Full text of Survey of Current Business : March 1946

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MARCH 1946

SURVEY OF

CURRENT
USINESS




UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE

Survey of

CURRENT
BUSINESS
VOLUME 26, No. 3

MABCH

if Statutory Functions; "The Bureau of Foreign and Domestic Commerce . . • to foster9 promote9 ^
I and develop the foreign and domestic commerce of the United States" [Law creating the Bureau
\ Aug. 23, 1912 [37 Stat. 408].]

Contents
Page

THE BUSINESS SITUATION

1

Wage Price Policy

4

WAR PERIOD FOREIGN TRANSACTIONS OF THE UNITED STATES
GOVERNMENT
7
RENTS IN THE UNITED STATES
16
STATISTICAL DATA:




Monthly Business Statistics • .
General Index . „ .

*
• . •

S-l
Inside back cover

I ±% OIC—Contents of this publication are not copyrighted and W
\ may be reprinted freely. Mention of source will be appreciated Jr

Published by the Department of Commerce, HENRY A. WALLACE, Secretary.—Bureau of
Foreign and Domestic Commerce, AMOS E. TAYLOR, Director.
Subscription price $2 a
year; Foreign $2.75. Single copies, 20 cents. Price of the 1942 Supplement, the last issue,
50 cents. Make remittances direct to the Superintendent of Documents, United States
Government Printing Office, Washington 25, D. C

1946

The Business Situation
By Division of Research and Statistics, Bureau of Foreign and Domestic Commerce

URING the
2 months of the
year, business
was marked
Dstrong demandfirstactivitybut with unby
factors,

even progress in the expansion of production. Large consumer buying continued to be a major sustaining force
and piled up substantial gains dollarwise in retail trade over a year ago, notwithstanding that the flow of goods
from the factories was not increasing at
a rate commensurate with earlier
expectations.
Some increase in goods available came
as a result of the decline in government
purchasing which made increased quantities available for civilians. In addition, the gain in sales was partly the result of upgrading of purchasing, mostly
induced by the lack of lower-priced
merchandise.
Nevertheless, the increase in the production of some types of consumer goods
has also given considerable support to
retail trade, and indications of the alleviation of some earlier shortages are
apparent.
Petroleum products are an outstanding example of a product where the
increase in supplies was significant.
Not only have consumer demands been
met on a level far above a year ago, but
large stocks are accumulating in the
hands of the industry.
More important, from the consumer's
standpoint, because of its role in the
budget, was food, which has been available in increased quantities notwithstanding the problems of export supplies, However, certain commodities—
notably wheat—have not been adequate
to meet our international commitments
and have necessitated special steps by
the Government to insure that the requisite supplies are mobilized. Other
commodities available in i n c r e a s e d
quantities as compared with a year ago
include household furniture and equipment, including chinaware; hardware,
and auto parts and accessories.
The major retarding influence of the
opening months of this year was the widened areas of industrial disputes. These
have primarily influenced progress in the
major reconversion industries where the
disputes have been concentrated to a
major degree. They have not prevented
progress in reconversion, but they have
slowed the process. Actually, the difficulties involved in attaining mutually
agreeable settlements of the widespread
labor-management controversies underscored a number of financial problems of
682064—46

1




r e c o n v e r s i o n — prices, profits, and
wages—which had to be solved before
production could advance at the required
pace.
In this respect two important developments marked the month of February:
1. The settlement of the steel strike—
significant not only because of the size of
the industry but also because a large segment of industry rests upon a freely flowing supply of this basic commodity.
2. The issuance of a new wage-price
policy by Executive Order of the Presi-

Chart 1.—-Business Indicators
THOUSANDS

OF SHORT

TONS

300

200

100

MILLIONS
800

OF KILOWATT-HOURS

ELECTRIC POWER PRODUCTION^
(DAILY

AVERAGE)

700

600

500 I L
INDEX, 1935-39 = 100
80

FREIGHT CARLOADINGS
(SEASONALLY

ADJUSTED)

-

160
^ -

- MISCEL L ANE0US

-

1 40

120

100

-

.

1

1

1

1

1

1

1

!

1945
D. D. 46 - 129

1

Includes steel ingots and steel for castings.
Daily average based upon number of days in
month.
2
Daily average based upon number of equivalent week days in month.
3
February data for all items are estimated ;
figures for freight carloadings plotted in the
chart are based upon data for thefirsttwo
weeks only.

dent and the raising of some price ceilings, most notably in steel and meatpacking. The new policy provides a
basis for wage increases and permits
some upward price adjustments, although
it is designed to moderate the extent of
the latter.
Settlement in Steel
Under the agreement reached in midFebruary the path was set for the resumption of operations in the basic steel
industry. This settlement lifted the ingot rate from 5 percent of capacity in
the first week of the month to close to 60
percent by the month's end. It was followed by settlement of the meat packers'
strike, and of a host of other strikes, involving smaller numbers of workers.
However, at the end of the month the
important General Motors dispute, that
of the electrical workers, and many
others remained unresolved. It was
hoped that the example of the steel settlement and other contracts covering
workers in large companies, as well as the
new wage-price policy, would spur the
prompt settlement of the remaining disputes.
Drop in Income Payments
Both because of the effects of work
stoppages and because of the further
reduction in military pay of the armed
forces, income flowing to individuals
continued to decline. The seasonally
adjusted index of income payments
dropped from 235.7 in November to 234.1
in December, with a larger drop to 231.6
in January. The last figure is equivalent
to an annual rate of almost $156 billion
as compared with the war peak of $165
billion in February 1945.
In December, the income received by
civilians, including large mustering-out
pay of discharged military personnel,
had risen to a level only slightly less
than in the last war month. This rise
was partly wiped out in January, however, because of lowered pay rolls resulting from the widened area of industrial
disputes, and because of the decline in
government pay rolls.
The positive elements in the current
business situation were also seen in the
fact that income payments continued to
flow in increasing volume in trade and
construction. Mustering-out pay to discharged soldiers and sailors, and unemployment-compensation payments remained large.

SURVEY OF CURRENT BUSINESS
Easing in Labor Market
The labor market evidenced some increase in the supply of labor relative to
demand in the early part of the year.
Preliminary estimates indicate that the
total number of nonagricultural employees declined by some 600,000 between
December and January. This decrease
was less than seasonal—with the continued rise in manufacturing offsetting
to some extent the usual decline in employment in trade and Government post
offices. Apart from the industries where
reconversion had been completed and
advances in employment were most
notable, the textile-mill-products group
was the principal gainer in the easing
labor supply situation brought on by
release of veterans.
Employment gains in these areas,
however, could not offset the other declines plus the additions to the labor
supply. Unemployment continued to increase. By the middle of February over
3% million claims for unemployment
compensation and for veterans' readjustment allotments were on file, over 1
million of them veterans.
Recovery Trend Retarded
While production in the first months of
1946 showed the depressing influences of
the stoppages in major segments of industry, the period was also characterized
by a continuation of the strong recovery
trend elsewhere. The initial cutting of
steel output, however, could not but be
reflected in the total production picture
both of itself and because of some secondary effects of curtailed supply.
The upper panel of Chart 1 depicts
the drop in steel operations resulting
from the strike. In the last quarter of
1945 the mills had been producing an
average of close to 6 million tons a month
or at a daily rate of about 200,000 tons.
January output dropped to an estimated
figure of approximately 4 million tons,
because of the strike in the latter part of
the month. In February, with more than
two weeks of shutdown and the gradual
recovery as operations started again in
the second half of the month, the estimated output was less than 1 > million
M
tons. Operations in the month were at
a daily average of about 50,000 tons. In
all, due to the strike and its aftermath,
steel production in January and February was some 7 million tons less than
would otherwise have been expected.
The curtailment of the steel supply
did not last sufficiently long to exercise
immediate secondary effects on other
production to any substantial degree.
While shortages were undoubtedly felt,
steel production in the months preceding
had been at a high rate and output of
finished steel products relatively low so
that appreciable steel stocks had been
accumulated. These were in addition to
the inventories that remained at the end
of the war. For these reasons output in
many segments of industry not directly
affected by strikes continued to rise in
January and, according to preliminary
indications, through February.
The drop in the index of miscellaneous
carloadings in February was of course



appreciable but not so large as might
have been expected in view of the wide
areas where little or no production was
forthcoming. In the index of total loadings, this decline was partly offset by
abnormally heavy coal movements.
Production Trends Varied
Within manufacturing, production
trends have been extremely divergent
since VJ-day, and the absence of uniformity has been even more marked in
the most recent months. Although the
over-all movement in industrial production and manufacturers' shipments has
been moderately downward since November, important segments of both the durable and nondurable goods industries
continued to register gains during this
period.
In addition to the continued liquidation of munitions production in a few
industries, the widened area of industrial
disputes in January depressed output in
steel, electrical equipment, and elsewhere.
As already noted, however, the effects of
these disputes were almost wholly confined to the areas directly involved.
Those manufacturers, such as metal fabricators, that were one or more steps
removed from the struck plants generally

March 1946
were able to maintain—and in some cases
expand—their operations despite the
curtailed flow of materials.
Many Industries Show Gains
While data are still incomplete, it appears that, after allowing for seasonal
influences, the segment of the economy
with rising production trends was considerably broadened during the November--January period. Among the durable-goods industries, stone, clay, and
glass products and lumber and lumber
products, showed significant increases in
productive activity. Among the nondurables, chemicals, rubber products, textiles, printing and publishing, and some
processed foods made new gains. On the
basis of the change between December
and January, automobiles and tobacco
products would also be included among
the industries showing increases.
These gains were very important in
sustaining employment and the flow of
goods to consumers, even though they
were overshadowed in the indices of overall industrial activity by the sharpness
of the reductions in the areas affected
by declining war output and production
shut-downs.

Chart 2.—Shipments of Selected Consumer Durable Goods
THOUSANDS

OF UNITS

200

400

200

REFRIGERATORS

WASHING MACHINES

(DOMESTIC, MECHANICAL)

( DOMESTIC)

300

200

100

20

-

AVG. MONTHLY OCT. NOV. DEC.
BASE PERIOD — — 1 9 4 5 — * -

AVG. MONTHLY OCT. NOV. D E C /
BASE PERIOD - * — 1 9 4 5 — —

AVG. MONTHLY OCT. NOV. DEC.
BASE PERIOD - * — 1 9 4 5 — * DO. 4 6-131

1
"Average monthly base period" represents the monthly average production for the 12 months or
the highest monthly average production for a shorter period between July 1, 1940, and June 30, 1941,
except for sewing machines which covers the period 1936-40. Data for passenger automobiles
represent factory sales for the base period and production for the months of 1945.
Sources : Civilian Production Administration (formerly War Production Board) and U. S. Department of Commerce.

SUEVEY OF CURRENT BUSINESS

March 1946

Consumers' Durables Behind Schedules
The progress of reconversion in the
highly expanded metal-fabricating industries continues to be of central interest as the economy organizes for full
peacetime p r o d u c t i o n . Within the
metal-fabricating group, chief attention
is being given to those industries producing consumers' durable goods, partly because results to date have fallen markedly short of the rather unrealistic production goals given wide publicity shortly
after the war's end. Public anxiety on
this account is understandable in view of
the huge reservoir of demand stored up
during the war years when these goods
were out of production.
Comparison With Base Period
As is clear from chart 2, none of the
important consumers' durables had attained the base-period (generally, the
prewar peak) rate of production by the
year-end, although in all cases producers
have set goals for postwar output which
exceed base-period production by considerable margins. The fact that sewingmachine and automobile manufacturers
had the lowest output of any of the industries shown relative to the base period
appears to be in line with the magnitude
of the reconversion task faced by. these
producers, as noted below. Even if it is
assumed that without the General Motors
tie-up, the number of passenger cars produced in December would have been
60,000 instead of 30,000, the number
would still have been less than one-fifth
of the monthly average in the base
period.
Although production of washing machines, vacuum cleaners, and electric
ranges in December had risen to more
than half the base period rate, only an
insignificant number reached the final
consumer by the year-end because of the
necessity of filling distribution pipe lines.
Normal Products Replace Combat Materiel
Delays resulting from industrial disputes or other causes cannot be ignored
in explaining the post-VJ-day pace of
consumers' durable-goods production.
Nevertheless, the basic reason for the slow
progress stems from the fact that during
the war period manufacturers that usually produce these goods were largely
occupied with the production of specialized weapons of war—automobile manufacturers produced tanks and aircraft
engines, sewing-machine manufacturers
produced guns, and so on. Moreover,
the portion of their product which was of
civilian type was often made to military
specifications at sharp variance with
civilian styles and standards.
The degree of concentration on combat
4iateriel was considerably less in the producers' goods industries. Therefore, the
reconversion task in this area was less
sweeping in character.1
The record of consumer-durables production to date is consistent with the
experience with earlier production
change-overs, as analyzed in the Novem1

See

"Reconversion in Metal Fabricating

Industries,"

SURVEY

OP CURRENT

June 1945.



BUSINESS,

Chart 3.—Women's Hosiery: Production and Shipments x
MILLION DOZEN PAIRS
8

TOTAL ^

—

6
, PRODUCTION
/ ( M O . AVG.,1940)

^SHIPMENTS

4
— \
PRODUCTION

2

-

~

\

0
6

|

!

i

1

]

I

!

I

1

I

RAYON 3~
/

4

SHIPMENTS

>*

v

2

1

0

1

!

i

i

1

i

I

i

1

1

4

NYLON ^
2

-

PRODUCTION
SHIPMENTS *
i

0

]

i

i

i

I
1945

, ,

^
DO 46-132

1
2

Includes full-fashioned and seamless hosiery.
Includes other types of hosiery not shown
separately in the chart.
3
Production of nylon hosiery through August
is included with rayon; shipments of nylon
hosiery during the same period were too small
to show if plotted in chart.
Source : National Association of Hosiery Manufacturers.

ber 1945 issue of the SURVEY (see chart 2
in that issue). The shape of the typical
production curve for new products was
then described as concave upward. By
the end of last year some of the consumer
durable-goods industries were only
emerging from the initial period of very
low production. In others, however,
such as washing machines, it appeared
that the second phase of the transition
had been entered and that the production curve was gaining momentum.
Women's Hosiery Supplies Reduced
A problem which has also attracted
widespread attention in recent months is
the sharp decline in women's hosiery
supplies in retail outlets. This development did not have its origin in reconversion difficulties in the ordinary sense of
the term, as the shift from rayon to nylon
by many manufacturers, in evidence
since last October, raises relatively minor
production problems. Nevertheless, the

experience in the hosiery industry is indicative of the type of problem that arises
in the rush to restore peacetime operations.
Over-all production in the industry
was significantly below prewar volume
throughout the war period because manufacturers of rayon hose were unable to
fill the gap created by the disappearance
of raw silk and the diversion of nylon to
military use. In 1940, the last normal
production year, approximately 58 million dozen pairs were manufactured, as
compared with 46 million dozen in 1944
and 42 million dozen last year. Pourfifths of 1940's production represented
silk and nylon hosiery.
While most of the wartime shortages
eased following the end of the war, women's hosiery production and shipments
took an opposite turn. The explanation
is clearly illustrated in chart 3.
Revocation of Rayon Set-Aside
The sharp downturn in rayon-hose
production in the closing months of 1945
can be attributed to the diversion of
rayon yarn to other uses following the
revocation of the wartime set-aside order
for rayon yarn. Under the order, rayon
manufacturers had been required to allocate approximately one-sixth of their
production to hosiery mills—sufficient for
roughly 3 V2 million dozen pairs a month.
After controls were removed, part of the
rayon that had been going into thread for
stockings was diverted to weavers for
manufacture into cloth. As a result,
rayon-hose production per month was
more than halved by the end of 1945.
Reappearance of Nylons
Production of nylon stockings was resumed after VJ-day, and by December
more nylons were being manufactured
than rayons. Nevertheless, nylon-hose
production offset only a part of the reduction in the output of rayons.
Only about half the nylons manufactured during the last 4 months of 1945
were shipped to the trade (see bottom
panel of chart). Shipments during this
period amounted to about 20 million pair
as compared with the female population
14 years and over of almost 54 million—
in other words, shipments were not much
more than 1 pair for every 3 women.
The rate of nylon-hose production in
December was already in excess of the
highest rate attained in any previous period and a further substantial increase
is expected during this year. While nylon-yarn capacity is much larger than
before the war, it is sufficient for the
manufacture of not more than 30 million dozen pairs of nylons during 1946,
or an average of about 7 pairs per woman.
Even after allowance for continued
production of rayon, cotton, and other
types of hosiery, it seems clear that this
year's production will still fall short of
the 1940 average of 14 pairs per woman,
although it should exceed the 1945 average of between 9 and 10 pairs.
By 1947 it is expected that new plant
capacity for nylon-yarn production will
be in operation. It is difficult to predictwhen silk, which for many years monopolized the market for the better grades of

SURVEY OF CURRENT BUSINESS
hosiery, will again become available in
quantities to hosiery manufacturers.
New Housing Program
Construction was an area where advances continued into February and substantial gains in the volume of activity
were registered. The 7-percent rise over
January in the volume of new construction activity is the more notable in that
it continued the counterseasonal movement that had been evident throughout
the winter. It gave evidence of the heavy
demand for new construction which
would bulk ever more importantly in the
economic picture over the next months.
In particular the shortage of housing
relative to the expanding demand continued acute. The importance of this
problem was emphasized by the Housing
Expediter's announcement of a new
housing program designed particularly
to aid returning veterans and their families.
Under the program it was proposed
that 2.7 million dwelling units be provided before the end of 1947—1.2 million
in 1946 and 1.5 million in 1947. About
900,000 of the total to be provided in 1946
would be new units—conventional construction and prefabricated. The remainder would have to be made up by
conversions, by provision of trailers, and
by utilization of idle temporary buildings that had been used by the military.
This program represents a substantial
increase—-probably a doubling—in housing objectives over the expectations of
what would be produced without such a
far-reaching program. It was hoped
that this could be accomplished with the
aid of premium payments for increased
production and other financial assistance; by use of priorities in channeling materials; by recruiting and training 1.5 million additional workers; by
postponing deferable and nonessential
construction; by expanding factory fabrication of houses and guaranteeing the
market for the product; and by channeling the largest part of the material produced into homes and unit housing selling for not more than $6,000 and renting
for not more than $50 a month.
To the extent that such a program
meets success it would add materially to
the total volume of construction activity
in the year ahead. While much of it
can be done only through limiting other
types of construction, such limitations
cannot be too stringent since the provision of housing in this volume will require auxiliary construction of roads,
communication facilities and the like.
The head of the Civilian Production Administration declared that support would
be given by that agency to the Veterans'
Emergency Housing program by the issuance of regulations which will curtail
commercial and industrial construction
work as well as residential building outside the veterans program and will limit
the use of building materials to approved
projects.
The program also depends upon speedy
congressional action to provide the means
of its implementation. Bills to make $600
million available for production premium
payments and to provide price ceilings on



new and existing residences have been
introduced in Congress. New authority
is also sought to make $250 million additional available for temporary and reuse war housing. Administrative action
to curb inflation through more effective
price control has been set in motion by
the Office of Price Administration.
Congress had not taken final action
upon this proposed legislation in early
March, but set-backs have been experienced in the initial moves to secure approval of the provisions for placing ceilings upon existing residences and for
premium payments to expand materials
production.
World Wheat Supplies Tighten
The aftermath of the war brought
problems arising not only from domestic
readjustments but also those stemming
from our international obligations. A
serious situation arose out of the world
shortage of wheat supplies. Year-end
reports on stocks of wheat in the United
States revealed that rapid domestic consumption during the latter half of 1945
had cut deeply into stocks available for
export during the first six months of 1946.
To prevent the United States from falling far behind in its commitment for
wheat exports, a wheat conservation order was put into effect on March 1. This
order increases the extraction of flour
from 72 percent to 80 percent of the
weight of the cleaned wheat, limits inventories of wheat processors, and reduces the consumption of wheat in mixed
feeds. Additional steps were taken to
expedite the long truck-rail-ship movement of wheat from farms in the Great
Plains and in the Pacific Northwest,
where most of the wheat stocks are
stored, to the distressed areas of Europe
and Asia.
The immediate pinch on wheat supplies in the United States is largely
caused by the unexpectedly heavy consumption of wheat as feed for livestock
and poultry. Despite the bumper feed
production in 1945, feed grains have been
in a tight supply situation owing to rec-

March 1946
ord demand. Consequently, wheat has
been fed at approximately twice the rate
which was anticipated at the beginning
of the season.
Farmers have been urged to cull poultry and to feed hogs to lighter weights,
but a definite program has not yet been
announced.
Employment Act of 1946
While the past month was marked by
a number of Government steps having
important bearing on future business developments, legislative action with more
far-reaching implications was taken with
the passage of the "Employment Act of
1946." This Act provides for the development of a national economic program
which would enlist the cooperation of
industry, agriculture, labor, and the
State, local, and Federal governments
for the promotion of maximum production and employment.
In addition to the declaration of Federal responsibility for the formulation
of such a program, the act creates a
Council of Economic Advisers to analyze
current and prospective economic developments and to assist the President
in preparing annual and supplementary
reports to Congress containing legislative proposals for implementing the
broad national economic policy which is
set forth. A joint Congressional committee is also established to make findings with respect to the President's recommendations.
Thus there is provided new legislative
and executive machinery for assembling
and making available economic information and analysis and developing a legislative program with the objective of
mobilizing a coordinated national attack
on the problem of maintaining an adequate volume of consumption and production in an expanding economy. The
way is now cleared for enlisting our best
talents for developing ways and means
of carrying out this declared objective,
since a declaration of this nature is by
no means self-executing.

Wage-Price Policy
The full implications of the modified
wage-price policy announced by President Truman on February 14 are not yet
apparent, since key administrative determinations under the new Executive
Order are still in process of formulation.
Broadly outlined, however, the new policy (1) though it continues to permit
advances in wage rates, tends to limit
such wage and salary adjustments within
the industry and area patterns established since VJ-day; (2) adds to the area
of allowable costs to be considered in
raising price ceilings; and (3) provides
means for more rapid upward adjustment of prices where an industry is
placed in a hardship position.
On the basis of the general standard
which is established for Government approval of future wage adjustments, the
agreements reached in such industries

as steel and meat-packing will tend to
place an upper limit—under 20 percent—
on wage increases in the major industries, with maiiy /adjustments falling
considerably below this limit.
Progress of Reconversion Wage Policy
Initial reconversion wage policy, established immediately after the war's
end, was designed to cushion the reduction in take-home pay resulting from
shorter hours, downgrading, and other
factors. At the same time it placed
strong emphasis on holding the price
line. Accordingly, voluntary wage increases were permitted to the extent
that they did not endanger price ceilings.
Modifications of this policy at the
end of last October broadened the base
upon which price increases might be
approved, but continued to encourage

March 1946

SURVEY OF CURRENT BUSINESS

free collective bargaining within the
established limits.
New Wage Formula
In contrast, the recently announced
policy will have the effect of bringing
all wage and salary increases within a
prescribed pattern. This effect is clearly
discernible in the trend of recent wage
settlements. Moreover, conformity to a
set pattern is encouraged by requiring
prior approval by the National Wage
Stabilization Board of all wage increases
to be used as the basis for a plea for
price relief. Obviously, such a condition will limit the number of adjustments that will be made outside established Government procedure.
Wage adjustments achieved between
VJ-day and mid-February were unaffected by the new order—in fact they
provide a standard for determining approval of increases in an industry or
labor-market area. Where no general
pattern of wage increases exists, criteria
similar to those previously in effect are
to be used.
Modification of Earlier Criteria
The criteria are somewhat broadened,
however, to provide for recognition of
gross inequities between related industries, as well as within an industry, and
for the use of basic wage or salary rates
in place of straight-time earnings in approving wage adjustments based upon
the higher cost of living. Average
straight-time h o u r l y earnings—the
yardstick in the previous Executive Order—have risen more than basic wage
or salary rates, since the former includes
the effects of upgrading, special premiums for night work, etc. Therefore,
some industries will be permitted further price increases to bring basic rates
in line with increased living costs between January 1941 and September 1945.
The range and magnitude of the increases which will actually occur under
the order will also be affected by the
definition of "related industries," the
areas exempted from specific approval,
and other determinations which are in
process.
Waiting Period Eliminated
The need to hold the price line until
production is in full swing is reaffirmed
in the President's statement. The major
modification with respect to price policy
is found in the provision that price adjustments may be sought without waiting until the end of the 6-months' test
period previously required.
Actually, there is no change in principle. The establishment of a floor
under the average rate of profit before
taxes equal to the return on net worth
in the applicable peacetime base period
is essentially more formal recognition of
the formula previously followed in
granting price relief but not formalized
by Executive Order. As before, price
increases will not be approved on the
basis of excessive unit costs in operations at a temporary low volume during
reconversion adjustments. A new ele


Chart 4.—Profits Before Taxes as Percentage of Net Worth, 2,152
Manufacturing Corporations 1
PERCENT
40

30

20

10

1936- 1941
39 AVG.

1944

ALL
MANUFACTURING
INDUSTRIES

193639 AVG.

1941

1944

INDUSTRIES
WITH MAJOR
RECONVERSION
PROBLEM &

193639 AVG,

1941

1944

ALL OTHER
INDUSTRIES
D. D. 46 - 133

1

Net worth is the sum of common and preferred stocks, surplus and surplus reserves, averaged
at 2the beginning and end of each year.
Includes automobiles and equipment, iron and steel and their products, electrical machinery,
nonferrous metals and their products, transportation equipment (excluding automobiles), and
chemicals.
Source : Office of Price Administration.

ment is introduced by the requirement
that in considering appeals for price relief the Office of Price Administration
evaluate the production and profit prospects for the full year ahead.
Increases in Basic Wages
Over-all data concerning the average
increase since the end of the war in basic
wage rates and the range by industry
are not yet available. The United States
Department of Labor has estimated that
approximately 6 million workers—20
percent of all employees in private nonagricultural industry—received upward
wage adjustments between the war's end
and January 10, 1946, concentrated between 10 and 15 percent.
Although such major settlements as
those in steel, Chrysler, Ford and the
electric division of General Motors clustered around 17 percent, awards of this
magnitude are not typical for all industry. The patterns set in some lower
wage areas fall within a lower range.
Settlements of 5 to 15 cents an hour, representing increases of about 6 to 15
percent, were typical in the furniture,
brick and hollow-tile, cotton-textile and
woolen-and-worsted industries.
Effect on Price Ceilings
The wage increases granted in the
major mass-production industries and
those in prospect in other areas need not
in themselves create the necessity for a
commensurate rise in the price level.

They will necessitate price increases
in some instances and the machinery has
been provided, as indicated above, to
supply more prompt price relief where
ceilings need to be raised. However, the
basic cost-price relationships are such
that the new policy need not result in a
substantial rise in the price level.
The reasoning behind this judgment
is familiar to readers of the SURVEY.

As was pointed out in the analysis of
"The Postwar Price Structure" appearing in the November 1945 issue, wages
for all workers in the country—manufacturing and nonmanufacturing—could
be raised approximately ten percent on
the average, without raising the index
of consumer prices above current levels,
and with net profits in 1946 above any
prewar year. Naturally, more substantial increases in some segments would
be covered in this average. Moreover,
as was indicated, "after reconversion is
completed, sustained high volume and a
catching-up with the normal growth in
productivity will make possible a larger
and more general wage increase or a
greater decline in prices."
Recent developments have resulted already in wage advances which will probably mean an average increase in manufacturing wages somewhat higher than
10 percent, although with data incomplete for settlements already concluded
and with adjustments yet to be made
in important segments of the economy,
it is not possible to calculate the exact
shift in the average at this time.

SURVEY OF CURRENT BUSINESS
The 8.2 percent increase in average
steel prices—authorized at the time when
wage agreements for the principal steel
companies were reached—was granted
apart from the new wage-price formula.
This rise in steel prices will have repercussions in the steel-using industries, but
the prospective cost-profit relationship
for steel consumers will govern price relief here as in other cases.
As pointed out in the November article,
referred to above, current wage-rate increases do not necessarily occasion an increase in wage costs, since in part they
compensate for the declines resulting
from reduced overtime payments and
downgrading.
Where wage increases do increase labor costs, it is well to keep in mind the
relationship of wage and salary payments
to total costs and profits—which make
up the market value of production. As
indicated in an analysis in the January
1946 Survey, and the chart on page 5 of
that issue, compensation of employees
constituted 52 percent of the 169 billion
dollars of total private production in
1944.
Thus, if profits were to be maintained,
only half of the increase in aggregate
wage and salary costs would need to be
passed on in price increases. However,
wage costs could go up without price advances if the decision were made to absorb higher wage costs by a reduction in
the rate of profit.
Significance of Base Period Earnings
Since the basic guide to be used by
price authorities in judging the requirement for price increases under the present program is the relationship of earnings to net worth in the base period—
generally 1936-39—it is necessary to
evaluate this relationship at the present
time. The accompanying chart and
table give available data for a sample
group of corporations for the base period,
and for 1941 and 1944. The sample covers a high proportion of total profits in

manufacturing though it tends to understate the increase in profits that has occurred, since it is heavily weighted with
stable and large corporations having a
greater-than-average profitability in. the
base period.
Specific application of the wage-price
formula depends on the particular concept of net worth that is adopted. The
Office of Price Administration data here
presented use the standard definition of
net worth—the sum of common and preferred stock, surplus, and surplus reserves, averaged at the beginning and
end of each year. It thus includes the
substantial additions to reserves during
the war years.
Rise in Earnings Ratios for Sample
For the combined manufacturing industries represented by the sample, profits before taxes as a percentage of net
worth increased to two and one-half
times the base-period ratio by 1941, and
increased further by 1944. Net worth
rose one-fourth for the group—from $27
billion to $33 billion—between the base
period and 1944.
The industries which faced the major
physical reconversion problem, including
the metalworking and chemical groups,
are shown separately in the table and
chart. These companies, the most fully
involved in munitions production and the
more profitable figuring on the net worth
basis during the war years, experienced
a tripling of the return on net worth between the base period and 1944. At the
same time, the contingency reserves in
this group increased from $12 million to
$237 million by 1944—a major share of
the $375 million accumulated by all the
manufacturing corporations included in
the sample.
Although the gain in the rate of return
was of lesser magnitude for the other industries—including textiles, apparel, furniture, food and other consumer goods—
the rise in profitability is substantial in

Table 1.—-Profits, Net Worth, Sales and Contingency Reserves, 2,152 Manufacturing
Corporations *
[Millions of dollars]

Item

All manufacturing (2,152
corporations)

1836-39
2,649
Profits before taxes
2,185
Profits after taxes
Net worth
26, 696
Sales
28, 812
Contingency reserves
._
38
Profits before taxes as percent of net
worth
9.9
Profits after taxes as percent of net
8.2
worth
9.2
Profits before taxes as percent of sales._
Profits after taxes as percent of sales
7.6

Industries with major
reconversion p r o b lems (526 corporations) 2

All other industries
(1,626 corporations)

1941

1944

1936-39

1941

1944

1936-39

1941

7,054
3,608
28, 851
46, 677
318

8,666
3,339
33,319
80, 690
375

1,143
934
10, 570
10, 637
12

3,768
1, 676
11, 572
21, 211
155

4,271
1,466
13, 793
40, 662
237

1,505
1,251
16,126
18,175
26

3,286
1,931
17, 279
25, 466
163

4,395
1,873
19, 526
40, 028
138

24.4

26.0

10.8

32.6

31.0

9.3

19.0

22.5

12.5
15.1
7.7

10.0
10.7
4.1

8 8
10.7
8.8

14. 5
17.8
7.9

10 6
10.5
3.6

7.8
8.3
6.9

11.2
12.9
7.6

9.6
11.0
4.7

1944

1
Profits are shown before minority interest and contingency reserves which are deemed to be nonallowable appropriations from current income. In 1941 and subsequent years profits after taxes reflect net deductions for renegotiation
refunds and reserves.
Net worth is the sum of common and preferred stock, surplus and surplus reserves, averaged at the beginning and
end of each year.
2
Includes automobiles and equipment, iron and steel and their products, electrical machinery, nonferrous metals
and their products, transportation equipment (excluding automobiles), and chemicals.
Source: Office of Price Administration, to be released by that agency.




March 1946

view of the uninterrupted production enjoyed by many of these industries during
the transition from war to peace.
In terms of the pricing formula, the
base-period ratio of 10 percent, when applied to the net worth of these manufacturing corporations in 1944, represents
$3.3 billion in profits before taxes. Actual profits before taxes in that year
amounted to $8.7 billion. Even with the
very sharp increase in wartime tax rates,
the return on net worth after taxes for
the group rose from 8.2 percent in the
base period to 12.5 percent in 1941 and
then was reduced to 10 percent in 1944.
Naturally under the lowered current tax
rates, 1944 profits would today represent
a much higher return of profits after
taxes on net worth.
The 1944 profit experience is not in itself demonstrative of the current problems since such a large part of the economy was then devoted to war output.
But it is indicative of the general tendency for profits to expand more rapidly
than production. Of additional significance is the fact that the ratio of profits
before taxes to net worth in 1941—a year
when civilian manufacturing output was
at a peak—was 2 y2 times that of the base
period. In general, with production
aimed at enlarged markets, there is considerable leeway for increased costs before the rate of profits to net worth will
fall to the base period value. Hence, a
strict interpretation of the new price formula would seriously restrict the magnitude of allowed price increases.
The tendency for corporate profits in
manufacturing to vary directly with income originating in these industries—as
described in the article "Corporate Profits and National Income," in the September 1944 issue of the SURVEY—is of fundamental significance in appraising profit
prospects for the period ahead when production and sales are expected to be substantially higher than in any previous
peacetime period. The article just cited
demonstrated that profits in the 1936-39
base period were consistent with past
relationships of profits and income originating in manufacturing.
Squeeze on Individual Firms
Generalizations for manufacturing as
a whole or for broad industry groups are
not equally applicable to smaller industry
groups or to each individual concern.
Any frequency distribution of firms by
cost-profit ratios is likely to show considerable dispersion, with some concerns
hard pressed by rising costs and other
concerns in a very advantageous profit
position. As a result, some individual
price increases will need to be granted.
The general effect of the recent developments depends in part on how strictly
the formula is interpreted in the face of
the expected upsurge in claims for price
relief because of upward wage-rate adjustments. In addition, the success with
which the 8-percent advance in steel
prices is controlled is of critical importance.

March 1940

SURVEY OF CURRENT BUSINESS

War Period Foreign Transactions of the
United States Government
By G. L. Bach
1,
September
30, 1945—roughly the period from
BETWEEN Julythe1940 andStates warthe beginning of
United

production program to VJ-day—the
United States Government transferred
to allied governments the unprecedented
total of $47 billion of goods and services
under lend-lease and civilian-relief supply arrangements, and spent $15 billion
abroad. Over the same period, the
United States armed forces received $7
billion of reverse lend-lease, and Government cash receipts abroad were $5
billion.
In the main, these vast net United
States Government outlays of goods,
services, and cash abroad mirror the cost
of winning the world's costliest war.
From them, the Government has obtained certain more or less concrete foreign assets—credits outstanding, installations and inventories. But the great
bulk of the total—both goods shipped
abroad and those procured abroad
through Government war-period foreign
expenditures—was used up in the overriding job of beating down the Axis.
Victory was the end toward which these
Government transactions were directed;
resulting commercial-type assets were
properly a secondary consideration.
Significance of Data
It is now possible to summarize the
multiplicity of the Government's warperiod transactions abroad and to present a picture of its assets abroad at the
war's end. These figures are significant
both because they fill a major gap in
existing information on the economic side
of the United States war effort and because the influence of the transactions
they reflect will be felt on the foreign
affairs of the United States for many
years to come.
Prewar international trade patterns
were violently disrupted by the war, for
the United States both as buyer and as
seller. The very magnitude of the supplies furnished and dollars spent abroad
by this Government during the war emphasizes the difficulty of the international adjustments facing other nations
NOTE.—Mr. Bach is a member of the Clearing Office for Foreign Transactions, Bureau of
Foreign and Domestic Commerce.




with the rapid withdrawal of the United
States Government from its wartime role
as major supplier of goods and dollars
abroad.
Facing the consequences of this shock
to the international economy, the United
States Government has already committed itself to the extension of large credits
abroad and full participation in the International Fund and Bank. But beyond
these trade adjustments, disposition of
United States installations and surplus
property costing billions of dollars and
scattered over the world remains to be
accomplished. Roughly half of all lendlease and reverse lend-lease transfers are
yet to be settled. The solution to these
problems will play an important role in

The Clearing Office for Foreign
Transactions and Reports was set
up on May 4, 1944, in the Foreign
Economic Administration at the
direction of President Roosevelt,
pursuant to Congressional suggestions that a Government "clearing
house" be established to consolidate
information on all foreign transactions of United States Government
agencies. On September 27, 1945,
the Clearing Office was transferred
to the Department of Commerce,
where it is now a division of the
Office of Business Economics.
Most of the data presented in the
article were collected by the Clearing Office and are here issued for
public use for the first time. Figures on Government transactions
abroad and Government asset
holdings abroad are obtained quarterly by the Office from all Government agencies concerned, under
terms of Executive Order 8512.
Reports are based on thefiscalrecords of the reporting agencies; in
most cases they cover the period
since July 1, 1940, on an annual
fiscal year basis and are available
quarterly beginning July 1, 1944.
Requests for additional data or
for explanation of thefigurespresented should be addressed to the
Clearing Office. A technical appendix to the article, defining the
data reported in each field, is available upon request.

determining the future level of international trade.
The following pages present, first, a
brief survey of the relative importance
of Government transactions and assets
abroad in the over-all United States international position; then, an account of
the Government's war-period transactions and war-end asset holdings abroad,
detailed by type of transaction and by
major country; and, lastly, some implications of the Government's war-period
policies for postwar economic and financial developments.
War Period Balance of Payments
During the war, Government foreign
transactions far exceeded those on
private account. Preliminary estimates
of the United States balance of international payments for the calendar
years 1941-45, showing separately Government and private transactions, are
presented in table 1. Government
exports of goods and services—primarily
as lend-lease—overshadowed private
wartime exports, while Government
imports of goods and services—primarily
purchases of needed materials abroad
and reverse lend-lease received—appreciably exceeded private imports. No
cash payment is expected and no shortterm or long-term dollar indebtedness
to or of the United States is established
by the bulk of lend-lease, reverse lendlease and UNRRA transfers, so these
items are deducted from total transfers
to obtain figures showing net purchases
and sales on cash or credit.
Aside from the $49 billion of lendlease and other transfers not requiring
payment and from shipments by the
Army and the Navy for their own use
abroad not included in the statement,
Government exports of goods and services were small compared with private
sales. On the other hand, Governmentfinanced imports of goods and services
were somewhat less than half of total
United States purchases.1 United States
Government exports of $2.4 billion of
long-term capital, reflecting mainly
1
Most of these Government-procured merchandise imports reflected merely a wartime
shift of private procurement to Government
channels. A large portion of the goods so
obtained was resold to private buyers in the
United States after import, thereby recouping
Government funds spent abroad.

SURVEY OF CURRENT BUSINESS

8

ment value of the net United States
lend-lease transfers, roughly comparable to the recent $650 million settlement
with the United Kingdom, might also be
added, but if comparable policies are followed in other settlements this amount
would be small relative to the total
amount transferred under lend-lease.
With the large Government loan programs contemplated, United States
membership investments in the International Fund and Bank, and possible further credit settlements on lend-lease,
surplus and claims abroad, both total
United States investments abroad and
the Government share in the total seem
likely to increase markedly in the near
future; by December 31, 1945, an additional $1.5 billion of Government longterm credits had already been committed. Because of such investments
possible forthcoming private credit extensions, and likely drains on foreign
short-term balances in this country, the
United States appears to be moving rapidly toward rebuilding its position as a
substantial net international creditor.

Table 1.—U. S. Balance of International Payments, January 1, 1941 Through
December 31, 1945 1
[Millions of dollars]

I. Goods and services:
Furnished by U. S
Less lend-lease and gifts

III. Net payments (—) or receipts (+)
IV. Covered by:
Net gold outflow
Net increase in foreign dollar balances in U. S
V. Errors and omissions

35,488
7,408

Government

22,532
1,782

74,938
48,986

Net sales for cash or on credit
Furnished to V. S
_
Less reverse lend-lease and gifts
Net purchases for cash or credit
Excels of sales (+) or purchases (—)
II. Net inflow (+) or outflow (—) of long-term capital

Private

Total

Item

25,952

52,405
47,204
20,750

15,782
243

19,706
7,165

5,201

28,080
-2,128
-2,393

15, 539
+5, 211
+23

12,541
-7,340
-2,416

- 4 , 521

_.

+5,235

-9,756

+2, 090
+2, 757
-326

-

i Preliminary estimates prepared by International Economics Division, Office of Business Economics, Department
of Commerce. Exports of goods by the Army and Navy for their own use abroad are not included. For a fuller discussion of transactions during 1945, see " U . S. International Transactions in 1945," Foreign Commerce T\ eekly, January
19,1946.

direct long-term credits, 3-c lend-lease
credits, and bills being rendered for War
Department civilian supplies, accounted
for the entire United States war-period
net export of long-term capital.
Apart from military shipments and
lend-lease and UNRRA transfers, United
States Government foreign transactions
over the period involved the $10 billion
net dollar payments abroad indicated
above, reflecting primarily military expenditures abroad, nonmilitary procurement of foodstuffs, metals and other
critical raw materials, and Government
credit extensions. Over the war years
the private portion of the balance of
payments continued the prewar net
balance in favor of the United States,
arising from a $5 billion excess of United
States sales of goods and services abroad
over offsetting United States purchases.
Over-all, therefore, the heavy net
Government dollar outlays abroad overbalanced the net private balance of
payments to the United States by about
$4.5 billion. This net deficit was covered
by about $2 billion of gold outflow and
about $2.7 billion increase in foreign
balances in the United States.
Investment Position at End of War
Government asset-holdings abroad,
though substantially increased during
the war, comprised a relatively small
portion of total United States investments abroad on September 30, 1945.
Excluding military installations (which
cost $3 to $4 billion) and inventories
of potentially surplus military property
(estimated by the Foreign Liquidation
Commissioner to have cost $7 to $8
billion), United States Government investments abroad represented about
$2.3 billion of an estimated $12.5 billion
total.
Government investments included
about $1 billion of long-term credits
outstanding, a similar amount of bills
being rendered for War Department
civilian supplies, and nonmilitary productive installations costing about $100
million. Private investments, on the
other hand, consisted of about $7 billion




March 1946

of direct investments and about $3 billion of security holdings and shorterterm assets.
A broader definition of Government
investments abroad, including some estimate of the commercial value of military
installations and surplus inventories,
would markedly increase the Government total. An estimate of the settle-

Government Transactions Abroad
United States Government war-period
transactions abroad and resulting warend investments abroad are summarized

Chart 1.- -U. S. Government War Period Transactions and Assets Abroad,
x

July 1, 1940—September 30, 1945

BILLIONS OF DOLLARS

50

40

30

20

10

LENDLEASE

RELIEF
SUPPLIES

REVERSE
LENDLEASE

SUPPLIES FURNISHED
"*~~
AND RECEIVED
~~**

DISBURSEREMENTS
CEIPTS

"*""

CASH T R A N S ^
ACTIONS ""**

INSTALLATIONS

CREDITS
OUTSTANDING
(SEPT. 30, 1945)
MAJOR

"*

'ASSETS'

*

D.D. 4$-126
1
Releif supplies a r e in addition to lend-lease shipments ; property other t h a n installations is not
included as assets due to lack of adequate d a t a on holdings of W a r a n d Navy Departments.
S o u r c e : U. S. D e p a r t m e n t of Commerce.

SURVEY OF CURRENT BUSINESS

March 1946
2

by major country in table 2. The picture is dominated by the $46 billion of
lend-lease aid to our allies. The $15
billion of Government disbursements
abroad for all purposes, including a
major war-period shift of procurement
abroad from private to Government
channels, was only one-third the total of
supplies and services furnished through
lend-lease channels, and at the war's
end the Government's books showed only
$1.1 billion of dollar credits extended to
other nations.
The situation differs sharply from that
of World War I, when United States supplies were made available to allied nations primarily through the extension of
$7 billion of United States Government
loans. In World War II, use of lendlease enabled the United States to provide allied countries with a far greater
volume of supplies without the creation
of overwhelming interallied debts.
As evidenced by the language of the
Lend-Lease Act and by the settlements
recently concluded with the United Kingdom and Belgium, no repayment in cash
or in kind need be required for the lendlease goods and services transferred; the
Act states that "the benefit (for which
the aid is rendered) to the U. S. may be
payment or repayment in kind or property, or any other direct or indirect benefit which the President deems satisfactory" Similar provisions apply for the
goods supplied United States armed
forces under reverse lend-lease. The cost
figures maintained on lend-lease and
reverse lend-lease do not constitute "bills
rendered" to the recipient governments.
Lend-lease was a system of combined
supply against the common enemy. Its
use instead of dollar loans was easily
the most significant and far-reaching
World War II change from the economic
practices of World War I.
Transactions Widely Distributed

The broad geographical distribution of
the Government's wartime foreign transactions is indicated by table 2. Dollarwise the transactions were concentrated
in British Commonwealth areas, the
American Republics, and the USSR, but
155 different countries and colonies were
directly affected. The $30 billion of
lend-lease aid to the Commonwealth and
$11 billion to the USSR dominate the
dollar amounts for all war-period foreign
transactions.
Over $6 billion of the $7 billion reverse
lend-lease received came from the British
2
The following are excluded from the table: (1) Gold purchases and sales because
country data are not publicly available; (2)
supplies and equipment shipped abroad by
the Army and Navy for their own use (except
as reflected in the reported installations),
because no transfer of goods or funds to a
foreign government or private entity is involved; (3) inventories held abroad by the
Army and Navy, on which no adequate data
are available; and (4) the $275 million net
equity in foreign concerns held by the Alien
Property Custodian, which reflects merely a
seizure of foreign assets in the United States,
rather than a foreign transaction—disposition of the assets depends upon act of Congress.

682064—46
2



9

Table 2.—U. S. Government Transactions Abroad, July 1, 1940 Through
September 30, 1945 1
[Millions of dollars]
Supplies furnished and
received
Country

Grand total V. S. dollars
Grand total "special" currencies
_

Lendlease
aid 2

46,040

Civilian
relief

shipments 3
1,331

421
American Republics
._
(7)
306
Brazil _
21
Chile
6
Cuba
29
Mexico
__ __
59
Other
Belgium and possessions:
52 com
TJ. S. dollars
"Special" currencies^
British Commonwealth
_ 30, 269
17
United Kingdom
16
Australia
... . _
Canada
India,
(7)
Other
632
China ._ _
5
Prance and possessions:
1,407
89
U . S . dollars
_ .
"Special" currencies
Italy and possessions:
8 15
U . S . dollars
"Special" currencies
Japan and possessions:
11
U. S. dollars .
"Special" currencies
Philippine Islands
. ._
Union of Socialist Soviet Re15
10,801
publics
Other and unclassified:
» 2,458 81, 259
U . S . dollars
"Special" currencies

Cash transactions
abroad 4

Investments abroad Sept. 30,
1945

Loans,
Cost of
Net dis- advances, installaburse- etc., outtions
ments standing
held*

Reverse Dislend- burselease 2 ments

Receipts

14,843

4,738

10,105

1,842

1,900

-59

3,935
498
720
1,282
418
1,017

652
111
61
363
9
108

3,283
387
659
919
409
909

209
36
6,924
1,905
930
2.287
604
1,198
1,157

17
110
2, 558
965
392
784
196
221
158

192
-74
4,366
940
538
1,503
408
977
999

602
637

598
783

4
-146

151
485

73
380

78
105

95

74
31
383

35
28
201

39
3
182

484

2

164

125

38

12

7

1,244
653

321
599

924
53

44

Nonmilitary
inventories
abroad 8

7,116

169
6.425
4,544
860
762
259
4
509

1,142

3,060

150

273
71
22
39
44
97

262
44
5
92
18
103

72
16
1
5
2
48

274
266

3
537

1,300
43
184
305
205
563
286

2

207

15

5

49
5
1
42
1
(7)

209

202

28

*
2 For details and explanation, see following sections.
Data incomplete because of reporting lags; reverse lend-lease data as of VJ-day.
s Mainly by War Department and through UNRRA. Does not include civilian-type supplies furnished under
lend-lease.
< Includes disbursements for loans, installations and inventories reported in following columns; excludes purchase
and sale of gold. For explanation of "special currencies," see following section.
5 Cost to U. S. Government, including troop labor and materials shipped from U. S.; data incomplete for Far East.
Figures do not include that portion of installations received under reverse lend-lease.
e Excludes $185 million of property declared surplus by all agencies abroad through September 30, 1945, and lendlease inventories.
i Less than $500,000.
8 War Department civilian supplies reported only by theater of operations and included under "other." For estimates
by country see section "Relief supplies."
• Includes $2,088 million not assigned by country.

Commonwealth, and nearly half the $15
billion disbursements were made in Commonwealth areas, including over $2 billion in Canada. Another $4 billion was
spent in the American Republics, and
over $1 billion in China.
Government assets added abroad were
similarly heavy in China, British Commonwealth and western-hemisphere
areas. A one-half billion dollar credit
grant—with settlement terms yet to be
determined—and large United States
outlays on military air fields made United
States Government assets in China the
largest reported—over $800 million, with
reports on installations incomplete. Installations costing nearly $500 million
were reported on Saipan, Tinian, Okinawa, and other captured Japanese Pacific possessions, with large outlays yet to
be reported in Japan, Korea and surrounding areas.
Other heavy investments in installations were reported in the Philippines,
India, Australia and Canada, and on the
99-year lease sites obtained from Britain
in the West Atlantic and the Caribbean.
Assets in Europe were relatively small,
except for a large pre-Pearl Harbor loan
to Great Britain, because most installa-

tions there were received under reverse
lend-lease, with only limited improvement costs borne by the United States.
Lend-Lease
Lend-lease aid reported as of September 30, 1945, totaled $46,040 million. Actual transfers on that date were probably
$3 to $4 billion larger, reflecting substantial reporting lags, particularly on field
transfers by commanding generals. An
additional $1 to $2 billion of lend-lease
supplies have probably been shipped
since VJ-day on long-period credit terms,
making the likely wind-up figure of lendlease aid rendered $50 to $52 billion.
Ultimate recoveries through cash payments from foreign nations and from
sale of production facilities in the U. S.
may total $4 to $5 billion. If these estimates are correct, the ultimate cost to
the United States of that part of World
War II which was financed through lendlease will be around $45 to $47 billion.
Through September 30, 1945, militarytype goods and services—ordnance, aircraft, tanks, use of vessels, etc.—comprised about two-thirds of the reported
$46 billion lend-lease aid rendered. (See
table 3.) Agricultural and industrial

SURVEY OF CURRENT BUSINESS

10

Table 4.—Lend-Lease Aid Rendered and
Exports, March 11, 1941 Through
September 30, 1945

commodities—mainly foodstuffs, petroleum products, metals and minerals—
represented most of the other third.3
Many of these agricultural and industrial commodities were used directly by
allied armed forces; others, perhaps
one-fourth to one-half, were consumed
by civilian populations abroad. Goods
provided for civilian consumption were
limited to the amounts necessary to the
allied prosecution of the war—lend-lease
officials stated on various occasions that
no lend-lease funds were used for relief
purposes.4
Two-thirds of all lend-lease transfers
went to the British Commonwealth, another 23 percent to the U. S. S. R.
France, China and the American Republics received most of the remainder,
though lend-lease aid went to 37 nations
outside the British Commonwealth. As
indicated by Table 3, military supplies
and services comprised well over half the
aid granted to all countries except the
U. S. S. R., which received large shipments of foodstuffs, and industrial equipment. For the most part, only military
supplies were provided to the American
Republics.

[Millions of dollars]
Aid
rendered

Country
Grand total
British Commonwealth
United Kingdom
.Australia
Canada l
India and Ceylon-

46,040

1
2

32, 515

30, 269

18, 582
13, 842
1,240
628
2,116
756
9,478
831
244
407
180
224
246
2,015
1,139

--

Other
USSR
France and possessions
France
Algeria
Other
China
American Republics
Egypt
Other
. .

Exports

10, 801
1,407

.

--

632
421
(2)
2.510

--

Canada paid cash for all lend-lease received.
Less than $500,000.

used as the most effective available, all
U. S. war-period transactions with Canada were on a cash basis and $423 million of the British Commonwealth total
represents cash sales to Canada. All
civilian-use lend-lease goods to French
North Africa (about $335 million) were
also on a cash reimbursable basis. And
the various American Republics paid
cash for varying percentages of the goods
received. The percentages used, presumably based on relative ability to pay,
have not been announced. In total, $956
million had been received through September 30, 1945, for goods transferred
through lend-lease channels.
Regular lend-lease aid with certain
exceptions was terminated on September
2, 1945, but all receiving countries were
permitted to take goods in lend-lease
pipelines and inventories on 30-year-2%
percent credit terms—sometimes called
3-c terms after the covering section of
the Lend-Lease Act. Somewhat different
terms were established later for the U. K.
and U. S. S. R.—50 years at 2 percent for
the U. K. beginning with 1951 (as part
of the proposed over-all financial settle-

Pay for Lend-Lease Goods
While most aid was rendered as
"straight" lend-lease, in some cases special cash or credit arrangements were
used. Until VJ-day Canada was the
major country involved; although U. S.
lend-lease procurement channels were
3
In addition to the types of aid included
in table 3, defense information was provided
to allied nations and a corresponding return
flow was received under reverse lend-lease.
No monetary values were placed on such
transfers. Defense information exchanged
consisted chiefly of technical reports, operating manuals, specifications, drawings, samples and maps. Interchanges were mainly
between the United States, United Kingdom,
and Canada.
4
See e. g., testimony of Foreign Economic
Administrator Crowley before House Appropriations Subcommittee on June 13, 1945.

Table 3.—-Lend-Lease Aid Rendered by U. S., March 11, 1941 Through
September 30, 1945
[Millions of dollars]

Item
Grand total
Ordnance—
Aircraft
Tanks and other vehicles
Vessels
_
Miscellaneous military equipment
Agricultural and industrial commodities:
Foodstuffs
Other agricultural products
Industrial equipment
Metals and minerals._
Petroleum products
Other industrial products
Freight and accessorial charges
Unclassified
Facilities and equipment:
Machinery and equipment
Production facilities in U. S
Rental of ships, etc. ._ ..
Servicing of defense articles
Miscellaneous services and expenses
i Less t h a n $500,000.




Total

AmeriBritish
can Re- Common- China
publics
wealth

France

USSR

Other

N o t as n
signed

46,040

421

30, 269

632

1,407

10, 801

422

2,088

4,228
8,033
6,094
4,560
3,137

43
142
66
87
43

3,025
5,924
3,777
3,377
1,980

165
113
101
2
69

172
218
312
167
237

783
1,549
1,791
551
767

36
87
20
39
16

27
336
25

8

8
1

3,276
628
430
1,260
2,181
1,002
229

3

3
4

9
15
7
12
4

28
4
84

1,688
20
998
763
123
375
222

77
2
4
64
1
10
2

11

448

9

2

548

16

3
9

1.962
530
240

117
28
15

467
128
28

5 052
650
1,451
2,134
2,316
1,491
465
857
1,020
703
2,596
734
519

4

857

0)

107

1
703
34
23
6

20
115

March 1946
ment) and 22 years at 2% percent for
the U. S. S. R. with principal repayments
not beginning until 1954. Probably $22V2 billion of lend-lease goods will have
been transferred on credit terms by the
cessation of shipments. These longterm U. S. credits will be somewhat comparable to those extended to finance
European relief and reconstruction
needs after World War I.
Lend-Lease "Aid" and "Exports"
The September 30, 1945, official United
States Government figure of $46,040
million for lend-lease aid rendered is
based on the accounting records of the
War, Navy, Agriculture and Treasury
Departments and other agencies procuring lend-lease goods or furnishing lendlease services. On the same date, lendlease exports were reported as only
$32,515 million. (See table 4.) This
$13.5 billion discrepancy is especially
important because only export data are
available to indicate United States lendlease aid to the various parts of the
British Commonwealth. Lend-lease aid
for the entire Commonwealth, except
Canada, was requisitioned by the United
Kingdom and partly "retransferred" to
other parts of the Commonwealth. Thus
all Commonwealth aid was charged to
a single central account and no adequate United States data are available on
aid rendered to the various parts of the
Commonwealth.
Lend-lease export statistics, widely
used to represent United States lendlease to particular countries without
recognition of this large discrepancy,
apparently fall short of the aid-rendered totals for the following major
reasons:
1. Rentals on vessels, other services,
and production facilities in the United
States not included in the export figures
totaled $4.5 billion.
2. Certain supplies, e. g., Cuban sugar,
were purchased outside the United
States and shipped directly to lend-lease
recipients.
3. Certain items produced in the
United States, such as vessels and fuel
for vessels, may not have been included
in the export statistics, which were collected mainly from shipping documents.
4. Differences in valuation probably
accounted for most of the remaining discrepancy. Aid-rendered data—official
United States Government "accounts"—
were based on actual or estimated procurement costs to the United States
Government, while export values were
applied by recording officials or clerks
at shipping points. Such expensive, intricate equipment as aircraft motors and
modern ordnance is apt to be undervalued unless actual cost data are
available.
5. Probably increasing the discrepancy, export statistics have generally had
less reporting lag than the official aidrendered data.
In addition to these differences, it
should be noted that important amounts
of exports were for the use of others
than the designated country—for example, the large exports to Egypt for
use by British forces. (See table 4.)

SURVEY OF CURRENT BUSINESS

March 194G

Table 5.—Relief Supplies Provided
Abroad or Committed by U. S. Government
[Millions of dollarsl

Agency

Shipped or Shipped
as of
committed
as of Dec. Sept. 30,
1945
31, 1945

UNRRA (U. S. share)
War Department 2 3
Special Italian Relief
American Red Cross.. _ ___ __
Navy Department _ ______
War Refugee Board 4

2,100
1,100
120
75
20
5

i 204
1,056
1
56
11
4

Total
Authorized but not appropriated
to UNRRA

3,420

1,331

Grand total

600
4,020

1 Includes $93 million of cash furnished to UNRRA.
2
Does not include civilian supplies that may be
shipped to Germany, Austria, Japan, and Korea after
Dec. 31, 1945.
3
For explanation, see "Special Currency Transactions" on p. 19.
4 $2 million of this total contributed by U. S. Govern,
ment to Intergovernmental Committee on Refugees.

Civilian Relief Supplies
In addition to civilian-use goods furnished under lend-lease, $1,331 million
of Government-financed civilian relief
supplies had been shipped through September 30, 1945, and total shipments
exceeding $4 billion by the end of the
program were indicated by Congressional authorizations as of January 1,
1946. (See table 5.)
During the war most civilian relief
supplies were provided by the armed
forces "to prevent civilian disease and
unrest disruptive to military operations."
As indicated by table 5, War Department
civilian supplies comprised nearly 80
percent of the total shipped through
September 30, 1945. All Army civilian
supplies, as well as those provided in the
same areas by the British and Canadian
forces, are being "billed*' to the governments of the recipient liberated and occupied areas as assistance for which the
recipients should be financially responsible. In the Pacific, the Navy sold civilian supplies direct to civilians.
Except as war-torn nations are unable
to pay the War Department bills rendered, therefore, only the $275 million of
supplies and services furnished by the
United States Government through
UNRRA, the American Red Cross and
the War Refugee Board represented
wartime relief in the usual "gift" sense
of the term.5
Most Supplies to Europe
Relief supplies shipped through September 30, 1945, are summarized in table
6. Over 85 percent of all supplies reported were for Europe and the Mediterranean area. Detailed country figures
are not available because War Department civilian supplies are temporarily
5
In World War I there was no military
civilian supply program and very few relief
supplies were furnished abroad "free" by this
Government; European nations financed
their relief purchases in the United States
from the $10.4 billion of United States Government credits extended during and after
the war.




reported only on the theater of operations break-down indicated in the table.
However, it may be roughly estimated, on
the basis of tonnages shipped, that
through last September 30, about $375
million of supplies had gone to Italy,
$250 million to France, $150 million to the
Balkans (mainly Greece and Yugoslavia), $80 million to the Netherlands,
$75 million to Belgium, $60 million to
the Philippines, $40 million to Germany,
and most of the remainder to Norway,
Denmark, Poland, Czechoslovakia and
Austria.
While War Department shipments to
nearly all nonoccupied areas were discontinued on September 1, 1945, increasing UNRRA shipments will raise the
above figures sharply, particularly for
southeastern Europe, Italy, Poland,
Czechoslovakia, China, Korea, and the
Philippines. The volume of War Department civilian supplies to be shipped
into Germany, Austria, Japan, and Korea
remains to be determined; current and
prospective shortages in these areas may
lead to large United States relief programs.
Food and Clothing Most Important
Foodstuffs, especially wheat and flour,
comprised nearly two-thirds of all relief
supplies shipped through last September 30. Clothing, footwear, and fuel accounted for most of the remainder. The
War Department especially has concentrated its civilian-supply activities on
foodstuffs and other urgently needed
direct relief supplies.
As UNRRA assumes relief supply responsibilities some growth in rehabilitation items—agricultural and industrial
equipment, supplies, and raw materials—
relative to pure relief supplies may be
expected, but foodstuffs and clothing
probably will continue to be the major
items shipped.
Allied Pooling of Civilian Supplies
In both the European and Mediterranean theaters, distribution of War
Department civilian supplies was on a
combined basis with United Kingdom
and Canadian armed forces. Civilian
supplies for western and central Europe,
for example, were pooled under General
Eisenhower's command and distributed
without regard to source. All supplies
were treated as pooled, even when distributed directly by the armed forces of
the supplying country.
Each contributing country kept a record of its shipments into the pool, and a
further record was maintained of shipments from the pool to each recipient
country. Bills are now being rendered
to each recipient country for the supplies contributed. The United States,
United Kingdom, and Canada are each
allocated a share of each bill depending
on their respective contributions of civilian supplies for the entire theater in
question, after the adjustment indicated
below for any losses sustained in the theater. Under this principle, if the United
States contributed 70 percent of all civilian supplies used in the European theater during a given period, its share of

11
bills rendered would be 70 percent for
each of the countries concerned, although United States supplies in fact
might have constituted more or less than
this percent for any given country.
Since it is recognized that some countries especially hard hit by the war will
probably be unable to meet these obligations in full, special "loss-sharing" formulae have been developed by the supplying countries to cover such cases. No
payments have been reported to date.
Reverse Lend-Lease
The $7 billion of reverse lend-lease aid
received by United States armed forces
during the war was the counterpart of
lend-lease aid rendered by this country.
Like lend-lease, reverse lend-lease was
not furnished subject to future cash or
other concrete settlements unless such
settlements should be found mutually advantageous after the war. Lend-lease
and reverse lend-lease 6
were not offsetting
financial transactions.
Ninety percent of all the reverse lendlease received was furnished by the British Commonwealth; $4.5 billion of the
$7.1 billion total came from the United
Kingdom alone. (See Table 7.) Unlike
the combined British Commonwealth account on "forward" lend-lease, under reverse iend-lease the dominions and India
maintained separate accounts of aid rendered to the United States. Australia
and India, in the Commonwealth, and
France and Belgium provided most of the
reverse lend-lease not received from the
United Kingdom.
Reverse lend-lease was provided almost
exclusively to the armed forces. It consisted primarily of military installations,
petroleum, other supplies and provisions,
and aircraft. Airports and air bases comprised roughly half the value of installations received under reverse lend-lease;
6
See especially President Roosevelt's letter
(dated November 24, 1944) in the seventeenth
Lend-Lease Report to Congress (p. 7).

Table 6.—U. S. Government-Financed
Relief Supplies, July 1, 1940 Through
September 30, 1945 1
[Millions of dollarsl

Item

Grand total.
Foods, fats and oils
Clothing, textiles and footwear
Fuel, petroleum and products
Medical supplies
Agricultural supplies and
equipment
Communication and transportation equipment
Other goods
Cash and services *

Total

1,331 621

104

795
205

127

105
57

1 Does not include supplies furnished as lend-lease.
2 Excludes Italy and the Balkans which are included
under "Mediterranean".
3
Less than $500,000.
* Primarily U. S. cash contributions to UNRRA
services abroad not reported by armed forces.

SURVEY OF CURRENT BUSINESS

12

Table 7.—Reverse Lend-Lease, March 11, 1941 Through September 2, 1945 l
[Millions of dollars]

British Commonwealth
Belgium
Total

Item

Grand total
Munitions and vessels
Military provisions
Other military equipment
Buildings and equipment:
Buildings
Rentals on land and buildings
Agricultural and industrial commodities:
Petroleum products
_.
Foodstuffs
Rubber and products
Other
Rental of ships
Servicing of vessels.
Other services
—

Total

7,116

U. K.
and
Colonies

AusNew
tralia Zealand India

6,425

4,571

860

785
502
834

725
481
746

574
84
505

67
224
163

16
128
27

68
45
51

1,362
76

1,315
46

1,020
29

131

26
3

367
92
72
1,280
129
152
1,018

92
72
1,280
129
137
648

Other

140
14

370
92
72
1,297
131
183
1,411

France

169

13

762

509

(2)

364

274

2
2
316

» Based on reports by supplying governments.
2 Less than $500,000.

camps and barracks were the next most
important type.
It should be noted that some installations were provided outright to the
United States forces. In such cases
the estimated capital value was entered
on the reverse lend-lease records. In
other instances, merely the rental cost
was entered. In general, land provided
was entered on a rental basis, as were facilities, such as private hotels, which were
simply turned over to the United States
in more or less unchanged form. Facilities constructed for military use, such as
air bases, were generally entered on the
capital-value basis.7
Return of reverse lend-lease goods by
United States forces to the supplying governments—particularly of installations in
the United Kingdom—has proceeded on
a large scale since VE-day. However, no
over-all figures have yet been released
which could be directly related to the
available reverse lend-lease data.

vital metals and minerals and construction of military bases. Many of these
disbursements represented merely a
wartime shift of private procurement
abroad into Government channels.
Military outlays for troop pay, supplies and installations were the major
disbursements in areas outside this
hemisphere; offsetting receipts were
relatively larger there especially because
of heavy Government-handled remittances home by United States troops in
those areas.
Large Military Outlays
All Government disbursements abroad
from July 1, 1940 through September 30,

March 1940

1945, are summarized in table 8. Military dollar outlays totaled $7.6 billion,
the largest expenditures being in the
United Kingdom, Canada, Australia,
China, and French colonial possessions,
mainly New Caledonia and North Africa.
The relatively small dollar outlays in
European combat areas reflect the use
there of "special" currencies, obtained
at no direct dollar cost to the United
States. (See next section.)
According to the partial information
available, between one-half and twothirds of all military outlays abroad
went to pay United States troops overseas, and most of the remainder to construct installations and purchase supplies. Most of the $1.5 billion spent in
Canada was for war supplies and installations, while the $3.4 billion expenditure in the United Kingdom and
other parts of the Commonwealth was
mainly to pay United States troops stationed there. In China, the Philippines
and French colonial possessions, troop
pay and expenditures on installations
accounted for most of the large military outlays.
"Special" Currencies Widely Used
In European combat areas, Netherlands colonial possessions, and Japan
and contiguous possessions, U n i t e d
States armed forces payments were made
in currencies obtained under special arrangements involving no concurrent
outlay of United States dollars. Disbursements in such "special" currencies,
sometimes termed "invasion" or "occupation" currencies, totaled $1,842 million, and were mainly in France, Italy
and Germany. They were in addition
to the dollar outlays reported in the

Chart 2.—U. S. Government Cash Transactions Abroad, July 1,1940—
September 30, 1945 x
BILLIONS OF DOLLARS

8

Cash Transactions Abroad
On balance, United States Government cash transactions abroad provided
foreigners with $10.1 billion net between
July 1, 1940 and September 30, 1945.
Reported disbursements abroad were
$14.8 billion and receipts $4.7 billion.8
As indicated by chart 2, nearly one-half
of all disbursements abroad and well
over one-half of all net dollar disbursements were made in the western hemisphere, reflecting mainly heavy United
States expenditures for foodstuffs and
7
In all cases, however, title remained with
the supplying government. Similarly, title
to all lend-lease goods remained with the
United States Government.
* Disbursements and receipts abroad are
denned to include all Government payments
and receipts affecting the international
monetary balance of payments, regardless of
where the physical payment was made.
Thus funds spent in the United States for
goods to be transferred under lend-lease,
and goods received under reverse lend-lease
are not cash transactions abroad.




DISBURSEMENTS
RECEIPTS

. WESTERN
HEMISPHERE

EUROPE

ASIA

AUSTRALIA
AND PACIFIC

OTHER
AREAS
D. D. 46 - 127

1

Does not include disbursements and receipts In "special" currencies, used for military transactions in most combat areas.
Source: U. S. Department of Commerce.

SURVEY OF CURRENT BUSINESS

March 1946

upper portion of table 8. Eighty-five
percent of all special currency disbursements were to pay United States troops,
but troop remittances home largely offset disbursements in the countries
involved.
In Belgium, Prance, Norway, Denmark, Czchoslovakia, Greece and the
Netherlands and its possessions, local
currency was supplied by the respective
governments under arrangements covering the purposes for which the currency
might be disbursed and the liability of
the United States to.pay dollars for the
funds supplied. The United States
agreed to pay the dollar equivalent of
roughly the net amount of currency
used for troop pay abroad ("net troop
pay").9 The foreign governments, as
part of their war contributions, assumed
responsibility for most of the local currency spent by the United States military authorities for purposes other than
troop pay; in some cases the goods and
services obtained through United States
expenditures of these funds were treated
as reverse lend-lease to this country,
°In obtaining this figure, all troop remittances to the United States, purchases of
war bonds overseas, and remittances of surplus Army P-X's and Navy Ships Service
Store funds were subtracted from the gross
pay and allowances disbursed to United
States armed forces abroad, since these deducted amounts represent funds not available for United States troop expenditures
overseas.

For Italy, Germany, Austria, and Japan, special military currencies were
prepared and used by the United States
forces without prior agreement as to any
liability of the United States. In Germany and Japan nonmilitary agencies
are supplied special currencies through
the War Department. An arrangement
similar to those made with allied countries providing for the payment of dollars against net troop pay is now in effect for outlays of military lire in Italy,
on condition that the dollars be spent on
United States relief supplies for Italy.
Although all disbursements of special
currencies are charged to War and Navy
Department appropriations and corresponding earmarked dollar accounts are
established, from the standpoint of this
country as a whole there is no dollar
outlay until dollars are actually turned
over to foreign governments. Through
September 30,1945, $280 million had been
made available from these special accounts—$120 million to Italy, $85 million
to Belgium, $70 million to France and $5
million to the Netherlands. These
amounts have been deducted from the
special currency figures and are included
with military dollar disbursements.10
10
Because reporting procedures differ from
the method used for certifying "net trooppay" dollars to foreign governments, the special currency data shown in tables 8 and 11
do not provide a satisfactory indication of
possible future United States disbursements
on net troop-pay accounts.

Table 8.—Cash Disbursements Abroad, July 1, 1940 Through September 30, 1945 ]
[Millions of dollars]
Nonmilitary
Total

Military

2

Country

Total

Loans,
Supplies advances
and fiand manancial
terials
aid

Other

IN U. S. DOLLARS

Grand total
American Republics
Brazil _
Chile
Cuba
Mexico
Other
British Commonwealth _
United Kingdom
Australia
Canada
India
Trinidad and Tobago
Other
China
France and possessions
Italy and possessions
Netherlands and possessions _.
Philippine Islands
Other

14,843

._
_

_
_

7,205

4,705

1,809

691

460
202
1
104
27
126

3,475
296
719
1 177
392
891

2,577
216
672
720
343
626

570
38
27
382
35
88

328
42
20
75
14
177

6 924
1,905
930
2,287
604
255
943

_
_

7,638

3,935
498
720
1 282
418
1,017

4 853
1,472
783
1,465
305
250
578

2 071
433
147
822
299
4
366

1 325
8
115
574
291
1
336

526
390

220
35
32
125
8
3
17

1,157
602
151
352
383
1,339

497
530
145
107
379
667

660
71
7
245
4
672

68
53

576
2

208
4
470

132

IN "SPECIAL"

Grand total _
_
France
Germany
_
Italy
Netherlands and possessions
Other

1,842

1,841

637
383
485
214
123

637
383
485
214
123

CURRENCIES

123
(3)

13

16
16
6
34
1
69

3

i

(3)

(3)

(3)

(3)

(3)

(3)

1
2 Excludes gold purchases. Shows separately all countries receiving disbursements of over $250 million.
Data on purposes of military disbursements not available prior to July 1, 1944. Navy disbursements reported net
of receipts throughfiscal1945 and gross thereafter.
3 Less than $500,000.
* For explanation, see accompanying text.



13
Scarce Commodities Procured
Purchases of food and materials ($4.7
billion) and loan disbursements ($1.8 billion) accounted for most of the $7.2 billion disbursed abroad during the war by
nonmilitary agencies. Unlike the procedure in World War I, when foreign
procurement was left almost entirely in
private hands, procurement of vital foodstuffs and raw materials abroad in World
War II was largely transferred to Government corporations—especially the
Metals Reserve Corporation, U. S. Commercial Company, Commodity Credit
Corporation and Defense Supplies Corporation.
These agencies bought mainly commodities needed in the United States for
war production and civilian consumption, but USCC also engaged in preclusive buying in the European neutrals
to keep strategic materials from the Axis.
In some cases the United States financed
development activities abroad—e. g. the
development of rubber production in
Latin America.
Most of these Government procurement activities were instituted as a wartime expedient to assure vital imports.
A large portion of all the goods brought
into the United States was resold to private fabricators and wholesalers, thereby
recouping Government funds spent
abroad. Since VJ-day most Government
foreign procurement programs have been
discontinued, though the few continuing
cover such major items as sugar, rubber
and tin, and will involve large outlays
abroad.
As indicated by table 9, over two-thirds
of all commodities bought abroad by the
Government corporations came from
western-hemisphere countries—nearly
$2 billion (42%) from Cuba (mainly
sugar), Chile (mainly copper) and Canada (mainly aluminum). Most nonwestern-hemisphere purchases were in
the Far East, many of them just before
Pearl Harbor. Table 9 shows the major
commodities bought in each country;
table 10 lists the major commodities procured from all countries. Metals (especially copper, tin, and aluminum), sugar
and rubber accounted for two-thirds of
the total spent on all commodities; the
remainder was widely diversified.
Receipts Abroad
Remittances home by United States
troops abroad and cash payments for
lend-lease goods were the major receipts
abroad during the war period. (See
table 11.) Military receipts of $2.2 billion in dollars, plus $1.9 billion in special
currencies, primarily reflected troop remittances to the United States, which
were large relative to troop pay abroad.
The $1.5 billion remitted from specialcurrency countries almost exactly
equaled pay to troops in those areas. Reported remittances exceeded troop pay
in Germany, Prance, and Austria, but
it must be remembered that remittances
may involve funds saved from prior
periods or carried in from other countries as well as money obtained currently
from pay or other sources. As part of
its program to curb black market activities and troop speculation in occupied

SURVEY OF CURRENT BUSINESS

14
Table 9.—Nonmilitary Procurement
Abroad, July 1, 1940 Through September 30, 1945 i
Amount

[Millions of dollars]
Country

Major commodities
procured

4,640
Grand total
2,520
American Republics
138 Fats and oils.
Argentina
186 Tin.
Bolivia
205 Rubber.
Brazil
671 Copper and nitrate.
Chile
710 Sugar and molasses.
Cuba 2
Dominican Republic.. 61 Sugar.
343 Lead and zinc.
Mexico..__
109 Copper.
Peru
97
Other
116 Tin.
Belgian Congo
British Commonwealth3 1,322

Australia
Canada.
India
British Malaya
Ceylon
Other

115
574
291
143
56
143

Wool.
Aluminum and ships.
Burlap and tea.
Rubber.
Rubber.

China
Curacao
France and Poss
Iceland
Netherlands Indies
Spain
Turkey
Other.__

67
57
53
68
143
70
68
156

Tungsten.
Petroleum.
Nickel.
Fish.
Rubber.
Tungsten.
Fats and oils.

1
Excludes War and Navy Department procurement.
Figures do not agree exactly with supplies and materials
total shown in table 8 because of differences in definition.
2
Sugar procured by U. S. refiners under special agreement with CCC not included.
3
Reported procurement includes $33 million for which
the U. S. has been reimbursed under reverse lend-lease,
plus an undetermined amount for which reimbursement
will be received.

and liberated areas, the War Department
in the autumn of 1945 placed sharp limitations on troop remittances beyond the
amounts currently received abroad as
pay and allowances.
Remittances home from non-specialcurrency countries, which were in general not combat areas, averaged about
30 percent of troop pay.
Troop remittances constitute a United
States Government receipt only in a very
Table 10.—Commodities Procured
Abroad, July1 1, 1940 Through September 30, 1945

Grand totalMetals and minerals
Copper...
Tin
Aluminum
Lead
Tungsten
Zinc
Manganese
_
Chromium
Other.
._
Sugar 2

4,640
2,064
732
282
256
172
137
137
72
59
217
559

Commodity
Rubber 3
Fibers....
Fats and oils
Chemicals
Molasses
Ships
Burlap
Fish and prod
Hides and skins...
Tea
Petroleum and
prod
Grains (esp. wheat)
Other

Amount

Commodity

Amount

[Millions of dollars]

431
273
177
171
149
148
127
81
71
63
58
46
222

i Excludes War and Navy Department procurement.
> Excludes sugar procured by U. S. refiners under
special agreement with CCC.
8 Including tires and tubes.




special sense, since the Government
merely carries funds home for delivery
to beneficiaries in this country. Thus
there is no net receipt for the United
States Government. Such remittancereceipts do, however, reflect a net reduction in the funds available for current
expenditure out of pay to United States
troops abroad. Although remittances
by United States troops abroad reduce
the amount due to foreign countries oil
net troop-pay account, the remittances
in turn lead to a domestic dollar disbursement by the United States Government to the beneficiary. Regardless of
the use of the funds, therefore, the full
amount of pay and allowances to United
States troops abroad represents a dollar
cost to the United States Government.11
Other receipts were mainly from sales
of property abroad and as repayments
on loans. Payments totaling $956 million
were received for goods provided through
lend-lease channels but on a reimbursable basis. Nonlend-lease sales comprised mainly foodstuffs and tobacco sold
11
Except in such countries as Germany and
Japan where there is no net troop-pay agreement. In those countries, that portion of
troop pay which is spent locally involves no
dollar cost to the United States Government
since the special currency used to pay the
troops is obtained at no dollar cost and the
currency spent by the troops cannot be exchanged for dollars by foreign recipients.
Only currency exchanged for dollars involved
a United States dollar cost.

March 1946

abroad by the War Food Administration
and miscellaneous property, such as
scrap, garbage, sales to civilian employees in noncombat areas, sold by the War
Department. Sales of property declared
surplus were negligible until after VJday.

Assets Abroad
On September 30, 1945, $1 billion of
long-term Government foreign credits
were outstanding, excluding World War
I loans. (See table 12.) Almost onehalf of this total was $485 million disbursed to China against a 1942 Congressional authorization of $500 million of
financial aid to China on which settlement terms would be considered after
the war. Another $266 million was the
outstanding balance of a pre-Pearl
Harbor $390 million secured RFC loan
to the United Kingdom to purchase war
supplies. Other loans were mainly Export-Import Bank direct and guaranteed
credits to the American Republics. This
picture, reflecting heavy World War II
reliance on lend-lease as a method of
interallied supply, differed sharply from
that at the end of World War I, when $7
billion of United States Government foreign loans were already on the books.
In addition to these loans, the United
States Government extended credit
abroad through cash advances against
commodities being procured. Nearly all
these advance payments were made in

Table 11.—Cash Receipts Abroad, July 1, 1940 Through September 30, 1945 l
[Millions of dollars
Nonmijitary
Country

Total

Military i

Total

Lendlease
receipts

Loan
repayments

Sales

Other 2

IN U. S. DOLLARS

Grand total
American Republics
British Commonwealth .
United Kingdom
Australia
Canada
-._-.._
India -_
Other
China
_
.
France and possessions
France.
... _ _ Algeria
New Caledonia
Other
....
Netherlands and possessions
Philippine Islands
.
Other

4,738

2,178

2,560

956

364

310

930

652
2,558
965
392
784
196
221
158
598
59
401
72
66
67
201
505

22
1,397
516
370
189
147
175
46
301

630
1,160
449
22
595
49
45
111
297
59
234

61
510
54
6
423
2
25

91
216
172
13
25
3
3

39
189
161

279
43
233

15
15

440
245
61
3
120
44
17
37
3
2
1

4
60
2
300

3
45

1
1

61

41

167
72
62
8
199
205

27
1
74

(3)
(3)

8

14
2
189

IN "SPECIAL" CURRENCIES *

Grand total _ _
Belgium
France.. .
. . _ ..
Germany
Italy
.
Netherlands and possessions _ . .. ...
_
Other

1,900
110
783
410
380
126
90

1,900
110
783
410
380
126
90

1 No break-down by type of receipts available from War or Navy Department prior to July 1, 1944. Reported military total includes all War Department receipts and Navy receipts since July 1, 1945.
2
3 "Other" receipts include $518 million of commodities received as deliveries against advance payments.
A Less than $500,000.
For explanation see text.

SURVEY OF CURRENT BUSINESS

March 1946

the western hemisphere, as shown in the
following compilation:
Country
Grand total

DisOutburse- standments
ing
(Millions of dollars)

American Republics
Cuba
Mexico
Chile
Other
USSR
Canada
Other
1
Less than $500,000.

657

84

442
380
28
23
11
110
83
22

69
34
23
6
6
12
(*)
3

The $1.1 billion of Government credits
outstanding at the war's end was small
compared with the new credits formally
approved or implied in developing patterns of postwar settlements. The postwar implications of these expanding
credits are considered in the closing section of the article.
Installations Cost Over $3 Billion
On September 30, 1945, the United
States Government owned or controlled
abroad 1,965 installations which cost this
country $3,060 million, and a large number of additional installations in Japan,
Korea and adjacent areas had not yet
been reported. Table 13 shows the
heavy concentration of these United
States holdings in the western hemisphere, particularly in military installations in Canada and on the 99-year
lease sites obtained from England in 1941
for the 50 over-age destroyers. United
States investments in military installations in China, the Philippines, Marianas and Ryukyus were also very heavy,
totaling nearly $900 million on incomplete reports.
Although vast installations were controlled by the United States armed
forces in the United Kingdom and in
Europe during the war, most of these
were provided under reverse lend-lease
and only relatively small United States
improvement or repair costs were involved. In spite of the vastly greater
scope of World War II, the United States
Government outlays on military installations in Europe only moderately exceeded those in World War I. The
United Kingdom alone provided installations valued at over $1 billion under reverse lend-lease.
Military Installations Predominate
Over 97 percent of all reported United
States costs on September 30, 1945, were
in military installations—$2 billion in
Army and $1 billion in Navy bases. Air
bases and port facilities accounted for
over two-thirds of the total invested, and
transport facilities and housing accommodations for most of the remainder.
(See table 14.) Nearly all the $91 million investment in productive nonmilitary installations was in western-hemisphere countries, particularly Cuba,
Costa Rica and Panama.
Nearly one thousand installations,
costing the United States $456 million,
had been disposed of by the War and
Navy Departments through September



30, 1945. More than one-half of these
dispositions represented reverse lendlease installations returned to the British in the United Kingdom. Most of the
others were returns of reverse lend-lease
installations or abandonments, with salvage, in Prance, Italy, Iran and the
American Republics, as wartime needs
passed. Returns in Canada were under
an agreement whereby Canada paid the
United States for most of the long-term
improvements made. Airports and air
bases constituted over one-half of the
dispositions reported.
The predominance of military air bases
and port facilities among the installations still held—most of them in the Far
East and the western hemisphere—reemphasizes the problems faced in attempting to recoup any large portion of such
Government outlays through dispositions.
Small Nonmilitary Inventories Abroad
Foodstuffs and raw materials stockpiled abroad by nonmilitary agencies on
September 30, 1945 cost $150 million.
These stock piles, consisting mainly of
primary aluminum in Canada, other
metals in the American Republics, and
fibers in Peru and Turkey, were all that
remained abroad of the $4.6 billion of
foreign commodities procured by nonmilitary agencies during the war period.
Unreported inventories of supplies and
equipment held abroad by the War and
Navy Departments far exceeded the reported nonmilitary totals, but by September 30 only $185 million of this property had been declared surplus.
Postwar Implications
The end of lend-lease raised fundamental problems of readjustment for
many allied nations, particularly the
United Kingdom. While most lend-lease
goods were for direct military use, certain foodstuffs and materials critically
needed for civilian consumption were tremendously important to these foreign
economies. The extension of credit
terms on lend-lease goods in pipe lines
and inventories softened this blow but
did not remove the need for basic readjustments abroad.
At the same time, many foreign countries faced the loss of a large portion of
the dollar receipts made available during
the war by heavy United States Government disbursements abroad. The impact
of this loss, like that of the lend-lease
stoppage, was particularly strong in the
United Kingdom and in Europe, where
military disbursements predominated.
Continued Government procurement
of sugar, rubber, tin and other scarce
commodities will probably maintain Government dollar contributions in many
of the American Republics and in much
of the Far East; private United States
demand for raw materials will work
strongly in the same direction. In general, the drop in Government disbursements abroad will probably be least in
precisely those areas which accumulated
large holdings of dollars and gold during
the war—particularly the American Republics.

15
The British Commonwealth, though it
received the bulk of lend-lease aid and
heavy United States Government warperiod disbursements, generally emerged
from the war with net dollar and gold
resources badly depleted. The United
Kingdom war effort, moreover, involved
especially sweeping shifts away from the
export industries essential to current international receipts of dollars.
Lend-Lease Settlement Problems
The lend-lease settlement announced
with the United Kingdom in substance
treats the large portion of lend-lease and
reverse lend-lease goods used up during
the war as a mutual sharing of the war's
costs, and involves cash or credit settlement only for lend-lease inventories still
on hand and such special transactions
as post-VJ-day transfers. This solution
recognizes both the mutual war-aid rationale of lend-lease and reverse lendlease and the impracticability of imposing heavy dollar burdens abroad under
the circumstances just indicated.
If the same general policies are followed in other lend-lease settlements,
the great bulk of forward and reverse
lend-iease will have been charged off as
a mutual war burden. In that case,
aside from perhaps $1 to $2 billion of
post-VJ-day credit transfers and $1.5
billion of cash payments previously arranged, mainly with Canada, French
North Africa, and the American Republics, additional cash-credit settlements
may not exceed $1 to $2 billion.
Surplus Property Disposals
Surplus property disposal problems
must be viewed against the same general
background of current foreign supply and
dollar shortages. Out of United States
war activities abroad may come surplus
military supplies and equipment costing
(Continued on p. 20)
Table 12.—Direct andl Guaranteed LongTerm Credits Abroad, July1 1, 1940
Through September 30, 1945
[Millions of dollarsl

Country

Main lending Disburseagency
ments

Grand total
American Republics
Brazil
Chile
Colombia
Mexico
Other
Canada
China
Finland
United Kingdom.
Other

Outstanding
balances

1,391
EIB
EIB
EIB
EIB
EIB
EIB, R F C
Treas., E I B
EIB
RFC

1,001

276
97
24
27
17
111
31
607
26
390
61

148
58
14
14
12
50
5
537
24
266
21

i Excludes World War I loans. Includes ExportImport Bank loans made or fully guaranteed since
February 12, 1934. Also includes $485 million disbursed
and outstanding to China on which settlement terms
have not been determined. Loans to U. S. exporters
are shown against the country for which the exports
were destined. Table does npt include $54 million of
Office of Inter-American Affairs "financial aid" to the
American Republics, on which no repayment is expected, though these grants are included in the table 2
summary total.

SURVEY OF CURRENT BUSINESS

16

March 1946

Rents in the United States, 1929-44
By Dwight B. Yntema
on
rent payments by
tenants
1929
preT HEindata fromtotalshowto(1)1944, dursented this article,
that

ing this period the cyclical fluctuations
of rent payments have been less pronounced than for the economy as a whole,
and (2) that there has been a downward
shift in the relative importance of rent in
the national economy.
The 35-percent decline in rents from
1929 to 1934 lagged behind the over-all
reduction in economic output as seen in
gross national product data, which
dropped 45 percent. Prom the depression low through 1940, however, recovery
in rent payments fell definitely behind
the return of gross national product substantially to its 1929 position. Rents in
1940 were still 15 percent below their 1929
figure. From 1940 through 1944, total
rent payments advanced about 35 percent while the gross national product
about doubled. Under peacetime conditions such a rise in national activity
would have resulted in a larger advance
in total rents. However, during the war
Government activities required approximately half of the total product, and
private construction had to be sharply
restricted. Rent controls applied by the
OPA in the residential shortage areas
also held down the rent aggregate by
restricting the rise in housing rates.
Acute shortages of housing still exist,
and it is necessary that restraints upon
rentals be continued until new construction can alleviate the situation. These
changes are shown for selected years in
the following summary which also gives
the percentage relationship of rents to
gross national product:
Item
Total

1929 1934 1940 1941 1944

rent

(1929=100) 100.0 66.0 85.3
94.5 116.4
G r o s s n ational product (1929=
100)
100.0 55.1 97.7 120.9 198.8

Rent as a percent of gross
n a t i o nal
product ___ 11.1 13.3

9.7

8.7

6.5

While rents paid by the Government
NOTE.—Mr. Yntema is a member of the National Income Unit, Division of Research and
Statistics, Bureau of Foreign and Domestic
Commerce. The author wishes to express
particular indebtedness to Elwyn T. Bonnell
for assistance in preparing various nonresidential rent series and to George Cobren
whose residental rent study was drawn upon
freely in this article. Both are members of
the National Income Unit. A technical statement summarizing sources and methods
underlying the estimates presented here will
be made available on request.



increased substantially, this gain was
small in comparison with the implications of (1) taking personnel into the
armed forces and thereby substantially
out of the private housing market, and
(2) obtaining armaments, supplies, and
services more or less directly, thus shortcutting normal trade and service channels. Both operated strongly toward
limiting the expansion of rents in the
war period.
Crowding of population in war-production centers did, of course, give rise to
acute shortages of space in such centers
and rental controls for housing were set
up in a number of areas—at the maximum, covering roughly one-half of all
nonfarm dwelling units. The rent controls for housing also tended to limit total
rents during the war years.
For peacetime, it is necessary to picture the normal situation. At a high
level of output, the flow of consumer
commodities and services is expanded,
and this calls for corresponding gains in
total rentals of business properties, especially for the trade and service industries. To take care of the larger flow
of consumer goods, an appreciable number of additional outlets will be constructed, in existing trade centers as well
as in newly developing areas. Consequently, the increase in total rents will
reflect both the rents paid by tenants
of new business quarters and the upward
adjustments in rents paid for old structures. The rise in the latter may be expected as the natural result of competition among proprietors for business locations.
In peacetime, also, the return of personnel from the armed forces puts additional pressures on housing such as did
not appear generally during the war period. The accumulated demand for
housing calls for new construction in
substantial volume. Furthermore, the
maintenance of consumer purchasing
power at high levels of employment will
enable families to live in more adequate,
and thereby higher rental, quarters.
Both factors will operate to raise the
residential rent total.
Scope and Qualifications
Before reviewing the historical rent
data in some detail, it must be stated
that the estimates for rents at both gross
and net levels are subject to a considerable degree of uncertainty. This results
in part from want of basic data for certain areas. As yet, for example, there
has been no census of nonfarm nonresidential structures.

Further, available basic data are not
necessarily in required form. A particular kind of gross income, for example,
may be called rent at one time or in one
context and elsewhere a gross receipt
from operations; or again, rents as reported may or may not include royalties
or payments for use of equipment. As
a consequence, the series discussed below
should be used with some caution.
They are adequate, however, for indicating the general over-all patterns of
gross rent flows from tenants in different industry groups to landlords of
different types and the scope of the net
income realized by individuals on their
real property holdings. And in lieu of
more precise information, these estimates
should serve constructively in staking
out general patterns for the areas they
cover.
Gross Rent Payments by Tenants
In spanning a 15-year period—of
prosperity, depression, recovery, and
war—rent payments by tenants displayed wide movements in levels as well
as significant shifts in the relative importance of components. Total rents
paid by all tenant groups fell from $11
billion in 1929 to $7.3 billion in 1933. by
1941, they had recovered to $10.4 and in
1944 reached an all-time record of $12.8
billion.
Rent payments by tenants of nonfarm
housing increased over the 1929-44
period and were comparatively resistant
to cyclical influences (chart 1). This
component accounted for 44 percent of
the total in 1929, 51 percent in 1933, and
46 percent in 1944. Farm rents displayed
the largest relative decline after 1929
and advanced sharply during the war
years. These rents constituted 15, 11,
and 19 percent of totals for 1929, 1933,
and 1944, respectively.
Rent payments by other tenant types,
as a group, declined less sharply during
the depression than did farm rents and
recovered more slowly. Thus, payments
in 1944 were still below the 1929 total.
In the 3 years selected, this composite
contributed 41, 38, and 35 percent, respectively, to total rents.
Factors Affecting Housing Rents
Rental rates always play a primary
part in determining rent totals, tending
to drop with recession and to rise as
times improve; characteristically, going
rates lag somewhat behind general conditions because they usually are based
on contracts made in advance. However, a second factor, namely, the num-

SURVEY OF CURRENT BUSINESS

March 1946

ber of properties in the many different
categories, becomes important with the
passage of time. The effectiveness of
this factor results not only from net
changes in the total number of properties but also from vacancy rates and the
relative size of tenant- as against owneroccupancy.
With respect to contract rents paid by
tenants of nonfarm housing, the interplay of the factors cited is readily illustrated. The outcome may be seen in
rent payments, which were at $4.8 billion in both 1929 and 1940, but which
were as low as $3.6 billion in 1934 and
as high as $5.9 billion in 1944. These
changes, as well as changes in underlying
factors, are reviewed below in index number and ratio form. The terminal year
shown is 1943, when housing rents totaled $5.7 billion, because necessary data
are not available for 1944.
Item
Total residential
r e n t (1929=
100)
Average rent per
u n i t (1929=
100)
N u m b e r
of
tenant-occupied u n i t s
(1929=100) —
Total number of
occupied units
(1929=100) ___
Tenant - occupied
as percent of
total occupied
units

1929

1934

1940 1943

100.0

75.2

99.6 119.0

100.0

66.1

74.4

78.4

100.0 113.8

133.8 150.4

100.0 105.8

121.5 132.5

53.5

57.5

58.9

60.7

In 1940, for example, the decline to 74
in the index of average rents expressed
in terms of 1929=100 was almost exactly
offset by a rise to 134 in the index of the
number of tenant-occupied units. The
latter condition resulted in part from a
21-percent increase in the total number
of occupied units, reflecting both the net
addition to total dwelling units and
changes in vacancy rates. But it was also
caused in part by a rise from 53.5 to 58.9
in tenant-occupied dwelling units as a
percent of total occupied units.
By 1943, the index of total rents for
nonfarm housing was at 119. The rise
from 1940 resulted from strengthening
of average rents and from increase in the
number of tenant-occupied dwellings.
Contributing to the gain in tenant housing were further advances in the total
number of dwelling units and in the percentage occupied by tenants.1

lower prices of farms. In fact, the drop
in the value of tenant-operated farm
properties between 1930 and 1940 was
roughly the same as the 1929-39 decline
in farm rents paid by tenants.
Rents in agriculture, reflecting farm
conditions, fell sharply after 1929 to $669
million in 1932, or nearly 59 percent.
But the subsequent rise was continuous,
save for 1938, and sufficient by 1944 to
bring these rents 47 percent above the
1929 figure.
Such pronounced swings must be explained in part by the fact that farm
rents are by nature more like a net income from operations than is true of
most nonfarm rents. For farms rented
on a share basis, for example, the income
divided between tenants and landlords is
net of most direct farming expenses. It
is true that landlords have taxes, mortgage-interest, and related deductions to
make before arriving at net income.
But the rent figure is already net of various farming expenses that are comparable to those which the housing landlord
has when he is an owner-operator.
Rents paid to the latter often include
amounts for heat and various other services in addition to a gross return on
property as such.
The point just noted also bears upon
the general level of total farm rents paid.
Since share rents take on the character
of operating net income, these tend to
be low as compared with rents in important nonfarm sectors, e. g., housing
and commercial property. The other
type of farm rent payment, namely, cash
rent, also is largely net of operator elements in that the role of the farm landlord as owner-operator of property is
minimized with respect to property

17
services. Cash rent, then, is essentially
a payment for unserviced use of property.
Another factor—cost cf capital replacement—operates in the same direction. With building values at roughly
one-fourth of farm land plus building
values, elements in gross rents needed to
cover depreciation would be lower for
farm property than for most nonfarm
property.
Importance of Trade Rents
Rent payments by tenants of nonresidential nonfarm properties in the
1929-44 period were, in the aggregate,
moderately smaller than nonfarm residential rents yet roughly three times as
large as farm rents in the more prosperous prewar years (table 1). Rents in
retail and wholesale trade easily dominate this group, accounting for over 40
percent of the total. These rents dropped
in depression years to about 60 percent of
the 1929 total but by 1944 had substantially recovered to the high of the
late twenties—a performance which
agrees closely with the pattern of the
group in total. Retail trade rents have
been larger than those paid in wholesale
trade in the ratio of about 7 to 1.
Rents paid in the service and finance
industries together, a combination dictated by statistical necessity, were about
two-thirds the size of trade rents during
much of the 1929-44 period. Their decline during depression was similar to
that in trade though later these rents
failed by a considerable margin to regain
the level of the initial year. As a result,
this group accounted for less than 25
percent of the nonresidential nonfarm
total in 1944, as compared with 30 percent in 1929. The recent relatively weak

Chart 1,-—Gross Rents Paid, by Type of Tenant
BILLIONS OF DOLLARS
16

12

Farm Tenant Rents
With respect to rents paid by farm
tenants, over-all shifts in tenant operation as against owner operation were
minor between 1930 and 1940, as seen in
data on farm values and farm acreage.
There was a small increase of about 7
percent, however, in total farm acreage,
although this was more than offset by
1
Incomplete evidence at this time suggests that the upward movement in the
tenant-occupied percentage may have been
reversed during the war in favor of owneroccupied housing. This possible reversal is
not reflected in the 1943 entry on line 5 of the
tabulation.
682064—46
3



1929 '30 '31

'32

'33 '34 '35 '36 '37 '38 '39

'40

'41

'42

'43 '44

D. D. 45-872

Source: U. S. Department of Commerce.

SURVEY OF CURRENT BUSINESS

18

March 1946

Table 1.— Gross Rents Paid, by Type of Tenant, 1929-44
[Millions of dollars]
Tenant group
Total
Farm
Nonfarm residential
Other
Mining and quarrying
Manufacturing
Public utilities
Trade
Service and finance
Construction
Government

1929

1930

11,034

10, 451

1.621
4,822
4,591
389
391
420
1,955
1, 361
33
42

1,316
4,747
4,388
320
407
344
1, 913
1, 330
31
43

performance must be attributed to the
finance component, which never regained its 1929 importance.
Three of the remaining private-industry groups—mining, manufacturing, and
public utilities—made rent payments in
the 1929-44 period that together approximated rents in service and finance. For
each, rents totaled about $400 million in
1929. The mining and quarrying group
dropped farthest during depression but
rose well above the others in war years.
Royalties as well as rents are included in
the estimates for this division. For
manufacturing, movements in rent payments were within a smaller range, with
the war years only slightly above the
1929 total.
The trend of rent payments of public
utilities, on the other hand, was definitely downward over the period. As
explained in the statement on sources
and methods, railroad payments of
"rents" are very largely excluded from
estimates for public utilities. Construction, the remaining private-industry division, made comparatively minor rent
payments throughout the period.
Ordinarily, rent payments made by
Government are unimportant to the
over-all rent total. Before 1940, these
did not exceed $50 million, including
State and local government rents of not
more than $15 million. But rents paid
by the Federal Government rose sharply
in the war years until the Government
total was above $300 million. Data for
Federal rents include payments for utility services, such as heat, power, water
and gas.

1931

1932

1935

1933

1936

1937

1938

1939

1940

1941

9, 361 i 8,116 7,291

7,375

7,726

8,191

8,687

8,751

9 021
,

9 415
,

10 425

906
669
4,560 4,134
3,895
3, 313
182
188
341
298
248 ! 235
1, 801 1,494
1, 251 1,030
29
26
43
42

880
3, 628
2, 867
248
276
192
1,187
901
24
39

990
3,722
3,014
260
272
231
1, 245
933
24
43

1 133
,
3,910
3,148
325
271
195
1 328
,
955
26
48

1 138
,
4, 195
3,354
426
290
196
1,423
941
29
49

978
4, 441
3,332
355
300
187
1 503
,
914
24 !
49

1 021
,
4, 601
3,399
351
301
207
1 532
,
932
26
50

1 069
,
4 804
3 542
377
307
215
1 578
973
26
66

1 442
5 157
3 826
445
323
228
1 7?0
977
26
107

765
3.726
2,800
163
266
210
1,236
859
26
40

non-Government recipients, thus bringing within this group nonprofit and similar quasi-individual organizations, as
well as proprietors in industries other
than real estate and farming. Government is the third landlord type.
It must be noted that for lack of sufficient data estimates of gross rents received by landlords are subject to wider
margins of error than rents paid by
tenants. Also, the inconsiderable size
of rents received by Government, and
uncertainty regarding the precise industry source of these receipts, led to the
assumption that all Government rents
were obtained from nonfarm nonresidential tenants. Consequently, the landlord analysis of rents provides a rough,
though reasonably accurate, indication
of the division of rents between business
and individual recipients.
Business landlords received nearly
one-third of total rents in the 1929-44
period (chart 2 and table 2). Rents
other than from farm and residential
sources accounted for one-half of the
business total in 1929. This source, how-

I

1942

1943

1944

11, 528 12, 342
1 872
,
5,505
4, 1 1
5
463
412
239
1 759
,
1 027
,
29
222

2, 1S5
5,739
4,418
506
425
248
1 81
,3
1 064
,
24
320

12, 845
2,384
5, 907
4, 554
562
424
256
1,899
1,097
19
297

ever, diminished in relative importance
over the period, especially during the
war years. Farm rents, after losing
ground during depression, made their
largest contribution in wartime. The
residential sector of business rents was
relatively resistent to depression.
Rents received by individuals were at
least twice as large as business rents in
the years 1929-44. Available information indicates that there has been no
appreciable change in the division of
rent receipts between business and individuals over this period. Individuals
typically receive three-fourths of all residential rents and about six-tenths of
both farm and other rents.
Rents and Relative Property Values
The gross rent data may be used in a
rough way to indicate the allocation of
the values of rented property among
the various categories. For such use,
however, it is necessary to allow for
differences in ratios of gross rent to property value.

Chart 2.—Gross Rents Received, by Type of Landlord
BILLIONS OF DOLLARS
16

I2

Rents Received by Landlords
By viewing rents from the standpoint
of landlords receiving these payments,
it is possible to develop an allocation
that complements the data on rents paid
by tenants. This viewpoint is valid for
rents in total as well as for rents in any
given industry group.
Three landlord groups are used and
estimates of total, agricultural, residential, and other rents received by these
landlords are shown. Business—the
first of the landlord groups—is defined
to include corporations and partnerships
plus two types of sole proprietorships;
namely, professional real-estate operators and farmers (the latter in the
sense of landlords living on farms to the
extent that they receive farm rents).
Individuals include all nonbusiness and



1929 '30

'31

*32

'33

'34

'35

'36

'37

'38

'39

'40

'41

'42

'43 '44

D.D. 45-873
Source : U. S. Department of Commerce.

SURVEY OF CURRENT BUSINESS

March 1946

19

Table 2.—-Gross Rents Received, by Type of Landlord, 1929-44
[Millions of dollars]

Total
Business, total
Farm
Residential
Other
Individuals total
Farm
Residential
Other
Government total

.-_
-

Other i

1929

1930

1931

1932

1933

11,034

Landlord and tenant group

10,451

9,361

8,116

7,291

3,617
624
1,124
1,869
7, 358
997
3,698
2, 663
59
59

3,392
495
1,106
1,791
6,996
821
3,641
2,534
63
63

2,979
345
1,063
1,571
6, 328
561
3,497
2,270
54
54

2,533
261
963
1,309
5,538
408
3,171
1,959
45
45

2,261
311
868
1,082
4,979
454
2,858
1,667
51
51

1935

1936

1937

1938

7,375

7,726

8,191

8,687

8,751 !

2,346
369
845
1,132
4,982
511
2,783
1,688
47
47

2, 449
399
867
1,183
5, 226
591
2, 855
1,780
51
51

2,654
464
911
1.279
5,482
669
2,999
1,814
55
55

2,790
466
977
1, 347
5, 833
672
3,218
1, 943
64
64

2,766
390
1,035
1,341
5,924
588
3,406
1,930
61
61

1934

|

1944

1939

1940

1941

1942

1943

9,021

9,415

10,425

11, 528

12, 342

12, 845

2,859
406
1,072
1,381
6,108
615
3, 529
1,964
54
54

2,974
423
1,119
1,432
6,384
646
3,685
2, 053
57
57

3,317
556
1,202
1, 559
7,049
886
3, 955
2,208
59
59

3,582
681
1,283
1,618
7,879
1,191
4,222
2,466
67
67

3,831
776
1,337
1,718
8,430
1,409
4. 402
2,619
81
81

4,004
863
1.376
1,765
8,743
1,521
4,531
2, 691
98
98

» All rents received by Government are assumed to be nonfarm nonresidential rents.

As already noted, the gross rents paid
by farmers tend to be low because service
and depreciation costs of farm landlords are relatively small. Consequently,
farm rents underrepresent somewhat
the relative importance of farm values.
Rents paid in the mining and quarrying
group, on the other hand, include royalties so that in this case some, if not
most, of the return is for depletion. This
would tend to overstate comparative values of mining property.
Comparison of gross rents of business
landlords with those going to individuals
also requires allowance for rent-value
differentials. Business landlords, largely
corporations, probably control most of
the large apartment-house and officebuilding properties where building services are extensive. This would make the
rent-value ratio for nonfarm property
of business landlords high compared with
that of individual landlords. Consequently as an indicator of relative property values, the division of gross rents
between the two types of owners is somewhat in favor of business.
Net Rents Realized by Individuals
Review of net rents is necessarily limited to realization of individuals only.
Nat rents realized by business appear as
part of business net profits and, generally, their identity is lost in basic source
materials. During the 1929-44 period,
the rental realizations of individuals
ranged from a low of $2.0 billion in 1934
to a high of $6.1 billion in 1944, when
they were larger than in any prior year.
The total encompasses (1) net rents
from farm properties realized by individual landlords not living on farms; (2)
net rents realized by individuals from

nonfarm rental properties, including
royalties but excluding room rents; and
(3) net returns imputed to individuals
on owner-occupied nonfarm residences.
The present net rent estimates represent revisions of prior Department of
Commerce series. In the future, these
will be incorporated into national income
data of the Department in substantially
the form presented below. Besides use
of modified statistical procedures, the
new estimates differ from earlier series
in three significant respects:
1. Net farm rents realized by landlords
living on farms are now excluded; such
net income, along with net rents imputed
on owner-occupied farm housing, will
become a part of entrepreneurial income
from farming.
2. The net income of unincorporated
enterprises in the real-estate industry,
formerly classified as net rents and royalties, is excluded from the new series;
it, too, will become part of entrepreneurial income.
3. Net rents imputed on owner-occupied nonfarm residences are now to be
included in the net-rent series.
From properties leased to tenants, individuals netted $3.2 billion in 1929, $1
billion in 1933, and $4.5 billion in 1944.
Farm properties contributed a minor
though changing share to these rental
returns; net rents from this type of
property fell from $500 million in 1929
to $100 million in 1932 and after recovery
climbed to more than $1 billion in 1944.
Rents from nonfarm properties—residential, commercial, etc.—had bettered
their 1929 total of $2.7 billion by 1943
and in the following year reached a peak
of $3.4 billion, which was four times as
large as the 1933 depression figure
(table 3).

Comparison with Gross Rents
As would be expected of a net return,
the rents realized by individuals from
leased property varied much more markedly than gross rents received. In the
case of farm property, the 1929-32 decline of 60 percent in gross rents became
a drop of 80 percent in net rents. Similarly, the 1944 peak exceeded 1929 figures
by 50 percent for gross rents, and by 100
percent for net rents. Spreads between
changes in gross and net rents were also
wide for nonfarm rented property. Compared with 1929, gross and net rents
dropped 30 and 70 percent, respectively,
by 1933 and in 1944 were 15 and 25 percent, respectively, above the base year.
The effect of these contrasting movements appears forcefully in ratios of net
to gross rent. For farm property, net
rent represented 50 percent of gross rent
in 1929, 25 percent in 1932, and nearly
70 percent in 1944. Corresponding percentages for nonfarm rented property
show net rents to be over 40 percent of
gross in 1929, less than 20 percent in
1933, and over 45 percent in 1944. Such
shifts in net-gross ratios must be attributed very largely to the fact that relatively fixed costs, mainly in the form
of property taxes, mortgage interest and
depreciation, play an important role in
the determination of net rent. On the
average, for the nonfarm area, these may
well account for more than one-half of
total expenses.
Return on Property Values
The net-gross percentages for rental
property require some comment with
respect to their general level. In 1940,
for example, net farm rents were nearly
50 percent of gross rent. Compared with

Table 3.—-Net Rents of Individuals, by Type of Property, 1929-44
[Millions of dollars]
Types of property
Total

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

5, 783

4,774

3,648

2,562

2, 044

2,018

2,207

2,590

3, 056

3,146

3,296

3, 428

4,040

4,947

5,727

6,080

Total rented properties

3, 246

2,547

1, 749

1,131

1,017

1,228

1,432

1,733

2,024

1,931

2,022

2,163

2,696

3,481

4,195

4,479

Rented farms
Rented nonfarm properties
Owner-occupied nonfarm residences

526
2, 720

379
2,168

185
1, 564

101
1, 030

176
841

239
989

293
1,139

367
1,366

341
1, 683

285
1,646

299
1,723

320
1,843

527
2,169

813
2,668

988
3,207

1,057
3,422

2,537

2,227

1,899

1,431

1,027

790

775

857

1,032

1,215

1,274

1,265

1,344

1,466

1,532

1, 601




20
profit-sales ratios in many types of retail
trade, this would be a high return.
But rents should be viewed as returns
on property values. Taken against
rented farm values, the gross farm rents
of 1940 become an 8.3-percent return for
the year. Deduction of all expenses except mortgage interest leaves a net return to mortgage and equity investors of
4.6 percent per year. The seeming lowness of the gross farm-rent percentage is
explained by the fact, noted in an earlier
section, that these rents cover only a
minimum of property-service and depreciation costs. Thus the net-rent percentage may be accepted as a not unreasonable return.
A similar analysis can be developed
for nonfarm rents going to individuals,
using for illustration a 10-percent annual
gross-rent return on current value. If
the net-gross rent ratio is at 32 percent,
as implied in 1S40 data presented herein,
and mortgage interest is assumed to be
at 15 percent of gross rent, the return on
current value amounts to 4.7 percent
per year. The result, of course, follows
from the three percentages used. Two
of the three are assumed and there is
some doubt concerning the exact level of
the third, since estimates underlying the
net-gross rent percentage were rnade
from quite different source materials.

SURVEY OF CURRENT BUSINESS

War Period Foreign Transactions of the
United States Government
^ such or through acceptance of foreign
i currencies restricted as to current use.

(Continued from p. 15)
around $7 billion and surplus military
installations costing $1 to $2 billion,
mainly in Europe and the Far East.
A large portion of these surpluses are
military aircraft and air bases for which
only very limited civilian demand exists.
Even more salable surpluses immediately
face careful foreign rationing of available dollars, on the one hand, and strong
pressure from this country to avoid saturation of potential markets for new
United States production, on the other.
Return of United States troops from foreign duty steadily reduces the possibility
of maintaining large surpluses abroad.
Under these generally unfavorable circumstances, there seems little reason to
expect substantial current dollar receipts
from the sale of surpluses abroad. Quick
sales of the major portion of the surpluses appear to depend upon the extension of United States credits, either as
Table 13.—-Installations Abroad, By
Country as of September 30, 19-15 x
[Millions of dollars]

Imputed Net Rents
As noted at the beginning of the section, net rents imputed on owner-occupied housing are to be included in the
national-income series for net rents realized by individuals. Rents of this kind
relate to nonfarm owner-used residences.
In 1929, the total imputed to individuals
amounted to $2.5 billion. This was
smaller than the net rents realized by
individuals from nonfarm property
rented to tenants and accounted for 44
percent of the total return on property
holdings of individuals. At $1.6 billion
in 1944, however, this imputed rent accounted for only 26 percent of the total
net return to individuals on rented property and owner-occupied housing combined.
Several factors contributed to the
comparative showing of net rents imputed on housing of home owners. At
the gross rent level, mention may be
made of the influence of lower rental
rates and a reduction in the percentage of total owner-occupied residences.
These were mainly responsible for a decline of about one-fifth in estimated
gross market rental values between 1929
and 1943. Also a causal factor was a
smaller net-gross rent percentage in
1943 than in 1929.




March 194G

Country

1,680

Grand total_
American Republics
Bra7il
Cuba
Panama
Other
British Commonwealth
United Kingdom
Australia and New Zealand.
Canada
India
Bermuda
Newfoundland and Labrador
British Caribbean possessions
British Pacific Islands
Other
China 2
Greenland
France and possessions
France...
Possessions
Italy
Japanese possessions
Marianas Islands
Ryukvu Islands
Other
Philippines
Other

262
44
92
34
92
1.300
43
193
305
205
80

105
24
6
25
50
051
194
58
77
158
13

134
13
36
36
49
604
144
29
34
168
2

127

26

97

191
97
59
286
56
207
168
39
87
484
263
108
113
209
170

45
20
60
84
21
453
413
40
258
59
43
2
14
Ei
f
278

75
28
28
89
14
327
305
22
78
140
123

New U. S. Credits Abroad
Lend-lease in World War II obviated
the necessity for the interallied loans of
World War I. But the aftermath of
World War II seems likely to be larger
United States Government credits abroad
than following 1918. Tremendous relief
and long-term reconstruction needs
abroad, the large volume of remaining
lend-lease inventories and post-VJ-day
credit transfers, the billions of dollars of
surplus installations and supplies abroad,
and the army civilian supplies provided
abroad during the war, together imply
dollar drains on foreign economies completely beyond the present resources of
the countries concerned.
United States Government pressure for
large current dollar payments in postwar
settlements and sales at best could succeed only by seriously impairing the market for this country's private exports.
Direct and guaranteed loans, lend-lease
take-out credits, outstanding bills for
civilian supplies, and participation in the
International Fund and Bank may well
involve $7 to $9 billion of additional
United States credit outstanding by the
end of 1947; credit sales of surplus property would increase this total. If such
credits are extended, their terms and
handling will be a major determinant of
the level of future international trade
and the future stability of international
financial and currency arrangements.

17
90
103

1 Cost figures cover total cost to U. S. including estimated value of troop labor and materials shipped from
U. S.; value of reverse lend-lease installations not included. Reverse lend-lease installations held are,
however, included in number column. Does not include large number of installations in Far East not yet
reported.
2
Does not include costs incurred since January 1,
1945.

Table 14.—Installations Abroad, By
i t Type, as of September 30, 1945J
[Millions of dollars]

Type of installation

Cost of No. of
instal- installations lations

Land
(thous.
acres)

Grand total

3,060

1,965

1, 680

Military, total2
Airports
Port facilities
Transportation
Camps and barracks
Storage
Hospitals
Other

2,969
1, 277
717
414
276
112
31
143

1,900
i 556
66
89
261
291
151
486

1, 650
922
144
21
317
140
9
98

65
13
11
20
21

29
1

Nonmilitary, total
Mining
Highways
Agricultural
Miscellaneous

91
43
32
15
1

i For explanation and limitations of data, see footnotes
to table 13.
»Includes 1,793 War Department installations costing
$1,964 million, and 107 Navy Department installations
costing $1,005 million.

SURVEY OF CURRENT BUSINESS

March 1946

S-l

Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SUEVEY OF CUKRENT 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.
I.1 nless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1945

1946
January

January

February

March

April

May

June

July

August

September

October

Novem- December
ber

BUSINESS INDEXES
INCOME PAYMENTS f
Indexes, adjusted:
Total income payments
1935-39«=100_
Salaries and wages
do...
Total nonagricultural income
do...
Total..
mil. of doL
Salaries and wages:
Total
.
..:..
...do...
Commodity-producing industries
do___
Distribution industries
do...
Service industries
do_._
Government
do...
Public assistance and other relief
do...
Dividends and interest
_
do...
Entrepreneurial income and net rents and royalties
—
__mil. of dol..
Other income payments
. do
Total nonagricultural income
...do

231. 6
2?0.0
228.0
12,936

241.9
268. 6
238. 7
13, 357

245. 2
269.8
239. 6
12,743

244.1
269.7
239.7
13,686

242.3
267. 5
238.1
13,194

241.9
265.8
237.7
12, 835

244.6
266.3
241.2
14,397

243.4
265.5
240.3
13, 585

236. 0
254. 9
232.7
12,674

229.0
243.4
226.7
13, 424

231.4
239. 5
229.5
13,531

235. 7
238. 5
232 2
13,075

234.1
236.1
230.5
14, 272

8,134
2,934
1, S97
1,381
1,822
80
1,122

§,516
3,954
1,809
1,256
2,497
80

9, 526
3.957
1,797
1,267
2,505
80
490

9,585
3,944
1,841
1,270
2, 530
80
1,344

9, 560
3,897
1,831
1,264
2,568
80

9,518
3,838
1.831
1,277
2,572
81
498

9, 572
3,831
1,859
1,292
2,590
81
1,853

9,445
3,746
1,886
1,314
2,499
81
955

9,021
3, 423
1,862
1,298
2,438
82
495

8,708
3,106
1, 890
1, 296
2,416
83
1,383

8,674
3,048
1,928
1, 316
2,382
85
870

8,543
3, 044
1, 966
1, 363
2,170
87
535

8, 525
3,046
2, 073
1,391
2,015
88
2,056

2.560
1,030
11,649

2.369
456
12,124

2,190
457
11,678

2,212
465
12, 591

2,276
470
11,987

2, 252
486
11,646

2,275
616
13,175

2,523
581
12,100

2, 504
572
11,200

2,586
664
11,868

3,042
860
11,588

2,909
1.001
11,312

2, 599
r
1, 004
• 12, 846

131
131
131

131
126
135

113
105
119

116
93
132

117
91
137

124
87
151

141
144
139

144
156
135

155
181
135

184
224
154

162
171
155

' 139
137
'140

149
166
136

144
147
142

144
150
140

151
169
138

148
171
130

152
167
141

121
87
147
148
159
139

140
142
139

139
135
142

130
122
'135

134
128
139

148
152
146

'144
143
'144

1, 651
1,537

1, 658
1,571

1,399
1,351

1,445
1,385

1,570
1,420

1, 526
1,454

1,551
1,529

1,905
1,805

1,870
1,820

1,977
1,961

2, 533
2,418

2, 250
2,210

' 1, 802
r
1, 786

237
278
327
246
196
267
290

203
312
408
248
207
264
285

208
294
377
239
223
235
293

2J4
296
385
236
228
231
278

219
293
356
252
236
246
308

230
287
331
258
235
261
307

272
282
330
250
235
241
317

274
274
310
249
228
234
341

295
256
293
231
213
211

364
261
299
236
206
228
323

333
282
325
253
201
260
340

'268
'282
331
' 250
'201
'252
345

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

231
281
307
237
188
239
330

330

PRODUCTION INDEXES
I n d u s t r i a l Production—Federal Reserre Index
225
164
232
211
229
171
230
188
167
232
P155
r 161
220
Unadjusted, combined index!. __
_1935-39«>100.249
245
240
248
249
223
177
171
173
v 159
196
234
' 167
Manufactures!
.do
345
335
343
323
292
195
187
344
191
p 165
308
' 240
' 184
Durable manufactures!
__
do
202
206
197
210
204
v 105
192
187
155
163
146
167
165
Iron and steelt
do
114
119
113
115
v 100
120
116
104
94
121
95
113
'87
Lumber and products!
do
146
140
142
144
P138
138
138
" 133
•
134
124
115
120
123
Furniture!
do
108
101
P80
99
97
113
112
107
108
98
82
81
'63
Lumber!
_
do
419
431
J>221
436
431
393
232
231
371
310
230
405
'230
Machinery!
.....
do
263
267
' 138
' 143
253
257
219
196
165
' 146
' 144
248
Nonferrous metals and products!
_.do
291
296
284
280
234
202
162
"133
141
146
146
272
Fabricating*
do
194
194
187
191
183
150
148
182
148
141
171
189
Smelting and refining*
do
165
161
156
156
166
P166
168
165
166
167
' 162
'159
167
Stone, clay, and glass products!
do
81
71
102
66
71
102
110
112
123
122
107
108
89
Cement
do
119
119
120
118
114
122
116
115
113
••123
v 133
128
115
Clay products*-.do
225
216
221
201
196
241
242
230
226
237
227
'247
236
Glass containers!
.do
651
676
572
695
706
535
273
••259
' 251
218
»216
405
610
Transportation equipment!
do
231
236
207
242
235
120
142
105
135
v 101
188
218
'94
Automobiles!
do
171
172
173
172
170
v 154
167
159
161
158
158
154
172
Nondurable manufactures!
.
.
do....
148
139
162
158
191
199
214
214
175
201
188
Alcoholic beverages!.„_„
_..do
147
320
321
315
319
316
261
239
232
Chemicals!
do
303
318
••231
'232
405
402
412
400
396
Industrial chemicals*
.do
407
409
368
386
371
'380
'370
122
122
126
125
114
Leather and products!
do
118
113
107
121
' 110
107
117
117
116
116
128
113
Leather tanning*
:do
115
103
97
110
108
' 113
113
125
126
132
123
114
Shoes
do
116
126
114
123
109
120
108
* Preliminary.
' Revised.
•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—I940, 759; 1941, 979; 1942,1,335; 1943,1,668; income from marketings—1940, 695; 1941, 930; 1942, 1,276; 1943, 1,612; the monthly
figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial production are shown on p. 18 of the December 1943 issue.
fEevised series. Data on income payments revised beginning January 1939; for figures for 1939-41, see p. 16 of the April 1944 Survey and for 1942-44, p. 20 of the May 1945 Survey.
The indexes of cash income from farm marketings have been completely revised; data beginning 1913 are shown on D. 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 m a y he found in the
1942 Supplement to the Survey

January

1946

March 1946

1945
January

February

March

April

May

June

July

August

September

October

Novem- December
ber

BUSINESS INDEXES—Continued
PRODUCTION INDEXES—COD.
I n d u s t r i a l Production—Continued
Unadjusted—Continued.
M anufactures—Continued.
Nondurable manufactures—Continued.
Manufactured food products!
1935-39«=!00.
Dairy products!
._-.do_._
Meat packing
do...
Processed fruits and vegetables*
.do...
Paper and products!
-do
Paper and pulp!
..-do..Petroleum and coal products!
do
Coke
._
do...
Petroleum refining!...„_
_
do
Printing and publishing!
do.._
Ruhber products!
__
do...
Textiles and products!
do
Cotton consumption
do...
Eayon 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._.
Manufaetures
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..I
Petroleum refining
do
Printing and publishing...
__.
.do...
Textiles and products
-do...
Tobacco products
do...
Minerals
.do...
Metals
do

114
P 208
v 150
138
234
142
P132
P146

v 115
P159
P143
P159
P163

p 167
P109

175
131
246
v 159

P150

131
P137
P134

118
P I 50

143
P139

143
* 88
171
105
136
132
273
167
289
99
247
150
145
215
146
121
134
145
66
151
148
68
234
251
345
126
118
253
162
87
125
200
175
213
317
113
113
155
H32
146
162
136
132
273
289
102
150
121
140
111

139
103
138
134
276
168
292
104
247
155
152
215
151
118
135
146
} 12
150
148
68
236
252
346
123
112
257
163
87
122
207
176
170
818
121
119
158
» 132
146
163
137
134
278
292
105
155
123
141
111

142
v 116
135
99
141
137
272
171
287
107
236
153
150
214
149
117
136
147
115
149
150
72
235
252
345
121
110
267
166
86
124
216
176
148
319
122
117
160
»138
146
180
141
137
272
287
1C5
153
123
142
111

145
v 149
125
104
141
136
268
161
284
108
233
149
143
218
142
115
140
145
131
138
150
109
230
247
336
119
109
263
167
85
122
225
174
144
318
122
118
160
» 143
134
170
140
136
268
284
105
149
120
140
111

146
*>178
132
97
142
137
273
168
289
106
224
150
142
221
146
128
141
143
47
145
152
131
225
240
323
118
108
248
162
85
115
221
173
136
319
121
115
153

106
112
88
79
138
86
125
121

102
107
82
82
140
85
119
116

109
118
78
83
149
95
132
135

105
111
75
80
148
88
131
131

11
4

119
165
131
129
*>240
153

166
*>155
134
242
144
138
184
152

153
v 120
133
rl65
143
139
p 156
116

151
p 100
171
117
142
138

218
132
123
220
117
133
145
148
117
146
153
125
210
222
292
110
98
196
169
93
117
239
165
193
307
109
109
147
*>148
140
134
135
131
*>267

107
1&3
134
123
213
127
155
143
146
102
144
152
124
186
194
239
107
98
165
160
97
110
217
157
173
265
108
$8
138
p 146
133
101
131
129
»240

110
172
144
138
215
142
169
137
139
114
148
138
123
167
173
164
98
89
'138
161
07
110
243
156
192
239
119
112
144
P 148
141
109
143
138
» 184

117
••191
141
128
215
147
173
125
126
120
110
133
116
162
168
186
91
76
'143
' 161
106
'116
235
154
201
'230
112
107
143
v 145
129
r 128
143
139
p 156

118
r 192
146
133
226
150
157
134
143
112
159
141
'80
168
173
'191
96
83
'146
158
113
'119
235
158
216
'230
116
'109
150

105
132
128
143
109

111
134
150
140
105

109
144
160
134
106

115
141
167
124
108

157
»212
131
174
134
130
»267
165

132
149
141
136
273
289
105
150
128
138
110

150
» 209
139
107
142
137
269
163
285
105
222
150
144
220
144
145
147
150
129
153
151
129
220
233
308
116
104
219
166
95
121
223
173
139
318
127
119
151
P 143
141
139
142
137
269
285
106
150
139
144
109

104
109
75
75
150
87
124
132

95
99
69
66
127
84
109
127

151

84
85
63
53
108
71
94
117

P133

P185

P173

147

P154

155
127
142
138
P 173
114
146
154
138
-•109

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
MANUFACTURERS' O R D E R S , S H I P M E N T S ,
AND INVENTORIES
186
252
223
186
195
260
166
227
133
180
New orders, index, total!
avg. month 1939«= 100..
'183
179
351
182
121
53
160
Durable goods
.
do
267
326
267
177
171
176
432
177
119
283
191
83
176
Iron and steel and their products..
..do
181
270
320
270
459
363
110
178
Electrical machinery
...do
371
490
403
207
239
(
0
170
345
153
112
296
369
277
147
147
Other machinery.
„..
...do
'161
162
240
154
221
266
130
144
Other durable goods
do
207
170
'146
190
192
202
181
194
202
220
197
192
193
Nondurable goods..
...do
'191
247
281
268
222
210
204
Shipments,index, total!
do....
261
287
286
269
'202
320
382
356
262
216
389
361
203
Durable goods
_
.do
'200
354
394
247
314
270
182
118
102
Automobiles and equipment.._
do
322
313
287
119
278
238
288
262
198
194
182
Iron and steel and their products
do....
184
242
273
286
272
232
295
277
191
157
167
Nonferrous metals and products.
.do
303
310
288
192
275
464
504
505
397
305
288
Electrical machinery
do
285
434
532
512
496
363
410
422
295
254
256
Other machinery
.do
440
406
'232
385
429
1,594
2,046
1,735
1,233
796
592
'529
Transportation equipment (exo. autos)
do
2,314
2,072
1,779
2,190
214
229
232
199
190
197
230
230
Other durable goods...
do
'178
207
223
196
210
207
194
206
205
Nondurable goods
do
204
196
213
215
206
214
228
217
201
199
192
Chemicals and allied products
do
'201
209
228
239
217
221
214
217
213
241
236
Food and kindred products
_
do
219
208
'230
212
224
166
184
185
173
183
178
Paper and allied products
do
183
171
183
187
182
199
195
196
183
183
153
Products of petroleum and coal
_.do
202
196
165
184
194
274
351
333
255
200
260
Rubber products
do
212
311
351
356
333
154
189
198
165
167
167
Textile mill products...
_
do...
196
188
165
176
198
177
205 I
192
184
197
208
Other nondurable goods
_
do
207
200
203
203
180
r
Revised.
p Preliminary.
1 Value of orders cancelled exceeded new orders received.
*New series. D a t a beginning 1939 for t h e new series under industrial production are shown on p p . IS and 19 of the December 1943 Survey. Indexes of munitions production have
been revised to incorporate corrections in the basic data and weights changed to unit prices in 1945 instead of 1943, as formerly; except for this change in weighting, the description
of the indexes published on p . 24 of t h e F e b r u a r y 1945 Survey is applicable to the revised data; revised m o n t h l y averages for 1940-45 are shown on p . 32 of the F e b r u a r y 1946 Survey;
revisions in m o n t h l y data published prior to the J a n u a r y 1946 Survey will be published later.
!Revised series. For revisions for t e e indicated unadjusted indexes and all seasonailv adjusted indexes shown above for the industrial production series,see table 12 on p p . 18-20
of t h e December 1943 issue. Seasonal adjustment factors for a number of industries included in the industrial production series shown in t h e Survey havebeen f xed at 100 beginning
various m o n t h s from J a n u a r y 1939 to July 1942: data for these industries are shown only in the unadjusted series as t h e " a d j u s t e d " indexes are the same as the unr djusted. T h e
of new orders were revised in the November 1945 Survey (see note in that issue for an explanation of the revision); the indexes of shipments were revised in t h e February and
indexes
M a r c h 1945 issues; data beginning 1939 for both series are available on request.



March 1948

SURVEY OF CURRENT BUSINESS

Uiiletm otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1946
January

S-3

1945
January

February

March

April

June

May

July

August

September

October

Novem- Deccru
ber
ber

BUSINESS INDEXES—Continued
M A M B C T I P . F R S ' ORDERS, SHIPMENTS,
AND INVENTORIES—Continued
Inventories:
index, total
avg. month 1939*= 100.
Durable goods
-..
do
Automobiles and equipment..
do
Iron and stec 1 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 arid allied products
do....
Food and kindred products
do
Paper and allied products
do
Petroleum refining
do. _.
Rubber products
do. . .
Textile-mill products......do
Other nondi rable goods
do
Estimated value of manufacturers' inventories*
mil. of. doL.

K6.9
189.6
228.1
117.9
145.0
316.9
217.8

165.7
188.7
229. 9
116.1
145.9
309. 3
218. 5

164.8
188.9
230.8
113.7
149.9
317.3
221.0

163. 9
189.5
231.1
114.1
150. 0
317.3
221.1

163.1
189.2
223.0
117.5
145.5
314.8
220.1

162.7
188.7
217.4
118. 8
145.4
320.1
213.7

164.1
187.3
215.0
121.2
145. 6
314.0
209.5

164. 3
184.9
171.4
122.5
145.9
304.3
210.1

164. 6
184. 7
173.2
123.3
145. 6
299.1
209.2

165.6
181.7
177.9
123.0
136.3
290.4
206.1

' 166. 5
' 177. 4
' 175. 3
'124.0
' 134.1
282.3
' 208.7

164. 5
171. 9
176.7
119. 0
137.8
250. 5
209.1

793.6
104.4
147.0
152.1
164.4
131.8
108.1
170.6
12?. 8
162.2

786- 4
105.1
145. 6
151.8
154.4
133.0
108. 5
176. 7
123.5
165.8

768.3
105.0
143. 7
151.3
148.4
134. 3
108.7
175.5
123.2
164.4

772. 9
106. 3
141.5
150.5
144.2
134.3
108.0
175.3
120.3
162. 6

779.9
105.3
140.3
152.8
143.2
133.6
107.4
178.3
119.6
157.7

794. 7
104.9
139. 9
153. 5
143.7
136.0
107.3
178.7
116. 5
156.5

791.5
102.1
143.7
156.1
154. 6
140.0
108.8
183.3
118.1
156. 3

821. 6
101.9
145.7
158. 8
156.1
144.0
110.8
182.4
115.7
161.4

819.1
102.7
147.1
159.9
158.0
144.9
109.1
177.4
115.5
166.2

792.1
103.1
151.5
161. 2
164.5
148.3
111.7
167.7
121.1
172.4

' 686. 7
103.1
' 157. 0
' 162. 2
' 177.1
150.7
113.6
' 167.1
' 127. 6
'175.8

620.8
106. 6
158.0
164.9
178.2
157.8
112.3
.129.5
174. 9

16, £89

16,468

16,378

16,293

16, 212

16,167

16, 307

16, 973

16, 364

16,457

• 16, 554

16, 348

62
3
13
24
14
8
3,114
344
225
2,194
209
142

60
7
8
21
14
10
1, 268
60
225
721
135
127

42
5
2
23
10
2
1,824
372
107
1,141
125
79

3,010

3,507

205
203
178
161
375
182
217
235
213
206
203
202
218

207
206
178
162
378
184
230
223
213
207
204
204
222

BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
(17. S. Department of Commerce)
Operating businesses, total, end of quarter .-thousands...
Contract construction
do
Manufacturing
do
Wholesale trade...
do....
Retail trade
do
Service industries
do
Allother
do. .
_do
New businesses, quarterly
Discontinued businesses, quarterly . _
. do
do
Business transfers, quarterly

3,090.6
115 8
223 5
122.4
1,468 4
585 7
574.8
134.3
51 0
59.9

INDUSTRIAL AND COMMERCIAL FAILURES
(Dun and Bradsireet)
Grand total
_ _ _. _ _ number.
.do
Commercial service. .
Construction
do
do. .
Manufacturing and mining _ _
do
Retail trade
Wholesale trade
. . . . ..
.
do
Liabilities, grand total__
. t b o u s . of d o l . .
Commercial service
___ .
do
Construction
do
Manufacturing and mining
do
Retail trade
do
do...
Wholesale trade
_.

80
8
10
34
26
2
5,883
2,622
855
2,128
254
24

66
11
8
17
26
4
1,557
809
241
301
14?
64

1,682

1,341

p 3,186. 4

3,136. 5
112 2
221 3
123. 3
1,497. 7
590 8
591.2
88.2
42.4
41.0

*>93. 7
»43.8

3,880
69
175
3,067
409
160

90
8
7
26
43
6
980
54
140
464
215
107

72
5
7
26
28
6
2,208
61
102
1,771
175
99

61
5
5
19
28
4
3,198
134
81
2,420
515
48

72
9
9
19
30
5
3, 659
82
1, 135
1.665
468
309

56
5
8
21
17
5
1.166
217
186
595
133
35

64
16
5
24
17
2
1,658
424
87
780
347
20

1, 552

1,562

1,662

1, 659

1,631

1,817

2,072

206
210
173
162
364
169
237
269
217
203
216
191

206
207
169
161
364
171
237
244
221
205
215
192
197

204
202
167
158
367
172
214
240
215
206
212
195
207

197
191
167
157
365
175
217
159
213
203
207
197
201

85
5
10
26
37

7

BUSINESS INCORPORATIONS
N ewineorporations (4 states)

. _

-

number

5, 521

2,861

COMMODITY PRICES
P R I C E S RECEIVED BY F A R M E R S !
U. S. Department of Agriculture:
Combined indexf
Crops
Food grain
Feed grain and hay
Toba<co__
Cotton
Fruit
Truck crops
Oil-bearing crops
.
Livestock and products
Meat animals
Dairy products
Poultry and eggs.-

1909-14= 1C0.
__.do-.do
_d<--do..._
.do...
do...
.do...
do...
do.._
do
do...
.do

206
207
179
164
375
180
225
249
213
204
206
203
197

201
200
169
163
365
163
205
262
214
202
203
202
199

199
197
169
164
360
161
211
223
215
201
209
200
183

198
196
171
166
359
163
211
203
2J5
200
211
198
175

203
204
172
162
362
163
221
259
215
201
215
194
176

200
198
172
161
363
165
227
193
218
202
217
192
179

U9
196
175
160
373
180
219
181
210
202
202
199
204

COST O F LIVING
Nat'onal Industrial Conference Board §
105.7
106.9
106.2
106.6
106.9
.105.5
Combined index
1923 = 10
106.7
1C5.4
106. 2
107.1
106.3
105.8
94.2
94.6
94.7
94.3
Clothing..
_
.do
94.6
94.6
94.9
94.9
94.9
94.5
94.8
94.9
112.1
114.9
112.7
Food
do
111.2
111.6
112.9
114.9
113.9
110.8
114.8
113.9
112.8
95.8
97.3
96.1
96.2
Fuel and light
..do.
97.1
97.4
96.0
96.3
97.5
96.1
96.9
97.4
91.0
91.0
91.0
Bousing
do
91.0
91.0
91.0
91.0
91.0
91.0
91.0
91.0
91.0
114.9
115.1
Sundries
.do
115.3
115.3
115.5
115.3
115.7
115.4
116. 2
115.5
115.4
115.5
' Revised.
* Preliminary.
§Beginning in the April 1945 Survey, indexes are computed with fixed budget weights; the wartime budget weights used in computing indexes shown in the June 1943 to March
1945 issues have been discontinued, as indexes computed with these variable weights differed only slightly from those with fixed budget weights.
*New series. Data for inventories of nonferrous metals and their products were included in the "other durable goods" index as shown in the Survey prior to the May 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 May 1943 issue. For earlier figures for the series cn operating businesses and business turn-over and a description of the
data, see pp. 9-14 and 20 of May 1944 Survey, pp. 7-13 of July 1944 issue, and pp. 18 and 19 of Mayr 1945 issue; these issues provide more detailed figures than those above.
tThe indexes of prices received by farmers are shown on a revised basis beginning in the March 1944 Survey; revised data beginning 1913 will be published in a subsequent
issue. Data for February 15, 1946, are as follows: Total, 207; crops, 213; food grain, 180; feed grain and hay, 166; tobacco, 368; cotton, 186; fruit, 233; truck crops, 275; oil-bearing crops,
212; livestock and products, 202; meat animals, 214; dairy products, 202; poultry and eggs, 168. See note marked "*" in regard to revision of the index of inventories of "Other
durable goods" industries.




S-4

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1946
January

March 1946

1945
January

February

April

March

May

June

July

August September

October

Novem- December
ber

COMMODITY PRICES—Continued
COST O F LIVING—Contimied
U. S. Department of Labor:
Combined index § .
Food-- . _
Fuel, electricity ard ice
Housefurnishings
Rent_Miscellaneous

1935-38«= 100..
- - -

-

do
do
- do
..do
- do. __

129.9
149.5
141.0
110.8
148.5
125.2

127.1
143 0
137.3
109. 7
143.6
0)
123. 3

126.9
143.3
13G. 5
110.0
144.0
0)
123.4

126.8
143. 7
135. 9
110.0
144.5
1
108.3
123.6

143.0

139.7

139.6

141.0
109.4
136. 4
180.8
131.4

98.7
104.8
137.3
108.7
133. 5
168.9
130.2

99.7
105.0
136. 5
108.7
133.5
168. 9
130.7

113.5

113.4

108.0
105.3
113.9
115.7
111.8

108.2
105.4
113.5
115.6
112.2

104.9
101.3
115.1
94.9
126.2
129.3
131.1
100.1
104.7
94 7
110.8
114 4
106.4

0)

i

127.1
144.1
136.6
109.8
144.9

128.1
144.6
138.8
110.0
145.4

0)

0)

129.4
145.9
141.7
111.2
145.6
124.3

123.8

123.9

129.0
145.4
141.1
110.0
145. 8
i 108. 3
124.0

139.6

139.9

141.0

142.1

142.4

142.2

142.0

141.8

142.2

'143.

99.5
105.1
135. 9
108.7
133. 5
169. 5
130.8

98.8
105.0
136.6
108.9
133.5
173.3
130.8

98.7
106. 6
138.8
109.0
133.5
182.5
131.6

98.9
107.1
141.1
109,1
133.4
192.6
131.6

106.0
307.2
141.7
109.1
133.4
191.8
131.6

106.1
107.4
140.9
100.1
133.4
183.5
131.8

106.3
107.4
139.4
109.1
133.4
172.5
131.6

106.2
107. 5
139.3
109.1
133. 3
172.5
131.0

106.2
107.5
140.1
109.1
135.9
172.3
131.0

107.
107.
141.
109.
136.
177.
131.

113.4

113.4

113.4

113.4

113.4

113.4

113.5

113.5

113.5

113.5

113.

108.2
105. 4
113.5
115.6
112.2

108.2
105.4
113.5
115.6
112.2

108. 2
105.4
113.5
115.6
112.2

108.2
105.4
113.5
115.6
112.0

108.2
105. 4
113.5
115.6
112.0

108.2
105.4
113.7
115.5
112.0

108.1
105.4
113.8
115.6
112.0

108.1
105.4
113.9
115.7
112.0

108.1
105.4
113.9
115.7
112.0

108.1
105.3
113.9
115.7
112.0

108.
105.
113.
115.
112.

105.2

1G5.3

105.7

106.0

106.1

105.9

105.7

105.2

105.9

106.8

*107.

101.5
115.6
95.0
127.0
129.8
133. S
100.2
104.7
94 9
110. S
118 1
106.5

101.6
115. 7
95.0
127.2
129.8
135.6
100.4
104.6
95.1
110.8
115. 9
1C7.7

101. 8
116.8
95.0
129.0
130.5
136. 4
100.5
105. 8
95.4
110.7
123.4
108.2

101.8
117.7
95.0
129.9
129.1
135.5
100.6
107.0
95.4
110.6
131.4
108.6

101.8
118.2
95.4
130.4
130.2
134.4
100.7
107.5
95 5
110.5
134 7
108.3

101.8
117.5
95.3
129.0
128.6
133.3
100.7
106.9
95 3
110.5
130 3
108.0

101.8
116.3
95.5
126.9
126.4
130.7
100.9
106.4
95.1
110.6
124.3
107.9

101.7
114. S
96.5
124.3
126.6
128.5
100.9
104.9
95.1
110.3
117.5
107.9

101.9
116.6
96.8
127.3
130.2
130.5
101.0
105.7
95 3
110.4
116 3
10719

102.2
118.9
96.9
131.1
132.9
131.8
101.3
107.9
95 5
113. 2
123 8
107.9

M02.
119.
97.
131.
133.
129.
p 101.
108.
95.
113.
128.
107.

99.1
116.8
110.4
97.4
154.2
106.3
94.9
95.8
106.9
81.9
102.0
83.3
60.0
75.7
64.3
117.5
114.8
101.3
126.3
104.5
107.5
101.5
104.0
97.7
85.9
92.4
99.6
107.4
119.7
71.5
30.2
112.7
94.2
73.0
107.6

99.2
117.0
110.5
99.0
154.4
106.4
94.9
95.8
106. 9
81.9
102.0
83.3
61.1
76.9
64.3
117.6
115.4
101.3
126.3
104.5
107. 5
101.5
104.2
98.0
85.9
92.4
99.7
107.4
119.9
71.5
30.2
112.7
94.6
73.0
108.0

99.2
117.1
110.7
99.4
154.3
106. 3
94.9
95.8
106.8
81.9
102.0
83.4
59.0
77.7
64.3
117.8
116.4
101.3
126.3
104.5
107.5
101.5
104.2
98.1
85.9
92.4
99.7
107.4
119.9
71.5
30.2
112.7
94.6
73.0
108.0

69.3
117.1
110.6
99.4
164.4
106.3
94.9
95.8
106.8
81.9
102.0
83.5
58.7
77.0
64.2
117.9
117.0
101.3
126.3
104. 5
107. 5
101.5
104.2
98. 1
85.9
92.4
99.6
107.4
119.7
71.5
30.2
112.7
94.8
73.0
109.0

99.4
117.3
110.7
99.4
154.9
106 4
94.9
95.8
106.8
81.9
102.0
83.7
58 5
76.4
64.2
117.9
117.0
101.3
126.3
104.5
107. 5
101.5
104.3
98.4
85.9
92.4
99.6
107.4
119.7
71.5
30.2
112.7
94.8
73.0
109.0

99.6
117.4
110.9
99.4
154. 9
106.3
95.0
95. 9
109.5
80.4
102.0
83.9
59.6
78.0
64.2
118.0
117.3
101.3
126.3
104.5
107.5
101.5
104.7
99.1
85.9
92.6
99.6
107.4
119.7
71.5
30.2
112.7
94.8
73.0
109.0

99.7
117.5
111.7
99.4
155.1
106.1
95.3
96.1
110.2
81.1
102.0
84.3
60.3
77.8
64.2
118.0
117.6
101.3
126.3
104.5
107.5
101.5
104.7
99.1
85.9
92.6
99.6
107.4
119.7
71.5
30.2
112.7
94.8
73.0
109 0

99.9
117.8
111.6
99.4
155.3
107.3
95.3
96.1
110.2
81.1
102.0
84.8
61.5
78.0
64.2
118.0
117.8
101.3
126.3
104.5
107.5
101.5
104.7
99.1
85.8
93.4
99.6
107.4
119.7
71.5
30.2
112.7
94.8
73.0
109.3

99.8
118.0
112.4
99.6
155.0
107.6
95.3
96.1
110.2
81.1
102.0
84.1
65.5
80.2
62.6
118.7
118.1
103.8
126.3
104.6
107.7
101.5
104.9
99.6
85.7
95.0
100.1
107.4
121.3
71.5
30.2
112.7
94.8
73.0
109.3

100.1
118.3
115.2
99.9
155.2
107.6
95.5
96.4
110.3
81.9
102.0
84.2
66.7
79.8
62.1
118.6
117.6
103.8
126.3
104.7
107.9
101.6
105.0
99.8
85.7
95.0
101.0
107.4
125.0
71.5
30.2
112.7
94 8
73.0
109 3

100.2
118.7
116.7
100.1
155. 5
107.7
95.7
96.7
110.7
81.9
102.0
84.6
68.0
79.1
61.7
118.8
117.6
103.8
126.7
104.7
107.9
101.6
105.2
100.2
85.8
95.0
101.1
107.4
125.1
71.5
30.2
112.7
94.8
73.0
109.3

M00.
119.
116.
100.
157.
107.
96.
97.
112.
81.
102.
84.

76.7
78.7
72.7
53.0

76.5
78.8
73.2
53. 5

76.4
78.9
73.5
53.7

76.1
78.7
73.1
52.5

75.9
78.1
71.9
53.2

75.9
77.5
70.8
51. 6

75.9
77.3
70.5
51.6

76.1
77.3
70.9
52.1

76.5
77.6
71.6
54.1

75 9
77.6
71.7
53.5

75.3
77.3
71.3
51.9

75
77
70
51

0)

129.3
146. 4
140.9
111.4
146.0

128.9 j
149 5
139.3

124.5

128.9
148.2
139.4
110.7
146.8
i 108.3
124.6

146.9

129.3
148.7
140.1
110.1
147.6

no. 5

129. <
149. <
141.'

no.:
148. <

124.7

0)

124.6

i los.:

0)

124.$

RETAIL PRICES
CJ. S. Department of Commerce:
All commodities, index*
1935-39=100
D. S. Department of Labor indexes:
Anthracite
.
.1923-25-100
Bituminous coal
do
Food, combined index
1935-39=100
Cereals and bakery products*
do
Dairy products*
_
do
Fruits and vegetables*
. . ._
do._ _
Meats*
do
Fairchild's index:
Combined index
-Dec. 31,1930=100..
Apparel:
Infants'
do
Men's .
_ do
Women's
..
„
, do
Home furnishings
_ do
Piece goods
....
_.do._ .
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 series)
1926=100.. v 107.1
Economic classes:
i
p 102. 9
Manufactured products.
do
Raw materials.
_ _ __ _ _ _
do
118.3
97.6
Semimanufactured articles
do
129.9
Farm products... . _.
._do
Grains
do
133.8
131. 5
Livestock and poultry - _
.
.
do
Commodities other than farm products
do..... M01.9
107. 3
Foods
_
. . . .
. d o
95 8
115.0
Dairy products
. .
do
125 7
108.1
Meats
_ do
Commodities other than farm products and foods
1926-100.. v 100.8
120.0
Building materials
do
Brick and tile
do
116.9
101.1
Cement. __ _ „
_
do
158.5
Lumber
do
107.8
Paint and paint materials....
do
96.0
Chemicals and allied products!
. do.. _
Chemicals
. .
do
97.1
112.1
Drugs and pharmaceuticalsf
__ d o . . .
Fertilizer materials . . . do
81.9
Oils and fats...
. . do _ _ 101.7
Fuel and lighting materials _ .
do
84.9
Electricity—.
„
do . _
Gas.
.
do
61.5
Petroleum products .
do
119.4
Hides and leather products.-„
do
117.6
Hides and skins
.
. _ do
Leather..
__.
do
103.8
127.9
Shoes
do
106.2
Housefurnishing goods
do
Furnishings . . .
do
109.7
102.8
Furniture
do
105.7
Metals and metal products
.
do
Iron and steel
do
101.2
85.7
Metals, nonferrous
. do...Plumbing and heating equipment _
do
95.0
Textile products
.
do
101.6
Clothing
do .
107.4
Cotton goods
__ . _. .
do
125.6
75.2
Hosiery and underwear
do
30.2
Rayon
„
do
112.7
Woolen and worsted goods
do_.__
95.3
Miscellaneous..
__
do
73.0
Automobile tires and tubes
_ . do
Paper and pulp
do
112.0
Wholesale prices, actual. (See respective commodities.)

77.
61.
118.
117.
104.
126.
104.
107.
101.
M05.
101.
85.
95.
101.
107.
125
73
30
112
94
73
109

PURCHASING POWER OF THE DOLLAR
As measured b y Wholesale prices
Cost of living..
Retail food prices
» __
Prices received by farmersf

-

1935-39=100
do
do
. _ . . do .

75.1
77.0
70.8
51.6

p Preliminary.
r Revised.
Rents collected semiannually for most cities in index (in March and September pr June and December); indexes are held constant in cities not surveyed during quarter.
• New series. For H 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 February 1945 Survey; revisions are shown on p. 31 of February 1946 Survey. 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; see p. 23 of November
1945 Survey for 1941-43 data. The index of purchasing power of the dollar based on prices received by farmers has been shown on a revised basis beginning in the April 1944 Survey.
§This index and a similar series on p. S-3 are designed to measure the effect of changes in average retail prices of selected goods and services on the cost of a fixed standard of
fixi
he
living; the Department of Labor has therefore changed the name of its index to "consumers' price index" to avoid misinterpretation.
1




March 1946

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1946
January

S-5

1945
January

February

March

April

May

June

July

October

August

Novem- December
ber

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction, total—..
..mil. of dol—
Private, total
do
Residential (nonfarm)._
do
Nonresident!al building, except farm and public
utility, total
_
mil. of dol__
Industrial
„____
do
Farm construction
„_-__._
do___.
Public utility
__do._Public construction, total..
.
.
do
Residential
do.—
Military and n a v a l . . . . . .
_
do
Nonresidential building, total
.do
Industrial
..
— _.
do
Highway
____„
_
do
All other
____„„_„
_„
______do

73

'420
'265
82

r 447
'289
95

'468
'334
117

'469
'368
134

78
51
34
£2
196
7
57
77
60
29
26

87
57
30
'55
195
'7
56
69
49
34
29

104
67
23
'56
155
3
42
45
,22
36
29

122
78
15
'57
158
3
42
45
20
36
32

148
88
12
'57
134
2
34
36
12
31
31

173
99
6
'55
'101
'2
'18
'32
'10
'21
'28

61
24
54
23

65
24
61
24

70
26
69
26

78
35
83
36

83
42
94
44

108
'56

512
417
150

277
113
25

289
118
23

324
141
26

360
164
34

398
187
45

412
203
58

428
232
68

'440

202
111
8
57
95
2
18
30
9
16
29

47
32
6
'35
164
7
43
81
70
15
18

54
39
5
36
171
7
46
85
76
14
19

63
46
11
41
183
7
51
92
81
15
18

71
52
16
43
196
8
54
97
84
18
19

76
53
21
45
211
9
60
97
83
24
21

77
52
21
47
209
9
r
9
89
73
29
23

*>88
*50
*108

39
11
48
14

50
12
59
13

71
16
72
15

79
21
70
18

70
24
58
20

59
24
50
22

••245

CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. Indexes):
Total, unadjusted
. . . 1923-25=IOC.
Residential, unadjusted
._.
do
Total, adjusted
„__
_
do
Residential, adjusted
_
do
Contract awards, 37 States (F. W. Dodge Corp.):
Total projectsnumber..
Total valuation
.
thous. of dol..
Public ownership.
„
do
Private ownership
do
Nonresidential buildings:
Projects..
numberFloor area
„__„__
thous. of sq. ft..
Valuation
.thous. of dol.
Residential buildings:
Projects
....
number..
Floor area
..thous, of sq. ft_.
Valuation
.„
thous. of dol__
Public works:
Projects
...numberValuation....
_
thous. of dol.
Utilities:
Projects.
_.__
_..
number..
Valuation
.
thous. of dol—
Indexes of building construction (based on bldg. permits,
U.S.Dept. of Labor):f
Number of new dwelling units provided. 1935-39«* 100..
Permit valuation:
Total building construction.._
do
New residential buildings..
do
New nonresidential buildings
_
do
Additions, alterations, and repairs
do
Estimated number of new dwelling units in nonfarm
areas (U. 8. Dept. of Labor):
Total nonfarm*
____
numberUrban, totalV-»__do .
1-family dwellings
I.do.I"
2-family dwellings
.
_do
Multifamily dwellings
...I.IldoIIII
Engineering construction:
Contract awards (E. N . R.)l---~
thous. of dol—

P60

15, 332
7,210
357, 501 140,949
46, 715 74,960
310, 786 65,989

6,853
9,894 11,188 12,916 12, 751 12, 289 11,416
146,957 328,874 395, 798 242,523 227, 298 257, 691 263,608
74,153 221,448 309,004 147,626 81,717 108, 447 67,452
72,804 107, 426 86, 794 94,897 345,581 149, 244 196,156

15,481
12,004 13,342
278, 262 316,571 370,087
43,346 60, 554 60,819
234,916 256,017 309,268

14, 298
330,685
61,821
268,864

3,652
4,088
25,407 20, 602
211,317 241,107

3,004
13, 569
87,414

5, 332
4,089
4,450
4,224
4,113
4,731
5, 012
37, 656
13, 744 21,350 22, 656 32, 700 35, 330 39,871
90, 479 121, 561 143,353 181,033 195, 626 207,671 193, 589

4,650
5,331
26,943

5, 555
10,753
42,745

7,436
10, 237
47, 206

6,184
7,716
41, 779

6,277
8,385
46, 273

5,895
7,613
42,711

6,140
8,587
42, 580

7,325
11,754
59,886

9, 297
15,911
88,374

9,190
17,115
86,134

302
11,407

829
38,431

1,453
43,901

2,031
71,239

1,915
40,454

1,566
52,855

1,143
44,379

893
35,875

768
40.908

590
43, 214

478
36, 216

270
15,963

218
20, 569

327
52,183

528
68,045

445
26,664

428
54,586

357
37,002

265
33,165

240
18,774

237
20,151

262
30, 828

180
14,836

4,700
36,335
217, 587

2,227
11,374
81,614

2,114
11,873
95,681

10,071
18, 572
89, 715

4,268
3,703
19, 536

4,221
4.139
19,300

366
26,841

4i5
23, 836

195
23,358
148.1

29.1

35.6

46.4

72.5

72.3

78.3

91.8

75.3

84.3

112.4

117.7

'111.0

171.8
181. 7
158.6
183. 6

38.3
21.8
36.3
80.4

44.9
30.3
47.4
70.9

65.3
40.5
73.1
100.6

67.9
59. 6
54.1
121.8

77.4
69.5
68.5
118.1

83.3
78.9
57. 7
159.1

96.7
89.6
83.3
147.1

99.0
84.1
88.6
159.1

109.6
91.5
99.3
176.6

152.3
137.5
142. 5
210.8

149.4
143.4
141.7
181.9

' 172. 3
r 149. 5
'195.4
' 163.8

38,084
25, 678
21,638
1, 296
2,744

7,684
5, 046
4. 095
213
738

8,536
6,168
5,168
368
632

13,226
8,039
6,422
899
718

20,500
12, 489
10,021
864
1,604

19,448
12,490
10,786
933

20, 356
13, 586
12,035
550
1,001

23,264
15,913
13, 421
782
1,710

20,215
13,GC9
11,351
625
1,083

21,547
14, 315
12,459
839
1,017

29,798
19,480
16, 568
855
2,057

348,277

88,193

109, 516 182,498

140,379

164,955

190, 614 170,984

213,960

235,155

1,641
209
946
486

1,070
541
342
187

826
708
20
98

767
252
118
397

2,066
1,030
690
345

4,197
2,901
554
743

1,981
248
703
1,030

1,187
25
734
428

283
293
280
249
278
241.0

266
271
270
241
256
226.8

267
273
270
241
258
227.4

267
273
270
242
259
228.8

268
274
270
243
259
229.3

270
276
271
244
266
230.0

271
276
272
245
268
230.0

771

31,368 ' 28, 720
20, 417 ' 19, 256
17,421 ' 15,494
1,069 ' 1, 241
1,927 ' 2, 521

239, 436 315,709

238,009

HIGHWAY CONSTRUCTION
Concrete pavement contract awards:t
Total
.
thous. of sq. y d . .
Airports_
.——_.._
do
Roads
_
do
Streets and alleys.
do

1,066
464
429
173

2,092
1,123
592
377

1,563
58
1,087
418

2,071
242
1,121
708

276
285
275
248
275
232. 5

278
287
275
248
275
238.0

()
*
()

CONSTRUCTION COST INDEXES
Aberthaw (industrial building)...„
.
1914=100—
American Appraisal Co.:
Average, 30 cities..
._
.1913=100..
Atlanta
_
„.do..
New York__..___
<Jo_.
San Francisco...
_Y_._"IIdol!
St. Louis
do
Associated General Contractors (all types).._ 1913=looll
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. av., 1926-29=100..
New York
.._...
do_
San Francisco.
......
_do_.
St. Louis
_.
.....
._.__—do..

232
267
273
270
241
259
227.8

232

232
269
275
271
243
259
229.4

272
279
272
245
270
231.0

248
282
292
280
248
278
239.0

130.4
122.1
121.8
122.6
122.6
123.6
127.4
123.6
124.8
125.1
122.6
123.6
124.8
169.8
169.8
153.1
154.8
155.8
155. 8
155.8
156.6
156.4
157.1
157.9
159.2
159.4
146.7
149.2
143.2
143.5
143.5
144.5
145.0
145.0
145.0
145.0
145.0
145. 7
145.9
150.8
150.8
142.4
143.2
144.1
144.1
147.6
147.6
147.6
149.1
149.9
146.8
149.6
v Preliminary.
' Hevised.
§Data for March, May, August and November 1945 and January 1946 are for 5 weeks; other months, 4 weeks.
« Report not received
JData 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).
IThe data for urban dwelling units have been revised for 1942-43; revisions are available on request.
•New series. For revised annual estimates of new construction for 1929-43, see p. 24 of the November 1945 Survey and for quarterly or monthly data for 1939-43, p. 21 of the December 1945 issue; further revisions have been made in the 1944 data shown in those issues which will be published in a later issue; the revised data beginning January 1944 are joint estimates of the U. S. Departments of Commerce and Labor (data for military and naval and public industrial construction through October 1945 were supplied by the War Production
Board). Estimates of total nonfarm dwelling units include data for urban dwelling units given above and data for rural nonfarm dwelling units which are not shown separately;
monthly estimates are now available corresponding to the quarterly estimates shown in the November 1942 to October 1945 issues of the Survey; the monthly figures beginning January 1939 and annual totals for 1920-38 will be published later.
f Kevised series. Data have been revised for 1940-43; revisions beginning March 1943 are shown in the June 1944 Survey; earlier revisions are available on request.




S-6

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey

January

March 1946

1945

1946
January

February

March

April

May

June

September

July

Novem-; December | ber

October

CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION

COST

INDEXES—Continued

S. H. Boeckh and Associates, Inc.—-Con,
Commercial and factory buildings:
Brick and concrete:
Atlanta.....
U. S. average 1926-29-100..
New York...
_.__
_-—do
San Francisco
do
St. Louis
.
do
Brick and Bteel:
Atlanta
—
do
New York
do
San Francisco
..._
...do
St. Louis
__-do___.
Residences:
«
Brick:
Atlanta
__
do
New York
do
San Francisco
_„_„
do
St. Louis
—
—
do
Frame:
Atlanta
„
-do
New York
_
do
Ban Francisco
do
St. Louis..
„._
do
Engineering News Record (all types)
1913=100..
Federal Home Loan Bank Administration:
Standard 6-room frame house:
Combined index
_1935-39 « 100.
=
Materials
. do—
Labor
...
„
_ do.—

i
128. 9
170.4
151.1
152.6

121. 5
155.9
145.7
144.9

121.7
156.7
145.9
145.9

122.2
157.5
145.9
146.8

122.2
157.5
146.7
146.8

122.2
157. 5
147.2
149.2

123.0
158.1
147.2
149.8

123.0
157.9
147.2
149.8

123.0
158. 6
147.2
149.8

124.2 I
159.4 !
147.2
150.9

124.2
160. 6
147.6
151.3

124.4
160. 7
147. 7
151.5

127.3
170.4
148.3
152.6

128.9
167.0
150.3
149. 5

122.1
153.3
147.2
143.2

122.5
154.1
147.4
143.8

123.0
154.9
147.4
144.8

123.0
154.9
148.2
144. 8

123.0
154.9
147.9
145.1

123.8
155. 5
147.9
145.7

123.8
155.0
147.9
145.7

123.8
155.7
147.9
145.7

124.0
156.7
147.9
148.0

124.0
158.1
148.6
148.4

124.4
158. 2
148.7
148.8

127.0
167.0
149. 3
149.5

140.8
173.1
150.6
157.7

129.4
157.9
145.3
14G.7

130. 9

158. 7
145. 5
148.6

131.6
159.5
145.5
150.1

131.6
159.5
146.3
150.1

131.6
159. 5
146.3
153.2

132.4
160.1
146.3
153. 8

132.4
160.1
146.3
153.8

132.4
161.1
146.3
153.8

134.1
162.6
146.3
154.8

134.1
164.5
147.3
155.2

135. 5
165.1
148.0
156.6

137. 9
173.1
148.6
157.7

142.6
173. 7
147.7
158. 3
319.5

131,2
159. 5
143.4
146.2
303.7

133.2
160.3
143. 6
148.6
304.5

133.6
161.1
143.6
149.3
306.4

133.6
161.1
144.4
149. 3
307.4

133.6
161.1
144.4
154. 3
309.0

134.4
161.7
144. 4
154.9
309.0

134.4
161.7
144.4
154.9
309.1

134.4
162.3
144.4
154.9
309 3

135.3
163.0
144.4
155.4
309.3

135.3
164.1
144. 9
155.8
309.3

137.1
165.0
145.8
157.6
313.5

138.4
173.7
146.4
158. 3
316.3

138.2
135. 3
144.2

134. 5
131.7
140.1

134.7
131.9
140.1

135.0
132.3
140.4

135.1
132.4
140.5

135.1
132.5
140.4

135. 3
132.7
140. 5

135.5
133.0
140.6

135.7
133.1
140.9

136.3
133.3
142.4

136.7
133.8
r 142. 6

r 137. 3
134. 2
r
143. o

' 137. 9
134. 9
r
143.7

38,703
6,302

29,236
6,339

28,761
6,372

23,667
6,401

35,102
6,436

32, 710
6,468

32, 598
6,499

487,041

469,269

489,389

464,157

555,8G3

167,311

160, 399 173,663

REAL ESTATE
Fed. Hous. Adznn., home mortgage Insurance:
35,001
24,103
51,070
41,839
Gross mortgages accepted for insurance-thous. of dol_. 38, 722 29,998
6,082
6,262
6, 216
6, 538
6,128
6,174
Premium-paying mortgages (cumulative).mil. of dol_.
Estimated total nonfarm mortgages recorded ($20,000
354, 578 338,697 433,337 455, 790 487,435
and under)*
thous. of dol..
Estimated new mortgage loans by all savings and loan
102, 301 106,009 141, 481 153,754 163,079
associations, total
....
thous. of dol..
Classified according to purpose:
Mortgage loans on homes:
3,772
3,081
9, 541
13,032
7,406
Construction
do
76, 495 78,140 105, 307 113,684 120, 244
Home purchase
.do
12,167
12,524
15,922
16,800
15,887
Refinancing,
.do....
1,994
1, 868
2,559
2, 95]
3,396
Repairs and reconditioning
do
10, 270 10,287
7,999
10, 778
10, 520
Loans for all other purposes
do
Loans outstanding of agencies under the Federal Home
Loan Bank Administration:
Federal Savings aod Loan Assns., estimated mort2,082
gages outstanding f
mil. of del..
—
Fed. Home Loan Banks, outstanding advances to
106
79
174
61
member institutions
mil. of dol..
52
51
Home Owners' Loan Corporation, balance of loans
831
1,069
1,049
985
1,027
outstanding
mil. of dol..
1,007
Foreclosures, nonfarm :f
93
.
11.4
9.1
10.8
9.1
Index, adjusted.
1935-39=100..
49, 808 44,865 41,457
34,153
40, 876 37, 950
Fire losses
_
thous. of dol.

560,180

527, 424

162, 433 196, 379 198,159

187, 710

23, 985 24, 481
135,224 135,685
18,751
19,411
4, 857
4,487
13, 562 14, 095

22. 922

17,567
17, 658 20,730
16,375
116,798 112,761 120, 557 113,103
17,146
17,147
15,622
16,786
3,971
3,364
3,351
3,980
11, 259 12,189
12, 435 11,007

2,255

2,165

100

\l\ 848
3, 958
13,425

2,382
87

97

195

925

887

869

R52

8.9
34,096

8.5 !
8.2
32,447 ; 34, 470

8.0
37, 393

7.9

132

122

112

965

945

10.0
34,099

8.3
34, 054

DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:f
122.2
136.3
132.1
128.1
Printers' Ink, combined index
_ 1935-38=100..
127.9
144.1
131.0
144.9
141.3
151. 7
149. 1
139. 4
133. 6
148.0
140.4
177. 6
142.9
145.1
Farm papers.
_
do
158. 6
185. 3
170. 6
173.4
ISO. 4
192. 2
201.9
171.9
161.1
146.1
143.7
203.8
Magazines
.
do
170.6
158. 7
189. 5
205. 5
214.0
193.2
200.3
207. 4
107.6
102.9
103.3
P6. 7
100.3
100.0
Newspapers.
.
.
do
111.0
117.7
110. 7
118.4
111.5
105.3
200.0
193.3
167.7
153. 0
156.7
140.0
Outdoor
„
.
do
154.7
158.7
175.1 r 153. 3
202. 0
218.1
267.8
288.4
262.8
268. 3
301.5
289.5
Radio
.
do
315.1
317.0
283.3
321.1 ' 268. 2
273. 7
161.5
151.5
143.1
147.2
135.8
141.6
Tide, combined index*
.....
1935-39=100-.
165.8
179.8
168.4
171.8
162.5
162.9
Radio advertising:
Cost of facilities, total
thous. of dol_.
16, 756 15, 223 16,648 15,015 16, 343 15,217 14, 762 14, 521 15,317
16,989
16, 776 17,179
799
Automobiles and accessories
do
709
803
769
760
711
645
516
501
779
788
92S
193
Clothing
_
_
do
141
193
147
169
176
125
128
211
208
214
257
Electrical household equipment
do....
206
221
204
172
234
197
218
210
296
314
296
301
Financial
..do
232
182
175
203
233
263
229
261
308
287
327
305
4,093
Foods, food beverages, confections
do
4,317
4,761
4,743
4,513
4,092
3,934
3,933
4,079
4,502
4,420
4, 312
Gasoline and oil
...do..*,.
593
584
567
663
581
562
604
571
584
610
692
694
Housefurnishings, etc__._
do___.
130
155
142
181
173
162
148
164
148
149
166
171
Soap, cleansers, etc...
do._._
977
964
1,065
1,094
1,090
1,059
1,192
1,147
1,185
1,347
1,306
1,273
Smoking materials
do
1,274
1,368
1, 518
1,502
1,489
1,363
1,259
1,296
1,235
1, 273
1,322
1,337
4,559
Toilet goods, medical supplies.
do
5,240
4, o36
4,964
5,008
4,859
4, 539
4,495
4,747
5, 318
5,462
5,513
All other.
__„
do
2,023
2,201
1,982
2,136
2,056
1,774
1,839
1,976
1,877
1,994
2,076
2,102
Magazine advertising:
18, 641 22,953 ! 25,797 26, 281 24,987 23,956 20,335
Cost, total
_
..do
I
22,028 28,701
31, 649 ' 30, 597 30,446
Automobiles and accessories
do I
1, 559
2, 055
1,960
2,110
2,005
2,041
2,005
2,124
2,397
2,344
2,683
2. 456
Clothing..
do.... |
894
1,693
2,242
2,552
2,092
1,544
706 ! 1,732
2,970
2,579
3,026
2,125
Electric household equipment
.
...do j
856
509
628
778
779
826
576 !
1, 187
1,135
1,136
r
Revised. % Minor revisions in the data for 1939-41; revision? not shown in the August 1942 Survey are available on request; data are now collected quarterly.
•New series. The series on nonfarm mortgages recorded is compiled by the Federal Home Loan Bank Administration; regarding the basis of the estimates and data for January
1939 to September 1942, see note marked •'*" on p. S-5 of the November 1942 Survey. The new index of advertising is compiled 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 ether component series on advertising costs* data beginning
ds
1936 are available on request.
t Re vised series. The index of nonfarm foreclosures ha« been revised for 1940 and 1941; revisions are shown on p. S-6 of the May 1943 Survey Indexes of advertising from Printers'
Ink have beei published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later.
in




March 1946

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-7

1945

1946
January

February

March

April

May

June

July

Octo- ! Novem- December
ber
ber

August

September

408
2,822
471
806
463
347
635
3,645
7,876
4,124

506
3,605
561
1,630
497
639
829
4,431
9,750
4,745

622
3,962
430
1,969
520
674
1,061
5,315
10. 251
5,094

524
3,944
436
1, 761
554
617
1,031
5,197
10, 423
4,804

528
4,008
339
1,690
442
637
1,104
4, 930
11,050
4,037

DOMESTIC TRADE—Continued
i

A DVERTI SING—Continued
Magazine advertising—Continued.
Cost—Continued.
Financial
Foods, food beverages, confections
Gasoline and oil
Housefurnishings, etc
Soap, cleansers, etc
Office furnishings and supplies
Smoking materials
Toilet goods, medical supplies
All other
Linage, total
Newspaper advertising:
Linage, total (62 cities)
Classified
Display, total
Automotive
- - Financial
General
__.__
_
Retail

thous. of dol_.
_ do _
do
_ .do
do
_ _ do »
do
. . do _
do
thous. of lines

441
3,056
523
1,344

456
3,497
646
1,539
755
436
686
4,572
8,541
4,039

474
3,306
535
1,520
677
495
826
4,140
8,139
3,753

405
662
4,280
8,281
3,315

355
3,277
481
569
407
306
660
3,736
7,257
3,528

628
480
147
354
837
045
911

114,085
26, 777
87.308
2,869
1,778
21,080
61,681

117,318
27, 594
89, 724
2,523
1,836
20,388
64,978

107, 532
26, 338
81,194
2, 231
1,466
18, 973
58, 524

101,832
26, 629
75, 203
2,378
2,223
17,776
52,826

110,942
27, 525
83, 417
2, 580
1, 581
18,006
61, 251

121,094
27,921
93,173
3,033
1,726
21,890
66, 524

136. 950
29, 626
107,323
3,947
2,272
26,032
75,072

140,781
28, 120
112,641
5, 363
2,003
26. 022
79, 253

130, 756
2(3, 321
104, 435
3, 904
1,999
21, 304
77, 228

86.5

86.7

87.8

87.9

88.8

89. 4

90.4

90.4

91.0

89.8

6,001
128,977

7,051
188,365

6,022
152,610

5,990
161,378

5,371
147, 207

6,113
199, 536

5, 847
196,041

4,383
171,036

5,956
214,157

5, 612
180, 573

6, 292
143, 954

13,566
189,330

16,503
264,121

13 846
220, 527

13,392
224,562

13, 409
216,969

12,142
202,383

12,161
209, 346

11,606
195,669

13,482
218,155

13, 562
223, 874

12, 926
206, 329

422
2,864
183
599
444
326
771
2,933
7,136
3,572

435
3,451
345
656
675
394
688
4,279
7,750
3,916

97,927
24,090
73,837
1,868
2,004
17,124
62,841

95,804
22,735
73,070
1,607
1,366
17,411
52, 687

86.3

86.9

10,085

9,527

5,111
thousands._
thous. of dol._ 143, 366

7,166
153,951

14, 925
thousands
thous. of doL- 224,455

15,141
208, 793

4,139

do
„ _ _ do _
do
- do
do
.
do
do

484
3,680
388
1,144
688
442
769
4,211
8 552
4 109
116
26
90
2
1
20
65

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

88.7

POSTAL BUSINESS
Air mail, pound-mile performance - .
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (60 cities):
Number
Value
-

millions

CONSUMER EXPENDITURES
Estimated expenditures for goods and services:*
Total
mil ofdol
Goods
do
Services (including gifts)
__
do
indexes:
Unadjusted total
1935-39=100
Goods
do
Services (including gifts)
do
Adjusted, total
do
Goods
- _. _
do
Services (includinp gifts)
do

24 684
16 460
8 224

25,046
16,610
8,436

25, 665
17, 385
8,280

29, 495
21, 305
8,190

167 9
175 8
154 1
178 5
193 3
1 F>2 6

170.4
177.4
158.1
170.0
176.8
158.0

174.6
185. 7
155. 2
176.2
187.8
155.9

200.7
227.6
153. 5
188. 5
207. 9
154.5

RETAIL TRADE
All retail stores:f
6,079
6,202
r 8, 292
5, 755
6,086
7, 039
6,322
6,936
Estimated sales, total ,
mil. of doL. P 6,436
5,439
5,922
5,113
5,461
921
p 1,005
909
1, 248
848
906
1, 099
Durable goods stores
„ do
741
1,079
822
885
888
688
278
284
273
P320
286
336
'318
239
259
321
219
242
258
Automotive group
do_-_.
194
187
a 225
182
194
236
205
172
193
219
157
182
Motor vehicles
do
171
r
85
112
P95
91
77
85
91
100
67
62
102
Parts and accessories
do
75
71
r
352
373
357
P370
315
342
348
265
348
238
324
339
415
Building materials and hardware--.
do
207
P239
204
218
218
225
164
142
264
198
r 197
179
186
Building materials
do
47
41
36
46
46
38
Farm implements
_ do
1*38
48
40
30
31
49
45
97
124
P94
93
107
72
90
92
91
65
89
92
106
Hardware
do
211
205
281
327
P240
206
199
198
176
172
214
Homefurnishings group
do
256
197
170
157
P168
163
159
236
136
134
208
172
155
Furniture and housefurnishings
do
158
200
42
P73
43
42
46
73
40
38
43
39
42
55
91
Household appliance and radio
do
80
71
72
P74
68
60
73
58
87
Jewelry stores
do
109
60
78
246
5,158
P 5, 431
5,474
5,292
4,699
5,856
' 7, 044
Nondurable goods stores
. _ do
5,034
4,870
5,940
4,426
4,639
5,180
604
' 973
509
757
481
650
774
p 567
482
548
567
779
507
Apparel group .
do
148
P126
149
159
27i
110
104
205
100
109
122
109
Men's clothing and furnishings
do
205
269
304
P278
249
380
243
222
264
338
251
277
Women's apparel and accessories
do
353
r 410
r
86
92
102
113
150
p 77
71
69
67
69
78
76
112
Family and other apparel
do
101
106
P86
79
117
• 119
79
86
99
72
90
r 136
108
Shoes
.. _
do
239
238
P 256
224
239
308
212
239
242
251
220
237
Drugstores
do
250
851
P886
851
875
894
825
881
790
720
782
847
905
Eating and drinking places
do
917
1,629
p 1, 786
1,647
1,592
1,677
1,449
1,452
1,790
' 1, 979
1, 531
1, 567
1,763
Food group
do
1,675
r
1,250
1,241
1,217
1,268
p 1,356
1,091
1,099
1,192
1,373
1,511
1,266
1,341
1,171
Grocery and combination
do
379
P431
408
361
406
375
353
375
418
409
422
Other food
____
__ _
do
358
468
254
234
253
P301
207
266
279
222
245
277
190
264
Filling stations
do.
288
905
1,041
920
P869
773
764
792
1, 578
813
886
846
1,106
1,197
General merchandise group
do
563
471
P566
683
511
810
••1,017
Department, including mail order
do
520
734
588
488
487
557
General, including general merchandise with
119
117
152
101
118
109
96
117
114
128
130
food
mil. ofdol—
116
Other general merchandise and dry goods
101
100
P86
84
110
88
175
mil. of dol_.
80
97
92
94
120
116
122
P104
Variety
- _
do
113
235
101
130
105
115
129
137
100
116
116
664
677
'973
P 767
608
731
643
662
667
686
770
Other retail stores..
_ do
700
752
191
212
205
P200
165
157
202
198
217
204
212
208
209
Feed and farm supply
do.—
P185
148
111
111
110
108
162
178
147
111
119
129
117
Fuel and ice
__
_
- do
124
137
P139
115
120
129
130
128
137
144
168
'222
146
Liquors
_ do
234
234
P243
231
197
190
209
228
285
220
••392
226
268
Other
_
do....
p Preliminary. r 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; for dollar figures for 1939-40 see p. 13, table 10,
of the April 1944 Survey and for 1941-44, p. 8, table 6, of February 1946 issue; data in the latter table and those above are on a revised basis; they differ from figures published in the
January 1946 Survey and earlier issues owing to th<? inclusion of expenditures of military personnel abroad in the total and services (dollar figures for this item are given in the footnote to the table on p. 8 of the February 1946 Survey); indexes beginning 1939, both including and excluding expenditures of military personnel abroad, are available on request.
tRevised series. For revised data (dollar figures and indexes) on sales of retail stores for January 1943 to June 1944, and earlier revisions for a number of series, see table on pp.
19 and 20 of the September 1945 Survey (corrections for p. 19: March 1944 indexes—building materials and hardware stores, 143.6; jewelry stores, 460.7; 1940 dollar figures, all retail
stores—January, 3,198; February, 3,108); except as given in this table, data for 1929, 1933, and 1935-42 are correct as published on pp. 7 and 11-14 of the November 1943 Survey. Data
beginning July 1944 were revised in the September 1945 Survey.




SURVEY OF CURRENT BUSINESS

S-8

March 1940

1945

1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the Janu1942 Supplement to the Survey
ary

January

February

March

April

May

June

July

August

September

October

Novem- December
ber

DOMESTIC TRADE—Continued
R E T A I L TRADE—Continued.
All retail stores—Continued.
Indexes of sales:!
Unadjusted, combined index
_>. 1935-39= 100_.
Durable goods stores
do
Nondurable goods stores
do
Adjusted, combined index
._
do
Index eliminating price changes...
___do_
Durable goods stores
, „
do.
Automotive
_
do_
Building materials and hardware
do
Homefurnishings
„____
do_
Jewelry
do_
Nondurable goods stores
do_
Apparel
„__
do_
Drug...
_
_
do.
Eating and drinking places
do.
Food
do.
Filling stations
do.
General merchandise
_
do.
Other retail stores..
_..do.
Estimated inventories, total*
mil. of dol._
Durable goods stores*
do.
Nondurable goods stores*...
do.
Chain stores and mail-order houses:
Sales, estimated, total*
__do_
Automotive parts and accessories*
_.._do_
Building m a t e r i a l s ' . . .
_do.
Furniture and housefurnishings*»_
....do.
Apparel group*
do.
Men's wear*
_
_
do.
Women's wear*
..._do_
Shoes*
_
do.
Drug*
do.
Eating and drinking*
....do.
Grocery and combination*
do
General merchandise group*
_
.do
Department, dry goods, and general merchandise*
_.
mil. of dol_.
Mail-order (catalog sales)*
..do.
Variety*
.
.... „
do.
Indexes of sales:
Unadjusted, combined index*........1935-39=100. .
Adjusted, combined index*
do.
Automotive parts and accessories*.
____do____
Building materials*...
do
Furniture and housefumishings*
do
Apparel group*
do
Men's wear*
_.
do
Women's wear*
__do
Shoes*.-._._„....
do
Drug*
do
Eating and drinking*
do
Grocery and combination*.__
_...do
General merchandise group*.„.
do.__.
Department, dry goods, and general merchandise*
1935-39=100..
Mail-order*
,
.
do
Variety*
do....
Department stores:
Accounts receivable:
Instalment accounts!
___1941 average=100~
Open accounts.
_
_
do
Ratio of collections to accounts receivable:
Instalment accounts!
percent..
Open accounts!
__do
Sales, unadjusted, total U. S.f
1935-39=100..
Atlantaf-do
Boston!
.--do
Chicagof—
_____ do____
Cleveland!
do
Dallas!--.
do....
Kansas C i t y ! . .
_do
Minneapolis!
do „
New York!.
do
Philadelphia!
„
do.__.
Richmond!
.
do_
St. Louis!
_
__do
San Francisco
. . . d o . ._
Sales, adjusted, total U. S.f
do....
Atlanta!
..__
do
Boston!
_
do
Chicago!
_____
_______
do
Cleveland!.._
do
Dallas!
_
_
._._
do
Kansas City!....
...do
Minneapolis!
do
New York!
_
do.__.
Philadelphia!
do
Richmond!
..do.
St. Louis!
„
_
do
San Francisco
__
do

*198.6
1124. 8
v 222.6
v 228. 2
* 162.1
v 150. 7
i>79.3
v 228. 7
v 217.8
*378. 2
v 253. 5
p284.5
*>224.6
*389.9
v 246.9
v 167.6
v 207.1
p 282. 5
r 6,361
r 1, 850
r 4, 511

167.9
92.0
192.7
193.0
139.9
111.5
59.1
164.0
162.2
307.7
219.6
256.5
197.0
347.8
211.7
114.9
185.4
242.4
5,906
1,686
4,220

171.3
93.0
196.8
193.2
140.3
111.5
59.9
163.0
158.8
321.8
219.8
270.2
197.0
340.1
208.6
115.8
191.5
235.8
6,188
1,781
4,407

186.6
102.1
234.1
193.8
140.8
112.7
60.7
163.1
158.6
343.5
220.2
258.8
203.1
334.7
206.9
118.7
198.6
240.4
6,400
1,934
4,466

174.5
106.0
196. 8
175.3
127.3
106.4
58.0
156.4
146.6
310.5
197.8
211.7
.92.7
314.8
193.8
109. 9
165.6
217.8
6,604
1,907
4,697

181.6
110.3
204.8
177.6
127.7
102.6
57.6
145.5
141.4
315.4
202.1
215.2
196.3
323.9
198.5
109.7
169.8
221.0
6,763
1, 951
4,812

185.4
115.0
208.4
182.8
130.2
108.6
60.9
153.9
155.3
304.6
207.0
231.6
200.7
330.7
196.9
111.5
178.4
227.6
6,585
1,902
4,683

180.8
113.4
202.7
191.4
135.8
114.9
60.8
164.4
164.8
367.8
216.3
259.7
197.8
322.6
202.6
111.5
190.9
250.4
6,442
1,836
4,606

183.5
109.3
207.7
189.5
134.6
110.6
62.7
161.0
144.5
336.8
215. 2
260.5
197.0
322.3
207.2
113.6
180.1
246.5
6,723
1,890
4,833

197.4
120. 5
222.4
189.2
135.0
116.9
67.0
162.7
163.3
346.6
212.8
236. 7
198.3
328.6
208. 9
123.2
176.7
236. 3
6.797
1,982
4,815

209.3
130,2
235.1
202.4
144. 5
125. 5
73.5
172.1
178.3
352. 8
227.5
259. 2
209. 5
349. 5
224.0
132.0
188.7
248, 2
6,823
1.893
4.930

222.7
141. 7
249.1
215. 8
153.4
135.1
79.0
377.4
205. 3
373.1
242.1
277.4
220.0
367. 6
238. 5
135. 6
200. 7
271.3
6,724
1, 942
4.782

r 254.1

1,380
28
53
13
164
26
83
41
62
49
449
339

1,163
20
40
11
145
21
78
35
53
44
374
290

1,104
19
34
11
140
19
76
33
50
40
349
284

1,430
24
43
15
249
36
136
55
57
45
398
392

1,166
22
47
13
154
21
84
37
52
41
345
310

1,258
23
51
14
174
23
93
44
65
44
375
827

1,310
27
53
34
191
29
96
51
57
43
389
340

1,204
28
50
13
146
17
76
42
57
43
365
313

1,245
30
54
13
154
17
82
45
56
45
371
324

1,313
'28
58
14
••175
26
'86
49
55
'44
'385
345

1, 503
'30
70
'20
210
40
102
60
'48
'422
422

1, 545
33
59
' 21
211
'36
101
'56
61
'46
'443
445

' 1, GOO
'41
'43
25
'2C5
41
133
69
91
'49
' 505
r
601

176
65

145
51
87

140
50
87

208
62
113

169
42
91

175
43
100

187
39
106

173
33

180
35
100

196
42
98

234
67
132

' 245
73
139

'324
63
203

184.9
218. 3
180.6
238.5
161.4
304.5
226.0
409.7
245.0
211. 5
214.6
215.9
222.3

156. 2
184.6
131.0
180.0
135.2
270.2
181.1
385.2
204.8
181.5
193.1
180.3
190.7

159.1
181.4
137.0
179.2
134.1
271.4
195.4
382.6
200.2
180.3
189. 6
171.8
186.8

179.6
184.0
147.2
182.2
140. 6
270.7
220.7
403.9
161.4
189.4
188.8
167.3
197.5

161.7
161.8
127.8
181.5
122.8
208.5
157.0
305.1
337.5
178.1
176.9
161.7
160.7

167.2
164.8
119.4
169.9
122.8
212.2
169.4
311.5
133.6
183.2
188.3
168.2
163.0

169. 6
167.7
127.0
180.8
144.0
223.4
182.0
315.3
152.9
190.9
194.4
367.1
165.1

163.9
177.3
142.9
183.0
143. 5
241.8
182.3
319.6
197.1
193.2
195. 4
175.1
181.3

162.0
175.5
145.4
174. 5
134.7
253.9
188.8
332.4
214.1
189.9
193. 8
173.8
172.6

' 177.1
' 172. 8
' 156. 8
174. 5
' 132.7
' 223.6
200.0
'311.6
148.9
187.3
'185.1
' 177.8
166.4

' 196.7
'186.9
' 167. 2
198.8
' 151.0
' 247.0
245.3
333. 8
161.3
195. 2
' 192. 6
' 191.8
' 179.7

211.3
200.6
191. 2
202.3
365.3
263.0
224.4
339.0
212.1
206.5
196. 2
205. 0
194. 6

' 248. 7
190. 8
207. 0
195.4
160.1
234. 6
187.9
305.6
190. 8
22S. 1
185.5
211. 7
' 179.8

208.4
174.1
171.2

204.0
174.6
165.2

223.5
173.2
170. 5

177.4
122.3
154.1

177.3
121.8
161.6

182.7
118.3
162.0

206.9
127.8
170. 5

199.2
110.9
164.3

189.0
119.8
155. 7

203. 5
128.4
169.6

224.8
149.4
372.2

' 207. 2
127. 9
163.8

43
97

40
84

39

37

35
87

34

32

32

33
85

36
99

41
113

rn
.

159.6
' 284.9
'211.2
' 149. 7
' 133. 3
'71.1
' 187. 6
203 9
378.3
' 236. 6
' 247. 6
r 244. 9
347! 5
' 238. S
140. 0
' 191.7
' 270.9
P6, 100
v 1, 756
v 4,344

»48
»144

30
32
31
30
32
32
33
35
40
40
P36
64
66
64
62
62
61
63
61
»6l
63
66
67
212
183
186
379
163
174
171
156
168
351
209
230
274
282
233
246
238
225
227
236
214
244
279
307
466
348
187
165
147
130
158
127
132
156
125
-•323
225
176
196
200
178
167
170
154
165
162
158
147
320
1S7
213
254
214
187
367
163
177
161
165
145
171
199
224
338
264
269
228
248
248
237
228
228
239
211
292
318
'467
352
233
200
200
201
194
205
178
192
195
'366
239
253
286
187
171
158
165
164
147
156
144
136
'295
252
210
204
176
154
120
137
148
' 123
118
'142
'155
307
171
196
235
200
136
»158
149
' 132
163
137
152
'328
178
208
255
167
250
194
197
191
209
' 176
181
193
239
271
207
r gQg
318
233
194
191
187
173
209
185
192
234
255
365
303
198
232
210
211
217
197
218
211
205
407
243
254
320
215
r
220
200
226
211
197
188
218
' 382
'200
212
'216
225
202
274
274
307
274
268
243
300
234
288
268
292
298
277
193
166
186
166
167
160
183
157
'188
167
177
183
177
207
189
209
202
184
170
197
168
'206
193
199
208
184
222
189
214
204
186
179
220
174
21
1
187
209
220
197
269
272
306
271
'260
264
300
256
268
' 287
278
289
288
240
214
271
246
241
203
243
199
225
217
241
265
218
205
186
211
208
162
181
187
157
172
'194
185
180
219
189
165
185
165
149
156
'177
150
181
161
172
182
169
204
175
»205
189
170
••172
198
162
175
184
185
184
202
250
235
262
230
252
210
238
••234
225
248
235
'237
250
••233
225
232
••222
••213
211
'202
'237
••239
220
'232
'238
'240
249
231
263
234
219
256
247
255
232
233
245
"256
'272
p Preliminary. ' Revised.
.Minor revisions in thefiguresprior to November 1941 are available on request.
•New series. Data for 1929,1933, and 1935 to March 1943 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) 1940-43; indexes for all series in the general merchandise group, except mail-order
1942-43; indexes for the apparel group and women's wear for November and December 1942; all revisions for 1940-43 for the indicated series and also 1943 revisions for other series not
available on pp. S-7 and S~8 of the July 1944 Survey, are shown on p. 20 of the September 1945 Survey; revisions for the combined index (unadjusted and adjusted) for all months of 1944
are available on p. S-8 of that issue. Data beginning 1939 for the new estimates of retail inventories will be published later; data shown in the Survey beginning with the June 1944
issue are comparable with estimates published currently.
!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 Boston index is a new series from the Board of Governors of the Federal Reserve System. Revised data
beginning 1919 or 1923 for three series are published as follows: United States, December 1944 Survey, p. 17; Dallas, February 1944, p. 20: Richmond June 1944 D 22 ffnrthpr revii
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6

March 1946

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes inay be found in the
1942 Supplement to the Survey

January

1946

S-9

1945
January

February

March

April

May

June

August

July

Septem
ber

October

Novem- Decem
ber
ber

DOMESTIC TRADE—Continued
RETAIL TKADE—Continued.
Department stores—Continued.
Sales by type of credit:*
64
Cash sales
- . .
percent of total sales32
Charge account sales. _ - - _ - _ _ - __~do_ __
4
Instalment sales
do
Stocks, total TJ. S., end of month:f
J>140
Unadjusted
1936-39-= 100..
P156
Adjusted
do
Other stores, ratio of collections to accounts receivable,
instalment accounts:*
Furniture stores
_ . _ _ _ . . . - percent-.
Household appliance stores
do
Jewelry stores
- do
M ail-order and store sales:
Total sales, 2 companies.,
thous. of dol__ 158,852
Montgomery Ward & Co
do_ _. 53,007
105,846
Sears Roebuck & Co
do
Rural sales of general merchandise:
2C8.7
Total U. S., unadjusted
1929-31=100
209.3
East
do
300.4
South
do
177.1
Middle West
- do
220.1
Far West—
_~
- do. _
274.2
Total U. 8., adjusted
do
275.4
East
_ _ _ do
379.8
South
do
231.5
M iddle West
. . .
do
299.5
Far West
._.—
__do_ _

63
33
4

63
33
4

63
34
3

62
35
3

63
34
3

63
34
3

66
31
3

65
31
4

63
33
4

63
33
4

62
34
4

64
32
4

133
148

142
148

151
148

162
156

170
165

172
181

170
189

179
187

178
171

179
161

173
150

133
'141

21
35
29

21
32
28

24
36
32

22
36
30

23
40
33

23
43
33

24
42
31

23
48
31

23
49
30

27
52
31

27
'51
'34

25
48
45

120,127
45,633
74, 494

114,463
44,562
69,901

158,574
65, 572
93,002

126, 547
50,906
75, 642

129, 540
52,080
77,460

130,515
50,003
80,513

118,135
47,158
70,977

121,455
48, 687
72,769

136,930
55,174
81,757

184, 704
77, 295
107,409

196,052
77,013
119,040

218,216
83, 232
134,894

183.2
174.4
258.9
158.1
203.4
240.8
229.5
327.3
206.7
276.8

199.6
200.6
304.1
168.1
199.1
246.7
245. 2
333. 5
211.4
269.1

233.3
234.8
320.9
205.0
236.2
265.7
261.5
355.4
231.4
287.0

184.2
182.4
245.5
158.4
200.7
200. 4
191.3
278. 7
169.6
224.7

164.9
155.4
220. 6
141.5
193.1
179.7
168.9
260.0
149.4
214.8

159.6
150.2
216.7
136.4
198.5
175. 2
163.6
269.6
144.5
208.3

140.8
121.1
192.2
118.6
188. 4
192.9
170.1
283.0
160.7
229.8

144.0
115 4
194.6
125 8
187 4
176.0
144 8
269 9
152 5
203 5

195.3
168.5
281.3
166.6
230.2
184.7
171.4
254 8
162.5
196.8

246.5
249.6
357. 3
208.7
255.1
189. 7
103. 9
241 1
164 3
212.4

275.7
279.3
396. 3
230.0
317.2
211.9
216.7
288 7
175.4
261.5

267.8
246 0
370.2
226 0
330.1
167.5
147.7
246 5
144 9
202.2

3,548
807
2,741
3,978

3,213
796
2,417
3,927

3,638

3,374
877
2,497
3,946

3,535
805
2, 630
3,883

3,572
886
2, 686
3,844

3, 569
834
2, 735
3,744

3,584
869
2,715
3,759

3, 357
811
2, 546
3,898

3,926
937
2,989
4,113

' 3, 882,
947
' 2,935
4,196

'3,813
'912
' 2,901
4,275

1 52,900
1 34, 250
1 18,650
» 51,250
1 33,320
» 17,930
1 8,800
1 42,450
* 1,650

1 53,110
1 34, 590
1 18, 520
151,580
1 33, 660
1 17,900
1 8, 7fiO
1 42, 770
1 1, 550

1 53,440
1 35, 280
1 18,160
1
51,730
1 34,100
1
17,630
1
8,420
1 43,310
11,710

1 53, 310
36,130
H7,180
1 51,360
1 34,650
116,710
1 7,190
1 44,170
11,950

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

4,039
967
3,072

2,727
3,923

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the Census):
Labor force, total
„
thous..
Male
do.
Female
._
_do.
Employment
----do.
Male...do.
Female.
.._>_
_
do.
Agricultural-.
_
_„...do.
Nonagricultural
_-«
do.
Unemployment
_do.
Employees in nonagricultural establishments:!
Unadjusted (U. S. Department of Labor):
Total
thous...
Manufacturing.
_.
„
do.-..
Mining
„_-.
_
_.
__.do
Construction
do___.
Transportation and public utilities
do
Trade
do.-.
Financial, service, and miscellaneous.—
do
Government
.„
do
Adjusted (Federal Reserve):
Total
_._
do
Manufacturing-—_
_do
Mining
_
do
Construction
_
_
do
Transportation and public utilities
do
Trade
..—_do
Estimated wage earners in manufacturing industries,
total (TJ. 8. Department of Labor) *
thous..
Durable goods.
_do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills
thous. .
Electrical machinery.. „
_
do
Machinery, except electrical
...do
Machinery and machine-shop products
do
Machine tools
do
Automobiles
—
do
Transportation equipment, exc. automobiles..do..._
Aircraft and parts (except engines)§
-.do
Aircraft engines§
„
._._«..
do__-_
Shipbuilding and boatbuildings.
do
Nonferrous metals and products
_do___.

i
i
i
i

53, 710
37, 550
16,160
51,420
35, 790
15,630
i 6, 760
44,660
i 2, 290

50,960
33,650
17,310
50,120
33,160
16,960
6,690
43,430
840

51,430
33,660
17, 770
50, 550
33,170
17,380
6,790
43, 760
880

51,660
33,720
17,940
50,830
33,230
17,600
7,290
43.540
830

51,930
33, 840
18,090
51,160
33, 410
17. 750
7, 750
43,410
770

52,030
33,790
18, 240
51.300
33;360
17,940
7,950
43,350
730

53,140
34,380
18,760
52,060
33,800
18, 260
9,090
42,970
1,080

35,706
11,994
810
1,095
3,887
7,482
4,966
5,472

37,952
15,555
801
582
3,740
7,030
4,350
6,894

37,968
15,517
798
599
3,771
6,985
4,360
5,938

15,368
796
636
3,788
7,084
4,394
5,996

37,797
15,102
761
699
3,792
6,996
4,444
6,003

37,679
14,811
728
798
3,802
7,021
4,513
6,006

• 37, 549
14, 534
794
845
' 3,830
7,004
4,589
5,953

37,273
14,130
784
911
3,858
6,975
4,672
5,943

36,984
13,831
784
927
3,860
6,979
4,666
5,937

35, 321 ' 35,231
12,082 ' 11,952
784
718
945
1,006
3,831
' 3,825
7,143
' 7, 331
4,603
4, 698
5,933
5,701

' 35, 631
'11,966
'793
'1,014
' 3,870
' 7, 568
4,845
5,575

• 36, 339
•11,935
802
'1,032
' 3,896
' 7,969
r
4,936
5,769

36,221
12,054
814
1,190
3,946
7,674

38,426
15,633
805
633
3,797
7,210

15,595
802
658
3,848
7,164

38,456
15,445
796
691
3,846
7,214

37,663
15, 178
765
736
3,811
7,004

37, 746
14,885
732
782
3,802
7,056

37,465
14,534
798
828
3,792
7,039

37,231
14,130
784
868
3,801
7,117

13, 762
780
858
3,803
7,121

35,161 r 35,029
12,022 ' 11,893
780
714
883
940
3, 774 ' 3, 806
7,215
' 7,258

' 35,330
'11,906
'789
'984
' 3, 870
' 7, 312

• 35,630
•11,876
798
1.075
3^ 916
7, 345

10,007
4,895
1,257

13,301
7,921
1,684

13,268
7,898
1,694

13,120
7,783
1,683

12,855
7,590
1,056

12,579
7,370
1,631

12,326
7,109
1,577

11,927
6,781
1,503

11,643
6,512
1,439

10,027
5,003
1.194

' 9,941
' 4, 924
' 1,196

' 9,962
' 4,932
1,205

9,963
4, 854
1,243

475
709
1,182
452
74
693
2,117
640
213
1,021
404

478
708
1,185
454
75
692
2,076
646
214
973
410

479
705
1,172
450
75
680
2,002
638
211
917
413

475
693
1,148
441
74
670
1,906
619
204
854
411

470
668
1,106
424
72
621
1,628
509
173
739
396

462
636
1,069
410
69
581
1,526
473
166
691
371

457
617
1,039
399
67
544
1,418
430
154
647
365

'422
428
880
333
60
411
760
157
33
445
291

'426
449
876
330
'58
'444
643
127
29
368
••294

'432
461
877
325
'52
'498
554
'123
27
286
'308

'465
'878
325
53
'369
'522
122
22
268
'314

461
897
379

320

474
681
1,126
432
73
645
1, 774
575
193
784
407 i

55, 220
35,140
20,080
1 54,270
34, 660
19,610
19,840
44,430
1950
1

1 54,350
35, 020
1 19,330
1
53,520
1
34, 590
1 18,930
1 9, 050
1 44, 470
1830
1

' Revised.
» Preliminary.
§For 1941-43 data for shipbuilding, see p. 19 of December 1944 Survey, 1939-44 data for aircraft are on p. 20 of the August 1945 issue.
1 Based on data collected on a new schedule designed to provide a more accurate count of persons in the labor force; see September 1945 Survey for July 1945 figures based on the
old schedule, comparable with earlier data. It will be noted that the new procedure resulted in a somewhat larger estimate of employment in July than the old schedule and a slightly
smaller estimate of unemployment; a revision of data prior to July 1945 is in progress.
*New series. The new series on department store sales by type of credit have been substituted for the series relating to instalment 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. Annual estimates of wholesale sales beginning 1939 are available on p. 22 of the February 1945 Survey
and p. 32 of the February 1940 issue and monthly figures beginning June 1943 are on p. S-9 of the August 1944 and later issues; 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 for 1940-1943 are shown on p. 23 of the February 1945 issue (see note 1 above with
reference to revisions in progress). 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 ra nonagricultural establishments have been revised beginning 1939, by months, to adjust figures to levels indicated by data through 1942 from the Bureau of Employment
Security, Federal Security Agency, and to other data collected by government agencies; annual data for 1929-38 have been revised to a comparable basis; monthly averages for 1929-38
and monthly figures for 1939-43 for the unadjusted series are available on p. 24 of the July 1945 Survey. The estimates for manufacturing employees are not comparable since December 1942 with the series on wage earners in manufacturing shown above, since the latter have been further adjusted to 1943 data from the Federal Security Agency.




S-10

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey

January

March 1946

1945

1946
January

February

March

April

May

June

July

SepAugust tember ! October

Novem- December
ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Estimated wage earners In mfg. Industries—Continued.
Durable goods—Continued.
Lumber and timber basic products...
thous.
Sawmills
--do
Furniture and finished lumber products
do
Furniture
.
-do
Stone, clay, and glass products
..do
Nondurable goods
..-do....
Textile-mill products and other fiber manufactures
thous. _
Cotton manufactures, except smail wares...do.___
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing
and
finishing)
thous..
Apparel and other finished textile products_-~do
Men'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 meatpacking.
do
Tobacco manufactures
do
Paper and allied products
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
Wage earners, all manufacturing, unadjusted (U. S.
Department of L a b o r ) t - - 1939«=100_.
Durable goods.
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills
1939=100. _
Electrical machinery
do
Machinery, except electrical.......
....do
Machinery and machine-shop products
do
Machine tools %.-...-.
.----do
Automobiles.
do
Transportation equipment, exc. automobiles_do
Aircraft and parts (excluding engines) §__.do
Aircraft engines §
do
Shipbuilding and boatbuilding §
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 products
do
Nondurable goods
do____
Textile-mill products and other fiber manufactures
1939=100.Cotton manufactures, except small wares —do
Silk and rayon goods
...do
Woolen and worsted manufactures (except dyeing
and
finishing)
1939 = 1001.
Apparel and other finished textile products...do
Men'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 products..
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
Wage earners, all mfg., adjusted (Fed. Res.)t
do....
Durable goods
do.
Nondurable goods
.....do.

408
"333"
332
5,112
1,104

329
"998"

328
"357"
438

"192
122.2
135.6
126.8
177.9
169.8
94.1
320.1

139. 6
97.2

113.0
111.6
96.6

101.7
"918"

84.6
123. 7
108.8
151.8
"133." 5
159.1
122.7
136.0
112.2

465
219
339
153
328
5,380

465
219
341
154
327
5,370

463
218
338
153
327
5,337

453
214
331
149
322
5,265

457
217
329
148
320
5,209

458
217
329
148
326
5,217

453
215
321
144
321
5,146

452
215
317
141
321
5,131

435
208
291
128
313
5,024

1,098
433

1,090
429
89

1,081
424
88

1,060
416
86

1,050
411

1,055
414
86

1,034
409
85

1,031
407
85

1,032
407
85

1,037
404
85

1,042
399
85

147
851
201
215
315
173
1,025
257
105
155
82
314
147
324
110
134
628
115
133
91
199
97

146
852
202
214
314
173
1,008
257
101
145
82
315
148
323
109
134
638
115
134
92
200

145
850
201
213
313
172
990
257
96
136
82
312
146
322
109
132
639
115
134
92
199

142
832
198
207
309
171
986
255
102
129
81
307
144
319
109
131
633
115
133
92
195

141
814
196
200
307
170
978
255
99
124
80
304
143
320
109
131
623
114
134
92
191
92

140
807
196
194
312
172
997
255
106
128
80
308
144
320
109
131
612
115
134
93
188
90

135
761
188
175
307
169
1,054
250
167
127
78
302
142
317
107
131
587
113
135
93
183
88

134
781
186
190
308
169
1,065
249
180
124
78
303
143
322
110
133
548
112
135
93
179
86

136
788
181
202
300
165
1,140
251
237
127
83
304
142
324
113
133
452
112
130
88
155
72

140
798
180
'205
307
170
1,074
253
'168
127
86
312
146
336
115
139
' 443
109
'130
89
'175

143
795
177
'203
314
174
1,042
254
'125
133
83
317
148
347
120
143
445
111
138
95
'181
91

162.4
219.4
169.8

162.0
218.7
170.8

160.2
215.5
169.8

156.9
210.2
167.0

153.6
204.1
164.5

150.5
196.9
159.1

145.6
187.8
151.6

142.1
180. 3
145.1

122.4
138.5
120.5

'121.4
'136.4
' 120.6

121.6
' 136. 6
121.5

122.4
123.2
267.6
272.0
217.3
221.8
218.2
222.3
200.9
203.8
166. 5
169.0
1,261.7 1,201.1
1,607.0 1,560.4
2,368.8 2,288.8
1 324. 5 1, 233. 2
,
179.1
180.3
107.7
110.0
74.2
75.8
101.0
103.0
93.8
95.8
109.7
111.4
114.9
116.5

122.0
263.0
213.1
213.7
198.4
160.2
1,111.7

121.0
257.9

' 109.7
173.4
165.7
163.2
' 158.1
' 110.2
405. 1
'319.9
331.1
531. 8
' 128.1
96.3
66.5
89.8
82.0
109.8
' 109.5

'111.1
177.8
165.9
160. 7
' 142. 4

122.2
273.7
223.8
223.3
202.8
172.3
1,333.6
1,612.7
2, 394.8
1, 474. 2
176.3
110.6
75.9
103.3
96.1
111.6
117.4
96.0
109.3
74.1
98.3
107.8
92.0
79.0
90.7
79.4
119.9
111.4
78.3
128.4
88.1
118.5
107.2
92.3
106.2
217.8
165.5
126.0
125.5
164.9
178.5
162.9
219.8
118.0

123.1
273.1
224.2
224.5
204.3
171.9
1,308.1
1,629.1
2, 403. 5
1,405. 2
178.8
110.5
76.0
103.9
96.8
111.3
117.2

209.3

2,167.0
1,131.6
177.7
108.8
75.3
100.2
92.9
109.1
113.7

209.6
195.2
154.3
1,025.4
1,283.6
1,949.7
1,066.8
172.7
108.9
75.4
100.2
92.7
111.0
113.9

1,450.4

108.8
118.8
117.6
165.3
245.6
238.2
166.6
202.2
196.7
164.6
202.7
197.1
187.7
181.8 ' 163.1
102.1
144.4
135.2
479.0
961.1
893.7
394.5
1,191.7 1, 084. 4
372.2
1.869. 5 1, 732. 9
643.3
997.9
934.7
127.1
162.0
159.4
103. 4
107.9
107.5
72.1
74.7
74.7
88.8
98.0
96.6
80.6
90.4
88.6
106.7
109.3
109.3
109.7
112.3
112.0

405
192
295
131
322
' 5, 017 '

407
193
307
136
315
5,030

' 123.7

349.2
' 309.1
300.5
413. 2
'134.3
96.8
66.8
93.6
85.3
107.4

95.3
108.2
74.1

94.5
107.1
73.5

92.7
105.0
72.0

91.8
103.9
71.4

104.5
72.1

92.2

90.4
103.3
70.5

90.2
302.9
70.9

90.2
102.8
70.9

90.6
102.1
71.1

91.1
100. 7
70.5

107.9
92.5
78.6
90.5
79.2
118.0
111.5
75.2
120.3
88.1
118.7
107.3
98.5
91.7
106.0
221.3
165.7
126.1
125.6
165.1
178.0
162.5
219.1
117.8

97.3
107.7
92.1
78.3
90.2
79.0
115.9
111.3
71.2
113.1
87.6
117.7
106.3
98.2
92.1
104.8
221.6
165.7
126.2
126.1
164.6
176.8
160.6
215.9
117.1

95.2
105.4
90.6
76.2
89.0
78.2
115.4
110.4
75.5
107.2
86.7
115.6
104.6
97.3
91.7
104.0
219.8
164.9
126.0
126.1
160.8
172.2
157.6
210.3
116.1

94,2
103.1
89.5
73.7
88.6
77.8
114.5
110.4
73.4
103.3
85.4
114.6
103.8
97.5
92.1
103.9
216.3
164.1
126.3
126.5
157.6
169.2
154.5
204.1
115.4

94.1
102.2
89.8
71.3
89.8
78.7
116. 7
110.4
78.8
106.0
85.9
116.0
104.9
97.5
92.2
103.8
212.5
164.8
126.8
127.3
155.2
166.7
151.0
196.7
115.0

90.5
96.4
86.0
64.6
88.5
77.7
123.3
108.4
123.8
105.7
83.2
113.7
103.4
96.8
90.5
103.8
203.7
162.4
127.4
127.6
151.1
162.1
145.5
187.6
112.3

90.0
98.9
85.0
70.1
88.6
77.6
124.6
107.9
133.5
103.2
84.0
114.2
104.1
98.3
92.6
105.4
190.0
161.2
127.3
127.5
148.4
159.3
141.1
180.0
110.3

91.3
99.8
82.5
74.4
86.3
75.5
133.4
108.8
176.3
105.0
89.1
114.4
103.3
98.8
94.8
105.4
156.9
160.5
122.6
120.4
127.9
132.7
121.4
138.3
108.1

93.5
101.0
'82.4
'75.5
88.5
77.7
125.7
109.6
' 124. 8
105.3
91.9
117. 5
105.8
102.5
97.2
110.0
'153.5
157.0
'122.8
121.5
'144.3
163.0
' 120.6
' 136.1
'108.4

100.6
'81.1
' 74. S
90.6
79.6
121.9
110.2
' 192.7
110.0
'88.8
119.3
107.8
105.9
101.0
112.9
154.3
159.0
' 130. 7
131.0
'149.2
168. 9
121.2
136.4
' 109. 3

95.8

' Revised.
JFor data for December 1941-July 1942 see note marked "X" on p. S-10 of the November 1943 Survey.
§For revised 1941-43 data for shipbuilding see p. 19 of the December 1944 Survey; 1939-44 data for aircraft and parts and aircraft engines are shown on p. 20 of the August 1945
Survey. Data beginning 1939 for the printing and publishing subgroups will also be shown later (see November 1943 Survey for data beginning August 1942).
*New series. Data beginning 1939 for the new series on wage earners for the individual manufacturing industries win be shown in a later issue; data shown in the Survey beginning with the December 1942 issue, except as indicated in note marked " § " on p. S-9, are comparable with figures published currently; data beginning August 1944 for all manufacturing, durable goods, nondurable goods, and the industry groups were revised in the October 1945 issue; revised data for 1929 to July 1944 for these series are on p. 22 of the December
1945 Survey.
TRevised series. The indexes of wage-earner employment and of wage-earner pay rolls (p. S-12)rin manufacturing industries have been completely revised; for 1939-41 data for the
individual industries (except as indicated in notes marked "X" and " § " above) and 1839-40 data for all manufacturing, durable goods, nondurable goods, and the industry groups, see
pp. 23-24 of the December 1942 Survey; 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 1943 data from the Bureau of Employment Security of the Federal Security
Agency; data beginning August 1944 were revised in the October 1945 Survey and revisions for January 1942-July 1944, except for the adjusted employment indexes, are shown on p.
20 of that issue. Data for January 1939 to July 1944 for the seasonally adjusted employment indexes will be published later.




March 1940

SUEVEY OF CURRENT BUSINESS

L nlees otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1946
January

S-ll

1945

January

February

March

April

May

June

July

August September

October

Novem- Decem
ber
ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
NOD manufacturing, unadjusted (U. 8. Dept. of Labor):
JVIining:!
Anthracite
1939=100.
Bituminous coal
...do...
Metalliferous
do
Quarrying end nonmetallic
do...
Crude petroleum and natural gas!
...do
Public utilities:!
Electric light and power
do
Ftreet railways and busses..
do...
Telegraph
do
Telephone
do
Service?:!
Dyeing and cleaning
.
do
Power laundries
._
_
do...
Year-round hotels
..do
Trade:
Eetail, total!
do...
Food*
do...
General merchandising!
_
..do...
Wholesale!do...
Water transportation*
_
do...
Miscellaneous employment data:
Federal and State highways, total}
number..
Construction (Federal and State)
do
Maintenance (State)
do
Federal civilian employees:1!
United States
.
thousands.
District of Columbia
do
Railway employees (class I steam railways;:
Total
.thousands.
Indexes: Unadjusted!..
1935-39^100.
Adjusted!
.
dc...

80.1
76.7

79.0
91.1
78.4
75.6
82.1

79.2
90.8
78.1
75.4
82.4

79.0
90.2
78.4
76.6
82.6

77.4
82.2
77.8
77. 7
82. 7

9.7
88.2
77.3
78.3
82.8

78.9
89.2
76.0
80.5
83.6

77.6
87.1
74.6
81.3
83.8

77.4
87.1
73.1
81.7
84.2

77.6
87.6
72.2
82.5
84.0

78.1
70.8
72.5
83.9
84.0

78.2
87.5
'73.2
85.0
86.7

79.0
89.2
'75.2
83.6
90.0

62.6
125.4
144. 3

82.0
117.3
120.2
126.1

82.2
118.4
119.2
126.8

82.1
118.9
118.9
127.1

82.0
118.3
117.9
127.3

82.0
117.8
117.4
127.8

82.8
117.3
137.9
129.5

83.6
116.8
119.3
131.9

84.1
117.3
119.4
133.1

84.5
118.0
12]. 2
133.5

85.7
119.2
123.2
135.6

88.1
121. 7
124.8
' 139.4

'90.7
' 122. 7
' 126. 4
' 143.0

120.2
109.6
116.8

112.0
106.3
110.2

112.8
105.4
109.6

117.4
105.5
109.0

119.7
104.7
108.0

119.8
104.9
108.5

122.0
107. 2
109.5

121.2
108.3
109.4

117.3
106.1
109.9

122.3
106.6
112.2

124. 7
107.4
115.0

120.6
106.7
116.5

'119.9
'107.8
'117.6

103.7

98.3
107.2
114.2
95.7
272.6

97.2
106.7
111.4
95.7
281.6

99.3
105.9
117.4
95.3
290.4

96.8
103.6
112.4
84. 9
295.5

96.7
103.0
112. 7
94.5
303. 5

96.2
101.0
111.2
94.4
3C3.0

94.9
100.0
107.9
94.9
310.0

93.8
99.9
104.7
95.8
313.4

97.6
102.0
110.4
97.0
320.5

' 101. 2
104.6
115.9
99. 4
311.0

106.1
106.5
127.4
101. 8
315.1

' 116.0
108.0
152.6
'304.3
' 315. 7

125,122
11,994
89,512

122,435
10,853
88.006

117,612
11,305
82, 563

123,740
15, C33
84.SC6

131,861
19,667
88,128

144,182
24,366
95,006

144, 082
24,157
64,730

153, 223
28, 419
99,512

151,474
30,832
95, 722

151, 460
30, 684
94, S92

145,068
24, 894
93, 548

139,964
16, 674
i)5,317

2,406
233

2,889
256

2,919
2£6

2,920
256

2,915
' 254

2,898
253

2, 915
258

2,900
256

i 2,851
251

12,613
240

i 2, 513
233

i 2,456
230

' i 2,411
'229

p 1, 421
v 126.5

1,421
136.6
142.0

1,441
138.5
142.0

1,451
139.4
143.0

1,448
139.2
141.4

1,455
139.8
140.4

1,482
142. 5
140. 6

1,480
142.2
139.2

1,476
141.9
139.0

1,439
138.3
135.0

1,424
136.9
132.4

' 1, 435
' 137. 9
136.6

p 1,429
v 137.0
v 139. 2

105.4
313.8

LABOK CONDJTICINS
Average weekly hours per worker in manufacturing:
45.4
45.0
43.4
Natl. Indus. Conf. Bd. (25 industries)-...
hours..
45.2
46.0
42.3
46,2
44.3
46.1
42.3
42.1
45.1
44.1
44.6
U. S. Dept. of Labor, all manufacturing!
do
45.4
45.4
44.0
41.4
40.7
45.4
' 41. 2
41.6
Ml. 6
46.5
45.5
45.8
Durable goods*
.do
46.8
44.9
41.1
46.8
M0. 4
Ml.l
46.7
41. 5
' 41. 6
46.9
46.0
46.0
Iron and steel and their products*
do..-_
46.9
46.9
45.2
41.4
41.7
47.1
42.4
M2.1
M2.0
Blast furnaces, steel works, and rolling
47.0
46.6
46.3
45. 6
mills*
hours..
42.2
45.1
46.2
41.2
47.0
M0.8
40.8
M0.4
46.4
45.6
46.7
45.7
Electrical machinery*
do
46.5
45.3
40.8
41.2
41.5
46-6
41.1
Ml. 2
48.1
46.6
47.7
Machinery, except electrical*
do
48.8
48.7
46.7
43.0
42.7
48.6
42.9
M2.6
M3.0
48.3
46.6
47.8
M achinery and machine-shop products*..do
48.7
48.5
46.6
42.6
42.7
48.7
42.8
M3.1
' 42.9
50.2
47.7
61.0
48.9
Machine tools*
do
51.6
47.7
45.6
50.9
'44. 7
44.4
M4.1
M3. 9
45.5
43.9
43.8
Automobiles*
do
46.5
45.2
42.3
36. 5
33.5
46.1
36.1
'38.4
'38.3
46.8
45. 9
46.2
Transportation equipment, except autos*__do
|__..__.-47.2
48.0
45.8
41.7
S8.8
39.8
47.1
37.4
'39.1
46.8
46.5
46.9
Aircraft and parts (excluding engines)*..-do
47.3
47.7
45.9
38.1
40.7
40.8
47.1
39.7
40.1
45.8
45.1
47.4
44.2
46.3
43.6
-Aircraft engines*
.
do
37.2
36.7
40.3
47.1
39.0
38.0
47.0
45.8
46.3
Shipbuilding and boatbuilding*
do__.
47.1
48.7
46.6
38.7
43.6
46.9
38.5
34.9
' 38. 2
47.1
46.0
46.2
Nonferrcus metals and products*
do
47.1
43.3
42.5
47.2
45.7
43.4
47.3
M3.2
'43.2
43.6
42.9
44.0
Lumber and timber basic products*
_do
43.3
42.6
41.4
40.5
40.8
39.2
43.1
42.2
40.6
44.3
43.6
44.1
44.8
Furniture and finished lumber products*.—do
44.4
44.6
42.8
43.3
42.3
40.6
42.7
M2.1
44.5
43.6
43.8
Stone, clay, and glass products*
do
43.8
43.6
43.4
41.fi
41.8
42.1
42.1
44.2
42.5
43.2
42.3
43.1
43.4
40.3
Nondurable gocds*
do
43.4
42.8
41.8
41.7
43.5
Ml. 5
41. 3
Textile-mill products end other fiber manu41.9
40.7
factures*._
.
hours..
42.3
38.4
41.3
40.6
42.3
41.8
40.7
42.4
40.4
40.3
Apparel and other finished textile products*
37.9
36.4
37.2
hours..
38.8
33.2
36.7
36.2
38.2
36.4
39.0
'36.7
' 36. 0
Leather and leather products*
do
42.2
42.0
40.4
42.1
39.3
40.6
41.8
41.7
40.6
42.5
40.9
39.6
44.9
45.0
44.5
45.6
Food and kindred products*
do
45.6
45.8
43.3
44.7
45.4
M4.1
45.1
44.4
Tobacco manufactures*..
.do
43.0
42.3
41.6
42.8
39.0
43.4
41.0
42.3
39.1
42.9
40.4
42.0
Paper and allied products* „_..
do
46.5
45.4
46.2
46.3
46.4
46.3
44.0
45.9
45.5
46.3
45.7
45.8
Printing and publishing and allied industries*
41.2
41.2
hours. .
40.7
41.0
41.6
41.5
41.5
42.2
41.6
41.6
41.7
41.5
45.7
Chemicals and allied products*
do
45.5
45.7
45.7
45.4
45.1
43.4
43.4
43.3
M2. 7
42.7
45.9
r
Products of petroleum and coal*
do
47.3
48.3
47. 5
47.8
46.6
47.7
46.9
44.9
44.1
47.4
M2.6
43.3
Rubber products*
do
47.3
45.7
44.2
45.2
47.3
45.5
41.8
43.0
41.4
45.3
M0. 2
40.8
Average weekly hours per worker in nomranufacturing
industries (U. S. Department of Labor):*
40.0
39.3
40.4
Building construction
hours..
39.1
40.0
40.3
40.1
38.8
38.1
38.7
37.2
Mining:
38.9
36.4
41.4
41.7
41.1
39.4
Anthracite
do
38.9
37.1
37.0
39.5
41.2
'35.8
Bituminous coal
do
45.1
43.8
36.8
42.4
46.2
44.9
40.8
40.1
42.3
45.8
44.8
33.0
45.0
45.5
45.0
44.0
45.0
45.4
Metalliferous
do
43.9
42.0
43. 0
42.5
44.3
M3.0
48.0
47.2
46.5
Quarrying and nonmetallic
do
45 5
48.2
44.6
46.6
48.0
46.5
44.1
47.2
46.1
Crude petroleum and natural gas
__do
46.4
46.2
45.2
46.1
45.7
46.3
43.4
45.0
46.8
45.4
44.4
M4.9
Public utilities:
43.6
44.5
44.0
Electric light and power
do
44.2
44.4
44.3
43.4
43.4
43.0
43.3
42.5
42.0
Street railways and busses..
do.__.
51.5
51.2
51. 0
51.7
52.2
51.6
52.3
51.3
51.6
50.9
50.3
50.7
Telegraph
do
44.8
45.7
44.7
46.2
44.7
48.2
45.0
46.0
45.9
45.4
44.5
45.0
2
2
Telephone
..__
do
42.5
40.6
2 41.1
42.8
2 41.4
42.4
41.8
2 44.1
2 41.9 ' 2 42.1
Ml.l
*41.0
Services:
43.9
Dyeing end cleaning
„
....
do
43.4
44.3
43.0
43.6
41.5
43.8
44.2
43.1
43.5
42.4
43.0
Power laundries
do
43.4
43.8
43.4
43.8
43.4
43.5
44.0
42.4
43.4
43.2
42.7
43.3
Trade:
39.4
39.6
Retail
......—
do
39.7
39.7
39.9
40.7
41.2
41.9
40.7
' 40.3
40.0
40.1
Wholesale
.
„ do. .
42.8
42.9
43.2
42.9
42.7
42.8
42.4
43.1
42.4
42.6
42.3
42.0
r
Revised. » Preliminary. tTotal includes State engineering, supervisory, and administrative employees not shown separately. * See note marked " ? . "
* Not comparable with data prior to April 1945; see note for hours and earnings in the telephone industry at the bottom of p. S-13.
^ United States totals beginning August 1945 include approximately 53,000 clerks at third-class post offices and substitute rural carriers not reported previously; see also note
in July 1944 Survey regarding changes in the data beginning in 1943. December figures do not include excess temporary post office substitutes employed only at Christmas.
•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, telegraph, and aircraft engines industries, are available in the May 1943 Survey and data back to 1939 will be published later; data back to 1937 for the telephone industry are shown on p. 20 of the May 1945 Survey; data back to 1939 for the aircraft engine industry will 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 telegraph industries have been computed beginning 1937; for the former, see May 1945 issue, p. 20.
For revision in the Department of Labor's series on average weekly hours in all manufacturing industries, see note marked "f" 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 th© Survey

January

1946

March 1946
1945

JarmFebruary j ary

March I April

May

June

July

August

September

October

November

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS-Continued
Industrial disputes (strikes and lockouts);
Strikes beginning in month:
325
Strikes
.
»
number..
1, 400
Workers involved
thousands..
Man-days idle during month
.
do.__. 19,200
U. S. Employment Service placement activities:
412
Nonapricultural placements!
thousands..
Unemployment compensation (Social Security Board):
i
Initial claims* §
thousands.. 1 1, 234
Continued claims© § . . . .
do.-_.
8, 254
Beneflt payments:!
1, 638
Beneficiaries, weekly average
do.
1
Amount of payments
thons. of dol.._ 134,000
Labor turn-over in manufacturing establishments: c?1
Accession rate..
monthly rate per 100 employees..
Separation rate, total
do
Discharges.--.
.
do____
Lay-offs.
do....
Quits
do
Military and miscellaneous
do

235
46
184

280
111
381

380
197
775

430
306
1,475

1087

910

973

154
593

109
60S

117
643

105
7,299

100
6,435

7.0
6.2
.7
.6
4.6
.3

5.0
6.0
.7
.7
4.3
.3

103
7,242
4.9
6.8
.7
.7
5.0
.4

425
325
2,210

480
328
1,850

520
322
1,700

926

952

1,042

1,014

614

601

153
488

220
618

269
810

268
1,081

1,230
1,532

1.086
4,724

918
6,671

766
6,502
1, 313
108, 545

410
225
1,350
825

550
460
3,675

455
560
7,800

87
6,185

98
7,044

129
9,686

185
14,352

231
17,948

612
50,439

1,272
106, 449

4.7
6.6
.6
.8
4.8
.4

5.0
7.0
.6
1.2
4.8
.4

5.9
7.9
.7
1.7
5.1
.4

5.8
7.7
.6
1.5
5.2
.4

5.9
17.9
.7
10.7
6.2
.3

7.4
12.0
.6
4.5
6.7
.2

8.6
8.6
'.5
2 3
5.6
.2

335
405
6,100
484

r

8. 7
7.1
.5
'1.7
'4.7
.2

PAY ROLLS
Wage-earner pay rolls, all manufacturing, unadjusted
307.0
333. 7
330.2
256. 2
335. 2
321.5
302. 5
' 212. 5
214.2
286.7
' 212. 7
(TJ. S. Department of Labor)t
1939=100461.5
458.3
451.0
437.2
413. 3
373.1
' 231.7
236.4
399.8
322.9
Durable goods
_
__..._..do
r 233. 8
321.2
308. 8
322.9
324.0
319. 0
200.2
280.1
' 202. 2
298. 5
247.0
Iron and steel and their products
do
200.4
Blast furnaces, steel works, and rolling mills
227.1
224.4
223.6
' 169. 4
229.1
228.5
199.2
' 173. 6
217.3
222.8
175.3
1939=100..
513.2
513.5
513. 2
502.1
484.8
278.3
290.3
385.3
445.0
474.0
258.8
Electrfcal machinery—-...
.....do
428.9
431.6
426.1
413.7
392.1
371.6
' 273. 6
' 272. 6
393.9
326.8
275. 5
Machinery, except electrical
.....
.do
421.3
423. 7
419.8
386.4
' 263. 4
268. 4
409.8
386.4
323.6
266.4
365.9
Machinery and machine-shop products
do
378.6
381.9
382.0
370.9
347.6
' 254. 9
' 233. 0
303.9
260.5
328.8
353. 4
Machine toolst
-—do
324.8
324.7
283. 2
316.2
308.0
145.8
272.6
178.8
' 165. 5
' 185. 6
244.7
Automobiles
.
do_.__
Transportation equipment, except automobiles
2,900.1 2.803.3 2,689. 5 2,538. 3 2,322. 6 2,152.8 1,999.9 1,682.9
565.7
814.4
687. 5
1939=1003,257.1 3,234.6 3,190.3 3,070. 7 2,837.0 2, 546. 2 2,310. 4 1, 854.8
624. 5
' 512! 8
' 537. 4
Aircraft and ports (excluding engines) A
do
4, 334.5 4.368.4 4,279. 7 3,957.0 3, 703. 0 3. 231.9 3,042. 5 2,375.9
' 392. 8
469.7
444.3
Aircraft engines A.
....I.
do
3,313.4 3,107. 6 2,906. 6 2,711.2 2,433. 6
641. 5
2,327. 7 2,193. 4 1,919.9 1,115.9
893. 4
Shipbuilding and boatbuildings
do
348.3
343.0
353. 5
349.2
336. 5
302.7
282.1
216.2
' 234.8
827. 0
' 222. 0
Nonferrous metals and products
do
202.9
203.1
202.3
202.7
199.2
184.2
209. 6
192.9
189.0
164. 3
169. 1
Lumber and timber basic products.
.do
140.4
140.4
141.2
142.4
133.9
130.3
113.8
137.9
147.6
133.8
117.4
Sawmills
do
196.9
187.7
195.2
157. 5
165.0
191. 6
181.3
166. 5
189.1
194.0
161.9
Furniture and finished lumber products
do
184.0
181.8
173.0
140 8
177. 4
150.4
165.7
180.4
173.3
151.1
Furniture
.
".
do
147.1
189 6
177.4
193.2
193.3
187.9
187.7
181.7
189.0
192.0
Stone, clay, and glass products
do
177.4
184. 9
211.9
202.9
192.6
212.0
208.3
202.2
191.0
207.3
211.7
' 193.8
Nondurable goods.
......do
r Ifi2. 1
175.5
166.7
175.4
170.6
166. 6
174. 6
176.3
159.4
Textile-mill products and other fiber mfrs
do
169.9
171.3
io8. i
207.3
200.2
201.0
206.5
192.9
210.3
201.8
209.8
199. 9
Cotton manufactures, exc. small wares
do
210.3
198.6
140.0
138.2
139.3
133.7
134.6
138.4
142.1
138.4
Silk and rayon goods
do
133.9
142.0
143.0
Woolen and worsted manufactures (except dyeing
178.9
193.4
193.1
184. 0
186.8
167.2
175.4
193.5
177.2
and finishing)
1939=100__!
186.7
178. 3
181. 5
209.6
206.0
196.2
180.3
1.98. 5
157.3
183.6
177. 7
167.5
Apparel and other finished textile products..do
183.1
170.7
141.4
165.3
174.4
156. 6
167.1
151.5
Men's clothing
do
164.2
135.0
' 136. 9
' 141. 0
154.3
138.4
149.1
157.2
143.6
131.1
108.4
' 136. 4
109.2
Women's clothing
do
125.1
r 141. 9
166.5
157. 2
164.7
161.1
169.9
166.9
165.0
Leather and leather products
do
170.3
157.0
161. 9
161. 7
149.9
140.3
147. 9
153.6
150.4
143. 2
145.7
154.1
141.2
149.0
Boots and shoes
do
144, 2
191.3
218.5
198.0
188.1
189.5
189.6
198.6
196.4
205.8
206. 4
Food and kindred products
do
207.7
168.6
173. 6
168.2
170.2
170.4
171.4
174.1
170.9
174.6
Baking
do
181. 4
176. 8
149.0
351.6
153.9
142.6
144.4
150.0
249.4
250. 2
' 179.4
Canning and preserving..^
.do
156.9
251. 7
188.1
177.6
221.9
178. 2
162. 5
167.7
Slaughtering and meat packing
do
177.9
175.0
158.2
185. 2
173.1
165.3
175.3
166.4
165.2
156.4
160.4
164.1
151.4
148.8
Tobacco manufactures
.do
'171.4
' 181. 0
198. 7
195.5
198.3
198.6
190. 7
184.6
196.2
197. 7
193.5
Paper and allied products...
do
201.2
204.9
182.8
180.5
183.3
Paper and pulp
.
do
183.4
182.0
177. 5
180.7
171.7
190. 0
183.8
186.7
138. 2
147.7
139.8
139. 4
138. 2
138.9
140.0
Printing, publishing, and allied industries
do
139.6
137.8
150. 7
158.5
118.3
130.3
118.4
120.2
122.4
138.3
120.7
119.7
Newspapers and periodicals*
.___
do
128.6
121.7
132.9
156.5
166.5
159.9
Printing, book and job*...
do
157.2
155. 5
154.4
155.1
151.9
155.6
178.1
168.6
389.9
266.4
384.2
394.1
391.3
388.9
325.7
Chemicals and allied products..__. „
do
363.0
381.3
256. 6
' 259. 6
295.3
273.6
293.2
296.7
295. 6
295.2
288.2
Chemicals
...do
298.5
291.8
260. 8
261. 3
223.3
210. 8
221.7
226.9
223.9
229.5
233.4
Products of petroleum and coal....
do
229.5
228.6
' 223. 4
' It6. 8
218.2
203. 5
215.7
Petroleum refining
,._do
220.6
227.2
222.6
224. 4
227.7
224.3
' 218. 1
' 189. 7
323.6
216.7
323. 2
299.9
299.6
283. 6
Rubber products
_
do
249. 5
287.3
281.3
' 237. 0 ' 239.8
339.8
211.4
342.4
Rubber tires a nd Inner tubes
do
301. 9
306.0
288.6
286.8
249.7
293.8
240.2
239.8
Non-manufacturing, unadjusted (XJ. S. Dept. of Labor):
Mining:*
150.2
149. 7
14.3
135.1
149.8
144.5
142.7
137.7
Anthracite...
_
1939=100-.
145. 4
148.0
170.8
212.8
199.7
204.3
154.3
204.5
Bituminous coal
do
214.3
190.7
188.0
227.6
210.7
122.8
129.7
130.9
131.2
128.6
121.1
116.4
125.7
Metalliferous
do
128. 5
114.2
' 117.2
'118.4
137.0
135.0
159.2
Quarrying and nonmetallic...
do..~_
142.5
151.2
150.8
158.8
161.9
155. 9
163. 2
164.3
132,2
133.7
132.4
132.8
138.4
Crude petroleum and natural gasf
do.
136.1
131.8
135.7
139.2
' 142. 8
133. 6
Poblic utilities:!
117.3
116.8
117.4
125. 7
Electric light and power
do
117. 5
120. 6
115.2
119.2
119.6
120.7
120. 9
178.9
175.7
174.2
176.2
177.1
179.1
Street railways and busses
do
178.2
177.1
175.1
178.7
178.1
169.9
171.4
174.0
170.8
Telegraph
_
do
175.3
175.0
177.2
200.4
177.9
172.3
177.6
159.0
162.4
166.1
163,2
181.7
157.8
172.6
200.3
Telephone
_._..-..__.
do....
195.7
177.7
189.0
Services:!
175.9
192.3
194.0
191.4
207.6
193. 5
175.3
179.9
199.8
197.7
199.2
Dyeing and cleaning.....
do
159.4
162.2
162.5
161.9
168.9
161.5
166.3
169.7
160.5
169.1
Power laundries
. ___._
do .
168.1
167.9
166.7
165.6
167.9
171.2
166.8
171.5
184.6
190.6
Year-round hotels
..
...
do
172.0
177.2
Trade:
144.2
130.5
133.0
130.7
131.0
136.4
132.0
134.2
138.7
152. 0
132.0
Retail, total!..
_ —
.do....
141.6
149.7
141.4
141.2
139.7
139.0
145.5
145.7
154. 9
142.8
Food*
,
..do
144.7
141.8
144.3
143.5
141.2
150.0
157. 7
147.6
144.0
148.3
148.0
172. 5
General merchandising!..
do
150.7
141.5
145.6
139.1
Wholesale!....
do....
141.4
144.4
140.8
141.9
144.7
141. 3
155. 2
669.6
708.5
724,7
729.2
746.2
755.5
685. 2
Water transportation*.
...
do
744.5
664.0
566. 8 i 582.1 :
1
' Revised. Partly estimated. 0 Small revisions for January 1940 to May 1944 are available on request, t See note marked " t " on p. S-10. ASee note marked " § " on p. S-10.
§ Data do not include veterans' readjustment allowances payable under the Servicemen's Readjustment Act of 1944; data for January 1946 are as follows: Unemployment allowances—Initial claims, 1,032,000; continued claims, 4,595,000; average weekly number receiving allowances, 695.000; self-employment allowances—number receiving allowances, 44.CC0.
<? Rates beginning January 1943 refer to all employees rather than to wage earner? only and are therefore not strictly comparable with earlier data.
*Now series. Data beginning 1939 for the indexes of pay rolls for the newspapers and periodical? and printing, book and job. industries will be shown w a ]?Af-r issnp. Indexes of
pay rolls beginning 1939 for retail food establishments and beginning 1940 for water transportation nre shown on p. 31 of the June 1943 Survey. The series on initial claims includes
new claims (first claim filed in a berefit year) and additional claims (second or subsequent spell of unemployment in same benefit year).
!Revised series. The series on placements by the XJ. S. Employment Service ha? 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 pay rolls (or weekly wages) in manufacturing industries, see note marked " t " on p. S-10. For revised data beginning 1939 for the nonmanufacturing industries, see
 31 of the June 1943 Survey (data for the telephone and telegraph industries were subsequently revised; revised data for the telephone industry are on p. 20 of the May 1945 Survey).
p.



SURVEY OF CURRENT BUSINESS

March 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1946
January

S-13

1945
January

February

March

April

May

June

July

August

September

October

Novem- December
ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES
Factory average weekly earnings:
Natl. Ind. Con. Bd. (25 industries)
dollars..
45. 70
49. 62
47.73
45.74
45.50
50.80
50.58
50.33
50.13
50.99
49.00
V. S. Dept. of Labor, all manufacturing!
do
41.43
46.02
r 40. 97 ' 40.82
47.12
47.37
47.40
46.32
45.45
41.72
40.87
47.60
Durable goods!
do
44.33
51.56
53.30
51.74
' 44.23 ' 43.80
53.54
52. €0
53.22
45.72
43.95
50.66
46.29
Iron and steel and their products!
do
51.14
' 45. 40 ' 45. 45
£1.65
52. C8
61.56
62.09
51.14
50.41
45.48
46. 31
Blast furnaces, steelworks, and rolling
56. 24
47.16
56.04
54.58
54.89
50.74
millst
... dollars..
55.39
66. 32
56.10
' 47. 51 ' 46.22 ' 46. 81
48.73
42.39 ' 43. 03
43.89
Electrical machinery!
do
49.64
49.59
49.85
49.89 I
48. 53
47.91
42.75
41.37
53.68
' 48.12 ' 47. 90
48. 63
55.92
56.13
Machinery, except electrical!
..do
54.91
53. 58
48.41
48.12
55. 46
56.07 '
52.82
47.98
' 47. 60 ' 47. 58
M aehinery and machine-shop products!__do
64.82
54.80
65.02
55.06
53.78
52. 57
47.81
47.15
56. 50
53.80
60.34
Machine tools
do
60.21
' 51. 65 ' 52.35
59. 53
60.49
58.23
56.37
53.63
' 51. 23
55.74
44.05
Automobiles!
.
_
do
59.42
£8.28
58.99
55.55
44.65
69.49
53.29
41.70
'46.86 ! ' 46. 72
59.56
49.68
Transporation equipment, except autosf-.-do
61.13
60. 58
62.61
61.56
60.03
59. 63
54.07
48.98
' 48. 92 ' 46. 65
55. 32
48.49
Aircraft and parts (excluding engines)...do
46. 98
67.19
66.22
66.10
55. 66
56.07
48.43
44.81
' 47. 60
54.87
58.92
48.67
Aircraft engines*
.do
45.34
62.67
62.29
62.41
59.62
57.16
56.16
47.31
43.56
46.37
63.26
49.77
Shipbuilding and boatbuilding
do
45.69
66.12
65.12
64. 56
64. 68
' 49. 50
64.15
64.62
60.46
51. 06
49. 52
46.12
51.18
Nonferrous metals and products!
do
60.92
50. 66
50.76
49.55
' 45. 30 ' 45. 73
48.81
46.15
44.41
34.97
31.79
33.72
34.38
32.01
Lumber and timber basic products!
do
35.20
33. 08
34.40
36.20
33.52
32.91
33.41
33.90
30.30
33.15
30.72
Sawmills
.-do.
32.43
33.11
35.22
31.86
34. 05
32.13
32. 38
32.20
37.51
36.48
37.90
Furniture and finished lumber products!.do.
37.95
37.48
' 35. 89 ' 35. 49
37.92
37.54
33.89
36,89
35.21
38.23
37.21
38.78
FurnitureJ
do.
88.16
38.94
' 36. 59 ' 3G. 21
38.81
38.01
37. 35
34.49
35.39
40.46
39.60
40.77
Stone, clay, and glass products!.
dol
40.10
39.93
39.61
39.06
41.36
40.69
39. 08
39.12
40.38
38.18
38.67
38.96
38.66
38.69
' 37. 76 ' 37. 89
Nondurable goods!
do.
38.80
38.95
36. 63
37.80
38.59
Textile-mill products and other fiber
31.67
32.39
manufactures!.
dollars..
30.78
30.38
30.88
' 31. 25 ' 31. 65
31,07
30.81
29.60
31.50
31.01
Cotton manufacturers, except small wares!
27.52
27.63
28.72
27.78
27.79
28.21
29.22
dollars.
27. 70
29.01
27.13
28.32
29.38
29.84
30.17
30.33
32.48
29.76
31.86 ' 31. 92
Silk and rayon goods!.
..do...
29. 83
31.38
31.26
30.07
31.05
Woolen and worsted manufactures
35.38
36.79
36.73
36.52
36.95
36.93
35.60
35.71
34.59
37.64
(except dyeing and finishing)! .dollars..
36.39
35.84
Apparel and otherfinishedtextile products!
30.81
32.42
S3.41
31.26
34.06
28.06
31.88
••32.12 ' 31.12
32.65
30. 38
31.81
dollars
32.89
34.69
35. 53
32.80
33.90
' 32. 38 ' 31. 94
34.72
34.38
30.10
33.32
32.40
Men's clothing!
.do
38.81
40.35
42.70
41.34
' 41. 45 ' 40.11
41.37
43.71
38.15
33.75
40.87
36.72
Women's clothing!
do
34.69
35 23
35.74
34.66
33.93
35. 73
36.00
36.12
33.62
34.82
35.47
Leather and leather products!
.doIIII
34. 64
32.72
33. 56
34.13
33.00
32. 37
34. G6
34.46
32.86
34.74
32.24
34.00
32.95
Boots and shoes
do
38.96
41.61
39.61
39.15
38.66
38.94
40.01
' 39. 50 ' 40. 27
38.16
39.98
39.36
Food and kindred products!
I...IdoIIII
38.82
41.28
38.57
38.87
38.18
40.21
41.37
38.51
39.37
39. 66
40. 27
Baking
_
do..I.
39.83
31.72
33.87
31.69
32.10
32.05
' 32. 71 '31.35
32.28
Canning and preserving!
do
32.29
32.63
30.11
32.24
42.74
47. 50
42. 55
42.80
45.78
47.18
42.92 I
44.54
45.68
41.57
Slaughtering and meat packing
doIIII
45.08
45.81
31.04
31.53
31.93
31.28
31.71
31.80
' 33.35 ' 32. 65
Tobacco manufactures!
do
32. 36
30. 73
29. 85
33. 21
39. 77
41. 51
40.05
40.18
40.63
40.35
'41.10 ' 41. 23
40. 74
Paper and allied products!
-doIIII
40.78
38.69
40.96
43.14
44.67
43.19
43.03
44.81
43. 95
43.60
44.86
Paper and pulp
do
44.30
41.86
44.46
44.26
Printing, publishing, [and allied industries!
46.63
45.74
46.61
46.03
46.52
40.93
' 48. 01 ' 48.82
49.16
dollars..
46.62
46.60
48.89
51.09
49.39
60.15
49.20
50. 60
50.53
' 52.19 ' 52. 26
52.70
Newspapers and periodicals'....
do
50.64
52.54
53.13
44.65
45.18
44.40
45.10
44. 97
45. 90
47.25
47.68
Printing, book and job*
......do
45.18
45. CO
43.44
47.39
45.26
44.78
44.41
44.27
44. 77
' 42. 95 ' 42. 20
42.76
Chemicals and allied products!
do
45.24
43. 53
45.03
43.01
54.03
63.78
63.63
53.31
53.83
' 50. 03 ' 49.25
49.52
Chemicals
...do..II
54.23
53.96
54.11
51.46
57.24
56.65
66.20
56.68
'61.33 ' 53. 84
53.36
Products of petroleum and coalf
Illl.doIII.
58. 06
57.72
58,01
57.28
54.70
59.80
59.43
' 53. 03 ' 56. 51
55.38
Petroleum refining
dol.II
58.65
61.26
59.14
59.89
60.57
59.77
57.37
50.09
50.62
54.49
64.40
' 45. 57 ' 44. 60
45.39
Rubber products!
-do
51. 93
51.45
51.81
46.76
47.20
57.32
57.29
64.04
48.54
64.29
Rubber tires and inner tubes.
doIIII
59. 75
59.20
47.78
49.48
59.59
52.81
53.59
Factory average hourly earnings:
1.100
1.095
1.096
Natl. Ind. Con. Bd. (25 industries)
do
1.089
1.103
1.101
1.079
1.101
1.111
1.108
1.085
1.042
1.043
1.046
U. S. Dept. of Labor, all manufacturing!
.do...
1.044
.997
1.044
1.038
.985 ' .991
1.024
1.033
.987
1.134
1.144
1.139
' 1. 065
Durable goods!...
.do
1.139
1.130
1.069
1.138
1.063
1.113
1.072
1.127
1.112
1.107
1.098
1.091
Iron and steel and their products!..
dol.il
1.109
1.101
1.112
'1.078 '1.081
L. 114
1.109
1.089
1.208
1.195
1.157
1.199
Blast furnaces, steel works, and rolling mills! do I
1.181
L.191
' 1.143 '1.146
1.214
1.204
1. 218
1.171
'1.044
1.068
1.070
1.058
1.068
.069
1.067
Electrical machinery!...
-doIIII
1.061
1.031
.057
1.038
1.014
'1.124
1.153
1.134
1.152
1.152
Machinery, except electrical!.
.do
1.151
L.149
1.150
1,134
1.148
1.119
1.118
1.130
1.120
1.133
1.131
1.129
L.132
Machinery and machine-shop products!.do
1.126
1.118
1.109
1.128
1.103
1.103
1.188
1.210
1.187
1.183
Machine tools
do I
L. 172
1.183
[.182
1.176
'1.172 '1.193
1.191
1.152
1.280
1.222
1.280
1.269
L.314
1.279
Automobiles!
_
-doIIII
1.268
1.245
'1.219 ' 1.220
1.260
1.224
1.299
1.247
1.266
1.297
Transportation equipment, except autost-~do__I_
-304
1.304
1.300
1.301
1,264
' 1. 250 '1.247
1.297
1.190
1.187
1.189
1.189
1.189
Aircraft and parts (excluding engines)._do
.198
1.196
1.190
'1.188 '1.184
1.197
1.176
1.321
1.209
1.300
1.308
Aircraft engines'
do
L.350
1.323
1.195
1.293
1.287
1.188
'1.188
1.271
1.376
1.306
1.378
1.382
1.382
Shipbuilding and boatbuilding
I.doIIII
.367
1.385
1. 388
1.386
1.319
' 1. 297 ' 1. 308
1.081
1.063
1.082
1.077
Nonferrous metals and products!
do...
1.079
1.078
1.058
1.072
1.044
1.068
' 1. 048
1.067
.810
.807
.814
.791
.794
Lumber and timber basic products!
do...
.798
.789
.784
.822
.810
.813
.819
.788
.790
.773
.800
.777
Sawmills
do
.780
.764
.762
.809
.794
.799
.804
.852
.856
.859
.845
.847
.850
Furniture andfinishedlumber products!_-do
'.844
.852
.852
'.833
'.841
.835
.867
.S81
.872
.866
.883
.874
Furniture.
_
do
.872
.874
' 863
.
.858
.850
'.862
.940
.929
.916
.917
.928
.923
.931
.929
.927
Stone, clay, and glass products!
do
.939
-.937
.932
.891
.892
.903
.909
'.918
Nondurable goodsf.
-doIIII
.896
.904
.902
.909
.903
Textile-mill products and other fiber
.731
.729
.745
.759
.795
.733
.763
'.786
.770
.763
manufactures!..
.dollars..
.735
Cotton manufactures, except small
.652
.652
.667
.654
.692
.705
.713
.720
.655
.708
.698
wares!
dollars..
.732
.709
.711
.713
.716
.747
.766
.753
.761
.762
Silk and rayon goods!
do
.788
.777
Wroolen and worsted manufactures
.856
.858
.869
.862
.865
.873
.884
.869
.900
.877
.866
.882
(except dyeing and finishing)! dollars..
Apparel and otherfinishedtextile products!
.862
.849
.847
.862
.874
.839
.829
.846
.878
.864
.876
.875
dollars..
.867
.837
.882
.886
.886
.894
.891
.896
'.879
.897
'.883
Men's clothing!.
...do....
1.054
1.073
1.106
1.102
1.122
1.132
1.043
1.022
1.052
1.119
'1.130 '1.113
Women's clothing?
do.I..
.829
.859
.835
.852
.848
.851
.857
.857
.853
.857
.852
.881
Leather and leather products!..
do
.798
.830
.824
.820
.807
.821
.832
.832
.823
.821
.817
Boots and shoes
....do
r
Revised.
JSample changed in November 1942; data are not strictly comparable withfiguresprior to that month.
§Sample changed in July 1942; data are not strictly comparable withfiguresprior 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. Data for the aircraft engine industry beginning 1939 will also be published later.
!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 eomparable wi figures shown in earlier issues (see note marked "t" on p. S-13 of the July 1944 Survey); there were no revisions in the data for industries which do not carry a reference
rith
to this note. Data prior to 1942 for all revised series will be published later.
NOTE FOR AVERAGE WEEKLY HOURS AND HOURLY EARNINGS IN THE TELEPHONE INDUSTRY, PP. s-n AND S-14.—New series were established in April 1945 which relate to employees

covered by the Fair Labor Standards Act, approximately corresponding to production workers as defined by the Division of Statistical StandardvS, U. S. Budget Bureau; the new
series are not comparable with earlier data which relate to all employees except corporation officers and executives; April 1945figurescomparable with data for earlier months are as
follows: Average weekly hours; 42.9; average hourly earnings, 95.2.



S-14

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

January

1946

March 1946

1945
January

February

March

April

May

June

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.t—Continued.
Nondurable goods—Continued.
Food and kindred products!
.
dollars..
Baking
do.
Canning and preserving!
do
Slaughtering and meat packing
do
Tobacco manufactures!
do.
Paper and allied products!
do.
Paper and pnlp
_
do.
Printing, publishing, and allied industriest-do
Newspapers and periodicals*
do
Printing, book and job*
do
Chemicals and allied products!
___...do
Chemicals
do
Products of petroleum and coalf
do
Petroleum refining
do
Rubber products!
-do
Rubber tires and inner tubes
do
NTonmanufacturing industries, average hourly earnings
(U. S. Department of Labor):*
Building construction
.dollars.
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:
T)yeing and cleaning
..
do
Power laundries
do
Trade:
Retail
_
do..__
Wholesale
,,
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):^
Common labor.
__.doJ. perhr..
Skilled labor...
do....
Farm wages without board (quarterly).
dol. per month..
Railway wages (average, class I)
dol. per hr__
Road-building wages, common labor:
United States average
do
PUBLIC ASSISTANCE
Total public assistance..
mil. of dol.
Old-age assistance, and aid to dependent children and
the blind, total
mil. of dol..
Old-age assistance
do
General relief
_
__.do

0.864
.846
.788
.929
.741
.871
.899
1.121
1. 275
1. 058
.975
1.137
1.105
1. 260
1. 117
1.260

0.869
.853
.791
.929
.740
.874
.901
1.129
1.288
1. 062
.980 i
1.139 I
1.202
1.268
1.136
1.284

0.874
.858
.811
.937
.747
.876

1. 352

1.363

1. 164
1. 190
1. 035
860
1." 183

1.179
1.197
1.042
.868
1.175

1.116
.662
.826
.034

1. 122
965
832
938

.754
.649

0.867
.848
.796
.927
.736
.869
.897
1.109
1.264
1.048
.972
1.136
1.206
1.271
1.151
1.317

0.861
843
794
917
737
865
891
1# 115
l' 271
] # C49
972
134
1. 196
261
1. 149
1. 314

1.364
1.154
1.204
1.023
.868
1.171

.751
1.006

0. 953
1.701
95. SO
.69

.891
1.64

0.874
.871
.782
.946
.749
.881
.913
1.123
1.292
1.052
. 689
1.149
1.217
1.277
1.138
1.286

0.882
.874
.823
.940
.765
.880
.911
1.144
1.317
1.063
1.003
1.160
1.222
1.280
1.119
1.269

1.361

1.366

1.374

1.387

1.153
1.184
1. 040
.874
1.191

1.039
1.256
1.038
.879
1.172

1.170
1.285
1.045
.879
1.184

1.219
1. 254
1.0?9
895
1. 209

1.123
.647
.832
.951

1.145
.956
.833
1.926

1.132

1.136
.970
.833

758
653
L

1.205
1.132
1. 284

0.877
. 861
.797
.953
.757
.879
.906
1.128
1.287
1.058
.997
1.149
1. 207
1. 266
1.140
1.307

.775
.660

.769
.660

.765
.662

756
013

.752
1.016

.763
1.031

891
1.64

.895
1.64

88.90 - - - - .961
9S1" " " ~950~

0.880
.874
.795
.958
.786
. 893
. 930
1.158
1. 309
'1.092
.992
1.148
1.217
1.281
1.068
1.243

0. 885
'.881
.837
. 854
. 793
' . 897
.831
1.155
'1.316
1, 079
r
. 991
' 1,143
1. 209
1,286
r
1.100
1.231

1.383

1.392

1.327
1.249
1.048
.885
1.187

- 1. 345
1.261
1.055
.900
1.222

1.641

1.146
.979
.826
J. 944

1.139
.974
.901
1.977

1.149
.883
.825
i .959

.773
. 666

2. 750
2. 656

2.746
2.649

2.778
2.661

.764
1.018

.769
1.027

.773
1.037

.773
1.013

.904
1.65

.909
1.65

.916
1.66

.816
1.67

92.70
.959

.952

* 93.10
.948

.77

.80

.902

1.183
1.291
1.064
.990
1.141
1.204

.965
.839
1.926

' 0. 908
' .901
' . 836
. 964
.807
'.902
. 935
' 1.171
' 1.334
2.098
' . 989
'1.148
1. 225
1.291
' 1.110
1.249

1.112
1.247

1. 386

1.397

1.396

1. 368
1.242
' 1. 043
902
l! 189

' 1.333
1. 265
'1.048
. 909
' 1. 232

1.385
1.280
1.054
.910
1.272

1.127
.982
822

1. 151
. 981
.820
' ' 1.00?

1.173
1.013
.822
U.011

2.C62

2. 786
2. 673

2.788
2. 676

.783
1.025

' . 793
1. 045

.800
1.056

.796
1.05S

.916
1.67

.917
1.67

.917
1.67

.917
.168

.938
1.681

99.00
.957

.943

.963

95.70
.940

.957

.83

.79

.82

.81

.80

K 972
2

•

.794

0. OK
.904
.854
.951
.80t
.911
.94,'
1.18C
1.34C
1.114
1.002
1.154

.74

.72

80

80

81

82

83

85

r

.87

88

72
59
7

73
59

75
60
7

75
61
7

76
61
7

78
62
8

''79
63
8

8C
63
9

7

.75

FINANCE
BANKING

J

Agricultural loans outstanding of agencies supervised
by the Farm Credit Administration:
2,041
2,033
2,039
1,669
2, 007
1.862
Total, excl. joint-stock land banks..
mil. of dol..
1,770
1,940
1,808
1,876
1,846
1,808
1,391
1,335
Farm mortgage loans, total
do
1,236
1.443
1,4C7
1,377
1,370
1,351
1,430
1,294
1,316
J,272
1,119
1,091
1,109
1,079
1,C68
Federal land banks
do
1,044
1,022
1,049
1,061
1.036
1,040
1, 020
313
324
321
316
Land Bank Commissioner
do
292
214
309
S09
302
275
259
242
218
211
220
184
Loans to cooperatives, total
do
148
138
133
126
161
152
130
165
Banks for cooperatives, including central bank
23 6
208
145
215
156
181
135
mil. of dol.
124
131
127
149
161
3
2
2
2
2
Agr. Marketing Act revolving fund
do
2
2
2
3
2
2
3
378
415
391
445
454
FLnrt term credit, total
do
432
447
455
430
400
372
30
30
30
30
Federal intermediate credit hanksd*
do
30
30
29
28
27
25
197
209
229
244
257
267
208
Production credit associations
do
264
270
252
207
230
.5
9
11
9
10
Regional agricultural credit corporations...do
10
9
10
10
10
8
10
103
106
110
112
97
Emergency crop loans
do
109
112
112
111
106
98
101
36
37
37
Drought relief loans
..do....
36
36
33
36
35
36
35
34
34
(a)
(a)
(a)
1
1
1
1
Joint-stock land banks, in liquidation
do. .
1
1
(°)
(°)
(•)
73, 6C6
75,295
Bank debits, total (141 centers)!
do. .
67, 259
74,321
89,441
80, 794
63,789
71,876
66,155
64, 263
71, 501
73, 990
31,884
New York City
do
29,413
34,960
29,C6£
38,818
33,678
41,725
29,388
33, 560
28,545
32, 246
34,684
37, 846
40.3C5
41,722
34, 724
Outside New York City.
I.I.I.doIT. 41,975
40,643
47,716
38,286
36, 767
35, 718
39,255
39, 006
Federal Reserve banks, condition, end of month:
40,434
40,C44
39,929
Assets, total
mil. of doL. 44,268
41,301
42,168
42.212
42,886
42,195
43,835
43, 889
44,611
19,f52
20,311
20,158
Reserve bank credit outstanding, total.
do
21, 307
22,131
22,304
23. 676
23, 207
22,359
24,082
23,987
24, 697
176
321
245
489
264
Bills discounted...
do
362
334
439
775
875
46
302
19,439
20,455
23,264
19,006
19,669
United States securities
do
22, 530
20,954
21,792
21,717
23,328
23, 276
23, 472
18,666
18,519
18,610
18, 457
17,683
Reserves, total •
do
18,360
18,055
17,926
17,981
17,898
17, 879
17,870
18, 207
17,683
18,373
18,261
Gold certificates
do.
18,346
17,926
18,112
18,055
17,981
17. 898
17, 879
17, 870
'Revised.
•Fffective June 12, 1945. only gold certificates are eligible as reserves.
Data as of June 1. • Less than $500,000.
1
Not comparable with data prior to April 1945; see note for hours and earnings in the telephone industry at the bottom of p. S-13.
2
Not comparable with data prior to July 1945; comparable June 1945 figures: Dyeing and cleaning, $0,757; power laundries, $0,657.
I Rates as of Feb. 1, 1946: Construction—common labor, $0,968; skilled labor, $1,726. cfExcludes loans to other Farm Credit Administration agencies.
f
•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 May 1943 issues; figures beginning 1937 for the telephone industry are .shown on a revised basis on p. 20 of the May 1945 Survey (see also note for telephone industry at bottom of p. S-13 regarding a further revision in April 1945);
data back to 1939 for other series, except the telegraph industry, will be published later; data for the telegraph industry beginning Jure 1943 are available on p S-14 of the January
1945 issue.
fRevised series. See ncte marked "f' or p. S-13 in regard to the series cr. hourly eamirgs in rranufacturing industries. Bank debits ha\e been revised beginning May 1942 to
include additional banks in the 141 centers; S* p. S-15 of the Septen her 1643 Survey for revised figures beginning that n;onth and cott narked " t " on p. 8-15 of the July 1644 Survey
fe
for monthly averages for 1942 on the new basis.




March 1040

SURVEY OF CURRENT BUSINESS

I nless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

January

S-15
1945

1946
January

February

i

March

April

May

June

October

Novem- December
ber

August j

£er m "

42,195
16, 896
14,794
1,037
23,314
44.7

42, 896
17,139
15,011
920
23,864
43.7

43,835
17,861
15, 520
1,153
24,003
42.8

43,889
17, 525
15,723
904
24, 215
42.8

44, 611
18, 097
16,022
1,024
24,365
42.1

45,063
18, 200
15,915
'1,471
24, 649
41.7

July

FINANCE—Continued
BANKING—Continued
Federal Beserve backs, condition, end of month—Con.
Liabilities, total..
mil. of del.
Deposits, total
do
Member bank reserve balances
...do
Excess reserves (estimated)..
do
Federal Reserve notes in circulation
do
Peserve ratio
. . . percent.
Federal Peserve reporting member banks, condition,
Wednesday nearest end of month:
Deposits:
Demand, adjusted
. . . n i l . 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
V. S. Government direct obligations, total...do. .
Bills
do.
Certificates
do. _
Bonds
do...
Notes
_
do
Obligations guaranteed by 17. S. Government.do
Other securities
.
...do
Loans, total
do. ..
Commercial, industrial, end agricultural^. do....
To brokers and dealeisin securities
.do....
Other loans for purchasing or carrying securities
mil. of del.
Peal estate loans..
do_
Loons to banks
do
Other loans
_
_
_do_.~_
Money and interest rates:!
Bank rates to customers:
New York City
percent.
7 other northern and eastern cities.
do
11 southern and western cities
do.
Discount rate (N. Y. F. R. Bank) •
do. _
Federal land bank 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, SO days (N. Y. S. E.)
..do...
Average rate:
Call loans, renewal (N. Y. S. E.)__.
do
TT. 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
l._ mil. of dol
D. 8. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks..
do

44,2C8
17,822
15,C£2
1,250
24, If 3
42.8

39, 929
16,165
13, 884
£69
21,748
19.2

40, 424
16,270
14,228
£65
22,162
48.4

40,544
16,174
14,166
796
22,319
48.1

4 1 , 3C1

16,813
14,818
918
22, 5S8
46.8

42,168
17,247
15,296
l,0S8
22,885
45.7

38,026

36,076

37,018

37,347

39,147

40,378

36,367

37,533

38,140

38,690

39, 592

40,247

37,066

37, £23
2,123
16,227
9, £66
9,416
1C6

36,251
1,8,59

37,347
1,939
10,523
8,052
7,883
125
8,93 5

37,198
2,077
9,222
8,197
8,028
125
8,944
46,617
43, 228
2,082
11,312
22,384
7,450
337
3,052
11,180
6,088
1,614

38,9C7
2,289
6, 4M
8,342
8,190

36,525
1,909
14,978
8,567
8,415
109
9,799
49, 702
46, 523
1,889
10,611
24, 557
9,466
20
3,159
13,835
5,918
2,727

37, 626
1,904
13,741
8,786
8,637
107
9,399

38,115
1,864

50, 303
46, 992
1,656
10, 581
25,190
9, 565
8
3,303
13,393
5,926
2,421

11,739
9,008
8,853
111
9,655
49,705
46,360
1,463
10,196
25, 253
9,448
11
3,334
12,841
5,982
2,263

38,577
1,975
9,406
9,160
9,008
110
9,762
48,444
45,133
1,310
9,803
24,840
9,180
10
3,301
12,586
6,218
2,194

?9,726
2,137
8,068
9,2C6
9,148
104
9,977
48,435
45,133
969
9,863
25,133
9,168
9
3,293
12, 510
6,328
2,177

40,230
2,181
8.547
9,347
9,194
110
10, 463
48, 749
45, 489
975
9,832
25, 729
8,953
12
3,248
13,632
6,778
2,481

37, 674
1,949

5, U 4
1,8(4

40,190
2,374
5, 501
8,467
8,314
109
9,303
45,905
42, 500
1,195
IP, 663
23,276
7,3f 6
342
3,C63
11,686
5,765
2, 345

9,447
9,304
99
11,092
52,058
48, 664
1,761
12,130
26, 737
r 8,038
10
3,384
15,890
' 7, 249
2,791

1,245

1,084

1,044

1,040
63

988
1,047
1C5
1,378

964
1,C49
117
1,396

2, 590
1,052
78
1,470

2,409
1,055
94
1,488

1,993
1,058
77
1,468

1, 550
1,063
76
1,485

1,306
1,060
120
1.519

1, 638
1,073
66
1,596

2,958
1,095
83
T
1,714

1.00
4.00
1.50

1.00
4.00
1.50

2.05
2.53
2.81
1.00
4.00
1.50

1.00
4.00
1.50

1.00
4.00
1.50

1.71
2. 23
2.38
1.00
4.00
1.50

.44
.75
1.25

.44
.75
1.25

.44
.75
1.25
1.00
.376

10,1(2
£3,021
49,648
1,742
12,778
27,184
7,644
8
3,365
15, K 0
7, SCO
2, 337
2,687
1,107
1, 703

12,314
7, gf 0
7, 697
117
8,8f 6
47,139
43,657
2, 553
P, 971
21,937
9,166
600
2,882
12,107
6, 350
1,869
1, 462
1,049
72
1,305

1.00
4. CO
1.50

1.00
4.00
1. 50

.44
.75
1.25

46,867
43,555
2.140
9,994
22,215
9.2C6
357
2,955
11,634
6,251
1,737

71
1,286

1,291

108
9,157
45, SCO
42, 526
1,530
10, 845
22, 782
7, 3fP
318
3,016
11,316

42, 212
17,188
14,920
1,585
23,019
44.9

1. CO
4. CO
1.50

1.00
4. CO
1.50

2.
2.
2.80
1.00
4.00
1.50

.44
.75
1.25

.44
.75
1.25

1.00
4. 00
1.50

1.99
2.73
2.91
1.00
4.00
1.50

.44
1.25

.44
.75
1.25

.44
.75
1.25

.44
.75
1.25

.44
.75
1.25

.44
.75
1.25

l.CO
.375

1.00
.375
1.17

1.00
.375

1.C0

1.00

1.00

1.00

.375

.375

.375

.375

U.IO

1.31

1.22

1.18

8,357
2,979
5

7,204
2,404
8

7, 295
2,458
8

7,408
2,513

1.00

1.00

.375

.375

1.16

1.16

7,578

1.00
.375
1.14

7,711
2,660
8

7, 5C0
2, 5C4
8

2,609

7,791
2,720
7

VI. 19

1.00
.375

11.17

11.14

8,078

1.16

1.00
.375

8,144

11.15
8,283

8,003
2,785

16, 660

2,836
2,910

2,930
6

CONSUMER SHORT-TERM CREDIT
5,594
5,448
5,642
5,494
5,588 r 5, 638
5,487
5,581
5,330
6,937 v 6,278 p 6, 666
P6,448
Total consumer short-term debt, end of month*, do
2,053
2,038
1,988
2,034
2,004 ' 2,031
2.0)3
2,133 v 2, 239 p 2,417
1,966
1,990
v 2, 427
Instalment debt, total*
do.
111
712
P805
P903
723
719
706
718
111
741
731
754
P882
Sale debt, total*
do
202
192
P227
184
188
184
192
184
186
P239
210
Automobile dealers*
do
Department stores and mail-order houses*
144
P198
145
142
P173
150
162
158
154
156
171
162
mil. of dol..
235
235
P283
232
238
P262
247
237
240
238
237
249
Furniture stores*
do
11
11
P14
11
10
p 12
11
11
12
11
12
Household appliance stores*-do
n
44
47
P74
45
48
49
44
54
50
61
Jewelry stores*
.
do
48
81
82
P107
80
84
84
86
87
86
62
P101
All other*
..do
85
1,328 r 1, 337 1,379 v 1, 434 p 1,514
1.326
1,313
1,286
1,259
1,225
p 1,545
1,236
Cash loan debt, total*
...do
1, 265
413
P471
406
P448
388
406
428
400
374
357
M92
359
Commercial banks, debt*
do
377
Credit unions:
116
P 120
»124
119
118
116
118
116
116
117
116
114
Debt*
do...
16
P24
18
P22
21
19
20
23
20
16
16
Loans made
...do...
18
Industrial ranking companies:
182
182
P200
182
193
172
181
177
186
172
171
168
*203
Debt
do....
36
36
37
44
34
39
40
42
33
30
Loans made
do
Personal finance companies:
387
P445
P409
391
389
384
381
381
3P5
378
372
P446
Debt
do....
74
71
P 133
76
82
P97
78
70
89
94
58
56
P76
Loans made
do
145
p 181
rl62
140
' 136
P 174
132
165
134
130
124
128
P188
Insured repair and modernization debt*
do
P93
88
87
88
87
88
88
PSO
87
87
87
86 i
P93
Miscellaneous debt"
...do
P 1,981
1,441
1,470
1,459
1,835
1,506
1,644
1,666
1,488
1,669
1,534
1,438
v 1, 709
Charge account sale debt*.,
.do
1,359
1,358
p 1, 497
1,346
1,441
1,212
1,380
1,258
1,320
1,181
1,206 | 1,188
v 1,533
Single-payment loans, debt*
_ do
754
756
p 771
751
742
P763
744
746
758
738
741
734
*>779
Service debt*__
do
Index of total consumer short-term debt, end of month:*
P100
89
P97
92
86 '
85 I
85
P100
Adjusted
.__
.-1935-39=100..
tSee note marked "•".
'Revised.
* Preliminary.
§Includes open market paper.
fFor bond yields see p. S-19.
,
i For Sept, 15 to Dec. 15,1945, includes Treasury notes of September 15,1948, and Treasury bonds of December 15,1950; beginning Dec. 15 includes only the Treasury bonds of 1950.
•A rate of 0.50 became effective October 30, 1942, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.
cf The temporsry rate of ZH 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.
*New series. Earlier data for the series on taxable Treasury notes are available on p. S-14 of the April 1942 end succeeding issues of the Survey. Data on consumer credit begin«
ning 1929 are available in the November 1942 Survey, pp. 16-20, and subsequent issues, except for unpublished revisions as follows: Total consumer short-term debt (dollar figures and
index), 1929-43; single payment loans. 1929-October 1943; total instalment debt, total cash loan debt, commercial bank debt. 1934-43; insured repair and modernization debt (series now
represents insured FHA loans), 1934-September 1943; credit union data, 1941-Septernbei 1943; total instalment sale debt end automotive dealers, 1941; charge account sale debt, December 1941-April 1942; service debt, January 1941-AprH 1942. Except as indicated, the 1929-41 figures on pp. 16-20 of the November 1942 Survey are correct and the estimating procedure is essentially the same as that used originally; revisions resulted largely from adjustment of the monthly series to new bench-rnark data and improvement in the method of
reporting consumer credit by commercial banks. The principal revisions are explained in detail in the December 1944 and January 1945 issues of the Federal Reserve Bulletin. There
have been recent minor revisions in dataf or department stores and mail-order houses for 1941-44 and corresponding slight revisions in the totals; data beginning November 1944 were
revised in the January 1946 Survey.




SURVEY OF CURRENT BUSINESS

S-16
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1945

1946
January

March 1946

January

February

March ! April

May

June

July

| August

September

October

Novem- December
ber

FINANCE—Continued
i

LIFE INSURANCE
Life Insurance .Association of America:©
Assets, admitted, totalt A-...mil. of dol_.
Mortgage loans, total
. _
do
Farm
do
Other
do
Beal-estate holdings
__
. „ do
Policv loans and premium notes
do
Bonds and stocks held fbook value), total
do
Oovt. (domestic and foreign), total....
do
U. S Government
do
Public utility .
. d o
Pailroad
_
...
do
Other
„
do
Cash
do. .
Other admitted assets
...do....
Premium collections, total®
flo_.^_
Annuities
.
.
do
Group
. . . do
Industrial
do
Ordinary
do
Institute of Life Insurance:*
P a y m e n t s to policyholders and beneficiaries,
total
*hous of dol
Death claim payments
do
Matured endowments
do
Disability payments
.
do
Annuitv payments
._
_
do
Dividends
. do
Surrender values, premium notes, etc
do
Life Insurance Agencv Management Association:
Insurance written (new paid-for insurance): t
Value, total
thous. of dol__
Groutv
do
Industrial
.
do
Ordinary, total
do
New Kngland
.
do
Middle Atlantic.!"IIIIII 11
III".II
do
Fast North Central
do
West North Central
do....
South Atlantic
.
do....
East South Central
do
West South Central..
do
Mountain
.
do
Pacific
.do....

33,683
5, 235
595
4,640
844
1,646
24, 704
15.772
14,338
4,438
2,5^9
1,965
549
705
351.354
49,069
31,312
68,424
202, 549

33,865
5, 225
591
4,634
831
1,632
24,911
15,938
14,518
4.443
2, f>34
1,996
534
732
333,056
37,897
23,598
63. 992
207, 569

34,103
34,308
5, 218
5, 218
584
581 !
4, 634
4.637
787
804
1.618
1, 604
25, 254
25,114
16,141
16,236
14, 735
14,864
4,431
4,411
2, 536
2, 553
2.0C6
2, 054
587
667
762
778
378,659 306, 27S
44,956
34,413
25, 302
21,068
5C^, 633
73,077
235, 324 194,159

34, 526
5,201
586
4,615
778
1,592
25,138
16,021
14, 629
4,406
2, 593
2,118
1,031
786
335,614
37,663
23. 075
63, 852
211, 024

34, 864
5,205
588
4, 617
760
1, 581
26, 242
17,140
15,784
4,400
2, 606
2,096
459
617
357, 545
38, 759
20.870
74,147
223, 769

35, 070
5,202
588
4,614
744
1,569
26, 367
17,212
15,894
4,408
2,604
2,143
533
655
318,980
49, 566
21,479
55,831
192,104

35,231
5,182
587
4,595
734
1,558
26,616
17, 287
15,958
4,455
2,588
2,286
437
704
316,843
31,066
21,691
64,143
199, 943

35, 433
5,166
584
4,582
723
1,548
26, 721
17,372
36,050
4, 496
2,632
2,221
514
761
320.128
32,815
18, 874
68, 395
200, 044

35, 631
5,153
583
4, 570
714
1, 539
26, 702
17,438
16,123
4,452
2,613
2,199
72^
801
313,803
35, 790
22,164
02, 088
193,761

35, 828
5,165
580
4, 585
699
1,531
26, 733
17, 672
16, 328
4,391
2, 597
2, 073
893
807
324, 437
33, 132
17,629
64, 772
208,904

36, 25"
5, 16?
577
4. 5St
678
1, 523
27, 556
18, 705
17, 368
4, 249
2,558
2,044
526
811
440, 694
87, 495
25, 250
88, 207
239, 742

241,157
115,096
37,596
8,104
19,390
42, 923
18,048

210,G79
106,100
30,375
7,215
14,232
36, 229
16,828

244,825
117,584
37, 823
7,841
14,918
46, 677
19,682

218.662
110,659
32,413
7,011
14,923
34,528
19,128

225, 076
111,152
35, 760
7,202
15,153
36, 783
19, 026

221,804
102,026
33,317
7, 394
16,218
43, 562
19, 287

218,972
110,390
32. 492
7,089
15,713
34, 525
18,763

210, 706
105,123
31,428
7, 097
15,108
33,997
17, 953

194,468
89,344
30,011
6,813
14,138
34,309
19,853

228,153
109,531
40,350
8, 266
15, 690
31,934
22 382

212, 755
101,319
34, 373
6, 300
15. 950
31,099
23,114

239, 748
101, 343
30, 731
7, 269
14, 523
58, 906
26,976

1,350,915 1,055,930 1. 065,292 I,2f2,337 1,228,452 1,267,474 1,216,264 1,127,506 1,035,767 1,001,268 1,221,831 1,179,294 1,449,014
49,780
80, 522
70,211 117.419 103,914 112,307 136.264 109,833
71,016
95,179
88,981
64,534 244, 76C
275, 647 234,662 258, 644 302, 754 280, 857 284, 780 258, 971 235, 258 224, 762 222, 083 208,599 250, 253 263,151
1.025,4F8 740,046 736, 437 872,K4 843,681 870, 387 821, 029 782,415 739,989 684,006 864, 251 864,507 941,103
78, 235
57, 703
54,131
62, 904
61,567
60,8-11
5C\ 366
55,114
49, 846
45, 735
61, 722
60, 088
63, 267
288,146 204, 975 193,878 225, 791 224, 080 227, 478 211,774 200, 391 178, 761 166, 967 22S. 806 2?8,549 235, 875
230,310 161,331 163, 075 192,113 183, 795 188,167 175,712 171, 205 160,039 149, 584 186.316 186, 772 202,162
96, 091
70, 492
71,498
S3, 453
81.690
80, S22
79, 386
75, 528
74,355
68, 706
82, 849
83,418
94,645
101,263
72,1(-5
75. 789
90,987
89, 986
89, 433
90.013
86, 779
75 824
85 216
92. 099
95 808
S3. 252
36,008
27, 380
27, 020
35, *45
31,440
33,895
36, 658
30, 470
29, 284
32, 502
33,191
37, 231
29,125
70, 749
50, 807
53, 928
65,517
59, 259
64, 694
61, 755
58, 770
60, 831
53, 091
64,013
66, 552
78, 747
29,107
22, 498
22, 256
27, 240
24, 695
25, 802
25,410
23,888
22,885
26, 005
25, 544
31, 561
23, 768
95, 579 ' 72,755
74, 862
88, 614
87,169
99, 255
S3, 955
80, 270
71,930
86, 732
88,294 101, 807
80, 012

MONETARY STATISTICS
Foreign exchange rates:
Argentina
dol per paper pe"o
Brazil, orneialcF
__dol. per eru7ciro_.
British Tndia
.dol. per rupee..
Canada, free rate§
dol. per Canadian dol
Colombia
_.
dol. per peso
Mexico
do
United Kingdom, free rate§
.
_ dol. per £
Gold:
Monetary stock, V. 8
mil. of dol
Net release from earmark*
thous. of dol. .
Production*
Reported monthly, totals
do
Africa. ...
_
...do.
Canada^
do
United States'!
do
Money supply:
Currency in circulation
mil. of dol
Deposits adjusted, all banks, and currency outside
banks, totel*
mil. of dol.
Deposits, adjusted, total, including U. S. deposits*
mil. of dol. .
Demand deposits, adjusted, other than U. S.*
mil. of doL.
Time deposits, including postal savings*...do
Silver:
Price at New York
dol. per fine oz._

.298
.061
.301
.907
.570
.206
4.034

.298
.061
.301
.900
.572
.206
4.035

.298
.061
.301
.906
.571
.206
4.036

.298
.061
.301
.903
.570
.206
4.035

.298
.061
.301
.905
.570
.206
4.035

.298
.061
.301
.908
.570
.206
4.035

20,506
20,270
20, 374
20. 419
20,550
20,156
- 1 2 , 529 - 5 8 , 1 6 0 - 3 7 , 3 9 2 - 4 6 , 9 2 4 - 5 3 , 1 9 1 - 6 6 , 8 5 7
55,199
39. 500
8,166
2,463

50,782
36,883
7, 432
2,342

54,703
39, 754
8,004
2,446

54,096
39,265
7,831
2,328

53,934
39,321
7, 614
2,563

.298
.061
.301
.908
.570
.206
4.035

.298
. 061
.301
.905
.570
.206
4.027

.298
.061
.301
.907
.570
.206
4.030

53,373
39,600
7,357
2,078

26, 746

27,108

r

53, 560
37, 477
7,411
r
3, 528

r 52,953
r 38, 603
7,404
r 2, 926

27, 685

.298
.061
.301
.907
.570
.206
4.034
20, 065
—4, 257

.298
.061
.301
.904
.570
.206
4.032

20,088
20,152
20,213
20,073
96,026 -100,347 - 62, D90 - 1 9 , 0 9 9
53,213
39,020
7, 426
2,516

.298
.061
. 301
.807
.570
.206
4.034

20, 030
20,036
34,647 —38, 202

.298
.061
.301
.899
. 570
.206
4.025

27,826

P 55,937
f 40,083
' 8, 034
' 3,836

p 55, 017 v 54, 679
v 39, 069 p 38,177
7, 726 p8, 391
p 3,832
P 4 , 020

27, 917

25, 290

25, 751

25,899

26,189

26, 528

p 176,400

151,200

150, SCO

150,600

150,900

152, 600

162,785 »163,500

p 163,400 p162,800

»163,800 p 168,100 p 175,000

P 150,200

127,500

126.700

126,400

126,400

127,800

137, 688 r 138,000 p 137,400 p136,600

*137,400 P 141,600 p 148, 200

v 76, 500
p 30,600

68, 600
40,600

69,700
41,400

70,C00
42,100

73, 600
43,000

76, 000
43, 600

69,053
44,254

p 72,100
p 45,100

p 74,000
p 46,100

.448

.448

.448

.448

.448

.448

.708

.448

.448

75, 400
p46,900
P

.529

28,049

28,211

28, 515

p 78.100 p 80, 500 p 75,100
47, 600 p 48,000 p 48, 500

P

.707

.708

.707

951
1,056
Canada
thous. of fine oz
1,100
963
1,096
1,036
2,074
2,302
United States .
. _ _ do
1,655
2,654
2,300
1,901
2,780
Stocks, refinery, U. 8., end of month
do
'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.
(g-39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. # O r increase in earmarked gold (—).
cfPrior to Nov. 1, 1942, the official designation of the currency was the "milreis." ©Formerly "The Association of Life Insurance Presidents."
§Data for United JCingdom through June 1945 shown above and data back to February 1943 shown in earlier issues are the official rate; there was no free rate during this period.
The official rate for Canada has been $0,909 since first quoted in March 1940.
fData 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 3942 are available on request. The United States
data for 1944 have been adjusted to asree with the annual estimate for that year by adding $59,000 to each monthly figure and the total revised accordingly; this amount should be
added to the January-May 1944 figures for the two items published in earlier issues.
*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.
t "Revised series compiled by the Life Insurance Agency Management Association (successor to the Association of Life Agency Officers and Life Insurance Sales Research Bureau).
The data represent a consolidation of the estimated totals of ordinary insurance written compiled by the latter agency and data on group, industrial, and ordinary insurance for reporting companies, compiled by the Life Insurance Association of America, which have been shown in the Survey through the February 1946 issue. Data have been raised to industry
. . All 1945 data
. u w -- w --. i - .ions, compiled
..
,
_—.-„ _._
..ith figures shown currently. Data beginning January 1940
r .,
or industrial, group, and the total will be published later. The series on number of policies have been discontinued.




1,019
2, 564

952
2,157

1.200
2,789

1,254
2,873

1,198
3,153

March 1946
Unless otherwise stated, statistics t h r o u g h 1941
a n d descriptive notes may be found in t h e
1942 S u p p l e m e n t to t h e Survey

SURVEY OF CURRENT BUSINESS
1945

1946

January

S-17

January

February

March

April

June

May

July

August

September

October

Novem- December
ber

FINANCE—Continued
P R O F I T S AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve): c?
Net profits, total (629 cos.)
mil. ofdol
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 poods (76 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 . ) 0
do
Telephones, net operating income (Federal Communications Commission^
mil of dol

i

492
49
38
63
i 50
31
21
15
62
48
39
45

i

i

~
•

•

•

1

•

.

j
i
i

:

.

:

.

:

:

'

508
53
42
77
l 47
27
21
46
64
45
38
47

*427
*>38
J>35
P45

v i 34
*>23
P

1Q

M6
*>61
*>43
P36

v 49

250

269

v 223

20
142

22
145

*>21
v 143

139
139.4

123
186.0

116
123 0

62.5

59.8

60 6

PUBLIC FINANCE (FEDERAL)
U. S. war program, cumulative totals from June 1940:*
Program...
.mil. of doL. 436,392 390,350 389,056 388,856 390, 872 407,084 406,695 433,381 433,804 433, 637 433,967 435, 271 436,140
Cash expenditures _
do
326,961 252,036 259, COO 267,320 274,366 282, 531 2S0,417 297,826 304,286 309, 754 314,872 319,063 323, 416
U. S. Savings bonds:*
-48,183
42,160
Amount outstanding .
do
41,140
41,698
46, 508
46,786
46,715
46, 741
47,473 «48, 224
45, 586
42, 626
43,767
889
960
625
Sales, series E, F, and G
do
848
1,295
1,074
1,184
514
1,254
2,178
700
838
1,540
r<2i
464
616
Redemptions
do
323
428
341
533
559
403
528
404
427
mo
Debt, gross, end of month® _.
.
do
278,887 232, 408 233, 707 233,950 235, 069 2G8, 832 258,682 262f 045 263,001 262,020 261,817 265, 342 278,115
Interest bearing:
256,801 213,984 214, 724 214,459 215,140 217,169 237, 545 240, 223 240,713 239, 111 238, S62 242,140 255,693
Public issues
_. . .
do
17, 567
20, 577
20,655
Special issues §
do
19,558
17,130
20,000
16,688
20, 033
20,710
20, 518
18,812
17,923
18,592
2
2 2, 378 2 2,492
1,431
1,923
Noninterest bearing _
do
2, 264
1, 853
2,421
2, 255
1, 736
2,326
2,391
2,006
3,071
Obligations fully guaranteed by U. S. Gov't:
1,119
545
Total amount outstanding (unmatured)
do
541
1,114
484
1,496
536
409
515
553
1,151
527
1,132
Expenditures and receipts:
4,891
9,433
Treasury expenditures, total _do
5,950
8,202
7, 460
8, 557
7,354
9, 641
4, 656
5,445
7, 968
9,275
6,611
3,417
War activities!
do
8,246
5.124
7,551
6,948
7,324
6,398
7,837
4,224
4,244
7,139
8,156
5,365
684
45
38
Transfers to trust accountsf.
do
69
48
530
162
335
0
236
296
34
o
172
309
628
Interest on debt
do
191
91
156
99
1,009
84
139
66
817
647
617
482
513
All other}
do
390
373
547
695
460
348
455
757
384
564
3,848
6,908
5 192
2.581
Treasury receipts, total
_
do
3,587
3,987
2,754
3,281
5,916
2,609
2,967
3,398
4,122
3,819
6,892
Receipts, net
do
3, 556
3, 767
2, 695
2, 530
2,997
5,914
2,374
2,929
3, 085
4,118
5,189
42
S3
Customs. . ..
do
36
23
33
36
32
33
35
33
36
32
30
3,451
6,431
Internal revenue, total
do
3,042
3, 875
2,527
2,340
2,849
5,384
2,383
2,746
2,921
3,948
4,847
2,755
5,818
Income taxes
_
do
2,422
2,922
1,743
1,593
1,665
4,757
1,524
2,167
2,027
2,366
4,208
51
96
Social security taxes
do
48
341
66
58
306
69
46
337
69
69
Net expenditures of Government corporations and
credit agencies* __
mil. ofdol.-274
-9
-407
— 21
313
222
-79
-395
-154
778
—26
71
51
Government corporations and credit agencies:^
Assets, except interagency, total
do
31,782
34, 284
34,004
34,707
Loans and preferred stock, total
._._ do.
6,602
6,050
6,344
6,197
Loans to financial institutions (incl. preferred
stock)
mil. ofdol
502
590
559
506
281
Loans to railroads..
_.
do
223
243
232
Home and housing mortgage loans
. _ do_
1,456
1,201
1,338
1 2P8
Farm mortgage and other agricultural loans do
' 3,061
2,877
r 2 9S2
'2,993
All other
.
do
1,327
1,160
1 233
1 243
U. S. obligations, direct and guaranteed
do
1,756
lr68&
1 679
1 756
Business property..
do
16,761
21,071
20 192
20 857
Property held for sale... . . .
do
3,018
2,300
2 *)54
2 518
r
All other assets
do _
r 3,620
3,180
r 3, 214
3, 345
Liabilities, other than interagency, total
do
7,821
6, 320
6,279
6,632
Bonds, notes, and debentures:
Guaranteed by the U. S
.
do
555
1,150
502
551
1,237
Other
.
do
1,113
1 163
1 135
5,435
Other liabilities, including reserves
_.do___
4. 652
4,614
4 94^
Privately owned interests
do
451
472
459
465
U. S, Government interests
.
do
23 510
27,492
27,266
27, 610
Reconstruction Finance Corporation, loans outstanding,
end of month, totalf
mil. of doL.
1,827
9,849
9,867
9,713
2,105
9,638
1,861
2,036
1,826
1,847
9,648
9,712
2,012
Banks and trust cos., incl. receivers
do
234
307
285
314
302
273
296
268280
275
299
292
277
Other financial institutions .
do
100
118
196
108
204
182
127
104
115
111
170
123
113
Railroads, including receivers
do
192
212
201
276
287
251
217
198
203
202
240
214
202
Loans to business enterprises, except to aid in national
defense
„
mil. of dol_.
145
25
33
36
144
145
28
31
33
40
35
30
40
National defense
„
„.„
do
694
8,887
682
707
8,370
816
8,294
767
755
8,417
746
8 260
Other loans and authorizations
do
461
657
442
440
664
637
636
646 i
641
651
636
633
443
* Preliminary. " Revised. §Specisl issues to government agencies and trust funds. ® Figures are on the basis of Daily Treasury Statements (unrevised).
>
1
Partly estimated. ©Revisions for fourth quarter of 1944, 165.2. "Includes matured bonds not turned in for redemption.
2
May 1945 data include prepayments on securities dated June 1.1945, sold in the Seventh War Loan drive, similarly October and November figures include prepayments
on securities dated November 15 and December 3 sold during the Victory Loan drive beginning October 29.
cf The totals for 629 companies, the miscellaneous group, and net profits for 152 companies have been revised beginning 1941 and transportation equipment beginning 1942; scattered1
7isiOflS hfl.Vft befit"! madfi also in 1Q42 cidt'A. fnr nt.VlPr SPrip^' rPvtsirmc Ihrnncrb tVio canrmr? n n a r t n r r\f 1QAA ara OTTOIIOKIO rm rcnnoct




S-18

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 1946

1945

1946
January

February

March

April

May

June

October

Novem- Decem
ber
ber

August

July

September

1,330

1,452

2,739

4, 372

14,43'

4,324
72
24
25

14, 32^
35£
41
71
47C
171
202
6S

FINANCE—Continued
SECURITIES ISSUED
Securities and Exchange Commission:!
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 utility
_
..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) J.
thous. of dol_.
New capital, totalj
.
do
Domestic, total}
do
Corporate^
do
Federal agencies . .
do
Municipal, State, etc
do .
Foreign
.
__ do
Refunding, totalj
do
Domestic, totalJ
do
Corporatet
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

1
!
1,585

1,840

1,305 |

1,522

1,938

3,176

18, 203

2,789

1, 406
74
111
68

1,789
229
37
15

1,292
202
2
11

1,469
173
41
12

1,854 1
560
43
40

3,057
378
102
17

18,196
85
1
6

2,486
640
219
85

1,256
366
60
14

1,339
682
79
35

2,567
905
108
64

253
188
44
7
13
1,333
1, 261
71

281
84
66
121
10
1,560
1,332
113

215
27
61
109
18
1,090
1,060
15

226
96
125
0
4
1,296
1,122
174

643
121
141
365
15
1,294
1,245
49

497
232
187
76
3
2,679
2,637
42

92
60
30
0
2
18, 111
18,060
50

944
492
304
106
41
1,845
1,602
66

440
225
117
85
13
890
845
45

795
136
374
274
10
657
606
47

1,077
228
572
249
28
1,663
961
676

121
51
42
0
28
4, 252
4,210
42

13,966
13, 670
82

245

275

212

221

632

485

91

925

433

780

1,057

117

462

111
63
49
124
56
5
62
10

35
14
21
240
221
0
19
0

28
16
12
182
160
5
17
1

48
28
19
172
158
1
13
2

102
55
47
527
501
14

5
1
3
80
72
1
7
6

190
147
43
724
581
5
138
11

80
41
39
347
278
50
19
6

99
50
49
669
634
1
35
12

150
97
53
873
798
19
56
34

20
7
13
74
51

3

136
49
88
343
278
12
53
6

19
22

103
75
27
340
286
12
41
19

181
98
74
43
1
43
7

27
9
16
60
0
60
108
12
96

93
41
50
124
2
122
0
0
0

118
64
52
139
12
128
360
14
346

223
117
101
184
1
183
75
18
57

59
3
50
30
0
30
0
0
0

480
163
306
301
4
297
105
12
93

221
63
157

130
87
38
371
0
364
270
4
266

218
89
114
565

0

82
28
54
65
0
65
119
0
119

49
17
30
42
2
35
0
0
0

186
51
108
200
23
177
68
19
50

346, 113
200, 347
200, 347
131,170
745
68, 432
0
145,766
145, 766
112, 954
29, 900
2,912
0

641,167
144, 273
144,273
44,071
1,505
98, 697
0
496,894
496, 894
278,900
195. 460
22, 534
0

247,430
43, 936
43, 936
28, 925
8,670
6,341
0
203, 495
163, 495
137,182
17,950
8,363
40, 000

563,297
92, 074
92, 074
68,072
0
24,002
0
471, 223
471, 223
295, 766
25, 475
149,982
0

757, 290
126, 094
126, 093
100,923
6,020
19,150
0
631,197
631,197
555,122
46, 140
29, 935
0

587,400
192,013
186,113
158,460
0
27, 653
5,900
395, 38V
395, 387
367, 086
19,180
9,121
0

168,806 1,229,396
51,918 248, 647
51, 918 248,647
1,352 211,614
8,000
1,830
42, 566
35, 203
0
0
116,888 980, 749
116,888 980, 749
79, 085 749, 921
30,010 199, 580
7,793
31, 248
0
0

510,132
144, 446
144, 446
107, 244
0
37, 202
0
365, 686
365, 686
338,268
20, 060
7,359
0

246, 928
94, 438
93,938
59,776
0
34,162
500
152,491
128, 991
' 78, 049
43, 810
7, 132
23. 500

840,149
243, 977
240, 744
161,061
75
79, 608
3,232
596,172
594, 102
337, 010
254, 505
2,587
2,070

117
27
90

22
16
6

49
34
15

87
70
17

97
71
26

42
42

132
97
35

122
86
36

96
63
33

145
117
28

5G
22
34

151
90
61

70, 273
70, 991

117,473
131, 434

12, 470
15,449

178,125
93,780

44, 031
39, 988

39, 538
31, 747

55, 832
13,842

66, 742
146,379

45, 727
28,700

51, 985
45,992

82, 672
64,913

42, 962
1, 970

r 83, 732
50, 925

1,168

1,070

1,100

1,034

1, 065

1,094

1,100

1,084

1,063

1,095

730
530

730
540

722
553

701
575

742
583

1,223
220
853
549

1,141

734
727

824
580

758
573

762
594

743
632

711
639

1,138
313
795
654

1°

"7
10
74

533
246
27
220

878,824 1,338,316
142, 242 242, 521
142, 242 237,979
104,820 209, 087
0
0
28,892
37, 422
4,543
0
736, 582 1,095,795
732, 082 1,069,702
705, 441 988,931
42, 440
17,180
38, 331
9,461
26, 093
4,500

4

SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members carrying
margin accounts)^
Customers' debit balances (net)
mil. of dol —
Cash on hand and in banks
do
Monev borrowed
—
do

Bonds
Prices:
102. 53
103.01
101.91
103. 10
103.45
102. 58
102. 97
102. 49
103. 28
103.64
102. 60
103.16
Average price of all listed bonds (N. Y. 8. E.) .dollars- 104.75
102. 51
103.09
103. 64
103. 54
105.14
103.15
104.00
103. OS
103. 46
102.97
103.71
104.04
103. 61
Domestic . .
do
79.22
79.30
80.60
81.23
77.27
79.94
80.73
80.60
82. 65
80.07
81.88
82.50
Foreign
do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
122.7
122.9
121.6
121.9
122.3
122.1
121.6
122.3
121.7
123.8
121.9
High grade (15 bonds)..
dol. per $100 bond..
121.9
122.0
Medium and lower grade:
118.1
117.3
117.6
117.2
118.2
117.9
118.1
117.1
119.7
117.9
117.7
Composite (50 bonds)
do
119.0
118. 3
122.9
121.2
121.9
121.7
123.1
122.1
122.2
121.4
123.9
122.2
122.0
Industrials (10 bonds)—
-do
123.1
122.5
116.5
117.0
116.5
115.5
116.5
116.5
116.7
115.6
116.3
116.4
115.7
Public utilities (20 bonds)
do .
116. 2
116.0
114.8
113.7
114.3
114.4
115.0
115.0
115.5
114.4
118.9
115.2
115. 3
117.1
116.6
Railroads (20 bonds)
do
68.9
68.6
75.6
71.9
77.5
81.4
74.5
84.9
68.1
80.4
76.6
82.1
Defaulted (15 bonds)
do
78.9
138.7
141.6
141.3
141. 6
141. 6
136.6
140.7
141.5
138.8
137.0
137.7
139.0
140.1
Domestic municipals (15 bonds)f
do
101.8
102.4
102.2
101.6
101.7
101.7
102.5
102.0
104.6
101.0
102.4
102.6
102.7
U. S. Treasury bonds (taxable)t-do
' Revised. • Less than $500,000.
® Includes for certain months small amounts? or nonprofit agencies not shown separately.
§Small amounts for "other corporate," not shown separately, are included in the total net proceeds, all corporate issues, above.
^Beginning March 1945 data are from the New York Stock Exchange; earlier data were compiled by the Board of Governors of the Federal Reserve System and, except for June
and December, data are estimates based on reports for a sample group of firms.
fRevised series. There have been several revisions in the 1941-43 data for security issues compiled by the Securities and Exchange Commission, as indicated from time to time by
notes in previous issues of the Survey, and recent further revisions in the noncorporate issues back to August 1941 to include U. S. Government tax notes. The 1944 data have been
revised also to incorporate more complete and corrected reports. Data beginning October 1944 were revised in the December 1945 Survey; unpublished revisions for 1941-September
1944 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.
JData for corporate issues and the totals including this item have been revised beginning January "1944; revisions not shown above will be published later.




-March 1946

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

January

1946

S-19

1945
January

February

March

April

May

June

July

August

September

October

Novem- December
ber

FINANCE—Continued
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 186,923
1,060
U. S. Government
do._.
Other than U. S. Government, total . . . d o . . . 185, 863
Domestic
_
d o . . . 175,742
10,121
Foreign
do
Value, issues listed on N. Y. S. E.:
Face value, all issues
__mil. of dol. 138,961
Domestic
_
___
.do_._ 136,550
2,411
Foreign
do.._
Market value, all issues..
. . . d o . . . 145, 556
Domestic
_
do.-. 143, 571
1,984
Foreign._
do...
Yields:
Bond Buyer:
Domestic municipals (20 cities)
percent.
1.31
Moody's:
Domestic corporate
..do...
2.73
By ratings:
2,54
Aaa.
do...
2.62
Aa
do . .
2.73
A..._.
...do...
3.01
Baa
_
do._.
By groups:
2.57
Industrials
do
2.71
Public utilities
do...
2.89
Railroads
do...
Standard and Poor's Corporation:
Domestic municipals (15 bonds)
do...
1. 57
U. S. Treasury bonds:
Partially tax-exemptf
do
Taxable!
do._.

237, 830
411,818

156,187
226, 548

177,485
249,721

176,998
259,930

209,766
327,148

186,322
260, 711

106,984
140, 213

101,995
143, 293

89, 387
120, 572

122, 343
172,496

137, 749 138, 499
192,680 185, 652

223, 579
384,803

143,104
201, 689

165,095
231,927

165,137
243, 584

198,182
311,891

174,869
244,585

99,878
131, 470

94, 819
134,911

82,146
111,792

112,871
159,869

127, 551 128,617
177,107 175, 083

341,960
788
341,172
332, 366
8,806

263,495

534

514

245,942
235,869
10,073

262,981
254, 246
8,735

110,430
105, 922
4,508

118,937
1,000
117,937
113,110
4,827

109, 778

585

206,191
197,883
8,308

223,113
601
222, 512
214,843
7,669

110,849

395

191,352
177,922
13,430

109, 261
104,042
5, 219

143,971
1,268
142,703
132, 563
10,140

163, 452 141,431
742
745
162,710 140, 686
147,629 131, 329
15,081
9,357

111,885
109, 219
2, 667
114,020
111,959
2, 060

111,995
109,329
2,667
114,882
112,769
2,113

112,001
109,331
2,670
114,832
112, 714
2,118

111,819
109,161
2,658
115, 280
113,137
2,143

111,506
108, S51
2,655
114,857
112, 701
2,157

110,939
108, 299
2,641
114,768
112,636
2,132

126,317
123, 679
2,638
130,075
127, 962
2,112

126,593
123, 956
2, 637
129, 748
127, 640
2,108

125. 252
122,616
2,635
128,511
126,387
2,124

124,802
122,197
2, 605
128,741
126. 608
2,133

125, 055
122,494
2, 561
129,156
127,044
2,113

191,747

206,776

216, 476

419

517

138,085
135, 529
2,556
143,111
140,998
2,112

1.53

1.46

1.3S

1.35

1.43

1.40

1.46

1.64

1.72

1.56

1.51

1.42

2.97

2.93

2.91

2.90

2.89

2.87

2.85

2.86

2.85

2.S4

2.82

2.80

2.69
2.76
2.98
3.46

2.65
2.73
2.94
3.41

2.62
2.72
2.92
3.38

2.61
2.73
2.90
3.36

2.62
2.72
2.88
3.32

2.61
2.69
2.86
3.28

2.60
2.68
2.85
3.26

2.61
2.70
2.85
3.26

2.62
2.70
2.85
3.24

2.62
2.70
2.84
3.20

2.62
2.68
2.81
3.15

2.61
2.68
2.79
3.10

2.73
2.97
3.23

2.69
2. 95
3.16

2.68
2.94
3.11

2.69
2.94
3.07

2.68
2.93
3.05

2.68
2.89
3.03

2.68
2.87
3.00

2.68
2.86
3.02

2.07
2.85
3.05

2. 65
2.84
3.03

2.64
2.81
2.99

2.64
2.79
2.96

1.81

1.71

1.61

1.57

1.5S

1.58

1.57

1.70

1.79

1.76

1.70

1.64

1.81
2.44

1.75
2.38

1.70
2.40

1.68
2.39

1.68
2.39

1.63
2.35

1.63
2.34

1.68
2.36

1.68
2.37

1.62
2.35

1.56
2.33

i 1.51
2.33

Stocks
Cash dividend payments and rates, Moody's:
Total annual payments at current rates (600 companies)
.mil. of dol. . 1,880.22 1,843.52 1,851.69 1,867.88 1,868. 26 1,870.66 i, 871.06 1, 871. 62 1, 872.04 1, 871.55 1,870.94 1, 868. 08 1,880.22
Number of shares, adjusted
millions.. 941. 47
941. 47
941.47
941. 47
941.47 941. 47
941. 47
941. 47
941.47
941.47
941.47
941.47
941. 47
Dividend rate per share (weighted average) (600 companies)
dollars..
2.00
1.99
1.96
1.97
1.98
1.98
1.99
1.99
1.99
1.99
1.98
1.99
2.00
Banks (21 cos.)._
do
3.17
2.82
2.94
2.93
2.82
2.97
2.93
2.93
3.11
2.94
2.94
2.95
2.95
Industrials (492 cos.)
__do
1.94
1.60
1.92
1.92
1.94
1.92
1.91
1.92
1.92
1.92
1. 92
1.92
1.92
Insurance (21 cos.)do
2.58
2.57
2.57
2.57
2.57
2.58
2.57
2. 57
2.58
.2.57
2.57
2.57
2.58
Public utilities (30 cos.)
_do.....
1.80
1.80
1.80
1.80
1.80
1.79
1.80
1.80
1.80
1.80
1.80
1.80
1.80
Railroads (36 cos.)
do
2.64
2.57
2.69
2.67
2.63
2.65
2.66
2.66
2.64
2.69
2.69
2.69
2. 69
Dividend payments, by industry groups:*
Total dividend payments
mil. of doL. 358. 4
115.5
139.2
299.7
373.9
347.9
300.1
134.8
497.4
132. 5
392.4
315.7
745.6
Manufaeturing
do
129. 6
99.1
278.2
67.5
64.4
60.3
235.0
130.1
402.0
136. 6
63.4
242. 7
135. 3
Mining
_
_ do
2.7
1.8
2.7
1.0
4.4
42.9
3.2
.8
1.2
68.0
3.4
21.1
22.1
Trade...
_
_._do
24.0
19.8
4.2
7.9
25-5
4.1
23.5
18.1
7.9
48.8
20.4
27.3
18.8
Finance
._
do
87.5
77.2
39.3
11.4
24.2
23.3
45.2
17.2
77.0
80.0
29.9
24.8
52.0
Railroads
__.do
16.6
19.7
1.9
7.0
45.2
4.5
16.0
12.1
2.8
66.2
16.5
17.2
12.3
Heat, light, and pow.er
do
35.4
38.5
36.1
32.7
51.1
28.7
36.1
31.1
38.4
36.6
29.3
32.4
38.8
Communications
do
45.9
48.3
.2
.2
15.1
.2
13.7
46.4
.2
10.2
48.5
15.1
48.7
Miscellaneous
do
8.1
2,0
2.5
5.4
15.1
3.9 I
6.1
2.6
22.3
6.4
3.0
10.2
10.8
Prices:
!
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=100 . . .
80.6
73.8
77.8
717
80.0
78.8
82.6
89.2
86.0
93.0
93.5
Dow-Jones & Co. (65 stocks)
dol. per share..
74.78
57.11
64.24
62.19
59.89
71. 57
58.64
58.62
72.36
63.03
62.33
65.97
68. 70
Industrials (30 stocks)
do
199. 00
153.95
167.33
165.58
157.13
160. 47
190. 22 192. 74
157. 22
163. 96
166.16
177. 96
185. 07
Public utilities (15 stocks)........
do . .
39. 94
26. 53
32.46
30.85
27.90
29.09
27.89
38.10
38.26
32.96
32.39
33.95
35. 45
Railroads (20 stocks)
.do....
65. 58
48.87
60.48
56.36
50.39
53. 97
51. 43
63. 06
63. 67
58.64
55.16
57.11
59.61
New York Times (50 stocks).
...
do
138.72
107. 79 110.96
121.15
132. 71 135.05
119.10
114.76
110.43
117. 76
118. 69
126. 33
130.72
Industrials (25 stocks)...
...
" d o . I l l 226. 00
179.07
194. 53
194.09
183. 30
216. 74 220. 67
182 02 188.19
189. 97
194. 66
208. 50
215. 06
Railroads (25 stocks).
do
51.45
36. 51
47. 77
44.11
41.33
48.69
49.43
38.63
38.84
45.56
42.74
44.17
44.39
Standard and Poor's Corporation:
Combined index (402 stocks)
..1935-39=100..
144.8
118.2
108.4
113.0
111.8
114.4
118.4
126.1
120.7
132.0
136.9
117. 9
139.7
Industrials (354 stocks)
do
147.5
110.4
120.3
116.5
121.8
138.7
115.2
114.0
142.2
118.8
118.9
128.2
134. 5
Capital goods (116 stocks)
do
133.0
99.4
109.9
124.8
108.8
103 6
105.5
103.2
127.9
107.0
107.6
117.2
122.0
Consumer's goods (191 stocks)
do .
161. 9
116.3
129.3
127.2
121.0
122. 2
150. 7
119.3
154. 0
126.1
128.1
139.3
145.9
Public utilities (28 stocks)
do
124. 0
93.8
105.9
120.8
101.2
96.8
98.0
96.1
120.2
107.9
107.2
110.6
114.4
Railroads (20 stocks)
_do
164.3
120.7
144.0
154.2
134.5
125.3
129.3
123.6
157.1
140.1
130.9
137.5
145.1
Other issues:
Banks, N. Y. C. (19 stocks)..,.
.do
126.1
114.4
113.3
113.4
110.9
110.6
117.0
119.4
124.6
125. 2
115.0
124.3
113.0
Fire and marine insurance (18 stocks).
do
139.2
120.8
129.7
129.1
124.6
123.5
125.4
136. 5
133.9
125.7
122.2
125.9
134.2
Pales (Securities and Exchange Commission):
Total on all registered exhanges:
r
Market value
thous. of doL.
l,482,994 1,268,822 1,256,254 '1,152,830 1,420,050 1,506,964 1,002,352 943,404 1,105,307 '1,589,145 1,796,416 1,745,468
Shares sold
thousands..
00,384
55,334 * 47, 836 58, 373
70,838 49, 560
39, 700
46, 334 ' 74, 975 106, 471 87,068
On New York Stock Exchange:
Market value
thous. of dol-.
1,248,351 1,049,411 1,060,085 967,147 3,195,164 1,256,140 841, 308 794,433 922, 584 1,290,513 1,438,500 1,410,635
Shares sold
thousands..
51, 208
38, 516
50, 398 35,836
42,373
34, 454
54, 218 48,656
28, 846
32, 465 r 47, 709
41,887
Exclusive of odd lot and stopped sales (N. Y.
Times)
thousands.. 51, 510
32,613
32,024
27, 492
•28,270
38, 995
19,977
41,310
21, 714
25,135
35, 476
40, 406 34,151
'Revised.
» No partially tax-exempt bonds of 15 years and over after Dec. 15.
*New series. Data for 1941 for dividend payments are shown on p. 20 of the February 1944 issue. Final revisions for 1942 and 1943 will be published later.
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 dm or callable for 15 years; revised data
e
through December 1943 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 Survey

January

1946

March 1946

1945
January

February

March

April

May

July

June

August

September

October

Novem- December
ber

FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Shares listed. N. Y. S. E.:
Market value, all listed shares
mil. of dol__
Number of shares listed
millionsYields:
Common stocks (200), Moody's
percentBanks (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..

78, 468
1,614

56, 586
1,496

59, 6P0
1,498

57, 383
1,504

61,497
1,512

62,431
1,536

62,637
1,540

61, 242
1,544

64, 315
1,548

67, 065
1,554

69, 561
1,573

72, 730
1,577

73, 765
1,592

3.5
3.4
3.4
2.9
3.8
4.5

4.6
3.3
4.4
3.6
5.2
6.3

4.3
3.3
4.2
3.4
5.0
5.9

4.6
3.6
4.4
3.5
5.1

6.2 |

4.3
3.4
4.1
3.4
4.8
5.5

4.2
3.4
4.1
3.3
4.7
5.5

4.2
3.3
4.1
3.4
4.6
5.3

4.3
3.4
4.1
3.4
4.5
5.6

4.1
3.4
3.9
3.4
4.5
5.7

3.9
3.4
3.8
3.3
4.3
5.3

3.8
3.1
3 7
3.1
4.2
5.2

3.7
3.2
3.6
3.2
4.0
4.8

3.7
3.3
3.6
3.1
4.1
4.8

3.82

3.78

3.73 I

3.67

3.66

3.67

3.69

3.72

3.75

3.72

3.65

3.59

3.54

FOREIGN TRADE
INDEXES
Exports of XJ. S. merchandise:
Quantity
Value
Unit value
- —Imports for consumption:
Quantity.
_.
Value....
Unit value
-

1923-25-100.
-do...
do,..

204
240
117

!<<8

-do...
do...
do...

129
111
87

122
103
85

-

127

?S4

us

231
271
117

231
264
115

.261
301
115

198
227
114

201
228
113

173
192
111

135
135
100

119
118
99

166
164
99

198
192
97

131
115
88

128
112
88

130
114
88

122
106
88

125
108
87

126
111
88

119
103
87

123
108
87

113
98
87

99
'88
88

737, 398
413,398
99,101
95,822
4,519
14,610
3, 765
15, 656
25,021
716, 568
359, 655
94, 207
155,312
19,646
36,034
9,393
31,249
17,790
354,983

51*, 351
158,484
92, 285
105, 545
3,128
16,646
3, 585
16,427
23,965
501,137
334, 673
75, 786
136,176
17, 055
31,770
8,155
26. 459
16, 321
329, 271

455, 264
74, 850
96,117
96, 670
2,372
11, 863
3,012
16, 278
32,423
440,511
344,416
81,717
131,876
20, 579
29, 602
11,930
16, 619
16, 831
343, 714

VALUE
Exports, including reexports, totalt
Lend-lease*
Canada§
—
Latin American Republics^
Argentina!
Brazil§.—
Chile§
Cuba§
Mexico^
Exports of U. S. merchandise!
General imports, totalt——
Canada^..
Latin American Republics!..
Argentina§
Brazil§
Cbile§
Cuba§
Mexico§_
__-_._Imports for consumption*

thous. of dol._ SCO,040 •£•02,840 881, 6?8
131,467 651,115 658, 987
do
' 88, 280
86, 950
do
' 89, 337
71,460
...do
)
1,926
1,723
.....do
13,690
11,321
do
3, 836
-do....
3, m
17,133
...do....
12. 132
23,211
...do
19,215
780,436 895, 946
...do
398,212 333, 878 872,762
do
'98,531 323, 783
cto
66,003
146,420
do
M l , 472 135,010
do
10, 504
' 33, 345
do
24,277
10, 004
.._do____
12,611
37, 896
-—do
33,105
18,627
do
(
20, 871
355,158 329, 697
do
i 404,

11,030.059
731,557
105, 332
101,144
2,305
13,762
4,563
15,147
24.668
1,017,097
364,680
116,518
146,162
5,629
21,666
15,198
39,374
22,730
365,627

1 002,309
701.1-50
102,903
105, 722
1,139
26, 870
4,201
15,356
24, 042
985, 433
366, 072
109,077
146, 992
12, 696
22. 704
12, 338
41, 997
21,858
355,877

893,150
528, 291
106,671
104,307
3,436
18,637
5, 205
15,141
24,932
858, 71)2
355,698
96.899
135, 615
14, 517
28,086
17,074
20,655
17, 542
345,629

1,132,830 866. 442
787 650 528, 711
111 833 103, 814
110 326 114, 660
1 602
081
19,912
19. 118
5 149
4, 266
15 150
17. 875
23 670
27, 819
1,116,025 844, 513
372,130 359, 555
108 ,772 104, 694
141 ,734 127, 197
10, 789
11, 742
22 750
17, 086
14, 009
10, 389
28,191
31, 527
22 970
18, 731
363, 705 33S, 838

638, 456 •736.139
115,117 • 187, 438
93, 797 91, 740
140, 907 127,050
5, S09
7,724
28, 310 23, 872
i 5, 763 4,672
20. 967 18,184
28,038
31,681
611,850 715,176
321, 566 297,187
74, 408 70,948
117, 364 101, 902
18, 634 16,784
24,270
19, 607
f 7, 954
7,785
14,562 • 16,001
17, 426 18, 922
312,169 279,478

i

TRANSPORTATION AND COMMUNICATIONS
TRAN SFORTATTON
Commodity and Passenger
Unadjusted indexes:*
Combined index, all typesf
Excluding local transit linesfCommodity!—
Passengert
——
---

1935-39=100.
.
do...
do...
do__.

Excluding local transit lines
_
>
do...
By types of transportation:
Air, combined index
_do_..
Commodity
_
do...
Passenger
.
...do...
Intercity motor bus and truck, combined index
1935-39=100.
For-hire t r u c k , .
do
Motor b u s .
.-_
_do__.
Local transit linesf
do
Oil and gas pipe linesf
---do...
Railroads, combined index
_
do...
Commodity
.
do___
Passenger
do
Waterborne (domestic), commodityf..
do...
Adjusted indexes:*
Combined index, all typesf
__do
Excluding local transit linesf
_..do
Commodity
do
Passenger!
__do
Excluding local transit lines
.
...do
By t y p e of transportation:
Air, combined index
do
Commodity..
_
do...
Passenger
do...
Intercity motor bus and truck, combined index
1935-39=100.
For-hire truck
„
_
...do
Motor bus
..do

224
229
210
269
366

227
232
215
265
353

225
230
213
262
355

229
235
217
269
370

235
242
218
291
4J8

225
232
206
288
423

218
225
197
286
422

209
214
188
272
396

685
981
490

785
1,088
584

782
1,031
617

841
1,095
674

892
1,127
737

1,091
771

916
1,093
800

227
216
262
188
312
241
218
412
51

234
220
278
192
279
246
228
378
50

224
208
279
185
275
243
226
378
70

225
206
288
186
267
248
229
394
84

238
211
328
186
264
255
230
444

235
200
352
175
254
242
216
438

218
223
203
267
363

229
236
216
274
382

233
239
221
272
372

230
237
218
267
369

232
238
218
276
385

695
919
547

707
981
527

796
1,088
602

774
1,031
605

829
1,095
654

233
240
218
283
400
863
1,127

212
216
197
263
354

919
487
223
213
2-57
189
282
225
203
395
47

202
205 I
277
395

' 204
'207
'182
'273
'388

193
196
167
278
403

88b
1,031
790

893
1,001
822

'835
'904
'789

751
828
700

239
205
350
173
251
229
202
437
87

227
201
311
170
216
219
194
415
97

234
220
282
180
198
206
178
427

211
197
256
178
'232
213
185
'432
88

194
183
234
175
223
202
166
472
86

223
229
207
278
392

212
216
194
272
383

201
206
182
266
381

196
199
171
282
406

'202
'206
'177
'283
'411

195
198
170
274
399

1,091
734

880
1,093
740

851
1,031
732

879
1,001
798

••860
r
904
'831

828

179 •

230
244
230
233
231
230
225
194
216
212
204
210
209
227
205
W
191
205
183
321
290
314
296
310
298
269
'295
289
230
'Revised.
tSee note marked '
•New eries. 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 "+", as published in the Survey prior to the December 1943 issue: revisions are available on request). See p. 22 of the Februarv 1945 Survey for
940 f
annual totals on lend-lease exports for 1941-44; monthly data prior to December 1943 will be shown later.
Is
lend-]
tFor revised data for 1941 and 1942, see p. 22, table 4, of the June 1944 Survey.
§ Regulations now permit publication of all foreign trades series which were suspended during the war period; publication of totals for the selected Latin American countries
formerly shown in the Survey and for Canada and Mexico was resumed beginning in the August 1944 issue and other series will be included later.




237
224
277

237
222
284

March 1946

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-21
1945

1946
January

February

March

April

May

July

June

August

September

October

Novem- December
ber

TRANSPORTATION AND COMMUNICATIONS—Continued
TR AN SPORTATION—Continued
C o m m o d i t y 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

188
271
229
207
396
77

185
293
246
223
423
81

189
271
251
232
396
76

182
272
251
233
394
71

185
273
254
233
415
71

187
274
254
231
427
71

183
265
239
218
408
71

181
'262
221
198
399
70

172
'224
211
186
403
76

179
'203
'201
170
442
74

178
'229
212
180
'458
86

170
216
204
170
462
104

23,183
71

23, 253
76

23,831

22,516
32

22,952
51

22,879
58

23,144
72

22,623
91

22,484
75

23, 595
63

24,826
80

29,141
83

Express Operations
Operating revenue

thous. of dol__

I ©eel Transit Lines
Fares, average, cash rate
Passengers carripdt
Operating revenues!

7.8198
7.8115
7.8198
7.8115
7.8115
7.8115
7.8115
7.8115
7.8198
7. 8198
7.8115
cents.. 7. 8641 7. 8115
thousands 1, 614, 559 1,648,350 1,517,610 1,704,580 1,588,850 1,650,745 1,595,211 1,550,679 1,534,940 1,450,840 1,586,149 1,520,586 1,548,433
117,500 1C7,9OC 119,4C0 115,400 119,900 116,600 113,934 111, 367 105,351 115, 683 110, 385 116, 410
thous. of dol_.

Class I Steam Railways
Freight cascadings (Fed. Reserve Indexes):
123.
Combined index, unadjusted
1935-39=100
148
Coal
do
133
Coke. .
_______
_
do
109
Forest products
do_
152
Grains and grain products
_
do
120
T ivestock
do
74
Merchandise, 1. c. 1
_
do
29
Ore
_ do
123
Miscellaneous_
do
133
Combined index, adjusted!
do.
148
Coalt
do
127
Coke! .
_.
. do
122
Forest products
do
152
Grains and grain products!
.
do
126
Livestoekt
do
78
Merchandise. 1. c. 1
do
118
Ore!
do .
134
Miscellaneous!
_
do
Freight carloadings (A. A. R.):f
2,884
Total cars
_
.
thousands
685
Coal
_. _
.do
43
Coke
.
do
128
Forest products
__ . . .
do
207
Grains and grain products
do
65
Livestock
_ _ ._ _
.do
448
Merchandise, 1. c. 1
do
34
Ore
. _____
_
do
Miscellaneous...
_ do
1,273
Freight-car surplus and shortage, daily average:*
18
Car surplus...
thousands_.
8
Car shortage
do
Financial operations:
Operating revenues, total
thous. of dol_.
Fre^ght
do
Passenger
_
do
Operating expenses
.
do
Taxes, joint facilitv and equip, rents
do
Net rfiilwav operating income
do
Net income!
do
Operating results:
Freight carried 1 mllet
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
Railwav expenses
.
. d o
Net railway operating income.
do
Netincome._ . _ do

132
141
185
128
128
115
63
40
143
143
141
176
142
128
120
66
161
157

130
139
188
128
117
97
64
42
142
139
139
178
133
119
121
€6
168
152

136
137
192
134
124
102
68
63
151
145
137
190
134
134
129
67
218
159

139
126
176
133
141
111
71
203
151
141
126
180
133
160
124
71
204
153

142
126
191
143
147
108
69
268
152
140
126
193
137
167
120
69
204
151

145
143
178
149
158
99
68
263
150
140
143
181
144
155
121
68
170
146

143
136
187
140
188
97
67
273
148
139
136
193
140
157
121
67
171
146

132
128
160
140
176
109
65
249
133
128
128
167
133
163
115
64
166
132

137
143
154
135
163
150
69
261
136
127
143
155
125
146
114
66
174
126

128
109
111
115
158
189
72
215
136
118
109
113
109
158
123
69
134
125

136
148
167
108
164
183
75
114
139
133
148
167
110
167
145
74
134
133

119
133
172
94
144
135
71
36
123
127
133
164
106
153
140
74
117
130

3,004
661
56
150
176
63
'384
45
'1,469

3,060
671
69
160
167
64
395
46
1,499

4,019
828
76
207
218
72
536
88
1,994

3,374
613
56
164
200
62
451
228
1,600

3,453
600
60
174
209
62
438
303
1,607

4,365
855
70
228
274
69
530
371
1,967

3,378
635
57
165
257
52
406
300
1,506

3,240
604
51
173
248
59
408
285
1,412

4,117
842
59
205
287
99
524
356
1,745

3,151
505
34
142
223
106
456
250
1,436

3,207
688
50
129
223
100
455
148
1,414

3,546
794
66
143
253
96
544
54
1,597

14
9

13
16

10
19

13
15

16
9

13
7

11

8
5

11
4

20
7

11
10

15

7

751,337
558,874
139,243
530,232
148,089
73,016
39,048

712,806
536,821
126,857
499,643
140,000
73,163
37,378

813,328
623,184
133,630
644,810
168,633
99,885
62,931

778,985
594,314
129,202
631,689
155,391
91,605
55,558

823,025
626, 427
138,935
547,664
175,435
99, 926
64,649

820, 390
611,110
152,185
541, 707
182, 567
96,115
65,755

796,129
589, 583
150, 734
549,017
149,985
97,126
62,990

755,218
547,629
153, 254
547,263
121,272
86,683
51,152

679,178
488, 612
140,146
621,193
13,990
43,994
8,849

696,991
492, 288
146 504
626, 652
15 900
54 439
20 224

60,681
.984
7,372

58,954
.968

68,315
.968
7,048

65, 286
.968
6,826

68,647
.976
7,347

66,598
.977
8,015

64,732
.971
8,185

60, 509
.964
8,201

56,058
928
7,567

53,156
689
7,963

53,492
932
7,956

766.4
566.9
345.3
673.2
93.2
59.5

781.2
584.6
139. 5
678.3
102.9
67.7

796.3
602.8
135.1
698.4
97.9
63.1

799.2
608.0
133.7
703.6
95.6
61.7

795.9
598.5
140. 5
704.1
91.8
57.4

830.9
626.4
147.0
724.7
106.2
71.2

791.0
597.2
138.2
695.6
95.4
61.4

704.9
514.0
136.7
648.2
56.7
22.5

691.1
500.8
140.7
654.7
36.4
3.7

657.0
453 1
149 7
619 6
37 4
4 6

668.5
465.0
152. 2
607.8
60.6
27.9

r

7

661,181 613,691
463,682 401,256
145,555 161,133
548, 550 963,331
51,310 - 312,788
61, 321 ^86,902
34,384
49,843

Travel
Operations on scheduled air lines:
14,294
12,989
19,410
19,571
20,103
16,137
15.969
20,196
19,640
17,607
18,042
20,888
Miles
flown
_ __ .
thous. of miles
6,813
8,304
6,710
4,938
7,716
7,973
5,109
6,273
8,627
7,677
6,031
6,850
Express carried
.
thous. of lb_.
430,233 401,563 532, 286 543,755 612,912 659,861 713,382 752,653 713,056 769, 906 723, 247 647, 518
Passengers carried
. number
209, 2fe9 190,324 251,171 256,892 289,846 306,873 331,639 343,889 328,929 353,527 328,600 308,736
Passenger-miles flown
_ _ thous. of miles
Hotels:
3.92
4.16
4.31
4.28
4.12
3.76
3.99
4.17
3.97
3.85
4.17
4.01
4.19
Average sale per occupied r o o m . . .
dollars
92
88
93
94
92
88
90
89
90
91
87
95
90
Rooms occupied
_ ......
.percent of total
167
194
229
211
'186
204
169
212
207
'204
223
190
198
Restaurant sales index
1929 = 100..
Foreign travel:
14,865
13,169
15,674
15,419
20,281
18,193
9,952
12,978
12,820
U S citizens arrivals
_.
number
7,652
9,652
7,803
9,837
10,992
12,401
12,881
11,648
U. S. citizens, departures
._
. ..do
8,408
455
2,025
. 935
1,149
1,879
Emigrants
do
557
689
935
429
3,674
2,703
3,734
4,380
2,751
3,156
3,790
3,677
4,065
Immigrants
do
14,819
13,434
16,043
9,993
16, 708
13,883
15,242
9,275
9,056
12,913
II, 972
7,218
21, 416
Passports issuedcf
—
do
' Revised
cfTncludes passports to American seamen.
- Deficit.
X Revised data for freight carried 1 mile, December 1944, 61,099; net income, November 1944, 63,288.
i Data for March, June, September and December 1945 are for 5 weeks; other months, 4 weeks.
!T he indicated seas-onally adjusted series for freight carloadings have been shown on a revised basis beginning in the October 1943 Survey, and for financial operations of railroads
beginn ing in the June 1944 issue (see those issues for periods affected); all revisions are available on request. Begirning in April 1944 Survey, revenue data for Ircal transit lines cover
all common carrier bus lines except Jong-distance interstate motor carriers; similarly, data for passengers carried, beginning in the May 1945 issue, represent estimated total revenue
passengers carried by all local transit lines; revised data beginning 1936 for both series will be published later.
•New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (scattered revisions have been made in the indexes for local
transit line?, 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 beginning January 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.




SURVEY OF CURRENT BUSINESS

S-22

1946

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey

January

March 1946
1945

January

February

March

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.

-

20,075

number..

22,893

34,520

42,912

68,903

138,586

289,094

449, 111 478, 258 327,843

132,316

2,282,407 2,015,316 2,069,227 2,046,445 2,258,277 2,319,667 2,266,512 2,361,250 2,289,324 2,422,016 2,526,314
13,520 12,498 12, 316 12,120 13, 214 13, 217
13,445 11,695 12,427 12,291 13,169

thousands..
thous. of dol_.

COMMUNICATIONS
Telephone carriers :1
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

174,063 166, 039 176,142 172,229
93,140 90,204 91,964 91,607
67, 455 62,402 70, 35P 66,660
107, 271 103,866 112, 539 111,221
20, 785 21,147 20,568
19,576
24, 515 24, 580 24,613 24,631

176,488
92,955
69,121
113,330
20,301
24,666

176,637 175,677 179, 424 174,487
92,652 91,695 92, 323 92,141
69,816 69,617 72, 468 67,918
115,244 118, 510 120, 667 114,666
19,916 19,015 21,058 20,518
24,703 24,761 24, 794 24,834

17,120
15,651

15,146
13,902

17,429
16,018

16,149
14,842

17,575
16,319

17,511
16,035

16,694
15,419

964
1,469
12,917
2,265
1,014
1,676

878
1,244
11,842
1,445
585
1,692

1,016
1,410
12,829
2,666
1,502
1,882

904
1, 307
12,302
1,942
d
£1
1,889

961
1,256
13,136
2,476
1,196
1,851

1,476
13,265
2,335
1,463
1,704

737
1,275
13,194
1,535
••519
1,772

19, 224
17,947
741
1,277
15,371
1,879
863
1,971

17,033
15,897
708
1,137
17, 268
* 2,127
* 6, 066
1,952

184,380 181,325
96, 700 96, 523
70, 768
73,493
128,495 125, 329
23,744
22, 353
25,184
24,994
18. 359
17,099
1, 260
15,166
1,419
654
2,031

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS*
Ammonia, synthetic anhydrous (100% NHi):
48,244
45,072
49,089
45,581
44, 756
49,863
47, 431
46, 787
42, 685
45, 298
Production.
short tons_.
38, 292
3,225
3,997
4,799
4,649
4,301
6,766
7,409
6,709
5,980
Stocks, end of month
do
Calcium carbide (100% CaCj):
64,805
63,134
62, 753
64,610
56,729
61, 759
62,480
45,192
45,384
44, 610
55, 090
47, 353
Production
-do
22,649
22,400
25, 734
29,591
23,704
26,770
28, 307
41,643
34,099
Stocks, end of month,do
Carbon dioxide, liquid, gas, and solid (100% COi):0
84,361
71,599
83,246
80,654
58,424
88, 758
57, 716
79, 983
88, 566
68,810 • 57, 923
Production
thous. of lb._ 55, 988
19,725
22,314
12,462
18,299
14,504
10,688
6,066
15,138
13,738
Stocks, end of month
do
Chlorine:
89, 602
97, 659
Production
short tons.. 89, 637 103. 953 92,066 107,466 103,478 110,332 106,699 105,189
89, 392 •91,461
5,634
6,897
6,169
5,875
8,127
6,977
Stocks, end of month
do
6,387
Hydrochloric acid (100% HC1):
37,152
37,348
33, 839
37,639
35, 891
37,597
33, 671
35,155
26, 799
30, 552
30, 026
29, 691
Production
_
-..
do
3,068
3,470
3,300
3,110
3,004
2,848
2,984
3,326
3,376
Stocks, end of month
_
do
2,155
2,199
1,944
2,071
2,063
2,100
1,914
2,006
1,405
1,573
Vl,ll4"
1, 331
Hydrogen, production
mil. of cu. ft..
Nitric acid (100% HN0 8 ):
37,963
41,757
39,662
40,053
40,067
38,944
37,088
32, 025
40,876
34,262 •31,352
Production
short tons.. 34, 769
5,314
5,789
6,060
6,825
6,259
5,788
7,027
5,882
5,968
Stocks, end of month
.do
1,476
1,333
1,346
1,401
1,234
1,395
722
'893
1,190
978
Oxygen, production
mil. of cu. ft._
916
'873
Phosphoric acid (50% HjPOO:
58,981
53,290
59, 568
51, 328
61,438
59,957
51, 264
63, 941
57, 952
68, 534
61, 500
Production
short tons..
70, 409
14,528
12,197
14, 285
13,985
14,967
14,993
12,102
13, 378
12,838
Stocks, end of month
do
Soda ash, ammonia-soda process (98-100% NajCOs):
Production, crude
short tons.- 387, 012 365,718 331,952 380,371 378, 385 388,044 358,782 358, 217 363, 802 333, 453 381, 468 355, 039
49,794
35,607
64,187
93, 748
28,110
29,281
76,658
37,622
33, 013
Stocks, finished light and dense, end of month_..do
Sodium hydroxide (100% NaOH):d"
154, 273 161,100 146,255 167,443 161, 300 169,878 160,435 157, 644 152,318 139, 969 146, 374 148,194
Production
_
do
i 64, 204 J 63,799 » 58,104 i 57,017 i 54,972 i 48,786 i 49,837 i 52, 733 i 55,616
Stocks, end of month
,_
do
Sodium silicate, soluble silicate glass (anhydrous) :•
43, 955
34,806
37,105
36, 796
33, 575
32,060
43, 733
38,397
24,864
27, 321 • 28, 781
Production
.__
short tons.. 34, 524
49,097
43,455
45,129
46,811
56,175
57,901
51, 728
54, 980
45,828
Stocks, end of month..
_..do
Sodium sulfate, Glauber's salt and crude salt cake:
61,762
67,322
61, 464
58,649
62,519
61,559
57, 378
64,336
66, 410 ' 67, 047
Production_._
short tons.. 53, 575
61,407
66,902
61,516
72,960
58,709
72,953
64,100
58,497
86,665
Stocks, end of month
-do
Sulfur:
Production
long tons.. 318,722 275,722 260,677 290, 268 292,229 319,976 309,570 313, 391 346, 349 341,060 348,365 323, 738 331, 843
4,060,461 1,034,453 3,996,432 3,923,373 3,883,858 3,838,084 3,776,738 3,698,357 3,711,311 3,682,511 3,858,728 3,916,334 4,003,917
Stocks, end of month
_
do
Sulfuricacid (100% HaSO«):©
806,081 860,403 834,152 868,682 822,409 842,177 783, 209 677,596 750, 084 707, 865
Production
_
short tons.. 716,219
262,681 265,002 243,014 230,858 238,465 226,652 256,076 280, 574 305, 208
Stocks, end of month
_
_
do
Acetic acid: t
23, 822
27, 509
26,077
24,708
25,646
29,526
23, 356
20,812
26,349
18,673 • 22, 063
Production...
_
.._.thous. of lb_.
7,552
9,403
8,681
10,131
10, 884
10,146
12,469
13, 527
11,185
Stocks, end of month
_
do
Acetic anhydride:
42, 729
46,845
41,732
45,309
47,675
43,867
44,833
37,789
46, 241
46,414
38,535
Production
do
12,148
11,252
10,977
13,162
(2)
()
Stocks, end of month
.do
(3)
(J)
(2)
Acetylene:
453,005 453,591 443,987 471,351 489,751 436,943 437,513 382, 250 294,132
Production
thous. of cu. ft..
10, 207
8,518
10,049
8,907
9,846
8,625
9,488
9,853
8,727
S£ocks, end of month
do
Ace tyl salicylicacid (aspirin):
924
816
925
815
887
814
962
966
Production
_
thous. of lb~
1,011
«73
1,114
1,099
1,113
1.041
1,216
Stocks, end of month
.do—
1
' Revised.
* Deficit.
> See note marked "d ."
* Not available;
©Revised: not comparable with data shown in the Survey prior to the March 1945 issue.
^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 (comparable figure for October, 46,839); beginning that month they include stocks of both liquid and solid sodium hydroxide.
• Data represent total production of soluble silicate glass, liquid and solid (anhydrous basis), and material which is further processed to ortho, meta,and sesqui forms; excluded
are data for 2 plants which manufacture sodium metasilicate directly without going through the soluble glass stage; comparable data beginning 1941 will be published later.
§ 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 covei 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 sbown). The new series for acetic acid, acetic anhydride,
acetyl salicylic acid, creosote oil, cresylic acid, ethyl acetato, naphthalene and phthalic anhydride are compiled by the Tariff Commission; the other new chemical series are compiled
by the Bureau of the Census. See pp. 23 and 24 of the December 1945 Survey for data through December 1943 for the indicated series on this and the following page, with the exception
of carbon dioxide, sodium silicate, sulfur, and glycerin; data for these series will be published later. The collection of stock data for the chemical series has been discontinued.
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.
©Revised beginning 1943; for complete revisions for 1944 see August 1945 Survey; 1943 revisions will be shown later.




March 1946

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics t h r o u g h 1941
a n d descriptive notes m a y he found i n t h e
1942 S u p p l e m e n t t o t h e Survey

January

1946

S-23

1945
January

February

March

April

May

June

July

August j September

October

Novem- December
ber

CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS-Continued
Creosote oil:*
Production
thous. of galStocks, end of month
do...
Cresylic acid, refined:*
Production.
thous. of lb.
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
Stocks, end of month
do
Methanol§:
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 07er):*
Production
thous. of lb_.
Stocks, end of month
do
Phthallc anhydride4.*
Production
do
Stocks, end of month
_
do
Explosives (industrial), 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 gal..
Receipts, net, 3 ports
_
bbl. (50 gal.)_.
Stocks, 3 ports, end of month
do

12,573
9,695

13,515
11,395

16,032
11,529

14, 265
11, 634

16,073
12,369

13,615
10,105

12, 392
8, 652

12,118

12.198
6,376

13, 550

13, 747

12,059

2,676
1,472

2,735
1,512

2,574
1,255

2,730
1,324

2,273
1,446

2,077
1,346

2,375
1,317

2,539
1,168

2,431
1,441

2,133

2,573

2,108?

6,027
6,873

9,145
7,034

9,244
5,536

9,793
4,785

9,929
6,027

7,902
4,909

9,456
5,332

10,970
7,042

7,329

6,898

7,110

8,554

6,010
5,010
15,864

6,497
7,774
38,005

7,214
8,719
36,053

7,373
9,694
34,336

7,479
8,789
31,894

7,294
8,189
29,449

8,135
8,920
26,998

9, 240
5,999
22, 564

8,799
7,323
19,876

7,229
6,494
18,109

8,451
7,544
17, 562

6,395
5,612
15,901

5,825
5,234
15,135

6,336
7,636
16,941

7,712
8,008

7,048
7,077
34,179

7,470
8,249
32,725

6,576
30,132

7,789
8,114
27,997

7,757
6,695
28,103

7,387
4,599
27, 634

7,834
5,850
22,282

7,523
7.079
22, 271

8,142
7,170
19,067

7,143
7,750
18,346

6,109
6,391
17, 596

264

317
278

279
287

314

293
446

342
538

313
572

291
505

243
354

278

295

450

6,455
3,166

5,827
3,743

6,378

6,715

C)

6,012
5,664

6,318
5,514

6,169
6,851

6,112
8,340

4,736

6,823

()

5,381
2,099

5,356
1,767

5,746
1,476

6,158
2,905

6,212
2,243

5,980
1,001

6,685
911

5,575
1,973

7,773
2,510

7,670

10,320
1,512
34,124

9,606
1,655
34,543

11,375
2,015
34,865

11, 582
2, 356
36,117

12, 330
2,524
37,023

11,802
2,517
38,942

10, 934
2,494
37, 370

11,284
3,131
37,876

9,567
5,163
38, 205

8,066

7,881

8,555

38, 795

"37," 543

34, 745

6.76

5.81
4,194
25,876

5.81
2,159
18,250

5.81
4,400
11,741

5.81
3,461
12,042

5.81
5,697
12,486

5.81
5,847
11,601

5.81
4,497
11, 645

6.52
4,439
9,466

6.76
3,775
13, 916

6.76
5,484
15,533

6.76
5,957
17, 518

6.76
8,090
16, 342

.84

.79
1,369
65,195

.81
357
61,467

.80
505
50,762

1,047
43, 814

.81
2,269
28,108

3,542
27,062

.74
3,445
20, 293

.76
3,142
9,911

.77
1,820
9,306

.80
1,584
6,012

1,563
5,629

.83
733
5,140

1,136

1,189

1,076

1,332

819

431

163

148

192

292

379

370

552

1.650

1.650
78,650

1.650
75,658

1.650
76,913

1.650
72,961

1.650
53,801

1.650
83, 465

1.650
67, 444

1.650
72,079

1.650
62, 568

1.650
66,158

1.650
68,408

1.650
81,185

35,935

7,678

7,016

FERTILIZERS
Consumption, Southern States
thous. of short tons...
Price, wholesale, nitrate of soda, crude, f. o. b. cars, port
warehouses •
dol. per 100 lb_.
Potash deliveries
short tons..
Superphosphate (bulk):f
Production
do
Stocks, end of month
do

W

676, 507
936,431

638,009
934,482

642,796
865,469

632, 403
719,716

657,575
733,286

671,074
803,939

666, 848
836,580

694,908
884,061

651,140
914,147

732,814
897, 532

718,023
898,446

655,920
904, 599

135, 755
243,439
467,490

135,378
205,830
390,736

136,391
194,041
332,341

131,019
182,786
298, 433

140,148
200,604
261,768

123,734
189,914
230,218

98,309
175, 763
239, 521

119, 747
177,093
208,952

106, 522
155,031
189, 392

116, 707
164,949
179, 667

111,115
232,665
200,043

95,487
258,941
231, 504

OILS, FATS AND BYPRODUCTS
Animal, including fish oil:
Animal fats:$
Consumption, factory
Production
Stocks, end of month.
Greases: J
Consumption, factory
Production
Stocks, end of month
Fish oils:*
Consumption, factory
Production
Stocks, end of month
Vegetable oils, total:t
Consumption, crude, factory
Production, crude
Stocks, end of month:
Crude
_
Refined
Coconut or copra oil:
Consumption, factory:J
Crude.Refined
Production:
Crude*
Refined
„
Stocks, end of month J
Crude
_
Refined
Cottonseed:
Consumption (crush).
Receipts at mills
Stocks at mills, end of month

thous. of lb._ 112,173
236,879
do
255,195
_
do
_._do
do
do~_

40,558
48,141
81,423

73,179
50,275
111,169

62,854
45,425
99,249

60,263
47,361
92,733

60,961
45,068
85, 590

60,806
46,829
73,812

55,826
44,117
71,615

40, 203
41, 455
77, 866

52,016
41,005
78,392

54,953
37, 569
71,094

49,729
41,127
66,052

43, 590
44,516
65,397

35, 557
45,673
72, 316

do
do
do

19,493
4,624
96,026

31,347
7,293
214,442

33,458
1,791
183,062

579
151,751

23, 427
766
129,020

22, 316
1,620
112,043

19,701
11,263
103,749

19,069
17, 535
98, 200

25,052
29,424
115,115

24,444
40,146
128,806

30, 549
37, 324
141,017

28,114
16,955
132, 246

22, 577
6,105
118,149

369
407

396
412

370
377

376
358

345
308

356
317

292
257

242
233

289
258

270
295

379

387
431

345
374

731
490

815
397

833
411

807
444

780
447

726
448

692
442

688
427

391

695
352

705
359

725
413

740
463

12,919
5,323

14,537
8,756

12,566
5,681

14,074
5,826

13, 487
5,358

14,814
6,717

13,859
5,127

9,170
3,902

11,649
4,357

10,859
5,086

13, 624
5,624

12, 545
4,671

11,490
4,307

11,430
4,689

18,720
8,394

14,080
6,348

17,161
5,603

12,847
5,065

16,014
6, 251

11,938
5,515

7,195
2,620

16,364
4,498

11,236
4,446

20,123
5,395

3,597
4,635

do.— 120,694
do
1,505

102,496
2,372

109,625
2,278

116, 708
2,307

111,749
2,455

119,025
1,914

119,359
2,208

122, 819
1,479

135,258
1,993

138, 510
1,983

145,896
2,038

133, 713
2,199

125,169
2,038

'574
••246
' 1,351

436
156
1,067

376
105
796

266
62
592

228
34
397

137
22
283

115
52
220

122
109
206

246
468
427

550
955
833

563
789
1,059

443
328
944

mill, of lb..
do.
_

do.
do.
.thous. oflb..
do
do
do

thous. of short tonsdo
do

462
152
634

0)

3,679

" Revised.
« Not available for publication.
i Included in total vegetable oils, but not available for publication separately.
*New series; see note marked "*" on p S-22
• Price of crude sodium nitrate in 100-pound bags, f. o. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series shown
m 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 " • " o n p
8-23 of the May 1943 Survey. Prices are quoted per ton and have been converted to price per bag.
{Revisions in the 1941-43 data for the indicated series are available on request (coconut or copra oil production and stocks and linseed oil production were not revised for 1943)*
revisions are generally minor except for fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).
tRevised series. See note in November 1945 Survey regarding change in turpentine price series beginning in April 1943 issue and superphosphate data beginning September 1942
§ Production figures for natural methanol are comparable with figures published in the 1942 Supplement to the Survey and monthly issues through October 1942, except that the
earlier series was 82 percent methanol instead of 80 percent as above. For synthetic methanol, the earlier series covers only production for sale according to comparisons with 1939
Biennial Census data, while the present series includes also production for use in reporting plants; data beginning October 1945 are collected by the U. S. Tariff Commission; earlier
data w ere compiled by the Bureau of the Census. The collection of stock data has been discontinued.




SURVEY OF CURRENT BUSINESS

&-24
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey

1946

March 1946

1945

January

January

February

March

April

May

June

July

August

September

October

Novem- December
ber

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS,

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, factory}. «
do
In oleomargarine
_ do
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per lb_.
Production
tfcous. 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:}
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, factory}
do
Price, wholesale (N. Y.)
__.
dol. per lb_.
Production}
.tfcous. 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 lb_.
Production^
thous. of lb_.
Shortenings and compounds:
Production
do
Stocks, end of month . . _ _ _ _ _ _ _ _ _ _
do
Vegetable price, wholesale, tierces (Chi.).dol. per lb_.

203 319 r 263, 631
61,072 ' 84,288

201, 767
94,327

172,601
104,593

122,842
104, 345

105,075
98,989

62,968
72,266

53, 513
52, 258

54,442
40,069

108,887
49, 561

240,449
56,375

251, 625
52, 741

194,22
52,82

143,349 -•178,718
r
128,166 160, 221

137,246
157,802

118,694
142, 7S0

85, 031
127, 594

72, 524
95, 305

44,498
65,019

37,760
55,121

37,247
36,980

76,010
50,036

171,060
93,325

176,006
109,820

137, 97
114,47

105, 361
26,331

104,081
24,448

110.273
24, 486

104,163
25, 824

108, 405
23,005

87,141
19,816

73,693
21,982

88, 277
20,123

74,709
17,808

76, 748
18, 650

73, 760
16, 482

64,00
15,04

.143
.143
112,C67 M 50, 293
378,321 '311, 704

.143
131,046
324,250

.143
123,930
342, 247

.143
93, 608
329, 848

.143
96,615
310,944

.143
67,159
295,806

.143
43,492
275,625

.143
53, 043
234,177

.143
55,086
207,918

.143
108, 363
232,457

.143
150, 092
305, 238

.14
119,75
359,14

116
17
1,274

13
22
371

13
358

2
66
294

285
306
274

135
232
173

78
222
28

173
108
93

70
74
89

884
545
428

2, £01
1,247
2,082

2,566
2,417
2,231

4S
1,33
1,17

862
(8
4,078

137
87
1,871

69
57
1,324

147
89
817

329
207
386

435
98
223

432
113
109

321
198
61

1,649
155
9

7,251
588
2,489

6,003
866
5,033

1,670
1, 218
5,026

4,59

2,777
4,260
3.10

2,306
4,800
3.12

2,192
2,770
3.11

1,930
2,092
3.11

1,625
1,874
3.10

1,566
2,032
3.11

1,384
1,826
3.11

1,368
1,682
3.11

1,878
2,041
3.10

2,626
4,955
3.10

2,865
5,583
3.10

3,606
5, 546
3.10

3,23
5,75
3.1
i 36, 68

84, C04

78

ie

32, 340

28, 440

17,760

18, 300

26,880

28,2C0

36, 600

17,940

14, 400

41, 580

54,840

49, 920

35,22

44, 257
.155
56,016
27, 720
173, 6£3

45,180
.155
43, 291
20, 340
252, 366

37, 401
.155
42,489
16,260
239,754

42,015
.155
37, 765
16, 260
227,143

41,516
.155
32, 742
17,040
209, 636

41,190
.155
30, M4
17,220
187,973

39,218
.155
27, 531
20, 340
159,854

37,547
.155
28,214
15,180
145, 377

39,934
.155
38,245
19, 380
151,035

40,486
.155
52, 742
27, 360
168,695

4P, 687
.155
56, 769
35,820
167,526

42,881
.155
71,872
28, 800
171,872

39,06
.11
63, 42
26,28
ISO,Of

16,310

12,717

13,709

13,868

13,716

15,101

13,257

12,809

12, 536

12,083

9,912

14,040

42, 777

47, 765

37, 309

32, 640

31,251

30, 743

26, 387

21,319

12, 886

3,547

26,778

50,834

13,86
1191, 72
46,2c

90,770

78, 256

81,840

83,341

79, 916

87, 351

78,617

66, 682

90, 060

86,344

99, 626

94,726

81, 68

143, 436
112,617

111,098
91, 791

119,997
104,199

120,696
107, 657

118,906
107, 369

133,501
116,742

118,263
98,123

114,508
84,644

111,342
111,576

108,684
92,048

88,893
101,132

124, 251
88, 675

118,14
91,3c

147, 259
79, 522

77,807
48, 229

86, 647
49, 607

86, 439
60,129

88, 875
70, 663

90. 872
88,014

97,241
99,994

120,091
105, 975

102, 607
112, 582

104,094
105,165

86, 564
92,562

116,912
73,395

133, 92
71,0.

£9,430

51,048

50,462

46, 832

41, 477

31,383

37, 846

39,785

34, 556

46,438

41, 063

43,0C

.165

.165
59, 330

.165
51,752

.165
54,887

.1*5
55, 650

.165
54,325

.165
48,621

165
53,693

.165
50,199

.165
44,632

.165
49, 720

.165
46,027

.16
44,44

118,797
45, 719
.165

132,186

48, m
.165

131,872
50,346
.165

122, 521
44, 710
.165

123,652
43, 301
.165

130,665
44,460
.165

105,160
46,026
.165

68,176
42,349
.165

128,078
45,857
.165

115, 535
39, 551
.165

137, 338
35,265
.165

121,930
39, 725
.165

101, 86
33, Of
.16

96
35

84
40

122
62

95
46

115
54

170
50

87
50

101
50

90
48

78
68

'91
68

8

128
299
53, 660
48, 262
23, 058
25, 204
5,398

128
282
51,488
46, 505
22, 430
24,075
4,983

199
364
59, 708
53,875
26,118
27, 756
5,834

229
237
58, 392
52, 392
25, 953
26,439
5,999

225
298
59,848
53, 515
26, 258
27,258
6,333

266
361
58,368
52, 266
26,255
26,012
6,102

246
236
52,623
47,175
24,485
22,689
5,449

250
262
51,101
45, 595
22,168
23,427
5,506

208
243
48,020
42,862
16,851
26,011
5,158

281
190
57,540
51,838
20, 820
31,018
5,702

r 271
'200
' 50,298
' 45, 039
' 18, 996
r 26,043

If
18
42,3'
38,06
16, 6C
21,46
4,31

PAINT SALES
Calcimines, plastic-texture and cold-water paints:}
Calcimines
thous. of dol_.
Plastic-texture 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
Trade
do
Unclassified
_
do

ELECTRIC POWER AND GAS
ELECTRIC POWER
19,409
18,021
19, 526
18,834
18,954
17, 358
18,640
18,625
17,008
20, 280
17,671
Production, totals
_
mil. of kw.-hr__ 18, 393
By source:
11,803
12,047
11,026
11,607
12, 252
11, 284
13,822
11,859
12,280
10,980
12,108
11, 208
Fuel
._.do
7,606
7,479
6,332
7,033
6,344
6,874
6,702
6,028
6,463
7,109
5,913
Water power
do
6,457
By type of producer:
16,579
16, 606
16,145
15, 705
14,510
15,C94
17,384
15,923
15,108
15, 569
16,130
Privately and municipally owned utilities
do
15, S01
2,920
2,830
2,452
2,688
2,824
2,919
2,264
2,717
2,498
2,563
Other producers
do
2,895
2,491
Sales to ultimate customers, total (Edison Electric
16, 641
16,877
16,618
16,605
16,267
14, f 02
14, 908
17, 630
16, 800
16,125
14,890
Institute) 1
mil. of kw.-hr_.
2,672
2,889
2,745
2,656
2,603
2,693
Residential or domestic
do
3,052
2,789
2,612
3,172
3,026
283
204
375
383
218
247
403
478
Rural (distinct rural rates)
do
207
3£0
Commercial and industrial:
2,477
2,501
2,439
2,477
2,566
2,497
2,642
2.478
2,509
2,481
Small light and power^
do
2,708
9,726
8,023
9,718
9,641
7,657
9,315
9,658
9,456
9,133
7,826
9,754
Large light and power 1
do
157
175
187
146
209
192
168
149
161
219
197
Street and highway lighting^...
do
1
670
562
687
656
701
679
632
535
721
640
555
Other public authorities !
do
604
641
574
533
751
641
590
562
608
560
588
Railways and railroads 1
do
51
45
50
50
45
48
50
50
50
Interdepartmental ^
_
do
Revenue from sales to ultimate customers (Edison
295,187 287, 557 280,722 275,410 275,132 277,255 274,311 274,943 267,913 271,413 276, 718
Electric Institute)
thous. of dol. _
r
J
Revised.
• Less than 500 bushels.
December 1 estimate.
} See note marked " } " on p. S-23.
1 For revisions for the Indicated series see note at bottom of p. S-23 of the May 1945 Survey.
§ For July 1941-June 1942 revisions, see February 1943 Survey, p. S-23; revisions for July 1942-June 1944 are on p. 23 of the November 1945 issue.
cf For 1943 revisions for total electric power production see p. S-24 of the January 1945 issue; data shown in the Survey beginning in the June 1945 issue exclude a small amount
generated by electric railways and electrified steam railroads included in the 1944 figures and earlier data published in the Survey through the May 1945 issue.
t The 1945 data for some items are not comparable with earlier data, see note for calcimines, plastic and cold-water paints at bottom of p. S-23 of the December 1945 Survey.




SURVEY OF CURRENT BUSINESS

March 1946

1946

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey

January

S-25

1945
January

February

March

April

May

June

July

August

September

October

Novem- December
ber

ELECTRIC POWER AND GAS—Continued
GASf
Manufactured and mixed gas:
Customers, total
thousands
Residential
- do
Residential central heating
do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft__
Residential
do
Residential central heating _ _
_
do
Industrial and commercial
do
Revenue from sales to consumers, total-.thous. of dol._
Residential
do
Residential central heating
do
Industrial and commercial
do
Natural gas:
Customers, total
__thousands__
Residential (incl. house heating)
do
Industrial and commercial
- - .do. _.
Sales to consumers, total
mil. of cu. ft_.
Residential (incl. house heating)
-do __
Indl , coml., and elec. generation
do
Revenue from sales to consumers, total—thous. of dol_.
Residential (incl. house heating)
do

» 51,876

10,612
9,768
357
473
i 50,790 i 46,087 i 41,133
2 62,622
2 35,4C9
2 49. 382
2 129,542
2 76,800
2 22,533
2 29,303

10,659
9,797
379
472
i 41, 429 1 38,788 i 33,757
2 56,475
2 16,983
2 46,918
2111,748
2
73, 451
2
11,119
2 26, 586

i 31,206

10,742
9,869
395
469
131,982
2 53,421
2 5,191
2 37, 522
2
97,534
2 70,518
2 4,287
2 22,273

9,147
9,179
9,188
8,473
8,537
8,516
649
671
661
i 231,791 i 220,634 i 201,362 U82,264 U74,398 1167,509 1144,630 U48,515 1144,254
2 75,746
2 234,842
2135,217
2350,580
2 408,092
2 378,267
2121,176
2 232,679
2164,670
2
2 54,512
2 140,562
88,088
2
2 89,973
2 65,199
75,264

35,995

40, 928

48,241

161,959

187,871

212,483

6,800
7,855

6,228
8,189

FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquonf
' 6, 318
7,508
Production
thous. of b b l . .
6,856
' 5, 551
Tax-paid withdrawals
do._,
8,449 ' 8, 603
Stocks, end of month
do_.
Distilled spirits:
Apparent consumption for beverage purposes!
16,031
thous. of wine gal.
Production^
_
thous. of tax gal.. 26, 715 ' 43,400
11,356 ' 11,105
Tax-paid withdrawals!
do
366,406 ' 350, S68
Stocks, end of month
_
do_
Whisky:f
17,128 ' 25,8£0
Production
_
do_
6,053
5, 523
Tax-paid withdrawals
_do.
350,063 '336,133
Stocks, end of month
do.
Rectified spirits and wines, production, totalf
thous. of proof gal._ 13,425 ' 11,768
11, 582 '9,585
Whisky
do...
Still wines:f
11,154
Production
thous. of wine gal.
7,673
Tax-paid withdrawals
do...
142, 742
Stocks, end of month
do__
Sparkling wines:f
156
Production
do..
61
Tax-paid withdrawals
do..
817
* Stocks, end of month
do..

8,104
8,149
8,447

7,758
7,437
8,225

8,081
7,381
8,322

333,135

14, 254 15, 217 14, 536 14,234
15,222
1,182 41,796
1,296
9,046
8,016
9,660
328,073 321,994 341,234 342,761

14,307
16,072
10,607
341,521

18,609
29,749
13,643
342,686

0
4,477
318,927

0
4,280
313,850

9,582 10,373
6,345
6,655
328,729 330,927

15,923
4,780
341, 235

9,194
8,051

11,171

8,274
125,638
162
88
865

6,106
5,328
8,903

6,289
8,863

13,875
10,106
8,406
344,514

15,120
5,665
8,166
338,733

1,303
4,907
330,699

0
4,564
324,532

9,362
7,719

9,322

7,168
8,299
134,457
83
98
799

7,066
6,353
9,037
14,112
1,550

7,433
6,767
9,117

8,066
7,303
9,240

8,149
7,743
9,043

19,030 20, 250
25,693 25, 578
12, 239
9,901
345, 580 357, 248

24,904
4,483

7,536
4,704
328,063

6,145
5,157
327,356

10,051
8,820

0
4,664
307,620
10,789
9,247

9,556
7,952

10,785

11,416
9,792

14, 785
12,677

13,909
12, 074

7,698
7,452
118,232

5,863
7,376
110,823

4,844
6,202
102,725

4,157
4,998
97,563

4,510
5,382
93,003

65,885
6,196
109,492

167,396
7,785
169,007

83,042
9,878
183, 357

177
72

171
87
1,043

181
84
1,132

150
90
1,190

125
124
1,179

104
125
1,137

145
174
1,107

132
211
1,000

DAIRY PRODUCTS
Butter, creamery:
.423
.473
.423
.423
.423
.423
.423
.423
Price, wholesale, 92-score (N. Y.)t
dol. per l b . .
.423
.423
.423
.473
.473
99, 003 92, 372 109,623 122,715 160,413 171,717 155,905 133,289 100,071 88,741 68,834 66,640
Production (factory) t
thous. of lb— 68,995
32,132
31,062 29,833 45,139
38,926
70,375 131,669 184,759 206,501
Stocks, cold storage, end of monthd*
do
164,646 108, 501 53,127
Cheese:
Price, wholesale, American Cheddars (Wisconsin)
.233
.233
233
.233
.233
.233
.233
.233
.233
.233
dol. per lb—
.233
.233
.233
Production, total (factory) t
thous. of l b . . 62,435 r 68,051 67,801
85, 250 102,944 131,976 138,617 125,704 107,685 89,278 78, 517 60,856 r 58,085
44, 420 51,149
American whole milkf
do
51, 778 65,954 82,401 107,722 111,813 99,917 87,596 70,964 59,118 44,774 ' 41,697
Stocks, cold storage, end of monthcf
do
133, 773 127,052 106,965 118,432 148,271 182,831 213,198 229,310 227,354 213,054 173, 736 127,011
American whole milk
do.
96,019 124, 627 118,087 98,766 108,675 134,590 166,739 196,335 208,558 207,438 193,965 159,284 112,896
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
6.33
6.33
6.33
Condensed (sweetened)
...dol. per case_.
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
4.15
4.15
Evaporated (unsweetened).
_
do
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.14
4.14
4.15
4.14
Production:
Condensed (sweetened):
Bulk goods*
thous. of lb_. 32, 301 27,202 32,904 48,938 61,515 85,730 81,413
61,659 44,697 34,919 27, 555 23, 751 26,928
15,387 14, 582 13,870 11,770 11,080
8,800
Case goodsf—
_
do
8,592 11, 237 13,981 15,935
9,530
9,300
8,825
180,000 249,609 253,770 324, 772 391,365 476,511 477,124 435,000 360,750 268,500 211,500 165,300 163,650
Evaporated (unsweetened), case goodsf
do
Stocks, manufacturers', case goods, end of month:
4,991
11,753
Condensed (sweetened)
thous. of lb_.
7,328
11,299
13,012 11,868 13,987 14,310
6,559
7,951
7,842
7,261
5,357
54, 098 131, 743 122, 546 107, 702 154, 511 206,309 210,193 204, 368 192,455 172,386 31,226 89,844 71, 762
Evaporated (unsweetened)
do
Fluid milk:
Price, dealers', standard grade
dol. per 100 lb__
3.27
3.25
3.25
3.26
3.25
3.26
3.26
3.25
3.25
3.26
3.27
3.27
Production
mil. of lb—
8,615 « 8,858 r 8,485 ' 10, 000 ' 10, 733 r 12, 448 12, 989 ' 12, 301 ' 11,058 r 9,622 r 9,079 ' 8, 264 ' 8,382
•
3,664
Utilization in manufactured dairy productsf-.-do
2,555
••3, 246
6,191
4,787
5,621
3,192
2,494
5,894
3,377
3,977
4,610
2,450
p
Revised. cfSee note marked "d*" on p. S-27. iReflects all types of wholesale trading for cash or short-term credit; see also note on item in June 1945 Survey. Prices beginning
November reflect removal of 5 cents subsidy at end of October and increase of O. P . A. prices by same amount; sales at old price ceiling are not included in average.
i Original estimates (see note marked " | " ) adjusted to agree with quarterly totals based on the more complete quarterly reports. 2 Total for quarter.
fData cover total production of distilled spirits for beverage purposes by registered distilleries, including, in addition to rum and brandy, gin, whisky, and other spirits for beverage purposes for the months in which such spirits were produced (beginning November 1945, production by registered distilleries of some spirits for industrial purposes, is included).
In addition, alcohol was produced for beverage purposes by industrial alcohol plants in certain months as follows (tax gallons): 1945—January, 2,879,000; February 2,334,000; March,
3,318,000; April, 88,000; May 48,000; July 5,255,000; August, 295,000; September, 296,000; October, 326,000; similar data for production, if any, by industrial alcohol plants for beverage
purposes have not been reported since October 1945.
fData for manufactured and natural gas have been revised beginning 1929 (reclassifying the companies on the basis of the type of gas distributed in 1943) and are not strictly
comparable with figures shown in the October 1944 and earlier issues; beginning 1945 detailed reports from all reporting utilities are obtained quarterly only; monthly sales for 1945
are estimated by the American Gas Association from reports of 21 utilities distributing manufactured and mixed gas, which account for about 33 percent of total sales for this branch,
and 36 distributing natural gas accounting for about 41 percent of the total(see also note 1); all sales data relate to sales to ultimate consumers. Revisions for consumption of distilled
spirits for beverage purposes for January 1940-August 1944 are available on request. Revisions in the 1941 and 1942 monthly data for the other alcoholic beverage series not published
in issues of the Survey through March 1944 are shown on p. S-25 of the April 1944 Survey; scattered revisions in the July 1943 to January 1944 data for fermented liquor, rectified
spirits and wines, and still and sparkling wines are shown on p. S-23 of the June 1945 issue. 1943 revisions for indicated dairy products series are shown on p. 13 of the March 1945
issue; see note marked " t " 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 to May 1944 (these revisions are available on request).
•Revised data for 1943 are shown on p. 13 of the March 1945 issue; see note marked "*" on p. S-25 of the February 1945 Survey regarding earlier data.




&-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 194C

1945

1946
January

February

March

April

May

June

July

August

September

October

Novem- Decem
ber
ber

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS-Continued
Dried skim milk:
Price, wholesale, for human consumption, U. S.
average
_
dol. per lb_.
Production, totalt
thous. of lb._
For human consumption!
do
Stocks, manufacturers', end of month, total
do
For human consumption.
_
...do.

0.144
38, 290
37,650
12,786
12,474

FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu_.
5,093
Shipments, carlot
no. of carloads..
Stocks, cold storage, end of month
thous. of bu.. 10, 971
20, 870
Citrus fruits, carlot shipments.
no. of carloads.
Frozen fruits, stocks, cold storage, end of month
thous. of lb.. 361,980
Frozen vegetables, stocks, cold storage, end of month
thous. of lb. 172,116
Potatoes, white:
3,060
Price, wholesale (N. Y.).,_
dol. per 1001b.
Production (crop estimate)!
.thous. of bu_.
"25," 719
Shipments, carlot
no. of carloads..

0.141
43, 250
42, 350
• 39, 318
' 37, 905

0.139
44,100
43,200
41,955
40,970

0.140
57, 750
56, 500
44,562
43, 279

0.141
71,650
70,050
59,986
68,706

0.142
88,900
86,500
83,531
81,714

0.142
87,632
85,075
88,130
86,121

0.142
71, 560
69, 600
77, 615
76, 058

0.143
53, 245
51,920
56,745
55,683

5,428
25,377
19, 818

4,529
18, 670
20, 285

4,665
11, 573
21, 347

3,031
5,527
19, 323

1,983
1,669
16,942

0
13,862

949
599
10,917

1,157
764
8,602

242,253

217,048

193, 786

168,871

159,436

169,518

239, 839 288,829

145,622

123,997

99,967

84,120

77,131

91,029

134, 512 163,927

3.569

3.059

2.875

3.592

3.671

3.780

3.428

3.179

22, 260

19, 541

26, 095

15,613

22,856

22,942

19, 474

21,325

ano
40,910
39,860
39,985
38,857

0.137
30,920
30,250
23,712
22,996

0.139
24,100
23,700
12,825
12,430

0.143
33, 530
33,000
14,042
13, 736

1 64, 400
r 4, 480
7,835
19, 940 ' 16,155
15,699
' 21,126
360,230 381, 267 377,126
r 375,773
189,033 204,093 198, 545
191,218
2.744
2.445
2.431
3,000
23, 503 1 425,131
25, 778 28,656
19, 638
2,978
4,585
8,642

11, 261
18, 994
13,849

GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis):
1.30
1.14
1.27
1.19
1.18
1.18
1.30
1.24
1.17
1.30
1.19
1.24
1.27
No. 3, straight
dol. per bu_.
1.31
1.27
1.26
1.32
1.30
1.30
1.28
1.27
1.32
1.30
1.27
No. 2, malting
do
1.30
1.31
263,961
Production (crop estimate)!
thous. of bu..
7, 537
9,624
6,358
10. 814
11,264
9,602 r 22, 598
9,832
3,954
6,741
15, 243
19,931
Receipts, principal markets
-do
21, 287
16,982
16, 575
14,479
17, 652
21,858
20,638
12, 998
22, 707
26,070
27, 542
22,922
23,581
Stocks, commercial, domestic end of month
do
Corn:
11,002
b 7,633
11,965
11,442
9,941
11,420
9,849
9,446
6,841
10,826
7,609
11,721
Grindings, wet process
do
Prices, wholesale:
0)
1.15
1.16
1.17
1.18
1.17
1.15
1.18
1.15
1.18
1.18
L15
1.18
No. 3, yellow (Chicago)
dol. per bu_.
1.31
1.20
1.27
1.32
1.23
1.32
1.26
1.27
No. 3, white (Chicago)...
do
(a)
.97
1.08
1.04
1.04
1.01
1.13
1.17
1.01
Weighted average, 5 markets, all grades
do
.92
13,018,410
Production (crop estimate)!
thous. of bu..
31, 671
39,036
44, 706
14,482
31, 962
31,832
39,038
29,138
28, 931
36, 275
18, 714
47,437
22,119
Receipts, principal markets
do
Stocks, domestic, end of month:
11,127
20,872
16,132
16, 943
3,714
17,886
7,100
7,780
19, 591
22, 487
11,208
4,674
4, 796
Commercial
do
1,931,180
1,325,152
3303,138
On farms!
do
738, 591
Oats:
(a)
.fO
.62
.80
.70
.63
.68
Price, wholesale, No. 3, white (Chicago)_dol. per bu..
11,547,663
Production (crop estimate)!..
thous. of bu_.
16,158
"21," 762"
5,097 "~7,"865" 12, 269 "42~697"
7,618 "~9,~C86" "I4~179
7,318
32, 784
18,308
23,028
Receipts, principal markets
.do
Stocks, domestic, end of month:
46, 695
8,597
12, 381
11,181
28,651
9,604
11,127
13,062
12,837
43,555
48,432
45,043
Commercial
do_,_. 38, 775
988, 435
426,438
1,290,931
3 209,400
On farms!
*
do
Rice:
Price, wholesale, head, clean (New Orleans)
.066
.066
.066
.066
.066
.066
.066
.066
.066
dol. per lb..
.066
.066
.066
i 70,160Production (crop estimate)!
thous. of bu_.
California:
Receipts, domestic, rough
bags (1001b.)_. 493, 561 611,763 569,195 632,972 601,900 649,518 463,410 406, 683 •250, 267 89,180 1,028,143 1,023,332 610,109
468, 991
361, 417 416,632 490, 353 548, 510 399,898 268,989 410,587 323? 789 383,717
65,446 341, 989
Shipments from mills, milled rice
do
593, 683
Stocks, rough and cleaned (in terms of cleaned),
358, 408
end of month
_
bags (100 lb.). 330, 078 567, 268 446,146 317,617 295, 525 387,067 309,154 252, 667 65,460
55,544 363, 538
428,849
Southern States (La., Tex., Ark., Tenn.):
1,069
144
453
510
163
86
237
101
2,249
379
Receipts, rough, at mills
thous. of bbl. (162 lb.)..
4,220
4,211
Shipments from mills, milled rice
1,899
1,678
1,708
559
324
958
326
1,275
1,565
2,088
thous. of pockets (100 lb.)-2,645
Stocks, domestic, rough and cleaned (in terms of
4,774
3,759
343
3,818
1,933
1,104
684
189
1,421
457
2,688
3,699
cleaned), end of mo
thous. of pockets (100 lb.)_
5, 458
Rye:
1.75
1.44
1.98
1.27
1.34
1.23
1.39
1.53
1.23
1.51
1.55
1.64
Price, wholesale, No. 2 (Minneapolis)___dol. per bu..
1.84 i 26, 354
Production (crop estimate)!
thous. of bu._
480
2,173
266
705
1,186
639
1,301
529
1,145
896
594
2,358
167
Receipts, principal markets
.do
3,868
4,433
10, 252
8,975
6,599
4.095
4,769
4,544
4, 732
4,209
11,116
10,951
Stocks, commercial, domestic, end of month
do
Wheat:
341,036
272, 903
280,919
373, 657
Disappearance, domestic!
thous. of bu..
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
1.73
1.74
1.69
1.71
1.69
1.72
1.72
1.70
1.73
1.67
1.68
1.69
1.73
dol. per bu-__
1.68
1.67
1.80
1.76
1.78
1.76
1.76
1.71
(
()
No. 2, Red Winter (St. Louis)
do....
<)
1.69
1.69
1.60
1.67
1.58
1.68
1.68
1.64
1.66
1.62
1.69
No. 2 Hard Winter (K. C.)
do....
1.66
1.71
1.72
1.66
1.67
1.64
1.62
1.70
1.70
1.70
1.63
1.66
1.65
Weighted av., 6 mkts., all grades
do
1.66
11,123,143
Production (crop est.), total!thous. of bu._
299,966
Spring wheat.
do...
i 823,177
Winter wheat
.do....
29,185
26, 938
88,625
15, 502
49,516
58, 325 100,199
28,946
54,857
42,048
19,262
15, 311
62,138
Receipts, principal markets
_do
Stocks, end of month:
141,796 335,057 32S, 962 322,966 301,005 263,984 239,037 206,960 171,740 181, 292 202,718 175, 256 152, 823
Canada (Canadian wheat)
do
689, 327
561,796
1,030,363
3280,877
United States, domestic, totals !
do....
99,644
"72," 262" 133,905 117, 440
77,351
65,000 3 67,185 132, 278 167,539 170,305 147, 424 121, 712 102,131
Commercial
.do
108, 243
129, 208
181,390
3 42,124
Country mills and elevators!
do
95, 355
128,261
3 58,463
Merchant mills
_
do.
3G8, 820
528,218
II 3 89,405
238.. 386
On farms!
_
...do.
llb
* Revised.
1 December 1 estimate.
< No quotation.
*
For domestic consumption only; excludes grindings for export.
3 Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until the crop year begins in July.
IThe total includes wheat owned by the Commodity Credit Corporation stored of! farms in its own steel and wooden bins, not included in the breakdown of stocks.
fRevised series. The indicated grain series have been revised as follows: All crop estimates beginning 1929; domestic disappearance of wheat and stocks of wheat in country mills
and elevators beginning 1934; corn, oat, and wheat stocks on farms and total stocks of United States domestic wheat beginning 1926. Revised 1941 crop estimates and December 1941
stock figures are on pp. S-25 and S-26 of the February 1943 Survey; revised 1941 quarterly or monthly averages for all series other than crop estimates are given on pp. S-25 and S-26
of the April 1943 issue, in notes marked " ! " . All revisions are available on request. For 1941 and 1942 revisions for production of dried skim milk, see p. S-25 of the March 1933
Survey and p. S-35 of the March 1944 issue (correction—total, Feb. 1842, 35,064); 1943 revisions are shown on p. S-29 of the March 1945 Survey; revisions for all months of 1944 are
on p. S-26 of the August 1945 Survey.




March 1946

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1946
January

S-27
1945

January

February

March

April

May

June

July

August

September

October

Novem- Decem
ber
ber

FOODSTUFFS AND TOBACCO—Continued
G R A I N S AND GRAIN

PRODUCTS-Continued

Wheat flour:
Grindings of wheats
Prices, wholesale:
Standard patents (Minneapolis) §
Winter, straights (Kansas City)!
Production (Census) :1
Flour
_
Operations, percent of capacity
Offal
Stocks held by mills, end of month

51,287

46,893

51,284

50,627

54, 541

53, 435

52,281

54, 460

51,885

52, 974

6.55
6.24

6.55
6.30

6.55
6.49

6.55
6.43

6.55
6.38

6.55
6.39

6.55
6.22

6.55
6.22

6.55
6.31

6.55
6.44

11,223
73.7
894,085

10,274
76.1
815,807

11.251
71.0
893,834
3,377

11,072
75.3
886,299

11,926
78.1
954,507

11,658
76.1
942,823
3,068

11,350
77.2
924,648

11,839
74.5
957,241

11,333
80.0
906,106
2,634

11, 598
78.5
925,109
3,399

1,961
97

2,372
113

1,951
72

2,101
113

2,194
136

2,104
103

2,015
114

2,207
104

2,585
203

2,791
339

3,816
669

2,929
404

2,073
187

16.49
13.56
14.69

14.71
12.40
14.75

15.12
13.00
14.88

15.64
13.60
15.66

16.14
13.80
16.33

16.38
14.23
15.75

16.58
13.73
15.69

16.64
13.54
15.38

16.42
13.08
15.34

16.62
12.25
14.44

16.86
12.62
14.48

16.91
13.19
14.63

16.59
13.41
14.63

3,344

3,361

2,013

2,082

1,932

2,019

1,967

1,610

1,292

1,190

2,890

3,459

14.72
12.8

14.66
12.9

14.70
13.2

14.70
13.1

14.71
13.2

14.71
13.1

14.69
12.7

14.54
12.5

14.51
12.4

14.54
12.6

14.75
12.5

14.67
12.8

14. 66
13.0

1,663
102

2,297
132

1,643
77

1,725
103

1,737
80

2,576
97

2,419
52

2,165
100

2,270
354

2,811
932

3,640
1,072

2,177
315

2,100
129

14.30
14.46

16.02
12.99

16.00
13.83

16.31
13.90

16.30
14.00

15.35

15.29

15.55

13.81
14.53

13.26
14.51

14.02
14.66

14.00
14.76

13.89
r 14. 33

772
47

1,575
1,747
699
34

1,140
1,311
656
29

1,258
1,424
614
26

1,023
1,229
621
23

1,190
1,359
673
23

1,265
1,401
767
27

1,198
1,293
790
27

1,320
1,281
696
27

1,356
1,252
559
24

1,509
1,442
491
27

1,498
1,688
555
31

1,426
1,739
••687

680,247

619,118

669,407

529,081

584,341

569, 208 608,407

727,399

810,409

901,389

746,489

521, 900

.200
.200
678, 745 632, 564
116,093 133,132

.200
685,274
152,629

.200
.200
561, 247 604,142
190,224 215,013

.200
617,147
266,943

.200
601,405
261,881

.200
707,488
241,523

.200
754,398
199,816

.200
869,459
177,425

.200
.200
750, 723 599,635
167, 372 • 174,241

74,884
77,290
13,870

72,656
76, 918
18,121

75,611
72,335
14,842

71,547
66,684
9,918

71,896
71,179
9,177

82,413
86,423
13,066

74, 598 74,060
76, 951 80, 491
15, 394 ' 17,406

thous. of b u .
dol. per bbl.
—do...

6.55
6.46

thoas. of bbL
thous. of l b .
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 1001b.
Steers, stocker and feeder (K. C.)
...do
Calves, vealers (Chicago)
do
Hogs:
Receipts, principal markets
thous. of animals.
Prices:
Wholesale, average, til grades (Chicago)
dol. per 100 lb.
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 States!
do
Prices, wholesale:
Lambs, average (Chicago)
-dol. per 100 l b .
Lambs, feeder, good and choice (Omaha)
do
MEATS
Total meats (including lard):
Consumption, apparent
mil. of lb_.
Production (inspected slaugh ter)
do
Stocks, cold storage, end of month©©*
do
Miscellaneous meats©d*
do
Beef and veal:
Consumption, apparent...
thous. of lb_.
Price, wholesale, beef, fresh, native steers (Chicago)
dol. p e r l b . .
Production (inspected slaughter)
thous. of l b . .
Stocks, beef, cold storage, end of m o n t h © ^
do
Lamb and mutton:
Consumption, apparent..
_
do
Production (inspected slaughter).
do
Stocks, cold storage, end of month©cf
do
Pork (including lard):
Consumption, apparent
do
Production (inspected slaughter)
do
Pork:
Prices, wholesale:
Hams, smoked (Chicago)
-dol. p e r l b . .
Fresh loins, 8-10 lb. average (New York)
do___.
Production (inspected slaughter)
thous. of lb_.
1
Stocks, cold storage, end of month©^ .do...
Lard:
Consumption, apparent
__
do
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
_dol. per lb_.
Refined (Chicago)
do
Production (inspected slaughter)
thous. of l b . .
Stocks, cold storage, end of monthc?
do

.200
557, 516
180, 356

69,346
71,119
17,195

77,692
76,470
15,264

70,345
66,942
11,541

957,453

803, 728 451,085
977, 737 607,032

511,280
662,621

423, 791
600,377

530, 777 623,138
677, 425 706,956

514,384
619,372

521,062
506,858

473,889
426,044

525, 288 676,895 829, 991
485,849 859,844 1,058,969

.258
.259
747, 282
394, 375

.258
.258
761,150
407,202

.258
.258
480,460
366,185

.258
.258
624,383
325,603

.258
.258
471,559
298,448

.258
.258
.258
.258
.259
.259
528,725 545, 395 474,830
305, 996 333,019 344,812

.258
.259
387,806
285,950

.258
.259
332,064
211,004

.258
.259
390,754
168,028

128,966

31,802

14,304

12,849

71,837

45,612

66,397

C)

C)

(a)

.146
105,140
79,285

.146
86, 506
68,989

91,211
66, 010
19,113

.146
152, 728
84,147

90, 263
18, 258

.146
158,069
81, 494

C)
.146
91,813
64,770

.146
100,179
49,728

56,229

C)
.146
93,622
53, 766

108, 458
64,339

80,348
.146
117,861
65,899

50,918

.146
68, 268

.146
68,975
50,914

.258
.258
.259
.259
679, 582 810,106
235, 894 ' 320,571
95,465

134,462

(a)
.146
131, 250 180,801
59, 349 r 82, 826

POULTRY AND EGGS
Poultry:
.264
.243
.251
.232
.260
Price, wholesale, live fowls (Chicago)
dol. per l b . .
.255
.255
.268
.251
.260
.239
.228
17,683
99, 208 89,018
38,041
Receipts, 5 markets
.,
thous. of lb_. 47,157 33,085 18,917 20,842 20,435
20, 245 27,688
56,772
94,228
364, 310 215,532 183,889 141,708 117, 755 102,236
97,211 103,203 114,192 157,077 238,936 320, 745 r 355,914
Stocks, cold storage, end of monthd"
.do
Eggs:
17,845
12,523
166
14,134
264
15,716
7,937
111
15,192
8,951
7,920
2,529
Dried, production •
do
345
.343
.343
.429
.437
.343
.351
.356
.378
Price, wholesale, fresh firsts (Chicago) {dol. per doz__
.356
.380
.346
.401
.349
6,558
6,300
3,411
5,295
4,591
2,958
, Production
...millions.6,670
3,941
3,422
4,214
' 4,150
3,140
4,786
Stocks, cold storage, end of month:cf
1,784
5,432
3,823
314
521
Shell
.thous. of cases..
269
5,926
296
4,771
3,934
M13
6,120
1,666
Frozen
thous. of lb_. 111, 330 98, 985 85, 499 114,814 169, 526 231,930 255, 936 248,675 218,010 203, 209 182,322 155, 934 r 129,424
MISCELLANEOUS FOOD PRODUCTS
44,204
36,446
Candy, sales by manufacturers.
thous. of dol.
37,573
36, 818
38,775
42, 709
24,164
29,722
35,369
40,391
30,979
43, 504 40,459
Coffee:
1,014
889
678
866
1,618
951
Clearances from Brazil, total
thous. of bags..
1,286
1,477
1,387
1,643
1,644
1,118
1,181
844
519
717
831
To United States....
do
973
567
1,233
1,244
1,161
1,174
1,380
715
957
.134
.134
.134
Price, wholesale, Santos, No. 4 (N. Y.)...dol. per l b . .
.134
.134
.134
.134
.134
.134
.134
.134
.134
.134
1,352
Visible supply, United States...
thous. of bags..
1,321
1,380
1,407
2,276
2,352
2,558
1,338
1,928
1,976
2,251
2,396
1,418
Fish:
36,786
55,298
16, 794 20,073
Landings, fresh fish, principal ports
thous. of l b . .
36,356
69,322
61,113
54,254
43,356
33, 247
21, 640
38,493
39,830
Stocks, cold storage, end of month
do
32, 509
78, 971
40, 516 58,438
115, 526
80,523 108,999 127,055 138,434 I 148, 286 '140,208
52,965
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 August 1943 Survey.
•New series; annual figures beginning 1927 and monthly figures for 1941-43 are shown on p. 20 of the March 1945 issue.
©Miscellaneous meats includes only edible offal beginning June 1944; trimmings formerly included in "miscellaneous meats" are now distributed to the appropriate meat items.
The total includes veal, shown as s new item in the original reports beginning June 1944 (some of this veal formerly may have been included with trimmings in "miscellaneous
meats"), and also beginning June 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 1945 are given in notes in earlier issues; December 1945 and January 1946 data are as follows (thousands of pounds): Veal—December, 12,124; January, 8,914; sausage and sausage products—December, 20,804; January, 20,283; canned meats and meat products—December, 18,072; January, 17,687.
fData 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. Granular
flour data for December 1945: Wheat grindings, 254,000 bushels; production, 53,000 barrels; offal, 4,829,000 pounds; percent of capacity, regular and granular flour combined, 78.9.
cf Cold storage stocks of dairy products, meats, and poultry and eggs include stocks owned by tne D. P. M. A., W. F. A., and other Government agencies, stocks held for the
Armed Forces 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.




SURVEY OF CURRENT BUSINESS
1945

1946

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

January

March 1946

January

February

March

April

May

Juce

July

August Septem-

October

Novem- December

FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS-Con.
Sugar:
Cuban stocks.raw, end of month§
thous. of Span, tons...
United States, deliveries and supply (raw value):*
Deliveries, total _.
short tons
For domestic consumption
do For export
-~
_.
do
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 lb..
Wholesale
do

2£9

1,776

2,359

2,101

1,777

1,516

975

795

388

653,706
605,089
48,617

589,226
552,100
37,126

619,781
581,350
38,431

578, 590
560,858
17, 732

514,500
492, 561
21 939

540,129
513,695
26,434

490,761
471,466
19,295

471,266
468, 755
2,511

471,258 392,680 579,633
439, 055 340, 752 477,157
94,241
27, 678
38,698
8,235
4,525
13, 230
53, 617
14,139
15,952
1,154,568 1,053,052 1,003,723

540,355
399,052
137, 736
3,567
3,946
961,330

476,866
270,886
197,999
7,981
8,805
828,167

417,489
202,674
207,401
7,414
9, 549
684,020

441,594
197,215
237, 779
6,600
8,644
604,140

464,037
294, 356
165,890
3,791
16,161
542,231

412,128
211, 525
174,374
26, 229
56,654
513, 294

270,089 210, 392 196, 47
105, 202 101,685 100, 47
95,99
155,115 108, 707
0
9,772
420,480 644,161 414,46
728,489 1,167,026 1,418,53

.066
.054

.066
.054

.064
.054

.064
.054

.065
.054

.064
.054

••799

529,150 ' 598, 621
£27, e 40 ' 558,138
1,510 ' 40,483
182, 937
160,911
22,026

.064
.054

C)
.054

1,386
499,486
477, 456
22,030

.065
.054

.G66
.054

TOBACCO
Leaf:
Production (crop estimate)
mil. of lb
Stocks, dealers and manufacturers, total, end of
3,173
Quarter
mil of lb
Domestic:
377
Cigar leaf
do
275
Fire-cured and dark air-cured
do
2,442
Flue-cured and light air-cured
do
2
Miscellaneous domestic
do
Foreign grown:
27
Cicar leaf
do
49
Cigarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals) ,i
17,090
16,673
21,280
18,679
20,077
25, 226
Small cigarettes
millions
46$, 593 '382,336 ' 385,712 417, 521 388,436 413,693
Large cigars
>
_
thousands
25,212
28,074
25,089
27,045
27, 519
Mfd. tobacco and snuff
thous. of lb_. 20,806
Prices, wholesale (list price, composite):
6.006
6.006
6.006
6.006
6.006
6.006
Cigarettes, f. o. b., destination
_dol. per 1,000.27,821
29,774
29,770
26, 421
29,905
Production, manufactured tobacco, total-.thous. of lb_323
329
309
373
330
Fine-cut chewing
.
do. .
5,274
5,011
5,416
5,115
4,450
Plug .
_
d
o
4,383
4,268
4,564
4,216
4,532
Scrap, chewing
._
do _.
13,769
15,106
13, 404
15,096
14, 758
Smoking
do
3,876
4,076
3,516
4,214
4,072
Snuff
. . . .
_
do
574
606
526
624
582
Twist
_

.064
.054

296

20

420, 708 '354, 44
411,491 '347,40
'7,04
9,217

.064
.054

.06
.05

12,04
2,766

'2,928

3,27

372
236
2,051
2

338
192
• 2, 294
2

32
17
2,66

26
78

27
75

3
7

24,311
403,023
26,266

21,815
350, 756
24,482

28,478
420, 922
28,905

26,360
420,623
27,553

31,340
512, 727
31,150

25, 406
468, 404
27,080

16,06
364,67
15,45

6.006
28, 529
333
5,060
4,311
14,820
3,400
605

6.006
26,276
301
5,019
4,094
13,185
3,153
523

6.006
30,049
360
5,720
4,271
15,401
3,674
623

6.006
27,730
338
5,198
3,516
14,670
3,462
547

6.006
31,096
374
5,607
3,625
16,849
4,009
634

6.006
26, 607
391
4,702
2,957
14,615
3,427
513

6.00
16,65
27
3,06
3,06
6,95
2,95
33

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)t
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 _.

440
1,012
4,911
1,440

560
1,284
5,299
2,073

442
1,149
3,267
1,522

575
1,213
3,474
1,723

477
979
3,066
1,507

522
1,045
3,375
1,824

486
1,060
3,382
1,906

482
1,050
2,752
1,742

609
1,292
2,206
1,563

666
1,358
1,922
1,658

877
1,584
2,330
2,018

783
1,408
4,350
1,772

54
1,11
5,53
1,80

.155
.218

.155
.218

.155
.218

.155
.218

.155
.218

.155
.218

.155
«218

.155
.218

.155
.218

.155
.218

. 155
.218

.155
.218

.15
.21

1,031

957
2,395
' 2, 532
' 4,462

925
2,391
2,104
4,350

996
2,475
2,536
4,332

972
2,333
2,191
4,124

1,000
2,467
2,266
4,418

1,083
2,352
2,015
4,012

858
2,148
1,745
3,651

950
2,134
1,778
4,349

942
1,980
1,676
3,973

1,070
2,336
1,744
4,602

'940
'2,316
1,770
' 4,381

93
2,25
1,67
3,71

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.440
.529

.44
.52

11,978
7,057
4,921

11,991
7,051
4,940

11,967
6,955
6,012

11,934
6,862
5,072

11,917
6,905
5,012

11,729
6.761
4,968

11,951
6,965
4,986

12,245
7,072
5,173

12,577
7,223
5,354

13,047
7,346
5,701

' 13, 037
' 7,473
' 5, 564

13,09
7,76
5,32

39,670
4,326
35,344
300

38,871
4,265
34,606
265

43,935
4,937
38,998
332

41,519
4,956
36,563
311

43,818
5,494
38,324
346

43,985
5,440
38,544
271

36,338
4,654
31,684
178

41,633
4,432
37,201
238

37,240
1,495
35,745
355

42,163
1,054
41,108
465

' 39,998
'813
' 39,185
452

34,56
63
33,93
39

23,355
1,206
2,807
3,372
5,475
10,495
6,675
4,865
149

21,927
1,182
2,634
3,327
5,280
9,505
7,617
4,641
157

23, 384
1,074
2,900
3,618
5,373
10,419
9,968
5,199
115

20, 522
924
2,643
3,449
4,431
9,075
10,648
4,963
119

20,432
961
2,442
3,721
4,292
9,017
12,190
5,224
132

19,893
985
2,386
3,681
4,184
8,657
12,929
5,184
268

17,320
998
2,042
3,062
3,824
7,394
9,372
4,608
206

19,830
1,071
2,326
3,454
4,670
8,309
10,654
6,249
230

21,411
1,206
2,234
3,274
5,757
8,940
7,744
6,046
188

28,839
1,579
2,728
3,907
7,701
12,924
3,630
8,009
165

' 28, 568
' 1, 593
' 2, 730
' 3, 760
' 7, 547
' 12, 939
' 2, 612
' 7, 380
173

26,34
1,42
2,34
3,37
6,93
12,27
2,57
4,51
1C

LEATHER MANUFACTURES
Boots and shoes:J
Production, total
thous. of pairs
Government shoes
..
do
Civilian shoes, total
„
. . . . . «,.. . do
Athletic®
do..
Dress and work shoes, incl. sandals and playshoes:
Leather, uppers, total®
thous. of pairs..
Boys' and youths'
„
do..
Infants'
. _ . ... .
._ .
do
Misses' and children's
do .
Men's
..
._
do
Women's,.
__._.__
. , _ do Part leather and nonleather uppers®
do..
Slippers and moccasins for housewear
do—
All other footwear ® . „
. . . .
do

1
§For data for December 19417July 1942, see note in November 1943 Survey.
' Revised.
December 1 estimate.
• Not available.
•New series compiled by U. S. Department of Agriculture; represents both raw and refined sugar in terms of raw sugar (see also note in April 1945 Survey).
ITax-paid withdrawals include requirements for consumption in the United States for both civilians and military services; withdrawals for export and for consumption outside
the United States are tax-free.
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.
® See note for boots and shoes at the bottom of p. S-23 of the July 1945 Survey for explanation of changes in the classifications.
JThe 1944 data were revised in the July 1945 Survey to include late reports and to exclude reconstructed Government shoes which are not included in the 1945 data: revisions for
January-April 1944, and earlier revisions for January-May 1943, which have not been published, will be shown later. The manufacturers reporting the revised 1943 and later data
account for practically the entire production of footwear other than rubber; earlier data were estimated to cover about 98 percent of the total.




March 1946

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey

January

S-29

1945

1946
January

February

March

April

May

June

August

July

September

October

Novem- Decem
ber
ber

LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
National Lumber Manufacturers Assn.if
Production, total
Hardwoods
Softwoods
Shipments, total
Hardwoods
Softwoods
Stocks, gross, end of month, total
Hardwoods
Softwoods

2,124
455
1,669
2,267
496
1,771
3,782
985
2,797

2,354
501
1,853
2,574
619
1,955
3,572
870
2,702

2,316
474
1,842
2,385
523
1,862

158,106 145,440
78,022 70,770

162,818
78,882

828,697 764,182
873,681 809,627
602,339 600,726

829,247
881,774
576,310

126,886 118,564
123,965 117,996
30,952 30,553

mil. bd. f t do
do....
do
do
do
do
do
do

2,190
405
1,785
2,387
526
1,861
3,950
1,011
2,939

2,025
598
1,427
1,933
531
1,402
3,766
944
2,822

1,840
550
1,290
1,766
518
1,249
3,750
963
2,787

1,600
422
1,178
1,650
447
1,203
3,772
992
2,780

89,656
91,547
27,942

67,462
66,342
29,235

58,237
57,862
29,292

75,462
75,904
27,807

2,579
524
2,055
2,616
560
2,056
3,441
793
2,648

2,605
530
2,075
2,508
537
1,971
3,524
780
2,744

2,218
488
1,730
2,200
488
1,712
3,549
778
2,771

2,457
561
1,896
2,383
509
1,874
3,600
824
2,776

2,099
548
1,551
2,057
458
1,599
3,628
890
2,738

155,837
76,104

160,318
81,995

160,191
80,000

150,172
73,019

}236,018

208,908

775,738
818,793
579,816

832,104
857,900
586,587

823,236
855,014
592,184

768,688 809,921
803,670 827,317
571,831 581,314

749,277
769,402
581,160

128,672 115,953
129,418 116,000
28,913 28, 652

122,163
121,018
30,103

121,283
124,795
25,907

85,579
81,966
28,055

113,633
112,050
29,612

3,494

825

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., H" equivalent.
Shipments
do...
Stocks, end of month
do...
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. ft_.
do
do. .
do...
do

2,875
6,700
3,050
3,075
4,250

4,625
7,925
3,525
3,650
2,900

3,675
8,550
3,100
2,875
2,900

3,225
8,475
3,125
3,425
2,550

2,575
7,625
3,000
3,275
2,200

2,775
7,050
3,175
2,750
2,600

2,775
7,200
3,325
2,975
2,775

2,900
7,200
2,925
2,600
3,050

2,975
6,525
2,925
3,575
2,375

2,900
6,500
2,875
2,950
2,375

3,600
7,150
3,325
2,975
2,600

2,275
7,300
2, 525
1,950
3,125

1,150
7,050
2,425
1,200
4,350

do
do
do
do_I_,
do

15,632
42,120
18, 523
11,474
14,830

16,755
37,823
16,630
15,905
5,197

16,382
38,248
15,656
15,957
4,696

22,996
45,345
16,000
16,899
3,797

16, 799
45, 462
14, 522
15, 681
2,638

14,210
41,487
16,897
18,186
1,925

11,566
37,578
15,688
15,477
2,475

10,047
33,494
14,034
14,129
2,380

12,595
30,858
15,500
15,231
2,463

14,608
33,992
15,049
15,130
2,804

23,506
38, 797
19,197
18,494
3,507

18,343
39,097
18,970
17,364
5,113

12, 201
37,962
16,004
13,336
7,781

34. 790
44.100

33.810
44.100

33.810
44.100

33.810
44.100

33. 810
44.100

34.398
44.100

34.790
44.100

34.790
44.100

34.790
44.100

34.790
44.100

34.790
44.100

34. 790
44.100

34.790
44.100

617

676

609
952

707
981

641
965

626
876

621
850

524

568
676

542
650

464

653

SOFTWOODS
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, newt
_
mil. bd. ft..
Orders, unfilled, end of monthf
do
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'f
dol. per M bd. ft.,
flooring, B and better, F. G., 1"x 4"x 12—14' f do
reductiont..mil. bd. ft..
Shipments!
do
Stocks, end of monthf
do,
Western pine:
Orders, newt
do
Orders, unfilled, end of monthf
do"I'
Price, wholesale, Ponderosa, boards, No. 3 common,
V x 8"
dol. per M bd. ft..
Production!
_mil. bd. ft..
Shipments!
do__~
Stocks, end of monthf
do__I.
West coast woods:
Orders, newf
do.
Orders, unfilled, end of month
do " I
Production f
_
_
do.I..
Shipments!
_
do
Stocks, end of month.
do"""
Redwood, California:
Orders, new
M bd. ft..
Orders, unfilled, end of month
do
Production.
dol"!
Shipments
dol"
Stocks, end of month
.do I

41.144
66.371
650
649
1,188

41.144
56.371
585
593
1,180

41.144
56.371
665
678
1,167

41.144
56.371
637
657
1,147

41.144
56.371
699
715
1,131

41.144
56.371
670
647
1,154

41.428
56.371
600
641
1,113

42.018
56.371
652
637
1,129

42.018
56.371
546
587
1,087

42.018

42,018

503
567
1,065

620
621

592
545
1,133

464
468
1,129

293
298

346
362

505
433

448
437

466

383

548
421

387
440

412
351

422
360

276
305

307
302

240
294

35.99
206
290
824

34.42
306
'389
915

34.73
305
368
852

34.84
371
434
789

34.79
427
445
771

34.79

552
504
820

34.84
583
526
877

34.75
554
495

34.88
532
502
965

35.30
418
412
971

35.78
341
332

36.46
279
310
949

36.07
207
248

455
703
450
460
392

735
982
638
623
495

614
993
696
614
432

687
1,015
615
635
417

532
971
570
538
429

618
954
566
597
381

597
951
5S8
578
393

431
964
392
394
409

557
685
509
531
375

414
672
406
413
378

261
253
370

261
723
233
217
385

377
738
368
357
400

53, 795
90,797
34, 535
33, 512
72, 074

36,497
94,155
31,057
33,037
68,566

38,752
96,628
33,234
33,712
66,105

41, 523
103, 245
33,719
34, 299
64,121

30,301
97,581
36,343
37,191
61,640

36,653 38,071
100,342 107,552
35,108 30,695
34, 436 30,843
60.145 58,321

30,966
79,025
34,645
35,864
55,495

30, 599
80,235
32,773
29,581
56,569

30,892
81, 407
34,012
32, 508
55,459

31, 709
85, 572
33, 442
28,019
60, 335

20,572
81,947
26,724
21,495
76,006

61

47

52

55

56

56

FURNITURE
All districts, plant operations
-percent of normal
Grand Rapids district:
Orders:
Canceled
percent of new orders..
New
no. of days'production..
Unfilled, end of month.
.do
Plant operations..
percent of normail!
Shipments
no. of days'production..

54

64

2
17
61
15

' Revised.
*New series. The plywood and veneer series are from the Bureau of the Census and are practically complete. Data beginning September 1941 for softwood plywood are shown
on p. 16 of the September 1944 Survey; data beginning September 1942, for hardwood veneer are published on p . 14 of the November 1944 issue. The hardwood plywood figures published prior to the May 1945 Survey have been revised owing to corrections received from one company; the revised figures through May 1944 are on p. 23 of November 1945 issue.
tRevised series. Data for the indicated lumber series as published in the 1942 Supplement and in the statistical section of the monthly Survey prior to April 1945 issue have been
revised as follows: Total lumber stocks, total softwood stocks, and Southern pine stocks and unfilled orders beginning 1929; hardwood stocks, beginning 1937; Western pine new orders,
unfilled orders and stocks beginning 1942; West Coast woods new orders, production, and shipments beginning 1938, and all other series beginning 1941. The revisions reflect largely
adjustment of the monthly series to 1941-43 annual data collected by the Bureau of the Census. Revisions through 1939 for total lumber stocks and total softwood and hardwood
stocks and through 1941 for other series are available in a special table on pp. 27 and 28 of the March 1943 Survey except that 798,000,000 should be added to the published stock figures
for total lumber, total softwoods and Southern pine, and 111,000,000 to Southern pine unfilled orders (these additions are to carry back a revision to include data for concentration
yards); all indicated revisions are available on request. Data for total lumber, total softwoods, and total hardwoods production, shipments, and stocks were recently further revised;
revisions for these series through October 1944 are also available on request; data beginning November 1944 were revised in the January 1946 issue. See also note in the December
1945 Survey regarding incompleteness of the Census data prior to 1942 which affects the comparability of these series. The Southern pine price series are shown on a revised basis in
the February 1946 Survey; each represents a composite of 9 individual series; the specifications given above apply to data collected beginning February 1945; earlier data were computed by linking slightly different series to the current data.




S-30

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey

January

1946

March 1946

1945
January

February

March

April

May

June

July

August

September

3,989
2,169

3,995
2,228

October

Novem- December
ber

METALS AND MANUFACTURES
IRON AND STEEL
Iron and Steel Scrap
Consumption, total*
thous. of short tons.
Home scrap*
do...

5,048
2,883

4,714
2,658

6,476
3,078

5,229
2,881

5,347
2,949

4,944
2,704

4,686
2,608

4,175
2,206

1,969
2,165
2,056
2,398
2,348
2,398
2,240
2,078
1,820
1,767
Purchased scrap*-.
do__3,822
Stocks, consumers', end of month^otal*
do...
4,173
4,116
4,084
4,155
4,174
4,120
4,044
4,225
4,144
1,165
Home scrap*
do
1,445
1,465
1,406
1,365
1,327
1,312
1,278
1,354
1,319
2,657
2,728
2,651
2,678
2,790
2,847
2,808
2,766
2,871
2,825
Purchased scrap*..
_-_
__do...
Iron Ore
Lake Superior district:
6,872
6,642
6,532
6,983
6,371
6,397
5,658
5, 612
7,082
4,491
5,837
Consumption by furnaces. _
_
thous. of longtons..
4,145
9,827
0
0
0
7,282 11,121 10,621 11,372
10,732 10,543
Shipments from upper lake ports
do
44, 706
30,889
24,577
17,304
16,429 20,715 24,847 29,485
34, 781 39,549 45,090
Stocks, end of month, total
_do.
26,445 20,815
14,996
14,469
18,584 22,419 26,677
31, 533 35,684 40, 537 39, 891
At furnaces. _...
do.
5,815
4,553
4,444
3,761
2,307
1,960
2,131
2,429
2,808
3,248
3,865
On Lake Erie docks..
do.
Pig Iron and Iron Manufactures
791,395 752,266 857,616 773,988 798,055 781,935 689,711 682, 826 661,738 684,484 667, 506
Castings, gray iron, shipments*
short tons
Castings, malleable:<f
78,075 83,421 35,603 58, 589 i—13,029 30, 740 88,382 ' 68, 849
97,153 79,913 98,979
Orders, new, net
do—
83, 742 78,385 86,175
77,042 83,013 71,783 53,805
54, 206 52, 217
Production
do..
51, 988 78, 788 75,220 85,307 76,065 79,565 71,992 55,813
52, 647 46,960
59,096 "57,315"
Shipments
_
do..
Pig iron:
4,594
4,782
4,918
4,505
4,911
3,969
4,528
5,205
4,062
3,433
Consumption*
.thous. of short tons..
Prices, wholesale:
24.50
24.50
24.50
24.50
25.25
24.00
23.50
24.50
24.50
24.80
24.50
Basic (valley furnace)
dol. per long ton.. 25.25
25. 92
25.92
25.40
24.17
24.71
25.17
25.17
25.17
25.17
25.17
25.17
25.17
Composite
do
25.75
25.75
24.50
25.00
25.00
25.00
25.00
24.00
25.00
25.00
25.19
25.00
Foundry, No. 2, Neville Island*
do
4,026
3,388
4,945
4,563
5,228
4,786
5,016
4,605
4,801
4,249
4,227
Production*
thous. of short tons.
Stocks (consumers* and suppliers'), end of month*
1,291
1,275
1,346
1,318
1,379
1,447
1,527
1,363
1,527
1,225
thous. of short tons. .
Boilers, range, galvanized:
74,641 68,155 65,846
112, 726 111,640 131,632 93,798
72, 803
Orders, new, net
number of boilers.
(2)
2
170, 727 219,775 281,488 324,986 341,121 344,053 348,003 357, 221
Orders, unfilled, end of month
_do.
(2)
54,550 63,152 66,165
49,256 59,986 65,638 61,783
66,085
Production
_do.
(2)
55,014 62,592 69,919
50,300 58, 506 65,223 61,896
63, 585
Shipments
do.
(2)
Stocks, end of month
...
do.
11,228 11,788
8,034
6,990
8,470
8,885
8,772
11, 272
()

Steel, Crude and Semimanufactured
Castings, steel, commercial:
Orders, new, total, net
short tons..
Railway specialties.
_
_
do
Production, total
.
do
Railway specialties.
do
6teel ingots and steel for castings:
Production
thous. of short tons..
Percent of capacity!
_.
Prices, wholesale:
Composite, finished sieel
dol. per lb._
Steel billets, rerolling (Pittsburgh)..-dol. per long ton.
Structural steel (Pittsburgh)
doi. per lb_.
Steel scrap (Chicago)
__dol. per long ton..
U. 8. Steel Corporation, shipments of finished steel
products
_.thous. of short tons.
Steel, Manufactured Products
Barrels and drums, steel, heavy types :^
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, shipmentst thous. of doL.
Spring washers, shipments
do
Steel products, production for sale:*
Total
thous. of short tons..
Merchant bars
do
Pipe and tube
_
_
do
Plates
--_-..
do
Rails
._
do....
Sheets
do
Strip—Cold rolled
do
Hot rolled
do
Structural shapes, heavy
do
Tin plate and terneplate...
do
Wire and wire products
do

210,182
39,121
157,176
25,267

214, 408 203,170
38,537
28,746
146,165 166,896
23,159
27,268

177,707
37,000
150,281
24,150

89, 790 130,152 ~110,681
21, 556 28, 259 37, 268
145,092 125,126 99,606
24,116 28,192 26,622

68, 286
28, 727
96,151
28, 625

6,099
71
39,059
34,660
4,399
611,872
60,036
~51,963

25. 25
25.92
25.75
4,323

89, 697 79,818 80, 874 70,147
7,551
46, 528 20, 859 16, 677
s 89, 088 3 84,046
82, 444
26,830 3 27, 373 3 26,676 3 23, 779
6,085
6,201
5,598
5,983
75
79
76

7,206
89
.0275
36.00
.0210
18.75

6,655
91

7,708
95

7,292
93

7,452
92

6,842
87

6,987
86

5,736
71

.0269
34.00
.0210
18.75

.0271
34.00
.0210
18.75

.0271
34.00
.0210
18.75

.0271
34.00
.0210
18.75

.0272
34.40
.0210
18.75

.0275
36.00
.0210
18.75

.0275
36.00
.0210
18.75

.0275
36.00
. 0210
18.75

.0275
36.00
.0210
18.75

.0275
36.00
.0210
18.75

.0275
36.00
.0210
18.75

.0275
36. 00
.0210
18.75

1,569

1,562

1,870

1,723

1,798

1,603

1,609

1,332

1,322

1,290

1, 346

1,460

7,522
1,837
1,809
70

7,251
1,684
1,698
51

6,917
1,945
1,944
53

6,917
1,972
1,971
53

7,130
2,143
2,145
51

8,985
2,028
2,036
43

8,646
1,851
1,851
43

4,132
1,903
1,902
44

3,756
1,551
1, 557
38

4,012
1,694
1,693
40

4,645
1.823
1,825
38

5,353
1,810
1,821
27

' 2,186
« 1,137
•
3,029
477

1,124
1,024
2,743
419

r 1.319
3,207
495

901
836
3,146
433

1,202
828
3,178
476

1,628
946
3,196
500

1,626
1,075
2,893
397

r 1, 432
1,579
1,371
1,193
r 3, 381 r 3,303
316
375

1,356
1,298
' 4,049

' 1, 295
1. 222
r
4.013

1,597
1,259
3,264

4, 940
451
506
743
199
843
109
118
259
237
348

4,776
465
461
664
194
825
107
119
262
207
330

5,632
532
578
736
212
984
121
127
296
288
393

5,254
509
544
628
189
917
118
121
273
285
363

5,417
526
560
686
200
969
112
116
316
261
381

4,922
481
531
572
181
907
111
120
297
287
350

4,697
463
519
518
202
872
101
113
309
269
314

4,367
450
454
367
204
993
ins
120
324
209
3cO

4.298
435
417
387
204
931
104
111
331
210
338

-•889

4,124
398
436
437
186
841
94
100
287
245
314

3, 955
434
429
389
220
838
84
92
272
213

4, 267
447
42Q
375
203
979
104
114
333
211
343

NONFERROUS METALS AND PRODUCTS
Aluminum:
.0375
.0375
. 0375 .0375
.0375
.0358
.0375
. 0375 .0375
Price, wholesale, scrap castings (N. Y.)__dol. per lb_.
-0375
.0375
.0375
.0375
Production:*
97.3
103.2
104.0
91.3
95.0
95.8
91.6
106.2
63.2
Primary...
.mil. of l b . .
62.3
61.8
67.6
66.2
65.9
55.6
30.2
47.5
41.5
Secondary recovery
do
63.7
65.9
200.3
195.8
231.3
225.8
227.8
192.7
59.5
170.2
104.6
56.8
Aluminum fabricated products, shipments*
-do
i
r Revised.
^Beginning 1943 data cover virtually the entire industry.
2
1 Cancellations exceeded new orders by the amount shown above.
No comparable data.
* Data beginning October are shipments and the coverage is more complete than that attained previously; however, it is believed that the comparability is not seriously affected.
c?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.
§For 1945 percent of capacity is calculated on annual capacity as of Jan. 1, 1945 of 95,501,480 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings.
{Based on new information recently available, it is estimated that 1945 data represent substantially the entire industry; in prewar years the coverage was about 90 percent.
• 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 the 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 OD 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. 0. 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; these series have been discontinued. Data "for aluminum
fabricated products cover total shipments of castings, forgings, sheet, strip, plate, rods, bar, and other wrought products, exclusive of products shipped to other manufacturers for.
further fabrication into other wrought products; data were compiled by the War Production Board through September 1945 and by the Bureau of the Census thereafter and cover
almost the entire industry; weights for some products were gathered at a different stage of manufacture beginning October 1945, but it is believed that the comparability of the totals
is not seriously affected. Data for gray iron castings were collected by the War Production Board through September 1945 and the Bureau of the Census thereafter; they represent
total shipments, including soil and pressure pipe, for sale and for own use, as reported by foundries accounting for about 98 percent of the total tonnage of the gray iron castings industry

for January-November 1943 and around 93 percent thereafter.



SURVEY OF CURRENT BUSINESS

March 1946

Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey

1946
January

S-31

1945
January

February

March

April

May

June

July

August

September

October

Novem- Decem
ber
ber

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS—Con
Bearing metal (white-base antifriction), consumption
5,544
and shipments, total.
_
thous. of lb_.
5,439
1,493
1,314
Consumed in own plantsj
_do
4,05.'
4,125
Shipments^
_..do-_.
19i
.195
Brass sheets, wholesale price, mill
__._dol. per lb_
Copper:
. 1178
Price, wholesale, electrolytic, (N. Y.)
dol. per lb.
.1178
Production rd1
57,890
73, 754
Mine or smelter (incl. custom intake) >_short tons
69,008
67,726
Refinery
do...
Deliveries, refined, domesticd"
d o . . . 115,601 145,904
72, 799
59,715
Stocks, refined, end of monthc?
do
Lead:
33,867
Ore, domestic, receipts Oead content)©".
do...
Refined:
.0650
.0650
Price, wholesale, pig,desilverized(N. Y.)~dol. per lb.
51, 054
49,099
Production, totaled 1
short tons.
49, 795
45,463
From domestic oretf
do..44,806
40,887
Shipments©*
do
51,929
27, 738
Stocks, end of monthc?
do
Magnesium production:*
7.7
Primary
mil. of lb_
2.5
Secondary recovery
_do._.
.5200
.5200
Tin, wholesale price, Straits (N. Y.)
.dol. per lb.
Zinc, slab:
Price, wholesale, prime, Western (St.
.0825
.0825
Louis)....
.dol. per lb. 65,959
70,492
Product ion cf._
short tons.
58,635
92.453
Shipmentscf
do
57,659
89,949
Domestlccf
do
266, 657 215, 559
Stocks, end of months
_
do
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. __
New equipment
do_.
Repairs
do..
Fuel equipment and heating apparatus:
Oil burners:©
Orders, new, net
number
Orders, unfilled, end of month
do__.
Shipments
"do.".
Stocks, end of month
do._.
Mechanical stokers, sales:f
Classes 1, 2, and 3
_do__.
Classes 4 and 5:
Number
Horsepower
""
Unit heater group, new orders •_
thous. of doL_
W arm-air furnaces (forced air and gravity flow),
shipments*
number..
Machine tools:*
Orders, new, net
..thous. of dol
Orders, unfilled, end of month
do
Shipments
do—II
Pumps and water systems, domestic, shipments:"
Pitcher, other hand, and windmill pumps
units..
Power pumps, horizontal type
_
do..._
Water systems, including pumps
_..
_do—II
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thcus. of dol._

6,016
1,303
4,713
.195

5,792
1,282
4,510
.195

5,185
1,304
3,881
.195

.1178

.1178

.1178

.1178

.1178

76, 537 74, 392 74,469
76,395 75,436 85,319
218,488 161,111 139,203
51,861
55,453 63,841

72,271
74,377
94,031
70,738

72,855
72,995
88,661
76,166

4,886
1,113
3,773
.195
.1178
67,496
69,950
172,585
57,142

4,760
1,073
3,687
.195

.1178

.1178

.1178

68,253
69,127
86,840
80,316

64,091
45,145
83,478
68,675

69,322
70,363
104,104
73,913

4,975
1,335
3,640
.195

4,435
1,170
3,265
.195

.1178

.1178

65, 586 ' 62,641
70, 218 66,062
119,973 103, 464
74,425
76, 512

34,841

33,925

34,652

31,803

31,616

31,668

26,945

32,978

32,812

31,580

.0650
48,029
39,077
47,249
30,909

.0650
46, 511
39, 725
44,179
33, 234

.0650
45,848
42,126
40,585

.0650
38,626
34,513
39,658
37, 452

.0650
40,300
33,232
36,597
41,145

.0650
32,691
27,552
33, 517
40,310

.0650
35,923
34,699
39,701
36,514

.0650
47,462
42,005
44,347
39,629

.0650
47,824
39,991
44, 766
42,671

.0650
45, 399
38, 298
44, 304
43, 746

6.0
2.1
.5200

6.7
2.8
.5200

6.4
2.8
.5200

6.4
2.8
.5200

6.9
2.3
.5200

9.2
2.1
.5200

9.1
1.4
.5200

(0
0)

.5200

.5200

.5200

.0825
.0825
68, 223 69,440
74,356 66,972
74, 313 66,839
168, 539 171,007

.0825
66,607
54,477
54,023
183,137

.0825
65,830
51,909
51,803
197,058

.0825
64,753
48,255
48,084
213,556

.0825
.0825
64,723 71,739
82,855 94,494
82, 650 94,296
197,427 174,672

' 14,151

4,530
581

410
4,493
655

640
4,630
522

422.4
362.2
634.7

465.3
423.5
612.9

604.7
586.8
667.8

325.0
232.0
653.5

13, 750
14, 716 15,430
40, 645 47,642 51, 289
r 9, 309 ' 8,433 10.103
' 9, 010 ' 8, 244 r 7.850
r

.0825
.0825
.0825
61,600 65,614 64, 337 66,104
41,881
54,449 62,324
53,224
41,410
52,052 51,326 61, 482
233, 275 245,665 255, 553 259, 333

r 10, 338

850
4,587
569

1,133
5,622
549

1,898
7,016
411

404.7
347.6
606.6

375.4
306.7
618.2

411.7
386.9
499.2

532.2
539.1
508.4

577.2
617.2
436.9

13, 263
54, 774
9, 778
' 7,423

14, 854 24, 903 r 24, 201 ' 81, 766 ' 80,100
59, 290 71, 535 T 84, 575 '151,822 '211,799
10, 338 12,658 r 11,161
14, 519 ' 20,123
' 7, 312 ' 6, 286 r 5, 990 r 6, 670 6,422

r

r

' 7, 525

r

'229
44. 289

'254
48,362

'341
72, 926

"327
67,827
4,199

23, 626

22, 454

28,189

25, 743

29, 494

58, 619 58, 024 47, 488
281. 252 302, 612 310,052
30, 406 37, 353 36,018
39,977

19, 009
>89,089
40,170

26,198
!74,786
39,825

23, 848
783
29, 362

28, 807
641
33, 730

5, 754

26,279
476
27,914

31,410
773
30,993

3,579

3,326

3,284

3,237

1,450

1,158

1,243

371
352

380
393

414

10. 653
870
5, 546
5,073
6,200
4,730
4,575
11, 276

11,193
883
5,666

3,901
1,166

12, 262

1,795
8,274
461

••323
64,898
3, 778

6, 519

.5200

1,331
5,032
746

219
43,075

' 5, 202 ' 4, 993

2,836

3,968
1,101
2,868
.195

.0650
46,616
38,699
44,213
30,141

807
4,738
599

32, 955
556
29, 094

5,445
1,293
4,152
.195

4,404
1,18"
3,218
.195

31,046

« 10,975
•

392.8
391.1
391.7

4,998
1,303
3,696
.195

8, 512

« 8, 531
•
' 425
105,311

32, 764 « 27, 540
•
23, 202 15, 634
256,871 240,498
41,040 32,504
24, 570
482
33, 840

r

r

416.6
419.4
406.8

457. 8
456.8
461.5

547. e
600. £
360.8

r

50, 895 58,075 32,150
235, 073 ••266,976 277, 211
27, 621 r 26,172 21, 915
' 5,435 ' 5, 279
6,166

r

10, 575 ' 14, 352 ' 19,493

21,434

13,746

r
'446
465
83, 491 ' 90, 088 r 94, 777
5,581

400
76, 520

331
63,380
8,526

33,410 r 34,871 r 40,165

• 41,465 33, 253

32, 500

27, 300

31, 200

26,084

23, 276

25,566

25,088

22,995

25, 470

24, 050

23, 600

0)

32, 259

32, 400

38, 927

36, 529

33, 718

3,177

r 31, 364
3,220
3,871

2,258

2,171

2,975

2,482

1,925

1,158

1,326

1,325

1,213

1,567

1,724

1,834

1,685

329
328

396
400

164
298

206
344

11,098
1,068
5,671

4,513
353
5,795

294
280
9,952
889
4,301

252
244

15,904
1,741
6,085

372
291
8,431
783
5,329

4,192
386
3,336

7,092
701
2,005

8,104
690
2,659

5, 856
624
2,556

5,911
6,535
5,231
4,343
14,141

6,168
6,639
5, 515
4,777
9,842

5,541
6,541
4,763
3,528
10, 300

5,616
7,577
4,760
5,739
10, 505

6,304
6,737
4,866
2,699
11, 757

5,320
5,992
3,710
2,801
9,001

5,224
6,012
3,621
1,315
9,364

4,462
6,624
1,695
2,663
r 9, 464

5,417
10, 691
1,678
1,335
11, 794

5, 633
7,260
1,720
1,352
13, 426

3,825
1,272

4,407
1,428

4,094
1,284

4,237
1,322

4,147
1,321

3,120
1,029

3,372
1,067

3,017
746

2.490
825

3,152
875

ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
number*
thousands..
Electrical productsrf
Insulating materials, sales billed-.
__1936*=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
.I.do.II.
Direct current, new orders.
do
Rigid steel conduit and fittings, shipments., short tons.I
Vulcanized
fiber:
I
Consumption of fiber paper
.thous. of lb
Shipments
thous. of dol..
r

.

202
288

2,771

4, 093
921

Revised.
X See March 1944 Survey for comparable data for 1942; the series now covers 57 manufacturers (two formerly reporting discontinued production of bearing me tal)
d> For data beginning January 1942 for the indicated copper, lead, and zinc series, see p. 24, table 6, of the June 1944 Survey, i Discontinued by reporting source.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 8 companies for March 1943 to September 1944 and 9 thereafter.
©Based on reports of 124 manufacturers (see note in April 1945 Survey).
1 Some of the manufacturers who discontinued production of stokers for the duration of the war have resumed operations and their reports are included; the data covers almost
the entire industry; in prewar years the reporting concerns represented over 95 percent of the total.
*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 machine tool shipments beginning January 1940 and new and unfilled
orders beginning January 1942, see S-30 of the November 1942 Survey and S-31 of the August 1944 issue, respectively. 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; shipments beginning August
1945 are from the National Machine Tool Builders Association; comparable data are not available for new and unfilled orders after July 1945. The new series on shipments of warmair furnaces,which replaces the new orders data formerly shown, is compiled by the Bureau of the Census from reports to that office beginning January 1945 and to the War Production Board for 1944. by manufacturers accounting for almost the entire production.
tRevised series. The index for motors and generators includes an adjustment for cancelations reported through December 1944; data for all years for this index and the index
for insulating materials, as published prior to the April 1945 Survey, have been revised; revisions are available on request.
• Includes unit heaters, unit ventilators, and heat transfer coils; the designation has therefore been corrected to avoid misinterpretation.




S-32

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 1946

1945

1946
January

February

March

April

May

June

July

August

September

October

730,426
65,963
285,689
117,855
64,130
35,147
118,905

820,913
77,440
317,101
136,793
67,011
39,218
136, 623

67,840
4,010
8,829

Novem- Decem
ber
ber

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
Unblenched sulphate
Blenched sulphite
Unbleached sulphite
Soda
Groundwood

short tons..
do
do
do
do
do
do
do
do
do
do
do
do
do

725,220
59,004
229,161
136,450
64,606
39, 553
155,751
67,034
3.855
7,340
15,421
9,378
2,041
25,636

809,068
' 69,801
302,429
134,182
75,007
36,984
146,274

739,570
67, 705
283,144
122,489
65,429
34,004
124,587

75,983 72, 207
5,212
7,211
9,094
9,471
11,894
12,998
• 10,043 8,499
3,648
2,854
29,718 31,090

834,628 793,702
71,589
70,307
322,951
138, 230 128, 766
74, 261 69,748
39, 268 37,023
143,667 137,995

852,365
73, 592
337,243
139,620
73,891
40,000
139,140

813,100
69,397
326,053
131,380
70,809
33,567
134,207

739,080
66,984
298,165
112,927
33,270
117,648

772,677
69,294
311,639
124,205
65,355
35,538
123,214

78,231
5,142
7,844
12, 797
7,220
2,589
39,987

86, 228
6,321
9,009
15,411
8,063
3,128
41,416

81,588
4,749
7,135
13,099
8,048
3,469
42,025

78,371
4,238
7,616
14,527
8,742
2,146
38,294

72, 421
4,534
10, 309
13,338
8,053
2,104
31,358

74,879
5,247
10,055
12,050
7,252
2,748
35,386

14,045
9,121
2,279
26,209

799,092
71,683
300, 726
132,878
66,105
38, 408
144,913

706, 376
' 64, 504
246,570
119, 761
' 59,715
35,925
143,036

65,680 69, 253 ' 71,195
6,009
5.471
3,999
7,542
8,984
8,894
13,605 ' 14,400 17,105
9,704 10,033 '9,461
2,218
1,959
1,933
23,024 24,321 ' 26,481

PAPER AND PAPER PRODUCTS
All paper and paperboard mills (U. 8. Bureau of the
Census) :•
Paper and paperboard production, total...short tons.. ,504,527
779, 343
Paper
do
725,184
Paperboard
_
do
Paper, excl. building paper, newsprint, end paperboard
(American Paper and Pulp Association):!
Orders, new
short tons.. 625, 242
614, 767
Production
do.
616, 294
Shipments
do.
Fine paper:
105, 695
Orders, new
_
_
do
138, 245
Orders, unfilled, end of month
do
96, 350
Production
do_
98, 772
Shipments
_
do.
58, 778
Stocks, end of month
do.
Printing paper:
215,000
Orders, new
do.
169,199
Orders, unfilled, end of month
do.
210, 500
Production
do.
212, CCO
Shipments
do_
63, 685
Stocks, end of month
do.
Wrapping paper:
211,047
Orders, new
do.
183,686
Orders, unfilled, end of month
do.
212,417
Production
do.
211, 597
Shipments
do_
65, 268
Stocks, end of month
do.
Book paper, coated:
Orders, new
percent of stand, capacity..
Production
.
do
Shipments. __
_
do
Book paper, uneoated:
Orders, new
do
Price, wholesale, " B " grade, English finish, white,
7.58
f. o. b. mill
dol. per 100 lb._
Production
percent of stand, capacity
Shipments
.do_.
Newsprint:
Canada:
Production
short tons.. 328, 414
316,320
Shipments from mills
do
92,454
Stocks, at mills, end of month..
do...
United States:
221,054
Consumption by publishers
do
67. 00
Price, rolls (N. Y.)
dol. per short ton.
Production
short tons.. 67, 819
66,102
Shipments from mills
do.
Stocks, end of month:
8,057
At mills
do.
221, 957
At publishers
_
do.
55, 206
In transit to publishers
...do.
Paperboard (National Paperboard Association):t
685, 788
Orders, new
...
_.do
516,776
Orders, unfilled, end of month
do
624, 862
Production..
do
SO
Percent of capacity
Waste paper, consumption and stocks:}
Consumption
_
.short tons.. 397, 534
204, 736
Stocks at mills, end of month
do
Paper productsShipping containers, corrugated and solid fiber, ship4,800
ments*
.mil. sq. ft. surface area..
Folding paper boxes, value:*
347.7
New orders...
1936=100.
301.3
Shipments
.do

1,448.984 ,325,247 ,527,254 ,424,285 ,513,441 ,476,687 ,350,681 ,454,223 ,409,470 ,570,841 1,503,415 1,369,516
696,891 639, 477 725,103 670, 711 720,107 702,033 646,152 711,451 690, 643 783, 355 760,448 709,444
752,093 685, 770 802,151 753, 574 793, 334 774,654 704, 529 742, 772 718,827 787,486 742,967 660,072
604, 423 524, 220 577,102 •566, 326 559, 490 566, 387 551,732 558,309 552, 798 659,293 '587,104 554,290
563,921 515, 279 580, 940 540, 344 580,668 566, 214 520,970 580,980 559, 251 639, 950 619, 717 •581,351
554, 342 521, 737 583, 111 542,892 572,147 569, 281 513,142 580, 713 559,923 628,677 616, 249 563, 735
96,150
171,806
85,670
'84,613
' 43, 784

' 75, 694
170, 045
78, 508
' 78, 969
'43,156

'92,960 80, 222 ' 79, 783
174,162 173,656 168, 745
78, 281 84,873
88,134
78, 943 82, 531
89,905
41, 986 41, 629 '43,816

187, 520
154,831
172,189
169,616
' 55, 680

157,238
153, 312
156, 385
159,827
' 50, 750

181,181
152,923
178, 771
178,083
'50,375

166, 722
163, 693
166. 537
166,199
'51,799

161,686
160,167
176, 460
170,092
57,817

170,041
156,175
174, 398
176,610
56,443

170. 215
169,262
154, 752
152,125
' 58,819

179, 339
176,948
179, 770
178,478
60, 239

185,158
195,267
172,037
174,664
58, 676

278,669
217,040
215, 582
208, 486
74, 521

207,122
230,843
197, 329
200, 385
'74, 521

213,038
207,137
222, 210
224, 537
65,904

229,909
234,255
207, 604
211,058
65, 528

226,983
228, 340
227, 612
227, 225
'62,942

220,428
217,150
223,410
222, 677
61, 568

224, 378
242, 766
210,973
207,255
68, 713

217,128
227,045
227,472
228,503
67,955

56.7
52.4
57.4

53.0
55.6
67.9

54.5
57.0
56.3

55.8
54.7
55.1

56.4
61.3
55.5

55.8
53.7
55.4

55.2
50.3
52.7

80.7

83.2

83.3

76.4

74.9

81.9

7.30
81.8
81.8

7.30
81.2
78.3

7.30
76.3
76.8

7.30
79.8
80.7

264,766 239,661
232,110 217,220
89, 227 111,668

7.30
82.5
83.0

263, 776 245,429 264,464
267,163 263, 754 264,767
89,653
108, 281 89,956

185,193
58.00
60,381
60,120

175,062 202,802 203,234
61.00
58.00
58.00
58, 228 64, 733 59,757
58,942
59,095 66,166

7,618
272,897
50,160

71,972 71, 047 92,405
92,031 '76,291
180,885 176,477 158,803 145,849 135,498
75, 538 83,471 81,464 91,916
82,163
79,946 86, 111
84,842 ' 74,863 82,418
42,166 '44,013 44, 745 46, 380 49, 509

7.30
82.4
83.0

'83,498
140,438
'93,479
'93,017
' 55,904

' 79, 790
130,975
' 85,872
' 79, 343
' 60, 885

223,472
212, 356
205, 359
202,857
'61,288

184, 014
196,654
200, 557
198,476
'62,627

172,716
166,199
192,243
188,195
' 65,185

207,059
219,338
217,861
216,830
67, 395

242.857
209,772
242, 786
240,026
' 66,090

228,184
213, 983
233, 507
232,984
'69,869

216,017
207,817
214,614
209,889
' 72, 454

56 1
55.6
56.2

68.1
58.1
57.1

69.2
68.1
66.9

60.5
67.7

62.6
64.7
67.0

81.2

77.0

89.5

100.0

89.2

92.9

7.30
77.2
75.8

7.30
80.4
80.3

7.30
83.5
84.3

7.30
93.8
92.0

7.30
97.2
96.1

7.30
96.4
93.5

287,028 269,963
304,114 277,018
69, 211 62,156

310,975
308,090
65,041

266,417 270,640
258,348 282,065
97, 722 86,297

205, 797 190, 511 177,905 202,911 213,294 236,939
61.00
61.00
61.00
61.00
61.00
61.00
63, 768 60.828
56, 518 56, 722 62,267
57,081
63, 498 56,492 58, 311 58, 201 59,802 60,101

5,318
6,751
259,147 253,136
53, 740 45,532

299.158 276, 931
298; 005 262, 765
66,194 80,360
236,090
61.00
62,602
62,186

225, 378
61.00
61, 563
62, 551

7,328
6,340
246, 227 222, 266
47, 556 44,078

10, 739
9,509
245, 518 263,277
40,459 46,865

7,826
4,746
6,912
275, 338 258,752 254,834
55, 215 46,882
47,399

657,211 655,365
499, 505 507,758
683, 957 610,126
96

665,380
494,699
659,672
90

629,899
492,880
619,388
91

704,867 653,196 601, 526
511,022 472,568 462,446
704, 564 664, 076 583, 569
95
85
97

351,805
198,554

383,116
190,810

366,642
187,185

412, 472 385, 249 347,495
203,657 204, 675 199,353

733,751
565,064
652,913
91

6,133
6,403
243, 643 240,437
43,539
47,685
620, 084 714, 741 668,913 705, 924
558, 285 549,631 546,311 546,211
603,191 702,416 653, 605 706,479
97
95
97

393,004
164,576

353, 704 426, 213 393,395
163,918 172,933 187,459

416,605
194,395

405,773
191,285

4,231

3,813

4,264

3,911

4,112

4,124

3,751

4,141

4,147

4,774

4,421

4,047

317.0
269.5

287.2
251.4

273.2
298.2

297.1
263.0

268.3
279.4

250.8
272.0

235.2

240.4
262.5

243.6
254.5

273.4
303.7

302.7
288.3

274.5
260.7

487
398
89

3P2
346
46

720
574
146

653
462
191

557
465
92

590
502
88

365
315
50

401
312
£9

582
483
99

534
443
91

536
477
59

731
609
122

PRINTING
Book publication, total..
New books—
New editions...

no. of editions.
do
.do

348
281
67

'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.
tRevised series. Revised wood pulp production data for 1940-43 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; stock data are stocks of own production at pulp mills. The
paper series from the American Paper and Pulp Association beginning in August 1944 Survey are estimated industry totals and are not comparable with data shown in earlier issues;
there have been further small revisions in the data as published prior to the June 1945 issue; revisions for 1943 and January-March 1944, together with 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. Minor revisions in the January-May 1944 figures for folding paper boxes and January 1943 to May 1944 data for shipping containers are available on request.




March 1946

SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistic! }through 1941
and descriptive notes may be found in t h e
1942 Supplement to the Survey

January

S-33

1945

1946
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 (35cities)^
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

12.454
4,982

13.87
11.430
4,195

14.00
11. 430
4,445

13.98
11. 430
5,238

13.88
11.433
5,309

13.87
11.476
2,071

13.89
11. 714
5,634

14.90
12. 214
4,915

14.91
12.233
4,629

14.93
12. 281
4,613

14.92
12. 281
5,273

14.93
12. 281
4,533

157

322
12

289
10

285
13

277
16

219
19

180
17

174
17

198
16

203
17

140
16

132
19

52,182
36,898
627
5, 655
359
(•)
5,702
10, 978
670
12,907
15, 284
237

59, 082
42, 780
714
7,934
296
145
7,119
12, 014
1,080
13, 478
16, 302
239

52, 549
38, 252
708
7,216
245
333
6.210
10, 749
942
12,049
14, 297
214

51,693
39, 583
828
8,060
265
138
6,187
11, 407
938
11,760
12,110
239

43, 997
36,198
588
7,454
281
129
5,910
10,592
860
10,384
7,799
198

46,080
37, 252
867
7,868
313
128
5.984
10, 683
859
10,550
8,828
229

42,850
35,046
869
7,343
321
124
5.971
10,066
762
9,590
7, 804
236

41, 733
34, 553
852
7,695
336
118
6,065
10,061
747
8,679
7,180
217

41,444
33,553
707
7,181
379
(*)
6,016
9,727
693
8,850
7,891
218

39,485
31, 547
464
7,130
401

41, 054
32,124
311
5,617
434
(•)
5,566
9,692
798
9,706
8,930
169

44,089
34, 596
571
6,798
477
(•)
5,480
9,870
811
10, 589
9, 493
222

• 51, 679
• 38, 446
'612
7,333
467
()
•
5,804
11, 005
r
921
12, 304
13, 233
202

C)
5,315
9,254
673
8,310
7,938
212

15.06
12. 389
' 3, 975
130
13

10.33

10.35

10.36

10.34

10.50

10.54

10.55

10.57

10.57

10.58

10.59

10.59

5.443
5.709
54,100

5.237
5.513
52, 760

5.237
5.513
47, 850

5.237
5.513
52,170

5.241
5.513
43,155

5.361
5.640
49, 520

5.388
5.665
50,890

5.393
5.660
47, 275

5,430
5,681
47,620

5.433
5.693
46,890

5.433
5.708
39, 213

5.433
5.708
50, 720

5.436
5. 708
46,100

46,313
43, 834
5,599
534
14,302
9,391
611
13,397
2,479

49, 464
46,127
5, 695
494
214
14,098
11,312
665
13, 649
3,337

45, 773
42, 643
5,610
448
189
12,916
10,189
666
12, 625
3,130

45, 495
41,839
5,452
441
175
12,519
9, 965
725
12, 562
3,656

43, 793
39, 841
4,456
416
167
12, 350
9,509
695
12, 248
3,952

44,020
40,056
4,428
456
181
12, 620
9,369
681
12, 321
3,964

47, 715
43,152
5,128
497
205
13, 736
9,872
703
13,011
4,563

49, 906
45,024
4,753
503
192
14, 282
10, 222
656
14, 416
4,882

51,141
45, 966
4,503
528
(°)
14, 690
10,387
680
15,178
5,175

53,350
48, 025
4,624
608
(a)
15, 534
10, 880
746
15, 633
5,325

48,015
43, 734
3,666
569
(°)
15,138
10, 072
548
13, 741
4,281

48, 919
44, 689
4.607
670
(•)
15, 137
10, 056
602
13,617
4,230

' 45, 665
• 42, 450
4,804
641
()
•
14, 668
' 8, 985
'593
12, 759
3,215

7. 500

7.000

7.000

7.000

7.000

7.000

7.500

7.500

7.500

7.500

7.500

7.500

7.500

376

'459
5,576
181

'455
5,060
163

••533
5,646
172

••376
5,227
184

'558
5,528
179

'559
5,166
172

'549
5,430
185

455
5,071
180

'297
4,997
148

'197
3,942
144

'367
4,789
152

'392
' 5,166
163

913
609
304
174

779
584
195
131

677
499
178
125

633
429
204
141

724
514
210
150

872
598
275
148

926
569
357
154

1,102
674
428
160

1,177
658
518
162

481
482
159

1,002
490
512
159

927
498
429
158

(°)

COKE
Price, beehive, Connellsville (furnace)
dol. per short ton__
Production:
Beehive
_
t h o u s . of short t o n s . .
Byproduct
do.
Petroleum coke
do.
Stoeks, end of m o n t h :
B y p r o d u c t plants, totaldo.
At furnace plants
_
_
do.
At m e r c h a n t plants
_
do.
Petroleum coke
do.

PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)f
thous. ofbbl
145, 071 134,882 146,285 143, 221 152, 295 149, 682 155,040 152, 771 128, 236 131,567 138, 705 141, 779
Price (Kansas-Okla.) at wells.
dol. per b b L .
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
Production!
thous. of b b L .
147,186 133,238 148,758 144,025 150, 985 145, 610 151,606 150,965 132,386 132, 597 135, 252 138, 495
Refinery operations
pet. of capacity..
93
94
96
98
95
97
96
85
84
92
92
Stocks, end of month:
Refinablein U. S.f
thous. of b b L .
221, 737 220,221 223,988 224, 229 223,151 218, 218 216,638 215,135 220,319 221, 246 218,916 218,763
At refineries
do
51,904
49, 620
48,609
52, 754
53,172
51, 790
53, 053
52,967
54,469
52, 756 50, 276
51, 773
At tank farms and in pipe lines
do
157, 808 157, 449 157, 755 156,955 155, 557 151,909 149, 247 147, 807 150,984 154, 988 151, 753 153, 957
On leases!
do
14,329
14, 309
14.163
14, 520
14, 422
14,519
14,338
14,361
14,866
14,485
14,407
14, 530
Heavy in California
do
6,026
5,791
5,567
4,793
4,821
4,606
5,415
5,063
5,044
4,437
4, 610
4,496
Wells completed!
number..
1,022
1,024
1,089
1,235
1,151
1,146
1,350
1,233
1,389
1,158
1,156
1,330
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantsf
thous. of b b L .
1,271
2,148
2,266
1,377
1,698
1,570
1,280
1,446
1,386
1,540
2,043 ' 2, 570
1,855
Railways (class I)
do
8,488
7, 726
8,571
8,300
8,152
8,649
8,361
7,799
6,953
7,420
7,274
7,804
Price, fuel oil (Pennsylvania)
dol. per gaL.
.058
.066
.066
.066
.066
.066
.066
.066
.066
.061
.058
.058
.058
Production:
Gas oil and distillate fuel oil
thous. of bbL_
20, 556
21,941
20, 934
21,891
22,099
20, 267
20, 443
21, 740
19, 204
19, 964 21,176
19, 009
Residual fuel oil
do
39,471
41, 569
41, 881
38, 660
40, 527
41,200
41, 862
37,141
34,183
36,452
37, 937 38, 609
Stocks, end of month:
Gas oil and distillate fuel oil
do
31, 695
27,210
26, 729
29,148
29, 511
32.440
36,276
41, 245
45,059
44, 562 35, 778
45, 479
Residual fuel oil
do
44, 347
39, 760
35,451
34, 333
34, 418
35, 606
38,341
42,227
42, 822
41, 322 37,158
42,068
Motor fuel:
Prices, gasoline:
Wholesale, refinery (Okla.)
dol. per gaL.
.055
.059
.059
.059
.059
.059
.059
.059
.059
.060
.059
.060
.056
Wholesale, tank wagon (N. Y.)
.do
.149
.161
.161
.161
.161
.161
.161
.161
.161
.155
.149
.149
.149
Retail, service stations, 50 cities
do
.142
.146
.146
.146
.146
.146
.146
.146
.146
.142
.142
.142
.142
Production, totalf
thous. of bbl._
66, 662
63, 503
65, 770
66,968
67, 955
69, 766
72, 505
72, 318
60, 077
66, 873 66, 058
60, 604
Straight run gasoline
do
25, 037
24, 267
23, 733
24, 553
27,006
24, 644
28, 457
29, 263
23, 600
24, 761 23, 885
23,141
Cracked gasoline
do
34, 262
32, 255
34,655
33, 177
34, 427
34, 263
35,696
34,829
29,307
34, 496 34, 504
29, 918
Natural gasoline and allied products}:!
do
9,843
8,993
9,763
9,498
9,521
9,947
9,757
9,651
8,569
9,474
9,267
9,871
Used at refineries!
_
do . .
6,380
6,077
6,065
5,457
6,138
6,114
6,551
6,236
5,081
5,425
5,483
5,317
Retail distribution
mil. of g a L .
2,020
1,783
2,166
2,180
2,336
2,303
2,369
2,601
2,417
2,293
2,120
' Revised.
• Included in "pther industrial."
^Average for 34 cities beginning May 1945; the averages were not affected by the omission of data for the city dropped.
§ See note marked " § " on p. S-33 of the March 1945 Survey: data shown above, and earlier data back to July 1943, have been revised to exclude the estimated amount of offshore
shipments previously included for California; similar revisions may be made for certain other states. For revisions for 1941-42 see p. S-33 of the August 1943 Survey and D 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 also for chemicals beginning January 1945, 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 1945 for the items excluded are given in notes in previous issues of the
Survey; December 1945 data are as follows: Sales of liquefied petroleum gases for fuel and chemicals, 2,115,000 barrels; transfers of cycle products, 87,000 barrels.
JRevised series. For source of 1939-41 revisions for bituminous coal, see note marked " f on p. S-32 of the April 1943 Survey: revisions for 1942-43 are shown on p S-33 of the
April 1945 Survey. For 1941 revisions for the indicated series on petroleum products, see notes marked "f" on p. S-33 of the March and April 1943 issues (correction for crude petroleum production January 1941,110,683), and for revised 1942 monthly averages, see note marked " f on p. S-33 of the July 1944 issue; 1942 monthly revisions and revisions for 1943
are available on request. Revised data for wells completed December 1944,1,100.




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

1946

March 1946

1945

January

Febru*
ary

March

April

May

June

July

August

September

October

Novem- Decem
ber
ber

PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM A3ND PRODUCTS-Continued
Refined petroleum products—Continued.
Motor fuel—Continued.
Stocks, gasoline, end of month:
Finished gasoline, total
_
thous. of bbl__
At refineries
do
Unfinished gasoline
do
Natural gasoline
_
_
do
Kerosene:
Price, wholesale, water white, 47°, refinery (Pennsylvania)—
..
-.dol. per gal.
Production
_„
thous. of bbl_.
Stocks, refinery, end of month..
_
do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal_.
Production
thous. of bbl__
Stocks, refinery, end of month
do
Asphalt:
Production...
short tons..
Stocks, refinery, end of month
do
Wax:
|
Production
thous. of lb_- j
Stocks, refinery, end of month
....do
Asphalt prepared roofing, shipmentsrt
Total
thous. of squares..
Smooth-surfaced roll roofing and cap sheet...do
Mineral-surfaced roll roofing and cap sheet_-.do
Shingles, all types..
do

78,877
53,210
12,789
4,160

85,473
69,635
1.1,984
4,618

85,654
59,616
11,793
4,644

79, 653
53.309
11,151
4,783

77,151
49,741
11,179
4,873

74,089
46,357
12,039
4,723

74,460
47,822
11,122
4,338

74,270
46,346
9,733
4,048

65,489
38,146
9,085
3,985

68,039
41,613
8,766
3,959

78,091
47, 585
8,449
4,325

.066

.074
6,614
4,674

.074
6,291
4,181

.074
7,056
4,215

.074
6,260
5,022

.074
6,445
5,347

.074
6,337
5,737

.074
6,520
5,860

.074
7,089
7,571

.068
5,858
8,082

.066
6,447
7,564

.066
7,564
7,355

.160

.160
3,504
7,796

.160
3,062
7,641

.160
3,589
7,423

.160
3,716
7,307

.160
3,882
7,026

.160
3,567
6,770

.160
3,645
6,321

.160
3,712
6,505

.160
3,128
6,840

.160
3,265
7,221

1.60
3,485
7,595

471, 200
730,000

420, 900
808,200

467,100
862,000

524. 000
909, 300

631,100
915,500

681,100
835,300

790,200
730,700

772,600
592,200

662,900
524,200

650,000
503,100

564, 400
558,400

71,960
88,480

64,960
86. 240

81,480
87,360

70, 560
84, 840

71,120
81,200

70,280
71,400

71,400
78,680

73,360
82,600

54,040
84,280

58, 240
84, 280

66,640
83,160

3,879
1,518
1,082
1,279

3,799
1,573
995
1,231

4,679
2,039
1,176
1,465

4,040
1,428
1,076
1,537

4,189
1,307
1,111
1,771

4,182
1,260
1,133
1,789

3,816
1,092
1,043
1,681

4,170
1,194
1,145
1,831

4,076
1,112
1,186
1,778

4,665
1,269
1,350
2,045

'
'
'
'

4,347
1,147
1, 299
1,901

STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments

117,087

132,499

137,714

152,959

142,069

140,312

123,662

116,468

99,700

8,121

100, 311

9,633
47
7,391
18,668
5,153

6,379
31
4,873
21,367
5,739

5,371
29
4,574
22,171
6,023

6,398
31
6,988
21,588
6,185

7,084
36
7,894
20, 787
6,008

8,088
40
9,275
19,699
5,834

8,934
45
10,088
18,535
5,273

9,237
45
10,283
17,486
4,808

9,921
49
11,467
15,966
4,556

9,826
50
11,211
14,595
4,572

11,104
55
13, 303
12,385
4,109

10, 705
54
10, 342
12, 751
4,022

17.134

15.298
142,206
136,992
281,111

15.354
15.377
131, 504 157,220
127,287 166,191
285, 795 276,312

15. 372 15.406
149, 734 159,862
171,216 188,379
248,210 218,507

15.415
183,310
197,987
203,413

15. 621
191,489
203,676
191.640

15. 568
211,331
228,832
174,462

16.036
210, 210
211,088
172,832

16.881
250,467
267,775
158,800

17.051
263,441
258,591
160,563

9,844

' 8, 116

' 7, 364

8, 537

' 9, 270

' 8,711

710

' 9, 270

8,995

9.885

8,978

9,600
666
3,015
411
817
1,158
2,348
759
353
73
4,326

' 8,089
'532
' 2,332
569
' 1,040
'865
' 1,824
'595
268
63
' 5,401

'7,315
'525
' 2,033
490

' 8, 803
'667
' 2,330
'658
' 1, 012
724
' 2,147
'676
289
299
' 4, 353

' 9,081
'716
' 2,431
684
' 1.056
'782
' 2,013
'725
302
372
' 4, 335

' 8, 832 ' 8, 534
'694
'817
' 2, 298 ' 2, 224
690
561
'933
'852
'835
'838
' 2,084 ' 1,821
'671
'691
307
303
423
323
' 3,985

reams.. 115,440

PORTLAND CEMENT
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month

thous. of bbl.
_

thous. of bbL.
do
_
do

CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
dol. per thoos..
Production*
thous. of standard brick.
Shipments*
do..,
Stock* end of month*
...do,.,
GLASS PRODUCTS
Glass containers:!
Production..
thous. of gross..
Percent of capacity
Shipments, domestic, total
thous. of gross..
Narrow neck, food
do
Wide mouth, food (incl. packers tumblers) ...do
Beverage
do
Beer bottles
do
Liquor and wine
do
Medicinal and toilet
do
General purpose (chem., household, indus.).do
Dairy products
do
Fruit jars and jelly glasses
do
Stocks, end of month.
do
Other glassware, machine-made: %
Tumblers:
Production
_
thous. of doz..
Shipments
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz..
Plate glass, polished, production!
thous. of sq. ft_.
Window glass, productioncf
thous. of boxes..
Percent of capacity d"
._

' 9,028
'667
' 2,461
578
' 1.106
'779
' 1, 749 ' 2,195
'520
'767
265
288
'75
'187
' 5, 326 ' 4, 872

' 9, 253
'1,073
' 2, 568
548
'757
'891
' 1, 945
'740
329
402
3,806

' 8, 743 9,693
' 1,170
871
' 2,420 ' 2,998
450
607
744
'719
865
1,123
1,963
2,109
687
838
305
337
139
90
3,835
3,815

8,668
592
2,707
' 505624
'1,126
2,006
742
312
'52
3,857

3,682
4,324
5,978
4,355

3,220
3,979
5,000

5,815
5,215
5,550

4,944
5,276
5,178

6,237
5,839
5,502

6,486
6,063
5,011

4,987
5,423
5,071

5,748
5,675
5,117

6,115
6,102
5,218

6,498
6,365
5,581

6,162
5,233
6,609

2,705
8,915

2,311
7,363

3,027
8,996

3,050
8,489

2,656
8,637

3,190
6,081

2,308
8,481

3,118
8,966

2,558
10,354

2,789
7,335

2,820
543

GYPSUM AND PRODUCTS
Gypsum, production:
Crude
._•_..._—___—
—
Calcined
_
Gypsum products sold or used:
Uncalcined
Calcined:
For building uses:
Base-coat plasters
Keene's cement
All other building plasters
Lath
Tile-

short tons
do
do
do
do—
do
thous. of sq. ft..
do....

848,323
539,848

994,048
603,491

266,237

263,942

108,684
2,549
50,436
116,041
4,183

152,961
3,293
50,182
130,990
4,690

_

959,097
628,871
287,753
174,497
3,591
54,580
145,356
4,717
374,430
52,485

373,025
388,094
53,984 i
58,249
Industrial plasters
.
short tons
' Revised.
^According to the compilers, data represent approximately the entire industry.
cfCollection of data temporarily discontinued.
©Includes laminated board reported as component board; this is a new product not produced prior to September 1942.
JData for 1945 are partly estimated.
fRevised series. See note marked "t" on p. S-34 of the July 1944 Survey regarding changes in data on glass containers and comparablefiguresfor 1940-42; data for January-October
1945 were compiled by War Production Board; subsequent data are from the Bureau of the Census; data have also been revised for 1945 to correct inconsistencies in reporting and to
include general year-end revisions. In addition, data for one company not represented in original monthlyfiguresfor January-August are included in the revised totals. Data on
asphalt prepared roofing cover all known manufacturers of these products and are total direct shipments (domestic and export); shipments to other manufacturers of the same products
are not included; for data for September 1943-January 1944, see note at bottom of p. S-23 of April 1945 Survey.
•New series. Data are compiled by the Br»*eau of the Census and cover all known manufacturers; data beginning September 1942 are shown on p. 24 of the February 1945 issue.



March 1946

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-35

1945

1946

January

February

March

April

May

June

July

August

September

October

Novem- Decem
ber
ber j

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do
Stocks, end of month
_
do

13,131
12,751
14, 734

12,361
12,389
14,509

11,144
11,398
14,119

11,806
12,263
13, 526

11,001
11,269
13,123

11,984
12,194
12,777

11,316
11,654
12,303

9,617
9,208
12, 712

11,251
11,353
12,610

10,965
10,811
12,764

12,377
12,035
13,106

11,389
10 658
13.838

9,976
9,107
14, 707

..bales.. 811,368
.224
dol. per lb_.
average,10 markets
.247
dol. per Re-

850,425
.202

781,149
.2C0

857,431
.202

769, 209
.202

830,414
.205

785,945
.209

672,973
.213

739,811
.213

701,000
.217

759,806
.223

743,450
.225

651, 784
.228

.217

.216

.218

.221

.226

.227

.226

.224

.225

.231

. 239

.245

8,027

11,114

133

461

2,176

5,154

7,384

7,734

COTTON
Cotton (exclusive of linters):
Consumption
Prices received by farmersf
Prices, wholesale, middling lW,

_

production:
Ginnings§_.
_
thous. of running bales
Crop estimate, equivalent 500-lb. bales
thous. of bales_.
Stocks, domestic cotton in the United States, end of
month :t
Warehouses
_
thous. of bales.
Mills..
do....
Cotton linters:
Consumption
_
do
Production^
_
do
Stocks, end of month
do
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 lb__
Denims, 28-inch
_
dol. per yd..
Print cloth, 64 x 56tf
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 l b Staple
fiber
do...
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb_.
Staple fiber, viscose, 1H denier
do
Stocks, producers', end of month:
Yarn..
mil.oflb..
Staple
fiber
.
do.

J 11,839
112, 230

2 9,195

2,295

12,937
2,246

12,360
2,232

11,677
2,195

10,985
2,143

10,045
2,090

9,117
1,989

8,306
1,909

7,778
1,778

8,250
1,690

9,145
1,852

10,556
2,137

10,447
2,311

96
140
475

129
169
442

120
128

132
111
462

127
79
441

131
66
410

119
40
351

104
39
292

84
36
278

77
74
274

85
166
333

84
171

86
134
451

20.37
.223
.096
.120

21.32
.209
.092
.114

21.33
.209
.092
.114

21.19
.209
.092
.114

20.48
.209
.091
.114

20.02
.209
.090
.114

19.92
.209
.090
.114

20.04
.209
.090
.114

20.28
209
.090
.114

22.36
.216
.092
.117

21.80
.223
.096
.120

21.11
.223
.096
.129

20.56
.223
.096
.120

21,630
9,489
399
110.7

22, 261
9,956
431
119.7

22,220
8,924
386
122.2

22,232
9,914
429
121.8

22,159
9,021
390
116.9

22,168
9,637
416
114.8

22,189
9,240
399
118.8

22,029
7,926
343
102.0

22,170
8,793
370
100.5

21,912
8,371
352
111.8

21,722
9,143
383
105.0

21,605
8,672
364
104.6

21,552
7,733
325
101.5

.470
.592

.451
.568

.451
.568

.451
.568

.451
.568

.451
.568

451
.568

.451

.451
.568

.470
.593

.470
.592

.470
.592

.470
.592

'47.8
14.5

45.5
12.8

53.0
13.7

48.8
13.7

'53.0
14.3

50.6
13.4

48.6
13.7

50.5
12.7

47.9
11.9

53.2
15.1

52.8
14.8

50.7
14.5

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

.550
.250

8.4
3.1

7.4
3.2

5.7
3.5

6.2
2.7

6.2
3.0

6.0
3.0

6.1
3.8

5.6
4.4

6.0
4.8

7.3
4.6

'7.7
'3.9

7.3
3.1

60,715
4,490

51,180
3,196

54,844
3,196

64,190
3,400

50,884
3,032

51, 456
2,980

48,920
3,010

37,788
4,332

39,004
5,828

51, 540
8,600

• 40,332
' 6,368

38,396
7,448

2,350
74

2,480
77

2,495
79

2,422
77

2,355
78

2,424
79

1,865
64

2,045

2,050
75

2,182
75

' 2,183

2,184
78

45
32

46

46
32

30

37
28

44
31

32
24

49
34

50

78
64

112,287
99,166
200

116,915
96,973
201

116,677
96,758
204

107,802
94,472
210

107,382
88, 743
203

113,809
93,426
205

87,142
76,017
175

101, 419
84, 616
170

105,340
95,919
193

107,360
103, 739
195

108,656
100,415
••188

105,422
97, 907
186

1.190

1.190
.545

1.190
.545

1.190

1.190
.545

1.190
.545

1.190
.545

1.190
.545

1.190
.545

1.190
.545

1.190
.545

1.035
.485

.749

.745

.745

.755

.755

1.900

1.900

1.900

2,372

.550
.250

2,270

2,008

WOOL
Consumption (scoured basis) :1
Apparel class.
thous. of 1b
Carpet class..
do_.
Machinery activity (weekly average):5
Looms:
Woolen and worsted:
Broad
thous. of active hours..
Narrow
_
do.
Carpet and rug:«
Broad
do.
Narrow
do.
Spinning spindles:
Woolen
do.
Worsted
do.
Worsted combs
do.
Prices, wholesale:
Eaw, territory, 64s, 70s, 80s, fine, scoured*..dol. per lb
Raw bright fleece. 66s, greasy*
do....
Australian, 64-70s, good top making, scoured, in bond
(Boston)f
dol. per lb_.
Women's dress goods, French serge, 54" (at mill)
dol. per y d . .
Worsted yarn, fia's, crossbred stock (Boston)
dol. per lb__
Stocks, scoured basis, end of quarter:!
Total
thous. of lb__
Wool finer than 40s, total
...do
Domestic
do
Foreign
do
Wool 40s and below and carpet
do

.545
.755

.743
1.559

1.900

1.900 I

.750

.755

1.559

1.559

1.900

1.900
362,395
294,065
153,046
141,019
68,330

.545
.755

79
67

.755

1.559
1.900

1.900

406,603
332,576
194,450
138,126
74,027

1.S00
443,434
359,935
I 208,246
151,689 !
I 83,499 I

1.900

1.900

1.900
483,019
360, 224
211,826
148, 398
122,795

' Revised.
* Total ginnings of 1944 crop.
* December 1 estimate of 1945 crop.
§Total ginnings to end of month indicated
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
1945, including stocks on farms and in transit, were 11,040,000 bales, and stocks of foreign cotton in the United States were 124,000 bales.
'
^Data for January, April, July, and October, 1945, are for 5 weeks; other months, 4 weeks.
• D a t a through August 1945 exclude activity of carpet and rug looms operating on blankets and cotton fabrics; thereafter data for a small number of such looms are included.
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 " t " on p. S-35 of the June 1944 Survey. Wool stocks have been published on a revised basis beginning 1942 (see D 8-35 of
the May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation. The price series for Australian wool shown above is compiled by the U. S. Department of Agriculture; it has been substituted for the series compiled from the Boston Commercial Bulletin formerly shown
which has been discontinued; prices are before payment of duty; data beginning 1936 will be shown later.
•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 Data beginning 1938 for the new
wool price series are shown on p. 24 of the February 1945 Survey.




S-36

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 1946

1945

1946
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 yardsApparel fabrics
do
Men's wear _ do
Women's and children's wear. _ ._
do.
General use and other fabrics
do
Blankets .
_- - do
Other nonapparel fabrics
do

137,535
111,153
55,783
38,073
17, 297
24, 287
2,095

r 107, 963
r
87, 818
r 44, 063
r
32, 097
r
11, 658
» 17, 977
•
2,168

127, 786
98,500
61,420
22, 342
14, 738
27,696
1,590

122, 69C
105, 97S
44, 421
48, 58$
12, 97C
10, 92t
5,78:;

MISCELLANEOUS PRODUCTS
Fur, sales by dealers-._
thous. of doL_
Pyroxylin-coated textiles (cotton fabrics): §
Orders, unfilled, end of month
thcus. lin. yd
Pyroxylin spread
thous. of lb_.
Shipments, billed
thous. linear y d -

7,403

5,069

5,765

4,487

5,685

5,263

3,992

3,787

3,210

7,699

5,778

10, 029
4, 764
5,492

9,739
4,559
5,930

10, 463
4,283
5,662

10, 777
3,880
4, 950

10, 257
4. 565
5, 824

10,181
4,523
5,539

10,646
3,938
5,147

10, 604
4,805
6,673

12,670
5,505
6,119

12,029
6,410
7,908

11, 798
6,433
8,191

11, 90S
6,03^
6,864

TRANSPORTATION EQUIPMENT
MOTOR VEHICLES
Trucks and truck tractors, production, total*.number_
Civiliando...
Military
..do...
Light: Military
—
do...
Medium:
Civilian
_
do...
Military
do...
Heavy:
Civilian
.._
~
do.._
Military
--do...

£4, 864
54, 791
73
0

67, 065
15,019
52, 046
21, 621

64,213
14,032
50,181
20,641

74,732
18, 339
56,393
21, 925

67, 279
18, £80
48, 289
18,352

70,958
22, 315
48,643
18,633

66,345
23,131
43, 2]4
16, 306

54,563
21,394
33,169
10,693

44,779
27, 532
17, 247
4,403

31, 583
30, 472
1,111
0

42, 225
40,900
1,325
0

53,634
53,103
531
0

23,956
0

11,183
3,527

10,534
3,378

12,829
3,994

10,275
3,645

12,003
3,526

12,017
2,093

12, 558
1,465

16,851
2,424

17,831
1

25,982
127

30, 754
52

6,278
73

3,836
26, 898

22

3,339

3,726
30,474

3,959
26, 302

4,624
26, 484

5,592
24,815

4,843
21,011

5,398
10,420

6,401
1,110

5,654
1,198

5,437
479

3,474
2,202
484
484

3,943
3,074
18
18

4,137
3,211
20
20

4,378
3,708
25
25

3,000
2, 55C
14
14

3,632
2,540
14
14

4,933
3,428
31
31

4,256
2,316
37
37

4,348
2,414
24
24

2,263
2,046
8

2,605
2,361
60
60

'2,019
' 1, 689
'203
'203

1,757
71
4.2
36, 471
29,002
7,469

1,767
51
3.0
34, 579
29, 386
5,193

1,769
51
3. 0
35,031
28,080
6,951

1,770
52
3.0
34,162
27,196
6,966

1,771
58
3.4
31,640
26,026
5,614

1,770
66
3.9
29,387
24,509
4,878

1,769
65
3.8
27,968
23,429
4,539

1,773
68
3.9
32,058
25,988
6,070

1,771
70
4.1
37,398
31, 674
5,724

1,769
75
4.4
37,468
31,687
5,781

1,767
70
4.1
37,136
31, 587
5,549

1,765
69
4.1
35,172
29, 334
5,838

2,834
7.3
81
57
24

2,333
5.9
80
32
48

2,331
5.9
138
92
46

2,302
5.8
138
97
41

2,361
6.0
125
89
36

2,407
6.1
119
89
30

2,303
5.9
111
86
25

2,420
6.2
109
82
27

2,514
6.4
107

2,562
6.5
129
84
45

2,662
6.8
117
75
42

2,662
6.8
104
67
37

342
26

420
385
35

445
410
35

402
365
37

352
324
28

372
355
17

246
229
17

322
313

246
239
7

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
thousands..
Undergoing 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 on line..
Orders unfilled
numberEquipment manufacturers.
do
Railroad shops
_
do.-.

INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Exports

„

..number.
do
do

CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined index!--1935-39=100..
Industrial production, combined indext
do
Construction!
do
Electric power
_
do
Manufacturing!
do
Forestry!
do
Miningf
___.
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..

228.8
245.8
96.0
151.6
274.3
116.8
174.0
193.7

216.7
240.3
107.7
150.1
270.0
127.3
147.9
167.7

225.2
248.0
166.2
154.2
271.1
137.7
173. 5
177.9

252.2
205. 2
165.5
271.1
118.5
183.2
190.7

218.6
238.0
164.3
165.4
256.1
123.5
188.9
178.6

219.5
236.2
203.6
164.1
252.5
124.5
174.6
191.0

213.7
230.1
176.7
161.3
248.9
125.0
160.9
179.7

212.7
226. 5
150.0
154.6
247.6
125. 2
156.2
184.0

205.3
223.9
168.7
146.3
244.1
123.8
150.4
166.8

194.5
210.8
142.2
144.8
231.9
133.2
132.9
160.7

189.9
197.7
201.2
139.7
211.0
135.1
130.6
173.7

255.1
278.0
155.8

142.8
143.1
141.4

129.0
128.4
131.6

238.9
269. 3
106.8

177.5
190.8
119.8

165.0
176.4
115.6

312.7
351.1
144.4

84.2
74.0
128.6

51.3
35.7
119.0

70.6
59.4
136.6

117.1
105.6
166.9

118.6
102.8

118.6
102.9

118.7
103.0

118.7
103.4

119.0
103.0

119.6
103.2

120.3
104.0

120.5
103.4

119.9
102.7

119.7
102.9

119.9
103.1

279
4,750
471

264
4,612
420

300
6,175
497

292
5,368
452

310
5,739
492

322
5,919
622

5,692
735

314
5,251
706

300
5,159
569

341
5,495

322
5, 298
425

232 2

r
Revised. % Beginning October 1945 data include converted troop kitchens and troop sleepers.
§Beginning in the October 1945 Survey, 1945 data for pyroxylin spread represent amount actually spread (including amount spread on fabric and nonfabric materials), instead of
estimates based on spread of an 8-pound jelly as reported previously; totals for January-Junft 1945 reported on the two bases differed only slightly. Shipments and unfilled orders for
1945 include an undeterminable amount of custom coating of nonfabric materials (but not other nonfabric coatings) and probably some custom coating of fabrics other than cotton.
Data beginning July 1945 include reports for 3 companies which did not report previously (these companies accounted for 7 percent of pyroxylin spread and 11 percent of shipments for
July); 5 additional companies were added in August 1945 which accounted for the follow ing percentages of the August totals: Orders, unfilled, 6.3; shipments, 7.7: pyroxylin spread, 4.8.
tRevised series. The indicated Canadian indexes have been shown on a revised basis beginning in the Decfmber 1942 Survey, except for construction which was revised in the
August 1945 issue and mining which was revised in the April 1944 issue; the revisions affected principally indexes beginning January 1940; the agricultural marketings indexes 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; available data for 1937-43 for woolen and worsted goods are on p. 19 of the May 1945 Survey; yardage is reported on an equivalent 54-inch linear yard except blankets which
are on a 72-inch linear yard. Data on trucks and truck tractors are from the War Production Board (now Civilian Production Administration) and cover the entire industry; see
note in the September 1945 Survey for a brief descriDtion of the series; data beginning 1936 will be published later.
u. s. GOVERNMENT PRINTING OFFICE: i94«




INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36
CLASSIFICATION OF SECTIONS
Monthly business statistics:
Page
Business indexes
S-l
Business population
S-3
Commodity prices
S-3
Construction and real estate
S-5
Domestic trade
S-6
Employment conditions and wages—
S-9
Finance
S-14
Foreign trade
S-20
Transportation and communications. S-20
Statistics on individual industries:
Chemicals and allied products
S-22
Electric power and gas
S-24
Foodstuffs and tobacco
S-25
Leather and products
_ . - S-28
Lumber and manufactures
S-29
Metals and manufactures:
Iron and steel
S-30
Nonferrous metals and products. S-30
Machinery and apparatus
S-31
Paper and printing
S-32
Petroleum and coal products
S-33
Stone, clay, and glass products
S-34
Textile products
S-35
Transportation equipment
S-36
Canadian statistics
S-36

CLASSIFICATION BY INDIVIDUAL

SERIES

Pages marked S
Abrasive paper and cloth (coated)
34
Adds22, 23
Advertising
6, 7
Agricultural income, marketings
1
Agricultural wages, loans
14
Air mail and air-line operations
7, 21
Aircraft
2, 9,10,11,12, 13
Alcohol, methyl
23
Alcoholic beverages
_
1, 2, 25
Aluminum
30
Animal fats, greases
23, 24
Anthracite
2,4,11,12,14,33
Apparel, wearing,
3,4, 6, 7, 8, 10, 11, 12,13, 35
Asphalt
_
34
Automobiles
1, 2, 3, 6, 7, 9,10,11,12,13, 17
Banking
14, 15
Barley
26
Bearing metal
31
Beef and veal
27
Beverages, alcoholic
1,2,25
Bituminous coal
2,4,11,12, 14,33
Boilers
30
Bonds, issues, prices, sales, yields
18, 19
Book publication
32
Brass and copper products
31
Brick
4,34
Brokers' loans
15,18
Building contracts awarded
5
Building costs
5, 6
Building construction (see Construction).
Building materials, prices, retail trade
4, 7, 8
Businesses operating and business turn-over. _
3
Butter
25
Canadian statistics
16,36
Candy
27
Capital
flotations
18
For productive uses
18
Carloadings
21
Cattle and calves
27
Cement
1, 2,4,34
Cereal and bakery products
4
Chain-store sales
8
Cheese
_
_
25
Chemicals—_ 1, 2, 3, 4, 10, 11, 12, 13, 14, 17, 22, 23, 24
Cigars and cigarettes
28
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
1, 2, 34
Clothing
___ 3, 4, 6, 7, 8, 10, 11, 12, 13, 35
Coal
2,4, 11, 12, 14,33
Coffee
27
Coke
2,33
Commercial and industrial failures
3
Construction:
New construction, dollar value ,
5
Contracts awarded
5
Costs
5, 6
Highway
_
__ 5,11
Wage rates, earnings, hours
11,13,14
Consumer credit
15
Consumer expenditures
7
Copper
_
31
Copra or coconut oil
23
Corn
26
Cost-of-living index
3, 4
Cotton, raw, and manufactures
2,4,10,12,13, 35
Cottonseed, cake and meal, oil
23, 24
Crops..
1, 23, 24, 25, 26
Currency in circulation
16
Dairy products
1,2,3,4,25,26
Debits, bank
_
14
Debt, short-term, consumer
15
Debt, United States Government
-17




Pages marked S
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 Government, 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 o i l s . . . .
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 power 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
Mail order
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
Soybeans and soybean oil
24
Spindle activity, cotton, wool
35
Steel and iron (see Iron and steel).
Steel, scrap
30
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
%ile
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
4,32
Wool and wool manufactures. 2,4,10,12,13,35,36
Zinc
31

ommeree
BUSINESSMEN..
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