
16
Motor fuel
.
33,34
Motor vehicles
7,36
Pages marked S
Motors, electrical
31
Munitions production
2
Newspaper advertising
6, 7
Newsprint
_
_
32
New York Stock Exchange
18,19, 20
Oats
26
Oils and fats
4, 23, 24
Oleomargarine
24
Operating businesses and business turn-over..
3
Orders, new, manufacturers'
2
Paint and paint materials
4, 24
Paper and pulp
2, 3,4,10,11,12, 13,14, 32
Paper products
32
Passports issued
21
Pay rolls, manufacturing and nonmanufacturing industries
12
Petroleum and products.
2,
3, 4,10,11,12,13,14,17,33,34
Pig iron
_
30
Plywood and veneer
29
Porcelain enameled products
30
Pork
_
_
27
Postal business
7
Postal savings
15
Poultry and eggs
1,3, 27
Prices (see also Individual commodities):
Retail indexes
4
Wholesale indexes
4
Printing
2,10,11,12,13,14,32
Profits, corporation
17
Public assistance
14
Public utilities
4, 5,11,12,14,17,18,19, 20
Pullman Company
22
Pumps
31
Purchasing ppwer of the dollar
4
Radio advertising
..
6
Railways, operations, equipment, financial statistics, employment, wages
11,
12,14,17,18,19, 20, 21, 22,36
Railways, street (see Street railways, etc.).
Rayon
*
_. 2,4,10,12,13,35
Receipts, United States Government
17
Reconstruction Finance Corporation, loans
17
Rents (housing), index
3,4
Retail trade:
All retail stores, sales...
7,8
Chain stores
8
Department stores
8, 9
Mailorder.
7,8,9
Rural, general merchandise
9
Rice
26
Roofing, asphalt
34
Rubber products
2, 3,4,10, 11,12,13,14
Savings deposits
15
Sheep and lambs
27
Shipbuilding
_
2, 9,10,11,12,13
Shipments, manufacturers'
2
Shoes
1,4, 7, 8,10,12,13, 28
Shortenings
24
Silver
16
Skins
28
Slaughtering and meat packing._ 2,10,12,13,14, 27
24
Soybeans and soybean oil
35
Spindle activity, cotton, wool
Steel and iron (see Iron and steel).
30
Steel, scrap
Stocks, department stores (see also Manufacturers' inventories)
9
Stocks, issues, prices, sales, yields
19, 20
Stone, clay, and glass products. 1, 2,10,11,12,13, 34
Street railways and busses
11,12, 14
Sugar
-.
28
Sulphur
_
22
Sulfuric acid
22
Superphosphate
23
Telephone, telegraph, cable, and radio-telegraph carriers
11,12,14,17, 22
Textiles
2,3,4,10,11,12,13,35,36
Tile
_
34
Tin...
--.
31
Tobacco
2,10, 11,12,13,14, 28
Tools, machine
9,10,11,12,13,31
Trade, retail and wholesale
7, 8, 9,11,12,14
Transit lines, local
20,21
Transportation, commodity and passenger
20, 21
Transportation equipment
1,
2,3,9,10,11,12,13,17,36
Travel
21, 22
Trucks and tractors
36
Unemployment
9
United States Government bonds
_ . 17,18,19
United States Government,
finance
17
United States Steel Corporation
30
Utilities
4, 5, 9,11,12,14,17,18,19, 20
Variety stores
7, 8
Vegetable oils ..
23
Vegetables and fruits
2,3,4,26
Wages, factory and miscellaneous
- - 13,14
War program, production and expenditures
2,17
War Savings Bonds
17
Warehouses, space occupied
7
Water transportation, employment, pay rolls. 11,12
Wheat and wheat flour_ _ . » . . . . - 26, 27
Wholesale price indexes.
4
Wholesale trade..
™'-"-_
9
Wood pulp
. I T . —- — . - . — — . 4,32
Wool and wool manufactures. 2,4,10,12,13,35,36
Zinc
31
Domestic Commer
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BUSINESSMEN..
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i
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