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MARCH 1948
SURVEY OF
CURRENT
BUSINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
BUSINESS
VOLUME 28, No. 3
(
MARCH 1948
Statutory Functions: "The Bureau of Foreign and Domestic Commerce • .
to foster', promote, and develop the foreign and domestic commerce of
the United States" [Law creating the Bureau Aug. 23,1912 [37 Stat. 408].]
Contents
Page
1
THE BUSINESS SITUATION
7
Trends in Textiles and Clothing.
BUSINESS FINANCING IN THE POSTWAR PERIOD....
10
INTERNATIONAL TRANSACTIONS OF THE UNITED
STATES DURING 1947
17
STATISTICAL DATA:
New or Revised Series
Monthly Business Statistics
Statistical Index
(
24
S-l to S-40
Inside Back Cover
Classification of
Statistical Sections
General business indicators
Business population
„
Commodity prices
Construction and real estate.
Domestic trade
Employment conditions and wages
Finance
Foreign trade
Transportation and communications
Commodity sections:
Chemicals and allied products
Electric power and gas
Foodstuffs and tobacco
Leather and products
Lumber and manufactures
Metals and manufactures:
Iron and Steel
Nonferrous metals and products
Machinery and apparatus..............
Paper and printing
Petroleum and coal products
Rubber and rubber products
Stone, clay, and glass products.
Textile products
Transportation equipment
Page
S-l
S-3
S-4
S-5
S-6
S-9
S^-15
S-20
S-22
S-23
S-26
S-26
S-30
S-31
S-32
S-33
S—34
S—35
S-36
S-37
S-33
S-38
S-40
11 OtC—Contents of this publication are not copyrighted and
may be reprinted freely. Mention of source will be appreciated.
Published by the Department of Commerce, W. AvERELL HARRIMAN, Secretary—Office of
Business Economics, M. JOSEPH MEEHAN, Acting Director. Subscription price, including
weekly statistical supplement, $3 a year; Foreign $4. Single copies, 25 cents. Make remittances direct to the Superintendent of Documents, United States Government Printing Office,
Washington 25, D. C.
The
Business Situation
Price declines for farm products and
foods in February
(WHOLESALE
PRICE
I N D E X , 1926 = 100)
200
200
175
175
150
150
by the
Office of Business Economics
In the two opening months of 1948 business activity held
close to the high plateau reached late last year, but downward price adjustments for important agricultural commodities spread to some raw and semiprocessed industrial materials and resulted in more cautious business purchasing than
was characteristic of the latter half of 1947. Manufacturing
production continued little changed, although operations in
some plants were slowed because of the severe winter weather.
Post-holiday retail trade was steady and considerably higher
than in the same period last year.
Price declines have occurred on different occasions in the
postwar period—in the spring of 1947, for example, when
prices eased for a large number of commodities. The recent
declines, however, were sharper in the primary markets
affected than those last year and they were telescoped within
a shorter period. For a succession of days beginning February 4, most grain prices fell the limit permitted for any
single day's trading and the prices of some major foods and of
a few raw materials moved downward almost as rapidly.
Subsequent recovery canceled a part of the decline.
Other aspects of the recent developments on the price front
were the concurrent decline in stock prices—while bond
prices remained stable—and the mark-downs in food prices
at retail stores. The latter markdowns occurred despite
the strength in food sales shown by the January sales data
reviewed in this issue.
The accompanying chart shows that the wholesale price
indexes for farm products and foods in the final week of
February were 9 and 6 percent, respectively, below earlier
peaks and were back to the levels of last summer. The
all-commodities index, on the other hand, was only 4 percent
below its mid-January high and was higher than at any
FARM PRODUCTS
125
125
100
100
75
75
I I I I I I I I I I I I II
50
1939 40
41
-«
42
43
44
45
MONTHLY DATA
50
46
*•
1947
1948
-WEEKLY DATA
•>
reduced the all-commodities index
4 percent below its mid-January high.
200
200
175
175
ALL COMMODITIES
150
150
125
125
100
100
75
50
75
i
I
1939 40
i
41
50
42
43
44
45
46
1947
-MONTHLY DATA-
1948
-WEEKLY DATA
*•
Prices eased for a few industrial commodities, held firm for others.
225
225
225
225
200
200
200
200
175
175
175
HIDES AND LEATHER
PRODUCTS
175
METALS AND
METAL PRODUCTS
150
...••*
V
150
150
150
CHEMICALS AND
ALLIED PRODUCTS
.••••••••••• r*"*""
125
125
TEXTILE PRODUCTS
»•••••***
?•••" "\
125
125
HOUSEFURNISHING
GOODS *
100
MISCELLANEOUS
100
100
75
75
1947
1948
I
I < 1 I
1947
779554—48
1
FUEL AND LIGHTING
MATERIALS
75
COMPARABLE
100
75
1947
1948
WEEKLY
* SERIES WAS REVISED BEGINNING WITH FEBRUARY 21, 1948} DATA ARE NOT STRICTLY
SOURCE OF DATA: U.S. DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS.
••*•••
DATA
WITH FIGURES PRIOR TO THIS
DATE.
1948
1947
1948
SURVEY OF CURRENT BUSINESS
time in the postwar period prior to the middle of November
1947. It is noteworthy that the steady advance in some
metal prices was not interrupted by recent market developments, and that the weekly index covering all commodities
other than farm products and foods in early March still was
above the 1947 year-end average.
With few exceptions, the largest price declines in January
and February were for commodities whose prices had risen
exceptionally fast since last summer—such as grains, oilseed crops, and hides. Even before their latest rise, the
prices of these commodities were far above the general price
average. The recent declines, therefore, were in the direction of better price alignment. At no time during the
price break did quotations for the major agricultural commodities fall to current support levels—the only exception
being the price of flaxseed, which has an incentive support
which is well above 90 percent of parity.
The behavior of the weekly business indicators—the steel
rate, electric power output, freight carloadings—confirmed
the sustained high rate of business activity during the
period of price adjustment. The latest reports on new order
volume, which had already been reduced in late 1947, are
not yet available for the period of the price decline, so it is
not possible to make a quantitative appraisal of the recent
flow of new business.
Farm Income Above Last Year, Despite Price Cut
At the farm level the price declines for agricultural commodities averaged about 9 percent from mid-January to midFebruary. The effect of the price changes on farm income,
however, was mitigated because of typically low marketings
at this season of the year and because of some compensating
effects on income resulting from the lower cost of feed. The
income of farm proprietors in February remained substantially above income in the same month last year. In view of
the substantial rise in farm income which had occurred in
December and January, the total for the first quarter of 1948,
despite the downward adjustment of prices, is expected to be
above the rate of 18.5 billion dollars reached in the final
quarter of last year.
Personal Income at 211-Billion-Dollar Rate in January
Total personal income rose from a seasonally adjusted annual rate of 204 billion dollars in November 1947 to 210
billion in December and was fractionally higher in the opening month of 1948. At the beginning of 1947 personal income was at a rate of 189 billion dollars.
The rise in farm income in January was counterbalanced
by small declines in construction and manufacturing pay rolls
which were adversely affected by weather conditions. Unemployment compensation payments were higher in January
than in the preceding month and continued to increase in
February, but they remained below payments in early 1947.
Steady Rise in Hourly Wages
Hourly earnings in manufacturing industries averaged
$1.29 in January, the month's advance of 1 cent an hour
being about as large as the month-to-month increases in the
last 4 months of 1947. As was the case in the fall and
winter months of the preceding two postwar years, nondurable goods industries have shown slightly larger hourly wage
increases in recent months than have the durable goods
group. Generally speaking, contracts in major durable
goods industries are only now coming up for renewal.
Retail Sales 18 Percent Above Year Ago
With the high rate of personal income as an underpinning,
sales at retail stores in January were 18 percent above January sales a year ago. The month's data do not suggest that
weakening demand for food at retail stores anteceded the
February price drop. Sales, seasonally adjusted, at food
March 1948
stores advanced 2 percent from December to January. Drug
stores and filling stations were other groups on the upside,
after seasonal correction.
Sales of the automotive group showed a slight decline in
January; the curtailed rate of automobile production in late
January and in February suggests that the decline may be
further extended. While decreases also were reported for the
apparel and general merchandise groups in January, the poor
shopping weather throughout the country may have been
the controlling factor.
Department store sales in February were unchanged from
the preceding month. March sales at these stores will reflect
this year's early Easter.
Inventory Accumulation Continues
In the field of business purchasing there was an addition
of 700 million dollars to the book value of business inventories in January, almost half the increase being in manufacturing. The addition of somewhat under 300 million dollars to retailers' stocks comes after the reduction of almost
1 billion dollars in December and leaves the book value of
these stocks below the figure at the end of October 1947.
These changes are only partly accounted for by seasonal
movements.
Large-Scale Capital Outlays Planned
Preliminary results of the most recent plant and equipment
survey indicate that the manufacturing industry plans to
continue large-scale expenditures for new producers' capital
in 1948, although these plans may be revised as changing1
conditions are reflected in subsequent quarterly surveys.
On the basis of partial returns giving manufacturers' anticipated expenditures for new plant and equipment in 1948,
it seems probable that the estimate of these outlays when all
returns are in will approximate the 1947 dollar total. Manufacturers now anticipate a slight rise in their outlays from
the first to the second half of 1948, although this is probably
attributable to seasonal factors which normally slow plant
construction and, to a lesser extent, equipment deliveries in
earlier months of the year. In view of the rise in prices over
1947, these estimates imply a small drop in physical volume
for the year as a whole.
Another important business group, the electric and gas
utilities, expect moderate growth in expenditures for new
plant and equipment in 1948, according to preliminary
indications. Although somewhat more of the utilities' outlays will be made in the second than in the first half of 1948,
for the year as a whole the expenditure rate is anticipated at
about the same level established in the second half of 1947.
The railroads look forward to a very large increase during
1948 in their expenditures for road and equipment. The
spending anticipations of the railroads are at this time closely
related to the availability of steel, particularly for freightcar construction. This has been a retarding influence on the
railroads' outlays so far in the postwar period and may
again result in some reduction of the 1948 expenditure
program.
Recent commodity price declines, if they have had any
effect upon capital programs, would not be reflected in this
survey. Questionnaires were mailed out in early January
and the returns for the most part reflect business plans before
the price declines occurred. Although it is possible that
some expansion plans have already been reduced or discarded, it seems unlikely that there would have been this
general reaction among the larger units of industry which
dominate the expenditure totals. Price adjustments had
been anticipated in some degree and large-scale industrial
expansion usually involves fairly long-term considerations.
* The complete results of this latest survey will be presented in next month's issue.
SUKVEY OF CURRENT BUSINESS
March 1948
Seasonal Slowdown in Construction
The short month of February marked the first month since
last May in which total value of new construction put in
place fell below a billion dollars. From 1,180 million dollars
in December of 1947, the value dropped to 1,070 million
dollars in January and to 960 million dollars in February of
this year. Private residential construction activity fell
sharply from the high monthly volume it had maintained
throughout the last quarter of 1947 and accounted for most
of the seasonal declines in total new construction.
The trend of construction work in the private residential
field reflects changes in the number of new privately financed
dwelling units started in each month, with a lag of one or
two months. The number of starts reached a peak of 93,000
in October and fell off in each of the following months, the
number being estimated at 50,000 in January 1948. In
view of the unseasonally high number of starts last October
and of the severe winter, the number in January cannot be
considered a poor beginning for residential building in 1948.
The January total is more than 25 percent above the comparable figure for 1947.
The \% million new permanent dwelling units which were
started in 1946 and 1947 created a huge demand for auxiliary
types of construction, such as private commercial structures
and public sewer and water facilities, but materials shortages
and restrictions on nonresidential construction had held
down activity in these fields during 1947 until the latter
part of the year. The pressure of the work backlog in these
two categories of construction was sufficient to prevent any
significant decline in activity at the turn of the year, and
the amount of private commercial construction put in place
actually advanced from January to February, a period when
every other type of construction declined.
Little Change in Employment
The general employment situation over the winter months
has shown few changes other than those associated with
special or seasonal factors. Nonagricultural employment,
as estimated by the Bureau of the Census, reached 51 million
last December, with most of the late 1947 gains seasonal in
nature. In early February, nonfarm employment was
600,000 short of the seasonal peak two months previous, but
was higher than in January.
Mainly as a result of the severe winter weather and of
shut-downs in industrial areas affected by gas shortages,
unemployment rose by 600,000 from January to February.
At an estimated 2.6 million, the number of persons available
for work but without jobs in February was about 150,000
above a year ago. In view of the increase in the civilian
labor force, however, the proportion of unemployment was
practically unchanged from last year.
Commodity Prices
The interruption of the steady climb of commodity prices
in January and February is of especial significance because
of its potential effects on the future course of business. The
decline was centered in the prices of agricultural commodities,
but it spread to the industrial sector as a result of the price
softening in agricultural raw materials. Thus, prices eased
for hides, leather, and print cloth. On the whole, however,
the average of industrial prices to early March remained
relatively unaffected by the developments in agricultural
markets. Price advances for semimanufactured and finished
goods continued to be announced, and the price cuts that
were made for finished manufactures (excluding foods) were
an exception to the general trend.
The limited nature of the downward adjustment was illustrated by the movement of the BLS weekly wholesale price
index covering more than 850 commodities which declined
4 percent from its January high, returning the index to the
level prevailing in November 1947. Farm product prices,
on the other hand, declined to the approximate level of July
1947, while food prices also lapsed to last summer's mark.
Wheat Prices in Forefront of Price Break
The recent decline of farm product prices was initially
characterized by a softening of wheat prices in January, which
developed into a sharp break in early February. After declining 19 cents between January 16 and February 3, cash
wheat prices at Kansas City fell 48 cents to $2.30 per bushel
between February 4 and February 13. At the end of the
month wheat prices were back to $2.38, a level comparable
to that prevailing early last year and again in July 1947.
The decline in wheat prices expressed the impact of several
factors generally reducible to an improved outlook for domestic and world wheat supplies in the near-term and in the
next crop year. The announcement early in the year that
near-completion of the 1947-48 export goal for wheat had
been accomplished made apparent that larger quantities of
wheat would be available to domestic buyers. Other factors
were the unexpectedly light feeding of wheat in the last half
of 1947, the mandatory requirement of 150 million bushel
carry-over, and the marked improvement in crop prospects
for most importing countries as well as for this country
because of favorable winter weather conditions.
Relation of Price Supports to Recent Declines
The latest weakening in prices of agricultural commodities
again brings into prominence the role played by price supports, a subject which was analyzed in an article, "Farm Price
Supports and the General Price Level," in the July 1947
issue of the SURVEY. At no time in February were any additional price support operations needed, since most prices
remained well above current support levels. However, price
movements of supported commodities are influenced not
merely by the current support price but also by the support
price which is to be effective for the crop year beginning
generally in July 1948. Were the new supports to be calculated on the basis of parity prices in February, they would
average about 5 percent higher than the current supports.
In the case of wheat, for example, a support price based on
90 percent of the February parity price would amount to
$1.97 per bushel at the farm level, as against the currently
applicable support price of $1.83. The current support was
fixed on the basis of the parity price prevailing last July.
A similar situation exists with respect to other supported
commodities, especially in those instances such as peanuts
and flaxseed where the price support is only slightly below
the current market price. Chart 2 illustrates for several
commodities the margin between the actual prices received
by farmers in mid-January and mid-February, the current
support prices, and 90 percent of parity prices in February.
Sensitive Hide Price
In the few industrial areas affected by the February price
declines, the new alignment of prices has generally reflected
the reduction in material costs as a result of the agricultural
price drop. In the case of the decline in hide prices, however,
reduced consumer purchases were a factor. The drop in the
price of hides anticipated the general decline in grain and
livestock prices by moving downward in late December from
36 cents per pound at Chicago—the approximate high of the
year—to 32 cents at the end of January. Thereafter, the
characteristically sensitive hide price fell to 25 cents by early
March, or about the same as a year ago.
Tanning production schedules were curtailed in January
and February and new orders received by shoe manufacturers
have declined more than seasonally since late last year as a
result of disappointing shoe sales in the final quarter of 1947,
SURVEY OF CURRENT BUSINESS
Chart 2.—Prices Received by Farmers and Support Prices
for Selected Commodities
I PRICES
I RECEIVED
— CURRENT
SUPPORT PRICED
DOLLARS PER BU.
4
DOLLARS PER CWT.
40
-
3
30
—*•
rt
c.
20
I
10
DOLLARS PER BU.
4
CORN
>
... 90 % OF
PARITY S/
DOLLARS PER BU.
6.00 f
SOYBEANS
HOGS
DOLLARS PER SU.
81
FLAXSEED
- 3.00
1.50
JAN. 15,
1948
FEB. 15,
1948
the fourth quarter of 1947. Moderate but numerous declines in the heavy basic industries between December and
January were offset by increases in output in most nondurable goods industries. The Federal Reserve index of industrial production, adjusted for seasonal variation, remained
at 192 (1935-39 = 100) in January, unchanged from the
index for November and December.
The decline in durable goods output was due chiefly to
adverse weather conditions which extended over a period of
three weeks—from January 25 through February 14. On
the other hand, activity in the nondurable goods industries
showed more than the normal seasonal increase between
December and January. The rise was featured by a large
gain in cotton consumption and a continuation of the strong
uptrend in output of paperboard, refined petroleum products,
and printing and publishing. Cotton consumption rose
from 753,000 bales in December 1947 to 860,000 bales in
January. The rate of consumption in the latter month was
the highest since April 1947.
Steel Output at 87-Million-Ton Rate
- 4.50
10
March 1948
JAN. 15,
1948
FEB. 15,
1948
JAN. 15,
1948
FEB. 15,
1948
48-67
1 Current support prices are for crops harvested in the crop year 1947-48 and for hogs marketed
in March 1948.
2
Ninety percent of the parity price as of the beginning of the support period is the mandatory level of support for all commodities shown, except cotton which is supported at 92.5
percent of parity. Computations are based upon parity prices as of February 15, 1948.
Ninety percent of the parity price is not shown for flaxseed because it is supported well above
the minimum.
Sources of data: U. S. Department of Agriculture, Bureau of Agricultural Economics, except percent of parity which was calculated by U. S. Department of Commerce, Office of
Business Economics, from Bureau of Agricultural Economics data.
especially in higher priced lines. Reports from department
stores for this quarter reveal that sales of women's and
children's shoes were 6 percent above a year ago, while boys'
and men's shoes were practically unchanged, though prices
for all types of shoes were substantially higher. Shoe sales
in bargain basements for this period, on the other hand,
averaged about one-fifth higher than a year ago. Sales at
independent shoe stores at the end of 1947 were about the
same as at the end of 1946 and were lagging far behind sales
at the generally lower-price chain stores.
Steel mill operations during the first 2 months of 1948
averaged about 93 percent of the new rated capacity of 94.2
million net tons. On a daily average basis, production in
January and February was at an annual rate of 87 million
tons, and compares with a rate of 89 million tons in December and 84 million tons in the January-February period a
year ago, when rated steel-making capacity was lower by
3 million tons.
Gas Shortages Slow Auto Assembly Lines
Shortages of gas forced shut-downs in a number of automobile plants in the Detroit area for three consecutive weeks
and resulted in a sizable loss of output, notably in passenger
cars. Temporary shut-downs for inventory purposes, coupled
with model change-overs at the start of the year, contributed
to the reduced volume. As a result, factory sales of cars
and trucks fell from the postwar peak of 470,000 units in
December to 402,000 units in January, and to about 380,000
units in February. Output was stepped up in the last two
weeks of February as industrial gas supplies again became
available. In the last week of the month, 114,000 passenger
cars and trucks were assembled.
Declining New Order Volume in 1947
Examination of the trend of new orders in various manufacturing industries in 1947 reveals in general a U-shaped
curve which reflects the underlying trends discussed in last
month's Annual Review Number. Despite the pick-up of
orders in the second half, they remained below the high
Mixed Price Trends at Retail Stores
levels of 1946 when the postwar acceleration of production
As prices declined in primary markets during February,
was under way. Satisfactory data on the physical volume
concurrent reductions in food prices were made by retailers,
of new orders are limited but information is available for
both in anticipation of lower replacement costs and to move
a selected list of products. These data suggest that the
slow-moving stocks. A special report from 12 cities in middecline in the rate of incoming business has been of sufficient
February revealed that 13 out of 20 foods surveyed had
magnitude relative to the current volume of shipments to
declined in price, 5 had increased, and 2 showed no change.
cut rather sharply into the high manufacturers' backlogs
On the average, the month-to-month decline is estimated at
for some types of goods. However, with more regularized
3.5 percent, with normal seasonal downturns reinforcing the
production, both the placing and receipt of orders have no
declines in some cases.
doubt come more into line with production probabilities
Although no reports for February are available as yet on
and users' actual needs.
nonfood retail prices, there was little evidence to suggest a
Charts 3 and 4 illustrate the movement of the physical
decline from the January 1948 peak. To the contrary, volume of new orders for 12 commodities of varying imporincreases in wholesale prices of furniture and apparel and
tance in manufacturing.2 New order placing continued on
the upward trend in rent costs since last summer suggested
a rising scale throughout most of 1946, the peak generally
no immediate weakening in the average of nonfood conbeing reached in the final months of that year. Thereafter,
sumers' prices.
a declining trend gradually set in which was accelerated in
the succeeding months and was not arrested until the second
Trend of Production and New Orders
half of 1947, coincident with the marked upswing in general
The over-all rate of industrial activity in January and
2 In 6 of the 12 series shown, new orders were derived from data on shipments and unfilled
February was maintained on the high plateau reached in
orders; the other 6 are published series.
SUEVEY OF CUKKENT BUSINESS
March 1948
l
Chart 3.—New Orders for Selected Commodities
TOTAL FOR MONTH
•» MONTHLY AV. FOR QR.
3-MONTH MOVING AVERAGE, CENTERED AT MIDDLE MONTH,
—
THOUSANDS
MILLIONS
175
3.0
MILLIONS OF POUNDS
60
ALUMINUM CASTINGS
(FOR S A L E )
MILLIONS OF POUNDS
60
MILLIONS OF POUNDS
50
50
50
ELECTRIC MOTORS,
POLYPHASE INDUCTION
150 -(1-200 HORSEPOWER) -
40
40
40
125
60
COPPER CASTINGS
(FOR S A L E )
ZINC CASTINGS
(FOR S A L E )
- /^x
/
30
20
20
20
10
1948
1946
MILLIONS OF SQ FT.
3.0
1947
MILLIONS
5
BARRELS AND DRUMS,
STEEL (HEAVY TYPE)
4
BOILERS,STEEL
2.5
50
1946
1948
\
1947
1948
MILLIONS
.6
COOKING STOVES AND
RANGES, DOMESTIC
.5 -(NONELECTRIC)
1.5
\
\
75 —
10
10
1947
1946
2.0
\
100 J
30
30
ELECTRIC MOTORS
(FRACTIONAL
_
HORSEPOWER)
2.5
%
\
"""
i i i 1 i m 1 i
1946
1947
1.0
A-
.5
.9
-
X'
I
I I 1 I 1
1946
1948
MILLIONS OF SHORT TONS
1.0
PAPERBOARD
-
1947
i 1 1
1948
MILLIONS OF LINEAR YARDS
121
PYROXYLIN-COATED
FABRICS
10
.8
2.0
1.5
.3
1.0
.2
.5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
.5
1946
1947
1946
1948
1947
1946
1948
1947
1948
1946
1947
1948
1946
1947
1948
48-61
1
Data for electric motors (polyphase induction and fractional horsepower) are not strictly comparable between 1946 and 1947 because of an increase in the number of reporting companies
in the latter year.
Sources of data: U. S. Department of Commerce, Bureau of the Census, for all commodities except electric motors (polyphase induction and fractional horsepower) and paperboard, data
for which are from the National Electrical Manufacturers Association and the National Paperboard Association, respectively.
Chart 4.—Shipments and New and Unfilled Orders of
Iron Castings for Sale 1
THOUSANDS OF SHORT TONS
400
MILLIONS OF SHORT TONS
GRAY IRON
CASTINGS
MALLEABLE IRON
CASTINGS
UNFILLED ORDERS
UNFILLED ORDERS
300
200
NEW ORDERS
SHIPMENTS
1111111111111111111
1946
1947
1948
100
NEW ORDERS
SHIPMENTS
MINI
1946
I IIIIIIIiI
II
1947
1948
i Data for unfilled orders are end of month totals and for shipments are monthly totals
Data for new orders are 3-month moving averages centered at the middle month.
Source of data: U. S. Department of Commerce, Bureau of the Census.
business activity. Despite a noticeable pick-up in ordering,
the rate at the year end was below orders in the comparable
months of 1946 in 7 of the 10 series included in chart 3.
The rates at which backlogs of iron castings—widely used
in the automobile, construction, machinery, and railroad
equipment industries—have been declining in the past 12
months are shown in chart 4, which also provides a comparison of monthly shipments and new orders. Manufacturers
of iron castings were able to reduce their order backlogs in
1947 as the physical volume of shipments exceeded the new
order flow in all but 2 or 3 months. The drop in unfilled
orders was much more pronounced for malleable iron castings than for gray iron castings. It should be noted, however, that large backlogs remain on the books of these
manufacturers. The volume of unfilled orders was somewhat less than 5 times the current monthly rate of shipments
for both malleable and gray iron castings.
Reduction in Unfilled Orders
Further evidence that backlogs have tended to move
downward from the very large volume held on manufacturers'
books at the beginning of 1947 is provided by data submitted
by a sample of identical companies in the durable goods
industries (excluding automobiles) reporting to the Office of
Business Economics in connection with the Industry Survey.
As pointed out on several occasions in the SURVEY, new
orders for durable goods have tended to lag behind the value
of shipments since October 1946.
The drop in unfilled orders between 1946 and 1947 for
these companies represented a reduction from 7 to 5 months'
shipments at the December rates in each year. Part of
this decline, however, may reflect the more immediate effect
of rising prices on the value of shipments than on order
backlogs. Furthermore, backlogs at the end of 1947 still
were large relative to prewar years; unfilled orders on manufacturers' books represented 3 months' shipments at the end
of 1939, a period when shipments were running far below
the current rate.
Order Placing Stepped Up by Department Stores
Information available for industries outside the durable
goods area suggests that the movement of unfilled orders
over the past year has varied from the pattern just described
for the durable goods sector. The data illustrated in chart
5, which apply to a sample of 296 relatively large department stores reporting sales, stocks, and outstanding orders
monthly to the Federal Keserve Board, throw light on the
SURVEY OF CURRENT BUSINESS
6
backlog position of those manufacturers selling to department stores and to retailers in closely allied lines. It may
be noted that backlogs play at less important role in soft
goods manufacturing than in the heavy goods industries
where production must be planned long in advance of delivery dates.
Net new orders placed by this sample of stores have moved
through contracting and expanding phases since the peak
reached in mid-1946, when it was apparent that the stores
had overextended their commitments. The low point in
the downswing occurred in April 1947, coincident with a
general lull in buying activity throughout the retail community. The peak of the subsequent upswing was in
October 1947, just prior to the busy holiday season. The
volume of new orders in January 1948, the latest month for
which data are at hand, was about one-fifth higher than in
January 1947. In appraising these movements, allowance
should of course be made for the changing level of prices.
The value of total outstanding orders at the end of January was about as high as a year earlier, although it exceeded
the value in the spring of 1947, at the end of the contracting
hase, by about 80 percent. The value of merchandise on
and at the end of January was relatively unchanged from
a year ago. Because of a rise of about 6 percent in sales,
the ratio of outstanding orders and stocks to sales was
somewhat lower than at the end of January 1947.
March 1948
Chart 6.—Consumer Credit Outstanding, End of Month
BILLIONS OF DOLLARS
141
S
Source of data: Board of Governors of the Federal Reserve System.
Chart 5.—Orders, Receipts, and Stocks for 296 Department Stores
MILLIONS OF DOLLARS
1250
ORDERS OUTSTANDING
ffvo Of MOUTH)
STOCKS
{END OF MO/VTHJ
1000
750
A
500
250
RECEIPTS
I 1I I ! I I I I I I I
1945
I I I I I I I I I I I
1946
NEW ORDERS, NET
I I I I I I I I I I I I I I I I I I I I I I I
1947
1948
1 Receipts equal sales plus inventories at end of month, less inventories at beginning of
month.
2 New orders (net) equal orders outstanding at end of month, less orders outstanding at
beginning of month, plus receipts.
Sources of data: Orders outstanding and stocks, Board of Gfovernors of the Federal Reserve
System; receipts and new orders (net), computed by, U. S. Department of Commerce, Office
of Business Economics, from Federal Reserve Board data.
Consumer Credit
After reaching a peak of 13.4 billion dollars in December,
the volume of consumer credit outstanding declined seasonally to about 13 billion dollars at the end of January. As
shown in chart 6, the reduction centered in charge account
credit and reflected repayment of debt incurred in the holiday buying season.
Effects of Termination of Controls
During the last two months of 1947, consumer indebted
ness increased by 1% billion dollars. While one-third or
more of this increase was due to the usual seasonal influences,
it appears that the expansion in the late months of 1947
was more rapid than the pace established in the earlier
months of the year. The acceleration was undoubtedly due
in large part to the reduction of credit terms following the
termination of controls on instalment credit on November 1.
A reduction in requirements for downpayments results in
an immediate increase in credit extension; a lengthening of
maturities has the same effect, although it takes a longer
period of time to work itself out. The process of credit
liberalization already initiated may therefore be expected
to have a continuing expansionary effect. At the same
time, it is likely that competitive bidding for consumer
patronage through the offering of more attractive terms of
lending will become more general in the period ahead. Both
the proportion of credit sales to total sales and the terms of
credit have not approached prewar standards in the short
time which has elapsed since controls were lifted.
The liberalization of credit terms has had its most noticeable effect on credit purchase of durable goods other than
automobiles. In the case of automobiles, relaxation of controls generally resulted more in extended maturities of loan
and sales credit than in reduced down payments.
In the case of other durable goods, on the other hand,
both down payments and maturities were affected. The
greater impact of changes in down payments on these latter
purchases as compared with automobile credit purchases may
explain the larger and more immediate increases in debt
extended to finance nonautomotive credit sales, although
allowance also should be made for differences in the supplydemand situations for automobiles and other consumer
durables. In the latter instance, the closer approach to a
balanced market position and the consequent emergence of
more competitive sales efforts have spurred the shift to
easier terms of credit.
Since the present volume of consumer indebtedness is not
excessively high in terms of ability to meet charges out of
current income, further expansion may be expected both as
the result of the liberalization of credit terms and of larger
supplies of automobiles and other durable consumer goods.
March 1948
SURVEY OF CURRENT BUSINESS
Trends in Textiles and Clothing
Consumer expenditures on clothing and accessories in 1947
reached the record total of 16 billion dollars, almost 3 times
the 1939 amount, but only 3 percent higher than the level
of 1946. Despite the increase in dollar expenditures, unit
volume in 1947 was off considerably from the 1946 volume as
a more balanced distribution of production between men's
and women's clothing was achieved.
The decline in unit volume, confined almost wholly to
women's clothing, represents a partial return toward a more
normal level of women's clothing expenditures. Sales in
women's clothing stores relative to the level of disposable
income of consumers have been abnormally high through
most of the war years and the postwar period. In 1946,
women's clothing store sales were one-third higher than would
be expected on the basis of the prewar relationship with
disposable income and in 1947 were still one-fifth higher.
The various branches of the textile industry fared better
than the clothing industry in 1947, essentially because of
the diversified nature of the demand for textiles. The output of the cotton textile industry increased over the year as
demand for cotton goods by agricultural and industrial
users was well maintained and export demand reached an
all-time high. Woolen and worsted goods production fell
from its 1946 peak while rayon goods advanced. In the case
of both wool and rayon the sharp change in the styles of
women's clothing toward greater fabric consumption per
garment cushioned the impact of reduced garment production. Textile production in 1947 was also characterized by
the large-scale return of staple fabrics, which in turn permitted greater production of staple clothing items, previously
in short supply.
Except for a fairly brief period in the spring of 1947 the
general trend of textile prices was upward. The recent pricesoftening in some commodity markets has, on the whole, had
little effect on the average of textile and fiber prices up to the
latest period for which data are available, although there
have been frequent trade reports of hesitancy on the part of
purchasers of cotton textiles over the past month and a half.
Spot prices of raw cotton had been edging down steadily
during January and in mid-February were more than
10 percent below the high which prevailed at the beginning
of the year; however, much of this drop had been recouped
by early March. Small decreases have occurred in the prices
of some cotton textiles and there has been a marked drop in
the high premiums for immediate delivery which certain
fabrics in relatively short supply have been commanding.
the production of yarn and an intermediate process in the
production of woven goods, by far the most important
category of cotton textile production. As finer yarns and
thus lighter-weight fabrics are produced, there is a rise in
both the number of spindle hours of activity and the number
of yards woven per bale of cotton consumed.
The movement of cotton consumption relative to spindle
hours, illustrated in chart 7, can be explained largely in
terms of the changing composition of cotton textile output.
For example, between 1939 and the peak year in cotton
textile manufacturing in 1942, cotton consumption rose
relatively more than spindle hours because of the heavy concentration on the production of coarse fabrics needed for the
war, such as ducks, yarns for which can be spun relatively
quickly.
The change in the pattern of broad woven goods output
from 1946 to 1947 was characterized by a shift away from
heavy coarse-yarn fabrics to light fine-yarn goods. This is
illustrated most clearly by the 12-percent increase in the
production of print cloth yarn fabrics and the 12-percent
decrease in ducks which occurred over the year.
Divergent Movement in Measures of Activity
Linear Yardage Rises in Cottons
One of the interesting developments in the textile field
over the past year has been the divergent movement among
the different measures of cotton textile activity. Cotton
consumption, which is generally used in indexes of industrial
production to measure productive activity in the cotton
textile industry, declined approximately 3 percent from
1946 to 1947. Aggregate spindle hours, on the other hand,
increased 6 percent, while output of cotton broad woven
goods showed a rise of 7 percent over the same period.
The apparent discrepancy between the movements in cotton consumption and the other measures of cotton textile mill
activity is not indicative of any inconsistency in the figures.
Cotton consumption, strictly speaking, is an input measure,
a bale of raw cotton being " consumed" when it is opened in
the cotton mill in the initial stage of the production process.
Obviously, the amount of processing which is done to the
cotton will not show up in the consumption data. A good
indication of manufacturing activity, however, is afforded by
aggregate spindle hours, spinning being the final process in
In terms of linear yardage, the production of 9.8 billion
yards of cotton broad woven goods in 1947 represents the
highest amount turned out by the cotton goods industry since
1943. The 1947 output may be compared with 11.1 billion
yards produced in the peak year of 1942 and 8.3 billion yards
produced in 1939.
Table 1 shows the changes in production from 1946 to 1947
by broad classes of cotton fabric. More than half the increase from 1946 to 1947 occurred in the print cloth yarn
fabric group. This group embraces staple cloths which are
especially important in clothing—although it should be
noted that print cloths are widely used for agricultural
bagging, home furnishings, and industrial purposes as well.
The rise in the colored yarn fabric group marks the increase
in staple work-clothing fabrics such as denims.
The small increase in fine cotton goods reflects divergent
trends. Fabrics such as broadcloths, which had fallen sharply all during the period of price control, showed marked increases, while the heavier fine goods, like twills, used for
Chart 7.—Active Spindle Hours and Cotton Consumption
INDEX, 1939 = 100
INDEX, 1939 = 100
180
180
160 -
- 160
140 -
- 140
120 -
- 120
100
100
1939 40
41
42
43
44
45
1946
Source of data: U. S. Department of Commerce, Bureau of the Census.
SUEVEY OF CURRENT BUSINESS
8
military clothing during the war and now used for sportswear
and better-quality work clothing, declined.
Of the fabric classes showing decreases over the year, the
most marked decline was registered in the specialty and other
fabric group, in which drapery and upholstery fabrics showed
the greatest reductions. The decline in ducks is due to a
variety of reasons, among which may be cited the existence
of large surplus supplies of duck at the end of the war and
the marked falling off in fabric shoe production.
Cotton Textile Prices Move Up
Despite the improvement in the supply situation during
1947, cotton goods prices increased considerably over the
year under the pressure of increased market demand. The
BLS wholesale price index of cotton goods rose approximately one-sixth from January to December and for the
year averaged 198 (1926 = 100), or higher than the level
reached in the boom of 1920.
Table 1.—Production of Cotton Broad Woven Goods, by Type of
Fabric, 1946-47
[In millions of linear yards]
1946
Total (except tire fabrics) _.
Print cloth yarn fabrics
Narrow sheetings and allied coarse and medium yarn fabrics
Colored yarn fabrics
Wide cotton fabrics
Napped fabrics
Fine cotton goods..
_.
•
Towels, towelings, and wash cloths
Cotton duck
' .
. _ . _
_ _ _ _ _
Specialties and all other fabrics
1947
Increase
9,144
9,791
647
2,885
2,205
616
563
456
1,275
415
241
488
3,238
2,351
723
647
508
1,316
409
213
386
353
146
107
84
52
41
-6
-28
-102
Source: U. S. Department of Commerce, Bureau of the Census.
The course of prices throughout the year, however, was not
steadily upward. The lull in purchasing which characterized
most wholesale markets in the spring was evident in cotton
textile markets; prices edged off between March and May
but resumed their upward trend from then on. The increases
in the final quarter of the year were particularly pronounced.
Price advances have not been uniform for all fabrics. The
largest increases have been registered in the heavily demanded print cloths, while goods like ducks, production of
which has fallen, showed little price change over the year.
Wider Spread Between Raw Cotton and Cloth Prices
Although raw cotton prices rose during 1947, the rise was
less than that which took place in cloth prices, with the result
that the spread between cloth and raw cotton prices was
increased still further. This spread covers all manufacturing
and selling costs in addition to the producer's profit. In
December 1947, the month when spreads were at their peak,
they were approximately double those prevailing in October
1946. The spread on print cloth, widely used in clothing and
in tight supply, was roughly three times that in effect just
prior to the abolition of price ceilings.
The spread referred to above is based on "spot" and
"nearby" cloth prices, which—especially in the case of print
cloth—command a substantial premium over fabrics sold
for delivery at more distant dates. Before the war most
transactions involved "spot" and "nearby" deliveries—for
print cloths, the latter are defined as less than 3 months
from the date of sale—but today most sales involve "future"
deliveries.
If spreads were recalculated to show the difference between prices for future deliveries—"contract" prices, socalled—and raw cotton prices, they would be sustantially
less than those based on "spot" and "nearby" prices. Nonetheless, in the case of print cloth, they would still be more
than double those prevailing before the controls which
March 1948
limited cost and price increases were finally removed. In
the case of fabrics which are in easier supply, the spreads
rose considerably less than for print cloth.
Much of the widened spread between raw cotton and cloth
prices is accounted for by higher wage rates and other costs,
but a significant portion represents higher unit profits. One
of the reasons for the increase in profits for the cotton textile industry as a whole has been the shift in production to
fabrics like print cloths which are in wide-spread demand
and command large premiums for "spot" and "nearby"
deliveries.
Cotton Cloth Exports Double From 1946 to 1947
A record of 1.5 billion square yards of cotton cloth, both
finished and unfinished, was exported during 1947—almost
15 percent of total cotton-fabric output.
Chart 8 shows cotton cloth exports in square yards biennially from 1919 through 1941 and annually from 1942 to
date, as well as the estimated percent of production represented by exports. Cotton cloth is the most important
segment of the cotton manufactures group which, however,
also includes items such as thread, housefurnishings, bagging, and clothing. Exports were high immediately after
World War I—in fact, the peak prior to 1947 was 1920,
when over 800 million yards of goods were sold to foreign
countries.
The export controls which had been imposed during the
war were retained through the first quarter of 1947, after
which there was a marked jump in shipments abroad, which
remained high through November. December shipments
dropped off noticeably, however, approximating those of
December 1946, and reports were current at the beginning
of 1948 that the export trade was still falling off.
Sharp Drop in Woolen Industry
The decline which occurred in the production of woolen
and worsted textiles between the fourth quarter of 1946
and the second quarter of 1947 was, with two or three exceptions, the largest decline for any of the components of
the Federal Keserve index of industrial production during
this period. Apparel-wool consumption, after adjustment
for seasonal variation, dropped almost 20 percent. Production of nongovernment apparel fabrics fell from 137 million
linear yards to 96 million over the same period. After showChart 8.—Cotton Cloth Exports: Total and Percentage
of Production
BILLIONS OF SQUARE YARDS
1.6
PERCENT
16
I 2
12
EXPORTS AS A PERCENTAGE
OF PRODUCTION - Right scale
EXPORTS ^-Left scale1
~~ R3 Rfl JSi^S
1919 21 23 25 27 29 31 33 35 37 39 41 42 43 44 45 46 47
i Includes tire fabric.
Source: Basic data, U. S. Department of Commerce, Bureau.of the Census.
SURVEY OF CURRENT BUSINESS
March 1948
ing little change in the third quarter of 1947, however, there
was a substantial pick-up iix linear yardage in the final quarter, although average weekly production was still 26 percent
below the final quarter in 1946. For the year as a whole,
total woolen and worsted yardage was off by approximately
one-sixth from the record reached in 1946, while nongovernment apparel yardage fell by some 20 percent.
The decline in production was confined chiefly to the
woolen as contrasted with the worsted branch of the industry.
Worsteds are of primary importance in the production of
men's suitings, whereas woolens are used mostly in the'
production of women's wear fabrics and men's overcoatings
and topcoatings. There can be little doubt that, were it not
for the sweeping changes in the styles of women's clothing
introduced in 1947, output of woolens would have fallen even
more sharply. The slowdown in production also reflected
the sharp decline in the output of knitting yarns, used in the
production of knitted outwear (sweaters, bathing suits, etc.).
Cost increases throughout the year in the form of higher
raw wool prices and wage rates in general have been reflected
in higher yarn and fabric prices. The BLS wholesale price
index for woolen and worsted goods in January 1948 was
17 percent higher than in January 1947. Leading producers in the industry recently announced price advances
on men's wear worsteds for fall 1948 delivery averaging 10
percent.
Rayon Industry Buoyant
The most buoyant of the textile industries during 1947
was the rayon industry. Shipments of rayon filament yarn
increased over 10 percent over 1946 and more than doubled
the 1939 figure.
The production of 1.9 billion yards of rayon broad woven
fabric in 1947 was 11 percent above the previous year and
more than a third above the combined rayon and silk total
for 1939. As was true in the case of wool textiles, however,
the increased yardage required per garment has offset to a
considerable extent the effect of lower dress and underwear
output. Production of rayon dress and underwear fabrics
was only slightly over the 1946 total.
Both filament yarn and staple fiber prices were advanced
during 1947, bringing the BLS wholesale price index for
rayon 35 percent above the October 1946 level, although the
rise since 1939 has been only 41 percent. Prices of both
rayon grey goods and finished goods have risen substantially
since the end of price ceilings. Price quotations for standard
constructions of rayon grey goods used in the dress and underwear trades have risen 75 to 100 percent over the last OP A
ceilings.
Clothing Demand Falls
Although consumer expenditures on clothing in 1947
advanced over 1946, lower demand in physical terms was
evident from the reduction of clothing output. The bulk
of the decline in production occurred in women's clothing,
output of men's and boys' wear being substantially unchanged from a year ago. Relative to disposable income,
consumer expenditures on clothing and accessories are still
higher than would be expected on the basis of prewar
experience.
Not only did the proportion of women's clothing to the
total decline over the year, but staple clothing items—
supplies of which were exceptionally low just prior to the
abolition of price controls—reappeared in large volume on
retail counters, while sportswear and other less essential
articles of apparel, which had hitherto enjoyed an unprecedented boom, underwent sharp declines.
Table 2 shows indexes of clothing production for 1946 and
1947 on a 1939 base. Aggregate production in units—this
does not include shoes—was down by 9 percent over the
year and stood only 16 percent higher than the 1939 level.
779554—48
2
Table 2.—Indexes of Clothing Production, 1946 and 1947
[1939 daily average=100]
1946
All clothing-Men's, youths', and boys'
__ _
Outerwear _
Suits__
Topcoats and overcoats
Separate coats and trousers
.._ _
Shirts (excluding work)
Work clothing. _ _
Underwear and nightwear
Women's, misses', and children's
__
Women's, misses', and juniors' outerwear Dresses
Coats, suits, jackets, and skirtsBlouses
Women's and children's undergarments
__ _
Hosiery
.
,__
.Knitted outerwear
Gloves
Footwear
Clothing and footwear, total
128
118
121
99
145
200
109
118
96
141
149
119
194
233
121
103
102
125
114
126
19471
Percentage
change,
194b-47
116
117
117
107
127
178
122
103
112
121
126
102
162
208
108
97
109
110
108
115
—9
-1
-3
+9
—13
—14
+12
-13
+17
—14
—15
—14
-16
—11
—10
-6
—33
-12
—5
—9
i Preliminary. Based in part on 9 months' data.
Source: U. S. Department of Commerce, Office of Business Economics. For description
of these indexes and data back to 1939, see "Indexes of Clothing and Footwear Output for
Civilians, 1939-47," June 1947 SURVEY.
The decline in women's and children's wear over the year
was one-seventh, whereas men's and boys' production was
only fractionally lower than production a year earlier. These
indexes do not take into account any shifts in quality that
may have occurred between the two years.
Men's Clothing Backlog Diminishes
The failure of men's suit production to show an appreciable
pickup over 1946 after the first quarter of 1947 was indicative
of the filling up of pipe lines and the disappearance of most
of the backlog which had been built up as a result of the low
level of suit production during the war years. Year-to-year
changes in production after March were quite small in the
case of suits, while output of separate coats and trousers was
well below that achieved in 1946. Nonetheless, supplydemand conditions varied within the suit industry; better
grade worsteds were short relative to demand while woolens
were in fairly easy supply.
As table 2 shows, and as was explained, in previous
SURVEY articles, production of separate coats and trousers
experienced very heavy increases throughout 1946 in comarison with 1939—at the same 3time that suit output was
elow that of the prewar period. Production of overcoats
and topcoats was also well below the 1946 figure. The
improved supply of men's clothing at retail is also seen in
the 68-percent increase in department-store stocks of men's
clothing for December 1947 in comparison with December
1946, as well as in the increase in the stock-sales ratio for
men's clothing from 1.3 in December 1946 to 1.9 a year later.
Production of men's dress shirts increased substantially
during 1947, while that of sport and utility shirts decreased.
The low level of dress-shirt production during 1946 stemmed
from the very short supply of suitable shirting fabrics,
especially combed and carded broadcloths. Despite continuing high levels of industrial and agricultural activity,
work-clothing production was down considerably from
1946—which was a peak year for output. Here again, however, a marked change in the composition of output took
place. In general, the lower-priced garments (made of
denims and coverts) increased while the higher priced goods
(made of drills, twills, jeans, and ducks) declined.
E
Women's Clothing Production Off Sharply for Year
The decline in the production of women's clothing should
be viewed in the light of the relatively high level of women's
(Continued on p. 2Jf)
s See Developments in the Textile and Apparel Industries, SURVEY, May 1947.
Business Financing in the Postwar
Period
By Irwin Friend
Business entered the postwar period in a favorable financial
position to meet the expansion of facilities required by enlarged markets and the accumulation of needs during the
war. During the 6 years from the end of 1939 to the end of
1945, the net working capital of nonfinancial corporations
more than doubled, with almost three-fourths of the total
increase of 27.5 billion dollars taking place in the 4 years
following Pearl Harbor. Virtually all of the net increase in
working capital over the war period was in highly liquid
form, i. e., cash and Government securities.
The accumulation of liquid resources during the war was
a reflection not only of Government fiscal policies but also
of the restrictions on private capital expansion, so that
funds which normally in a period of high business activity
would have gone into fixed capital went into liquid assets
instead. Most of the increase in cash and Government
securities was attributable to retained profits and, to a
much lesser extent, to depreciation charges in excess of plant
and equipment expenditures.
As a result of the limitations on the acquisition of new plant
and equipment on private account, and also of the more
rapid amortization of war facilities permitted by law, the
net property account at the end of 1945 was back to the
1939 level, and about 4 billion dollars lower than 1941.
There was a moderate drop in long-term debt from 1939 to
1945, offset only in part by a rise in equity securities; most
of the liquidation of debt occurred during the war years.
In addition, the Government interest rate policy permitted
a general refunding of outstanding fixed-interest-bearing
obligations at reduced interest charges, which insured a
much lower debt burden in future years.
Large Capital Requirements
In the postwar period, business was confronted with huge
capital requirements for expansion of plant and equipment
facilities to take care of postwar markets and technological
advances, and for added working capital in line with increased peacetime activity and the rising price level. The
vastness of these capital requirements, amounting to 50
billion dollars for nonfinancial corporations in 1946 and 1947,
inevitably led to a growing pressure of demand upon the
available sources of funds for business investment—focusing
attention for the first time in many years on possible deficiencies in the supply of capital, particularly equity capital.
As an initial step in analyzing the capital problems facing
industry, this article will describe the capital requirements
of business since the end of the war, the manner in which they
were financed, and the price paid for funds raised in the
capital and money markets. It will compare the postwar
and prewar periods in these respects.
NOTE.—Mr. Friend is Chief of the Business Structure Division, Office of Business Economics.
10
Sources and Uses of Funds in 1946 and 1947
To indicate the manner in which business financed all of
its needs for funds in 1946 and 1947, it would be necessary
to have a complete source and use of funds analysis for the
entire business economy. Such comprehensive data are not
now available, but it is possible to provide estimates for the
corporate sector of the economy which are given in table 1.
In tracing the flow of funds received and disbursed by
business concerns, the sources of funds should be equal to
their uses. There are several reasons for discrepancies, however, apart from errors in estimation. First of all, the money
received by corporations—largely from unincorporated business—as a result of an excess of sales over purchases of used
plant and equipment is not reflected in these statistics.
Second, transactions in securities held as permanent investments, i. e., as noncurrent assets, are not covered except
where there is a public offering. Third, net new issues, i. e.,
new security issues less retirements, do not include entrepreneurial capital used in setting up new corporations where
there is no offering or sale of securities to the public or to
Table 1.—Sources and Uses of Corporate Funds, 1946 and 1947 l
[Billions of dollars]
1946
Uses
Plant and equipment:
New
Used
.•
Inventories (book value)
Keceivables (trade):
From business
_ _
_
_
_ __
From consumers
From Government
Other current assets
.
_ _ .
Sources
Retained profits 2
Depreciation
__.
Cash and deposits
_
. __
U. S. Government securities. - __
_ _
_
Payables (trade):
Business
GO vernm en t
Federal income tax liability
_
.
Other current liabilities
Bank loans (excluding mortgage loans) :
Short-term
Long-term
Mortgage loans
Reconstruction Finance Corporation loans
_
_
Net new issues
_.
Total
Plant and equipment
._
_.__
_ . - ._ _
Working capital
Refunding, refinancing, etc
Retirements
Discrepancy (uses l<?ss sources)
1947
23.8
26.7
10 5
1.1
7.5
14 2
.5
6.7
5.8
1.6
—2.0
-.7
4.0
1.3
— 2
.2
26. 7
10 1
4.3
— 1.0
1.5
23.3
6. 3
4.1
.3
6.1
38
—.8
-2.5
10
(3)
2.3
0 7
(3)
1.9
1.4
.6
-.2
2.3
7.2
2.2
1.2
3.8
4.9
.5
1.6
1.4
.7
(3)
4.1
6.6
3.3
1.1
2.2
2.5
0
1 Excluding banks and insurance companies.
Including depletion.
Less than 50 million dollars.
Source: U. S. Department of Commerce estimates based on Securities and Exchange Commission and other financial data.
2
3
March 1948
SUEVEY OF CUEEENT BUSINESS
institutions. The liquidation of such corporations similarly
is not reflected. These deficiencies, it should be noted, do
not appear to be particularly significant.
Internal Funds Twice External Financing
In 1947, in addition to the very substantial capital outlays charged to current account, corporations other than
banks and insurance companies expended over 14.5 billion
dollars on plant and equipment, close to 7 billion on enlarging their inventories, and added 5 billion to their trade
receivables. This aggregate of 26.5 billion dollars—the
highest on record—was financed by 10 billion of retained
profits, 4.5 billion of depreciation charges, 4 billion of net
new capital issues, and 3.5 billion of bank loans (including
mortgages), as well as by a billion-dollar increase in trade
payables, a 3-billion increase in income tax liabilities and
other payables, and a 500-million dollar reduction in liquid
assets. Thus, funds available from current operations—
that is, through retained profits and depreciation charges—
were approximately twice as large as those obtained from
external sources through securities or bank loans.
Net investment in fixed capital facilities in 1947 was at
an unprecedented dollar total, with plant and equipment
expenditures exceeding depreciation charges by more than
10 billion dollars. The increase in inventory value, though
substantial, was not so high as in the previous year and was
attributable in large part to a rise in the prices of the goods
held in inventories in addition to a moderate rise in physical
volume. The extremely high increase in net trade receivables, i. e., trade receivables less trade payables, amounting
to 4 billion dollars, reflected mainly the credit extended by
corporations to unincorporated business and consumers and,
less important, to the United States Government and to
foreign companies.
Liquid Assets Less Available Than in 1946
In comparison with the previous year, there was a rise
in capital requirements during 1947, a rise in retained profits,
a rise in net security issues, a slight slackening in the rate
of increase in bank loans, and a decided tapering off in the
rate of reduction of liquid assets. There was not much
change in liquid assets in 1947—unlike the 6.5-billion-dollar
reduction in cash and Government securities, mainly the
latter, during the preceding year. Part of this difference
between the 2 years in the trend of liquid assets is explainable in terms of the increase in income-tax liabilities during
1947 as compared with the decrease during 1946. A more
important reason probably is the disappearance in 1947 of
some of the excess liquidity which corporations had in 1946.
As business activity and prices rose, there was less leeway
for further drawing down of liquid assets.
The very substantial increase in security issues in 1947
is of particular interest. As shown in table 2, over twothirds of the amount of net security issues during the past
year took the form of bonds. The remainder was distributed
between common and preferred stock, with the former much
the more important of the two. The volume of net equity
issues in 1947, i. e., both common and preferred, was about
the same as in 1946, but there was a much larger rise in
bonded indebtedness.
The funds raised by corporations, other than banks and
insurance companies, through security financing were
supplied by the rest of the economy, i. e., by financial
institutions and individuals. Banks and insurance companies are, of course, largely restricted by law to the purchase
of bonds. While the banking system took only a relatively
small amount of corporate securities during 1946 and 1947,
life insurance companies absorbed nearly four-fifths of the
increase in such securities. Individuals bought stocks and
sold bonds on balance in both 1946 and 1947. Their stock
11
purchases in 1946 were offset by their bond sales, with no
change in net position; in 1947, although they bought about
the same amount of stock, their bond sales declined, and
as a result, they added close to 700 million dollars to their
portfolio of corporate securities.
The increase in new money raised through bonds in
1947 reflected the change in industrial composition of the
issues floated, since the utilities which accounted for a
much higher proportion of public financing in 1947 than
in 1946 more typically resort to debt issues than do industrials.
Table 2.—Changes in Corporate Securities Outstanding and in Their
Ownership, 1946-47
[Billions of dollars]
1946
Net issues ! by industry group:
Industrial and miscellaneous ..
Public utility (and telephone)
Railroad. _
Net issues i by type of security:
Common stock
.
Preferred stock
Bonds and notes.
- .-.
Net purchases 2 by various groups:
Commercial banks
Mutual savings banks
Life insurance companies.
__ _
Foreigners
Domestic individuals, etc
_
__. ._ . _._
__
2.5
.3
-.5
2.0
2.1
0
--
1.0
.3
1.0
.9
.4
2.8
_
.3
.2
2.0
-.2
0
.2
.2
3.0
0
.7
_-.
_--
_. .. _
1947
1
2
New issues less retirements.
Purchases less sales.
Sources: U. S. Department of Commerce estimates based on Securities and Exchange
Commission and other financial data.
Approximately half of the increase in security issues during 1947 is attributable to the industrial and miscellaneous
industries, primarily manufacturing. The other half is almost evenly divided between the telephone and electric and
gas utilities. The net industrial issues dropped somewhat
from 1946, whereas the volume of net public utility issues
(other than railroads) increased very substantially. The
decline in manufacturing issues from 1946 to 1947 was
associated with a doubling of undistributed profits, while
capital requirements went up much more moderately.1
The 1947 figures on the sources and uses of funds are
broken down in table 3 to show separately three of the major
industrial groups—manufacturing, electric and gas utilities,
Table 3.—Sources and Uses of Corporate Funds, by Selected Industries, 1947 *
[Billions of dollars]
Manufacturing
Uses
_ _
_
._
7.0
.4
4.0
2.7
2.1
0.9
.1
.1
1.8
.1
.1
.1
2.1
(2)
_
14.1
1.1
Retained profits
Depreciation
.
Cash and deposits
U. S. Government securities
Payables (trade)
Federal income tax liability
O ther current liabilities .._
Net new issues
Bank loans (excluding mortgage loans)
6.5
2.4
-.9
.7
.6
1.8
.3
1.5
1.2
.2
.4
— .1
.1
.1
.3
2
()
_._
_.
Electric
and gas
1.1
14. 1
Plant and equipment:
New
_
Used
Inventories (book values)
Receivables (trade)
Sources. .._
Railroads
(2)
.1
.2
.5
(2)
(2)
(2)
.1
.1
1.0
.2
1 Other sources and uses are not shown when they amount to less than 50 million dollars in
each industry.
2 Less than 50 million dollars.
Source: U. S. Department of Commerce estimates based on Securities and Exchange Commission and other financial data.
i Dividend disbursements also went up from 1946 to 1947, but not so much relatively as net
profits.
12
SUEVEY OF CUKKENT BUSINESS
and the railroads. External financing, primarily in the form
of new issues, was particularly pronounced for the electric
and gas utilities, with retained profits and depreciation
charges accounting for one-third of fixed capital expenditures
and new issues and bank loans for the other two-thirds. For
such companies, therefore, internal financing was only half as
large as external financing.
For corporations as a whole, in contrast, retained profits
and depreciation charges were about as large as the total of
fixed capital expenditures and twice as large as funds obtained
through securities or bank loans. Manufacturing, it may be
noted, showed less dependence on outside sources of funds in
1947 than corporations generally.
Comparison of Postwar and Prewar Financing
For the prewar period, only preliminary figures for the
sources and uses of corporate funds are available. Since the
estimates have not been completed, they will not be presented at this time. However, a few of the more interesting
results of this analysis may be pointed out.
It appears that corporations by and large financed their
expansion of fixed capital facilities in the immediate prewar
period by funds generated through their current operations.
This was not true of the twenties, when there was considerable recourse to the capital markets to supplement internal
sources of funds. Part of this difference between the two
periods is explainable in terms of the generally lower level of
business activity and investment in the thirties.
The amount of money raised through the capital markets
in the twenties, however, was much more modest than is
commonly thought. In the late twenties, including 1929, it
is estimated, that net new issues, i. e., new domestic private
security issues less retirements, were not much in excess of
2.5 billion dollars annually, exclusive of investment companies. This figure, of course, is far below the level of new
issues in that period, and reflects the large
volume of refinancing issues and outright retirements.2 For most of the
years during the thirties and up until the end of the war,
retirements of securities exceeded new issues. Even in 1936—
the highest year for net new issues from the depression low
to the postwar period—less than 1 billion dollars was raised
on balance from the security markets.
March 1948
Increase in Internal Financing
In connection with the unprecedented amount of new
money raised through the net increase in bank loans and
security issues in 1947, the available data indicate that,
outside of investment companies, the ratio of such external
financing to funds available internally from retained profits
and depreciation charges was definitely lower in 1947 than
in the late twenties. In this respect, however, the unusually
large inventory revaluation reflected in retained profits in
the postwar period should be borne in mind. The proportion of money raised through bank loans to total external
financing, including net new issues, was higher in 1947 than
it had been in the 1920's—even though the relative importance of bank loans had declined from 1946 to 1947.
In comparing postwar and prewar financing, two other
points should be mentioned. First, the amount of investment company issues in recent years has been quite small
as compared with the 1920's. Though the very substantial
amount of money raised in this manner in the late twenties
did not finance real investment, it did indicate the plethora
of funds seeking equity investment in that period. To the
extent that investment companies channeled saving into
existing securities which otherwise would have remained in
liquid form, they also served to raise stock prices and thus
to lower the costs of equity financing to business generally.
Second, the ratio of dividends to net earnings, which
affects the level of retained profits, was lower in the postwar period than in the 1920's. This might conceivably indicate a greater reluctance by corporations to undertake new
financing as a result of increased difficulties or expense, or
it may reflect an additional incentive to retain earnings in
view of the much higher individual income-tax rates at present. Trends in the cost of financing will be discussed in a
later section. It may be noted here, however, that for the
stocks of large companies which are widely held, the ratio of
dividends to net earnings is only
moderately lower currently
than in the twenties generally.5
Relation of Stock Issues to Total New Money
Issues
In contrast to the very large total of outside capital financing in 1947, equity financing was much less important in
High Rate of New Issues and Bank Loans
historical perspective. Equity financing here refers to new
issues of common and preferred stock (other than investment
Judging from the available data, the 4 billion dollars of net
company securities) less retirements and money realized on
new issues raised through the capital markets3 in 1947 by
liquidation by holders of such securities. It does not include
corporations other than investment companies seems to be
the much larger increase in equity or net worth arising from
above the levels of the late twenties and probably was the
retained profits which has been discussed above.
highest in history.4 The 3-billion dollar increase in corporate
To compare the amount of new money raised by corporabank loans (exclusive of mortgages) in 1947—nearly as high
tions through equity securities with the amount raised'
as in 1946—was equaled previously only in 1919-20, following
through bonds, it would be desirable to have an historical
the First World War, and reflects many of the same conditions
breakdown of net new issues by type of security. It is poscharacterizing that period, including inventory accumulation
and rapidly rising prices. Unlike the earlier period, however, sible to approximate this break-down for recent years from
data compiled by the Securities and Exchange Commission.
long-term bank loans, which first became important in the
late thirties, played an important role in the money bor- For a comparison covering a longer period of years, it is
necessary to use the available information on so-called new
rowed from banks by corporations, representing almost half
capital issues, exclusive of investment companies, tabulated
of the total of short- and long-term bank loans. The 700by the Commercial and Financial Chronicle. New capital
million dollar increase in mortgage loans to corporations
issues exclude refunding issues but differ from net new issues
during 1947 is also the highest on record.
in that no allowance is made for securities retired with funds
2
Domestic corporate real investment issues were estimated at 2 billion dollars for 1929 by
George A. Eddy in the May 1937 Review of Economic Statistics. This total excludes, in addiobtained from sources other than new issues, i. e., from
retion to investment company securities, a large volume of financial issues which were not
tained profits, depreciation charges, or liquid assets.6
intended for real investment purposes. On the other hand, the figure is gross, not net, and
no allowance has been made for securities retired with funds obtained from sources other
than
3 new issues.
Net security issues of investment companies in 1947 were somewhat over 100 million dollars.
* The real investment which could be financed by net issues did not differ so much in the
two periods as the dollar figures would indicate.
* This is indicated by a comparison of the dividend yield and earnings-price ratio for common
stock
in table 5.
6
For some purposes, of course, the emphasis is properly placed on gross rather than net
issues.
March 1948
SUEVEY OF CUKRENT BUSINESS
Furthermore, the Chronicle series on new capital issues,
exclusive of investment company issues, includes a substantial number of financial issues whose purpose, like those
classified in the investment company group, is the acquisition of existing assets or the purchase of outstanding securities. In spite of limitations in the Chronicle series, it is useful
in indicating the broad trends in the relative importance of
stocks and bonds in raising new capital.
13
Chart 1.—Stock Issues as a Percentage of Total Amount
of New Capital Issues, All Corporations and by Industry Groups1
PERCENT
75
ALL CORPORATIONS ^
50
Ratio of Stock Issues at Mid-Twenties Level
A comparison of the postwar and prewar ratios of stock
with total new money issues, by industry group, is presented
in chart 1 and table 4. In 1946 the ratio, which was approximately at the 1928 level, was generally above prewar, with
the notable exception of 1929. In 1947, the ratio of stock
issues dropped to a level somewhat below the 1919-28 period
but somewhat higher than in the 1930-41 period. The ratio
in 1947 was almost identical with that in the mid-twenties.
In industrials, the ratio of stock financing was larger in
1947 than in the 1920's generally, except for 1928-29; but
in public utilities, stock financing dropped markedly in
relative importance after 1929 and did not recover in the
postwar period. Total new capital issues reached a peak
in 1929, whereas the peak for utilities was reached in the
following year, when bond rather than stock issues were
utilized to finance the completion of expansionary programs.
Though in recent years there has been very little stock
financing of public utilities, including electric and gas
utilities, railroads and communications companies, the telephone industry during 1947 made very extensive use of
bonds convertible into common stock.
From these data it appears that the current ratio of equity
financing, except for utilities, is not out of line with the
average experience during the 1920's and 1930's, but is very
considerably below 1929. In that year, equity securities
were used extensively to refinance bonded indebtedness.
Other stocks were issued to finance the acquisition of existing
assets or the purchase of outstanding securities. It may be
noted that though the above remarks are based on the
relation of total stock financing to total new money issues,
trends in the ratio of common stock financing to total new
money issues are quite similar.
Relation of Bond and Stock Yields
Further insight into the current relationships between
stock and bond financing is given in table 5 which shows
the yield on corporate bonds, the dividend yield on preferred
stocks, the dividend yield on common stocks, and the ratio
of earnings on common stocks to their price, from 1919 to
date. The first and last of these ratios are given by industry
group. With reference to this table, it should be emphasized
that the fourth column is an earnings-price ratio and not
the more customary price-earnings ratio. Stated in this
manner, a comparison is readily
afforded of the cost of
different types of financing.7
Both the dividend yields and the earnings-price ratios are
estimates for common stocks listed on the New York Stock
Exchange and, though fairly comparable with the bond
yields, are considerably different from the series which
would be obtained if it were possible to derive similar figures
for all stocks. The earnings figures used in these ratios are
those reported by the corporations and are not adjusted in
any way.
Return on Common Stock at Mid-19209 s Level
The present ratios between dividends and earnings and
the market price of common stocks are almost identical
7
The earnings-price ratio has particular relevance in an analysis of the cost of financing
when additional stock may be bought by investors other than existing stockholders.
25
0
I
I I I I I I I I I I I ! I I I I I I I I I I I I I I I
75
INDUSTRIAL AND
MISCELLANEOUS
50
25
0
75
PUBLIC UTILITIES2/
50
25
0
50
I I I I I I I I I I 1 I I I I !
II
I I I I I
RAILROADS
25
1 l
1920
1 I I I I XI l«» I > I I I ! I » I
3*0
35
4*5
* Ratios omitted in 1932,1933, and 1934 because of the extremely low volume of new capital
issues;
these ratios, however, are shown in table 4.
1
Data include issues for the purchase of existing assets.
23 Exclude investment and holding companies subsequent to 1924.
Include communications.
Source of data: Commercial and Financial Chronicle.
with those in the mid-1920's, though considerably higher
than in the bull market which occurred from 1927 to 1929
(chart 2). In preferred stocks there has been a fairly steady
downward movement in dividend yields throughout the
period (table 5).
Compared with the 2 years following the First World
War—a period of relatively heavy stock financing—the current dividend yield on common stock is somewhat lower,
while the earnings-price ratio is somewhat higher. For the
utilities, exclusive of railroads, the current dividend yield
and earnings-price ratio are substantially lower than in the
years immediately following the First World War or in the
mid-1920's.
In view of the conceptual as well as statistical difficulties
involved, no adjustment has been made in the earnings figures
for inventory revaluation or inadequate depreciation charges.
Such an adjustment would be course tend to diminish the
differences between the current earnings-price ratio and the
ratios in the late twenties.
Since the present dividend yields or earnings-price ratios
are not high in relation to the period following the First
World War or in the mid-1920's, and about as large an amount
of equity financing has taken place, it would appear that
equity capital is not much more difficult to obtain now than
SURVEY OF CURRENT BUSINESS
14
March 1948
Table 4.—Relation of Stock Issues to Total Amount of New Capital Issues, by Industry Groups, 1919-47 1
[Totals in millions of dollars]
All corporations *
Year
1919
1920
1921 .
1922
1923 _. . _
1924
1925
1926
1927
1928
1929
1930
1931
1932_ . . _
1933
1934.
1935
1936
1937...
1938
1939 ...
1940
1941—.
1942
1943_ .
. .
1944
1945 _
1946
1947
_ _
_ _
_
_._
1
New capital issues include issues for the purchase of existing assets.
.Source: Commercial and Financial Chronicle.
63.2
38.2
14.7
24.6
24.4
25.0
29.4
26.3
27.2
45.0
62.1
30.4
17.5
5.8
74.4
21.4
17.2
29.6
33.3
7.6
25.5
18.4
16.3
18.6
24.3
32.3
52.6
41.4
25.9
2,303
2,710
1,822
2, 336
2,702
3,322
4,086
4,286
5.216
5,293
6,417
4,712
1,759
324
160
159
402
1,202
1,225
869
381
735
1,062
622
378
663
1,264
3,546
4,749
_ _
__
Public utilities 3
Eailroads
Stocks as Total new Stocks as Total new Stocks as Total new Stocks as
Total new percent
of
percent of
percent of
percent of
issues
issues
issues
issues
total
total
total
total
._ .
.
Industrial and miscellaneous
74.5
48.8
15.4
24.9
28.2
22.8
30.3
26.4
21.0
50.5
66.5
39.0
11.6
32.4
99.1
91 9
27.3
43.3
47.7
10.5
38.7
33.2
35.8
19.2
29.9
36.2
61.5
51.0
37.9
1,907
2,005
978
1,086
1, 350
1,217
2,224
2,342
2, 645
3,117
3,939
1,549
465
37
113
37
245
811
840
580
235
322
411
432
298
527
1,029
2,602
2,497
12.5
14.4
23.8
38.0
28.2
37.5
34.3
29.1
37.4
41.8
63.6
32.2
26.7
2.2
20.6
0
2.4
3.7
3.9
1.8
8.2
10.4
6.4
21.7
11.1
47.9
23.2
17.4
14.0
278
382
492
726
888
1,326
1,481
1,598
2,065
1,811
1,932
2,365
949
274
34
49
83
124
153
273
61
268
399
157
18
48
112
818
2,012
2 Excluding investment and holding companies subsequent to 1924.
3
117
322
353
524
465
780
380
346
506
364
547
797
346
13
12
73
73
267
232
16
85
144
252
33
61
88
123
126
240
0
0
0
5.2
5.8
7.2
4.3
11.8
18.0
14.6
24.3
8.3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.1
0
0
Including communications.
Table 5.—Relation of Bond and Stock Yields by Industry Groups, 1919-48
[Percent per annum]
Industrials
Total
Year
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
.
1940
1941
1942
1943
1944
1945
1946
1947
1948 (Jan.)
Bond
yield 1
- __
_
__
_
_
_
__
._
_
_
_
_
6.3
7.1
7.0
6.0
6.0
5.8
5.5
5.2
5.0
4.9
5.2
5.1
5.8
6.9
5.9
5.0
4.5
3.9
3.9
4.2
3.8
3.6
3.3
3.3
3.2
3.0
2.9
2.7
2.9
3.1
Preferred
Common stock
(high
grade)
Dividend Earnings-3
yield 2 price ratio
6.3
6.8
6.8
6.1
6.1
6.1
5.9
5.8
5.5
5.1
5.1
5.0
5.0
6.1
5.8
5.3
4.6
4.3
4.4
4.3
4.2
4.1
4.1
4.3
4.1
4.0
3.7
3.5
3.8
4.1
5.8
6.1
6.5
5.8
5.9
5.9
5.2
5.3
4.8
4.0
3.5
4.3
5.6
6.7
4.0
3.9
3.9
4.4
4.9
4.3
4.6
5.6
6.4
6.1
4.6
4.6
3.8
4.6
5.2
5.4
10.6
10.1
4.2
8.2
11.4
10.3
11.2
10.0
7.6
7.3
6.2
4.7
3.0
.7
3.4
3.9
5.2
5.9
6.2
3.9
6.4
8.3
11.0
11.4
8.7
8.1
6.5
7.2
11.3
11.6
Bond
yield 1
6.2
6.9
7.0
6.0
6.0
5.9
5.6
5.4
5.1
5.1
5.3
5.2
6.1
6.7
5.3
4.5
4.0
3.5
3.6
3.5
3.3
3.1
3.0
3.0
2.8
2.8
2.7
2.6
2.7
2.9
Common
stock earnings-price
ratio 3
11.3
12.1
(s)
7.3
10.7
9.4
11.2
9.6
7.2
7.0
6.3
4.5
2.2
(5)
3.2
4.2
5.6
6.2
6.6
4.1
6.8
9.1
11.9
11.0
8.4
8.2
6.9
7.8
11.9
12.1
Utilities <
Bond
yield 1
6.2
7.2
7.2
5.9
5.8
5.6
5.3
5.1
5.0
4.9
5.1
5.0
5.3
6. 3
6.2
5.4
4.4
3.9
3.9
3.9
3.5
3.2
3.1
3.1
3.0
3.0
2.9
2.7
2.8
3.0
Rails
Common
stock earnings-price
ratio 3
8.6
10.7
12.2
12.3
11.4
10.8
9.6
10.0
8.2
7.2
4.4
4.6
5.1
7.2
6.4
5.4
5.8
5.2
6.1
6.3
6.2
6.4
7.3
8.9
6.9
6.3
5.6
5.8
6.4
6.9
Bond
yield *
6.4
7.1
6.9
5.9
6.2
5.9
5.5
5.1
4.8
4.8
5.2
5.0
6.1
7.6
6.1
5.0
5.0
4.2
4.3
5.2
4.5
4.3
4.0
4.0
3.6
3.4
3.1
2.9
3.1
3.4
Common
stock earnings-price
ratio 3
9.8
5.8
10.1
8.7
12.8
11.9
12.0
12. 2
8.7
9.0
8.8
6.2
1.8
8
8 3.8
(5)
1.3
4.0
9.0
21.9
40.9
26.8
18.4
9.6
4.9
11.1
10.9
i Moody's corporate bond yields, averages
of daily figures. 2 Total yearly dividends on New York Stock Exchange common stocks as percent5 of total market value of these stocks,
3
based on average price during year.
Total reported earnings on common stocks as percent of total market value. 4 Includes communications.
Deficit.
Sources: Bond yields are from Moody's Investors Service. Dividend yields and earnings-price ratios through 1938 are from Common Stock Indexes, Cowles Commission Monograph No.
3; subsequent figures are preliminary estimates made by the Department of Commerce. Preferred stock yields from Standard and Poor's Corporation.
SURVEY OF CURRENT BUSINESS
March 1948
Chart 2.—Corporate Bond and Common Stock Yields, and
Earnings/Price Ratios
PERCENT
12
EARNINGS/PRICE
RATION
I I I I l l I l
1920
25
30
40
1 Based upon data for common stocks listed on the New York Stock Exchange; total
reported earnings for the year expressed as a percentage of the total market value (number of
shares
times average prices) of these stocks.
2
Data are averages of daily figures.
3
Based upon data for common stocks listed on the New York Stock Exchange; total dividends for the year expressed as a percentage of the total market value (number of shares
times average prices) of these stocks.
Sources of data: Bond yield, Moody's Investors Service; earnings/price ratio and dividend
yield through 1938, Common Stock Indexes, Cowles Commission Monograph No. 3, and for
subsequent years, preliminary estimates of the U. S. Department of Commerce, Office of
Business Economics.
it was in the earlier period. It is possible, however, that the
equity markets today are so thin that a comparatively small
increase in the supply of stock would result in a fairly
sizable drop in stock prices, and consequently in a corresponding percentage rise in the earnings-price ratios.
Though it is very difficult to test this hypothesis, in view of
the great effect on price of a variety of factors other than
supply, it is of interest to examine the recent reaction of
stock prices to new offerings.
An analysis of six of the largest common stock offerings
on the New York Stock Exchange made in the past 6 months
indicates that fairly considerable increases in supply were
accompanied by moderate price declines. For these issues,
which collectively amounted to about 300 million dollars,
an average increase of 20 percent in stock outstanding was
absorbed—usually in a period of 2 weeks—with a price
decline averaging less than 5 percent. In the stock market
generally, there was little net movement in price during the
periods from the beginning to the termination of these
offerings.
Low Interest Rates
A more important difference between the cost of investment funds today and in the twenties, than the developments
in the cost of stock financing, lies in the trend of interest
rates. Although interest rates have gone up moderately
in recent months, they are still extremely low in comparison
with previous periods. Corporate bond yields currently
average 3.1 percent as against 7.0 percent in the early
1920's, 5.2 percent in 1929, and 3.8 percent in 1939. Commercial loan rates charged customers by banks in principal
cities now average 2.2 percent as compared with 2.8 percent
in 1939 and much higher rates in the 1920's. Higher rates,
of course, are paid by new and small concerns. It is noteworthy that the average rate paid on the very substantial
15
amount of term-loans extended by banks, mostly to large
well-established firms, is slightly less than 2 percent.
The vast increase in liquid assets plus direct Government
action in maintaining the market for United States bonds
have undoubtedly contributed greatly to the present low
level of interest rates. Another important reason for this
development is the growing institutionalization of savings,
with a resultant pressure on8 banks and insurance companies
to find investment outlets. Since, with minor exceptions,
these institutions do not buy common stock, there has been
a steady growth in the demand for fixed-interest-bearing
obligations.
The substantial demand for corporate bonds by life-insurance companies is particularly notable. The current flow
of funds into new private insurance at a rate of over 3 billion
dollars a year is three times the average of the late 1920's.
These companies alone bought on balance during the past
2 years a volume of corporate bonds in excess of the increase
in corporate bonds outstanding. Their enormous holdings
of United States Government securities plus the large,
steady flow of funds into new insurance would seem to insure
a continuance of a strong demand for corporate bonds, at
rates not too much in excess of present rates so long as Government bonds are maintained at par.
These factors help to explain not only the low level of
bond yields and interest rates but, to some extent at least,
the widening spread between the cost of financing in equity
securities versus fixed-interest-bearing obligations. Corporate bonds are currently selling at an average yield of slightly
more than 3 percent compared with a dividend yield of well
over 5 percent on common stocks and earnings on common
amounting to over 11 percent of market value. In 1929,
in contrast, the interest rate which borrowers had to pay
was above the dividend yield and not much different from
the rate at which earnings were capitalized in the stock
market. In the mid-1920's, the interest rate was approximately equal to the dividend yield and about half the earnings-price ratio.
Other reasons for the relative weakness of the stock market
as compared with the bond market may be found in the complex of factors affecting investors' confidence in the shortrun, in possible long-run changes in attitude toward the
assumption of risk as a result of developments in our
economy, and probably also in the higher rates and increased
progressiveness in the tax structure as compared with the
1920's. Since a large proportion of investors in the stock
market are more concerned with short-term prospects for
capital gains than with long-term prospects for earnings and
dividends, this area is particularly sensitive to supposed
shifts in the business outlook. However, regardless of shifts
in investor psychology, so long as businesses can obtain borrowed funds at the present low rates (incidentally without
incurring a tax liability on interest charges unlike the double
taxation on dividends), it seems probable that, for some time
at least, a high proportion of capital requirements will
continue to be satisfied through fixed-interest-bearing
obligations.
Current Financial Position
It is obvious that there is a danger in too great a dependence upon borrowed capital, but analysis of the present
financial structure indicates that the current burden of fixed
interest charges is less than in previous periods of high
business activity. Thus for corporations as a whole it is
estimated that the ratio of interest payments to profits
before interest and taxes amounts to 8 percent at present,
8
The available data on individuals' savings, though highly tentative for the early years,
indicate that today, as in the thirties, a higher proportion of savings takes the form of cash
and deposits, U. S. Government securities, and insurance than in the late 1920's while direct
investment in corporate securities has become relatively less important.
16
SUEVEY OF CUKEENT BUSINESS
compared with 12 percent in 1941 and 25 percent in 1929.
The total amount of interest-bearing corporate debt outstanding today is somewhat lower than in 1929, and interest
rates are much lower, though profits, prices, and the national
income are much higher.
At the end of 1947 the liquid position of corporations was
still favorable by prewar standards. Corporate holdings of
cash on hand and in banks and United States Government
securities amounted to over 35 billion dollars at the end of
1947, compared with a prewar high of about half that amount
at the end of 1941. The need for liquid assets for working
capital purposes increased greatly over this period but
probably not so much as the growth in liquid assets. Several
measures of corporate liquidity are presented9 in table 6 for
the immediate prewar and the postwar years.
Table 6.—Liquidity Ratios for All Corporations, 1939-41 and 1946-471
Ratios to sales
Year
1939 .
1940
1941
.
1946
1947— 2d half
_
Liquid
assets
Liquid
assets
less
taxes 2
Percent
11.3
11.3
10.0
16.4
11.9
Percent
10.5
10.0
7.3
12.6
8.9
Ratios to current liabilities
Liquid
assets
0.46
.49
.48
.87
.72
Quick
assets
Current
assets
1.20
1.22
1.18
1.47
1.39
1.79
1.83
1.81
2.18
2.20
* Excluding banks and insurance companies. Data except for 1947 are averages of year-ends.
2 Federal income tax liability only.
Source: U. S. Department of Commerce based on data from Securities and Exchange
Commission and Bureau of Internal Revenue.
The table indicates that the current position of business,
though not so liquid as in 1946, compares favorably with
prewar. The different ratios are almost uniformly higher
at present than they were in the earlier years. The one
exception is the ratio of liquid assets less tax liabilities to
sales, which though considerably above 1941, is somewhat
lower than in 1939 or 1940. In view of the much higher
level of activity now, however, it may be noted that as sales
increase, the liquid assets required for working capital purposes do not increase as rapidly.
In connection with this discussion of corporate liquidity,
it should be pointed out there are a number of individual
corporations which are not in so favorable a position as
implied in the aggregate, while other corporations may
currently feel that they need more liquid assets for precautionary and other purposes than they did before the war.
Financing Capital Requirements in 1947
From the data presented so far, there is no evidence during
the past year of any serious difficulty in financing the
largest expansion of business facilities on record. On the
supply side, funds available from internal operations and
from external sources were both very substantial.10 The
main limitation in the supply of investment funds during
1947 appears to be in its distribution between liquid assets
available for borrowing and liquid assets available for equity
capital.
On the demand side, the high rate of return on invested
capital, together with the extremely low interest rates/
tended to stimulate capital expansion. Business investment
in 1947 was high in absolute terms and above the prewar,
1919-41, average in relation to current output—during a
9
Comparable
10
figures are not available for the 1920's.
In connection with the ability and readiness of financial institutions and the public to
supply funds for investment purposes, it is well known that liquid assets for the entire
economy are much higher today in relation to the level of activity than in prewar years; but
it is sometimes overlooked that the current ratio of saving to income, though much lower
than in the war years, is also as high as in 1929.
March 1948
year when the proportion of gross national product going
into net foreign investment and Government purchases of
goods and services was much higher than the average in the
prewar period.
Plant expenditures were lower than average in relation to
total 11output, while equipment expenditures were unusually
high.
The two together—which accounted for 8.7 percent
of the total gross national product in 1947 —were higher
than in any year since 1919 with the exception of 1929, when
they constituted 9.2 percent of the total. In contrast, personal consumption expenditures, though at a record level,
were a lower proportion of the gross national product than
in any year prior to 1941 . In a year of peak business activity,
such as 1947, however, there would be some reason to expect
such a result, since consumption is less variable over the
cycle than investment. Furthermore, deferred demands
arising from the war may have been proportionately greater
and more urgent in investment than in consumption.
The prewar relationships, of course, do not necessarily
represent an optimum allocation of gross national product.
There are obvious advantages in expanding plant and equipment as much as possible without sacrificing unduly current
consumption or other current needs of our economy. In this
connection, however, it should be pointed out that our economic resources are already being fully utilized.
Financing Future Capital Requirements
So far as the capital markets are concerned, there seems
to be no special problem in financing in 1948 the large volume
of net new issues characterizing 1947 — assuming that there
is a demand for such capital. Insurance companies alone
will probably absorb a major part of such securities. Unless
other investment outlets suddenly appear in large quantities,
insurance companies and other institutions will have little
choice but to channel the public's saving into the capital
markets. The volume of new issues in early 1948 continued
at the 1947 rate.
It is possible, of course, that corporations may be increasingly reluctant to add to their debt or to pay the price required for raising equity capital, so that in this sense a capital
shortage might arise. This, however, seems to be primarily
a long-run problem, in part resulting from institutional
changes in our economy. While the extent to which it may
be necessary to stimulate investment, once the accumulated
demands arising from the war have been met, should be an
object of appraisal, and analysis of the magnitude of such
requirements and the sources from which they might be
derived is beyond the scope of this article.
Bank credit may constitute a more significant form of
capital shortage in the near future, though even here the
indications are far from conclusive. Primarily, of course, it
is the willingness and not the ability of banks to extend
credit which is in question. The large drain on bank reserves
during this quarter as a result of income tax collections, the
moderate increase in reserve requirements in central reserve
cities, the "moral suasion" of the Federal Reserve authorities,
the more restrictive attitude of the supervisory authorities,
and the growing concern of bank officials about economic
uncertainties may all combine to curtail the extension of new
loans.
Bank loans have leveled off in recent weeks whereas they
increased moderately in the comparable period of 1947.
However, bank loans are used primarily for working capital
purposes— and it is precisely in this area where the demand
(Continued on p. 23}
" Industrial construction was above average while public utility and commercial construction were substantially lower. Residential construction currently is also a lower proportion
of gross national product than in the prewar period.
International Transactions of the
United States During 1947
By Walther Lederer
From the viewpoint of our international economic relations, the year 1947 represented the final stage of a postwar
period which altogether had lasted nearly 2% years. This
period was characterized by the United States effort on a
large scale to stabilize international economic conditions
through aid intended to rehabilitate individual countries
or individual industries within these countries, and to assist
them in the transition period. Despite the many continuing
problems, real progress was made toward reestablishment of
normal economic relations throughout 1 the world, as reported in an earlier issue of the SURVEY. Production in all
former belligerent countries improved substantially, and in
many of the countries returned to or even exceeded the prewar level.
Reconstruction Costs Underestimated
While making a vital contribution to the reestablishment
of industry and transport and to the supply of basic foodstuffs, fuels, and raw materials, the various grants and loans
by the United States were not based upon internationally
coordinated reconstruction programs.
Also, foreign requirements were not always coordinated
with our own production and export policy. Particularly, the
lack of a priority system for the production and export of
goods needed for reconstruction, and its counterpart abroad
in many countries, may have slowed up the reconstruction
process. However, there were also real limits in the exporting countries, including the United States, to the ability
to supply capital goods in the light of their own domestic
requirements. With the slow reconstruction process and
with imports even of less essential goods from the United
States continuing at a high rate, the exhaustion of dollar
resources in nondevastated countries, particularly those in
the Western Hemisphere—was accelerated and the pressure
on European dollar reserves increased.
The lack of coordination and a drain upon the gold and
dollar resources of the principal import countries larger
than their transactions with the United States alone would
have required, as well as the emergence of new and unforeseeable conditions were responsible for the underestimation of
the cost of rebuilding a balanced world economy.
This is easily illustrated. France, the Netherlands,
Belgium, and the United Kingdom were excluded from the
U1NRRA programs, in the belief that they had sufficient
funds to pay for foodstuffs and other basic goods during the
reconstruction period. Early in 1947, it became clear,
however, that^ these countries would later on not be able to
i December 1947, p. 15.
NOTE.—Mr. Lederer is a member of the International Economics Division, Office of Business Economics, which prepared the estimates on which the article was based. Data on
Government transactions abroad were supplied by the Clearing Office for Foreign Transactions, Office of Business Economics.
779554°—48
3
finance, from their own resources and existing loans, even
their most essential imports—and that new aid would probably have to be provided in the form of grants or longterm loans. Before the year ended, France drew down its
reserves to such an extent that the Interim Aid Program
was passed by Congress to provide foodstuffs, coal, and other
necessities to that country.
In order to keep French industry in operation, nearly
100 million dollars of the Export-Import Bank loan to
France, which originally was intended to finance the purchase of equipment, had to be diverted to the purchase of
various raw materials and fuels.
The reasons for the too rapid utilization of the British
loan have frequently been discussed. They include (a) the
severe winter of 1946-47; (6) partial crop failures in 1948
in the United Kingdom and Western Europe; (c) the rapid
increase in United States prices; (d) large demand for dollars
from Latin America, Canada, and the sterling area countries;
and (e) inability to convert surpluses in "soft" currencies,
where they did occur, into dollars.
The latter two factors in turn, of course, resulted from
the inability of the countries of Europe and East Asia to
develop an export surplus with the hard currency area.
Both the large demand for dollars and the influence of the
lack of exchangeability of different currencies upon over-all
balance of payments were not entirely apparent when the
British loan was negotiated.
New Approach Initiated
As has been discussed previously in the SURVEY (in June,
October, and December 1947, and in February 1948) the
year 1947 represents the culmination and the end of this
development. It was characterized by the end of UNRRA
relief, the near exhaustion of the post-UNRRA program,
the utilization of the major part of the postwar credits
granted by the Export Import Bank, the near completion
of the surplus property and ship sale programs, the unexpectedly large drawings on the British loan, and the rapid
reduction of foreign gold and dollar balances.
Primary dependence upon goods from this country, and
the consequent drain of dollar resources, in turn caused the
imposition of restrictions by an increasing number of countries upon their purchases in the United States. The
specter of exhaustion of foreign financial resources before
reconstruction was completed led to the proposal by Secretary
Marshall that the European countries formulate a coordinated reconstruction program, to be carried through with
the help of the United States. The completion of foreign
economic reconstruction and reestablishment of stable
economic relations on the basis of this over-all program
will, it is hoped, represent the next and ultimate stage of
the postwar reconstruction period.
17
SUKVEY OF CURRENT BUSINESS
18
Exports at Peacetime Peak
Total exports of goods and services in 1947 were 19.6
billion dollars, with a peak of 21 billion, at an annual rate,
reached during the second quarter (see table 1). The total
for the year was 4.3 billion dollars (or about 28 percent)
higher than in 1946. Price rises in the United States, of
course, contributed heavily to this increase.
An increased supply of goods became available for export
as a result of the steady rise in the output of finished products
by domestic industries. From a financial point of view the
higher exports were made possible by accelerated drawings
on credit and liquid assets in existence at the beginning of
the year—rather than by foreign acquisition of new financial
resources. Table 2 shows the new dollar resources made
available to foreign countries during 1947 and the unutilized
balances available from these or previous loans and grants.
More than one-third of the increase in exports over 1946
was financed by loans, including those by the 2International
Bank, and dollar sales by the Monetary Fund. Compared
to 1946, however, unilateral contributions declined in value—
and even more in their importance as a means of financing
United States exports.
Foreign countries' own financial means, including dollars
Table 1.—International Transactions of the United States in 1947
[Millions of dollars]
First Second Third Fourth
quarter quarter quarter l quarter Total
Receipts:
Goods and services:
Goods
Income on investments
Other services
_
Total goods and services.
Unilateral transfers
Long-term capital:
Movements of United States capital invested abroad _
Movements of foreign capital invested
in United States
Total long-term capital
Total receipts
Payments:
Goods and services:
Goods
Income on investments
Other services _
3,911
162
590
4,306
269
679
3,877
190
656
3,928
405
630
16, 022
1,026
4,663
5,254
4,723
4,963
19, 603
173
159
131
118
581
289
351
222
102
964
7
2,555
31
38
296
351
222
133
1,002
5,132
5,764
5,076
5,214
21, 186
1 495
1,529
1,399
1,624
6,047
47
448
52
465
55
642
72
499
226
2,195
8,327
775
776
771
707
3,029
4,163
1,878
1,901
718
8,660
51
25
59
1
136
Total long-term capital
4,214
1,903
1 960
719
8,796
Total payments
6,979
4,725
4,827
3,621
20, 152
+2, 673 +3, 208 +2, 627 +2, 768 +11, 276
-602
-617
-589
-640
-2, 448
Goods and services and unilateral transfers
+2, 071 +2, 591 +1, 987 +2, 179
-3, 918 -1, 552 -1, 738
Long-term capital
.
_ __
-586
All transactions
-1,847 +1, 039
Net flow of funds on gold and short-term capital
account:
Net increase (— ) or decrease (+) in gold
stock
+81
Net movement of United States short-term
capital abroad
_ - . - _ _ _ _ . _ -112
Net movement of foreign short-term capital
in United States
_
+1, 686
Net inflow (-£-) or outflow (— ) of funds
Errors and omissions
+192
+8, 828
-7, 794
+249 +1, 593
+1, 034
-792
-667
-784
—2, 162
-312
+144
+15
-265
-376
-190
-809
+311
+1, 655 -1, 480
+441
-713 -1, 578 -2, 116
+464
—15
+1, 082
1 The data for the third quarter in this and all subsequent tables in this article are revisions
of the data published in the SURVEY for December 1947, pp. 14-18.
2 For 1947 see table 3; data for 1946 appear in the SURVEY, March 1947, p. 13, table 2.
Grants and
loans made
available
Grants:
United States foreign relief program
Relief in occupied countries (including deficiency appropriations)
International Refugee Organization.
_ - _
Greek-Turkish aid. _
.
War-damage and other payments to the Republic of the
PhilipDines
_ __ _
_
Interim aid program
Total grants
_
350
105
1,170
71
400
500
54
112
522
138
510
2,625
1, 613
Loans:
Export-Import Bank
_
_
_
Reconstruction Finance Corporation (loan to the Republic of the Philippines)
Loan to the United TCingdom
Loans on surplus proDerty abroad
Loans on domestic surplus property. _ _ _ _ _ _
__
Loans on ship sales
Loans by the International Bank
_ _ _ _ _ _ __ ._ _
Total loans
Total grants and loans
_
_.
Unutilized
on Dec. 31,
1947 i
517
45
101
67
105
497
306-
1,032
300
192
67
43
197
1,332
1,831
3,957
3,444
* Including balances from appropriations or loans made in earlier years.
received from current sales of goods and services to the
United States, paid for two-thirds of our exports. Sales of
goods and services to the United States in 1947 were about
1.2 billion dollars (or 17 percent) higher than in the preceding year, but because some of the proceeds may have been
hoarded abroad they may have contributed less than the
full amount toward meeting foreign obligations. During the
last quarter of 1947, when imports advanced to an annual
rate of 8.8 billion dollars, their share in financing our exports
rose again to the average attained in 1946.
Liquidation of foreign gold and dollar assets financed
nearly one-fourth of our exports, or more than one-half of
their increase over 1946. However, these financial reserves,
except through mining of new gold, cannot be replaced by
foreign countries themselves—in the short run at least.
This points up the dependence upon continued Government
aid not only of our exports but, even more important, of
foreign imports required to facilitate the attainment of stable
international economic conditions.
The exported portion of the total gross national product
increased through the second quarter of 1947 and declined
in the last two quarters of the year (see table 4). Throughout the year, however, as chart 1 indicates, exports were
higher in relation to the gross national product than during
1946 or the years of peak production in the interwar period.
On the other hand, imports increased only to a minor extent
in relation to the national product. The low level of imports in relation to the volume of domestic production and
consumption is a phenomenon of the postwar period that
continued throughout 1947.
2,096
Excess of receipts (+) or payments (— ):
Goods and services
Unilateral transfers
[Millions of dollars]
Exports a Larger Share of National Product
2,046
Unilateral transfers
. _
_
Long-term capital:
Movements of United States capital invested abroad
Movements of foreign capital invested
in United States
Table 2.—Grants or Loans Made Available to Foreign Countries
During 1947 and Unutilized Balances 1 at the End of the Year
2,054
1,990
Total goods and services,
March 1948
Foreign Dollar Supplies Affected Exports
The most significant trends in merchandise trade during
the year 1947 were discussed in the February 1948 ksue
of the SURVEY (pp. 21-23). Even though the over-all
value of merchandise transfers to foreign countries did not
change materially from the third to the fo.urth quarter,
several variations in the geographical and commodity distributions may be significant.
The countries showing the greatest decline in receipt of
our exports were the United Kingdom (by 64 million dollars), Sweden (by 39 million), and China (by 25 million).
These countries were under heavy pressure of dollar shortages and had to restrict imports from the United States.
SURVEY OF CURKENT BUSINESS
March 1948
19
Table 3.—Financing United States Foreign Trade in 1947
Second quarter
First quarter
Total
Fourth quarter
Third quarter
Millions
of dollars
Percent
Millions
of dollars
Percent
Millions
of dollars
Percent
Millions
of dollars
Percent
Millions
of dollars
4,663
100.0
5,254
100.0
4,723
100.0
4,963
100.0
19, 603
100.0
1,990
1,181
47.7
25.3
2,046
1,204
92
56
38.9
22.9
1.8
1.1
2,096
869
142
148
44.4
18.4
3.0
3.1
2,195
1,240
63
260
44.2
25.0
1.3
5.2
8,327
4,494
297
464
42.5
22.9
1.5
2.4
1,082
602
-192
23.2
12.9
-4.1
1,680
617
-441
32.0
11.7
-8.4
1,292
640
-464
27.2
13.6
-9.8
601
589
15
12.1
11.9
.3
4,655
2,448
-1, 082
23.7
12.5
-5.5
Exports of goods and services
Percent
METHOD OF FINANCING
Imports of goods and services
Liquidation of long- and short-term foreign assets, including gold
Loans by the International Bank
Liquidation of dollar assets by Monetary Fund
U. S. loans and investments (excluding subscription to Monetary Fund
and International Bank and purchase of debentures from Bank) _
Gifts and other unilateral transfers.. _
._
Errors and omissions
Chart 1.—United States Exports of Goods and Services and Means of Financing, Compared with the Gross
National Product
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
525
35
OTHER TRANSACTIONS-^
- 450
60VT. LOANS (NET)
GOVT. GRANTS (NET)
PAYMENTS FOR SERVICES
- 375
PAYMENTS FOR GOODS
- 300
15 —
225
10 -
5
-
150
-
1929
1937
1946
1 s t Qr.
2 d Qr.
3d Qr.
4 t h Qr.
1947 QUARTERLY TOTALS, AT ANNUAL RATES
48-48
1 Includes movements of private long-term capital, United States short-term capital, private remittances, dollar disbursements by the International Bank and the Monetary Fund, and
srrors
2 and omissions. In 1937 and in the third quarter of 1947 the total of these items showed an inflow of funds increasing the amount which had to be financed.
Includes income on investments.
3
Data for gross national product are seasonally adjusted quarterly totals, at annual rates.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Table 4.—Exports and Imports of Goods and Services as a Percentage
of the Gross National Product
Exports of goods 1
and services
Gross
national
product
(billions Amount
Percent
of gross
of
of national
dollars) (billions
dollars)
product
1929
1937
1941
1944
1946
1947
Quarterly at annual rates:
First quarter
Second quarter. __ _
Third quarter
Fourth quarter
Amount
(billions of
dollars)
Percent
of gross
national
product
103.8
90.2
125. 3
210.6
203.7
229.6
7.0
4.6
6.9
21.4
15.3
19.6
6.7
5.1
5.5
10.2
7.5
8.5
5.9
4.3
4.5
9.0
7.1
8.3
5.7
4.8
3.6
4.3
3.5
3.6
221. 0
226.9
229.4
240.9
18.7
21.0
18.9
19.9
8.5
9.3
8.2
8.3
8.0
8.2
8.4
8.8
3.6
3.6
3.7
3.7
* Excluding surplus property transfers.
Imports of goods
and services
The countries which received the largest increase in our
exports were Cuba (by 45 million dollars), Belgium (by 31
million), the Netherlands (by 28 million), Mexico, Japan,
and the Philippines (each by 25 million). Of these countries,
Cuba and the Philippines have adequate dollar resources.
The increase in exports to these two countries however, may,
be of a seasonal nature and may reflect increased incomes
from harvesting operations.
Exports to Mexico merely returned to the first and second
quarter level. The other three countries mentioned above
received new loans or advances—Belgium from the ExportImport Bank, the Netherlands from the International Bank.
Japan secured advances on cotton from the Commodity
Credit Corporation. It seems, however, that at least in the
case of Belgium and the Netherlands the rate of imports
from the United States was higher than could be maintained
with existing dollar reserves, because both countries recently
tightened their import restrictions.
20
SURVEY OF CURKENT BUSINESS
Among other countries which during the second half of
1947 began to feel the growing lack of dollar reserves, Canada
and Argentina succeeded in reducing imports from the
United States. Exports to Canada dropped from a high of
199 million dollars in October to 146 million in December,
but the total for the fourth quarter was still slightly higher
than that for the third. Exports to Argentina in the last
quarter of the year were 16 million dollars less than in the
preceding quarter.
All the countries with relatively adequate dollar resources—Cuba, the Philippines, Venezuela, Switzerland, and
the Union of South Africa—increased their purchases here
from the third to the fourth quarter. South Africa, which
showed the smallest increase among these countries, is
rapidly reducing its gold reserves and has recently joined the
growing list of countries which are increasing their restrictions upon imports from the United States.
France, Italy, and Greece—where official dollar reserves
are top small to be counted on as supplementary means of
financing imports, and which, therefore, have to depend
upon whatever dollar exchange is currently received—showed
different tendencies in their purchases here. Exports to
Italy in the fourth quarter increased from the very low level
in the third quarter, largely on account of increased wheat
shipments financed through the post-UNRRA relief program.
At the same time, exports to France and Greece fell by 5 and
12 percent, respectively.
The fact that merchandise exports to France fell only to
176 million dollars in the fourth quarter was due to 148
million dollars drawri on the Export-Import Bank loan, 25
million dollars obtained from the International Bank, and
25 million from the Monetary Fund. In addition, France
received 50 million dollars as part of a settlement for military
purchases during previous periods. At the end of the year
the remaining credit margins had shrunk to 61 million dollars, leaving only Interim Aid as a major source of dollars
to supplement current receipts from the export of goods and
services.
The recent devaluation of the franc should increase^ total
French exports but, what is perhaps more important, a
larger share of exports may be diverted to the United States
because of the opportunity of French exporters to increase
their earnings by converting half of the dollars received at
the free exchange rate. Official French gold and dollar
reserves had declined to less than 500 million dollars by the
end of the year and are considered unexpendable by the
French Government if confidence in the French currency is
to be restored. Private French holdings—of gold, dollars,
or Swiss francs—are variously estimated at between 1 and 3
billion dollars, but not much of this can be counted on to be
made available to the government voluntarily until the value
of the French currency, appears to be firmly stabilized.
The United Kingdom, Belgium, the Netherlands, and the
Scandinavian countries still have sufficient reserves to continue their purchases in the United States at the present rate
for a few months. If, however, coordinated aid through the
European Recovery Program does not become available by
April 1 or soon thereafter, these countries will be in the same
financial position as France at the end of 1947.
Seasonal Rise in Fourth Quarter Exports
The commodity distribution of exports indicates that
there was a seasonal increase from the third to the fourth
quarter in the recorded exports of wheat and flour, cotton,
and unmanufactured tobacco. Excluding the civilian supplies for occupied areas, exports of these products increased
by 111 million dollars.
The value of wheat and flour exports in the fourth quarter
of 1947 was about 50 percent higher than in the corresponding period of 1946, but the value of cotton and tobacco
March 1948
exports declined by 43 and 27 percent, respectively. Since
prices of these last two products did not change materially,
the decline in value reflects also the decline in quantity
exported. In both cases the need of foreign countries to
conserve dollar exchange for more essential purposes may
have caused the reductions.
Relatively low exports of cotton during the fourth quarter
(except Government-financed exports to Japan) may have
been due to the relatively high price of United States as
compared with Brazilian cotton, and, during the earlier
months of the period, the relatively large discount for futures
as compared with spot prices. These developments may
have induced foreign purchasers either to shift their purchases to Brazil or to draw upon their relatively large
stocks—with a view of resuming their procurement activities
at a later date. These developments in the price of cotton
apparently resulted from the extraordinarily low carry-over
at the end of the production year, when United States stocks
were lower than at any time since 1925.
An increase over the third quarter was also shown in
exports of metals and manufactures of machinery and
vehicles. Exports of metals and manufactures reached a
new high; exports of machinery (excluding vehicles) returned
almost to the peak reached in the second quarter.
Even though total exports increased from the third to the
fourth quarter, there were several significant commodity
groups in which declines occurred. Among these were
animal food products—particularly dairy products, meat,
and eggs. Most of this decline was in exports to the United
Kingdom. The reduced coal exports since August, particularly to the United Kingdom, Sweden, and Denmark, reflected recent improvements in the European coal situation.
Demand for Textiles Declined
Diminished foreign demand for United States textile
manufactures (including yarns, thread, cloth, and clothing
articles), extending even to financially strong countries, may
indicate at least a temporary decline in demand in foreign
markets for such products and that the peak of United
States exports in this field has been passed. It is likely that
to an increasing extent foreign demand will be met from
production in other countries, as industries in the major
textile-producing areas are restored and expanded.
Among unrecorded exports (see table 5), civilian supplies
were considerably smaller during the last quarter of the
year, as compared with the third. Exports on this account
during the entire year amounted to 847 million dollars,
about 80 percent more than in 1946; a portion of this increase was, however, due to higher prices.3
Also, included^here are certain transfers under the postUNRRA relief and Greek-Turkish aid and ship-sale programs, which do not enter into the recorded exports.
Imports Still Lagging
Commodity transfers to the United States during the
fourth quarter of 1947 reached an annual rate of 6.5 billion
dollars—higher than any annual total. However, this
dollar figure cannot yet be considered as an indication of a
more rapid restoration of the prewar relationship between
imports and national income. In fact, while the quantity
imported rose, as compared to the third quarter, it was not
larger than in the last quarter of 1946 and the larger dollar
value compared with that of the same period a year earlier
reflects only higher prices.
To some extent the rise of imports—particularly last
December—compensated for lower imports in previous
months with consequent reduction of domestic inventories—
s The data presented here for exports of civilian supplies differ from those published by the
Bureau of the Census (F. T. 900 for December 1947), which include civilian supplies paid for
by the British Government. The latter were included in table 5 under miscellaneous adjustments.
SURVEY OF CURRENT BUSINESS
March 1948
Table 5.—Merchandise Transactions With Foreign Countries in 1947
[Millions of dollars]
Transfers to foreign countries:
Recorded exports, including reexports:
Private
Government:
UNRRA and post UNRRA.
Ship sales.
Greek-Turkey program
Other government
Total recorded exports
Additions:
Private, miscellaneous adjustments
Government:
Surplus property _ _ _ _
Civilian supplies for occupied countries
Miscellaneous adjustments
(net)
Total transfers to foreign countries.
Transfers from foreign countries:
Recorded general imports:
Private
Government
Total recorded imports
Additions:
Private, miscellaneous adjustments (net)
Government:
Military purchases abroad _ _
Miscellaneous adjustments
(net)
Total transfers from foreign countries
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
2,999
3,478
3,073
3,144
12, 694
192
179
159
114
102
68
14
176
546
443
27
769
Total
expenses in other countries as compared with the United
States may have been responsible for this shift in trade.4
Income on Investments Near Prewar High
Income on investments increased in the fourth quarter
as compared with the third by about 200 million dollars,
bringing the total for the year to over 1 billion. The large
increase of receipts in the fourth quarter was partly seasonal,
and reflected the year-end transfer of earnings accumulated
during the preceding 12-month period. Total receipts for
the year—which were exceeded only in the years 1928 to
1930—were compolfed of income on the following types of
loans and investments:
221
210
93
82
13
162
3,591
3,961
3,423
3,504
14, 479
34
26
56
78
194
22
48
80
56
206
190
219
263
175
847
74
52
55
115
296
3,911
4,306
3,877
3,928
16, 022
1,262
149
1,350
99
1,276
55
1,502
45
5,390
348
1,411
1,449
1,331
1,547
5,738
31
38
31
33
133
Transportation Nets 1 Billion
36
25
30
119
17
17
28
9
14
57
1,495
1,529
1,399
1,624
6,047
Because of higher exports in 1947, United States receipts
from transportation
increased from about 1.4 billion dollars
in 1946 5 to about 1.7 billion last year (see table 6). Payments increased during the same period from 500 to 700
million dollars. The 1947 excess of feceipts from transportation charges, which was nearly 1 billion dollars, accounted for about 9 percent of the excess of receipts on all
goods and service transactions.
The increase in ocean-borne exports from 62 million tons
in 1946 to about 95 million in 1947 was not fully reflected
in the increase of receipts on transportation, because the
portion carried in United States bottoms declined from about
60 to about 50 percent. The share of United States vessels
in the carriage of imports remained unchanged at about 65
percent.
About one-third of the net earnings on transportation in
1947 was on coal and grain shipments. If the expected 1948
improvement in the production of coal and grains in Europe
should occur coincidentally with continued replenishment of
foreign tonnage, the effect would be to reduce the tonnage
of our exports and to increase the share of both exports and
imports carried in foreign vessels. The drain on foreign
financial assets on account of transportation charges should,
therefore, be considerably less in 1948 than last year.
notably in coffee, cocoa, and copper. There was also a substantial increase in petroleum imports which, however, may
foreshadow larger imports in the future. There was no
clear indication that general imports rose in anticipation of
lower tariffs. The large excess of entries into warehouses
over withdrawals was not above December 1946, and
primarily reflected movements of sugar.
Imports from the Western Hemisphere and Africa were in
approximately the amount which should have been expected
on the basis of our national income. Imports from Asia and
Europe were not larger, relative to "normal/' than in the
last quarter of 1946.
In the case of Asia, lack of supplies partly explained the
low imports—particularly where raw or semimanufactured
materials were concerned. Supplies of rubber and tin, for
instance, still seemed to be short of potential demand, in
spite of the development during the war of substitute sources
for both commodities. Imports of crude rubber increased
from about 130,000 tons during the first 6 months of 1946
to 250,000 tons during the last half, and to nearly 400,000
tons during the first half of 1947; but owing to the exhaustion of accumulated stocks in the producing areas, imports
fell again to about 325,000 tons during the last half of 1947.
Total tin imports amounted to 55,000 tons in 1947 as against
53,600 tons during 1946 and 70,100 tons during 1939. Even
though the United States imported 28,000 tons in 1947 from
other areas, notably Bolivia, total tin imports were still
below the rate in prewar years, when industrial production—
and therefore the demand for tin—were smaller than in
recent periods. There seems to be, therefore, still room for
higher tin imports from East Asia.
Diversion of foreign exports from the United States to
other areas seems to be one of the factors explaining the
relatively low imports from Europe. This appears to be
indicated by the fact that total exports from 12 major
European countries during the first 9 months of 1947
amounted to 127 percent of the 1936-38 average, while our
imports from the same countries were only 92 percent of
the same prewar years. Higher prices and smaller selling
21
Million dollars
Direct investments
Portfolio investments
Short-term loans
Government loans
779
173
9
65
Total
1, 026
The rise in the income on direct investments from 554
million dollars 5 in 1946 can be attributed to earnings on
petroleum investments and on investments in manufacturing industries.
Table 6.—Service Transactions With Foreign Countries in 1947
[Millions of dollars]
Receipts:
Transportation
Travel
Miscellaneous services:
Private
Government
Total
Payments:
Transportation. _
Travel
Miscellaneous services:
Private
Government
Total
_
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
433
46
477
72
426
88
392
72
1 728
278
95
16
105
25
127
15
130
36
457
92
590
679
656
630
2 555
159
93
198
125
188
214
185
103
730
535
37
159
43
99
56
184
53
158
189
600
448
465
642
499
2 054
Total
* See SURVEY, December 1947, p. 14, table 1.
6 The 1946 figure represents a revision of the estimate published in the March 1947 issue
of the SURVEY (p. 15, table 4).
22
SUEVEY OF CUREENT BUSINESS
Travel Expenditures Exceed Prewar Peak
Expenditures by United States travelers in foreign countries (see table 6) were the highest in history, exceeding the
1929 expenditures of 483 million dollars. However, spending by foreign travelers in the United States increased even
more, and was double the amount spent here in 1929. Net
dollar accruals to foreign countries on travel account were,
therefore, still almost 100 million dollars less than during the
prewar peak. Furthermore, there are indications that not
all the dollars spent abroad increased the official exchange
holdings of foreign countries, but that some of these dollars
remained in the hands of private residents abroad.
Of the total travel expenditures of 535 million dollars,
420 million was spent in nearby areas—Canada, Mexico,
and the Caribbean region—as compared with 250 million in
1929. Travel to more distant areas, including Europe,
was still restricted by shortages in transportation, food, and
accommodations.
Travel expenditures abroad, like imports, are still considerably below the level that might be expected on the basis
of prewar relationships to national income. A continued
high level of income in the United States, lower prices abroad,
and expanded transportation facilities and accommodations
should, therefore, permit a considerable increase of foreign
travel, particularly in Europe.
March 1948
Table 7.—Gifts and Other Unilateral Transfers in 1947
fMillions of dollars]
First
quarter
Government:
Payments:
UNRRA
Post-UNRRA i
Civilian supplies for occupied
countries
Greek-Turkish aid
. _ . .
War damage and other transfers
to the Philippine Republic
International Refugee Organization
Interim aid
_ __
Other transfers
Total payments
Receipts:
Lend-lease settlement
Other
Total receipts
Net Government payments
Private remittances:
Payments
Receipts
Net private payments
-
Second
quarter
Third
quarter
Fourth
quarter
Total
264
188
1
49
103
1
141
502
245
225
262
1
315
39
205
54
1,007
31
25
38
26
120
70
90
15
12
16
191
590
567
574
457
2, 18S
105
35
80
40
22
77
4
72
211
224
15
2
94
17
140
120
99
76
435
450
447
475
381
1, 753
185
33
209
39
197
32
250
42
841
146
152
170
165
208
695
i 15 million dollars of the post-UNRRA appropriation was for the International Children's Emergency Fund. This amount was spent in the third quarter of 1947.
Government Grants Declined
Unilateral transfers by the Government declined by more
than 100 million dollars from the third to the fourth quarter,6
largely on account of smaller shipments of civilian supplies
to occupied areas (see table 7). This decline, however, cannot as yet be considered as an indication of a long-run trend.
Although shipments under the UNEEA program virtually
ceased, there was a considerable increase in contributions
under the 350-million dollar United States Foreign Eelief
Program (post-UNRRA program).
Actual disbursements on Interim Aid were only 12 million
dollars prior to December 31. There were, however, other
sizable shipments to France, and commitments for shipments
to Italy which were temporarily financed by the foreign
governments. The countries were reimbursed, however,
after the end of the year. Net Government unilateral
transfers, at 1.7 billion dollars, were 700 million less than
during 1946. The decline was mainly due to smaller payments to UNEEA, which, however, was partly offset by
larger expenditures for occupied countries and by new relief
and aid programs.
Net Government loans during the year, excluding the
subscription to the International Bank and the Monetary
Fund, amounted to 3-. 9 billion dollars—nearly a billion more
than during 1946. For the year as a whole, these loans
financed 20 percent of the total exports of goods and services,
or 44 percent of the export surplus less the part contributed
through public and private gifts and grants.
The British loan absorbed almost three-fourths of the total
loan disbursements. Because that loan was not tied to
specific commodity purchases in the United States, the
major part of the dollars thus disbursed found their way to
other countries, which in turn used them to pay for their
purchases here. Without the British loan the year-end
stage of the financial crisis in many countries would have been
been reached perhaps a year earlier.
Private United States Investments Increased
Long-term United States capital (see table 8) made a
smaller contribution to the financing of exports in the fourth
quarter than at any time since the first quarter of 1946.
This was mainly a result of the virtual exhaustion of the
loan to the United Kingdom. Drawings, which were
suspended in August in order to permit the United Kingdom
to institute appropriate controls over the conversion of
sterling balances into dollars, were resumed again in December, when 100 million dollars of the remaining 400
million was withdrawn.
Drawings on Export-Import Bank loans increased again
after the drop in the third quarter. The principal disbursements were 148 million on the loan to France, which at the
end of the year left from the total loans of 1.2 billion an
undisbursed balance of only 38 million dollars. Only 1.8
billion dollars on all loan commitments by the Government
remained undisbursed at the end of the year (see table 2).
Net exports of private United States long-term capital in
the fourth quarter are estimated at nearly 300 million dollars.
This relatively large total may be due partly to book adjustments of transfers between the capital and income account
earlier in the year. The net outflow for the year as a whole
amounted to 736 million dollars, including 243 million of
debentures issued by the International Bank. This compares
favorably with the magnitude of private capital investment
before the war, and in fact was exceeded only in the years
1922 and 1926-28.
Net outflow of United States long-term private capital
included 661 million of direct, and 75 million of portfolio 7
investments. New direct investments were made mostly by
the petroleum industry in the Caribbean area and in the
Middle East.
Portfolio investments included bond issues of the Netherlands and Norway, as well as the issues of the International
Bank noted above, and represent an attempt by foreign
countries to meet their requirements for capital assistance
through private rather than government sources. It appears,
however, that even in the case of debtor nations with hitherto
perfect records, only limited success has been achieved.
6 Unilateral transfers represent the offsetting item in the balance of payments, not only to
merchandise exports, but also to freight charges on such exports.
7
Changes in portfolio investments include security transactions, not involving transfers
of controls over the issuing corporations, and long-term bank loans.
Government Loans Declined from Postwar Peak
SURVEY OF CURRENT BUSINESS
March 1948
Table 8.—Movements of United States Long-Term Capital in
1947
[Millions of dollars]
First
quarter
Government:
Outflow:
Lend-lease credits
Credits on sales of surplus property, including ship sales
Export-Import Bank
__
Subscriptions to the:
International Bank
Monetary Fund
British loan
Other
Total outflow
Inflow
Second
quarter
Third
quarter
Fourth
quarter
Total
14
6
2
2
24
113
280
89
249
51
61
64
206
317
796
318
159
159
500
27
950
48
1,300
2
100
3
3 838
1 501
1 416
375
7,130
2,745
2,745
2,850
80
50
34
39
47
170
Net outflow of government longterm capital
3 788
1 467
1 377
328
6,960
Private:
Outflow:
Purchase of debentures of the
International Bank
Other
325
377
243
242
343
1,287
325
377
485
343
1,530
239
317
183
55
794
86
60
302
288
736
Total outflow
Inflow
Net outflow of private long-term
capital
243
Large Disbursements by World Bank and Fund
Of the total loans of 497 million dollars made by the
International Bank, 300 million was disbursed by the end
of the year, with 68 million dollars paid out during the last
quarter. No new loans were announced by the Bank during
the last 3 months of the year. Total dollar resources of the
Bank on December 31 were less than 700 million, of which
less than 500 remained uncommitted.
Dollar disbursements by the Monetary Fund increased to
nearly 260 million dollars during the last quarter of 1947,
bringing the total for the year to about 460 million. This
amount, however, was still less than the 657 million dollars
in gold or dollars paid by members of the Fund other than
the United States. Several members of the Fund in exchanging their own currency for dollars have actually obtained
more dollars than the value of gold and dollars originally
contributed. For these countries, therefore, access to the
Fund represented a net increase of their foreign exchange
resources.
Foreign Reserves Declined
Liquidation of foreign gold holdings and dollar assets,
excluding such balances held by the International Bank
and the Monetary Fund, reached an annual rate of nearly
5 billion dollars during the fourth quarter—slightly more
than during the first and second quarters of the year. The
total for the year was 4.5 billion (see table 3). Liquidations
by the countries included in the European Recovery Program accounted for 1.9 billion, by Western Hemisphere
countries 1.5 billion, and by others 1.1 billion. At the end
of the year, the total gold and dollar resources of the ERP
countries were 7,5 billions, of Western Hemisphere countries
3.6 billions, and of the rest of the world (excluding the International Bank and Fund) 6.7 billions.
Current Prospects
The European Recovery Program will make it possible
for the participating countries to meet the most urgent
part of this demand. Since the program provides for the
procurement of a part of the required supplies outside of
the United States, nonparticipating countries will indirectly
receive dollars which they can spend here. In addition,
23
the President's budget and congressional action also provided for increased aid to China, Japan, and other countries
in the Far East.
On the basis of rough calculations, it appears that these
proposed programs, provided they meet with congressional
approval, would make it possible for the countries concerned to maintain their purchases here in 1948 at approximately the 1947 average, though below the peak rate of the
second quarter of last year. However, other countries
may reduce their purchases here somewhat, as their dollar
reserves decline or their own pent-up demand is satisfied,
and as production and exports from other areas increase.
In any case, the volume of exports in 1948 will, to a large
extent, be determined by the extent of foreign aid extended
by the United States Congress.
Imports can be expected to rise in volume—particularly
if better food supplies and improvement in the organization
of production permit increased output in the Far East and
in Europe.
To finance the export surplus of perhaps 10-11 billion
dollars, indicated at this time, there appear to be available—
in addition to the European Recovery Program and the
aid to China—approximately 3.3 billion dollars of private
and government gifts and grants, including civilian supplies
to occupied areas; about 2.0 billion in private and Government capital; and perhaps 1 billion from the International
Bank and Fund. The remainder should be available from
new gold production or existing gold and dollar reserves.
Business Financing in the Postwar Period
(Continued from p. 16)
for new capital would diminish if prices stabilized. Furthermore, the interest rates on new loans are still very low and
have not changed significantly from the end of 1947, though
they are moderately higher than a year ago. It is difficult
to reconcile the current low rates of interest with any substantial unfilled demands for bank loans by business, unless
it is assumed that banks are rationing credit by making it
available only to the highest-quality risks.
Summary
In summarizing, two points should be made. First, available data on the volume of capital expenditures, the sources
of capital supply, and the cost of financing do not give any
definite indication of serious quantitative deficiencies in the
supply of capital available to business so far in the postwar
period. At any time there are demands for capital which
are not met by the suppliers of capital, and probably it is
in a period of inflationary pressures, when capital expenditures and financing are already at peak levels, that these
unfilled demands appear greatest. At such times any enlargement of capital supply, which does not serve to restrict
expenditures elsewhere, is further inflationary. On the other
hand, once the boom abates, the easing of capital supply
may help to combat deflationary tendencies.
Second, in view of the dangers in debt as compared with
equity financing, it is generally agreed that every effort
should be made to encourage the latter as part of any longrun financial program. The increased flow of the public's
saving into insurance, the greater role played by the Government—reflecting in part a changed world situation, and the
related changes in the rates and structure of taxes, all help
to intensify a problem of long standing, that of raising risk
capital. No workable solution to this problem is likely to
be reached which does not recognize these and other institutional changes in our economy over the past few decades.
SUEVEY OF CURRENT BUSINESS
24
The Business Situation
March 1948
Table 3.—Percent Change in Production of Selected Items of
Women's Clothing, First Half and Third Quarter, 1946-47
(Continued from p. 9)
and the low level of men's clothing purchases which characterized the war and early postwar period. The year 1946
was a peak year in women's clothing production. To some
extent, then, the decline represents a correction of the distortions brought on by the war. Nevertheless, it should be
remembered that the change in styles which began about a
year ago outmoded wardrobes and caused many women to
make purchases which otherwise would not have been made.
Most of the change will probably have been completed by
the end of this spring's production season and the stimulus
to demand which the present fashions have created should
have disappeared.
Production for the year was down in all lines compared
with 1946, decreases ranging Irom 13 percent for blouses to
25 percent for suits. Increased orders by retailers—who
had been curtailing purchases almost steadily for close to a
year—in the late spring and summer of 1947 were manifested
in a relative pickup in most lines of women's outerwear in
the third quarter of the year. This is illustrated in table 3,
which compares the 1946-47 change for the third quarter
with that for the first half for the important lines of outerwear. Blouses and skirts increased moderately, while
coats, suits, and unit price dresses showed considerably
smaller percentage declines. Only dresses sold by the dozen
showed a larger year-to-year decline in the third quarter
than in the first half of 1947.
Extent of Postwar Adjustment
The textile and clothing industries moved into 1948 with
the essential postwar adjustments more or less completed.
The distortions in the composition of fabric production,
which developed during the war period and continued through
1946, gradually disappeared in 1947. This made possible a
corresponding shift in clothing production, so that by the
end of 1947 retailers were better stocked with staple merchandise than at any time since early in the war period.
The downward adjustment in the demand for women's
clothing—which had risen to an abnormally high level in
the late war years and the early postwar period—and the
progress in working off the backlog for men's apparel have
been further aspects of the postwar adjustments which the
clothing industry has undergone.
Because the textile industry caters to a highly diversified
market, the lower output of clothing in 1947 did not have an
adverse effect on its operations, except in the case of woolen
manufacturers. For this reason, prices of fibers and fabrics
have remained as high or higher than in the early months of
1947, despite the softening which occurred in February, and
to date there has been insufficient pressure to reduce the
enlarged margins which most textile producers and distributors have been realizing. Taken in conjunction with the
Percentage change
First half Third quarter
1946 to first 1946 to third
quarter 1947
half 1947
Blouses _
Fur trimmed coats
Un trimmed coats
Unit price dresses _ . - _ _ . .
Dozen price dresses
Skirts
..
Suits
_ _
H-7
-24
-47
-27
-23
-16
-31
-32
___
. . . . .
—5
-14
-8
-17
+9
-13
Source: U. S. Department of Commerce, Bureau of the Census.
steady rise in wage rates, the firm prices for fabrics have
resulted in higher prices for clothing at a time when consumer
demand has tended to move downward.
New or Revised Series
Expenditures for New Plant and Equipment: New Series for
Page S-l i
[Millions of dollars]
Year and quarter
1929
.
1930
1931
1932
1933
1934
.. .
1935
1936
. .
1937
1938
.
1939
1940
1941
1942
1943
1944
1945:
1st quarter
2d quarter ..
3d quarter
4th quarter -
. . .
..
Total
Quarterly average. _
All industries
9,165
7,610
4,712
2,608
2,137
3,080
3,738
5,077
6,730
4,520
5,200
6,490
8,190
6,110
4,530
5,210
ManuCommerElectric facturing
cial and
and gas and min- Railroad miscellautilities
ing
neous 2
(s)
480
550
710
680
540
490
3,596
2,541
1,435
930
992
1,460
1,790
2,450
3,330
1,830
2, 310
3,140
4,080
3,170
2,610
2,890
840
865
360
164
101
218
166
306
525
238
280
440
560
540
460
580
4,729
4 204
2,917
1,514
1,044
1,402
1,782
2,321
2 875
2,452
2 130
2, 360
2,840
1,720
920
1,250
1,170
1,450
1,680
2,340
110
140
160
220
600
750
920
1,380
120
130
140
160
340
430
460
580
6,630
1,658
630
158
3,650
913
550
138
1,800
450
(3)
(3)
(4)
(3)
(3)
(3)
(3)
(3)
(3)
1 Compiled by the Securities and Exchange Commission and the U. S. Department of Commerce, Office of Business Economics, beginning 1945; earlier data are from the Board of Governors
of the Federal Resene System. These figures are estimates for the whole of American private
industry, exclusive of agriculture. Estimates beginning 1945 are based on reports from a sample consisting of most of the corporations registered with the Securities and Exchange Commission, reporting to the Commission, and a large sample of unregistered manufacturing companies, unincorporated and incorporated, reporting to the Department of Commerce. Quarterly estimates are not available prior to 1945. Quarterly data for 1946 and 1947 are shown on
p. S-3 of the March 1947 Survey and p. S-l of this issue. The annual data for 1929-44 are
revised estimates of the compiling agency, based on Securities and Exchange Commission
and other data.
These figures do not agree precisely with the totals included in the gross national product
estimates of the Department of Commerce. The main difference lies in the inclusion in Commerce
figures of certain outlays charged to current account.
2
Includes trade, service, finance, communication, transportation other than railroad and
prior
to 1939, electric and gas utilities.
3
Included in "Commercial and miscellaneous'' prior to 1939.
SURVEY OF CURRENT BUSINESS
March 1948
S-l
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That volume
contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it also provides a
description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and a descriptive
note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to adjustment of monthly figures for seasonal
variation.
Data subsequent to January for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Surrey
1948
1947
January
February
March
April
May
June
July
August
SepOctoNovem- Decemtember | ber |
ber
ber
January
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT *
Seasonally adjusted quarterly totals at annual rates:
National income
bil of dol
Compensation of employees
do .
Wages and salaries
do
Private
do
Military
_
do
Government civilian
do
Supplements to wages and salaries
do
proprietors' and rental income
rlo
Business and professional
do
Farm
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment _ .
bil. of dol
Corporate profits before tax
_ do .Corporate profits tax liability
do
Corporate profits after tax
do _
Inventory valuation adjustment
do
Net interest
.
do
194.6
124.7
119.1
101.2
4.6
13.3
5.6
46.2
22.4
16.8
7.0
199.8
125.6
120 0
102.7
4.1
13.2
56
46.7
22 9
16.6
7.2
203.3
128.7
123.6
106.2
3.9
13.5
51
47.0
23 5
16.2
7.3
20.4
28.9
11.5
17.4
—8.6
3.3
23.9
27.8
10.9
16.9
—3.8
3.5
23.9
28.2
11.1
17.1
—4.3
3.7
38
Gross national product
_ _
_ do_ _
Personal consumption expenditures
do
Durable goods _ _
_ _ .
_ do.
Nondurable goods
do
Services
_ _ _ _ do_ _
Gross private domestic investment
do
New construction
do
Producers' durable equipment
do
Change in business inventories
_ _ _do_ .
Net foreign investment
do
Government purchases of goods and services
bil. of dol
Federal (less Government sales)
do
State and local
do
221.0
156.9
18.2
94.7
44.0
28.2
10.3
16.4
1.6
8.3
226.9
162.3
19.3
98.4
44.6
26.1
96
17.9
—1.4
10.4
229.4
165.8
20.2
99.9
45.7
27.0
10 4
18.4
' —1.7
7.8
240.9
172 5
21 3
104 2
47 0
29 9
12 4
18 8
r
— 1. 3
82
27.6
16.2
11.4
28.2
16 3
11.9
28.7
16 2
12.5
30 3
16 9
13 3
Personal income
_ _
do
Less: Personal tax and nontax payments do
Equals: Disposable personal income
do
Personal savings §
do
PERSONAL INCOME*
Seasonally adjusted, at annual rates:
Total personal income
bil. of dol_
"W age and salary receipts, total
do _
Total employer disbursements
do
Commodity-producing industries
do
Distributive industries .
do
Service industries _ _
do
Government
do
Less employee contributions for social insurance
_
bil. of dol..
Other labor income
do
Proprietors' and rental income
do
Personal interest income and dividends. .do
Total transfer payments
do
189.8
21.0
168.8
11.9
191.4
21 2
170.1
78
199.6
21 6
177.9
12 1
205 8
22 1
183 7
11 2
189.3
116.9
212 3
132.9
127 8
110 3
3.8
13 7
51
51 5
25 4
18 5
76
119.0
53.0
33.4
14.6
18.0
189.5
117.1
119.2
53.0
33.5
14.6
18.1
190.6
117.0
119.1
63.4
33.5
14.6
17.6
189.4
116.0
118.2
52.8
33.1
14.8
17.5
190.5
117.3
119.4
53.5
33.8
14.9
17.2
194 1
120.1
122.2
54.9
34.9
15 2
17 2
194.9
119.9
122.0
54.4
35.0
15 4
17 2
193 8
121 2
123.3
55.5
35 2
15 2
17 4
209 9
123 2
125.2
56.7
35 8
15 2
17 5
203 2
123 7
125.7
57.2
35 8
15 1
17 6
204 2
126 4
128.4
58.8
36 8
15 2
17 6
' 130. 1
••60.3
15 2
17 5
210 8
127 4
129.5
59.8
37 0
15 3
17 4
2.1
1.6
45.8
14.0
11.0
2.1
1.7
45.9
14.1
10.7
2.1
1.7
46.8
14.2
10.9
2.2
1.7
46.5
14.3
10.9
2.1
1.8
46.5
14.4
10.5
2.1
18
47.1
14.6
10.5
2.1
18
47.4
14.7
11.1
2.1
18
45.5
14.9
10.4
2.0
18
48.1
15.6
21.2
2.0
19
50.4
15.4
11.8
2.0
19
49.9
15.5
10.5
2.0
19
54.0
15.6
10.8
2.1
19
54.6
15.8
11.1
r 210 4
r 128 1
r 37 1
168.2
Total nonagricultural income
do
167.8
168.8
169.7
168.3
173.0
172.4
173.8
188.7
180.6
184.1
182.3
' 184. 6
NEW PLANT AND EQUIPMENT
EXPENDITURES*
All industries, total.
_
mil. of dol_.
3,160
3,940
4 140
4 440
E lectric and gas utilities .._
do
330
450
500
550 ~~~
"
Manufacturing and mining
do_ .
1,600
2,010
2 230
2 050
Railroad
_
do
160
220
370
230
Commercial and miscellaneous
.do
1,080
1,260
1,300
1,360
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
payments*
mil. of dol..
2,284
2,076
1,897
1,974
2,026
2,211
2,662
2,517
3 060
3 773
2 927
3 109
From marketings and C. C. C. loans*
do
2,248
1,853
1,989
2,010
1,914
2,505
2,185
2,909
2,657
2,558
3,096
3,049
3.759
743
Crops*
_
do
692
918
621
707
594
1 187
2 122
1 205
1 299
1 047
1 540
1 497
Livestock and products*
do
1,330
1,146
1,318
1,368
1,320
1,442
1,452
1,318
1,637
1,511
1,552
1,610
1,556
Dairy products*
do. _
292
345
330
379
345
382
392
353
329
293
303
319
334
Meat animals*
.
do
743
807
667
726
705
782
785
711
968
1 039
1 019
970
958
Poultry and eggs*
...do
224
187
181
236
206
279
280
261
251
232
244
262
234
' Revised. § Personal savings is the excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
New series. Quarterly data for 1939-46 and annual data beginning 1929 for national income and gross national product and monthly data for 1929-46 for personal income are published in the
IN ational Income Supplement to Survey of Current Business", which is available from the Superintendent of Documents, Washington, D. C., for 25 cents; these series are compiled by the U. S.
Department of Commerce. For source and a brief description of the series on plant and equipment expenditures, see note marked "*" on p. S-3 of the September 1947 Survey; fourth quarter
of 1947 estimates are based on anticipated capital expenditures of business. Revisions for January 1945-May 1946 for farm income are available on request; see note in September 1947 Survey
regarding earlier data; revisions beginning 1945 were in part to adjust the series to levels indicated by 1945 Census data; 1940-44 data have not been similarly revised.
SURVEY OF CURRENT BUSINESS
S-2
March 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
January
February
March
April
May
June
July
August
September
October
November
December
January
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS— Con.
Indexes of cash income from marketings and
C. C. C. loans, unadjusted:
All commodities t
1935-39=100
Crops f
_
do
Livestock!
-_
_ _ _
do_ _
Indexes of volume of farm marketings, unadjusted:
All commodities*
_
1935-39=100
Crops*-.
do _ _ _
Livestock*
do
338
322
351
279
247
302
303
242
348
288
208
349
299
217
361
329
260
381
400
422
383
377
416
348
459
524
410
566
743
432
466
539
411
438
455
425
385
367
399
147
154
142
120
115
124
122
101
138
116
80
143
126
87
156
138
106
161
167
180
156
152
170
138
172
202
150
199
255
157
160
170
153
151
152
150
150
131
164
P189
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted combined indexf
184
185
187
185
185
185
178
185
191
194
'193
189
192
193
195
193
191
191
184
191
197
200
'200
'196
P195
218
192
126
161
107
277
203
211
184
208
148
156
273
229
181
220
191
135
167
118
277
208
215
190
205
154
156
255
233
190
224
196
140
166
126
281
202
205
196
209
157
159
269
239
197
222
195
143
161
134
276
197
195
203
208
166
16C
263
237
193
219
197
145
158
138
273
187
183
198
206
148
162
269
225
179
220
193
149
160
143
275
179
176
187
209
183
163
254
233
191
208
181
141
155
133
266
171
167
180
196
181
160
225
217
185
212
188
151
160
147
267
170
167
180
207
193
166
241
213
180
219
195
150
164
143
276
174
171
182
210
198
166
248
227
197
224
204
150
172
138
280
179
180
176
210
202
169
236
'232
198
224
202
148
176
133
'282
185
188
178
206
192
167
'231
234
201
r 227
205
'140
'181
'119
'288
'189
192
'183
'199
'178
'172
203
'244
'207
P 224
171
206
250
430
116
113
118
'148
»95
191
171
187
254
431
121
121
121
140
v 127
138
83
159
154
Pl86
172
169
182
253
433
115
118
113
144
P161
139
88
156
150
P179
166
169
167
252
435
113
119
109
149
P202
151
90
161
155
P1S4
168
168
178
247
439
106
112
103
154
*229
150
101
160
155
i>191
165
••164
182
247
438
99
100
97
166
P229
146
173
145
140
P195
161
173
181
245
431
116
114
117
178
*192
127
263
158
152
*201
171
178
206
248
425
121
118
123
'182
*156
136
290
159
153
*203
170
'181
252
'251
'126
123
128
'167
P121
144
173
163
157
*204
177
'•180
196
'252
'431
126
126
126
r 161
p91
189
118
165
160
P203
177
171
146
'256
'440
'113
112
'114
'154
p88
187
'108
'157
'152
P208
179
P172
142
P254
*436
P120
150
r!80
171
171
195
252
429
123
127
121
140
»107
152
86
157
151
»185
172
133
247
172
161
263
171
157
138
246
173
161
262
178
160
145
239
172
160
270
172
149
144
234
166
154
270
159
151
145
220
164
148
271
161
142
146
216
155
133
263
155
165
130
207
142
118
263
130
162
139
210
154
130
267
156
165
145
217
160
130
278
168
172
156
223
164
139
280
167
181
'158
'225
172
149
290
'172
172
150
'230
162
'131
287
166
139
148
P228
P169
153
299
141
151
118
173
146
81
141
150
107
162
150
84
143
153
113
163
153
83
139
144
102
127
155
112
153
156
104
165
157
140
152
153
110
147
159
148
145
144
93
117
160
151
155
155
114
151
161
151
158
160
122
161
164
145
158
162
126
163
166
132
155
163
119
169
165
'106
'151
162
111
164
166
P84
P150
P162
P112
P161
*167
P80
do
189
189
190
187
185
184
176
182
'187
190
192
'192
P192
do
196
197
198
194
191
191
183
188
192
197
199
'198
P199
221
142
131
203
184
219
182
168
278
176
241
251
116
113
161
f 148
163
157
156
150
P180
222
147
137
208
190
219
203
164
263
176
223
251
120
118
156
f 149
159
137
157
151
P185
225
147
138
202
195
218
192
165
269
175
208
251
122
122
157
P153
149
151
159
154
f 185
222
144
135
197
203
211
175
164
263
172
189
251
116
119
158
P154
150
145
156
150
P179
218
142
134
187
198
200
141
162
251
170
162
253
113
119
155
v 152
151
138
161
155
P184
219
142
133
179
188
207
171
164
257
168
159
250
107
114
154
P155
152
132
160
155
P191
207
133
121
171
181
195
164
160
235
163
164
251
101
106
155
"157
156
133
146
140
P195
210
142
133
170
180
,199
171
162
231
169
176
249
116
115
••157
P147
145
138
158
153
*201
217
140
128
174
182
202
171
160
243
172
198
248
122
120
'158
P148
146
149
159
153
P203
223
143
128
179
176
201
174
'161
229
176
229
248
126
121
'156
P147
142
134
163
157
P204
224
150
137
185
177
201
178
'162
'229
' 179
219
'251
124
122
'158
*140
170
129
165
160
P205
'229
'153
'139
189
'183
'205
196
'166
218
'173
167
'255
'114
113
'158
P138
160
'138
' 158
152
p208
P227
J>155
P142
P193
P186
P206
138
172
158
140
173
168
142
172
158
141
166
160
142
164
142
146
155
159
139
142
156
145
154
160
144
160
163
152
164
175
'152
172
169
'146
'162
149
1935-39=100
Manufactures'''
do
Durable manufactures!
do
Iron and steelf
_
_
do_ _
Lumber and products!-do
Furnituref
do
Lumber!
__ _
_ do. _
Machinerv!
.._
do
Nonferrous metals and products!do
Fabricating*
do
Smelting and refining*
do
Stone, clay, and glass products! _ _ do _
Cement
do
Clay products*
do
Glass containers!
do_ _
Transportation equipment
do
Automobiles!J
_
do
Nondurable manufactures!- . _
Alcoholic beverages!
Chemicals!
_
Industrial chemicals*
Leather and products!
Leather tanning*
Shoes
Manufactured food products!. _
Dairy products!
Meat packing
_
Processed fruits and vegetables*
Paper and products!
Paper and PU!D!-_
Petroleum and coal products!
Coke
Petroleum rpflningj
Printing and publishing!- . .
Rubber products!
Textiles and products!
_.
Cotton consumption
Rayon deliveries
_ _
^^ool textile production
Tobacco products
_
Minerals!
__ .
Fuels!
Anthracite!
Bituminous coal!
Crude petroleum
Metals
Adjusted, combined index!
Manufactures
_
_._
_
_
_
_
_
_
do
do
do
do
do
do
do
do
do
_ do
do
do
do
do
do
do
do
do
do
do
do__
do
do_
do...
do
do__do__.
do
do
Durable manufactures
do
Lumber and products
. >_
do
Lumber
do
Nonferrous metals. .. _
do
Smelting and refining*
do_
Stone, clav, 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 tannins:*.
do
Manufactured food products
do
Dairy products
do
Meat packing
do
Processed fruits and vegetables*
do
Paper and products
do
Paper and pulp _
_.
do
Petroleum and coal products
do
Petroleum refining!
do
Printing and publishing.
do.__
Textiles and products
do
Tobacco products. _ _
_ _ _ _ _ d o
1C2
156
r 427
p202
P138
pl8Q
pin
P285
P193
P186
pl94
P168
197
P239
P201
P124
P145
P87
175
P85
J>162
*155
P214
178
153
P181
201
P176
167
P 255
pl!9
p 156
P139
150
p 131
P163
pl57
P214
153
169
153
P 155
Minerals
do
146
146
148
148
' 156
143
150
155
155
151
140
153
Metals
do.__
pl!6
124
117
122
122
P117
117
136
117
117
111
107
'109
r
Revised. *> Preliminary. JIndex is in process of revision.
*New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. See note in January 1948 Survey for source
of indexes of volume of farm marketings and reference to figures beginning 1929; annual indexes for 1939,1941 and 1944-47 are shown on the back cover of the February 1948 Survey; they include
revisions in marketings data and also, for 1945-46, adjustments to 1945 census data which have not been incorporated in monthly figures; 1940-44 annual indexes and 1940-46 monthly data have
not been adjusted to census data.
t !Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes for the industrial production series, see pp. 18-20 of December 1943 Survey; seasonal
adjustment factors for a number of industries were fixed at 100 beginning various months during 1929-42; data for these industries are shown only in the unadjusted series. Revisions for January 1945-May 1946 for the indexes of cash income from farm marketings are available on request; see note in September 1947 Survey, p. S-l. regarding earlier data; revisions beginning January
1945 were in part to adjust the series to levels indicated by 1945 census data; 1940-44 data have not yet been similarly revised.
SURVEY OF CTJKEENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-3
i94a
1947
January
February
March
April
May
June
July
August
September
October
November
December
255
291
309
346
••230
r234
318
339
307
'298
'394
354
••533
r
320
'303
••296
335
'290
276
338
234
307
267
306
348
351
228
244
329
349
302
'305
'411
'383
586
'319
315
r
300
358
'293
311
345
233
'310
252
291
322
346
217
228
325
354
328
295
438
348
642
321
304
289
336
280
339
'237
264
325
166
355
186
990
176
214
221
221
'247
'168
247
188
230
238
265
316
168
355
186
982
180
216
231
218
254
156
January
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES
New orders, index, total f -_.avg. month 1939=100-.
Durable goods industries . _
_
. d o
Iron and steel and their products
do
Machinery, including electrical
do
Other durable goods
do_ __
Nondurable goods industries
do
Shipments, index, total t
-- do_ _.
Durable goods industries
do
Automobiles and equipment
do
Iron and steel and their products
do
Machinery, including electrical
do
Nonferrous metals and products
do
Transportation equipment (cxc. autos)._..do
Other durable goods industries
_ _ do _
Nondurable goods industries
_do
Chemicals and allied products.
_
do _
Food and kindred products.
do
Paper and allied products
_
do
Products of petroleum and coal
do
Rubber products
_
do
Textile-mill products .
do _
Other nondurable goods industries
do
Inventories:
Index total
do
Durable goods industries .
__
do_ _.
Automobiles and equipment
do
Iron and steel and their products
do
Machinery, including electricalf-do ._.
Nonferrous metals and products*
do
Transportation equipment (exc. autos) do
Other durable goods industries!
do
Nondurable goods
_ _
do
Chemicals and allied products
do
Food and kindred products
do
Paper and allied products
do
Petroleum refining
do
Rubber products
do
Textile-mill products
do
Other nondurable goods industries!
do
Estimated value of manufacturers' inventories*
mil. of dol_.
240
270
295
308
215
222
274
292
246
246
326
335
572.
283
260
264
291
255
224
290
213
254
254
295
327
344
224
229
290
311
267
256
364
366
567
290
275
277
309
273
229
315
228
267
249
288
319
336
217
226
288
312
268
263
364
366
547
290
272
278
301
268
236
322
222
263
241
279
308
316
219
219
288
320
276
268
366
371
597
300
265
278
282
276
244
311
209
265
235
256
273
294
209
222
283
313
258
265
368
365
600
286
262
265
282
273
252
300
199
263
245
271
304
315
202
230
292
323
280
274
395
347
669
268
271
265
298
277
263
312
216
265
231
260
271
328
194
213
271
287
264
251
340
291
496
259
260
252
292
250
263
289
188
256
231
261
286
307
199
213
282
301
252
271
352
311
497
289
269
258
295
267
266
300
205
271
260
292
312
345
230
240
315
336
298
294
393
340
567
319
300
295
332
279
277
336
234
302
209
226
269
140
299
179
816
156
195
199
206
187
134
238
177
217
213
232
284
142
306
182
860
159
197
204
203
192
133
250
178
221
217
238
298
143
316
184
897
165
199
211
202
196
136
262
183
222
222
244
300
145
326
184
928
170
203
222
201
201
139
273
188
223
226
251
314
150
334
186
959
172
204
228
199
206
142
282
189
222
228
254
321
153
339
186
966
172
205
228
194
218
145
281
186
228
228
256
320
157
341
191
970
171
204
225
196
229
148
272
186
222
231
259
327
160
343
191
990
171
206
223
210
239
'152
262
186
218
'232
261
330
163
346
192
998
174
207
218
215
245
154
251
184
219
20, 805
21, 176
21, 612
22, 058
22, 424
22,618
22,678
22, 936
23, 120
r
235
' 265
327
164
••352
190
' 1, 017
177
'210
215
'218
'246
157
251
184
225
230
295
193
231
' 23, 398
' 23, 577
23,702
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
Operating businesses, total, end of quarter
thousands. Contract construction
do
Manufacturing _
do_-._
Eetail trade
do
Wholesale trade _ _
_
do
Service industries
do
All other
... _ _ _
do
New businesses quarterly
do ._
Discontinued businesses quarterly
do
Business transfers quarterly
_ do
3, 731. 4
257.2
312.1
1, 726. 6
173.1
709.6
552.9
128 0
54 4
126.8
' 3, 768. 0
' 268. 7
' 316. 4
r
1,T 744. 7
177. 5
' 720. 7
' 557. 9
' 109. 5
'56 8
102.3
v 3 817 0
» 275.9
v 318.1
v 1,754.9
P 180.2
v 727.2
p 560.6
p85 1
P 54 2
P984
INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total
- .
~
Commercial service
Construction
Manufacturing and mining
Retail trade
_ _ _ _ _ _
Wholesale trade
- Liabilities, grand t9tal
Commercial service
Construction
_ _
Manufacturing and mining
Retail trade
Wholesale trade _
> _ _
number.
do __
- do
do_ _.
_ _ _ _ do
_
do_ __
thous. of dol_.
do
do
_ _ do_ _
do
do
202
17
15
67
76
27
15, 193
582
575
11,020
1,674
1,342
238
22
20
92
70
34
12, 976
651
766
7,654
1,396
2,509
254
21
13
108
88
24
15, 251
758
341
11, 336
1,169
1,647
277
23
16
117
84
37
16,080
1,015
247
11,822
1,503
1,493
378
33
20
155
119
51
17, 326
739
321
10, 971
3,037
2,258
283
21
23
95
108
36
18, 982
610
664
14, 220
1,614
1,874
299
30
17
107
105
40
37, 137
19, 863
384
12, 466
2,280
2,144
287
23
19
99
102
44
14,903
655
176
10, 426
1,668
1,978
292
28
20
101
103
40
10, 034
829
444
5,964
1,390
1,407
336
29
25
98
129
55
21, 322
1,074
2,301
13,337
2,289
2,321
313
23
25
124
115
26
16, 345
505
537
12, 574
1, 531
1,198
317
23
26
112
123
33
25, 499
1,232
455
20, 937
1,908
967
366
29
23
108
153
43
12, 965
711
820
6,892
2,837
1,705
4,202
3,018
3,299
2,996
2,870
2,893
2,595
2,494
2,612
3,269
2,767
3,160
3,688
BUSINESS INCORPORATIONS
New incorporations (4 states)
_ __number__
' Revised. * Preliminary.
*New series. For 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 data through 1944 for the series on oper.
ating businesses and business turnover, see pp. 21-23 of the May 1946 Survey and p. 10 of the May 1944 issue.
fRe vised series. See notes marked "t" on pp. S-2 and S-3 of the September 1947 Survey for reference to revised data for manufacturers' orders, shipments and inventories.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1948
1947
January
February
March
April
May
June
July
^^ \ temper
October
November
December
January
COMMODITY PRICES
i
PRICES RECEIVED AND PAID BY FARMER S
Prices received, all farm productsf--- 1909-14= 100. .
Crops
do
Food grain
do
Feed grain and hay
do
Tobacco
-.
do
Cotton
do
Fruit
do Truck crops
do
Oil-bearing crops
do
Livestock and products
. do Meat animals..
do
Dairy products
do
Poul try and eggs
do
Prices paid:*
All commodities
1910-14=100.
Commodities used in living
do
Commodities used, in production
do
All commodities, interest and taxes
do_.
Parity ratio*
do
260
236
223
184
399
240
196
238
336
281
306
292
201
262
245
235
185
390
246
203
275
334
278
319
270
192
280
266
283
212
390
257
215
299
360
292
345
269
199
276
269
277
223
387
260
223
295
358
282
331
257
204
272
268
276
218
390
270
222
286
326
275
327
241
203
271
262
253
240
390
275
228
215
318
278
338
233
205
276
263
251
253
390
289
215
189
314
286
343
244
220
276
255
246
270
383
267
177
211
308
295
349
258
224
286
254
278
297
352
252
181
179
311
315
367
282
246
289
261
302
284
357
247
166
238
344
313
360
' 283
251
287
268
312
283
354
257
151
272
349
304
338
293
242
301
281
318
305
377
275
149
294
367
320
352
311
262
307
284
322
318
377
267
135
320
377
328
379
313
231
227
242
207
215
121
234
248
215
221
119
240
252
224
226
'124
243
255
227
229
121
242
254
226
228
119
244
252
233
230
'118
244
252
234
230
'120
249
256
239
234
'118
253
259
246
238
120
254
261
246
239
121
257
264
248
241
119
262
268
254
245
123
266
272
259
251
122
172.7
172.7
177.2
177.2
177.1
178.7
179.7
181.4
184.9
184.9
185.9
188.4
190.3
121.6
121.9
121.6
122.2
121.6
122.3
121.5
122.5
116.8
123.4
116.8
123.6
119.2
129.5
126.5
139.1
128.3
139.4
129.4
140 5
130.4
143. 8
*
130. 5
v
144. 3
153.3
179.0
183.8
143.4
190.1
187.9
199.0
117.3
91.9
142.1
179.1
108.8
137.1
153.2
181.5
182.3
144.1
183.2
191.7
196.7
117.5
92.2
142.3
180.8
108.9
137.4
156.3
184.3
189.5
148.1
187.5
199.6
207.6
117.6
92.2
142.5
182.3
109.0
138.2
156.2
184.9
188.0
153.4
178.9
200.4
202.6
118.4
92.5
143.8
182.5
109.0
139.2
156.0
185.0
187.6
154.2
171.5
207.0
203.9
117.7
92.4
142.4
181.9
109.2
139.0
157.1
185.7
190.5
154.6
171.5
205.0
216.9
117.7
91.7
143.0
182.6
109.2
139.1
158.4
184.7
193.1
155.0
178.8
202.0
220.2
119.5
91.7
146.6
184.3
110.0
139.5
160.3
185.9
196.5
155.7
183.8
199.8
228.4
123.8
92.0
154.8
184.2
111.2
139.8
163.8
187.6
203.5
157.8
195.2
198.2
240 6
124.6
92.1
156.3
187.5
113 6
140.8
163.8
189.0
201.6
160.3
190.1
196.6
235 5
125.2
92.2
157.4
187.8
114.9
141.8
164.9
190.2
202.7
167.9
198.4
199.6
227.0
126.9
92.5
160.5
188.9
115.2
143.0
167.0
191.2
206.9
170.5
204.9
205.3
227.3
127.8
92.6
162.0
191.4
115.4
144.4
r
RETAIL PRICES
All commodities (U. S. Department of Commerce
index)
1935-39=100
Coal (U. S. Department of Labor indexes):
Anthracite
1923-25 =100
Bituminous
do
Consumers' price index (U. S. Department of
Labor) :§
Combined index
1935-39=100
Apparel
do
Food
do
Cereals and bakery products*
do
Dairy products*
do
Fruits and vegetables*
. do
Meats*
do
Fuel, electricity, and ice
do
Gas and electricity*
do
Other fuels and ice*
do
Housefurnishings
._ . do
Rent
do
Miscellaneous
do
T
168..8
192.1
209.7
172.7
205.7
208.3
237.5
129.5
93.1
165.0
192.3
115.9
146.4
WHOLESALE PRICES
U. S. Department of Labor indexes:
T
141.5
144.5
149.5
147.1
147.7
148.0
150.6
153.6
163.2
157 4
158.5
' 159. 7
165.6
Combined indexcf
1926=100
Economic classes:
r
141.9
141.7
136.7
139.7
143.3
141.7
144.0
147.6
154. 7
' 152. 3
157.6
151.6
Manufactured products c? - do
151.1
152.1
160.2
154.9
163.2
160.1
158.6
165.3
182.0
167.0
183.9
Raw materials
do _
170.8
175.5
175.1
142.1
144.5
138.8
145.9
144.9
145.9
Semimanufactured articles
do
147.0
157.9
149.5
154.1
156.4
152.0
157.0
177.9
165.0
170.4
182.6
177.0
175.7
181.4
196.7
181.7
186.4
199.2
Farm products
_ do
189.7
187.9
202.4
206.0
162.6
171.1
203.3
199.8
202.3
208.8
245.5
252.7
256.3
Grains
do
241 4
230 3
201.5
199.2
200.9
189.6
216.0
198.7
209.9
215.9
226. 3
Livestock and poultry
__do
224.8
211.0
232.9
224.5
136.1
138.6
140.6
142.1
141.0
140.7
143.6
147.2
' 155. 7
' 153. 3
Commodities other than farm products cf . -do
150.8
151.5
158.0
162.4
161.8
156.2
167.6
159.8
162.0
167.1
178.4
172.3
Foods
do
179.3
177.8
178.0
179.9
154.1
149.2
139.9
141.3
150.4
151.7
154.7
153.3
170.6
172.5
167 6
Cereal products
do
158 7
170 1
164.6
157.6
148.8
138.8
140.9
161.8
152.8
183.5
164.3
183.9
170.6
175.9
Dairy products
-- do
167.3
134.2
142.2
145.2
131.6
141.5
144.3
139.7
133.0
135.4
135.5
141 1
Fruits and vegetables
do
130 8
130 1
208.6
183.4
199.6
207.3
196.7
203.0
217.9
234.6
214.8
Meats
-_
do
244.8
222.3
230.0
217.6
Commodities other than farm products and
T
131.4
127.6
128.5
131.1
133. 4
131.8
131.9
136.0
' 142. 4
138.2
145. 6
148.1
foods c?
1926=100
140.0
174.4
169.7
174.8
177.5
178.8
177.0
175.7
179.7
191.0
183.3
185.8
187.5
193.1
Building materials
do _
134.7
132.2
132.3
132.4
134.5
134.5
143.3
144.3
148.8
145.4
145.6
147.3
150.9
Brick and tile
- do
114.3
112.3
108.3
109.9
114.0
114.0
114.9
116.9
121.6
119.0
120.1
126.4
Cement
do
120.6
269.4
266.1
263.6
269.3
273.5
249.9
269.0
276.7
303.2
285.7
290.0
Lumber
do ._
295.6
307.3
159.6
171.2
173.9
176.1
175.5
169.2
156.1
154.9
164.0
157.9
161.4
Paint and paint materials.. do
161.8
163.2
133.2
120.2
128.1
129.3
132.2
127.1
118.8
117.5
135.0
122.3
Chemicals and allied products!
do
128.6
135.8
138.8
118.7
113.8
114.5
119.5
118.7
119.9
112.7
117.5
118.2
124.3
124.1
Chemicals
do
122 1
125 8
156.1
173.6
182.5
182.7
181.0
137.4
181.7
136.6
151.1
136.6
154.9
Drug and pharmaceutical materialsf- -do
137.5
154.4
101.2
101.8
99.2
101.8
102.5
99.9
103.5
105.5
114.4
109.8
111.3
Fertilizer materials
do
112.0
115 6
139.2
231.5
220.1
210.6
179.9
214.3
134.8
133.3
215.9
163.3
Oils and fats
do
193.4
226.7
236.7
100.7
103.4
103.9
103.3
108.9
97.7
97.9
114.1
112.5
124.3
Fuel and lighting materials
do __
118.1
115.9
130.0
64.4
64.3
64.3
64.1
64.9
65.7
65.0
64.5
65.2
64.9
66.3
Electricity
.do
84.9
84.0
84.3
85.0
85.8
80.8
85.5
86.0
Gas
do
87.0
83.6
85 4
86.8
76.6
81.7
87.5
86.3
86.8
76.5
89.8
92.2
Petroleum products
do
93.7
112.0
99.9
96.5
120 7
174.6
173.2
166.4
175.1
173.8
178.4
182.1
170.8
184.8
Hides and leather products
..-do
203.1
202.4
191.7
199.8
192.2
191.4
187.1
178.1
198.5
177.7
203.5
215.6
221.1
256.9
243.7
263.4
Hides and skins
do _
238 9
183.7
181.1
158.0
176.3
181.6
178.9
187.4
190.7
197.4
204 3
216.2
Leather
do
216.0
209 2
172.1
171.5
172.6
170.6
171.5
172.2
173.2
174.9
175.2
Shoes
_
.do
178.0
187.0
190.7
194 3
125.8
129.2
127.4
124.6
128.8
123.3
129.8
129.7
130.6
' 137. 7
132.3
' 139. 7
Housefurnishing goodsf
do
141 1
131.4
137.2
129.6
134.4
128.4
136.9
138.1
138.1
138.5
139.3
Furnishings
do
140.0
142.8
143 9
'129.4
r 129. 7
' 128. 4
••128. 5
'129.7
' 127.0
'129.3
'129.3
' 132. 1
•• 135. 0
' 135. 6
' 136. 8
138 6
Furnituref
-- - do _
142.6
137.9
139.9
140.3
141.4
138.0
148.9
143.8
150.7
' 151. 7
151.1
' 152. 3
Metals and metal productsc?
do
154.4
126.9
127.6
131.4
123.9
125.0
128. 6
133.3
139.4
140.4
' 141. 3
140.8
' 142. 2
Iron and steel
do
145 5
142.9
139.0
141.0
143.9
130.5
131.3
141.8
141.8
142.0
142.2
142.0
143.0
Metals, nonferrous
do
145 5
118.2
123.4
117.1
117.9
119.1
117.0
120.0
128.6
135.9
136.0
136.0
Plumbing and heating equipment--. do
136.1
137.9
' Revised. * Preliminary.
§ In August 1947 the number of foods included in the index was reduced from 61 to 50. Beginning July 1947 a new schedule was adopted for collecting prices of apparel, housefurnishings,
and miscellaneous goods and services; prices for these groups are obtained in 10 key cities each month and in 24 other large cities quarterly; prices are collected for 8 of the 24 quarterly cities
each month; information on rents is obtained at least quarterly in each of the 34 cities; national averages for the indicated groups and for rents are weighted averages of indexes for cities surveyed during the month and estimated changes for other cities in the index. For January-June 1947 rent changes were estimated from a survey of 5 or 6 cities each month.
d* Current prices on motor vehicles were introduced into the calculations beginning October 1946; April 1942 prices were carried forward in earlier computations; see previous issues of the
Survey for explanation and for October 1946-December 1947 indexes using April 1942 prices; January 1948 indexes using April 1942 prices are as follows: All commodities, 183.1; manufactured
products, 153.6; commodities other than farm products, 154.9; commodities other than farm products and foods; 144.1 metals and metal products, 136.5.
* Newseries. The series on prices paid by farmers and the parity ratio are from the U. S. Department of Agriculture; the latter is the ratio of prices received to prices paid, interest and
taxes; data for 1913-45 will be shown later. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey; and for revised,
figures for 1929,1933 and 1935-44, p. 31 of February 1946 Survey. Data for 1923-45 for the indexes of retail prices of the food subgroups are shown on p. 16 of the November 1946 Survey. Data
beginning 1935 for the indexes of retail prices cf "gas and electricity" and "other fuels and ice" will be published later,
t Revised series. Indexes of prices received by farmers for 1913-45 are shown on pp. 17-19 of the April 1947 Survey; data for February 15,1948, are as follows: Total 279; crops, 257; food grain
251; feed grain and hay, 261; tobacco, 374; cotton, 248; fruit, 136; truck crops, 320; oil-bearing crops, 333; livestock and products, 300; meat animals, 331; dairy, 307; poultry and eggs, 218. For
revised data for 1941-43 for the indicated series on wholesale prices, except the furniture index, see p. 23 of the November 1945 Survey. The index of wholesale prices of furniture has been revised beginning January 1943; revisions prior to 1947 will be shown later; the revision has been incorporated in the group index and other composite indexes only beginning November 1947.
SURVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-5
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes— Continued
Commodities other than farm, etc— Con.
Textile products
1926= 100. .
Clothing
do
Cotton goods
_do_ _
Hosiery and underwear
do
Rayon
do
Silk
do
Woolen and worsted goods
- do _ _
Miscellaneous
__do
Automobile tires and tubes f
do
Paper and pulp
-- do. _ Wholesale prices, actual. (See respective commodities.)
136.6
132.4
184.6
99.3
33.8
101.2
120.8
110.3
66 6
141.9
138.0
132.7
193.7
100.0
37.0
80.2
121.9
110.9
66 7
143.4
139.6
133.0
196.6
100.8
37.0
73.2
127.5
115.3
66 7
145.1
139.2
133.0
194.7
100.8
37.0
69.4
129.1
115.7
66 7
152.5
138.9
133.9
193.0
100.8
37.0
67.9
129.2
116.1
66 7
154.3
138.9
133.9
193.8
100.8
37.0
68 4
129.2
1
112.7
62 5
154.2
139.5
134 3
195.9
100.4
37 0
68 2
130.1
113.0
60 8
157.2
140.8
134 3
199.2
99.9
37.0
68 2
133.3
112.7
60 8
157.6
142.0
134 4
202.3
99.9
37 0
68 3
133 8
115 9
60 8
159 5
143 0
134 7
204 6
100.0
37 0
71 2
134 2
117 1
60 8
159 8
144.7
135 6
209.1
101.4
37 0
73 3
134 9
118.8
61 0
160 7
147.6
136.3
213.5
103.0
40.0
73 3
139. 6
121.5
63 4
164.7
147.0
138 7
214.2
104.4
40 7
46 4
141 6
123.5
63 4
168 1
56.9
65.2
54.3
41.0
55.7
65.3
54.8
40.7
53.8
64.0
52.7
38.0
54.5
64.0
53.1
38.5
54.7
64.1
53.2
39.2
54.4
63.6
52.4
39.3
53.3
63 1
51.7
38.5
52.4
62 4
50 8
38.5
51.1
61 1
49 1
37.2
50 8
61 1
49 6
36.8
50 4
60 6
49 5
37.0
49 3
59 9
48 3
35.3
48 6
59 2
47 7
34.7
1,242
937
1,279
962
1,334
990
1,272
1 001
1.176
962
565
555
1,165
863
275
138
65
132
317
g
21
283
137
50
127
344
10
23
290
136
25
121
271
6
19
285
133
15
107
214
4
17
274
130
14
100
202
4
13
53
0
54
o
54
0
147
92
164
93
110
83
60
79
55
76
PURCHASING POWER OF THE DOLLAR
A s measured byWholesale prices
Consumers' prices
Retail food prices
Prices received by farmerst—
1935-39=100.do _
do. _
do
-
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction, total
mil. of dol_Private total
do_.
Residential (nonfarm)
do. _.
Nonresidential building, except farm and public
utility, total
_ .
mil. ofdoLIndustrial
do
Farm construction
_
- do. _Public utility
do Public construction, total _do
Residential
do
Military and naval
do
Nonresidential building, total
do
Industrial
do
Highway
__-do
All other
_ -- do
839
666
795
634
826
648
300
284
275
159
10
81
173
39
12
260
152
10
80
161
33
12
247
146
20
96
178
24
12
32
3
36
3
33
5
285
876
662
955
722
306
342
240
142
30
86
214
16
15
245
141
40
95
233
9
15
41
4
1,070
811
387
254
140
50
120
259
6
15
1,161
876
429
259
139
60
128
285
9
19
461
490
266
139
75
135
305
9
22
630
41
3
75
67
42
2
44
2
45
1
48
58
95
73
117
79
128
85
139
90
24, 321
442, 197
95, 770
346, 427
32, 268
596, 755
143, 316
453, 439
29, 957
602, 338
177, 272
425, 066
27, 769
674, 657
233, 873
440, 784
24, 044
605 070
226, 471
378, 599
28 734
660 254
202 571
457, 683
31 885
823 216
217 811
605, 405
27
649
192
457
3,096
25, 700
200, 312
3,006
21, 488
143, 258
3,670
22, 242
191, 903
3,905
26, 034
184, 317
4,554
30, 238
235, 899
4,355
27, 561
209, 942
4,912
32, 123
253, 512
4,915
41, 682
290, 807
4 213
24, 114
239, 915
5 134
33, 478
277,' 888
23, 593
39, 279
257, 419
20, 440
32, 469
208, 391
27, 414
42, 991
282, 881
24, 284
39, 006
256, 668
21, 255
42, 672
254, 085
17, 604
29, 213
209, 458
21, 568
36 774
240, 885
24 789
47 805
308 937
21 154
30 037
268* 543
37
52
34
50
27, 619
571, 628
166, 672
404, 956
49
1
54
1
475
CONTRACT AWARDS
Contract awards, 37 States (F. W. Dodge Corp.):
Total projects
number _
Total valuation
thous of dol
Public ownership
do
Private ownership
do
Nonresidential buildings:
Projects
.number. _
Floor 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
- .number. _
Valuation
thous. of dol._
Utilities:
Projects
number
Valuation
thous. of dol
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25—100
Residential, unadjusted
_ _ do
Total, adjusted
do
Residential, adjusted..
do
Engineering construction:
Contract awards (E. N. R.)§
thous. of dol..
Highway concrete pavement contract awards :J
Total
thous. of sq. yd. .
Airports
. . do _
Roads
do
Streets a n d alleys
_ _ . .
_ . . do. _.
185
996
660
336
36
793
208
584
339
286
947
339
29
715
223
491
793
108
505
603
21 696
23 125
coc qeq
fil ^ 90fi
207 481
417 882
196 530
418 676
4 249
28, 552
243, 416
3 252
' 33, 088
244, 495
27, 719
240, 544
29 473
52 302
349 490
24 147
42 696
290 220
17 402
32 192
226 ' 796
18 899
32 183
238' 098
q 295
681
665
918
80, 721
59, 806
77, 926
1,509
123, 249
1,607
119, 713
1,744
142, 495
1,910
127, 454
1,761
137, 471
1 522
110, 556
1 425
112, 726
1 114
138, 606
113, 289
249
33, 176
210
30, 742
266
44, 045
259
38, 104
353
64,960
341
43, 175
344
38 403
420
86 001
296
30 982
307
53 182
283
42 866
233
213
4.0 783
97 fi73
120
119
146
144
131
135
151
152
133
135
132
129
152
144
133
123
153
130
127
110
158
127
136
116
170
138
155
136
173
148
166
150
184
168
183
168
175
164
184
170
173
157
193
163
r 1*37
r 1Q7
r J61
.430, 970
356, 491
400, 415
454,471
514, 343
517, 175
524, 238
413, 494
494, 805
575, 089
474, 357
1,343
1,463
5,280
513
4,228
212
2,456
1,560
3 260
2 349
r
2 452
2,390
3,285
79
1 468
1,737
2 760
3,167
1,600
3,828
35
2,607
1,186
5,011
ooo
2,438
52
1,578
808
1 133
1 464
1 946
1 110
1 592
r 1 77fi
752
963
45, 500
27, 074
27,074
22, 156
1,615
3,303
63, 100
37, 649
37, 158
30, 615
2,448
4,095
73,500
42, 862
42, 534
35, 214
3,142
4,178
74,500
41, 138
41, 138
33, 670
3,085
4,383
83, 400
46, 999
45, 994
34, 627
3,478
7,889
1.005
90, 400
51 304
51, 112
39 226
3,519
8 367
94, 900
52 179
51, 904
40 865
2,988
8 051
98, 100
56 279
55, 819
42 716
3,536
9 567
75, 800
41 949
41,029
30 303
3,316
7 410
36, 083
26 591
2,443
26
606
711
1
1,081
169
163
203
5
809
718
108, 891
1 <vl
' 503, 384
2 863
' 124
1°3
1 oo
148
441, 955
1 723
6
1 040
677
PERMIT VALUATIONS AND DWELLING
UNITS PROVIDED
Estimated number of new nonfarm dwelling units
scheduled to be started (U. S. Dept. of Labor):
Total nonfarm*
number. _
Urban, total t
--- . do -Privately financed, total
do
1-family dwellings
_ do _.
2-family dwellings
do
Multifamily dwellings
. do _ _
Publicly financed, total..
do
40, 800
25, 383
24, 299
20, 537
1,496
2,266
1,084
' 83, 400
47 153
47, 117
36 943
3,053
7 121
63, 300
qc 4.4.7
7 O4Q
•p oo 197
* 32, 415
•p 23 700
*> 2, 278
p a 407
491
328
0
Q9n
v 7C9
0
192
275
4fiO
36
QR4.
Revised. *> Preliminary. 1 See note marked "t" regarding revision incorporated in the index beginning June 1947.
§ Data for January, May, July, and October, 1947, and January 1948 are for 5 weeks; other months, 4 weeks.
t Based on weekly data combined into 4- and 5-week periods except that a week falling in December and January is prorated; see note in February 1947 Survey.
* New series. Estimates of total nonfarm dwelling units for 1910-44 are shown on p. 15 of the November 1946 Survey. Monthly estimates of new construction activity for 1939-45 and
annual estimates for 1915-46 are shown on pp. 23 and 24 of the July 1947 Survey.
t Revised series. The index of purchasing power of the dollar based on prices received by farmers was revised in the April 1944 Survey. Data for 1920-44 for the number of new dwelling
units are shown on p. 15 of the November 1946 Survey (see note in February 1947 Survey with regard to January and February 1945 figures); since early 1945 data for new dwelling units and the
Indexes of building construction on p. S-6 should be considered volume of construction for which permits were issued or contracts awarded rather than volume started (see note in July 1947
Survey). The index of wholesale prices of tires and tubes has been revised beginning 1939; during the war, when production of tires and tubes for civilian use was curtailed and prices were
being controlled by the Government, May 1941 prices were carried forward in the index; when post-war shipments for civilian use approximated prewar shipments the index was revised to
include current prices and also to include off-highway (tractor) as well as highway tires; revised data for January 1939-November 1946 are available upon request. The revision for tire
and tubes has been incorporated into the index for the miscellaneous group and the all-commodities and other composite indexes only beginning June 1947.
r
SURVEY OF CUKKENT BUSINESS
S-6
March 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
January
February
March
April
May
June
July
August
September
October
November
December
January
CONSTRUCTION AND REAL ESTATE—Continued
PERMIT VALUATIONS, ETC.—Continued
Indexes of building construction, based on building
permits (U. S. Dept. of Labor) :}
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
'146.3
156.1
217.1
247.2
237.2
271. 0
271.9
295. &
300.9
324.5
241.9
'210.2
191.7
' 153. 9
196.7
158.3
218.5
251. 6
359.1
159.4
244.2
338.5
278.2
387.7
306.1
323. 5
447. 9
319. 5
459.1
344.7
285.5
399.8
' 274. 0
r
345. 8
' 228. 6
' 230. 8
308.1
195.8
216.2
'
112.0
' 166. 1
207.6
111.5
168.9
308.8
141.8
214.1
248.7
163. 5
241.4
180.9
284.2
405.4
217.8
311.5
232.4
279.9
206.7
298.1
516.2
216.5
291.9
211.9
219.8
242.5
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100
American Appraisal Co.:
Average 30 cities
1913—100
Atlanta
do
New York _
_
do _
San Francisco
do
St. Louis
.do
Associated General Contractors (all types)
1913=100..
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. average 1926-29=100
New York
_
do
San Francisco
do
St. Louis
-. __do
Commercial and factory buildings:
Brick and concrete:
Atlanta
do
New York
do
San Francisco
do __
St Louis
do
Brick and steel:
Atlanta
do
New York
...
do __
San Francisco
do
St. Louis...
„
do
Residences:
Brick:
Atlanta
do
New York
__do
San Francisco
do __
St. Louis
_
.-.do
Frame:
A tlanta
do
New York
do _
San Francisco
do
St Louis
do
Engineering News-Record:
Building*
1913=100..
Construction (all types)
do
Federal Home Loan Bank Administration:
Standard 6-room frame house :f
Combined index
1935-39—100
Materials
do
304
381
410
390
300
304
307
375
390
419
403
364
383
404
434
420
379
396
414
444
427
390
403
419
448
432
392
405
427
448
438
396
421
437
458
442
409
430
446
470
448
417
441
452
475
452
424
446
456
479
469
427
449
464
494
480
429
456
468
501
488
433
459
472
505
491
435
462
277
280
282
286
290
294
295
300
307
312
314
318
320
148.8
194.7
172.4
173.9
153.4
196.2
174.2
175.8
204.7
155.4
160.3
211.2
186.6
187.8
162.4
215.5
188,9
189.9
164. 1
216.4
192,5
191.2
165.0
218.5
195.4
192.2
165.5
219.0
196.2
193.6
166.9
219.8
196.8
194.9
168.6
225.1
199.8
198.1
149.9
193.5
174.6
175.2
152.0
194.4
175.7
176.4
205.9
161.2
214.9
192.4
189.4
162. 3
216.0
197.4
190.8
163. 0
217.4
199.6
191.5
163.4
217.8
164.5
218. 4
192.5
193.4
148.8
191.1
176. 1
172.8
153.1
192.9
178.4
175.3
202.4
180.7
176.9
180.9
177.1
165.8
213.8
198.9
193.4
166.2
214.2
199.5
194.5
200.2
165.8
178.7
211.2
185.6
196.9
179.2
217.6
188.6
199.1
180.2
219.1
188.8
199.3
186.9
187.3
229.1
202.2
205.6
183.3
220. 8
187.0
183.9
221.6
187.2
200.3
200.5
184.1
221.8
187.4
187.9
173.9
187.0
182.9
217.2
184.9
198.9
202.2
207.2
297.7
390.8
298.8
392.0
3C0.8
303.1
396.1
299.6
396.5
167.0
168 2
166.8
173.8
177 6
168.6
179.6
185 6
170.2
182.5
188.8
172.4
oco
204.7
177.0
187.6
166.8
208.9
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Premium-paying mortgages (cumulative)
6,959
mils, of dol__
Estimated total nonfarm mortgages recorded
847, 043
($20 000 and under)*
thous. of dol
Estimated new mortgage loans by all savings and
250, 016
loan associations total
thous of dol
Classified according to purpose:
Mortgage loans on homes:
51, 145
Construction
do_ _
' 145, 273
Home purchase
do
22, 599
Refinancing
do
6,795
Repairs and reconditioning
do
24, 204
Loans for all other purposes
do
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
251
to member institutions
mils of dol
Home Owners' Loan Corporation, balance of
621
loans outstanding
. mils, of dol _
Foreclosures, nonfarm, index, adjusted!
••85
1935-39—100
57, 180
Fire losses
thous. of dol__
154.4
177.8
178.0
153.5
180.4
179.0
153.5
155.1
205.6
205.9
178.1
178.3
178.4
182.8
154.1
154.3
180. (5
179.2
180.8
185.4
159.6
212.5
190.6
187.8
154.4
158.8
161.4
181.1
182.1
188.0
187.5
190.8
190.1
165.0
210.4
195.7
192.3
184.0
185.4
185. 6
195.1
196.7
206.8
154.2
203.4
207.0
203.6
180.4
219.3
189.0
206.6
223.4
225.0
194.0
209.4
225.5
225.9
228.7
207.0
198.4
207.5
207.1
210.7
189.3
227.1
195.6
189.5
191.0
231.0
227.5
196.3
206.2
200.2
200.6
169.4
215.1
196.3
189.3
231.3
207.7
209.7
212.1
217.5
191.4
231.4
194.0
234.1
166.7
224.6
206.8
200.9
171.4
220.0
202.9
199.6
191.9
242.7
172.1
225.2
201.6
199.4
172.7
224.8
208.9
202.3
173.8
220.1
203.9
200.4
194.4
239.2
212.7
220.6
213.8
221.4
196.7
198.5
238.8
243.2
210 5
211.5
214.0
209.3
220.9
224.0
224.8
325.3
432.3
326.9
435.0
329.7
436.9
7,691
7,815
206.8
208.6
209.0
213.0
403.3
304.9
406.5
313.0
415.0
317.1
417.8
320.8
424.4
322.3
429.3
183.7
189.1
175.5
184.8
189.0
179,2
185.1
188.5
181.0
7,377
7,473
7,593
7,954
6,995
7,036
7,087
7,147
7,217
7,295
770, 095
858, 675
941, 020
965, 733
947, 357
994, 787
988, 446 1, 022, 648 1, 103, 030
954, 569 1, 006, 626
909,447
241, 263
288, 221
313,636
335, 074
323, 368
353, 105
351, 757
356, 871
376, 000
311, 292
310, 201
273, 202
52, 723
133, 399
22, 529
7,091
25, 521
61, 543
161, 694
25, 916
78,612
186, 148
28, 383
11, 558
30, 373
69, 700
184, b26
95, 364
208, 488
28, 523
13, 213
30, 412
76, 718
170, 831
24, 747
10, 415
28, 581
70, 274
140, 122
25, 856
29, 938
86, 097
203, 443
27, 322
12, 297
27, 712
82, 234
163, 703
11, 963
28, 131
85, 867
194, 057
28, 936
13, 410
30, 835
83, 355
200, 183
25, 263
29, 403
70, 214
176, 395
26, 149
10, 788
30, 090
28, 416
28, 274
9,665
28,948
13,018
2b,042
9,806
8,679
242
236
245
257
289
292
314
336
360
391
436
392
609
596
582
670
557
544
532
520
508
497
486
475
8 5
64, 247
••92
72,435
"•7.9
68, 029
••8.1
56, 545
8.7
50, 840
8.5
49, 357
'8.6
51, 359
8.2
47, 990
7.7
54, 946
7.0
51, 346
8.0
68, 361
63, 010
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
'284
284
263
262
281
277
*269
278
281
263
245
236
Printers' Ink, combined index.
1935-39=100..
283
309
321
314
*312
308
331
303
320
288
281
278
Farm papers
do
331
298
'335
330
*313
342
280
333
340
287
323
271
J\£agazines
do
215
217
'214
200
199
222
230
218
229
210
172
193
Newspapers
do
303
289
258
287
*229
272
287
319
295
213
217
183
Outdoor
do
298
309
312
»320
284
291
289
292
294
287
289
289
Radio
_
do....
' Revised.
^Revisions for January 1940-December 1945 are available on request; see also latter part of note marked "t" on p. S-5.
*New series. For a description of the series of the series on nonfarm mortgages recorded and data for January 1939 to September 1942 see p. S-5 of the November 1942 Survey. See note in
the February 1947 Survey regarding the Engineering News-Record index of building costs; data beginning 1913 will be shown later.
t Revised series. The index of nonfarm foreclosures has been revised beginning 1938 because of changes in the seasonal adjustment factors; revised data for 1938-46 are available upon request;
Indexes of advertising from Printers' Ink have been completely revised and all series are nowbased on dollar costs; data beginning 1935 and a description of the indexes will be published
later. The indexes of cost of the standard 6-room frame house are shown on a revised basis beginning in the April 1946 Survey; revisions beginning November 1935 will be published later; the
indexes were discontinued after June 1947.
SUEVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-7
1948
1947
Janu-
ary
Febru-
ary
March
April
May
June
July
August
September
October
Novem-
ber
Decem-
ber
Janu-
ary
DOMESTIC TRADE—Continued
ADVERTISING—Continued
205.7
201.0
194.2
197.1
196.2
202.9
218.3
225.9
231.1
221.4
220.8
210.1
16, 548
670
100
273
444
4,357
546
169
1,642
1,355
5,148
1,845
15, 102
629
99
224
458
3,924
507
153
1,555
1,257
4,568
1,726
16, 728
740
123
249
532
4,344
541
175
1, 685
1,397
5,007
1,934
15, 548
595
98
284
508
4,049
467
155
1,729
1,308
4,714
1,641
16, 009
573
111
301
412
4,120
499
177
1,722
1,433
4,784
1,877
14, 994
505
100
275
400
3,883
499
167
1,606
1,430
4,516
1,613
14, 227
441
130
314
381
4,106
432
172
1,542
1, 595
3,982
1,132
14, 461
485
187
278
393
4,268
439
172
1,483
1, 568
3,868
1,318
15, 252
527
151
345
367
4,402
428
156
1,715
1,580
4,268
1,314
17, 376
597
139
379
471
5,128
420
168
1,704
1,809
4,967
1,594
16, 905
739
195
333
440
4,907
450
172
1,499
1,662
4,688
1,820
17, 730
23, 963
1,383
1,826
466
505
3,931
160
1,147
407
369
920
3,411
9,438
3,952
32, 109
1,576
3,345
740
566
5,033
250
1,641
760
551
829
5,137
11,683
4,580
42, 617
2,325
5,277
1,169
666
6,068
536
2,687
916
863
1,069
6,086
14, 956
5, 102
40, 816
2,262
4,663
1,288
659
4,926
600
3,292
1,016
624
887
5,924
14, 677
4,703
42, 801
2,601
4,661
1,541
698
5,246
627
3,530
1,182
995
860
6,120
14, 740
4,332
40,033
2,772
3,125
1,376
654
5,348
683
2,667
1,173
763
1,125
5,926
14, 421
3,413
3,377
4,132
i 99, 308
i 7, 555
i 10, 191
i 3, 872
i 1, 567
i 113, 543
2, 142
i 6, 051
i 2, 558
1 1, 650
* 2, 827
i 12, 771
i 34, 582
4,738
4,763
139, 894
36, 223
103, 671
3,556
2,511
19, 895
77, 709
139, 993
34, 588
105, 405
4,097
1,767
22, 323
77, 218
167, 384
39, 437
127, 948
5,537
2,157
27, 163
93, 090
168, 445
39, 580
128, 865
6,473
2,008
28, 100
92, 283
172, 376
41, 301
131, 075
6,512
1,950
28, 210
94, 403
163, 130
39, 341
123, 789
7,014
1,933
26,011
88, 831
145, 263
37, 778
107, 485
6,214
2,299
22. 467
76, 605
157, 980
40, 625
117, 355
6,107
1,769
22, 881
86, 597
173, 871
41, 610
132, 262
5,438
1,809
27,171
97, 843
198, 478
44, 141
154, 337
6,552
2,194
33, 444
112, 148
89.6
88.8
88.9
88.7
89.2
88.7
88.1
88.3
..thousands
thous. of doL_
4,477
95, 899
4,147
90, 036
4,863
108, 862
4,579
97, 079
4,280
89, 824
4,177
87, 284
4,334
87, 320
3,822
81, 664
thousands
thous. of dol__
14, 086
193, 877
12,691
186, 444
14, 755
210, 579
14, 651
195, 527
13, 771
188, 244
16,948
178, 353
13, 253
186, 565
12, 587
166, 697
Tide advertising index, adjusted*
1935-39=100__
Radio advertising:
Cost of facilities, total
thous. of dol__
Automobiles and accessories
do
Clothing
do_ _
Electric household equipment
___do
Financial .
do _
Foods, food beverages, confections
do
Gasoline and oil
_ _ do_ _
Housefurnishings, etc
do
Soap, cleansers, etc
_ _ _ do _
Smoking materials
do
Toilet goods, medical supplies
_
do
All other
do
Magazine advertising:
Cost, total
do
Automobiles and accessories
do
Clothing
do
Flectric household equipment
do
Financial
do
Foods, food beverages, confections
do
Gasoline and oil
do
Housefurnishings, etc
do
Sonp, cleansers, etc
do
Office furnishing and supplies
do
Smoking materials _ _. _
do
Toilet goods, medical supplies
do
All other
do
Linage, total
thous. of lines..
Newspaper advertising:
Linage, total (52 cities) _ _
do
Classified
do
Display, total
do
Automotive
_ _ _ _ _ _ _
do
Financial
do
General
_ _
do
Retail.
do. .
7-28
92
511
464
5,203
504
152
1,647
1,848
5,033
1,600
2
4,474
126, 436
2
7 308
13, 191
2
7 017
2
1 833
2
17, 399
2
1 331
2
9, 952
2
2 585
2
2, 532
2
3, 073
2
15, 691
2
44, 524
3,229
3,641
194, 808
41, 447
153, 361
5,957
2,033
32, 004
113, 367
186, 913
37, 530
149 383
5,215
1 986
24 935
117, 247
155 428
39 600
115 828
5 180
2 896
20 404
87, 348
86.8
87.6
88.1
88.1
4,041
89, 874
4,401
91, 665
4,185
85, 095
4,710
91, 655
4 586
92, 651
13, 334
197, 141
15, 371
223, 262
13, 922
196, 844
15 652
214, 581
14 412
201, 299
2
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total _.
87.7
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
_ _
_
Value
_
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly total at annual rates: *
All goods and services
bil of dol
Durable goods
do
Automobiles and parts
do
Furniture and household equipment do
Other durable goods
do
Nondurable goods
do
Clothing and shoes
do
Food and alcoholic beverages
do
Gasoline and oil
do
Semidurable house furnishings
do
Tobacco
do
Other nondurable goods
do
Services
do
Household operation
do
Housing
do
Personal service
do
Recreation
do
Transportation
do
Other services
do
156.9
18.2
5.4
9.1
3.8
94.7
19.1
57.6
3.4
1.9
3.7
9.1
44.0
6.5
13.0
3.2
3.6
4.3
13.5
162.3
19.3
6.1
9.3
3.9
98.4
19.6
59.5
3.8
1.9
3.8
9.6
44.6
6.7
13.2
3.2
3.6
4.4
13.6
165 8
20 2
6 2
10 1
3 9
99 9
19 8
60 8
3.8
19
3.8
9 9
45 7
6 8
13.6
32
36
4.4
14.1
172 5
21 3
6 6
10 7
3 9
104 2
20 2
64 0
4 o
19
3 9
10 1
47 0
6 8
14 3
3 2
3 7
4 4
14 6
RETAIL TRADE
All retail stores :f
Estimated sales, total
____mil. of dol_.
Durable goods store
do
Automotive group
_
do
Motor vehicles _.
do_
Parts and accessories
do
Building materials and hardware
_ do_ _Building materials
do
Farm implements _ _ _ _ _ _ _
.do _
Hardware
do
Homefurnishings group
do
Furniture and housefurnishings
do
Household appliance and radios
do
Jewelry stores
do
8,238
1,836
807
688
119
526
339
51
135
424
255
169
78
7,830
1,774
788
679
110
485
302
50
133
425
259
166
76
9,283
2,122
940
811
130
598
369
66
163
498
318
180
85
9,442
2,287
980
847
132
693
431
78
185
526
342
184
88
10, 020
2,436
993
847
147
744
461
79
204
593
397
196
106
9,489
2,402
987
839
148
741
476
77
187
570
368
202
104
9,357
2,403
1,014
861
153
770
509
77
184
536
334
202
84
9,629
2,396
994
839
155
763
514
70
179
550
347
203
89
10, 141
2,582
1, 052
899
152
839
575
71
193
594
385
210
97
10, 910
2,831
1,148
988
160
941
645
92
204
641
408
233
101
10, 727
2,638
1 070
910
160
796
528
71
197
651
425
225
121
12, 657
2 958
1 080
9,693
2 314
1 062
911
168
809
495
62
252
791
946
116
679
449
71
159
496
496
295
279
310
186
78
r
2
Revised.
* Total for July,. August and September.
Total for October, November and December.
§ 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. For a brief description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey, data beginning 1936, are available on request. The estimates
of consumer expenditures have been revised in accordance with revisions in the totals shown as a component of the gross national product on p. S-l and in the "National Income Supplement"
referred to in the note marked with an "*" on that page; this supplement provides detailed annual estimates of consumption expenditures for 1929-46 and quarterly data for 1939-46 for the
grand total and for total durable goods, nondurable goods and service; quarterly data beginning 1939 for all series will be published later.
fRevised series. See note marked "t" on p. S-7 of the September 1947 Survey for reference to tables giving data through June 1944 and 1945 revisions for sales of all retail stores; the seasonally adjusted indexes beginning 1942 shown in those tables and later data published currently on p. S-8 were recently revised because of changes in the seasonal adjustment factors and both
the dollar figures and indexes beginning January 1946 were revised in the January 1948 issue, largely because of adjustment of the series to sales tax data for 1946; all data shown above are on
the revised basis; revised dollar figures for all months of 1946 and revised indexes for 1942-46 are shown on p. 10 of the January 1948 Survey.
SUEVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
DOMESTIC TRADE—Continued
RETAIL TRADE —Continued
All retail storesf— Continued
Estimated sales— Continued
6,402
7,161
7,155
7,584
6,954
7,233
6,056
7,087
8,089
8,079
7 378
7,559
Nondurable goods stores
mil. of dol
9,699
606
603
797
766
707
543
778
558
906
825
858
'627
1,202
Apparel group
do
144
192
132
190
183
189
134
139
212
247
157
201
Men's clothing and furnishings
do
350
345
276
371
345
291
241
247
271
395
285
387
367
495
Women's apparel and accessories
do
107
96
86
87
100
103
77
77
134
114
120
87
182
Family and other apparel
do
131
97
130
137
138
106
110
88
99
131
139
143
174
Shoes
do
296
304
264
287
290
293
300
281
293
296
307
298
401
Drugstores
do
1,032
1,089
995
1,007
1,019
1,052
891
1,078
1,033
1,008
1,131
1,086
1,085
Eating and drinking places
do
2,504
2,712
2,714
2,342
2,509
2, 518
2,243
2,618
2, 873
2,825
2,768
2,995
2; 609
Food group
do
1,979
2,162
1,840
1,996
1,995
2,170
1,778
2,083
2,212
2,308
2,243
2,063
2,377
Grocery and combination
do
514
544
502
525
523
550
465
535
582
565
556
618
546
Other food
do
442
339
312
361
400
440
472
485
479
483
496
496
466
Filling stations
_
do
992
1,242
1, 254
1,195
1,074
1,156
1,316
970
1,081
1,457
1,605
2,207
General merchandise group
do
1,345
842
834
656
874
719
639
'788
743
677
986
1,111
1,478
Department, including mail-order
do
907
General, including general merchandise
124
142
153
151
157
136
165
155
120
194
168
168
with food
mil. of dol
160
104
115
96
120
130
120
93
118
110
141
149
210
132
Other general mdse. and dry goods___do
134
122
141
116
149
133
140
117
147
162
177
326
146
Variety
_._
... _ do
884
948
954
905
1,018
849
925
833
887
1,018
985
1,313
Other retail stores
do
930
264
238
272
249
240
215
220
283
251
214
266
245
244
Feed and farm supply
do .
309
144
191
146
155
139
197
190
153
189
181
260
170
Fuel and ice
do
152
144
134
134
144
141
135
151
148
162
162
246
132
Liquors
do
341
352
359
325
368
296
387
349
288
562
420
409
Other
do
381
Indexes of sales:
281.5
302.9
293. 0
262.4
289.7
253.5
294.8
301.3
287.1
342.1
386.1
328.6
Unadjusted, combined index
1935-39=100..
323.6
287.4
309.4
287.1
263.2
227.9
298.4
297.3
240.6
302.2
348.6
367.5
343.1
Durable goods stores
do
332.6
294.9
297.2
287.2
261.9
287.5
300.8
283. 4
269.5
301.0
392.1
323.9
340.0
Nondurable goods stores
do _ _
320.7
324.0
301.6
301.2
281. 7
297.6
298.0
287.6
291.0
299.7
329.9
317.6
324.7
Adjusted combined index
do
314.7
328.8
289.4
262.2
280.7
274.3
287.4
297.7
296.9
297. 5
340.5
331.5
327.6
Durable goods stores
do
322.5
220.4
222.1
260.8
233.6
214.1
198.3
219.9
213.6
222.8
252.1
265.0
255.8
Automotive
do. ..
243.1
393.3
307.6
316. 8
322.7
332.1
343.1
353.4
359.5
313.1
401.2
408.3
Building materials and hardware
do
395.8
388. 3
434. C
428.4
444.2
370.2
390.5
392.7
426.7
383.0
428.1
464. 8
463.8
439.4
Homefurnishings
do
455. 6
410.1
432.4
410.2
442.6
417.4
416.0
418.2
435. 9
430. 3
415.4
426.3
409.1
Jewelry
do
438.6
322.4
302.9
288.0
300.3
294.3
302.6
298. 1
291.9
303.7
326.5
322.5
Nondurable goods stores
do
314.3
312.1
290.9
292.6
288. 7
283.3
300.3
277.0
280.5
301.9
293.8
310.8
321.5
293.8
Apparel
do
313.9
255.5
252.6
249.4
247.3
252.3
246.8
250.1
248.8
246.5
254. 4
251.4
257.1
Drug
do
254.6
418.6
413.6
414.2
406.5
406.0
407.7
416.1
409.6
423.1
410. 4
408.6
Eating and drinking places
._
do
426.7
418.3
372.3
322.1
324.4
316.3
329.0
322.0
332.3
363.4
331.8
329.8
357.0
355. 2
Food
do
340. 6
243.3
201.9
174.6
183.9
200.2
221.3
177. 6
230.2
221.7
203.0
240.9
Filling stations .
do
219.6
218.7
r
248.2
233.9
240.9
245.2
253. 1
251.6
249.5
254.2
272.6
236.7
266. 6
248.4
General merchandise
do
258.0
350.3
302.4
313.4
318.9
329 5
317.6
314.0
317.5
353.8
343.
3
315.8
Other retail stores _
do
335.
1
329.2
T
10, 162
8,943
9,441
9,954
9,971
9,665
9,357
9, 892
9,507
9,153
10, 8bo
10, 626
Estimated inventories, total*
mil.of dol
10, 022
r
3,926
3,192
3,774
3, 589
3,416
3,796
3,688
3,608
3,566
3, 756
4,137
3,983
Durable goods stores*
__
do
3,854
T
6,236
5, 751
6,175
5,918
6,025
6,180
6, 136
5,977
5,749
5,587
6,728
Nondurable goods stores*
do
6,643
6,168
Chain stores and mail-order houses:f
2,013
2,851
2,038
2,036
2,319
1,700
1,668
2,031
1,997
2,158
1,938
2,348
Sales estimated total*
do
2,133
174
163
153
244
187
246
240
229
352
253
181
260
Apparel group*
_ _ _ _ _ _ do_
246
32
45
30
27
65
27
40
41
39
25
47
55
Men's wear*
do
44
80
73
118
111
90
162
72
115
113
103
88
116
Women's wear*
do
109
47
62
69
55
46
41
68
96
68
53
71
67
Shoes*
_
do .
72
28
29
35
44
46
41
28
44
56
38
45
47
Automotive parts and accessories*
do ._.
42
79
65
74
63
83
93
99
117
97
76
90
88
Building materials*
do
112
67
64
67
69
66
70
69
68
97
65
65
68
Drug*
do
66
50
52
52
52
51
54
54
52
50
52
47
50
Eating and drinking*
do
52
21
25
24
24
18
22
42
29
27
26
24
35
Furniture and housefurnishings*
do
27
449
532
509
387
508
552
518
954
645
389
473
696
General merchandise group*
do
593
Department, dry goods, and general merchan249
304
203
202
303
280
328
303
366
279
528
399
dise*
mil. of dol
347
84
75
88
77
82
96
85
126
77
68
130
132
Mail-order (catalog sales)*
__
do
108
105
121
122
129
116
281
100
127
115
140
101
153
Variety*
do
126
804
661
722
633
713
689
754
629
748
6S3
786
755
Grocery and combination*
...do
662
Indexes of sales:
259.0
295.6
257.0
377.2
301.6
263.6
275. 5
277.1
226.5
275.6
258.3
240.6
320.0
Unadjusted, combined index*
1935-39=100..
289.6
291.0
280.3
280.9
301.9
287.7
269. 9
275.7
278.6
280.5
252.7
262.0
297.4
Adjusted, combined index*
do
282.3
326.1
300.6
260.6
287.9
320.8
300.8
261.6
292.0
305.0
306.5
308.0
323.3
Apparel group*
do
280.5
346.5
305.7
288.5
268.2
304.5
276.5
286.7
292.1
268.7
260.8
294.4
333.7
Men's wear*
do
353.1
390.2
360.3
397.3
365.9
308.5
379.9
388.1
365.7
394.2
382.3
398.0
319.0
Women's wear*
do
213.5
253.7
256.9
233.4
240.8
246.6
211.5
217.3
217.1
241.2
205.8
229.7
244.8
Shoes*
do
203. 7
228.3
241.6
213. 3
251.8
199.4
219.1
225.2
240.0
201.2
232.4
250.4
246.0
Automotive parts and accessories*
do
345.2
361.5
325.1
333.7
334.4
283.8
322. 7
313.3
299.9
328.6
334.8
306.5
' 326. 1
Building materials*
do
230.8
229.7
229.1
223.9
229.0
226.8
231.9
230.2
222.9
227.2
230.6
226.0
236.0
Drug*
do
218.9
221.3
220.2
219.1
226.5
226.4
220.8
223.5
222.8
221.8
220.8
211.9
218.7
Eating and drinking*
do
258.2
265.1
256.9
245.9
269.3
224.2
228.5
234.4
243.1
218.5
257.4
242.0
279.3
Furniture and housefurnishings*
do
268.5
286.3
275.2
272.4
306.0
259.2
273.9
244.7
267.0
271.7
275.0
239.0
292.6
General merchandise group*
do
Department dry goods, and general merchan322.5
347.9
332.6
322.4
350.5
274.3
307.4
316.6
324.6
329.0
347.9
282.3
322.7
dise*
..
1935-39=100..
256.5
259.0
265.8
276.3
305.0
269.1
223.1
239.9
244.1
270.0
265. 7
283.0
234.4
Mail-order*
do
193.4
194.2
208.7
240.4
193.7
197.2
204.4
192.7
214.7
192.7
192.9
207.4
192.9
Variety*
do
350.1
326.0
322.4
337.5
316.7
320.5
292.9
311.3
320.1
316.1
339.5
338.1
306.8
Grocery and combination*
do
Department stores:
Accounts, collections, and sales by type of payment:
Accounts receivable:
206
165
145
263
167
204
167
175
154
160
163
146
181
Charge accounts§_.
...1941 average=100__
128
84
••136
82
87
111
81
83
95
74
75
79
73
Instalment accounts!
do
Ratio of collections to accounts receivable:
53
54
51
53
55
54
52
53
'53
52
56
56
57
Charge accounts §
percent..
24
29
28
30
31
28
28
31
33
30
30
30
29
Instalment accounts §
do
Sales by type of payment: *
54
54
56
54
53
57
53
55
55
55
56
57
56
Cash sales
percent of total sales..
39
38
39
40
37
40
39
39
40
39
38
38
37
Charge account sales
do
7
6
7
6
6
7
6
6
6
7
6
6
6
Instalment sales
do
r
Revised. » Preliminary. §Minor revisions in the figures prior to November 1941 are available on request.
*New series. See note marked "*" on p. S-8 of the September 1947 Survey for reference to tables giving data through 1943 and 1945 revisions for the chain-store series; the adjusted
indexes beginning 1942 shown in those tables and later data published currently were revised recently because of changes in the seasonal adjustment factors and the dollar figures for the general merchandise group and the total beginning January 1946 were revised in the January 1948 Survey, necessitating further corrections in indexes for 1946 and 1947; revised indexes for!942-46
and dollar figures for 1946 for the two series affected are shown on p. 11 of the January 1948 Survey. See p. S-9 of the August 1944 Survey for data beginning June 1943 for the series on department store sales by type of payment. Data beginning 1939 for retail inventories will be published later.
tRevised series. Data were revised in the January 1948 Survey; see note marked "t" on p. S-7 for explanation and reference to revised data.
SUKVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-9
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
'483
619
419
455
479
633
505
'424
408
'460
542
516
'554
303
394
243
293
309
'388
337
January
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Department stores— Continued
Sales unadjusted total U. S.f
Atlantaf
-Bostonf '
Chicago*
Cleveland!
Dallas!
Kansas Cityf- Minneapolisf
New York!-.
_
Philadelphiaf
Richmond!
St. Louis f
San Franciscof
_
Sales, adjusted, total U. S.f
Atlanta!
Bos ton f
Chicago!
Cleveland!
Dallasf
Kansas City!
Minneapolis!- _
New York!
Philadelphia!PichmonfJ!
St. Louis! . .
San Francisco!
Stocks, total U. S., end of month:!
Unadjusted .
Adjusted
Mail-order and store sales:
Total sales 2 companies
Montgomery Ward & Co
Sears. Roebuck & Co _ _
Rural sales of sreneral merchandise:
Total U. S./unadjusted
East
South...
_ ... _.
Middle West
Far West
_
Total U. S., adjusted
.
East
_ ...
South
Middle West-...
Far West
209
273
170
196
194
"295
225
196
'183
188
219
228
'253
265
341
215
245
256
'364
281
262
228
'248
'292
278
313
222
298
171
210
210
306
247
202
188
192
226
244
'281
'266
338
219
262
256
347
272
261
224
234
281
290
'311
266
347
227
250
262
337
283
258
229
255
292
288
'299
'272
347
237
260
257
347
298
279
229
236
307
294
['318
268
350
227
258
266
347
290
264
223
248
290
297
'302
'277
353
227
261
272
377
296
257
235
258
299
306
'320
280
349
241
276
283
356
297
269
237
261
301
315
'302
291
367
244
276
298
379
316
270
253
275
303
321
'325
'266
307
232
270
267
307
281
264
231
238
278
269
'299
'290
365
249
278
284
361
305
278
254
264
317
299
'330
219
269
164
219
220
288
250
217
171
185
215
249
'278
287
336
237
281
281
378
294
268
255
257
301
320
'327
236
310
176
224
237
327
277
242
179
193
233
264
'308
'283
352
234
266
273
376
298
271
246
258
282
307
'348
299
368
248
296
293
387
336
311
244
267
322
340
'336
'292
361
236
290
290
368
346
287
234
267
303
337
'336
'296
372
234
284
290
396
336
304
253
280
324
330
'343
'277
348
211
266
271
360
320
276
224
253
297
308
r
333
374
459
306
364
371
507
392
335
323
370
394
428
'410
301
383
248
298
296
415
327
281
248
278
310
339
339
241
'284
322
337
'353
P224
284
P170
217
216
316
P245
P213
192
P204
214
239
P276
P283
355
P216
271
284
390
P306
P286
240
P268
286
292
P342
'235
268
252
275
264
273
262
264
253
252
236
241
232
230
245
227
'255
231
283
251
294
272
241
281
P251
P287
thous. of dol
do
do _.-
201,052
67, 097
133, 955
185, 800
71, 205
114, 595
249, 263
97, 552
151,711
260, 325
99, 623
160, 701
275, 884
104, 322
171, 562
253, 091
89, 635
163, 456
231, 957
84, 330
147, 627
254, 738
97, 334
157, 405
306, 643
117,507
189, 136
333, 123
127, 144
205, 979
355, 255
129, 206
226, 048
415, 686
148,113
267, 573
230, 794
74, 116
156, 679
1929-31 = 100..
do
do...
do
do
do
_.do.-_
do
_ . do
do
239.7
243.8
348.3
199.6
258.9
315.0
320.7
440.3
261.0
352.2
279.6
266.0
430.4
235.5
295.0
345.6
325.2
471.9
296.2
398.6
331.0
358.2
423.2
289.0
350.5
376.9
398.9
468,6
326.2
425.8
307.6
309.3
409.5
263.5
336.5
334.6
324.6
464.8
282.1
376.8
?92. 5
296.3
382.9
250.6
328.8
318.6
322.1
451.5
264.7
365.7
287.7
278.0
384.3
251.1
335.3
315.8
302.8
478.0
266.0
, 351. 8
243.1
223.2
332.0
215.1
288.7
333.0
313.5
489.0
291.5
352.1
306.6
297.0
403.9
262.5
372.8
374.8
372.6
560.2
318.2
404.8
375. 9
340.6
523.6
320.8
446.9
355.6
346.5
474.3
313.0
381.9
405.1
398.1
612.6
333.4
446.3
311.8
309.3
413.3
262.5
371.6
484.6
491.4
727.8
405.4
515.3
372.5
381.2
530.1
309.2
424.8
466.6
448.6
644.9
389.9
568.2
291.8
269.4
429.3
249.9
348.1
273.8
262.8
423.8
224 6
301.4
359 7
345.8
535 7
293 6
410 1
5,109
1,583
3,526
6,271
4,732
1,599
3,133
6,514
4,996
1,736
3,260
6,729
4,977
1,818
3,159
6,823
4, 952
1,763
3,189
6,734
4,843
1, 699
3,144
6,755
4,997
1,636
3,361
6,660
5,093
1,669
3,424
6,768
5,654
1,819
3, 835
6,888
6,392
2,032
4,360
6,930
5,740
1, 853
3,887
7,370
5 877
1,926
3, 951
7,499
5 468
1 771
3,697
7,634
1935-39=100
do _..
do
do _.
do
do ..
do
__
do
.do
do
- .-do
do
__ __do__ _
do
do _ _ .
do
-do
do
do
do
do _
do
_
do .
do
do .
do
1935-39=100
_
do .
r 277
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
EMPLOYMENT CONDITIONS AND.WAGES
EMPLOYMENT
Employment status of noninstitutional population:*
Estimated number 14 years of age and over,
106, 970 107, 060 ' 107, 190 107, 260 107, 330 107, 407 107, 504 107, 590 107 675 107, 755 107, 839 107 918 107 979
total
thous
54, 612
54, 561
54, 460
54, 420
54, 37C
54,230
54, 506
54,180
Female
do
54, 759
54, 661
54, 710
54 805
54 844
52, 943
52, 820
52, 840
52, 830
52, 870
52,901
52, 790
52, 978
Male
do
53,014
53 045
53 080
53 113
53 135
1,570
1,530
1,620
Armed forces...
do
1,470
1,398
1,371
1,720
1,327
1,294
1,352
1,326
1 280
1 241
62, 664
59, 120
60, 290
58, 010
62, 609
58, 390
57, 790
Civilian labor force total
do
60, 216
61, 665
60, 784
60, 892
59, 590
59 214
15, 910
15, 950
16, 320
17, 120
Female
do
15 930
18, 149
17, 803
17 233
17 449
17 068
17 125
16 698
16 368
43 551
42, 1 00
42,800
42, 440
44, 861
43, 170
41 860
42 892
44 460
Male
do
43 148
43 443
44, 540
42 846
57 149
55, 520
58, 330
60, 079
56, 700
56, 060
Employed
do
60, 055
55, 390
59, 204
58, 595
59, 569
58, 872
57 947
17, 008
15, 470
15, SCO
15, 430
16, 580
17, 302
15, 480
Female .
do
16, 623
16, 944
16, 547
16, 714
16 294
15 876
40, 900
40, 090
40, 590
43, 071
42, 753
Male
.
do
39, 910
41, 750
41, 972
43, 022
42, 260
42,158
41 653
41 273
10,066
6,920
7,860
6,500
7,240
7,985
10, 377
8,960
Agricultural employment_
do
8,622
8,975
8,727
6 962
7 060
48, 820
48,600
49, 370
50, 013
48, 840
48, 890
49, 678
Nonagricultural employment
do
50,609
50, 594
50,145
50, 583
50, 985
50 089
2,555
2,584
2,490
Unemployed
_ do
2,330
2,420
1,960
2,400
1,621
2,121
1,687
1,912
1 643
2 065
43, 469
46, 610
47, 430
Not in labor force.
.
do
44, 203
47, 230
45, 570
47, 460
45, 535
43, 399
46, 330
45,544
47 047
47 524
Employees in nonagricultural establishments:!
Unadjusted (U. S. Department of Labor):
41,919
41, 849
42, 201
' 43, 298 ' 43, 449
42, 363
41, 824
42, 043
Total
.....
_
.thous
41, 803
42, 624
43, 039
' 44 066 P 42 953
15, 237
15, 475
15,510
15, 372
15, 233
15, 831 ' 15 871 r 15 951 p 15 831
15, 328
15, 429
Manufacturing
do
15,595
15, 801
884
|895
880
893
866
856
879
Mining
do
883
r 898
894
897
896
P 893
1,685
1,502
1,534
Construction
_ _ _ _ do
r 1 788
1,768
1,847
1,619
1,527
1,895
1, 896
' 1, 849
1,904
P 1 645
4,011
4,014
4,092
4,115
3,836
3,970
4,020
4,140
Transportation and public utilities.
do
4,144
' 4, 071
4,110
' 4, 064
P 4, 039
8,552
8, 552
8,582
8,545
8,565
Trade
do
8,558
8,507
' 8, 889
' 9, 075
8,586
8.688
'9 455 p 8 845
1,561
1,544
1,554
1,546
1,567
1,590
1,555
Finance .
do
1,586
1 588
1,583
1,602
1 591
P 1 589
r 4 670
4,711
4,552
4,527
4,686
4,590
4,561
4,565
Service
do
r 4 688
4 662
4 619
4 634
p 4 717
5,367
5,415
5, 399
5,426
5,447
Government
do
5 384
5,281
5, 425
5 447
5 428
5,288
5 631
P 5 394
Adjusted (Federal Reserve):
f
r
Total ._
_
do .
42, 354
42, 395
42, 243
43, 077
42,340
42, 065
42, 079
42, 103
42, 449
42, 849
' 43, 141
43 337
p 43 411
r 15 912 P 15 ggg
r 15 832
15, 359
15, 529
Manufacturing
do
15, 513
15, 564
15, 426
15 180
15, 358
15 784
15 715
15 457
880
Mining .
do
856
884
879
883
895
893
866
894
r 898
897
896
p 893
1,652
1,651
1,632
Construction
do_ _
1,678
1,742
1,668
1,700
1, 806
1, 796
' 1,813
1,770
' 1 882 P 1 808
4,052
3,855
3, 970
4,040
Transportation and public utilities
do
4,075
' 4, 092
4,074
4,079
' 4, 071 ' 4, 084
4,083
4,110
P 4, 101
8.631
8, 637
Trade
do
8.695
8,595
' 8. 801
' 8. 811 ' 8. 82fi
P S 88Q
8. 761
8.776
8.669
8.688
8.638
'Revised. 'Preliminary.
*New series. See note marked "!" on p. S-9 of the September 1947 Survey for reference to data beginning 1939 or 1938 for the series on wholesalers' sales and inventories and recent minor
revisions in the sales figures. Estimates of the labor force for July 1945 to date have been published on a revised basis beginning in the September 1946 Survey; earlier revisions for these
series and 1940-46 data for the series on noninstitutional population will be published later.
!Revised series. For revised data for 1919-45 for the index of department store stpcks see p. 24 of August 1946 Survey. See notes marked "t" on pp. S-8 and S-9 of September 1947 Survey with regard to published and unpublished revisions in the estimates of employees in nonagricultural establishments and4in the indexes of department store sales, except the indexes for the
San Francisco and Philadelphia districts; revised data for 1919-46 for the latter district are shown on p. 17 of that issue; the index for the San Francisco district has been revised recently; revisions for 1919-46 for this district will be shown later.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor)*
Durable goods industries
Iron and steel and their products
thousands
... do
do
Blast furnaces, steel works, and rolling mills
thousands
Electrical machinery
.
do
Machinery, except electrical
... . . do. .
Machinery and machine-shop products-do.-.Machine tools}
do. .
Automobiles
do
Transportation equipment, except automobiles
thousands
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 and logging camps§
do..
Furniture and finished lumber products., do....
Furniture§
do
Stone, clay, and glass products
do...Nondurable goods industries
do...Textile-mill products and other fiber manufactures.....
thousands.Cotton manufacturing, except small wares §
thousands
Silk and rayon goods§
do
Woolen and worsted manufactures "(except
dyeing and
finishing)§
thousands.Apparel and other finished textile products
thousands
Men's clothings
do ""
Women's clothings
"
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!
I....I
~_-_.do.~IPrinting, publishing, and allied industries
thousands
Newspapers and periodicals! ...
do
Printing, book and job§
_"
_~___"do_T
Chemicals and allied products
do
Chemicalsf
do""""
Products of petroleum and coal
do
Petroleum refining!
do
Rubber products
.
do "
Rubber tires and inner fubes~§__.
.do....
Production workers, unadjusted index, all manufacturing (TJ. S. Dept. of Labor)t
1939=100
Durable goods industries
do
Iron and steel and their products...
do..I.
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, except automobiles
1939=100
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 and logging camps§
do""""
Furniture and finished lumber products do
Furniture§
do
Stone, clay, and glass products
.do.
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
1939=100.-
Cotton manufactures, except small wares 5
12,511
6,429
1,552
12,593
6,502
1,562
12,614
6,532
1,567
12,524
6,528
1,567
12,341
6,426
1,555
480
598
1,173
382
60
755
483
601
1,181
385
59
791
482
599
1,189
386
58
798
487
567
1,197
386
57
807
491
554
1,194
384
55
751
474
144
30
142
428
592
471
432
230
425
6,082
472
142
29
141
432
598
477
441
235
424
6,091
471
141
28
140
430
611
489
440
234
427
6,082
477
142
28
144
424
627
503
433
229
429
5,996
1,242
1,247
1,242
518
107
520
107
519
107
12,404
12,294
6,488
6,307
1,562 1,547.
12,640
6,401
1,572
12,832
6,473
1,580
r 12, 850
6,518
1,583
497
574
1,185
382
53
789
498
503
557
559
1,149 1,175
373
376
50
52
785
772
499
567
1,185
378
52
798
498
577
1,190
378
51
795
466
138
27
140
412
651
524
425
226
418
5,915
463
134
27
140
401
665
535
426
227
423
5,916
395
129
27
88
386
658
531
419
224
,411
6,987
397
131
27
87
390
679
552
433
230
424
6,239
406
130
27
93
394
678
550
438
233
427
6,359
1,223
1,197
1,179
1,158
1,172 1,192
517
105
509
103
502
102
493
100
494
102
499
103
163
' 12,881 ' 12, 960
' 6, 577 ' 6, 640
1,592
' 1, 605
498
584
1,194
376
50
797
r
457
136
26
126
'402
r
678
544
'457
247
433
6,320
420
'446
'134
'136
26
26
'100
118
397
399
681
680
550
547
446
453
239
244
429
432
' 6, 332' 6,304
1,217
1?238
508
106
517
107
585
1, 210
377
51
'813
' 1, 256
523
109
180
179
175
170
164
163
158
169
171
174
1,090
285
422
362
223
1,098
212
158
184
90
386
192
1,119
288
439
364
224
1,059
208
138
178
89
387
193
1,120
288
442
363
224
1,055
210
129
172
86
387
194
1,066
284
408
358
221
1,068
212
135
168
82
385
192
1,037
281
389
345
213
1,077
211
136
173
83
381
193
1,040
285
389
346
214
1,114
213
155
176
84
381
195
1,040
278
400
349
217
1,203
217
246
182
84
373
194
1,122
1,149
295
299
440
452
360
364
223
225
1,344 1,381
218
220
350
384
183
182
85
86
380
381
197
197
1,181
307
462
366
226
1,259
225
240
183
89
385
197
1,171
309
452
369
228
1,197
225
172
192
90
387
188
417
135
178
564
193
154
106
240
128
420
137
178
568
'193
155
107
240
127
421
139
177
569
'194
155
107
238
126
421
140
176
565
'196
154
106
234
123
422
141
175
561
'196
158
109
223
119
423
142
176
543
M99
160
110
219
118
422
142
176
547
r i98
163
112
212
115
426
143
176
547
r 196
163
112
215
117
145
181
572
'195
162
110
220
114
435
145
182
'577
'196
'163
110
'223
115
152.7
178.0
156.5
153.7
180.1
157.5
154.0
180.9
158.1
152.9
180.8
158.0
150.6
178.0
156.8
151.4
179.7
157.5
150.1
174.7
156,1
154.3 156.6
177.3 179.3
158.5
159.3
' 156.9
180.5
159.7
123.5
230.8
222.0
188.8
163.2
187.7
124.4
232.0
223.5
190.3
161.1
196.6
124.2
231.3
225.1
190.6
158.4
198.2
125.3
218.7
226.6
190.8
156.1
200.5
126.4
213.8
225.9
189.6
150.5
186.5
128.0
221.5
224.2
188.7
145."9
196.2
128.2
215.0
217.4
184.5
136.8
195.0
129.5
128.4
215.6 218.9
222.4
224.3
185.9
187.0
141.6
141.2
192.0 198.3
128.2
r 222. 7
225.1
186.7
140.4
197.7
128.2
' 225.4
225.9
' 186.7
137.4
198.2
128.2
' 225. 8
r 229. 0
187.6
137.9
' 202.1
298.4
362.8
331.4
205.7
186.9
140.9
150.2
131.8
129.3
144.9
132.8
297.6
357.6
321.8
203.3
188.9
142.3
152.1
134.5
132.1
144.5
133.0
296.7
355.8
314.9
202.8
187.5
145.4
155.7
134.2
131.3
145.3
132.8
300.8
357.6
315.8
207.8
184.8
149.1
160.3
131.8
128.9
146.0
130.9
293.7
348.4
303.4
202.7
179.6
154.8
167.0
129.5
127.0
142.6
129.1
291.8
337.4
302.5
202.7
175.1
158.2
170.5
129.8
127.6
144.0
129.1
248.9
326.0
301.1
126.7
168.6
156.5
169.4
127.8
125.9
140.2
130.7
250.0
329.3
299.9
125.8
170.0
161.5
175.8
131.9
129.4
144.6
136.2
255.6
327.0
299.2
134.3
171.7
161.2
175.2
133.5
131.0
145.5
138.8
264.8
' 337.4
294.8
' 144. 7
173.3
162.1
175.4
136.1
134.1
146.0
138.2
' 281.0
' 343. 2
291.0
' 169.9
173.9
161.7
174.5
138. 2
136. 9
147.1
137.6
' 287. 8
342. 8
291.0
181.5
175.4
r
161.3
173.6
139.2
138. 7
' 147. 6
138.0
108.6
109.1
108.6
106.9
104.6
103.1
101.2
102.5
104.2
106.4
108. 2
r
429
144
178
563
r195
163
111
215
113
157.2
182.1
160.6
177
r
r
-
I, 199
311
471
373
231
1,165
221
149
204
88
'390
200
'436
146
183
'579
198
'162
110
'225
115
' 158. 2
' 183. 9
161.9
r
1939=100..
123.9
124.4
124.1
123.5
121.7
119.9
117.7
118.1
119.3
121.5
123.6
125.1
121. 5
Silk and rayon goods §
do
84.6
84.4
84.3
83.2
81.5
80.3
79.0
80.2
81.6
83.5
84.4
85.7
84.4
Woolen and worsted manufactures '(except
dyeing and
finishing)§
1939=100..
114.3
113.8
111.1
107.8
104.2
103.3
100.3
103.3
107.0
108.4
110.5 112.4
108.4
Apparel and other finished textile products
1939=100..
138.0
141.7
141.9
135.0
131.4
131.7
131.7
142.2 145.6
149.6
148.3
'151.
Men's clothing§
do
123.9
125.3
125.2
123.5
122.2
123.9
121.1
128.3
130.4
133.6
134.7
1352
133.6
Women's clothing§
do
147.4
153.5
154.5
142.4
136.0
135.9
139.8
153.9
158.0
161.5
158.0
1644
161.5
158.0
Leather and leather products
do..
104.4
104.9
104.7
103.0
99.4
99.8
100.6
103.8
104.8
105.6
106.4
1074
106.4
105.6
Boots and shoes§
do
96.4
97.1
97.2
95.6
92.1
92.9
93.9
96.7
97.5
97.8
1002
98.5
97.8
r
Food and kindred products
.do
128.4
123.9
123.5
125.0
126.0
130.3
143.1
157.3
1611
1473
1401
136 4
147.3
140.1
Baking§
do....
111.6
109.5
110.2
111.4
111.0
112.0
113.7
114.5
115.5
117.9
118.1
116.0
117.9
Canning and preserving!
__do
105.4
91.8
86.1
90.1
90.3
103.3
163.8
232.7
255.7
159.8
114.4
99.1
114.4
159.8
Slaughtering and meat packing!
do
136.51
131.9
127.7
124.3
128.0 '
130.6
135.0
135.5
134.7 135.5
142.0 150.8
142.0
r
Revised. * Preliminary.
}See note marked "§" on p. S-10 of September 1947 Survey for reference to revised data for shipbuilding, aircraft and aircraft engines, and machine tools.
§Data for the indicated industries (with the exception of newspapers and periodicals) have been revised beginning 1939 to adjust the series to 1945 data from the Federal Security Agency;
see note marked "§" on p. S-10 of September 1947 Survey for reference to revised data for furniture and the clothing industries, and p. 24 of that issue for revised data for 1939-46 for the boots
and shoes industry; revised figures for 1939-46 for sawmills and logging camps and the printing, book and job, industry are on p. 23 of the October 1947 Survey; revisions beginning 1939 for other
industries will be shown later. Data for newspapers and periodicals were found to need no similar general revision; see November 1943 Survey for data be ginning August 1942.
*New series. See note marked "*" on p. S-10 of September 1947 Survey for reference to estimates for 1929-February 1946 of production workers for all manufacturing, total durable goods
and nondurable goods industries and the industry groups and data beginning October 1941 for the individual industries, except as indicated in notes marked "§" and "}" above.
m fRevised series. See note marked "t" on p. S-10 of the September 1947 Survey for reference to revised employment and pay-roll indexes for 1939-41 for the individual industries (except
as indicated in notes marked "§" and "}" above) and for 1939-February 1946 for all manufacturing, total durable goods and nondurable goods industries and the industry groups.
SUKVEY OF CUREENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-ll
1947
January
February
March
April
May
June
1948
July
August
September
October
November
December
Janu• ary
EMPLOYMENT CONDITIONS AND WAGES— Continued
EMP LO YM ENT— Con tinned
Production workers, index, unadjusted!— Con.
Nondurable goods industries— Continued
Tobacco manufactures
_ 1939=100
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 tiros and inner tubes§
do
Production workers, adjusted index, all manufacturing (Federal Reserve) t
- 1939=100
Durable goods industries!
do
Nondurable goods industriesf- _
_ do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Mining:!
Anthracite
1939—100
Bituminous coal
_
do
Metalliferous _ _ _
_ __do _
Quarrying and nonmetallic
do
Crude petroleum and natural gasf
do
Public utilities :f
Electric light and power. _
. _ do
Street railways and busses
do
Telegraph
_ _
_ _ do
Telephone
do
Services:!
Dyeing and cleaning
»
do
Power laundries. _ _
_ _ do
Year-round hotels
do
Trade:
Retail totalf
do
Pood*
_
_
_ d o
General merchandising!
do
Wholesale!
_ _
_
do
Miscellaneous employment data:
Federal and State highways, totalf
number..
Construction (Federal and State) _. . _ do
Maintenance (State)
do
Federal civilian employees:^
United States
> _ » __ thousands
District of Columbia
.
do
Railway employees (class I steam railways) :
Total
thousands
Indexes: Unadjusted!
1935-39=100
Adjusted!
_ _ do
89.8
140.7
140. 9
128.8
119.8
138.2
189.8
r 282. 8
153.7
152.6
175.2
212.3
91.6
143.0
142.7
129.8
120.5
137.7
189.7
^ 280. 8
154.1
152.8
177.8
214.9
92.3
143.5
142.9
130. 7
121.7
139.1
195.2
r 279. 0
154.0
151.4
178.1
207.5
95.1
145.0
142.9
132.0
121.8
141.6
' 199. 0
r 278. 9
153.3
149.8
182.0
211.0
96.5
145.7
143.4
132.8
122.2
142.6
' 200. 1
'r 280. 9
lb'6. 5
' 149. 8
' 184. 5
212.2
'94.4
' 146. 9
144.8
' 133. 0
122.7
143.2
' 201. 0
283.3
152.9
150.1
186.1
211.7
151.7
179.6
129.8
149.4
174.0
130.0
152.7
176.2
134.2
155.7
178.8
137.4
156.4
180.4
137.5
' 156. 8
' 181. 9
136.9
' 157. 9
' 184. 0
137.3
p 157. 3
P 183. 6
* 136. 6
81.1
88.1
89.4
104.3
93.3
80.3
88.7
90.4
105.7
95.5
78.7
82.1
89.1
106.0
97.2
81.4
88.4
89.5
106.3
97.4
80.7
89.2
88.3
105.4
95.7
80.9
89.9
'87.4
104.5
94.5
80.9
90.5
'87.8
103.4
94.3
81.1
'91.0
'88.3
100.4
94.3
*91.0
*>87.7
104.8
130.9
104.5
127.2
105.7
130.7
102.8
159.2
107.5
130.4
102.3
190.4
109.3
130. 9
101.5
193.3
110.2
130.7
100.5
193.8
109.9
129.6
99.8
192.9
109.4
128.8
98.1
191.6
109.7
128.7
97.2
' 193. 3
' 110. 3
' 128. 5
97.6
' 195. 0
P 110. 3
P 128. 5
r 160. 0
r 123. 1
r 164. 1
r 123. 6
r 167. 5
r 124. 9
' 160. 1
' 162. 1
117.3
r 164. 4
r 123. 1
117.5
118.4
' 173. 3
' 127. 2
119.4
r 167. 9
117.7
'159.3
' 121. 3
117.1
' 156. 4
' 120. 9
' 118. 1
p 152. 5
P 120. 0
J»117.6
110.5
108.5
125.6
112.2
109.6
111.2
119.4
111.9
111.2
112.8
122.5
111. 7
111.5
113.7
122.9
110.5
111.3
113.9
121.2
109.7
111.4
113.7
120.6
110.5
P 114. 4
186, 449
45, 094
104, 914
188, 212
46, 048
105, 699
199, 338
52, 330
107, 855
213, 871
69, 239
105, 407
240, 838
90, 595
109, 641
1,973
220
1,966
219
1,944
218
1,926
215
1,361
130.5
135.7
1,353
129.7
133.0
1,354
129.9
133.2
1,375
131.9
134.0
145.4
145.0
198.8
235.5
95.4
145.9
140.4
128.1
115.7
139.4
197.1
*• 276. 7
146.0
145.4
198.2
233.3
92.2
145.9
140.4
128.2
116.9
138.4
197.5
r 277. 9
145.9
145.7
196.5
231.4
87.5
145.0
139.6
128.5
117.9
138.1
196.2
' 280. 0
145.4
144.3
193.5
227.0
153.4
178.7
133.4
154.4
180.8
133.6
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
83.4
90.8
87.2
96.9
92.1
82.9
90.4
87.6
97.1
91.7
81.8
89.7
88.6
98.7
92.0
80.1
83.0
89.6
103.1
92.6
102.5
130.9
104.6
185.2
103.2
131.1
201.5
186.9
104.0
131.0
100.7
188.4
r 158. 4
r 125. 7
' 157. 2
' 124. 0
117.3
96.1
145.6
139.6
127.2
114.0
139.5
195.6
r 276. 1
88.4
143.7
140.3
128.6
119.0
137.2
194.8
r 280. 9
149.3
148.6
184.5
220.0
90.2
143.4
141.3
129.1
119. 7
137.8
188.5
' 284. 3
150.8
150.1
180.7
217.0
' 127. 8
118.3
r 125. 0
r 124. 3
117.7
P92.0
v 145. 9
p 131. 5
v 200. 0
•p 151. 4
p 184. 5
117.6
117.4
110.2
113.0
116.7
111.1
110.0
114.7
115.7
112.2
112.4
112.6
122.8
113.3
r 115. 8
115.0
131.3
115.5
119.8
116.1
143.6
116.5
' 130. 4
117.4
176.1
' 116. 9
266, 966
107, 192
116, 465
285, 865
116,116
123, 877
295, 234
125, 999
123, 976
282, 762
120, 546
117, 605
271,998
115, 565
113,058
246, 777
91, 065
112, 332
218, 587
65, 336
110, 544
1,907
212
1,850
205
1,817
198
1,784
196
1,767
195
1,774
195
1,773
195
1,766
196
P 1, 769
"198
1,395
133.8
134.3
1,405
134.8
132.9
1,413
135.5
132.7
1,411
135.3
132.5
1,393
133.6
130.4
1,387
' 133. 9
' 128. 6
1,370
' 131. 3
' 130. 2
^r 1, 363
130. 5
Pi 32. 5
P I, 348
p 129.1
P 134. 3
P 117. 4
PAY ROLLS
Production-workers pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
314.1
310.6
310.7
312.2
307.3
319.6
314.2
336. 9
' 341. 6
' 345. 0
323.3
356.6
1939=100.349.9
344.6
349.9
353.8
340.0
365.9
350. 1
372.0
Durable goods industries
__ _ .
do
' 384. 6
356.9
379.3
399.3
294.2
287.9
297.5
306.7
316.1
287.9
304.4
324.5
333.4
Iron and steel and their products _
do
314.4
327.6
341.2
Blast furnaces, steel works, and rolling
212.9
209.3
219.8
236.2
247.0
208.9
235.3
250. 4
250.4
' 248. 4
' 255. 6
mills
1939=100
253. 4
422.9
429.6
407.1
396.6
442.2
425.6
432.6
422.3
420.3
Electrical machinery
do
' 456. 0
' 463. 1
472.1
416.6
409.6
423.0
429.5
419.2
.406. 6
434.6
442.6
426.1
450.4
Machinery, except electrical _
_ do
448.9
470.2
354.9
352.0
357.6
367.9
350.3
362.6
356.1
372.0
360.2
373.6
374.3
Machinery and machine-shop products do
388.7
275.6
278.9
282.7
269.7
263.6
262.6
254. 2
239.9
253. 9
249.5
Machine tools§
_ _ do
250.8
257.9
347.7
337.3
321.1
343.4
329.0
357.0
348.8
373. 5
Automobiles§_ _ _ _ _ _ _ _ _ _
do
378. 5
388.1
338.7
419.8
Transportation equipment, except automo558.2
556.9
565.3
561.3
560.3
562.6
483.0
499.9
482.9
r 522. 2
' 546. 4
590.5
biles
_
_
1939=100
667.8
662.2
657.2
639.2
668.7
621.5
622.4
623.3
637.6
Aircraft and parts, excluding engines§,_do
r 663. 8
'661.5
676.6
506.8
479.9
487.6
477.0
481.5
535.0
485.1
501.3
499.9
Aircraft engines §
do
486.7
479.2
503.5
377.9
386.0
399.1
394.3
395.8
395.6
243.1
262.0
' 316. 6
Shipbuilding and boatbuilding§
do
241.8
' 289. 9
378.9
360.0
359.0
354.0
346.2
354.8
349.0
326.6
343.6
Nonferrous metals and their products
do
353.2
357.9
329.7
367.0
310.7
310.1
292.4
323.4
351. 4
374.9
359.8
388.6
Lumber and timber basic products
do
387.3
387.6
388.6
390.2
333.4
334.5
309.2
350.5
412.2
384.7
397.4
430. 5
Sawmills and logging camps§
do
435.3
425.2
425.3
422.0
292.0
292.0
283.1
286.8
285.1
290.4
281.4
305.0
293.3
318.5
322.1
Furniture and finished lumber products, do
333.9
289.1
288.8
282.2
278.9
278.8
284.7
274.4
297.9
Furniture§
do
315. 0
323.2
284.7
334 3
285.7
278,4
288.8
286.9
280.0
298.2
285.9
Stone, clay, and glass products
do
306.0
316.3
313.6
301.7
320.4
277.4
279.2
272.3
275.3
274.2
271.5
279.1
Nondurable goods industries _ _ _ _ _ _ do
302.5
290.4
' 304. 7 ' 306. 2
314.8
Textile-mill products and other fiber manu262.0
265.0
255.4
254.3
248.3
242.5
256.3
237.5
factures
1939=100..
240.1
264.9
280.8
294.1
322.8
336.6
329.2
317.3
317.7
307.5
317. 4
302.6
305.7
329.1
362.1
Cotton manufactures, exc. small wares§_do
376.4
219.3
221.5
213.3
212.9
213.2
220.2
206.0
Silk and rayon goods§.
do
203.0
208.5
227.6
236.6
248.4
Woolen and worsted manufactures, except
288.1
260.6
274.7
252.6
263.6
252.5
268.6
243.0
233.6
270.4
dveing and finishing§ _ _ _
1939=100
276.6
294.4
Apparel and other finished textile products
314.1
272.1
317.5
279.8
300.6
274.9
318.5
278.9
302,3
319.6
336.0
343.3
1939=100..
280.8
281.3
277.2
267.1
270.5
Men's clothing§
do
273.0
284.9
260.0
264.8
301.5
303.5
309. 5
340.0
344.8
277.7
264. 1
340.0
260.3
Women's clothing.
do
283.1
334.7
323.1
349. 6
319.3
355. 9
222.2
223.0
214.6
207.0
220.8
211.5
214.2
231.6
Leather and leather products
_
do
220.4
235.4
234.9
241.8
198.9
213.7
205.3
197.7
197.0
201.7
Boots and shoes §
__
do
221.5
204.8
209.9
223.8
223.5
231.9
242.5
243.1
256.4
239.3
252.8
267.8
Food and kindred products
do
331.6
295.8
325.6
' 309. 6
300.6
298.9
203.4
201.7
200.7
Baking§._
_ _
do
207.8
208.4
213.1
223.2
218.0
218.4
230.8
227.8
229.2
207.2
197.4
211.7
236.6
Canning and preserving!
do
217.8
249.3
683.8
401.8
437.9
653.7
265.7
250. 2
227.2
254.0
232.6
249.4
285.7
259.9
Slaughtering and meat packings
_do_ _
271.9
280.9 '
270.0
271.7
317.4
338.9
Revised, p Preliminary. § See note on item on p. S-10 regarding re visions in the data.
JTotal includes State engineering, supervisory and administrative employees not shown separately.
ISee note on item in July 1944 and September 1947 Surveys regarding changes in the data beginning in 1943 or 1945. December figures do not include excess temporary post office substitutes
employed
ployed only
Jy at Christmas.
*Newser'ties. '
'
Indexes
beginning 1939 for employment in retail food establishments are shown on p. 31 of the June 1943 Survey.
!RevisedI series,
iy«5y inrougn
eoruary ly^o
aaji
series. revisions
Revisions tor
for 1939
through ^February
1946 lor
for me
the adjusted
indexes of employment in manufacturing industries will be shown later. See note marked "f'on p. S-ll1 of September 1947Survey
Surveyfor
forreference
referencetoto 1937-43
1937-43data
datafor
foremployment
employmentand
and pay
payrolls in the telegraph and telephone industries and 1939-41 data for the other Department of Labor series_. onn<
^nonmanufacturing employment and pay rolls, with the exception of the series for
r the index of railway
employees. Employee definition for dyeing and cleaning and power laundries nas een changed from "wage earners" to "production workers" with the resultant exclusion of driver-salesmen.
and the series have been adjusted to 1945 data from the Federal Security Agency Revised data for 1939-46 will be published later. See mark "f" on p. S-10 with regard to revised unadjusted
indexes of employment and pay rolls in manufacturing industries.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1943
1947
January
February
March
April
May
1948
July
June
August
September
October
November
December
January
EMPLOYMENT CONDITIONS AND WAGES— Continued
PAY ROLLS—Continued
Production-workers pay rolls, mfg., unadj.t— Con.
Nondurable goods industries— Continued
209.4
Tobacco manufactures
1939=100
285.1
Paper and allied products
do
274.3
Paper and pulp§
do
Printing, publishing, and allied industries
219.6
1939=100..
185.2
Newspapers and periodicals §
do
249.4
Printing, book and job§
do
362.9
Chemicals and allied products
do
' 495. 5
Chemicals §
_
. do
253.9
Products of petroleum and coal
do
244.3
Petroleum refining §
do
386.3
Rubber products _.
_
do _
416.3
Rubber tires and inner tubes §
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Mining:t
202.0
Anthracite
. 1939=100
265.4
Bituminous coal.
_ >
do .
156.8
Metalliferous
do
204.8
Quarrying and nonmetallic
do
153.8
Crude petroleum and natural gasf
do
Public utilities:-}159.5
Electric light and power
do
216.1
Street railways and busses
do
189.1
Telegraph
.
_
_ do _
267.5
Telephone
do
Services:!
r 286. 7
Dyeing and cleaningcf
do
' 228. 6
Power laundriescf
do
215.1
Year-round hotels
_
_ do
Trade:
187.2
Retail, total f
do
189.4
Food*
do
208.4
General merchandising!
do
189.7
Wholesale t
do
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor) :
40.6
All manufacturing t - hours
40.5
Durable goods industries*
do
40.2
Iron and steel and their products*
do
Blast furnaces, steel works, and rolling
38.2
mills*
hours
40.5
Electrical machinery*
do
41.4
Machinery except electrical*
do
Machinery and machine-shop products*
41.7
hours. _
42.2
Machine tools*
do
38.9
Automobiles*
do
Transportation equipment, except auto40.2
mobiles*
hours. .
Aircraft and parts (excluding engines)*
39.8
hours. .
41.4
Aircraft engines*
do
40.2
Shipbuilding and boatbuilding*
do
41.0
Nonferrous metals and their products*. do
40.6
Lumber and timber basic products*. _ _ do
40.0
Sawmills and logging camps*
do
Furniture and finished lumber products*
41.8
hours..
41.5
Furniture*
do
40.5
Stone clay and srlass products*
do
40.7
Nondurable goods industries*
do
Textile-mill products and other fiber manu40.5
factures*
hours
Cotton manufactures, except small wares*
40.6
hours. _
41.1
Silk and rayon goods*
do
Woolen and worsted manufactures, except
41.3
dyeing and
finishing*
hours..
Apparel and other finished textile products*
36.9
hours..
37.8
Men's clothing*
do
35.7
Women's clothing*
do
39.3
Leather and leather products*
do
39.1
Boots and shoes*
do
43.6
Food and kindred products*
do
43.9
Baking*
do
37.6
Canning and preserving*
do
47.5
Slaughtering and meat packing*
do
39.2
Tobacco manufactures*
do
43.2
Paper and allied products*
do
44.2
Paper and pulp*
do
Printing, publishing, and allied industries*
41.0
hours..
38.9
Newspapers and periodicals*.
do
42.0
Printing, book and job*
do
41.5
Chemicals and allied products*
do
41.3
Chemicals*
do
40.2
Products of petroleum and coal*
do
39.9
Petroleum refining*
do
40.6
Rubber products*
do
201.0
288.1
279.8
193.1
290.9
281.4
181.6
290.9
284.4
182.8
291.1
289.4
194.8
298.0
302.1
200.0
298.7
309.6
203.0
300.6
312.3
205.3
309.6
317.0
214.5
314.4
317.3
216.3
319.6
319.9
219.8
327.5
327.3
221.8
191.2
248.4
372.6
••500. 8
256.8
245.8
385.0
413.3
227.7
197.2
253.5
377.5
r 506. 4
262. 1
252.9
374.3
397.3
230.7
202.1
255.2
378.3
'511. 6
265.2
254.7
383.9
414.2
234.2
209.3
255.4
381.5
' 520. 9
275.7
262.5
367.2
399.3
235.9
210.0
258.1
373.3
' 528. 2
286.2
273. 4
361.9
396.1
233.6
208.9
258.9
378.7
' 533. 7
295.6
286.1
352. 7
389.5
235.5
214. 0
254.8
380.4
' 527. 0
297.2
282.8
357.4
396.0
245.0
221.6
266.6
395.1
' 527. 3
302.7
287.6
369.0
397.9
247.9
252.3
224.0
279.3
' 407. 5
' 540. 8
' 304. 5
' 288. 9
383.3
407.5
258.0
229.8
286.7
414.9
555.8
308.2
293.4
396.5
412.1
184.7
248.7
162.0
205.6
152.9
206.2
245.6
162.6
213.7
154.5
155.5
189.8
164.7
233.2
162.3
186.3
244.6
172.1
241.7
163.4
194.6
252.3
181.8
251.3
175.3
177.8
192.9
171.9
251.2
173.9
216.6
264.4
178.3
259. 6
173.4
211.1
270.2
179.0
258.5
175.6
' 178. 1
261.2
169.9
199.1
275.2
' 180. 4
250.2
179.0
212.2
290.2
184.3
241.7
172.5
163.7
219.5
185.4
269.4
160.8
218.6
198.0
267.2
166.5
218.8
239.3
136.1
168.2
220.0
226.9
202.9
177.5
222.1
218.8
292.5
178.4
222.1
215.2
302.2
182.9
225.2
213.5
306.2
183.1
224.1
211.8
312.3
208.1
314.2
187.6
223.6
206.8
321.5
185.7
226.9
207.8
314.5
r 275. 2
' 222. 2
216.6
r 289. 3
r 223. 2
216.8
'299.4
' 227. 3
219.4
' 313. 5
'231.0
221.1
' 328. 4
' 239. 3
226.4
' 310. 5
' 238. 5
222.0
' 285. 0
' 231. 3
221.0
' 293. 8
' 226. 8
228.6
292.9
233.6
233.2
187.5
197.1
201.4
190.4
190.1
199.9
205.6
191.6
192.9
202.8
210.4
190.8
195.3
206.0
212.3
191,4
201.6
212.1
218.9
198.0
198.5
213.8
214. 1
196.5
197.6
212.2
212.0
198.2
202.5
209.2
220.4
203.3
r 207. 1
213.8
224.5
206.9
216.5
220.0
251.1
213.6
237.1
221.5
312.5
213.7
40.4
40.5
40.0
40.4
40.7
40.4
40.0
40.7
40.4
40.1
40.5
40.3
40.2
40.7
40.5
39.8
40.0
39.3
39.8
40.0
39.6
40.4
40.6
40.3
40.6
40.9
40.5
40.5
40.8
'40.5
'41.2
'41.7
41.2
38.5
40.0
41.3
38.9
40.5
41.5
39.2
40.0
41.5
38.9
39.8
41.4
39.5
39.8
41.3
37.4
39.8
40.9
39.2
39.2
40.5
39.0
40.4
41.1
39.0
40.6
41.3
'39.4
40.6
'41.3
39.5
41.1
42.3
41.5
42.3
38.8
41.6
42.3
39.7
41.6
42.0
38.5
41.6
42.1
38.3
41.5
42.2
38.7
40.8
41.6
37.7
40.9
41.4
37.2
41.3
41.8
39.2
41.3
'42.1
39.5
41.4
'42.1
40.0
42.7
43.1
41.7
39.7
39.8
39.8
40.2
40.1
40.1
39.6
39.7
40.4
'38.2
40.2
39.7
39.2
39.9
39.7
42.2
42.1
40.0
39.2
39.3
39.5
43.3
43.1
39.3
40.0
39.5
40.2
42.8
42.5
'40.2
40.5
'39.8
40.8
'42.6
'42.2
'38.0
39.4
' i 36. 1
'40.9
42.2
'41.9
39.1
41.2
40.6
41.5
43.2
42.8
r
301. 7
' 236. 2
222.4
221.6
272.8
r 401. 0
' 529. 8
r 297. 0
279.7
375.6
398.0
224.1
275.2
182.8
223.2
' 303. 8
'232.3
••226.9
40.1
40.7
38.4
41.0
42.1
41.8
39.8
39.4
39.9
40.9
41.0
40.6
39.6
39.7
39.9
40.8
41.4
40.9
39.5
39.6
40.4
40.6
42.0
41.7
39.2
38.8
40.7
40.5
42.8
42.5
41.9
42.0
40.1
40.4
41.7
41.9
40.5
40.1
41.5
41.4
40.5
39.6
41.5
41.2
40.3
39.7
41.7
41.6
40.8
39.8
41.1
40.9
40.1
39.7
41.2
41.0
40.6
39.5
41.5
41.4
40.4
40.2
42.1
42.3
40.8
40.2
41.8
42.3
'40.5
40.1
42.8
42.9
40.9
40.8
40.4
40.0
39.1
38.9
38.6
38.4
38.2
39.5
39.7
40.1
41.0
40.5
41.6
40.1
41.5
39.3
40.2
38.8
41.0
38.3
40.3
38.3
40.3
38.4
40.0
39.2
40.9
39.6
41.0
40.4
41.2
41.1
42.2
-
41.0
40.1
39.1
39.2
39.4
39.1
36.6
40.2
39.7
39.6
41.2
36.7
37.8
36. 2
39.5
39.2
42.7
43.2
37.0
42.7
37.8
43.2
44.3
36.7
37.6
36.1
39.0
38.1
42.3
43.0
37.7
41.9
37.5
43.2
44.3
35.5
36.6
34.4
38.3
38.0
42.1
42.5
38.0
41.8
36.7
43.0
44.4
35.8
37.2
34.6
38.1
37.8
43.0
242.5
S8.3
44.0
36.3
43.1
44.7
36.0
37.2
35.0
38.1
37.7
43.2
242.6
37.8
44.5
38.2
42.9
44.5
35.8
36.5
34.8
38.2
37.8
43.2
242.7
39.9
44.5
39.6
42.9
44.5
35.2
35.1
34.6
38.1
37.7
43.4
241.9
42.6
43.0
39.2
42.4
44.1
36.0
36.8
35.0
39.1
38.8
43.4
2
41.9
42.8
43.4
39.2
42.9
44.5
36.9
37.9
35.8
39.0
38.7
42.8
2 41.9
40.9
43.2
39.7
43.0
44.4
36.4
37.5
35.3
38.4
37.9
42.5
241.6
35.9
46.8
39.4
43.2
44.4
37.2
37.7
36.4
39.0
38.6
43.4
242.3
37.7
47.7
39.9
43.8
45.0
40.1
38.6
40.8
41.4
41.0
40.1
39.8
40.6
40.3
38.8
41.1
41.3
40.9
40.2
39.8
39.8
40.1
38.9
40.7
41.0
40.8
40.5
40.1
39.5
40.1
38.9
40.6
41.1
41.0
40.0
39.5
39.0
39.9
38.4
40.6
41.1
40.9
40.7
40.6
39.1
39.6
38.2
40.5
40.9
41.1
40.5
40.7
38.6
39.4
38.5
40.0
40.9
40.7
40.6
40.3
38.7
40.2
39.0
40.8
41.0
40.5
41.0
40.7
39.9
40.0
38.7
40.7
'41.4
'40.8
'40.5
39.9
40.1
40.1
38.7
40.8
'41.3
'40.9
41.2
'41.0
39.9
40.6
39.2
41.4
41.6
41.4
40.8
40.3
40.9
"40.6
f 41. 0
"40.1
' Revised, p Preliminary. 1 The reduction reflects incomplete return to previous work schedule after termination of work stoppages and observance of Armistice Day in some yards.
2 Not strictly comparable with data prior to May 1947; comparable April 1947 figure, 41.9. § See note marked "§" on p. 8-10. cTSee note marked "cf" on p. S-ll.
*New series. Indexes of pay rolls beginning 1939 for retail food establishments are shown on p. 31 of the June 1943 Survey. Data beginning 1939 for the printing and publishing industries
and the aircraft engine industries will be published later. Data beginning 1939 for all series on average hours will also be published later: see note in the September 1947 issue for reference to
earliest data published in the Survey and explanation of a change in January 1945 which affected the comparability of the data for the machine tools, aircraft engines, and shipbuilding infRevised series. See note marked "t" on p. S-10 with regard to revised indexes of pay rolls in manufacturing industries and note marked "t" on p. S-ll with regard to revised datafor
pay rolls in nonmanufacturing industries. Data beginning 1942 for average weekly hours in all manufacturing industries are available in the March 1943 and later issues of the Survey;
revised data prior to 1942 have not been published in the Survey and will be shown later.
SURVEY OF CUREENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Average weekly hours per worker— Continued
Nonmanufacturing industries:
Building construction
_
hours. Mining:
Anthracite
.
do ..
Bituminous coal
do
Metalliferous
do
Quarrying and nonmetallic _ _ _
do . .
Crude petroleum and natural gas
do
Public utilities:
Electric light and power
do
Street railways and busses
do
Telegraph
do _Telephone
do
Services:
Dyeing and cleaning
do
Power laundries
_
_ do ..
Year-round hotels
do .Trade:
Retail
do
Wholesale
do
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
. _
number
Workers involved
thousands. .
In effect during month: •
Work stoppages
number..
Workers involved
_ _ _ thousands
M an-day s idle during month
do
Percent of available working time*
U. S. Employment Service placement activities:
Nonagricultural placements t
thousands..
Unemployment compensation (Soc. Sec. Admin.):
Initial claims*
thousands
Continued claims©
_.
do
Benefit payments:
B eneficiaries , weekly average ©
do
Amount of payments
thous. of dol_.
Veterans' unemployment allowances:*
Initial claims
thousands
Continued claims
do
Claims filed during last week of month. ..do
Amount of payments
thous of dol '
Labor turn-over in manufacturing establishments:^
Accession rate
monthly rate per 100 employees. .
Separation rate, total
do _
Discharges
do
Layoffs
do
Quits
do
Military and miscellaneous
do
37.6
36.9
38.0
37.1
37.7
37.7
37.9
39.7
38.0
38.0
36.6
38.0
39.1
46.7
41.2
43.1
41.3
35.1
43.6
42.0
42.8
40.3
39.8
43.7
41.6
43.5
39.6
32.3
36.4
41.8
44.5
40.8
37.2
44.3
42.2
45.6
40.5
39.2
43.7
42.6
45.6
41.9
37.0
31.8
41.2
45.2
40.6
38.5
39.1
41.4
46.1
40.1
38.2
39.1
41.6
46.1
40.3
40.0
39.9
42.3
46.4
40.0
36.2
38.6
'41.8
44.6
40.9
38.4
41.2
42.9
44,4
39.6
41.9
47.7
43.8
38.4
41.6
48.0
44.0
38.0
41.0
47.8
43.7
37.9
42.2
47.8
47.3
26.9
41.6
47.6
46.0
31.5
42.2
47.4
44.8
37.5
42.1
46.3
44.8
38.4
42.4
46.6
44.8
38.7
42.0
46.1
44.5
39.1
42.1
45.7
44.8
39.3
42.4
45.4
44.0
39.5
42.1
46.6
43.9
39.0
42.3
43.3
43.8
41.1
42.5
44.3
42.0
42.4
44.7
41.9
42.8
44.9
42.6
42.7
45.0
42.9
42.8
45.2
42.1
42.6
44.9
40.8
42.2
45.0
41.9
42.4
44.1
41.5
42.3
'44.0
41.0
41.7
44.4
41.6
42.6
44.1
39.9
41.5
40.1
40.8
40.0
40.8
40.0
41.2
40.0
41.2
40.8
41.6
41.1
41.1
41.0
41.1
40.0
41.2
40.0
'41.3
39.5
'41.4
39.7
41.6
P320
"105
"300
"75
"370
"95
"480
"630
"470
"225
"380
"450
"300
"250
"335
"110
"200
"75
"175
"60
"150
"45
"120
"30
"175
"75
"480
"165
9 1,400
p. 2
"500
"155
" 1,300
f .2
"575
"170
" 1, 200
".2
"775
"690
" 6, 800
"1.0
"675
"575
"4,000
".6
"550
"625
" 4, 000
".5
"400
"175
"2,000
".3
"350
"145
"1,900
".2
"275
"100
"700
".1
"225
"50
"500
".1
"250
"100
P 1, 000
".1
"700
"675
" 8, 600
"1.2
"550
"250
" 2, 500
".4
366
348
391
419
442
453
454
484
546
528
451
1,011
4,982
731
4,487
739
4,684
1,020
4,833
1,166
4,802
878
4,905
942
5,219
623
4,296
'565
3,742
'617
3,359
'602
2,848
893
74, 760
911
65, 910
975
71, 545
930
71, 569
940
72, 295
1,006
73, 559
958
76, 534
907
66, 804
779
59, 257
656
52, 774
638
'5,242
1,168
106, 683
444
4,504
1,149
' 88, 401
397
' 4, 424
' 1,012
89, 100
373
3,913
850
78, 868
354
3,173
677
63, 763
493
3,021
722
58, 542
476
3,446
759
66, 239
386
3,023
715
59, 521
283
2,448
528
53, 336
6.0
4.9
.4
.9
3.5
.1
5.0
4.5
.4
.8
3.2
.1
51
4 9
4
9
35
1
5.1
5.2
.4
1.0
3.7
.1
4.8
5.4
.4
1.4
3.5
.1
5.5
4.7
.4
1.1
3.1
.1
4.9
4.6
.4
1.0
3.1
.1
5.3
5.3
.4
.8
4.0
.1
5.9
5.9
.4
.9
4.5
.1
r
397
374
'830
' 3, 700
1965
i 4, 039
593
' 41, 677
621
52, 202
776
59, 148
289
1,939
419
38,153
290
1,609
395
29, 554
'398
2,241
443
40, 209
"438
" 2, 552
"628
P 48, 933
5.5
5.0
.4
.9
3.6
.1
'4.8
4.0
.4
.8
2.7
.1
" 3. 5
"3.6
".3
".9
"2.3
".I
WAGES
Average weekly earnings (U. S. Dept. of Labor) :
47.29
49.17
' 51. 05
47.69
47.10
47.50
48.44
50.43
49.33
48.98
All manufacturing t
dollars
' 51. 35 ' 52. 74 " 52. 27
49.74
52.46
49.60
50.30
50.34
51.72
52.99
54.06
54.69
52.19
' 54. 98
' 56. 52 P 55. 71
Durable goods industries t
-- do
50.64
50.33
54.53
' 56. 61
53.71
55.18
56.21
51.31
51.78
53.67
Iron and steel and their products!
do
' 56. 96
58.20
Blast furnaces, steel works, and rolling
58.25
50.67
50.89
51.77
52.83
56.26
68.12
55.23
58.56
58.96
' 59. 52
millsf
dollars..
60.01
48.13
49.07
50.24
51.53
48.63
48.36
51.57
53.46
54.10
52.00
' 54. 32
55.34
Electrical machinery f
do
55.74
53.22
53.12
53.82
57.36
54.25
56.30
57.87
55.20
56.06
57.94
59.74
Machinery, except electrical t
do
Machinery and machine-shop prod52.61
55.07
53.10
53. 31
54.44
52.78
55.53
56.41
56.75
55.00
ucts f
dollars
57.03
59.22
56.09
56.17
56.46
56.06
57.77
59. 25
57.13
58.69
58.31
56.78
Machine tools
__ _ _
do
59.53
61.34
54.29
54.14
57.48
54.13
55.45
55.76
59.35
55.96
56.44
60.30
Automobiles!.
do .
61.70 . 65. 47
Transportation equipment, except auto54.34
55.59
54.48
54.25
55.75
56.54
54.29
55.31
56.02
58.08
' 56. 14
mobiles
..
dollars
59.23
53.41
52.59
52.54
53.22
52.42
52.58
55.30
54.44
A ircraf t and parts (excluding engines) do _
54. 48
'56.01
' 54. 73
56.53
54.77
56.15
53.02
54.76
53. 69
55.44
56.58
Aircraft engines*
._ __
do
58.43
56.19
59.19
57.52
60.39
55.37
57.05
56.59
56.97
57.91
57.79
56.77
56.93
59.31
Shipbuilding and boatbuilding
do
57.71
' 55. 20
61.69
49.91
50.12
50.26
50.30
51.15
52.06
51.12
51.07
52.62
Nonferrous metals and products f _ . . . do
53.59
' 54. 08
55.09
41. 18
39.11
40.31
45.04
45.32
41.01
43. 06
43.57
45.41
' 45. 23 ' 45. 30
Lumber and timber basic products t--.do_. .
45.63
37.41
39.89
39.12
41.95
44.14
39.81
44.05
Sawmills and logging camps
do_._
42.86
44.58
'44.09
' 44. 27
44.20
42.41
42.80
43.45
44.24
43.00
42.87
43.51
44.09
Pumiture and finished lumber products f-do
45. 38
' 46. 53 ' 46. 33
47.75
43.35
44.20
43.99
44.21
45.04
44.33
44.12
46.24
44.58
47.76
48.07
49.10
Furniture!
-do
45.49
47.24
46.49
48. 54
45.58
46.38
48.00
49.06
49.57
Stone, clay, and glass products t-- do
' 50. 38 '50.48
50.94
44.47
44.67
44.89
44.40
44.88
45.61
Nondurable goods industries t
do
45.31
45.78
46.78
' 47. 29 ' 47. 57 ' 48. 78 P 48. 62
Textile-mill products and other fiber
40.32
40.12
39.89
39.29
41.01
39.54
manufactures!
dollars
41.39
39.48
39.44
41.94
43.73
45.15
Cotton manufactures, except small wares!
37.06
37.56
39.22
38.53
37.73
37.10
37.21
37.50
38.55
dollars..
39.22
42.47
43.64
41.45
41.94
40.89
41.73
40.21
40.97
41.65
Silk and rayon goods! ...
do
41.17
43.23
44.84
43.57
46.46
Woolen and w o r s t e d manufactures
47.44
45.26
46.28
43.10
45.28
42.28
45.75
46.99
(except dyeing andfinishing)! dollars
46.95
45.33
46.70
49.17
Apparel and other finished textile products!
38.74
38.41
35.44
38.22
35.36
35.77
36.50
36.57
37.64
37.09
38.78
dollars. .
39.07
41.86
41.99
40.45
41.49
41.70
Men's clothing!..
do ..
41.35
40.17
38.66
' 42. 24
41.05
43.24
42.78
48.77
47.75
42.32
Women's clothing§
.
do
47.30
41.58
43.81
45.49
41.87
45.78
43.82
46.91
46.84
39.44
40.29
39.45
40.11
40.18
Leather and leather products!
do
40.12
40.25
40.30
41.89
42.18
41.97
42.62
38.96 1
38.91
37.96
37.78 1
39.05
38. 30
38.32
Boots and shoes
do
40.12
38.49
40.41
40.18
40.98
r
Revised.
f Preliminary.
1 Partly estimated.
• See p. 23 of December 1946 Survey for 1944-45 data.
© Computed from weeks compensated in weeks ended during month.
0 Small revisions for January 1940 to May 1944 are available on request.
d* Rates refer to all employees and are therefore not strictly comparable with data prior to 1943 published in the Survey.
§ See note in September 1947 Survey regarding a change in January 1945, also in 1942 for women's clothing industry, which affected the comparability of the data.
* New series. See note marked"*" on p. S-12of the September 1947 Survey for reference to available data for the series on average weekly hours in nonmanufacturing industries with the exception of year-round hotels which has not been included previously. Data are available beginning 1939 for average hours in year-round hotels, average weekly earnings in the aircraft engine
industry, and initial unemployment compensation claims, beginning September 1944 for veterans' unemployment allowances, and beginning 1927 for man-days idle as a percent of available
working time.
! Revised series. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have been shown on a revised basis beginning in the March 1943 Survey; see note
in that issue for an explanation of the revision.
SUKVEY OF CUERENT BUSINESS
S-14
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1947
January
February
March
April
May
June
1948
July
August
September
October
November
December
January
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAG E S—Continued
Average weekly earnings— Continued
All manufacturing— Continued
Nondurable goods industries— Continued
r
47.31
46.40
46.05
46.20
47.71
Food and kindred products!
dollars. _
49.04
49. 61
48.27
48.40
49.45
'49.90
51. 00
1
1
!
1
45.80
Baking^
.
do
46.32
45.26
45.17
44. 84
* 46. 85
45. 52
i 46 14
45 50
45. 81
* 46. 26
i 47 43
36.55
36.82
38.50
37.40
39.39
41 14
39.96
43.69
37.94
Canning and preserving!
do
39.37
45.88
44.75
Slaughtering and meat packing . __ do
57.20
52.82
50.22
53. 37
56.82
49.87
54 33
54. 98
55 31
54 40
61 43
61 57
36.74
35.44
Tobacco manufactures!
do
35.21
34.84
37.26
34.46
37.74
37.33
36.30
37.90
37.67
39 16
r
47.05
47.42
48.20
48.79
47.92
50.72
51.99
'
52.
22
Paper and allied products!
do
49.95
51.06
52.
86
53. 77
r
Paper and pulp. _
_ _ ._ _
do
50.18
50.98
52.07
54.83
57.14
57. 10
51.27
52.84
56.36
57.49
56.30
58 17
Printing, publishing, and allied industries!
56.74
dollars. .
56.60
58.19
58.69
61.61
59.76
59.37
61.62
59.48
59.55
62.38
63.57
62.08
65.29
Newspapers and periodicals*.
do
63.00
67. lo
64.25
67.74
67.16
69.40
69.18
66.53
69.94
71.43
r
Printing, book and job*
do - 54.19
56.41
54.07
56 77
55.95
56.13
56 81
58 32
55.67
58.63
59 37
60 67
Chemicals and allied products!
do
47.39
48.93
48.17
••r 52. 67
48.60
50.59
51.81
49.80
51.00
51.27
' 53. 15
53.83
56.35
Chemicals _ _ _ _
_
do
55.45
54.77
55.10
55.33
57 44
58 46
56 80
57 73
57 98
59 21
60 08
r
55.24
Products of petroleum and coal!
do
55.39
57.41
60.62
60. 94
56.53
57.92
60.57
61.84
59 64
»•r 62 54
63 26
57.74
Petroleum refining
do
60.01
57.75
59.15
60.24
64.12
63.12
63.51
64.75
62.17
65. 86
66.32
r
Rubber products! .
do
54.03
54.06
55.23
57. 62
' 57 99
52.97
55 74
55 92
57.76
55.30
55 49
59 48
Rubber tires and inner tubes
do
61.64
59.78
59.90
58.05
62.06
61.15
64.75
61.12
61 35
63.78
64.86
65 74
Average hourly earnings (U. S. Dept. of Labor):
r
All manufacturing!
dollars. .
1.186
1.170
1.161
.180
1.207
1.249
1.226
1.230
1.236
1. 258
'
1.
269
'
1. 279
» 1. 289
r
Durable goods industries!
_ _, do
1.224
1.243
1.229
P 1 359
.236
1.278
1 303
1 305
1 312
1.331
1.337
1 348 r i 356
r
Iron and steel and their products!
do
1.261
1.258
.269
1.280
1.396
1.333
1.363
1.365
1.376
1.397
r 1. 405
1. 413
Blast furnaces, steel works, and rolling
mills!
dollars. .
1.332
1.347
1.317
.333
1.445
1.488
1.472
1.478
1.513
1.502
r 1. 510
1.519
r i 339
1.264
Electrical machinery!
_
__ do.. 1.199
1.203
1.210
.212
1 308
1 314
1 325
1 295
1.331
1 346
1.308
1.283
1.290
1.298
1.334
Machinery, except electrical!
do
1.395
1.371
1.377
1.363
1.400
1.405
1.412
Machinery and machine-shop products!
1.264
1.279
dollars..
1.275
1.267
1.353
1.307
1.349
1.336
1.370
1.374
1.381
1.391
1.334
1.357
Machine tools
. ._ ._ do
1.326
1.325
1.334
1 394
1 381
1 366
1 405
1.408
1 412
1 424
Automobiles!
do
1.463
1.399
1.406
1.390
1.396
1 496
1 526
1 485
1 500
1 515
1 542
1 570
Transportation equipment, except automobiles!
dollars..
1.356
1.362
1.363
1.367
1.376
1.387
1.395
1.424
1.406
1.437
1.475
' 1. 471
Aircraft and parts (excluding engines)
1.321
1.326
dollars. _
1.332
1.338
1.328
1.372
1.341
1.381
1.386
' 1. 395
1.434
' 1. 438
Aircraft engines*§
_ do -.
1.357
1.344
1.344
1.353
1.383
1 443
1 428
1 435
1 460
1 461
1 461
1 465
Shipbuilding and boatbuilding
do
1.420
1.426
1.442
1.418
1.433
1.421
1.421
1.447
1.460
' 1. 490 r 1. 529
1.524
1.234
1.217
Nonferrous metals and products!
do
1.222
1.226
1.26Q
1.286
1.289
1.294
1.309
1.312
1.321
1.328
.962
Lumber and timber basic products! do
.990
.979
.983
1.025
1.048
1.062
1. 053
1.033
1.063
1.055
' 1. 074
Sawmills and logging camps
do
.935
.954
.972
.965
1.006
1.040
1 018
1.044
1.049
r 1 056
1 032
1.046
Furniture and finished lumber products!
1.015
1.031
1.032
dollars. _
1.022
1.046
1.061
1. 058
1.070
1.093
1.105
1.108
1.117
Furniture
do
1.064
1.074
1.046
1.049
1.059
1 085
1 079
1 089
1 117
1 130
1 137
1 145
Stone, clay, and glass products!...
do
1.125
1.149
1.133
1.144
1.173
1.190
1.198
1.208
1.227
1.234
1. 245
' 1. 248
r 1 175
1.139
Nondurable goods industries!
do
1.094
r 1 196
1.122
1.119
1.107
r 1 185
1 140
f j 213
1 150
1 158
1 165
Textile-mill products and other fiber manu1.025
factures!
_._ _
_
dollars
1.027
.970
1.024
.997
1 028
1 032
1 024
1 048
1 055
1 100
1 090
Cotton manufactures, except small wares!
.914
.981
dollars. .
.927
.979
.970
.970
.977
.985
.991
.973
1.051
1.061
.975
1.019
Silk and rayon goods!..
do
1.016
.996
1.012
1.017
1.023
1.043
1.057
1.062
1.088
1.101
Woolen and worsted manufactures (except
dyeing and
finishing)!
dollars.
1.045
1.159
1.156
1.155
1.158
1 160
1 156
1.169
1 160
1 193
1 178
1 188
Apparel and other finished textile products!
1.037
.999
1.049
1.045
.988
.994
_T , . _. .
dollars..
1.020
1.038
1.046
1.051
1.019
1.051
Men's clothing!
do
1.095
.105
1.097
1.106
1.094
104
1 098
1 090
1 106
1 120
1 116
1 135
Women's clothing§
do
1.314
1.297
1.293
1.200
.168
.182
1.285
1.241
1.279
1.' 279
1.270
1.217
1.023
1.021
Leather and leather products!
do
1.029
1.028
.035
.053
1.055
1.057
1.072
1 091
1.082
1 094
Boots and shoes _ .
do
.995
.989
.998
.999
.000
020
1 018
1 018
1 035
1 046
1 0^8
1 055
r 1 159
1.084
Food and kindred products!
do
1.088
1.088
1.097
.110
.119
1.129
1
121
1
140
1
173
1 176
1
1
1
Baking§
do
i i 115
i i 115
i i iig
1.056
1.065
1.060
1.057
i i 074
.056
067
1 091 11 104
.975
.995
Canning and preserving!
do
.997
1.018
.034
.045
1.025
1.003
1.083
1.100
1.093
1.062
Slaughtering and meat packing
do
1.206
1.193
1.204
.122
1.267
1.191
.214
1.276
1 282
1 273
1 311
1 299
Tobacco manufactures!
do
.938
.949
.937
.939
.948
.950
.951
. 952
953
954
956
983
1.121
Paper and allied products!
do...
1.088
1.098
1.109
.133
.165
r 1 223
1 190
1.196
1.210
1 215
1 227
r
Paper and pulp
do
1.134
1.149
1.173
1.157
.182
1.276
.231
l.,266
1.283
1. 287
1.293
1.297
Printing, publishing, and allied industries!
1.381
1.415
1.443
dollars. _
1.462
.499
.486
1.498
1.508
1.534
1.540
' 1. 555
1.567
1.575
1.651
Newspapers and periodicals*
do
1.607
1.626
.699
.719
1.736
1.713
1.753
1.775
1.758
1.788
Printing, book and job*
do
1.336
1.364
1.297
1.386
.397
.406
r 1 468
1 408
1.406
1.436
1 451
1 480
Chemicals and allied products!
do
1.143
1.165
1.177
1.192
.210
232
1 252
r 1 287
1 247
1 263
1 273
1 294
Chemicals
do
1.327
1.342
1.351
.359
.375
390
1 410
1 404
1 432
1 432
1 448
1 458
Products of petroleum and coal!
_..do .
1.372
1.382
1.408
.418
.448
.464
1.494
1 495
1 509
1 518
1 505
1 550
Petroleum refining
do
1.451
.501
1.447
1.488
1.520
1.532
1.567
1. 570
1.591
1.593
' 1. 607
1.647
Rubber products!
do
1.331
1.330
1.330
.397
1.416
1 419
r i 454
1 445
1 445
1 447
1 438
1 454
Rubber tires and inner tubes
do .
1.511
1.517
1.512
.608
1.622
1.615
1 640
1.640
1 661
1 647
1 661
1 658
Nonmanufacturing industries:*
Building construction __.
do
1.594
r i 765
1.598
1.634
1.610
1.656
1 661
1 777
1 689
1 669
1 718
1 738
Mining:
Anthracite. ....
do
1.594
1.637
1.632
1.545
1.593
1 596
1 575
1 780
1 765
1 784
1 754
1 7Kfi
Bituminous coal
do
1.491
1.490
1.484
1.483
1.470
1 489
1 787
1 740
1 819 r 1 70S
1 QX.7
Metalliferous
do
1.229
f i 356
1.238
1.241
1.237
1.278
r 1 38^
1 371
1 323
1 311
1 354
1 370
Quarrying and nonmetallic
do
i 1 7/3
1.058
1.062
1.069
1.080
1.092
1 121
1 129
1 146
1 156
1 169
1 178
Crude petroleum and natural gas§ .
do .
1.355
1.390
1.421
1.444
1.448
1.475
1.481
1.486
1.510
1
494
1
550
1 544
Public utilities:
Electric light and power
.do
1.313
1.352
1.341
1.343
1.358
1.388
1.374
1.378
1.390
1.392
1.428
1.410
Street railways and busses
do
1.165
1.174
1.184
1.190
1.195
1.212
1.241
1.231
1.265
1.265
1.276
1.274
Telegraphd*
do
i 097
1.069
1.164
1.164
1.252
1.242
1 236
1 228
1 226
1 234
1 9KO
Telephone§
_
do
i 941
90/1
1.132
1.124
1.141
1.174
1.189
r 1 O^l
1 215
1 218
1 211
1 230
1
Services:
Dyeing and cleaning!
.do
.874
.861
.876
.888
.894
.892
.898
.899
.911
.919
.925
.924
Power laundries §
do
.745
.748
.759
.757
767
.756
769
7Q7
771
786
787
786
Year-round hotels.
.
do
.648
.654
.642
.642
AQQ
.643
.650
.652
r 684
660
672
687
Trade:
Retail...
do
r i Q13
.953
.957
.960
974
r 1 003
1 09*4
985
996
1 003
1 012
Wholesale
do
1.197
1.230
1.231
1.229
1.241
L262
l! 257
1.258
L281
' 1. 313
'L289
1.300
T
Revised. *> Preliminary.
i Not strictly comparable with data prior to May 1947; comparable April 1947 figures—weekly earnings, $43.62; hourly earnings, $1 039
§See note in September 1947 Survey regarding a change in 1945, also in 1942 for the women's clothing industry, which affected comparability of the data,
cfbee note in August 1947 Survey for explanation of increase in February 1947.
*New series. See note marked "*" on p S-14 of the September 1947 Survey for reference to available data for the indicated series with the exception of hourly earnings for year-round
hotels which has not been included previously; data beginning 1939 for this item are available on request.
!Revised series. See note marked "!" on p. S-13.
SURVEY OF CUEEENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-15
1947
January
February
March
April
May
June
July
September
August
October
November
December
EMPLOYMENT CONDITIONS AND WAGES—Continued
'
WAGES—Continued
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr_.
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 O
do
1.109
1.89
1.123
1.92
1.123
1.92
1.138
1.94
1.146
1.94
1.189
2.01
1.217
2.07
1.221
2.08
1.221
2.10
1.244
2.12
1.260
2.12
1.264
2.12
106 00
1 146
1.173
1. 146
107. 00
1.136
1.136
1.140
114. 00
1.133
1.137
1.264
112 00
1.250
1.305
1.290
.84
.81
.84
.86
.88
.89
.92
116
118
121
122
122
122
123
125
126
128
129
132
*134
103
78
13
104
79
14
107
81
14
108
81
14
108
81
14
109
82
13
110
82
13
112
83
13
112
84
13
114
85
14
115
86
14
'116
*118
1.272
2.14
113. 00
1.01
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
87
'15
"88
p!6
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:!
1,713
1,699
1,731
1,739
1,746
1,662
1,671
1,683
1,706
1,670
1,654
1,746
1,707
Total
mil. of dol
982
973
1,040
1,C34
1,018
1,060
993
1,028
1,033
1,048
962
1,007
1,068
Farm mortage loans, total
do
875
869
913
910
910
919
882
891
907
932
928
862
900
Federal land banks
do
103
121
126
124
107
115
123
129
111
118
135
133
100
Land Bank Commissioner.
do
281
158
152
182
194
284
288
180
205
159
240
195
278
Loans to cooperatives, total
do
473
444
445
522
514
444
462
523
497
500
399
416
467
Short-term credit, total
do _ _ .
78, 359
72, 944
83, 502
94, 058
106, 520
83, 957
78, 295
84, 897
82, 740
81, 799
75, 048
83, 445
93, 966
Bank debits, total (141 centers) f
do
30, 895
46, 225
34, 779
31, 391
35, 632
29, 745
33, 547
37, 504
31, 738
31,837
28, 331
34, 305
37, 615
New York City
do
r
47, 464
56, 554
60, 295
49, 178
46, 904
49, 267
49, 655
51, 002
43, 199
49, 962
«• 46, 720
49, 140
56, 351
Outside New York City
do
Federal Reserve banks, condition, end of month:
44, 882
46, 583
44, 626
44, 425
47, 205
46, 153
47, 712
44, 236
44, 931
47 327
45, 615
45, 957
46, 547
Assets total
mil of dol
22, 205
22, 738
22, 906
23, 181
22, 759
24, 754
22, 170
24, 846
22, 975
22, 730
21, 875
23, 431
22, 782
Reserve bank credit outstanding, total.- -do
92
125
179
296
85
137
185
70
538
331
308
356
327
Bills discounted
do
22, 168
22, 192
22, 329
21, 549
21, 857
22, 088
21, 872
22, 593
22, 559
23, 941
24, 117
22, 209
21, 925
United States securities
_
do _
20, 296
19, 689
19, 222
21, 044
20, 723
21, 497
19, 537
20, 039
19, 113
20, 534
18, 627
21, 701
21, 363
Gold certificate reserves
do
44, 882
46, 583
44, 626
46, 1 53
47, 712
44, 236
44, 425
44, 931
45, 615
46, 547
47, 205
45, 957
47, 327
Liabilities, total _.
.
.
do
19, 240
17,470
18, 009
17, 869
19, 489
18, 249
18,718
19, 731
18, 695
17, 748
Deposits, total
do
18, 928
19, 431
20, 311
16, 956
16, 007
15, 826
16, 238
16, 112
17, 899
15, 895
15, 264
16, 974
16, 784
16, 601
16, 063
16, 919
Member-bank reserve balances
do
864
654
991
841
399
823
738
344
829
p705
847
663
' 1, 499
Excess reserves (estimated)__do_ .
24, 481
24, 022
24, 120
24, 162
24,090
24, 154
24, 320
24, 482
24, 345
24, 387
24, 651
24, 820
24, 156
Federal Reserve notes in circulation
do
48.4
48.1
46.7
47.7
47.1
43.6
45.3
48.5
48.0
48.3
43.0
47.8
Reserve ratio
percent-48.8
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month: t
Deposits:
46, 314
45, 124
44, 482
47, 771
47, 145
46, 150
46, 626
47, 056
46, 954
46; 552
48, 247
48, 685
Demand, adjusted
mil. of dol
48 833
Demand, except interbank:
Individuals, partnerships, and corporations
47, 988
46, 816
45, 807
45, 199
44, 210
47, 330
46, 106
45, 798
46, 443
49, 809
46,884
48, 379
mil. of dol__
48, 701
3,027
3,109
3, 350
3,268
3,191
2,937
3,075
3,076
2,948
3,124
3,146
3,246
States and political subdivisions
do
3, 264
969
1,119
2,135
1,561
1,476
1,817
741
648
1,819
596
793
940
693
United States Government
do
14, 584
14, 411
14, 470
14, 349
14, 460
14, 226
14, 303
14, 561
14, 520
14, 096
14, 609
14, 478
14, 593
Time, except interbank, total
do
Individuals, partnerships, and corporations
14, 175
14,005
14, 061
14, 055
13, 936
14,151
13, 955
13, 887
14, 192
14, 104
13, 775
14, 069
14, 127
mil. of dol__
312
324
254
285
327
329
328
334
328
391
338
237
328
States and political subdivisions
do
10, 351
10, 126
10, 546
10, 636
10, 320
10, 581
11,178
10, 833
Interbank
do
11,117
11, 121
11, 681
11, 643
10, 7^5
42, 462
43, 224
42, 959
42, 740
42, 971
44, 601
43, 574
43, 094
43, 550
41, 487
42, 587
Investments, total
_
do
41, 559
41, 798
U. S. Government obligations, direct and
38, 192
39, 220
38, 400
39, 465
39, 619
38, 850
38, 739
40, 642
38, 990
38, 354
37, 323
37, 227
37, 560
guaranteed, total
___mil. of dol. _
769
692
424
519
753
827
438
989
638
582
2,209
948
1,530
Bills
do
5,402
5,382
5.036
5,135
4,535
4,025
4,032
Certificates
do
6,345
4,648
4,138
3,291
3,410
3,338
30, 973
30, 354
30, 472
30, 556
30, 935
30, 701
30, 307
31,015
31. 224
30, 474
29, 505
Bonds (inch guaranteed obligations) . . .do . 30, 398
28, 965
2,702
2,838
3,459
2,815
2,418
2,652
2,631
2,619
2,632
3, 461
2,854
Notes
do
2,847
2 739
4,004
4,270
4, 109
4,104
4,232
3,931
4,109
4,340
3, 9£9
4,233
4,260
4 326
Other securities
do
4,238
22, 572
19, 864
20, 015
19, 759
20, 020
20, 277
20, 508
21, 212
22, 056
Loans, total
do
19, 566
23, 229
23, 329
23, 394
13, 817
11, 792
12, 043
11,809
11, 820
12, 271
13,116
11, 967
12, 518
11, 599
14, 658
Commercial, industrial, and agricultural- do
14, 358
14, 727
874
1.169
1,234
970
833
1,266
1,095
To brokers and dealers in securities
do
1,235
1,166
784
1,191
674
919
Other loans for purchasing or carrying securities
1,051
1, 009
1,112
976
1,139
1,063
1,023
975
986
975
945
mil. of doL.
880
811
2,831
2,739
3,316
Real estate loans. _ _
do
2,897
2,981
3,079
2, 631
3,171
3,244
2,563
3 516
3,460
3,388
179
184
191
Loans to banks .
_
do
170
187
215
158
235
215
246
106
180
230
2,922
2,894
3,306
3,241
Other loans,
. ___
do
2, 815
2,957
3,109
2,835
3,077
3,167
3,431
3,389
3,486
Money and interest rates:1
Bank rates to customers:
1.82
1.83
1.77
New York City
percent
1 82
2.44
2.37
2.25
7 other northern and eastern cities
do
2.27
2.80
2.95
2.69
1] southern and western cities
do
2 61
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.25
Discount rate (N. Y. F. R. Bank) ..
do
1.00
1.00
1.00
1.00
4.00
4.00
4. CO
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loanscf
do
4.00
4.00
4.00
1.54
1.52
1.52
1.52
1.52
1.50
1.53
1.52
1.52
Federal intermediate credit bank loans
do
1.50
1.54
1.58
1.58
Open market rates, New York City:
Acceptances, prime, bankers', 90 days
.81
.81
.81
.81
.81
.81
.88
.94
.81
.94
per cent _.
.94
1.03
1.06
1.00
1.00
Commercial paper, prime, 4-6months__ do
1.00
1.00
1.00
1.00
1.00
1.00
1.06
1.06
1.19
1.31
1.06
1.50
1.50
1.50
1.50
Time loans, 90 days (N. Y. S. E.)
do....
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.38
1.38
1.38
1.38
Call loans, renewal (N. Y. S. E.)
_ _ do _.
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.50
r
Revised, v Preliminary. O Reported quarterly after July 1947; the figure for October is an average for the week nearest the 15th of the month.
1f For bond yields see p. S-19. § Rate as of March 1, 1948: Construction—Common labor, $1.272; skilled labor, $2.15.
tThe total and total short-term credit have been revised to include emergency crop and drought relief loans which are now supervised by the Farmers Home Administration and publication
of the detail for short-term credit and loans to cooperatives has been discontinued in the Survey; see September 1947 Survey for loans included in these totals.
cf Rates on all loans; see note on item in April 1946 Survey.
tRevised series. Bank debits were revised in the September 1943 Survey to include additional banks; see p. S-15 of that issue for revised figures for May-December 1942. The series for
weekly reporting banks have been shown on a revised basis beginning in the August 1947 Survey; see note in that issue.
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
March 1948
1948
1947
January
February
March
April
May
June
July
August
September
November
October
December
Januber
FINANCE—Continued
BANKING—Continued
Money and interest rates— Continued
Open market rates, New York City— Continued
Average yield on U. S. Govt. securities:
.376
3-month bills
percent..
1.26
3-5 year taxable issuesj
do
Savings deposits, balance to credit of depositors:
9,232
New York State savings banks
mil. of dol_.
3,331
U. S. Postal Savings
do
CONSUMER SHORT-TERM CREDIT*
Total consumer short-term debt, end of month
10,024
mil. of doL.
4,048
Installment debt, total
do
1,566
Sale debt, total* _. _
do
581
Automobile dealers*
do
Department stores and mail-order houses*
337
mil. of doL.
352
Furniture stores* _
.
do
27
Household appliance stores*.
_ do. .
114
Jewelry stores* .
do
155
Allother*
do
2,482
Cash loan debt, total*
do
1,991
Commercial banks*
_ _ _ do
186
Credit unions
do
122
Industrial banks*
. .
do
102
Industrial loan companies*
do _
611
Small loan companies
do
Insured repair and modernization loans*
360
mil.ofdol..
110
Miscellaneous lenders*
_ _
do
2,764
Charge account sale debt*
do
2,
337
Single payment loans*
_
do
875
Service credit* . _
do
Consumer installment loans made by principal
lending institutions:
187
Commercial banks*
mil. of dol_.
33
Credit unions
.
do
22
Industrial banks*
do
20
Industrial loan companies*
do
98
Small loan companies
. . .
. do
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures :f
3,113
Expenditures, total
mil ofdol
343
Interest on public debtdo .
676
Veterans Administration
_
do
1,412
National defense and related activities ... do
674
All other expenditures
do
' 3, 862
Receipts, total of1..
_ do
3,820
Receipts, net
do
47
Customs
_ _
_ do
2,664
Income taxes _
do
58
Social security taxes
_
_do
693
Miscellaneous internal revenue
do
'400
All other receipts c?_
do
Debt, gross, end of month:
259, 776
Public debt, total
do
258, 378
Interest-bearing, total
do
233, 601
Public issues
_ ._
.
do
24, 777
Special issues to trust accounts, etc
do
1,399
Noninterest bearing
_
do
Obligations guaranteed by U. S. Government
262
mil. ofdol. .
U. S. savings bonds:*
50, 407
Amount outstanding...
do
952
Sales, series E, F, and G
do
483
Redemptions
_
do
Government corporations and credit agencies:f
To aid agriculture
do
To aid railroads
To aid other industries
To aid banks
To aid other financial institutions
Foreign loans
All other
do
do
do
do
do
do
.376
1.26
.376
1.24
.376
1.24
.376
1.27
.376
1.29
.703
1.33
.748
1.31
.804
1.28
.857
1.35
.932
1.47
.950
1.54
.977
1.63
9,278
3,355
9,340
3,379
9,377
3,382
9,427
3,387
9,535
3,393
9,556
3,398
9,580
3,396
9,630
3,407
9,655
3,412
9,681
3,413
9,802
' 3, 417
9,855
" 3, 429
10,019
4,156
1,608
631
10, 379
4,329
1,695
691
10, 631
4,536
1,813
753
10, 934
4,739
1,922
816
11,230
4,919
2,036
880
11, 302
5,045
2,092
922
11, 433
5,179
2,167
965
11, 682
5,290
2,257
1,004
' 12, 055 '12,636 v 13, 379
' 5, 463 ' 5, 733 * 6, 154
' 2, 651 "2,839
2,370
1,099
1,047
" 1, 151
" 13, 043
v 6, 176
" 2, 818
" 1, 194
338
349
29
107
154
2,548
1,030
190
125
105
611
358
354
29
105
158
2,634
1,079
197
128
108
617
386
366
32
109
167
2,724
1,123
204
133
113
627
409
382
32
114
175
2,811
1,167
213
138
116
633
423
395
37
119
182
2,883
1,196
224
143
119
638
429
398
39
120
184
2,953
1,221
233
148
121
649
440
408
41
124
189
3,012
1,248
240
152
124
652
462
423
43
128
197
3,033
1,255
245
154
125
643
495
443
46
131
208
' 3, 093
1,281
250
157
127
647
'555
474
49
145
229
' 3, 182
1,309
257
162
130
670
"650
"528
"52
"192
"266
" 3, 315
"1,358
"269
"166
"134
"712
"637
"501
"52
"178
"256
" 3, 358
" 1, 385
"271
"168
"136
"717
377
110
2,602
2,383
878
394
111
2,768
2,403
879
412
112
2,782
2,423
890
431
113
2,835
2,460
900
450
113
2,887
2,508
916
467
114
2,786
2,548
923
482
114
2,755
2,579
920
497
114
2,864
2,607
921
514
114
3,029
2,646
918
'538
116
'3,309
2,677
'917
"556
"120
* 3, 612
" 2, 697
"916
"560
"121
" 3, 240
" 2, 711
"916
180
33
21
20
90
214
38
24
23
121
213
39
24
24
116
212
42
24
24
115
211
43
26
24
117
217
44
29
23
123
204
42
25
22
113
206
41
27
24
107
218
45
28
23
121
221
44
27
25
142
"254
"53
"33
"30
"191
"235
"44
"26
"27
"109
3,060
103
511
908
1,538
' 2, 866
2,536
31
1,668
352
643
••172
2,932
668
494
1,006
764
' 4, 885
4,872
34
3,435
133
699
••585
2,445
157
481
1,151
656
' 2, 456
2,390
42
1,345
70
782
••217
2,194
127
526
936
605
*• 3, 054
2,743
32
1,666
329
695
'331
3,224
972
568
996
688
4,260
4,246
35
2,769
142
767
547
2,879
401
524
1,069
885
4,310
4,275
37
3,237
51
656
329
260. 097
257, 110
227, 890
29, 220
2,987
259, 145
256, 107
226, 587
29,520
2,926
259, 071
256, 276
226, 822
29, 447
2,801
258, 212
255, 591
226, 074
29, 517
2,621
256, 900
254, 205
225, 250
28, 955
2, 695
256, 574
253,958
224, 810
29, 148
2,616
3,914
124
561
1,457
1,804
' 4, 645
4,378
36
3,222
387
666
'334
3,598
626
566
1,428
872
' 5, 726
5,701
39
4,650
114
682
••241
4,001
141
596
1,728
1,427
' 2, 625
2,556
41
1,597
75
638
*275
3,851
92
1,012
1,327
2,035
••3,205
2,865
37
1,619
364
595
••590
261, 418
258, 113
233, 176
24, 938
3,305
259, 124
255, 800
230, 618
25,183
3,324
257, 701
254, 427
229, 147
25, 280
3,274
258, 343
254, 975
228, 789
26, 186
3,368
5,540
1,396
601
1,493
1,080
' 5, 481
5,473
35
3,270
121
602
' 1, 453
258, 286
255, 113
227, 747
27,366
3,173
3,669
245
564
979
1,881
' 2, 470
2,397
37
1,382
80
663
'307
259, 448
256, 321
227, 805
28, 516
3,327
181
175
171
' 171
83
74
73
70
78
83
76
72
50, 772
712
398
50, 995
617
449
51, 163
572
455
51, 282
488
421
51, 407
482
433
51, 589
559
457
51,699
460
404
51, 759
466
432
51, 928
488
404
52, 039
412
357
52, 174
487
434
52, 575
770
454
32, 338
7,294
3,055
665
167
204
17
238
2,855
590
1,003
1,985
3,426
15, 486
3,143
4,560
29,666
7,662
2,054
660
164
224
6
293
4,058
597
851
1,777
3/565
12,691
3,120
2,634
31, 037
9,212
2,200
665
162
240
6
340
5,405
591
1,093
1,725
3,553
12, 662
2,792
2,895
U S Government securities
do
Other securities
do
Land structures and equipment
do
All other assets
do
Liabilities except interagency total
do
Bonds, notes, and debentures:
84
169
83
Guaranteed by the United States
do
506
1,250
667
Other
do
2,045
2,144
3,142
Other liabilities
do
269
138
509
Privately owned interests
do
26, 763
28, 005
27,268
U. S. Government interests
do
«• Revised. "Preliminary.
cTRevised slightly to reflect a change in the classification of reimbursements to the general fund for certain administrative expenses in connection with Federal old-age and survivors insurance.
t This series has been substituted beginning December 1945 for the series formerly designated "taxable treasury notes"; see note on item in September 1947 Survey for earlier data.
*New series. See note marked "*" on p. S-16 of the September 1947 Survey with regard to revisions in data for certain consumer credit series as published prior to the July 1947 issue and
note in the April 1946 Survey indicating earlier revisions; all revisions will be published later. See note in the February 1947 Survey for information on the series for U. S. savings bonds
and reference to the earliest data published.
fRovised series. Total Federal expenditures has been revised to include net expenditures (excluding debt retirement) of wholly-owned Government corporations, shown separately prior
to the October 1947 Survey, and several changes have been made in the detail. Data for "national defense and related activities" (formerly designated "war and defense activities") exclude
beginning July 1947 certain miscellaneous items included in earlier data (see note 5 on p. S-17 of September 1947 Survey). Data for Veterans Administration include veterans' pensions and
benefits and transfers to trust accounts. Data for social security taxes have been revised to exclude railroad unemployment insurance contributions which are not classified as internal revenue.
See notes in May 1946, October 1946 and February 1947 issues of the Survey for explanation of changes in data for assets and liabilities of Government corporations and credit agencies; the
proprietary interest of the United States in the Federal land banks ceased on June 26,1947, and data for the banks were dropped from the series effective June 30, 1947; the exclusion of these
data largely accounts for the decline from March to June 1947 in loans to aid agriculture, investment in U. S. Government securities, "other" bonds, etc., under liabilities, and privately owned
interests. See note in November 1946 issue for explanation of revised classifications for the Reconstruction Finance Corporation.
SURVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-17
1947
January
February
March
April
May
June
1948
July
August
September
October
November
December
January
FINANCE—Continued
FEDERAL GOVT. FINANCE—Continued
Reconstruction Finance Corporation, ioans outstanding, end of month, totalf
mil. of dol
Banks and trust cos., incl. receivers
do
Other financial institutions
do
Railroads, including receivers
do
Loans to business enterprises, except to aid in
national defense
mil. of dol
National defense
do
Other loans and authorizations __.
do_ _
1,270
188
54
146
1,268
186
60
146
1,298
182
68
144
1,290
179
80
144
1,250
177
97
144
1,271
159
40
144
1,150
157
40
144
1,154
153
40
143
1,151
152
40
142
1,154
151
40
142
1,152
149
40
142
1,165
147
42
142
172
318
391
174
312
390
178
310
415
183
292
412
186
232
413
203
283
441
207
283
318
214
282
320
218
280
318
226
283
312
228
280
312
246
279
309
39, 032
5,480
592
4,888
601
1,470
30, 177
19, 542
18, 192
4,551
2,498
3,586
532
772
414, 523
73, 068
37, 833
69, 466
234, 156
39, 206
5, 542
595
4,947
601
1,469
30, 329
19, 570
18, 198
4,567
2,497
3,694
470
795
383, 857
47,977
25, 975
68, 491
241, 414
39, 450
5,601
593
5,008
597
1,471
30, 102
19, 274
17, 880
4,568
2,496
3,764
878
801
411, 308
49, 826
24, 554
74, 642
262, 286
39, 606
5,661
605
5,056
605
1,473
30, 431
19, 296
17, 904
4,691
2,489
3,955
649
787
351, 978
41, 184
30, 216
63, 629
216, 949
39, 776
5,750
615
5,135
614
1,477
30, 579
19. 274
17, 888
4,751
2,491
4,063
568
788
381, 212
39, 255
27, 162
65, 497
249, 298
40, 057
5,837
624
5,213
622
1,481
30, 740
19, 093
17, 704
4,965
2,522
4,160
588
789
400, 697
46, 305
24, 301
74, 416
255, 675
40, 287
5,953
632
5,321
631
1,485
30, 936
18, 986
17, 603
5, 111
2,512
4, 327
525
757
385, 075
63, 021
32, 100
65, 185
224, 7t>9
40, 446
6,041
639
5,402
639
1,490
30, 940
18,864
17, 478
5,169
2,500
4,407
546
790
354, 410
41,310
27, 147
62, 122
223, 831
40, 693
6,131
641
5,490
641
1,494
30, 893
18, 640
17, 255
5,303
2,504
4,446
703
831
390, 183
47, 410
27, 720
75, 045
240, 008
40, 903
6,242
645
5,597
658
1,498
31,093
18, 623
17, 241
5,446
2,499
4,525
582
830
374,084
48, 640
30, 961
64,059
230, 424
41, 069
6,340
649
5,691
665
1,500
31,209
18, 451
17, 059
5,609
2,499
4,650
543
812
360, 046
45, 838
22, 478
63, 865
227,865
41, 400
6,483
653
5,830
676
1,504
31, 272
18, Oil
16, 636
5,680
2,475
5,106
695
770
1,742
184
329
1,229
94
326
278
117
121
42
88
36
126
1,718
182
350
1,187
88
301
264
114
126
44
88
38
125
1,846
181
382
1,283
88
314
280
124
137
50
103
42
146
1,796
167
360
1,269
90
313
275
125
139
48
100
42
138
1,829
227
373
1,230
84
302
267
120
132
48
97
42
139
1,830
291
350
1,189
79
285
259
119
132
47
96
40
132
1,857
328
318
1,211
78
294
267
120
132
46
102
40
132
1,616
186
326
1,104
73
257
241
110
122
45
93
38
125
1,583
212
324
1,048
68
231
231
107
124
43
93
36
114
1,857
201
366
1,290
90
321
290
127
140
48
95
42
138
1,797
203
336
1,258
85
323
284
124
134
47
93
39
129
2,201
436
287
1,478
91
346
318
153
169
56
115
57
173
266, 447
116, 105
39, 995
8,747
22, 581
50, 818
28, 201
238, 744
107, 841
36, 123
7,393
17,911
41, 377
28,099
266, 482
120, 772
38, 298
7,907
17, 213
51, 324
30, 968
250, 576
112, 363
38, 468
7,583
18, 482
41, 898
31, 782
245, 999
111, 679
34, 595
7,693
18, 315
41, 269
32, 448
251, 165
108, 444
34, 270
7,753
18, 868
49,237
32, 593
247, 203
115, 958
30, 997
8,509
19, 098
40, 119
32, 522
218, 389
101,415
28, 367
6,358
17, 574
35, 218
29,457
236, 414
108, 179
30, 167
7,269
17, 795
42, 364
30, 640
247, 149
112, 523
36, 261
7,609
18, 024
38, 527
34, 205
219, 223
101, 334
29,838
6,924
17, 975
35,323
27, 829
283, 410
122, 777
31, 168
8,118
16, 216
69, 114
36, 017
LIFE INSURANCE
Life Insurance Association of America:
Assets, admitted, 36 companies, totalj mil. of dol
Mortgage loans, total..
do
Farm.
do
Other
do
Real-estate holdings.
__ _do
Policy loans and premium notes
do
Bonds and stocks held (book value) , total do
Govt. (domestic and foreign) , total
do
U. S. Government
do
Public utility .
._
do
Railroad
do
Other.
do
Cash
do
Other admitted assets
do
Premium collections totalt
thous. of dol
Annuities
do
Group
do
Industrial
do
Ordinary
do
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance):f
Value, total .
mil. of dol
Group
do .
Industrial
do
Ordinary, total.. _
do _
New England
do
Middle Atlantic.. ...
.
do
East North Central..
_
..do-West North Central
do
South Atlantic.
do.
East South Central
do__
West South Central
do
Mountain
do
Pacific
_- _
do
Institute of Life Insurance:*
Payments to policy holders and beneficiaries,
total
thous. of dol
Death claim payments
do
Matured endowments
do
Disability payments
do
Annuity payments
.
do
Dividends
do
Surrender values, premium notes, etc
do
MONETARY STATISTICS
1,782
178
272
1,331
90
344
304
126
138
51
100
43
135
>
Foreign exchange rates:
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
Argentina
dol. per paper peso. _
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
Belgium
dol. per franc
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
Brazil, free rate § ._
dol. per cruzeiro
.9422
.9159
.9165
.9195
.9190
.9569
.9200
.9508
.9036
.8999
.8959
.9046
.8836
Canada, free rate§
dol. per Canadian dol
.5698
.5698
.5698
.5698
.5698
.5704
.5698
.5714
.5698
.5698
.5698
.5699
.5698
Colombia
_
.. dol. per peso
.0084
.0084
.0084
.0084
.0084
.0084
.0084
.0084
.0084
.0084
.0084
i. 0084
.0084
France
dol. per franc
.3016
.3017
.3015
.3016
.3016
.3015
.3017
.3016
.3017
.3017
.3018
.3017
.3018
India
dol. per rupee
.2058
.2058
.2058
.2057
.2058
.2057
.2058
.2058
.2058
.2058
.2058
Mexico
dol. per peso..
.2058
.2058
.3776
.3779
.3776
.3776
.3775
.3779
.3775
.3779
.3775
.3776
.3777
.3765
.3770
Netherlands
dol. per guilder
.2782
.2782
.2782
.2783
.2783
.2782
.2783
.2782
.2782
.2782
.2783
.2783
.2783
Sweden _
_
dol. perkrona
4. 0274
4. 0274
4. 0272
4. 0271
4. 0273
4. 0274
4. 0273
4. 0293
4. 0310
4. 0305
4.0300
4. 0313
4. 0307
United Kingdom, free rate
dol. per £
Gold and silver:
Gold:
21, 266
20, 774
20, 933
21, 537
20, 463
20, 330
21, 766
20, 748
21, 955
22, 294
22, 614
22, 754 * 22, 934
Monetary stock, U. S
mil. of dol..
13, 057
118, 958
26, 745
42, 317
-3, 968 -82, 786 -44, 592 -14, 859
153, 112
Net release from earmark*
thous. of dol. _ 196, 080 -684, 474 203, 540 271, 990
17, 458
3,639
17, 691
3,028
2,685
49, 215
5,118
102, 593
2,085
5,619
1,600
2,509
Gold exports!
do
6,590
132, 762
202, 917
171, 325
61, 508
222, 839
69, 577
116, 776
456, 450
85, 774
111, 685
267, 301 ' 180, 674
241, 568
Gold imports!
do
55,412
61,314
51, 824
59, 738
41,044
57, 215
59, 057
58, 321
58,681
58, 127
Production reported monthly total® do
32, 094
35, 251
38, 736
38,805
37, 162
23, 217
38, 271
37,330
38, 028
Africa
do
8,921
9, 412
9, 235
9,149
9,418
7,806
9,131
8,195
9,057
8,668
8,826
9,614
Canada®
do
6,246
5,500
7,319
5,483
7,220
6,117
7,033
7,612
8,185
6,979
6,243
7,281
United States®
do
Silver:
1,865
3,523
1,387
1,685
1,636
12, 700
630
2,945
374
2, 509
1,042
352
1,636
Exports!
__
__ -thous. of dol
5,332
7,220
4,488
4,408
4,589
3,410
4,659
6,087
13, 295
4,440
6,917
7,222
3,296
Imports^
do
.757
.725
.668
.773
.636
.723
.657
.765
.716
.706
.746
.746
.746
Price at New York
dol. perfineoz .
Production:
854
1,044
1,085
893
929
1,029
1,062
1,094
767
924
954
Canada
_. -.
thous. of fine oz
3,250
3,896
3,713
2,730
1,924
2,746
2,464
2,594
3,243
2,180
3,589
3,724
United States
do
«• Revised.
* Preliminary.
1 Based on quotations through January 23 when franc was devaluated.
JSee note on item in September 1947 Survey for coverage of data and information on a substitution for one company in the assets series in 1944.
§See note on item in September 1947 Survey regarding ofl5cial rate.
•Or increase in earmarked gold (—).
®See notes in the April 1946 and August 1946 issues regarding revisions in the data for 1941-44 and January-May 1945. The monthly estimates for the United States for 1946 have been
revised by subtracting from each monthly figure $476,000 so that the aggregate for the year is equal to the annual estimate compiled by the United States mint; this amount should therefore
be deducted from the figures for January-October 1946 published in the December 1947 and earlier issues of the Survey; figures for November and December 1946 were revised in the January
1948 issue.
^Publication of data was suspended during the war period; data for November 1941-February 1945 will be published later.
tRevised series. All series for insurance written are estimated industry totals and for group and industrial insurance are not comparable with data published prior to the March 1946 Survey
(see note in that issue); data for 1940-44 for these series will be shown later; data for ordinary insurance continue the data from the Life Insurance Sales Research Bureau published in the 1942.
Supplement and subsequent monthly issues. See note in November 1943 Survey for explanation of revision in classifications for the Reconstruction Finance Corporation.
*New series. See November 1942 Survey, p. S-16, for a brief description of the series on payments to policy holders and beneficiaries and data for September-December 1941 and early 1942.
SURVEY OF CURRENT BUSINESS
S-18
March 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
January
February
March
April
May
June
July
August
September
October
November
December
January
28, 552
28,766
' 28, 868
9 28, 092
FINANCE—Continued
MONETARY STATISTICS—Continued
Money supply:
Currency in circulation
mil. of dol
Deposits adjusted, all banks, and currency outside banks, total*
..
mil. of dol..
Deposits, adjusted, total, including U. S. deposits*
- - mil. ofdoLDemand deposits, adjusted, excl. U. S.*.do
Time deposits, incl. postal savings*
do
Turnover of demand deposits, except interbank and
U. S. Government, annual rate:*
New York City
ratio of debits to deposits
Other leading cities
__do
28,262
28,304
28,230
28, 114
28,261
165,900
165, 100
165,000
165, 100
165,000
165,455 v 166, 400 9 167, 100 » 168, 600 9 169, 700 9 170, 400 9 171, 500 9 170, 200
139, 800
82, 500
54, 200
138, 900
80, 600
138, 900
139, 000
54,600
54, 800
81,300
55,000
138,900
81,500
55,200
139, 156
[82, 134
55, 655
23.8
17.4
24.0
18.1
24.9
18.6
21.5
17.0
22.7
17.3
25.6
17.9
80,400
28,297
28, 149
28,434
28, 567 ^
9 140, 400 v 140, 900 J> 142, 200 » 143, 400 9 143, 800 9 144, 900 v 144, 300
f 83, 200 f 83, 400 P 84, 200 v 85, 400 9 85, 900 9 87, 100 9 86, 400
"56,000 9 56, 400 v 56, 500
» 55, 800 9 55, 800 * 56, 100 v 56, 200
22.9
17.2
20.6
16.6
23.1
18.0
23.9
18.2
26.5
19.8
29.9
20.0
26.2
18.7
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve) :
Net Drofits total (629 cos )<"?
mil of dol
Machinery (69 cos )
do
Other transportation equip (68 cos )
do
i oiiierrou. ijieiaib
p
.\
.;.
_
TP
ft uurd
& ana^i TO
tnhnppn
joous,
oeverages
P/L^f4Q on«!
v *'i ~~f\don~
T
/I
* • 11 V .
•
1
/QA
utner nonaura le g o
Ar\
a\
\
0\'
/irt
Profits and dividends (152 cos.):*
Dividends:
Preferred.
Common
---
--
ao
do
'869
126
69
94
'149
47
150
98
90
89
96
63
'868
1
99
83
105
'154
46
57
64
111
87
92
71
426
432
'432
20
177
191
23
192
166
22
190
135
Railways and Telephone cos. (see pp. S-22 and
S-23).
SECURITIES ISSUED
'906
'99
'76
' 103
'! 58
'45
'59
'85
'123
'81
93
'84
"
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
813
'741
'542
' 1, 038
'709
'785
••491
••856
1,160
21,044
'894
'633
541
capital and refunding) J
mil. of dol.-'713
'608
'351
'745
'621
'355
1,029
••497
'788
2870
'312
'636
495
New capital total t
_ _ _ _ _ do
'608
'713
'326
'745
'333
'621
••615
••302
1,026
619
'496
'778
495
Domestic total t
do
'599
470
'132
'519
'212
'258
'311
926
••260
'170
376
483
365
Corporate}
- - -do
'37
8
0
15
15
34
12
0
12
21
0
85
16
Federal agencies
do
114
185
101
212
293
'106
215
'402
99
124
277
••97
114
Municipal, State, etc
_ __
do . _
0
25
0
1
0
1
21
'22
4
10
10
0
0
Foreign
do
191
134
101
'293
'354
179
220
130
175
'106
165
'136
46
Refunding total t
do
134
191
101
'255
191
'354
130
56
165
••136
170
'101
46
Domestic, total}
do
147
84
76
'214
'319
31
140
83
'104
122
'78
118
3
Corporate}
do
48
20
40
38
33
45
24
50
20
22
42
42
40
Federal agencies
- do _ _
3
2
5
2
11
1
2
1
3
2
2
11
C)
Municipal, State, etc
do
0
0
0
38
29
5
0
0
123
0
0
0
5
Foreign
do
Securities and Exchange Commission:!
2,414
1,253
1,050
2,041
1,225
1,357
1,686
1,406
1,611
2,038
1,777
1,363
1,717
.Estimated gross proceeds total
- -- do
By types of security:
1,104
2,207
1,026
1,900
1,454
1,088
1,618
1,261
1,289
1,859
1,645
1,311
1,589
Bonds, notes, and debentures, total
do
412
414
223
309
596
382
149
292
249
899
346
412
281
Corporate
do
31
15
57
112
112
75
49
15
70
24
67
110
Preferred stock
_ _ _
do .
118
10
150
30
26
82
29
67
108
57
28
79
Common stock
_ _
do
33y types of issuers:
561
622
248
738
446
450
449
265
322
441
1,078
333
601
Corporate total
do
218
262
81
145
94
504
85
334
170
73
233
122
246
Industrial
- -- do 284
308
141
542
229
94
336
498
167
310
45
68
311
Public utility
do , _ _
37
35
23
29
37
12
17
20
24
5
28
8
33
Rail
do
22
3
17
22
4
9
10
56
57
53
14
66
11
Other (real estate and financial) do
2
1,792
692
802
1,304
779
1,141
1,162
915
1,236
960
1,030
1,
177
1,396
Non-corporate, total®
do
589
1,673
614
1,051
653
854
891
637
746
913
921
790
1,170
TJ S Government __ _
do
0
0
0
0
0
0
0
0
0
0
0
0
0
Federal agency not guaranteed
do
103
118
188
214
344
106
400
105
97
116
278
136
226
State and municipal _
do
0
0
0
37
20
0
0
0
122
15
0
0
0
Foreign
- do -_
New corporate security issues:
547
612
245
727
437
442
1,063
441
327
434
260
588
316
Estimated net proceeds, total
do
Proposed uses of proceeds:
425
510
118
498
254
285
180
932
435
205
286
244
183
New money total
_
do
354
388
99
109
426
153
105
101
179
800
189
370
138
Plant and equipment
- do
122
71
19
72
153
71
132
132
64
101
97
65
45
Working capital
do
121
103
78
251
222
183
152
49
163
129
131
105
28
Retirement of debt and stock
do
15
74
102
164
198
80
18
110
91
154
81
103
6
Funded debt
do
45
22
16
19
15
31
98
15
12
21
9
17
11
Other debt
. _ do _._
18
7
11
3
43
34
5
2
1
16
9
38
0
Preferred stock
do
24
18
6
3
6
5
7
5
26
24
14
26
2
Other purposes
-do
Proposed uses by major groups:
259
141
213
328
79
165
90
119
239
229
496
82
71
Industrial, total net proceeds
do
129
193
65
204
129
96
52
175
94
422
45
136
62
New money
do
65
71
13
41
31
34
122
22
21
56
92
67
20
Retirement of debt and stock __ . do .._
303
277
140
93
536
332
225
307
67
493
164
306
43
Public utility, total net proceeds
do
245
280
31
28
353
223
30
234
14
47
149
157
480
New money
- do _
8
31
181
107
192
108
61
12
72
29
20
6
136
Retirement of debt and stock
do
35
37
23
28
37
12
17
28
8
20
23
5
33
Railroad total net proceeds
do
31
37
23
15
28
9
22
17
23
4
7
20
28
New money
- -- --do
4
0
22
2
0
0
2
2
0
0
0
5
0
Retirement of debt and stock
do
Real estate and financial, total net proceeds
3
16
21
9
21
2
14
10
54
11
66
57
51
mil. of dol- .
2
1
5
7
21
15
3
3
9
52
5
38
58
New money _
_ do _,
1
1
1
5
26
8
2
6
4
5
Retirement of debt and stock
do
C)
0
C)
2
r
Includes $250,000,000 bonds o f Internatlcmal Bank. («) Less than $500, 000.
Revised. * Preliminary. * Partly estimated. A in/ii
fa fnf
AA
hn A
™-il 1Q
AA data
A
c"See p. 31 of the October 1946 Survey for revised
1941-44
for 629 companies and the industrial groups. }See note in the
April
1946 Survey for revisions in the data
for 1C\
1944.
<8>Includes data for nonprofit agencies not shown separately. The July figure includes also $250,000,000 bonds of International Bank.
*New series. For data for 1929-40 for profits and dividends of 152 companies, see p. 21 of the April 1942 Survey; 1941-44 revisions are available upon request. See note on p. S-17 of September 1944 Survey for description* of series on net income of electric utilities and data beginning third quarter of 1943. For a brief description of the series on bank deposits and currency outside banks and data beginning June 1943, see p. S-16 of the August 1944 Survey; beginning January 1947 data are for the last Wednesday of the month instead of the end of the month. Data
beginning 1939 for turn-over rate of bank deposits and a description of the data will be published later.
tRevised series. There have been unpublished revisions in the 1941-44 data for security issues compiled by the Securities and Exchange Commission, as indicated from time to time in
notes in the Survey, revisions in the 1945 data as shown in the September 1946 and earlier issues, and in the 1946 data shown in the November 1947 and earlier issues; all revisions will be published
later.
I
^4-r, tr\t* COn
SUEVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-19
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
FINANCE—Continued
SECURITIES ISSUED— Continued
State and municipal issues (Bond Buyer):
Permanent (long term)
thous. of dol.. ' 100, 184 ' 228, 929
Temporarv (short term)
___. _
do
81, 067
77, 979
353, 502
146, 137
405, 776
71, 803
108, 502
29, 927
214, 749
49, 717
144, 801
136, 364
194, 220
30, 715
275, 006
77, 112
121, 034
85, 242
510
360
314
283
328
369
358
531
601
509
503
482
847
393
651
241
105, 875 ' 101, 195
23, 010 r 148, 464
119, 537
72, 098
COMMODITY MARKETS
Volume of trading in grain futures:!
Wheat
Corn
mil. of bu
do
139
172
388
194
373
227
424
282
488
272
SECURITY MARKETS
Brokers9 Balances (N. Y. S. E. Members
Carrying Margin Accounts)^
Customers' debit balances (net)
Cash on hand and in banks _ _ _ _ _
Money borrowed
Customers' free credit balances
mil of dol
do
do
_
do __
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars..
Domestic- .
do
Foreign
do
Standard and Poor's Corporation:
Industrials, utilities, and railroads:
High grade (15 bonds)
dol. per $100 bond..
Medium and lower grade:
Composite (50 bonds)
_. do ...
Industrials (10 bonds)
do
Public utilities (20 bonds)
_ do
R ailroads (20 bonds)
do
Defaulted (15 bonds)
.
do ..
Domestic municipals (15 bonds)t
do
U. S. Treasury bonds (taxable) f
do
'Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value §
thous. of dol
Face value§
_
do
On New York Stock Exchange:
Market value §
do
Face value^
do
Exclusive of stopped sales (N. Y. S. E.), face
value total
thous. of dol
U. S. Government
do
Other than U. S. Government, total do
Domestic
do
Foreign
_
do
Value, issues listed on N. Y. S. E.:
Face value all issues
mil. of dol
Domestic
do
Foreign
__
do
Market value, all issues ..
do. _.
Domestic
do
Foreign... .
_ _ _ _ _ _ do
Yields:
Domestic corporate (Moody 's)
percent ..
By ratings:
Aaa
do
Aa
_.
_
do
A
do
Baa
_
. . . do
By groups:
Industrials
do
Public utilities
do
Railroads
_
_do _
Domestic municipals:
Bond Buyer (20 cities)
_.
do
Standard and Poor's Corp. (15 bonds)
do
XJ. S. Treasury bonds, taxablef
do
Stocks
Dividends:
Cash dividend payments and rates, 600 cos.,
Moody's:
Total annual payments at current rates
mil. of dol..
Number of shares, adjusted
millions
Dividend rate per share (weighted average),
dollars __
Banks (21 cos.). _.
do
Industrials (492 cos.)
do
Insurance (21 cos.)_
_
_.
do
Public utilities (3C cos.)
do....
Railroads (36 cos.) ...
_ .
do
Cash dividend payments publicly reported:*
Total dividend payments
._
mil. of dol
Manufacturing
do __
Mining
do
Trade
do
Finance _
do
Railroads
. . .
do
Heat, light, ana power
do
Communications
_
do
Miscellaneous...
do
533
573
576
553
530
550
570
606
593
216
677
205
665
201
652
251
677
241
656
280
630
257
616
247
617
578
393
240
612
568
217
681
552
395
222
650
564
210
687
102. 89
103. 30
77 12
102. 86
103 27
77 20
102. 95
103. 36
77 00
1G2. 63
103 06
76 42
102. 49
1C2 92
75 32
102. 25
102. 70
74.02
102. 33
102 77
74 16
102.62
103. 09
73 28
102. 06
102. 54
73.28
i 101. 19
101. 65
71.90
i 100. 46
100. 93
70.51
i 99. 62
100. 11
68 96
i 99. 77
100 27
68 77
1
217
622
122.6
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
117.4
116.3
123.5
111.2
114.3
68.3
134.4
104.3
116.8
123.7
112.4
114.3
69.3
133.1
104.4
116.6
123 7
112.5
113 6
66.1
132.5
104.6
116.5
123 5
112 7
113 2
64 0
133.2
104 6
115 0
123 2
112 5
109 2
61 9
133.9
104 5
114.3
122.6
113.0
107.3
63.4
134.4
104.1
115 7
122 8
113 8
110 5
69 6
134.7
103 8
116.1
123.9
113.9
110.4
69.6
134.3
103 9
115.1
121.9
114.1
109.3
68.6
134.4
104.0
114.0
120.8
114.3
106.9
69.4
132.5
103.4
113.3
120.0
114.7
105.1
68.1
129.4
102.1
112.5
119 1
113 9
104 6
112.4
118 9
113 7
104 6
(a)
(a)
126.2
101.6
124.5
100.7
100 265
136, 235
73 249
100, 247
67, 522
89, 587
68 974
94 673
71 024
98 349
67, 490
88, 531
85 253
109 385
64 886
81, 063
60, 326
80, 312
85, 862
121, 655
63, 949
87, 497
145 181
186 213
95, 470
130 028
68, 979
95 349
63, 187
81 491
64, 393
88 961
63 880
90 458
58, 248
78, 115
76 972
99 723
56, 618
70, 705
51, 284
69, 316
78, 192
112, 210
59, 511
81, 663
137 971
178 255
125, 491
79 987
75 582
96 661
1 152
2 95, 509
76 937
5 101
60 490
14
2 60, 476
52, 588
5,216
73, 440
73
2 73, 367
63, 949
7,344
105, 990
219
2 105, 771
95, 246
9,265
81, 823
39
2 81, 784
73, 830
6,431
141 873
125
2 141, 748
131 041
8,581
111 380
185
2 111, 195
102 419
7,013
136, 879
134, 556
2,073
3
137, 509
135, 804
1,462
3 136 727
134 347
2 130
136, 207
134 500
1,469
136 543
134 173
2 120
136, 232
134 537
1,458
125, 365
118, 519
6,846
79, 889
74, 530
5,359
75, 547
68, 860
6,687
81 601
828
80, 773
74 885
5, 888
82 526
140
82, 386
75 863
6 523
70, 077
386
69, 691
63, 590
6,101
137, 006
134, 859
2,148
140, 966
139, 310
1,656
137, 106
134, 956
2,150
141, 033
139, 373
1,660
136, 937
134, 806
2,132
140, 978
139, 336
1,641
137 219
135 044
2,174
140, 833
139, 172
1,662
137 019
134 856
2 163
140 426
138 797
1 629
137,058
134, 932
2,126
140, 148
138, 574
1,574
2.79
2.78
2.79
2.78
2.79
2.81
2.80
2.57
2.65
2.79
3.13
2.55
2.64
2.79
3.12
2.55
2.64
2.80
3.15
2 53
2.63
2 81
3.16
2
2
2
3
53
63
82
17
2.55
2.64
2.83
3.21
2
2
2
3
55
64
82
18
2.63
2.73
3.00
2.61
2.72
3.00
2 61
2.73
3.02
2 60
2 71
3.03
2 60
2 71
3 05
2.60
2.72
3.10
1.81
1.92
2.21
1.97
1.99
2.21
1.90
2.02
2.19
1 89
1.98
2.19
1 83
1.95
2.19
2,129
954. 65
2,196
954. 65
2,196
954. 65
2,224
954. 65
2.23
3.21
2.22
2.59
1.92
2.75
2.30
3.21
2.32
2.59
1.95
2.75
2.30
3.21
2.35
2.59
1.95
2.66
2.33
3.21
2.40
2.59
1.96
2.66
126
98
35
3
3
3
3
137, 666
135, 281
2,135
3
140, 499
138, 715
1,533
136, 711
134, 346
2,115
3
138, 336
136, 568
1,521
2.80
2.85
2.95
3.02
3.12
3.12
2 56
2.64
2 81
3.17
2.61
2.69
2.86
3.23
2.70
2.79
2.95
3.35
2.77
2.85
3.01
3.44
2
2
3
3
2
2
3
3
2 62
2 72
3.06
2.72
3.03
2.67
2.78
3.09
2.76
2.87
3.22
2 84
2.93
3.30
2 92
3 02
3 42
2 91
3 03
3.44
1.81
1.92
2.22
1 81
1.91
2.25
1 83
1.93
2.24
1 84
rl.92
2.24
1.97
2.02
2.27
2 09
2.18
2.36
2 35
2.35
2 39
2 40
2.45
2 45
2,310
954. 65
2,310
954.65
2,329
954. 65
2,348
954. 65
2,358
954. 65
2,387
954.65
2,463
954. 65
2,473
954 65
2,482
954 65
2.42
3.21
2.50
2.59
1.96
2.66
2.42
3,21
2.51
2.59
1.98
2.66
2.44
3.21
2.52
2.59
1.99
2.67
2.46
3.21
2.55
2.59
1.99
2.68
2.47
3.21
2.56
2.59
1.99
2.68
2.50
3.21
2.62
2.59
1.99
2.63
2.58
3.21
2.72
2.59
1.99
2.57
2.59
3.21
2.75
2.59
1.99
2.56
2.60
3 21
2.76
2.59
2.00
2.56
137 563 3 137 628
135 210
135 175
2 138
2,168
3 140 763 3141,236
139, 394
138 923
1,589
1 585
86
94
16
52
86
94
17
52
422.0
190.5
559.3
434.5
609.4
492.5
388.9
159.2
179.4
167.3
444.9
1, 126. 1
195.0
160.9
89.1
308.5
162.7
349.0
85.9
339.7
96.4
95.9
191.7
714.9
6.4
2.9
25.4
68.4
1.2
5.9
1.5
58.0
12.4
1.3
103.5
1.3
37.0
9.6
45.3
50.0
35 1
39.5
42 2
29 4
9.6
9 3
86
69 6
60.2
92.4
29.5
25.8
55.9
18.2
31.7
29.8
48.8
90.6
20.6
93 0
19.4
8.0
34.2
13.5
22.7
17.1
3.8
11.2
49.5
21.6
5.4
5.9
48.2
51.0
51.2
48.8
36.3
34.7
34.7
47 4
47.5
35.9
46 2
31 0
50.1
49.2
.3
' 9.9
9.4
49.6
.3
9.8
.3
12.1
.3
50.0
11.9
1.8
2.1
18.2
10.6
18.6
13.4
10.6
3.3
18.7
36.1
2.6
r
Revised. JData continue series in the 1942 Supplement. ° Discontinued. 1 Prices of bonds of the International Bank are included in computing the averages.
2 Includes sales of bonds of International Banks as follows: 1947—July, $13,471,000; August $2,672,000; September, $2,074,000; October, $1,260,000, November, $1,523,000; December, $2,126,000;
1948—January, $1,763,000.
3
Includes bonds of International Bank as follows:—Face value—July 1947 to January 1948, $250,000,000; market value—1947: July, $255,000,000; August, $253,000,000; September, $251,000,000;
October, $248,000,000; November, $244,000,000; December, $238,000,000; 1948: January, $237,000,000.
§Since March 18,1944, United States Government bonds have not been included.
ISee note in September 1947 Survey for source of data.
*New series. Data for dividend payments for 1941-44 are available on p. 20 of the February 1944 Survey and p. 31 of the February 1947 issue.
f Revised series. For explanation of revision in the series for municipal bonds and data beginning February 1942, see p. S-19 of the April 1943 Survey; earlier data will be published, later.
Revised figures through 1943 for prices and yields of U. S. Treasury bonds and a description of the data are on p. 20 of the September 1944 Survey*
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1947
February
January
March
April
May
1948
June
August
July
September
October
November
December
Janu-
ary
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
D ividend s— C ontinued
Dividend yields:
Common stocks (200), Moody's
percent..
Banks (15 stocks)
do .
Industrials (125 stocks)..
do
Insurance (10 stocks)
do
Public utilities (25 stocks)
do....
Railroads (25 stocks)
__
do
Preferred stocks, high-grade (15 stocks), Standard and Poor's Corporation. ._
percent. .
Prices:
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=100..
Dow-Jones & Co. (65 stocks) ._ dol. per share
Industrials (30 stocks)
_ do .
Public utilities (15 stocks)...
___do____
Railroads (20 stocks)
.
_ _ do
Standard and Poor's Corporation:
Industrials, utilities, and railroads:
Combined index (402 stocks) _ . . 1935-39= 100. .
Industrials (354 stocks)
. _ do _
Capital goods (116 stocks)..
do
Consumer's goods (191 stocks)
_ do.
Public utilities (28 stocks)....
do....
Railroads (20 stocks) _ ._
_.do
Banks, N. Y. C. (19 stocks)..
do.._.
Fire and marine insurance (18 stocks).
do.
Sales (Securities and Exchange Commission) :
Total on all registered exchanges:
Market value
. mil. of dol
Shares sold
...
.. thousands.
On New York Stock Exchange:
Market value
.
.. mil. ofdoL.
Shares sold
thousands
Exclusive of odd lot and stopped sales (N. Y.
Times)
>
thousands..
Shares listed, N.Y.S.E.:
Market value, all listed shares
mil. of dol..
Number of shares listed ....... millions
4
4
4
3
4
6
5
2
4
3
6
6
4.7
4.2
4.6
3.3
4.7
6.8
4.8
4.4
4.7
3.4
4.9
6.8
5.1
4.6
5.0
3. 6
4.9
7.3
5.3
4.6
5.3
3.7
5.0
7.5
5.1
4.6
5.0
3.5
5.1
7.3
4.9
4.4
4.8
3.5
5.1
6.7
6.1
4.4
5.0
3.6
5.0
7.0
5.2
4.5
5.1
3.6
5.1
7.1
5.1
4.5
5.1
3.5
5.2
7.0
5.4
4.7
5.4
3.5
5.5
7.2
5.4
4.7
5.3
3.4
5.5
6.5
5.5
4 6
5.6
34
5.5
6 5
3.74
3.71
3.72
3.75
3.76
3.76
3.72
3.71
3.72
3.86
4.01
4.07
4.13
82.4
63.78
176. 10
36.55
49.56
81.1
65.83
181. 54
37.17
51.74
79.4
63.64
176. 66
36.02
49.15
75.7
61.04
171. 28
34.52
45.88
74.4
59.49
168. 67
33.39
43.60
77.3
61.26
173. 76
33.98
44.86
80.3
65.32
183. 51
35.61
49.39
78.3
64.36
180. 08
35.58
48.73
77.5
63.39
176. 82
35.25
48.10
78.7
63.93
181. 92
35.48
49.44
75.8
63.98
181. 42
34.10
47.79
76.8
63 66
179. 18
33.04
49.46
73.9
63. 78
176. 26
33.06
51.44
125.2
128.5
117.6
133.8
110.7
114.7
106.2
122.3
128.7
132.6
121.6
139.7
111.4
118.8
103.9
125,8
123.7
127.7
117.1
133.5
107.3
109.9
101.2
122.4
119.3
123.1
113.0
126.7
104.6
102.2
94.7
118.8
115.2
119.0
108.0
121.4
102.0
95.1
95.0
114.0
119.1
124.1
111.9
126.4
100.8
97.6
94.7
117.0
126.0
131.7
118.9
134.6
102.2
108.2
97.3
120.5
124.5
130.2
117.0
132.4
101.4
105.2
98.0
116.1
123.1
128.4
115.7
130.5
102.0
103.6
97.5
114.0
125.1
131.1
119.1
132.8
101.0
104.2
96.7
116.4
123.6
130.3
118.9
131.1
97.2
100.1
94.8
117.3
122.4
129.2
117.5
128.4
94.0
103.9
91.0
116.9
120.1
126.0
115. 0
125.1
95.1
106.5
93.9
119.6
1,100
47, 312
1,144
53, 518
928
37, 227
980
45, 116
884
40, 581
804
35, 349
1,051
45,536
728
29, 662
722
31, 651
1,230
55, 736
812
37, 277
1,178
53, 160
918
32, 628
944
34, 109
770
25, 302
826
32, 338
739
27, 854
668
23,643
890
32,951
624
21,600
611
21, 556
1,043
40,620
681, 333 1, 003, 243
26, 226
38, 687
23,557
23,758
19, 337
20, 620
20, 616
17, 483
25, 473
14,153
16,017
28,635
16, 371
27, 605
20, 218
69, 627
1,779
68, 839
1,786
67, 608
1,792
64, 520
1,794
63, 646
1,814
66, 548
1,829
69, 365
1,847
68, 184
1,862
67, 522
1,870
68, 884
1,879
67, 026
1,896
68, 313
1,907
66,090
1,923
227
249
327
131
227
302
133
'301
290
143
176
124
174
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
1923-25=100
Value
_. ..
.....
do _
Unit value
do
Imports for consumption:
Quantity
.
do.
Value
do
Unit value
.
do
Agricultural products, quantity:!
Exports, domestic, total:
Unadjusted
. 1924-29=100
Adjusted
. ...
.
. do
Total, excluding cotton:
Unadjusted
- ... - - do
Adjusted
do
Imports for consumption:
Unadjusted
..
do
Adjusted
do
274
344
126
'295
'379
128
258
330
128
241
309
129
'306
123
'152
'123
'122
'143
'118
124
147
119
118
139
118
108
127
118
'128
151
119
136
158
117
118
141
120
111
128
93
115
95
117
89
121
67
91
63
63
75
64
84
64
81
66
158
190
162
189
141
168
150
171
132
159
119
150
121
119
128
109
142
112
132
114
141
132
100
96
94
81
104
96
102
105
93
100
84
93
74
80
93
98
101
102
89
96
13, 389
14,637
16, 954
9,199
26, 509
10, 317
24, 938
22, 745
27, 418
10, 530
23,692
9,799
' 23, 432
' 9, 978
20,564
9,258
245
294
120
250
303
121
286
350
123
••156
••168
••108
119
133
113
'117
136
117
94
92
109
128
142
144
232
132
'295
130
221
137
SHIPPING WEIGHT*
Exports, including reexports
General imports
_ _ _. .mil. of Ib
do
9,623
8,201
19, 628 .
9,684
10,103
11,264
VALUE §
1,327
1,299
' 1, 421
1,242
1,162
1,146
1,152
1,235
1,114
1,109
' 1, 112
Exports, total, including reexports
mil. of dol__
1,138
1,100
2
2
4
1
3
1
1
Lend-lease*
_
_
do
8
1
<•)
(«)
<«)
(«)
By geographic regions:
*
52, 512
73, 792
68,709
86, 806
74, 829
65, 751
70,434
Africa
thous. of dol
76, 702
72, 184
56, 357
65, 763
57,831
177, 286
224, 059
177, 270
213, 208
219, 506
195, 765
164, 543
Asia and Oceania
.
do
160, 258 ' 181, 699 rr 181 239
' 160, 721
186 894
484, 084
496, 079
516, 911
430, 582
453, 083
412, 508
419, 089
406, 153 ' 413, 581 375, 017
Europe
.
do
435, 224
371, 912
185,
116
188,
353
191,
551
210,
276
150,
313
170,
456
202, 776
174,
909
176, 795
Northern North America
do.
180, 983
151, 105
149, 049
r
152, 356
144, 662
148, 641
140, 675
126, 988
130, 155
126, 057
164, 096 '149,793
Southern North America _ _
do
126, 648
142, 219
161, 485
193, 251
187, 557
195, 824 ' 179, 001
197, 148
South America
.
do. . r 170, 139 174, 836 226, 401 215, 955 239, 160
176, 736
201, 466
Total exports by leading countries:
Europe:
73, 081
76, 432
75, 099
88,123
75, 102
65, 096
56, 841
France
__.
. . do
70, 761
64,545
59, 556
58, 248
57 780
13, 704
14, 900
9,595
18, 343
12, 249
15, 614
8,434 ' 12, 824
Germany
do
13, 543
12, 615
7,069
15,297
49, 189
55, 352
50,529
44, 445
Italy.
do
46,830
26,420
29, 921
40,507
38, 258 ' 36, 700 40, 660
32, 154
Union of Soviet Socialist Republics (Russia)
7,232
9,281
15, 780
27,116
7,140
15, 742
24, 671
4,051
3,032
10, 384
thous. of dol..
9,158
15,423
102, 650
99, 804
93,465
United Kingdom
do
94, 497
95, 232
116,748
111,656
95, 705
89,789
62. 704
94. 513
58.373
' Revised.
» Less than $500,000.
§ The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war was resumed in May 1946 Survey. Export statistics include lendlease exports shown separately above, shipments by UNRRA and private relief agencies, and beginning August 1947, U. S. Foreign Relief and Greek-Turkish aid; the total includes also June
1945 comparatively small shipments consigned to United States Government agencies abroad; shipments to U. S. armed forces abroad are excluded. Revised 1941 figures for total exports of
U. S. merchandise and total imports are shown on p. 22 of the June 1944 Survey; revised figures for 1942-43 for the totals and revised figures for 1941 and later data through February 1945 for
other series will be shown later.
*New series. The series on shipping weight, compiled by the Bureau of the Census, represent gross weight of merchandise, including weight of containers, wrappings, crates, etc.; the data
were revised in the October 1947 issue to cover only water-borne trade; revised earlier data will be published later. See note in September 1947 Survey for explanation of data shown as lend-lease
exports and reference to source of annual totals for lend-lease exports for 1941-45.
SURVEY OF CUEEENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may foe found
in the 1942 Supplement to the Surrey
&-21
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
FOREIGN TRADE—Continued
VALUE§—Continued
Total exports by leading countries— Continued
North and South America:
Canada
thous. of dol_. ' 146, 267
r 292, 823
Latin American Republics, total
do
31,976
Argentina
do
52, 835
Brazil
-- ...do
11, 796
Chile
do __
21, 266
Columbia*
-do
'
39, 434
Cuba
do _
51,011
Mexico
-_
- do
27,
676
Venezuela*
do
Other regions:
16,
748
Australia
do
2,323
British Malaya
do
35,
694
China
--do
3,857
Egypt
- do
' 26, 587
India and dependencies
do
3,627
Japan
do
11,807
Netherlands Indies
do
' 30, 200
Philippine Islands
do
29, 312
Union of South Africa
do
1, 094
Exports of U. S. merchandise, total
mil. of doL.
By economic classes:
Crude materials
_
thous. of dol .- ' 133, 710
62, 515
Crude foodstuffs
do
r 132, 437
Manufactured foodstuffs and beverages. _ do
'
114,
522
Semimanufactures
do
Finished manufactures
do __ ' 650, 513
By principal commodities:
290, 351
Agricultural products, total
_.do
47, 713
Cotton unmanufactured
-do
r 36, 008
Fruits vegetables and preparations. _ do
88, 696
Grains and preparations
do
18, 535
Packing house products
do _
'
803,
346
Nonagri cultural products, total _ . .
do
72, 359
Automobiles parts and accessories
do
'
52,
412
Chemicals and related products
_ do
6,184
Copper and manufactures
do
r
57,
167
Iron and steel and their products
do
' 166, 326
Machinery
do
19, 344
Agricultural
do
Electrical
_
do... '38,120
'19,859
Metal working
do _
70, 155
Other industrial
do
37, 218
Petroleum and products
do
r 531
General imports, total
mil. of dol__
By geographic regions:
29, 205
Africa
thous. of dol_.
150, 311
Asia and Oceania
- .do
76, 288
Europe
.
do
83, 176
Northern North America
do.
75, 106
Southern North America
do
South America
- - do_. ' 116, 767
By leading countries:
Europe:
6,167
France
do
252
Germany
_ __
_
_ do
5,392
Italy
_
do._9,006
Union of Soviet Socialist Republics
do
'16,928
United Kingdom
_
_do
North and South America:
79, 475
Canada
do
' 183, 767
Latin American Republics, total ._ ..do
16, 382
Argentina
do
51, 482
Brazil
.
.
. do
4,747
Chile
do
18, 176
Colombia*
.
.
..do
27, 553
Cuba
do
' 25, 059
Mexico
do
14, 201
Venezuela*
do
Other regions:
' 14, 142
Australia __ __
do
47, 246
British Malaya.
_
do
15, 572
China
do
1,068
Egypt
.
_
_- .-do
27, 581
India and dependencies
do.
8,445
Japan
do
4,545
Netherlands Indies
_.
do
10, 965
Philippine Islands
do
8,555
Union of South Africa
do
Imports for consumption, total
mil. of dol
'636
By economic classes:
207, 959
Crude materials
thous. of dol
112, 207
Crude foodstuffs.. _. ....
_
..do
38, 042
Manufactured foodstuffs and beverages do
r
95, 822
Semimanufactures . . .
do
r
81, 303
Finished manufactures
do
By principal commodities:
306, 385
Agricultural, total
do
62, 896
Coffee
. do.
TTirlp.s anrl sln'ris
Rubber, crude, including guayule
Silk, unmanufactured _ _ __ ._
Sugar
Wool and mohair, unmanufactured
r
do
. do.
..do
do
do
' 8, 642
51, 205
5,943
18, 122
22, 665
145, 672
287, 336
36, 055
56, 340
9,126
15, 220
36, 499
50, 419
35, 861
181, 351
351, 187
66. 464
65, 445
11,481
19, 930
37, 227
62, 515
30, 623
181,511
350, 365
49, 415
61, 240
9,919
21, 234
47, 577
56, 992
46, 138
203, 624
369, 636
71, 653
68,535
12,387
23, 467
42, 725
56, 862
39,095
187, 004
305, 552
57, 778
50, 050
11, 322
17, 133
41,560
46, 881
35, 430
166,048
302, 961
53, 687
50, 127
10, 487
17, 374
32, 740
51, 399
34, 947
170, 520
309, 065
74, 428
45, 294
10, 584
14, 190
33, 249
44, 713
31,364
172, 644
288, 100
64,990
40, 258
8,519
12, 275
35, 073
42, 702
33, 872
8,307
3,358
39, 720
3,677
25, 943
2,539
5,437
52, 996
27, 719
' 1, 127
19, 545
5,769
37, 370
4,576
43, 448
3,371
11,286
42, 769
40, 000
1,304
14, 291
4,172
26, 164
5,537
38, 598
283
9,779
32, 037
34, 656
1,280
24, 458
7,145
41, 395
6,765
41, 160
2,063
16, 814
33, 066
41, 763
1,408
20, 668
5,205
55, 538
6,473
55, 815
230
9,302
29,310
36, 438
1,228
26, 364
7,790
39, 349
5,284
28, 166
424
8,103
30, 094
34 698
1,151
23, 822
5 619
19, 678
5,383
24, 536
480
6,236
32 689
36, 789
1,141
19, 752
5 733
12, 085
6,397
29, 100
10, 403
4 831
35 905
29 911
1,098
139, 640
65, 8C7
136, 606
115, 595
673, 339
149, 576
81,251
135, 941
147, 032
790, 493
129, 807
81, 542
129,290
145, 828
794, 046
143,691
79, 516
144, 515
171, 024
869, 196
152, 767
56, 812
137, 375
159,436
721,880
101, 347
64, 977
125, 055
151,277
707, 352
115, 436
73, 063
110,451
164 223
678, 420
127, 624
74,220
112,813
143 703
640, 596
301, 046
60, 972
32. 658
109, 822
18, 124
829, 680
' 74, 725
' 52, 170
4,979
52, 116
162, 949
19, 148
40, 979
14, 031
80, 194
47, 898
435
315, 837
289, 178
279, 720
60, 748
41, 134
45, 588
27, 332
19,086
21, 457
126, 882
120, 385
125, 125
19, 692
32, 807
21, 206
988, 245 1, 000, 688 1,119,255
95, 875
104, 684
114, 878
67, 405
67, 881
78, 014
6,625
5,935 • 7, 111
70, 237
79, 020
71, 877
191,365
202, 052
246, 095
24, 649
28, 818
31, 008
48, 628
55, 656
47, 437
17, 808
18, 457
21, 129
88, 844
95, 549
124, 156
50, 192
53, 928
59, 942
444
512
474
274, 080
50,060
17, 610
102, 949
21, 716
954, 190
90, 132
67, 658
8,673
70, 661
194, 462
27, 615
48, 184
15, 365
94, 115
58, 725
463
227, 051
13, 165
21, 576
99, 090
15, 050
923, 394
89, 485
69, 777
7, 453
66, 906
201,198
26, 163
49, 474
17, 909
98, 055
63, 846
450
210, 520
1,716
16,312
98, 916
18. 836
931,261
101, 078
68, 897
11,210
67, 311
182, 662
28, 474
43, 421
13, 769
86, 326
57, 257
400
233, 307
18, 227
' 22, 389
' 98, 887
23, 218
867, 207
90,859
60, 859
10 079
66, 851
175, 767
26, 234
42, 784
13, 333
82, 378
53 418
481
43, 850
77, 879
76, 796
101, 121
77, 409
103, 370
21, 172
102, 165
60, 044
75. 524
76, 876
100, 516
19, 159
98, 217
49, 677
91,641
93, 454
92, 120
30, 079
r
100, 747
68, 090
90, 932
112,634
111,805
19, 795
120, 830
58, 407
87, 817
86, 026
100, 701
' 24, 219
100, 696
69, 341
96, 638
93, 836
78, 236
14, 799
95, 751
71, 730
90, 547
91, 853
84, 927
24, 402
56 798
64, 126
88, 616
78, 839
87 538
3,531
70
3,276
1,047
19, 020
4,502
218
3,314
1, 245
11, 139
5,073
531
3,825
6,288
18, 099
3,856
766
2,673
4,466
16, 824
3,287
196
2,953
10, 475
19, 044
3,411
365
2,074
9,956
18, 624
2,807
688
2,188
2,508
1 7, 128
3 408
484
3,040
13, 994
15,684
74, 306
169, 916
16, 900
37, 504
4,931
18, 351
34, 077
21, 299
13, 711
89, 755
175, 832
8,767
29, 367
8,186
20, 259
42, 801
23, 395
17,072
89, 442
215, 236
13, 294
42, 549
11, 805
18, 515
61, 238
22, 205
13, 733
85, 072
176, 330
18,839
26, 763
14, 120
14, 477
44, 586
17, 466
13, 134
92, 644
164, 893
15, 313
16,952
11,160
12, 785
50, 848
21, 582
12, 764
86, 762
168,321
10, 691
31,154
10, 888
9,917
53 706
18 309
13 289
84, 866
158,670
5,817
28, 229
11,602
13, 759
45 133
16 749
r 14 016
97, 317
174, 375
7,239
46, 705
9 076
14, 694
r
32 449
29 226
15 657
' 8, 466
24, 490
13, 206
1,354
19, 487
3,762
5,295
9,779
4,715
r
425
16,813
15, 699
10, 271
610
22, 059
775
2,519
17, 057
5,672
'435
15,918
18,211
5, 955
936
19, 218
813
5,255
15, 875
5,297
484
15, 206
43, 212
11,917
954
13, 234
804
2,584
17,896
8, 207
455
12, 058
23, 662
13, 727
3,961
22, 959
1,119
1,100
14, 178
5,r 145
470
5,341
14, 212
3,033
2,637
13, 759
2 479
3, 106
9 055
7,114
405
5,781
16, 407
5 390
13, 393
24, 811
1 444
1,365
10, 038
15 703
480
128, 838
86, 039
44, 986
90, 925
74, 268
123, 5«7
90, 237
51, 274
93, 739
75, 647
133. 699
109, 750
67, 691
95, 472
77, 003
160, 066
61, 185
53, 962
103, 494
76, 740
159, 577
55, 603
60, 257
112, 063
81, 839
133, 402
55, 129
62, 883
103, 533
89 899
112 946
60, 586
55, 678
102, 692
72 829
150 241
85, 483
49 863
103, 634
91 088
227, 810
56, 849
6,388
32, 388
2,884
26, 912
17, 697
230, 265
54, 206
5,670
19, 992
1,109
34, 861
22, 586
268, 602
66, 599
5,977
23, 937
43
50. 780
21. 338
233, 121
32, 020
7,261
47, 837
57
34,311
20, 893
222, 635
25, 064
6,934
30, 281
6
42, 595
17, 762
192, 013
31, 727
8 993
23, 263
3,267
42,811
15,529
168, 439
34, 856
4 428
17,113
701
37, 386
12,317
207 629
57, 172
4 367
14 924
139
26 502
15. 024
Revised.
§See note marked "§" on p. S-20.
*New series. Data beginning March 1945 are in the May 1946 Survey; earlier data will be published later.
r
7,079
23, 951
7, 556
1,032
29,157
' 4 739
739
8,503
5 603
445
r
176, 158
198, 557
146, 008
' 342, 698 ' 313, 490
345, 225
' 59, 451 ' 58, 026
59, 433
' 52, 822 ' 45, 525 56, 221
11, 605
6,818
9 873
17,934
20,579
18, 297
r
48, 450
51, 383
45 933
' 52, 899 ' 50, 672
60,267
37, 055 ' 34, 515 40, 233
r
' 19 869
5 742
' 15, 694
4,718
26, 076
14, 982
8,728
40 142
34, 219
' 1, 127
21, 314
5 993
11, 947
3,935
31, 732
7, 150
5,478
'41 535
35 828
1,218
21 373
6 925
18, 761
3,514
32 133
14, 523
5 856
40 630
32 754
' 1, 103
139, 294 ' 122, 586
81, 223
68, 670
131, 793 r 111, 821
140 399
150 372
727, 156 r 670, 664
125, 948
85 982
91, 161
135 948
682 874
257, 169
247, 901
22, 080 ' 24, 525
21, 794
27, 391
111,004
99, 302
r
19, 545
18
656
r
960, 456 r 878, 783
' 98 426 81, 374
' 67, 675 ' 63, 679
12, 589
11 036
75, 662
72, 130
' 209, 611 ' 204, 828
29, 358
27, 556
51,624 ' 49, 095
15, 760 r 15, 678
' 100, 014 ' 99, 539
55, 569
' 51, 318
455
M92
247 949
37, 467
26 034
106, 448
13 380
873, 965
88 292
67 193
11 487
75 375
215, 553
29 373
47, 834
16 615
109, 028
52 331
601
r
r
24, 242
88, 412
78, 847
108, 485
71. 482
120, 051
' 26, 179
92, 762
' 66, 975
94, 319
71, 417
103, 247
49, 734
120 017
78, 771
121 309
93, 376
137 341
3, 493
'635
4,958
7,835
18, 426
4 515
971
3,997
5,101
15, 470
3 053
1,078
6,403
5,027
18,563
105 305
'183,448
11 453
46, 718
11 243
23, 320
r
37 626
r 19 292
14 596
91, 802
165, 653
12, 724
39, 553
10 483
17. 615
36 887
15 732
12 854
117 295
220, 085
17 212
48, 628
14 080
23, 761
42 708
23 832
18 552
3,674
9,357
15 804
15 789
8 434
6 634
1,835
106
' 21 568 18, 784
2,524
4 049
1,572
3,474
12 593
15, 130
12 739
15 003
449
505
11,533
24,814
14 166
195
21, 270
4 442
2,345
20 641
17 680
r
r
r
149 331
91 , 501
58 237
110 476
r 95 212
r
227 057
59 818
6 152
16 190
555
29 559
16. 323
r
r 561
134 102
83, 337
51 820
100, 502
79 271
155 732
124, 765
60 865
131, 576
87 735
205 183
49 349
8 696
18, 006
276
28, 178
15. 702
270 916
69 729
12 390
25 739
1,098
38 368
11. 107
1,081
544
656
SUKVEY OF CUREENT BUSINESS
S-22
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
FOREIGN TRADE—Continued
VALUE§—Continued
Imports for consumption— Continued.
By principal commodities:
Nonagricultural, total
thous. of dol ' 228, 173 197, 292
4,434
14, 796
Furs and manufactures
__
do
29, 876
27, 568
Nonferrous ores and metals, total
do «,
Copper, including ore and manufactures:
7,443
8,625
thous. of dol_
3,762
1,466
Tin, including ore
_
do
'
18,
398
18,
087
Paper base stocks
do
23, 763
21, 004
Newsprint
-do
19,
379
18,
429
Petroleum and products
do -
204, 214
6,648
25, 479
215, 047
7,085
30, 049
222, 327
9,187
35, 789
247, 021
14, 450
44, 312
252, 508
11,947
40, 988
236, 232
5.576
45, 133
272, 680
18, 756
' 45, 121
9,026
9
15, 906
25, 987
21, 620
8,074
2,410
17, 187
27, 048
20, 309
16, 571
853
20, 521
28, 667
21, 879
21, 818
1,272
29,958
30, 423
18, 543
15, 626
7,435
30, 773
30,988
20,475
17, 369
9,109
36, 557
27, 747
19, 284
16, 847
13, 913
25,191
32, 601
19, 708
18, 229
7,550
••27,055
31, 933
20, 191
15, 110
5,224
25, 396
28, 267
21, 899
21, 091
9,927
27, 354
34, 721
28, 743
27,515
19,948
5,555
1,235
599,683
28,373
28, 414
8,203
1,195
569,885
24, 280
23,149
6,690
904
427,686
24,599
28, 223
7,993
853
432, 548
277, 735 ' 243, 881
9,408
11 , 566
35, 753
42, 116
289, 756
12, 001
51,618
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled air lines :f
22,502
Miles flown, revenue__________thous. of miles ..
12,331
Express and freight carried ______ thous. of lb_.
3,602
Express and freight ton-miles flown, .thousands..
725
Passengers carried (revenue)
____
do ___
376,339
Passenger-miles flown (revenue)....._______do....
22,512
12,615
3,827
740
368,017
25,464
17,449
5,116
973
488,019
25,318
17,235
4,788
1,077
519,516
26,994
15,610
4,415
1,133
556,589
26,866
15,722
4,295
1,065
538,377
28,572
13,841
4,233
1,075
533,706
28,883
16,972
4,749
1,253
600,262
Express Operations
25,112
25,355
25,645
25,082
24,429
24,398
24,406
27,790
26,668
32, 075
Operating revenue . ________ thous. of dol. . 25,838
26,183
79
61
50
64
47
*62
55
17
119
47
75
63
Operating income......._____________________do....
Local Transit Lines
Fares, average, cash rate ____________ ...... cents..
8.0165
8.0220
8.0275
8.0414
8.0580 '8.0774 '8.1051 rg.1134 ' 8.1854 '8.2140 r 8. 3073 ' 8.3406
1,600
Passengers carried t_______________________millions.. '1,632
1,481
1,607 1,591 1,606 1,479
1,464 1,441 1,481
1,581 1,495
Operating revenuesf__- ..... _________ thous. of doL. 119,800 108,700 116,200 118,200 120,100
112,100 111,400
111,300
113,300 121,200 115,600
127,000
Class I Steam Railways
Freight carloadings (A. A. R.):®
Total cars___________________________thousands.. '4,003
3,179
4,170
3,233
4,376
3,543
3,276
4,560
3,600
3,808
4,424
3,164
Coal
________________
do...
'957
736
917
547
922
708
495
886
713
758
934
714
r
Coke _____________________ ...... ______ do....
71
58
73
53
72
54
49
70
54
60
74
60
r
Forest products ____ ..... _________ do.
218
195
250
183
233
188
178
248
191
191
222
168
Grains and grain products________.....__.do.._.
' r269
202
265
191
213
200
275
317
210
216
245
177
Livestock
...........
_____
.....
_do_ _
80
49
67
54
66
49
46
62
74
91
93
50
Merchandise, 1. c. 1_______________________do_...
'563
461
620
505
593
464
429
577
467
491
588
432
Ore . . ....... ____________ ............. -do....
'61
49
69
164
369
324
343
407
299
274
238
66
r
Miscellaneous.. ......... ___________ ...... do....
1,784
1,430 1,910
1,536
1,909 1,555 1,461 1,992 1,592 1,728
2,030
1,495
Freight carloadings (Federal Reserve indexes) :
Combined index, unadjusted _______ 1935-39=100138
133
137
134
144
142
140
148
153
156
150
139
Coal
.......
________
do.
163
149
147
119
155
141
115
146
153
156
160
155
Coke
do
184
182
182
169
183
170
165
177
178
188
195
201
Forest products
_________
do
147
159
159
148
154
151
153
160
161
155
147
141
Grains and grain products_______________do_._.
157
144
146
133
121
143
202
175
153
152
142
130
Livestock
________
do
118
89
96
98
94
87
87
87
139
161
133
92
71
Merchandise,!, c.l ________________ ..... .do....
74
74
79
80
76
73
71
73
77
78
77
Ore
.....
...............
do
44
43
50
157
267
286
311
284
272
235
163
60
Miscellaneous __________________ ....... .do....
139
136
144
145
146
146
145
150
157
163
158
147
149
Combined index, adjusted!
— ....... do
150
142
146
137
142
137
134
143
142
146
147
Coal!
do
163
149
147
119
155
141
115
146
153
156
160
155
191
Cokef
_____
do
175
171
180
173
185
173
170
184
180
192
195
Forest products
"'"".____________do" "
163
166
159
148
148
145
152
152
149
147
150
158
138
Grains and grain products! _________ do
157
147
159
151
138
140
168
162
137
152
145
Livestock!
do "
123
111
121
111
104
107
107
92
105
104
105
96
74
Merchandise,!, c.l ______ ......... _______ do....
77
76
78
79
76
74
71
73
73
75
75
Oref
do
176
172
171
184
184
184
194
190
181
163
163
192
156
Miscellaneous!___________________________do ____ 152
145
151
147
145
142
143
149
145
149
151
Freight-car surplus and shortage, daily average:
Car surplus!
number
3,584
3,300
2,714
12,125
5,243
11,333
30,651
2,391 1,322
942
2,505
5,886
Boxcars
" . . .
do
134
224
50
120
2,029
5,904
613
175
238
132
75
712
Coal cars"
" "
do" "
507
. 85
116
9,456
27
1,390 25,874
127
0
0
10
172
Car shortage*
do
19,920
30,899
35,943
20,150
14,779
14,969
15,697
31,766
34,443
40,103
27,865
12,146
Boxcars """
.
-.
"do""
14,197
20,925
24,178
15,165
4,292
5,127
9,592
16,336
17.165
20,819
16,631
5,643
6,072
Coal cars_________________________________do ____ 5,200
9,337
10,713
4,583
10,247
9,357
5,331
14,566
15,165
15,275
10,277
Financial operations (unadjusted) :
Operating revenues, total
. .. thous. of dol. '685,630
635,940 717,826 689,456 724,432 696,909 705,361 745,258 726,550
794,165
755,324
807, 428
Freight
"
- do
' 551, 132
518, 615 592, 186 564, 807 591, 687 556, 889 557, 881 596, 592
593, 089 664, 648 625, 241 627, 816
Passenger"
___________
do
'82,451
70,766
71,411
70,414
77,349
84,787
93,642
94,001
80.369
75,009
73,661
89,461
Operating expenses_________________________do ____ '539,121 509,380 549,368 543,301 557,318 550,057
555,362 565,606
588,591 611,872
595,315 631,150
Tax accruals, joint facility and equipment rents
thous. Of dol
'88,010
83,415
95,676
87,745
91,385
86,651
89,041
98,827
89,979
105,860
94,432
66, 255
Net railway operating income
do
' 58, 499
43, 146
72, 782
58, 410
75, 729
60, 201
60, 958
80, 825
47, 979
76, 433
65, 577
80, 023
NetincomeJ____________'.__________________do ____ 28,822
14,382
43,147
32,580
46,360
38,402
37,025
51,343
20,147
48,904
43,358
60, 212
Financial operations, adjusted:!
Operating revenues, total
mil. of dol
698. 3
696. 4
723. 0
684. 9
698. 0
731. 0
£62. 7
719. 4
716. 3
739. 1
786. 0
Freight
_ . ....... do _
559.0
564.8
594.6
555.8
565.3
593.4
543.5
581.2 583.4
611.7
653.4
Passenger
_ do
86.0
78.4
72.2
72.9
78.2
81.9
85.9
83.8
80.7
76.7
77.0
Railway expenses
___
do
623.8
630.9
641.8
637.4
633.2
649.2
634.5
655.4
680.5
696.3
707.6
Net railway operating income_____________do—
74.5
65.4
81.1
47.6
64.8
81.8
48.2
64.0
35.8
42.8 78.4
Net income ______ ..... ........_____________do ____ 41.8
32.7
48.1
15.2
32.1
48.9
17.6
31.0
3.5
9.4
45.0
Operating results:
Freight carried 1 mile _________ mil. of tons. '56,994
51,833
59,485
53,935
60,009
56,646
54,664
61,650
59,406
64,592
59,656
57,332
Revenue per ton-mile____________________cents..
1.034 1.070 1.055
1.115
1.055 1.043 1.094 1.029
1.057
1.089 1.114
1.159
Passengers carried 1 mile_______________millions..
4,120
3,486
3,529
3,489
3,729
4,096
4,413 4,481 3,855
3,450
3,342
3,948
r
Revised. <* Deficit. ® Data for January, March, May, August, and November 1947 and January 1948 are for 5 weeks; other months, 4 weeks.
§ Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later, t Revised data for December 1946, $89,057,000.
* New series. For comparable data beginning 1943 for total car shortage and surplus and an explanation of a change in the latter series, see p. S-21 of December 1944 Survey.
! Revised series. See note in the July 1947 Survey for explanation of revisions in the data for airlines; revised data prior to May 1946 will be published later. Data for local transit lines
revenues beginning in the April 1944 Survey and passengers carried beginning in the May 1945 issue are estimated totals for all transit lines; revised data beginning 1936 will be published later.
See note marked "*" regarding car surpluses. Revisions for 1939-July 1942 for the indicated indexes of car loadings and revisions for January 1937-February 1943 for the adjusted series for
financial operations are available on request.
SURVEY OF CUEEENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-23
1947
January
February
March
April
May
June
1948
July
August
September
October
November
December
January
TRANSPORTATION AND COMMUNICATIONS—Continued
TR AN SPORTATION—Continued
Waterway Traffic
Clearances, vessels in foreign trade: §
Total, U. S. ports
thous. net tons..
Foreign
-do
United States
- - _-do__._
Travel
Hotels:
Average sale per occupied room
dollars. _
Rooms occupied
- - - percent of total _ _
Restaurant sales index, avg. same mo. 1929=100..
Foreign travel:
U S citizens, arrivals
number..
U S citizens, departures
_do__ .
Emigrants
do
Immigrants
do
Passports issued
do
National parks, visitors
thousandsPullman Co.:
Revenue passenger-miles
millions. _
Passenger revenues _
thous. of dol._
6,222
2,378
3,844
6,296
2,455
3,841
6,870
2,753
4,116
7,615
3,291
4,324
9,646
4,367
5,278
8,725
3,980
4,746
8,953
3,945
5,008
9,991
4,697
5,294
9,196
4,272
4,924
9,153
4,451
4,703
7,905
3,633
4,273
6,535
2,820
3 715
4.25
90
229
4.37
92
213
4.37
92
214
4.86
92
240
4.46
92
244
4.75
93
248
4.70
87
225
5.16
93
246
5 07
92
238
5 14
93
226
5 28
87
234
4 91
78
202
5 06
86
227
38, 660
37, 602
854
14, 080
17, 989
97
41, 910
47, 394
1,306
11,118
18,468
122
50, 633
44, 474
1,648
13, 910
20, 294
137
43, 345
41, 647
1,691
13, 391
20, 166
206
35, 873
45, 258
1,833
14, 032
20, 962
442
39, 987
45, 320
1,804
14, 733
21, 831
902
19, 611
1,467
15, 277
1,502
12 182
652
13, 402
308
10 456
131
11 786
89
14 833
'l02
1,378
10, 214
1,161
8,677
1,180
8,857
1,064
8,094
1,061
8,018
1,215
•9,193
1,139
8,558
1,166
8,712
1,104
8,374
1,028
8,924
1,000
8,737
203, 553
111, 649
76, 009
157, -±64
20, 455
29, 249
197,097
109, 982
71, 051
149, 048
22, 068
29, 564
207, 168
112, 806
78, 111
157, 198
23, 625
29, 874
153, 955
97, 324
40, 735
132, 475
5, 792
30, 359
184, 948
106,818
61, 629
154, 400
11, 497
30, 057
205, 193
113, 371
75, 477
165, 551
17, 914
30, 292
209, 134
114,567
77, 993
175, 553
13, 239
30, 553
210, 070
114. 836
78, 063
172, 006
16, 305
30, 794
213 422
118 134
77, 929
175 079
16, 890
31, 058
222 090
121 969
82, 528
179 941
19 202
31, 421
217 513
121, 596
78, 132
172, 927
20,818
31, 721
17, 688
16, 330
16, 233
14, 984
17, 530
16, 134
23, 264
21, 892
20, 740
19, 399
18, 981
17, 662
18, 449
17, 019
18, 122
16, 786
18, 366
17 029
18 725
17 366
16, 580
15 266
18 734
17 190
599
1,358
14, 863
590
138
1,714
534
1,249
13, 503
520
b8
1,642
571
1,396
14, 298
1,093
873
1,775
534
1,372
16, 644
4,399
2,676
1,609
611
1,341
16, 387
2,140
1,062
1,637
574
1,320
15, 347
1,541
1,335
1,617
599
1,430
16, 010
291
41
1,609
639
1,336
15, 366
682
332
1,742
659
1,337
15 376
928
700
1,759
703
1,359
15 500
1 117
627
1,889
616
1 315
15 146
*6S6
*474
1,695
762
1 544
15 585
1 216
COMMUNICATIONS
Telephone carriers: 1
Operating revenues
thous. of dol _
Station revenues
- do
Tolls, message
_ __
do
01
Operatin 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
d
7, 426
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:*
Ammonia, synthetic anhydrous (commercial) <?
95, 859
93,007
85, 121
85, 663
97, 107
91, 681
short tons..
93, 345
88, 807
84, 617
91, 144
87, 615
92, 779
95, 405
1,221
1,543
2,320
1,765
5,492
8,805
10, 458
Calcium arsenate (commercial)
thous. of lb._
5,064
3,107
2,272
2,709
2,190
2,003
45,411
52, 466
51, 830
50, 675
56, 286
48, 136
53,388
50, 827
Calcium carbide (100% CaCj)
short tons
47 177
48 336
48 462
55 343
58 091
Carbon dioxide, liquid, gas and solid cf
62, 449
81, 330
49, 858
96, 487
60, 491
96, 700
thous. oflb__
110, 228
107, 712
102, 410
79, 782
61, 368
57, 996
57, 186
117,039
109, 050
118, 284
101, 717
110, 088
117, 486
114, 676
118,497
Chlorine
-short tons
116, 451
120 112 r 117 191
122 682
123 319
34, 637
35, 144
33, 966
36, 993
36, 899
33, 071
33, 577
34, 639
Hydrochloric acid (100% HC1)
do
33, 456
36, 355
37 526
38 066
39 232
(i)
(i)
(i)
(i)
4,923
3,691
4,481
5,470
3,717
1,289
447
Lead arsenate
thous. of Ib _
3 229
0)
62, 193
64, 647
64, 288
64, 826
64, 138
62, 064
60, 227
60, 394
59,900
Nitric acid (100% HN Os) cf
-- short tons..
61, 996
67 996
104 096
103 834
1,146
1,010
1,218
1,101
1,188
1,089
1,066
Oxygen
mil. cu. ft
1 105
1 093
1 314
1 251
1 212
1 270'
82, 452
74, 926
89, 050
82, 372
78, 892
86, 920
89, 492
88, 083
Phosphoric acid (50% HsPOi)
short tons__
87, 249
99, 213
89, 353 ' 90, 412
95, 504
Soda ash, ammonia-soda process (98-100% Na2
383, 753
350, 634
367, 847
396, 282
380, 589
374, 083
377, 976
COs)
_ short tons
363, 890
359, 004
395 609
389 656
379 821
383 481
5,954
7,089
6,979
7,129
^ 474
7,426
7,331
7,219
Sodium bichromate and chromate
do
8,413
7,350
7 527
7,983
7 664
179,
400
166,
946
175,
523
156,
786
179,
142
173,
449
175,
896
177, 310
Sodium hydroxide (100% NaOH)
do
170, 122
178 673
173 400
176 268
182 802
Sodium silicate, soluble silicate glass (anhy35, 884
42, 120
50, 267
39, 991
39, 726
32, 814
36, 584
drous)^
_ . _.
-_ _ short tons..
33, 963
34, 667
43, 642
45 233
39 698
37 529
Sodium sulfate, Glauber's salt and crude salt
70, 059
69, 947
64,996
63, 208
74, 505
66, 275
69, 579
65, 942
65, 414
cake
short tons
70, 293
71 245
73 846
70 399
Sulphuric acid (100% H2SO4):
Price, wholesale, 66°, tanks, at works§
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
dol. per short ton__
16.50
16.50
16. 13
16.50
15.00
865, 447
931, 237
888, 304
835, 163
850, 934
846, 366
859, 262
Production
short tons.. 888, 912
893, 171
851, 733
880, 068 r 964, 761 935 230
Organic chemicals:
Acetic acid (syn. and natural), production*
33, 620
30, 376
33, 876
30, 670
35, 152
31, 729
35,897
35, 365
thous. of lb_ _
28, 606
29, 560
30, 439
31, 163
54, 206
53, 086
45, 662
54, 249
41, 433
49, 157
Acetic anhydride, production*.
do
53, 627
53, 478
55, 347
50, 308
55, 071
57, 507
1,043
1,024
832
1,053
925
998
1,155
Acetyl salicylic acid (aspirin), production*. do
1,126
1,083
1,092
615
1,016
Alcohol, denatured :§
13, 464
12, 673
12, 361
14, 095
15,015
13, 687
15, 061
16, 426
Consumption (withdrawals) .thous. of wine gal__
18, 718
21, 820
16, 937
19, 026
12,436
13, 667
11, 573
12, 777
13, 926
14, 150
14, 605
15, 040
16, 469
18, 610
21, 744
Production
do
17, 710
18 620
12 576
1,712
1,423
1,521
1,531
1,981
1,529
2,216
1,560
1,354
1,719
Stocks
- do
1,447
943
1 850
Alcohol, ethyl: §
23, 556
19, 455
27, 982
23, 793
18, 416
26, 833
22. 399
29,226
39, 012
29, 906
26, 621
28 472
Production
. thous. of proof gal
17 402
26, 150
28, 214
29, 258
27, 764
30, 676
27, 016
30, 215
28, 637
24, 409
26, 634
22, 373
22, 787
Stocks total
do
21 248
24, 089
21, 294
21, 992
25, 699
27, 452
25, 323
22, 927
26, 928
22, 894
25, 938
In industrial alcohol bonded warehouses. -do
22, 170
21, 783
20, 738
2,061 * 1,807
6,222
9,381
1,694
7,288
2,065
1,709
1,514
697
591
In denaturing plants
_ _ __ do __
618
510
23, 622
25, 227
25, 743
26, 065
27, 359
27, 775
21,409
30, 303
38, 526
33, 981
32, 839
Withdrawn for denaturing
do
34, 101
23 103
2,555
3, 260
3,175
2,170
2,768
4,350
2,377
2,696
4,275
3,201
4,090
4,630
Withdrawn tax-paid
do
2,580
14, 271
14, 696
14, 580
13, 454
12, 779
11, 581
11, 988
12, 573
13, 407
13, 909
Creosote oil, production*
_ _ .thous. of gal. . 14, 038
14, 263
2.234
2, 436
2,094
2,329
2,142
2,196
2,357
1,909
1,697
Cresylic acid, refined, production*, thous. of lb_.
2,403
2,056
2,094
5,984
7,084
7,902
6,088
5,822
5,899
10, 185
6,826
6,785
7.132
Ethyl acetate (85%) production*. _.
do
7,181
8.651
'Revised. ^Deficit, f Data relate to continental United States, i Not available for publication.
JCompiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and reference to revised 1942 data. Total operating revenues of telegraph carriers includes and operating revenues
of cable carriers excludes cable operations of Western Union; the latter data were revised in May 1947 Survey (see note in that issue).
cfData for carbon dioxide and sodium silicate were revised in the March 1945 and the September Survey, respectively (see notes in those issues). See note in February 1947 Survey with regard to additional plants included in the data for nitric acid and ammonia. Beginning December 1947 data for nitric acid includes production of two plants not previously reporting; revised
earlier data, including these plants, will be shown later.
§The indicated series, except series for alcohol stocks in denaturing plants (available only beginning 1942), continue data in the 1942 Supplement; unpublished data beginning 1941 or 1942
through February 1945 for ethyl alcohol and vessel clearances and for June 1944-July 1946 for prices of sulfuric acid will be shown later.
*New series. See note marked "*" on p. S-23 of the September 1947 Survey for reference to data prior to 1943 for a number of the chemical series and information regarding revisions that,
have not been published.
SURVEY OF CURRENT BUSINESS
S-24
March 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Surrey
January
February
March
April
May
June
July
August
Sep'tember
October
November
December
January
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Organic chemicals— Continued.
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption
thous. of lb_.
Production
.
do
Stocks
do
Chemically pure:
Consumption
do
Production
-do »
Stocks
do
Methanol, production:^
Crude (80%)
- thous. of gal
Synthetic (100%)
do
Phthalic anhydride, production*
thous. of Ib
7,022
7,386
14, 102
6,800
8,234
15, 340
7,407
8,746
I/, 544
8,127
7,651
18, 135
7,428
6,606
19, 151
6,617
6,965
19,843
6,509
5,483
18, 848
6,761
7,250
18, 869
7,032
8,812
19, 146
8,146
8,292
17, 665
7,633
7,560
16, 061
7,468
8,753
17,335
7,426
8,701
17 396
6,963
7,662
17, 941
6,138
8,573
18, 106
6,555
8,450
18,875
6,139
8,531
19, 137
5,957
9,181
20,789
5,871
7,980
20,723
5,650
6,200
20, 171
6,358
7,998
20,396
6,754
7,957
19, 493
7,770
9,357
18, 289
7,067
8,782
17, 709
7,463
9,202
17, 278
8 049
10, 437
18, 306
276
7,145
11,687
230
6,681
10, 847
244
6,991
11,690
284
6,206
9,605
6,779
12, 871
6 708
12 396
7,065
12, 529
6,832
12, 373
7,199
12, 893
274
6,551
11, 764
6,564
11, 800
321
6,830
10, 526
' 1,090
'129
••914
'126
'609
'103
'332
'385
'176
'409
'130
'492
'130
'495
'657
'182
'829
'181
1,454
112, 792
10, 926
85, 138
2,718
117, 760
107, 484
80, 786
4,482
115, 867
22, 575
81,082
1 661
82, 474
75, 912
41, 623
125, 303
9,284
103, 928
104, 740
16,682
79, 858
122, 851
31, 654
79, 252
93, 649
85, 337
41, 737
4,330
112, 559
6,280
94, 054
1,659
76, 591
67, 166
16, 959
3,777
1,196
141, 788
36, 037
94, 580
648
138,344
28,479
92, 214
73, 015
30, 623
12, 617
90, 163
1,695
91, 159
69, 725
22, 316
4,497
8,173
2.306
112, 214
286
221
220
253
249
290
286
FERTILIZERS
••1,404
Consumption total*
thous. of short tons
••184
Midwest States*
do
1,220
Southern States©
do
89, 474
Exports total §
long tons
10, 854
Nitrogen ous§
do
64, 147
Phosphate materials!
do
1,914
Prepared fertilizers §
do
50, 020
Imports total §
-do
40, 728
Nitrogenous total§
-do
10,029
Nitrate of soda§
do
404
Phosphates §
-do
0
Potash§
- - _.do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
2.045
port warehouses O
--dol. per 100 lb__
98, 555
Potash deliveries
short tons
Superphosphate (bulk):f
' 844, 852
Production
do
815,611
Stocks end of month
__do
' 1, 185
'142
1,042
98, 945
21,616
66, 401
2,448
51, 943
40, 851
9,358
3,759
960
92, 213
20,851
58,802
1,449
116,166
103, 704
65, 886
3,579
788
132, 895
30, 226
89, 765
0
897
987
145,266
117, 102
71, 738
4,346
13, 301
2.075
77, 839
2.075
95,229
2.075
84, 207
824, 578
750, 550
888, 875
645, 412
863, 787
608, 409
505
636
'72
260
209
278
874
362
'81
415
617
476
447
0
38
2,232
0
0
0
76, 836
61, 056
25, 287
3,204
6,838
2.075
73, 802
2.075
83, 121
2.075
73, 708
2.195
83, 848
2.275
75, 764
2.275
77, 680
2.275
97, 333
892,045
681,235
802, 128
855, 352
801, 835
903, 380
797, 273
866, 919
808, 503
847, 495
887, 205
858, 655
138, 060
108, 988
80, 555
4,696
11,250
257
2,400
* 873, 442 ' i 965, 195 i 912, 194
i 944, 052 '' 1,036,728 U,103,956
NAVAL STORES
Rosin (gum and wood):
Price, gum, wholesale "H" (Sav.), bulk
9.65
8.46
8.87
9.24
7.10
8.91
8.68
9.61
7.34
6.76
7.58
8.83
6.83
dol. per 100 lb__
351, 875
508, 543
572, 233
527 335
Production*
drums (520 Ib )
339, 269
222,
701
284, 840
243, 086
Stocks*
do
Turpentine (gum and wood) :
1.00
.62
.64
.62
1.21
1.15
.85
.64
.59
.63
.59
.61
.59
Price, gum, wholesale (Savannah) t-dol. per gal._
113, 520
159, 665
189, 689
176 089
Production*
bbl (50 gal )
98,205
194,111
210, 116
147 693
Stocks*
do
MISCELLANEOUS
59, 434
46, 444
51,940
55, 787
52, 365
47, 092
45,017
46,038
53, 275
49, 019
51,296
51, 048
47, 134
Explosives (industrial), shipments
thous. of lb_.
Gelatin:§
3,954
4,017
4,415
3,793
3,700
3,116
3,858
4,290
3,393
4,117
4,639
3,847
3,159
Production total*
do
3,077
3,104
2,237
2,405
2,407
2,420
2,762
3,277
3,222
3,028
2,901
2,313
Edible§
do . _ 2,508
5,431
6,078
5,789
6,369
5,961
5,739
6,427
5,548
6,042
6, 374
6,488
6,387
6,338
Stocks, total*
do
2,400
2,988
2,922
2,356
2,714
3,300
2,878
2,866
3, 034
3,059
2,430
2,787
2,453
Edible §
do
Sulfur:*
425, 612
298, 565
350, 307
333, 531
406, 964
389, 014
321, 415
405, 205
391, 214
377, 218
391, 396
359, 313
382, 674
Production
long tons
3,704,059 3,667,729 3, 636, 884 3,548,703. 3, 495, Oil 3, 456, 082 3, 438, 367 3, 444, 607 3,449,732 3, 457, 899 3, 435, 298 3,371,034 3, 373, 422
Stocks
do
Glue, animal:*
14, 666
12,538
14, 226
13, 185
13, 939
12, 886
12,003
11,424
13,636
13, 770
14, 230
12, 843
12, 158
Production
thous. of lb__
8,392
9,059
9,155
7,882
12, 444
9,398
9,509
10, 272
10,606
7,749
8,643
8,950
8,757
Stocks
- - do
Bone black:*
1,069
596
1,085
1,085
' 1, 102
1,023
928
848
847
1,065
1, 033
1,040
1,048
Production
short tons
959
1,375
1,254
1,456
1,079
1,565
1,463
1,180
979
1,474
1,030
1,021
1,008
Stocks
do
OIL SEEDS, OILS, FATS AND
BYPRODUCTS
Animal, including fish oil:
Animal fatsj
144, 102
119, 584
155, 630
140, 495
134, 765
129, 026
105, 542
134, 391
126, 345
127, 228
105, 301
135, 260
99, 329
Consumption factory
thous of Ib
221, 840
226, 266
262, 265
230, 470
189, 544
279, 792
303, 997
262, 265
307, 560
255, 713
208, 609
302, 208
238, 814
Production '
do
286, 602
307, 692
339, 877
250,588
322, 045
307, 623
258, 425
389, 074
320, 801
428, 604
444, 602
350, 058
400, 170
Stocks end of month
do
Greases :1
45, 864
42, 572
55, 182
49, 913
50,604
54,207
45, 73C
43, 939
48, 688
43, 658
55, 351
41, 226
37, 746
Consumption factory
do
47, 402
44, 586
46, 735
40, 154
50,039
50, 586
52, 591
47, 484
44, 434
48. 613
52, 331
48, 260
46,611
Production
-- do
64, 305
97, 555
103, 692
69, 983
98, 924
96, 111
72, 871
67. 138
84, 829
106, 382
119, 272
101, 964
98, 827
Stocks end of month
do
Fish oils:t
20,290
18,772
20,365
22, 929
14, 135
22, 944
20, 148
25, 287
18, 509
12, 150
16,478
11,475
23, 980
Consumption, factory. _ _ _
do
1,577
1.260
777
22, 706
19, 889
6,852
4,356
1,301
21, 109
1,646
1,024
10. 927
21, 739
Production
do
79, 211
66,335
102, 400
108, 815
85, 999
91, 459
85,286
107, 320
59, 041
57,728
65, 152
86, 445
96, 599
Stocks end of month
. . _ _ . do
Vegetable oils, total:
395
412
417
329
432
333
294
437
469
431
294
297
458
Consumption, crude, factory t
.mil. of Ib _
7,011
7,291
5,634
19, 525
23,284
13, 643
16,148
27,090
25, 855
27, 883
37, 302
14, 538
Exports§
thous. of Re32, 697
36, 677
46, 545
54, 057
5,462
31, 942
23, 661
32, 474
52, 306
26, 669
19, 106
10, 744
imports total §
- - -do
21, 737
28,343
2,121
43, 672
31, 314
3,921
13, 208
2,801
17, 008
27, 274
37, 754
18, 208
Paint oils§
do
15,231
10, 960
8,333
2,661
10,453
4,668
10, 385
15, 185
8,623
15,465
14, 553
8,461
All other vegetable oils§
do
382
392
356
313
'488
443
330
468
481
283
278
248
513
Production!
_
-. - ..mil. oflb
Stocks, end of month:}
552
«1
532
547
571
573
566
489
485
'502
458
471
539
Crude
do
304
311
392
353
385
292
279
243
211
359
241
207
247
Refined...do....
f Revised, o" See note hi the April 1946 Survey with regard to difference between these series and similar data published in the 1942 Supplement to the Survey.
© Excludes data for Mississippi, which has discontinued monthly reports, beginning in the October 1946 Survey.
§ The indicated series continue data published in the 1942 Supplement; unpublished data beginning 1941 or 1942 through February 1945, and also corrected data for 1937-July 1945 for nitrogeneous and total fertilizer imports, will be published later.
0 For a brief description of this series see note in April 1946 Survey. J See note marked "%" on p. S-25 regarding unpublished revisions.
* New series. For source and description of data for glycerin see p. S-23 of November 1944 Survey and for turpentine and rosin, p. S-24 of the May 1946 issue. Small revisions in the data
for June 1943-August 1946 for glycerin will be shown later. Data for 1942-February 1945 for the new series on gelatin, and data prior to August 1946 for boneblack and glue will be published
later; data for gelatin, bone black, and glue are compiled by the Bureau of the Census and are complete or practically complete. Data for 1940-43 for sulfur are on p. 24 of the May 1946 Survey.
See note marked "*" on p. S-23 of the September 1947 Survey for reference to data for phthalic anhydride. Data for fertilizer consumption by midwestern States and the total (compiled by
the National Fertilizer Association from reports of tax tag sales) have been revised beginning in this issue to exclude Illinois which has discontinued tag sales. Data beginning 1933 will be
shown later.
t Revised series. See note in the November 1943 Survey explaining a change hi the superphosphate data and note hi September 1947 Survey regarding a company included beginning
January
1946. See note on p. S-23 of the November 1943 Survey regarding change in the turpentine price series.
1
Beginning November 1947 data include 4 plants not previously reporting which began operations in 1947. Revised earlier data will be shown later.
SURVEY OF CUEEENT BUSINESS
March 1948
S-25
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
January
February
March
April
May
June
July
August
September
October
November
December
January
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, AND
BYPRODUCT S— Continue d
Copra:
Consumption, factory!-. _
short tons..
Imports!
__do
Stocks, end of month§
do
Coconut or copra oil:
Consumption, factory:!
Crude
thous. oflb__
Refined
. _
do
Imports §
do
Production:!
Crude
. do _ _
Refined
_
. __do
Stocks, end of month:!
Crude
- _ __do
Refined
do
Cottonseed:
Consumption (crush)
thous. of short tons. _
Receipts at mills
_
do
Stocks at mills, end of month
do
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 Reproduction
thous. of lb__
Stocks, end of month
do
Flaxseed:
Imports §
thous. of bu
Duluth:
Receipts
do _.
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. perbu__
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!
thous. of Ib
Shipments from Minneapolis
do
Stocks at factory, end of month!_ do
Soybeans:
Consumption factoryt
thous. of bu
Production (crop estimate)
do
Stocks, end of month!
_.
__do _
Soybean oil:
Consumption, factory, refined!
thous. of lb__
Price, wholesale, edible (N. Y.)c?
dol. per lb__
Production:!
Crude
_ . _ thous. of Ib
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 Ib
Shortenings and compounds:!
Production
do
Stocks, end of month
do
56,069
74,963
89, 781
51, 352
51, 285
71, 902
59, 163
72, 319
72, 777
59, 214
61, 925
77,541
53, 347
61, 004
59, 714
52, 368
51, 346
44, 320
45, 330
18, 644
42,300
40, 731
31,340
26, 861
41,828
48,297
23, 871
47, 148
53, 485
22, 984
48, 821
67, 222
25, 945
60,511
85, 829
41, 611
62, 871
26, 648
1,088
64, 270
29, 822
1,822
74, 349
31, 217
5,549
72, 406
31, 057
813
70, 349
29, 103
2,394
61,636
27,664
3,225
62, 008
23. 784
1,767
69, 608
32, 977
866
72, 257
30, 174
(i)
79, 656
29, 828
0
72, 862
26, 618
- 956
76, 857
28,317
5,080
85,370
29, 315
68, 683
30,909
63, 024
32, 749
73, 902
36, 581
74, 043
35, 720
68, 398
33, 020
66, 074
28, 611
57, 902
30, 466
51, 902
34, 228
53, 609
33, 498
61, 103
35, 388
62, 287
35, 088
77,238
33, 225
81, 371
37, 233
87,005
12, 376
97, 177
13, 935
115, 722
13, 228
130, Oil
14, 267
138, 489
19, 088
134, 949
12,998
127, 927
14, 412
105,978
10, 737
89, 363
11, 194
69, 578
10, 998
59, 669
9,213
69, 672
11,834
75, 584
12, 616
417
149
767
294
95
568
212
43
399
162
19
256
104
11
163
69
14
108
74
65
100
102
167
163
345
776
594
647
1,509
1,458
596
654
1,515
565
476
1,426
522
212
1,116
183, 468
160, 033
129,919
159, 724
93, 077
128, 193
69, 749
127, 171
45, 879
117, 052
30, 477
87, 958
33, 980
46, 941
47, 068
26, 416
156, 076
37, 844
301, 370
62, 121
276, 451
71,590
261, 942
74, 035
241, 668
71,207
130, 986
104, 119
92, 140
88, 171
68, 382
72, 546
52, 743
48, 039
34, 925
33, 979
23, 341
19, 990
24,212
15, 191
31,109
19, 209
104, 348
57, 307
197, 834
95, 356
181, 915
112, 684
174, 444
109 368
163, 998
121, 742
108, 240
30, 116
81, 664
28, 008
73, 351
24, 474
53, 077
14, 485
35, 140
12, 981
44, 687
16, 407
56, 312
19, 906
74, 243
20, 115
74, 751
27, 891
119, 107
41, 554
129, 166
44, 146
122,265
126, 686
.302
113, 694
170, 988
.350
106, 518
185, 390
.389
80, 781
191, 688
.314
74, 345
211, 855
.256
45, 388
217, 849
.241
35, 517
204, 106
.234
26, 410
171, 094
.179
24, 913
116, 709
.224
56, 852
92, 081
.237
144, 981
107, 882
.276
157, 874
133, 196
.289
159, 637
152, 916
r
61,796
~37,~25<f
42, 368
12
14
18
19
17
77
106
17
0
0
0
2
27
2
307
40
69
303
35
69
270
7
39
238
10
83
145
7
74
78
2
72
8
12
0
20
1,435
436
1,019
2,733
1,053
2,699
911
1,147
2,463
1,764
479
257
3,513
182
146
2,896
311
190
2,280
532
345
1,615
257
87
1,162
128
202
516
99
82
296
2,125
270
453
8,425
1,142
5,004
4,928
530
6,434
1,904
274
6,305
1,360
1,790
2,024
7.25
1,545
1,415
(2)
1,636
1,079
8.51
1,560
980
7.50
1,335
855
6.3C
1,687
1,457
6.12
1,641
1,892
6.02
1,325
2,526
6.00
2,410
5,720
6.39
3,051
6,789
6.78
3,174
6,893
6.84
2 319
6 559
7.01
3 39 763
48
747
168
5 833
.299
140,848
152, 706
165
183
728
1, 224
257
5,114
2,985
6,289
7.06
33, 96C
24,420
28,740
30, 720
26, 760
26, 160
29, 580
18, 540
45,360
51, 480
49, 500
49,020
50,460
44, 978
.366
34, 823
20, 460
140, 898
41, 575
.378
30, 499
19, 380
136, 681
45, 174
.395
31, 401
23, 460
125, 060
47, 453
.394
28, 850
25, 380
131, 769
45, 094
.376
25, 064
19, 620
134, 627
38, 716
.325
32, 057
13, 620
144, 544
40, 030
.302
32, 250
14, 880
157, 724
39, 834
.291
26 527
21, 240
132, 682
40, 865
.303
48 030
27, 240
118, 443
44, 820
.318
59, 564
33, 840
127, 444
36, 508
.324
61 592
29 580
124, 541
38, 532
.346
45 4Q6
27 900
126 678
39,008
.338
58,472
29, 940
135, 394
17, 115
15,983
16, 490
15, 914
15, 006
13, 356
13, 613
11, 284
9 733
11 439
14 659
56,104
52, 338
41, 977
41, 680
37, 147
28, C04
19, 124
10, 248
2,775
34, 624
48, 053
15 219
181 362
48 855
47, 863
107, 954
.323
104, 827
.345
113, 782
.401
101, 229
.351
71,687
.268
75, 842
.244
82, 261
.227
98,077
.209
309,838
.233
141, 963
.264
119, 523
.312
110,066
.326
110,777
.326
151, 554
126, 298
141, 115
120, 867
145, 013
121, 389
141, 456
115,877
135, 889
92, 605
122, 436
83, 890
125, 706
98, 720
105, 315
91, 251
91, 358
89, 400
107, 170
88, 413
133, 652
97, 345
139 551
112 683
152, 628110,912
97, 712
70, 131
97, 226
76, 995
94, 053
73, 993
.89,302
91, 327
108, 829
114, 604
122, 760
128, 141
125, 686
141,671
105, 941
140, 430
79 583
124 043
80, 496
76, 800
84 239
59 667
77 491
64 161
86, 573
63,948
66, 262
66, 470
66, 626
39, 376
36, 493
39, 649
47, 448
47, 251
67, 771
82, 894
78, 249
72, 914
.393
67, 946
.394
67, 755
.424
69, 914
.420
46, 716
.354
37, 730
.330
41, 400
.332
48, 897
.330
50 041
.340
67 422
.362
87, 005
.385
81 806
.400
79 Oil
.402
131, 754
51, 391
129, 315
48, 311
138, 551
51, 184
99,867
66. 178
63, 151
49, 995
78, 853
63, 094
79, 921
47, 086
98, 978
45 803
117 858
36 393
159, 623
41 887
145 979
45' 051
131 819
53 488
136, 936
54,493
3
16, 442
PAINT SALES
Calcimines, plastic-texture and cold-water paints:*
r 33
102
75
89
82
90
93
82
Calcimines
thous of dol
71
79
77
71
81
235
292
227
254
227
230
198
259
Plastic-texture paints
do
'210
187
203
218
243
Cold-water paints:
419
422
407
r 305
352
449
403
In dry form
_
do
460
385
439
433
282
306
r
312
334
329
348
307
355
389
In paste form for interior use
_ _ _ _ do
315
235
256
303
217
328
92, 111
99, 586
99, 516
81, 632
92, 643
83, 788
Paint, varnish, lacquer, and fillers, total
do
84, 991
86,806
86, 299
91, 564 ' 71, 605 ' 68, 628 88,473
88, 755
89, 296
82, 017
74, 210
73, 273
82, 985
77, 891
Classified, total
_
do
76, 944
76 649
82 511 rr 64 257 r 61 928
78,935
32, 631
29, 928
32, 540
34, 338
31, 754
32, 405
30, 035
Industrial
_
do_ _
31, 073
r 29 688
34 972
28 630
31 607
31,974
54, 959
43, 345
49, 477
51,232
56, 125
41, 804
47, 856
Trade
_ -do
45, 872
45 042
47 540 r 35 627 r 32 240
46,961
10, 094
10, 831
10, 220
9,578
8,358
9,658
8.915
9.' 650 1
9.053
r 7.' 348
fi von
8.047
Unclassified
_
-do
9,538
r
3
Revised. l Less than 500 pounds. * No sales.
December 1 estimate.
§ Data continue series published in the 1942 Supplement; unpublished data through February 1945 for the indicated series will be shown later.
1 See note marked "§" on p. S-25 of the September 1947 Survey for reference to July 1941-June 1946 revisions for oleomargarine. Small or scattered revisions for 1941-August 1946 for th&
other indicated series will be published later. Revised data for fish oils are available on a quarterly basis only.
cfThis series, compiled by the U. S. Department of Labor, replaces the series for refined oil shown in the 1942 Supplement; earlier data will be published later.
•Data for some items are not comparable with data prior to 1945; see note for calcimines, plastics, and cold-water paints at bottom of p. S-23 of the December 1945 Survey.
SURVEY OF CURRENT BUSINESS
S-26
March 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
January
February
March
April
May
June
July
August
September
October
November
December
January
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTIC PRODUCTS
Shipments and consumption:
Cellulose acetate and mixed ester plastics: <g>
Sheets, rods and tubes
thous. of lb. .
Molding and extrusion materials
do __
Nitrocellulose, sheets, rods, and tubes.® ...do
Other cellulose plastics*
_ .do
Phenolic and other tar acid resins*.
do
Urea and melamine resins* _
do
Polystyrene*
do
Vinyl resins*
do
Miscellaneous resins*.
do
1,920
7,657
1,597
585
26, 981
6,024
7,432
17,332
8,190
1,481
7,081
1,319
451
23, 416
6,658
6,964
13, 623
7,809
1,610
6,461
1,229
318
26, 797
6,401
6,561
16, 998
8,000
1,762
5,357
1,329
331
26, 285
6,285
7,096
16,316
8,275
1,689
4,317
1,052
'9
27, 410
6,102
6,854
13, 126
6,435
1,682
3,735
931
0)
27, 767
5,645
5,955
11, 546
5,891
1,410
2,779
892
0)
25, 949
5,536
5, 688
11, 573
5,819
1,479
3,404
903
0)
26,000
5,462
7,075
12,917
5,567
1,284
4,153
921
0)
27, 262
5,723
8,381
15, 125
8,032
1,799
5,105
1,040
0)
28, 129
6,720
10, 931
18, 040
7,388
1,462
4,666
832
0)
25, 719
5,999
10, 593
16, 837
7,120
1,343
3,830
842
0)
27,662
6,565
11, 456
20,404
' 7, 157
1,285
4,461
865
747
29, 456
6,837
10, 226
19,554
7,677
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total*
mil. of kw.-hr__
Industrial establishments*..
. _ _ _ do
By fuels*
do
By water power* _ .
. .
_ _ do
Utilities (for public use), total!.
do....
By fuels f
-- - . - - do
By water power!
do
Privately and municipally owned utilities
do
Other producers!
do
Sales to ultimate customers, total (Edison Electric
Institute)^
mil of kw -hr
Residential or domestic
do
Rural (distinct rural rates) _ .
do
Commercial and industrial:
Small light and power^ _.
... do
Large light and powerj
do
Street and highway lighting^
...
do
Other public authorities^
do
Railways and railroads^
_
_
do
Interdepartmental J
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
thous of dol
25, 957
4,321
3,896
425
21, 636
14, 500
7, 136
23, 698
4,083
3,683
399
19, 616
13, 261
6,355
25, 544
4,298
3,843
455
21, 246
13, 981
7,265
24, 652
4,148
3,711
437
20, 504
13, 216
7,287
25, 009
4,203
3,809
424
20, 776
13, 387
7,389
24, 469
4,225
3,825
400
20, 244
13, 451
6,793
24, 938
4,156
3,772
383
20, 782
14, 236
6,546
25,969
4,225
3,892
333
21, 744
15, 690
6,053
25, 634
4,153
3,858
295
21, 481
15, 875
5,606
26, 748
4,410
4,063
348
22, 338
16, 846
5,492
26, 180
4,333
3,950
383
21, 847
15, 763
6,084
27,951
4,439
4,085
355
23,512
17, 099
6,413
28,443
4,485
4,119
366
23, 958
17, 514
6 444
18, 545
3,092
16, 833
2,783
18, 266
2,980
17, 661
2,843
17, 801
2,975
17, 414
2,829
17, 847
2,935
18,733
3,011
18, 630
2,851
19,540
2,798
18, 977
2,870
20,292
3,220
20,649
3,309
18, 302
4,149
291
17, 783
3,960
295
17, 772
3,727
320
17, 665
3,572
421
17, 610
3,437
514
17, 546
3,369
558
17,308
3,307
606
18, 099
3,332
681
18 496
3,512
607
18, 656
3,601
498
18, 726
3,876
382
3,175
9,219
233
511
674
51
3,142
8,988
204
506
643
46
3,026
9,285
200
491
673
50
3,070
9,264
178
494
618
46
2,994
9,375
165
475
604
46
3,060
9,356
154
475
531
44
3,123
9,068
160
459
538
45
3,252
9,601
175
483
532
44
3,406
9,724
193
490
518
45
3,293
9,951
219
499
548
46
3,346
9,757
234
502
578
51
326, 460
320, 174
313, 074
310, 762
310, 025
309, 631
306, 855
315, 590
325, 639
328, 209
335, 687
9 064
8 303
9 414
6 650
6 126
9 647
6 063
6 398
9 023
6 392
5' 952
9 167
23, 893
1 414
39 559
16 497
542 907
18, 047
1 185
7 735
16 030
527 337
18, 322
773
4 193
10 342
516 406
9 489
8 080
513 896
GASf
Manufactured and mixed gas (quarterly):
Customers, end of quarter, total
_ .thousands
Residential (incl. house-heating)
do
Industrial and commercial
do
Sales to consumers, total _ .
mil. of cu. ft
Residential
do
Industrial and commercial
_
do
Revenue from sales to consumers, total
thous. of dol
Residential (incl. house-heating)
do
Industrial and commercial
do
Natural gas (quarterly) :
Customers, end of quarter, total
thousands
Residential (incl. house-heating) _ _ _ do _
Industrial and commercial
do
Sales to consumers, total
mil of cu ft
Residential (incl. house-heating)
do
Industrial and commercial
~
.do
Revenue from sales to consumers, total thous . of dol
Residential (incl. house-heating)
do
Industrial and commercial
do
11, 224
10, 502
713
198, 580
139, 476
57, 139
11,258
10, 536
713
151, 485
100, 881
49, 273
11, 058
10, 350
700
108, 430
66 906
40,635
159, 188
119, 318
38, 714
135, 259
100,682
33,719
108 519
80, 130
27 796
9,739
8,999
734
728, 393
297, 553
422, 052
270, 598
171, 935
96, 797
9,772
9,051
715
596, 470
161, 527
428, 608
197, 743
104, 348
92, 106
10, 107
9,392
708
521, 774
76 503
439, 602
150, 444
59 770
89,584
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors :f
Production
... thous. of bbl
Tax-paid withdrawals.
do. _
Stocks, end of month
do
Distilled spirits:
Apparent consumption for beverage purposes!
thous. of wine gal..
Imports§
._ thous. of proof gal
Production!
thous. of tax gal
Tax-paid withdrawals!
do
Stocks, end of month!
do
Whisky:
Imports§._
thous. of proof gal
Production!
thous. of tax gal
Tax-paid withdrawals! _ .
do
Stocks end of month!
_
_do
6,917
5,985
9,140
5,761
5,544
9,067
6,836
6,277
9,326
7,435
7,029
9,399
7,985
7,512
9,531
8,342
7,939
9,565
9,044
8,776
9,453
8,833
8,842
9,050
14,871
725
38, 495
12, 511
454, 426
13, 455
817
34, 702
10, 073
473, 163
13, 730
791
32, 747
9,806
491, 965
11, 974
751
27, 568
8,647
506, 015
12, 173
1,125
21, 854
6,130
518, 459
11, 392
1,071
16 429
6,039
525, 828
12, 283
834
13 726
5,650
529, 523
12,378
797
14 187
7 171
533, 051
582
24, 674
5,860
408. 896
713
21,434
4,635
423, 844
708
19, 272
4,559
437. 614
712
17, 201
4,442
449, 335
1,071
14, 143
3,185
459, 217
1,002
9,932
3,280
464. 825
793
7,197
2,975
468. 432
8 738
8,369
9 021
14, 216
' 1 172
22 218
8 639
537, 471
757
1,102
1 310
1 108
709
7 229
9 790
9 732
56
4 702
655
7 gig
3 372
4 258
7 770
4 050
5 507
471. 273
474. 956
474. 507
463. 407
4fifi. Sfifi
455 4ftQ
r
Revised. 1 Not available for publication. § Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later.
IFor 1943-44 revisions for the indicated series see notes at bottom of pp. S-23 and S-24 of the May 1945 Survey.
<8>Data for sheets, rods and tubes are comparable with similar data in the 1942 Supplement; see note in September 1946 Survey regarding change in data for molding, etc. materials.
*New series. For data for 1939^5 for production of electricity by industrial establishments see p. 32 of the February 1947 Survey; minor revisions for January to October 1946 will be shown
later. The new series for plastic products are from the Bureau of the Census and include all known producers; earlier figures and a description of the data will be published later.
tRevised series. Gas statistics are shown on a revised basis beginning in the December 1946 Survey; see note in that issue. For revised figures for the indicated series on electric power
production,except the series for "other producers," see p. 32of the February 1947 Survey; minor revisions for January to October 1946 will be published later. See note marked "!" on p. S-26
of the September 1947 Survey for reference to revisions for 1940-45 for consumption of distilled spirits for beverage purposes and for the fiscal years 1941-46 for the other alcoholic beverage
series; the note also explains a change in the series for stocks of distilled spirits; see p. S-23 for tax-paid withdrawals of ethyl alcohol, which are largely for beverage purposes.
SURVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-27
1948
1947
January
February
March
April
June
May
July
August
September
October
November
December
January
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES— Continued
Rectified distilled spirits, production, totalf
thous. of proof gal__
Whisky
do
Wines and distilling materials:
Sparkling wines:
Imports^
thous. of wine gal
Production!
do
Tax-paid withdrawals! -do
Stocks, end of month f
_.do
Still wines:
Imports^
do
Production©
. _
do
Tax-paid withdrawals!
do
Stocks, end of month f
__
do
Distilling materials produced at wineriesQ.do
13, 837
12, 528
11, 144
10, 139
10, 648
9,621
9,349
8,673
6,706
6,154
7,021
6,522
7,831
7,012
8,083
7 522
9,689
8,965
16, 480
15 126
17, 593
16 254
11, 656
20
192
68
1,429
7
152
49
1,522
9
226
75
1,665
9
221
51
1,826
13
130
62
1,882
12
146
44
1,975
9
74
51
1,990
9
48
64
1,964
21
36
84
1,911
28
29
155
1,774
28
566
158
18
970
147
1,656
1,581
232
265
862
535
6,629
' 5, 576
181, 179
190, 143
3,279
1,303
171
466
5,960
174, 584
1,580
172
390
5,682
168,710
1,040
129
309
6,249
160, 211
661
99
383
6 627
152, 534
1,867
117
2,479
6,680
146, 660
7,948
194
31, 575
8 180
171, 239
49,423
175
53 331
11 431
215 860
96, 627
11, 429
11 220
216 517
31, 179
.696
110, 485
7,818
.631
116, 530
9,194
.613
146, 455
17, 445
.633
157, 120
51, 625
.674
148, 790
83 286
.745
116, 550
88,364
.802
101, 310
76 912
.718
91,890
72 125
.794
69, 220
46 002
255
1,099
7,400
197, 314
1,743
12,732
8,939
8 217
139
2,675
138
10 282
205, 083
8,596
DAIRY PRODUCTS
Butter, creamery:
Price, wholesale, 92-score (N. Y.)t
dol. per lb__
Production (factory)f
thous. of lb__
Stocks, cold storage, end of month &
do
Cheese:
Imports^
. do
Price, wholesale, American Cheddars (Wisconsin)
dol. per lb__
Production, total (factory)f
thous. of lb_.
American whole milk f . _ _ __
do
Stocks, cold storage, end of month d*
do
American whole milk
do
Condensed and evaporated milk:
Exports:§
Condensed
do
Evaporated
do
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
Evaporated (unsweetened)
do
Production:
Condensed (sweetened):
Bulk goods*
...thous. of lb__
Case goodst
do
Evaporated (unsweetened), case goodsf__do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb_.
Evaporated (unsweetened)
do...
Fluid milk:
Price, dealers', standard grade
dol. per 100 lb__
Production!
_mil. of lb._
Utilization in manufactured dairy products!
mil.oflb__
Dried skim milk:
Exports§
thous. of lb__
Price, wholesale, for human consumption, U.S.
average
_..
dol. per lb__
Production, totalf
thous. of lb._
For human consumptionf—
do
Stocks, manufacturers', end of month, total
thous. of lb_.
For human consumption
_
do
.666
' 99, 491
18, 224
652
.709
91, 815
9,988
.881
' 74, 490
' 23 672
.851
79, 100
13 579
389
487
455
355
401
459
647
615
1 139
1 554
.383
' 74, 030
' 55, 290
114, 606
87, 459
.370
76, 680
58, 540
98, 053
74, 795
0)
100, 160
77, 485
93, 427
71, 757
.338
115, 540
91, 655
113, 854
88, 737
.298
144, 015
118,455
133, 495
106, 479
0)
152, 125
125, 815
161, 363
130, 005
.338
136,425
113 505
185, 202
151 661
.345
110, 140
89 610
202, 597
169 571
.365
92, 670
74, 480
193, 849
164 651
.386
82, 720
64 170
176 626
151 455
.391
61, 760
44 480
162 682
139 355
8,911
28,828
4,273
23, 324
4,694
25, 355
7,275
23, 534
7,549
39, 517
8,562
42, 862
9,201
42 Ofl
8,] 61
41 394
10, 316
55 278
15 726
72 852
14 655
49 110
8 829
25 679
8.25
5.86
8.25
5.72
8.28
5.64
8.27
5.42
8.26
5.23
8.26
5.18
8 26
5 19
8 26
5 20
8 26
5.24
8 40
5 31
8 80
5 52
8 80
5 70
8 93
5 83
34, 160
7,925
205, 000
38, 695
7,200
209, 700
56, 340
8,610
269, 000
82, 800
11, 850
320, 500
111,875
13, 000
416, 200
116, 620
12, 950
410, 000
76, 555
15, 025
347, 600
31, 540
17, 150
257,400
22, 470
21,100
218, 000
20,430
19 500
200, 500
12, 200
12 650
152, 500
14, 105
11 475
156, 400
176,000
4,923
130, 706
4,546
117, 497
5,450
118, 926
5,279
148, 266
6,387
278, 814
7, 196
440, 952
9,477
501, 177
10, 561
471,600
11, 333
379, 712
9,463
285, 450
8,501
223, 940
158, 551
95, 433
4.94
'8,889
4.74
' 8, 456
4.68
' 9, 809
4.63
'10,385
4.46
' 12, 134
r
4. 48
12, 102
4.60
' 10, 595
4.71
' 9, 259
4.87
'8,845
'8,015
4.97
5.02
' 8, 056
8,365
3,294
3,202
3,955
4,358
5,509
5,814
5,344
4,223
3,654
3,319
2,478
' 2, 568
2,767
9,594
10, 321
7,545
16,274
14, 401
13,170
9,420
13, 436
5,990
21, 814
16, 351
9,684
.131
47, 000
46, 200
.114
52, 280
51, 230
.100
69, 355
67, 200
.100
77, 390
75, 040
.094
91, 665
88, 200
.096
102, 020
96, 730
.095
81, 830
78, 500
.097
51, 925
49,450
.102
41, 000
39, 740
.111
31, 935
31, 000
22,850
.124
.141
31, 545
30, 780
' 47, 557
' 47, 070
61, 886
61, 213
80,236
79, 126
78,047
76, 646
102, 973
100, 888
114. 439
HO; 775
94, 980
91,028
76, 622
74,030
50, 487
48, 813
36,203
35, 359
21, 070
20, 450
5,222
12. 944
17, 032
3,625
7,593
11, 391
2,347
3,954
18, 216
1 687
1,544
17, 774
627
329
13, 857
1 428
219
9 429
783
264
9 027
6 214
10, 435
7 403
8 624
34, 322
10 430
403, 664
367, 013
319, 718
327, 700
332, 345
374, 363
408, 119
402, 821
296, 588
276, 099
247, 795
230, 827
251, 687
307, 574
326, 603
353, 239
2.638
3.006
3.490
3.812
4.106
(3)
(3)
(3)
21,830
30, 138
26, 782
23 713
25 272
(3)
25 187
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu
5,894
Shipments, carlot
no of carloads
19, 379
Stocks, cold storage, end of month__thous. of bu_.
21, 234
Citrus fruits, carlot shipments
. no. of carloads
Frozen fruits, stocks, cold storage, end of month
thous. of lb__ 439, 226
Frozen vegetables, stocks, cold storage, end of
month
.thous. o f l b _ _ 320, 307
Potatoes, white:
2.538
Price, wholesale (N. Y.)
dol. per 100 Ib__
Production (crop estimate)!-thous. of bu
20, 798
Shipments, carlot .
no of carloads
4.41
12, 821
r
22 313
19 028
22, 320
1 519
0)
' 60, 025
r 42 395
147 683
T 128 188
T
9,362
15,056
(0
65, 155
45 925
125 772
108 692
14, 720
8 575
8,682
5.08
.146
38, 570
37,700
14, 685
14, 972
14, 613
2 112 503
' 5 531 3 869
35, 790 ' 29, 807
r 13 275
16 401
4 510
23, 237
16 695
405, 838
392, 077 ' 369, 470
343, 215
347, 466
323, 991
' 291, 752
257, 741
(3)
2 384 407
15 713
99 01 R
25 504
3
()
19 960
(3)
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
33,245
41,672
48,528
_
thous. of bu__
48,397
50, 030
38, 889
38, 132 r 37, 200 ' 34, 093 T 30, 192 '31 546 31, 381
Barley:
Exports, including malt§
__do
271
572
624
797
1,226
1.297
1,485
856
783
870
410
312
Prices, wholesale (Minneapolis) :
No. 2, malting
dol. perbu
1.775
1.764
1.914
1.922
2.010
2.136
2.299
2.259
2.276
2.590
2.379
2.711
2.675
No. 3, straight
do
1.698
1.642
1.838
1.806
1.896
2 143
2 032
2 117
2 130
2 426 2 2 510
2 218
2 507
Production (crop estimate)!
thous. of bu__
279 182
Receipts, principal markets
_do
10, 241
4,806
7,242
9,625
8,449
8,252
7,974 ' 27, 113
25,093
12, 111
14, 605
10,021
8,679
Stocks, domestic, end of month:
7 753
OQ fi7Q
Commercial
__
do
20, 608
19, 313
14, 108
97 K4.R
9A ^81
94. 9n*i
10 816
8 869
27 444
5 693
14 263
On farms*
do
66, 818
30,000
165, 594
117,300
p
Revises. 1 No quotation. * December 1 estimate. 8 No comparable data.
tSee note in June 1945 Survey for explanation of this price series, cf See note marked "cf "on p. S-29.
©Distilling materials produced at wineries, shown separately above, were combined with production of still wines as shown in the Survey through the February 1947 issue
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later
• Revised 1943 data are on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; 1944-46 revisions are on p. 23 of October 1947 Survey.
*New series. Data beginning 1936 will be shown later; the June figure includes old crop only.
fRe vised series. See note marked "t" on p. S-26 of the September 1947 Survey for reference to revised figures for fiscal years 1941-46 for the indicated alcoholic beverage series. Revisions
for all months of the fiscal year 1947 are shown on p. S-27 of the November 1947 Survey. See notes marked " f " on pp. S-25 and S-26 of the April 1946 Survey for references to 1941-43 revisions
for the indicated series for manufactured dairy products; data for 1944-45 for these series and for utilization of milk in manufactured dairy products are shown on p. 16 of the April 1946 Survey
out there have been further revisions in the 1944 and 1945 figures for total cheese and 1945 figures for dry skim milk; these revisions and preliminary revisions for all months of 1946 are shown
on p. 23 of the October 1947 Survey; revisions for 1920-43 for utilization of milk in manufactured dairy products will also be shown later. January 1940-December 1945 revisions for milk production are on p. 19 of the April 1947 Survey. Revised estimates of potato crop and barley for 1929-44 are available on request.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1943
1948
1947
January
February
March
April
June
May
July
September
August
October
Novem- | December
1
ber
January
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Con.
Corn:
Exports including meal §
thous. of bu
Grindings wet process
do
Prices, wholesale:
No. 3, white (Chicago)
dol. perbu..
No. 3, vellow (Chicago)
_ _do
Weighted average, 5 markets, all grades. _do
Production (crop estimate) t
mil. of bu
Receipts, principal markets
do
Stocks, deomstic, end of month:
Commercial
do
Oats:
Exports, including oatmeal§
thous. of bu__
Price, wholesale, No. 3, white (Chicago)
dol. perbu__
Production (crop estimate) f
mil ofbu
Receipts, pridcipal markets
do
Stocks, domestic, end of month:
Commercial
do
On farmsf
do
4,828
12, 705
8,469
11,701
8,045
12, 245
15, 421
12,091
19, 970
12, 385
13, 104
11, 794
11, 322
11, 635
3,909
11,083
1,374
11,100
1,037
11,387
'820
10,831
1.431
1.332
1.206
1.511
1.419
1.307
1.742
1.731
1.594
1.784
1.782
1.694
1.790
1.779
1.677
2.143
2.097
1.948
(0
2.169
1.995
2.740
2.346
2.295
2.583
2.513
2.370
2.508
2.403
2.277
2.465
2.423
2.345
49.9
43.6
48.2
38.8
38.7
40.2
39.1
22.8
22.6
21.1
22.7
31.7
34.5
37.4
1, 294. 7
29.1
16.3
11.2
687.8
11.8
7.7
7.9
3 254. 2
7.3
11.6
682
2
9,762
10, 180
2.572
2.611
2.489
2, 401. 0
20.0
2.692
2.711
2. 582
13.2
1, 517. 9
17 0
26.9
797
323
1,187
656
775
1,343
1,513
866
608
598
1,097
818
.837
.836
.943
.923
.988
1.021
.952
1.014
1.161
1.201
1.241
1.401
11.5
9.4
14.7
12.9
14.2
12.2
16.2
29.2
22.5
16.7
7.4
1.273
1, 216. 0
8.1
12.0
7.4
6.2
6. 3
536.8
5.4
4.6
5.0
5.6
15.9
26.6
964.3
27.8
22.1
14.0
743.8
10 0
Exports §
thous. of lb__
ImportsI
do
Price, wholesale, head, clean (N. O.)._dol. per lb__
Production (crop estimate) t
thous ofbu
California:
Receipts, domestic, rough
thous. of bags (1001b.)__
Shipments from mills, milled rice
-do
Stocks, rough and cleaned (in terms of cleaned) ,
end of month
thous. of bags (100 lb.)_.
Southern States (La., Tex., Ark., Tenn.):
Receipts. rough, at mills. -thous. ofbbl. (162 lb,)-.
Shipments from mills, milled rice
thous. of pockets (100 lb.)- Stocks, domestic, rough and cleaned (in terms
of cleaned), end of month
thous. of pockets (100 lb.)_,
Rye:
Price, wholesale, No 2 (Minneapolis) -dol. perbu_.
Production (crop estimate) t
thous of bu
Receipts principal markets
do
Stocks, commercial, domestic, end of month .do
Wheat:
78, 154
170, 845
58,220
84,858
57, 142
49. 624
22, 897
21, 592
53, 642
140, 214
89,605
.090
.090
.089
118, 889
1,236
.090
.090
.090
.126
.125
.125
863
602
759
557
792
393
594
478
583
496
300
242
207
154
41
152
75
69
Exports wheat, including
flour§
do__
Wheat only§
do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol. per bu__
No. 2, Red Winter (St. Louis)
do.-..
No. 2, Hard Winter (Kansas City) . . do
Weighted av., 6 mkts., all grades
do. _.
Production (crop estimate) "total t mil of bu
Spring wheat
do
"W inter wheat
do
Receipts, principal markets
thous. ofbu..
Stocks, end of month:
Canada (Canadian wheat)
do
"United States domestic totallt
do
Commercial
- do
Country mills and elevatorsf
do
Wheat flour:
Exports§
thous. of bbl_
Grinding?: of wheat®
. _ .thous. ofbu.
Prices, wholesale:
Standard patents (Minneapolis) ..dol. per bbl.
Winter, straights (Kansas City)
_.do
Production (Census):®
Flour
thous. ofbbl.
Operations, percent of capacity
Offal
. - mil. of lb_
Stocks held by mills end of month® thous ofbbl
133
2
8
3 259. 1
203
163
3
1
2
204
CO
1,490
443
2
424
0)
209
.122
79, 345
.127
877
449
510
292
582
549
2
327
284
410
329
233
171
169
59
41
536
639
669
527
669 «
422
207
133
83
107
99
573
3,306
5,790
2,644
942
621
1,807
1,452
1,130
681
515
246
477
309
1,784
3,051
2,889
1,625
1,307
3,403
2,440
1,568
1,048
615
476
119
393
2,002
4,863
4,755
4,141
3,562
2.857
3.108
3.539
3.108
3.192
3.029
2.541
2.466
2.817
2.853
2.824
2.763
469
322
354
238
138
102
2,465
2,336
2,139
1,878
1,358
1,024
177
556
2,634
2,214
2,084
3,824
1,366
4,262
512
2.769
25, 977
4,427
4,072
3,636
27, 349
11, 141
32,309
12,694
334, 145
38, 673
17, 555
31, 523
13, 277
28, 060
9,111
224, 944
22, 776
4,006
23, 812
8,049
31, 567
19, 156
348, 515
' 31, 134
20, 052
' 26, 942
15, 325
28, 783
19, 639
327, 109
29, 561
19, 090
2.715
2.811
2.694
2. 671
2.638
2.745
2.676
2.616
2.677
2.705
2.693
2.637
2.719
2.587
2.373
2.563
2.935
2.368
2.288
2.400
2.710
2. 384
2.318
2.472
2.840
2.704
2.646
2.801
3.167
2.952
2.953
3.093
3.231
3.020
2.999
3.154
2.248
2.331
2.090
2.175
2.314
2.395
2.261
2.279 '
2
443
2
2
3.160
3.089
3.011
3.110
1,2 364 9
296 9
1, 068. 0
40, 028
437
3.198
3.120
3.032
3.149
38, 254
38, 716
35, 030
37, 807
26, 345
26, 156
121, 869
91,847
72, 625
68,872
43, 297
131, 889
119,006
93, 964
80, 514
58, 655
130, 639
24, 440
15, 803
114, 913
167, 718
113, 863
1,122,206
175, 069
196, 631
136, 216
610, 300
146, 292
44, 745
70, 405
3 83, 623
s 8, 129
3 9, 976
3 24, 591
2 40, 427
55, 395
48, 432
109, 849
308, 563
32, 838
61,010
71,957
139, 855
166, 359
152, 400
126, 282
795 135
141, 889
110, 796
111, 730
427 620
3,449
64, 575
4,173
57, 162
4,493
63, 301
3,882
56, 818
4.032
55, 744
3,994
55, 462
3,354
57, 031
2,641
59, 619
«- 2, 358
56, 720
' 2, 471
60, 393
1,945
54, 188
2,228
53, 734
55, 141
11.52
11.10
11.62
11.42
13.66
12.99
13.17
12.97
12.74
12.39
12.60
11.03
13.27
10.77
12.72
10.97
13.57
12.03
14.56
13.13
14.97
13.51
14.23
13.21
14.06
13.20
14, 238
92.3
1,113
12, 609
93.2
13, 991
91.4
1,091
2,842
12, 604
82.3
12, 445
81.1
12, 332
83.9
12, 713
83.2
13, 233
86.4
12, 646
85.8
13, 432
84.3
1,012
12, 080
••89.0
11, 977
78.0
12, 334
80.0
983
967
930
928
2.237
944
996
948
2,523
900
896
3 016
36, 469
115, 735
124, 041
922
LIVESTOCK
Livestock slaughter (Federally inspected):
621
678
627
644
591
521
656
719
586
628
762
673
Calves
_ thous. of animals.
813
1,203
1,264
1,228
1,207
1,403
1,143
1,274
1,217
1,312
1,407
1,346
1,337
1,497
Cattle
do
3,616
3,831
3,406
5,844
3,897
3,653
3,455
2,948
2,731
6, 254
5,223
5,501
Hogs
do_
3,978
1,322
1,329
1,355
1,237
1,542
1,271
1,280
1,253
1,458
1,451
1,471
1,347
Sheep and lambs
do
1,697
Cattle and calves:
2,154
2,183
2,384
2,290
2,435
2,404
1,950
2,259
3,199
2,233
2,028
Receipts, principal markets. -.thous. of animals..
3,353
2,617
100
131
161
120
154
98
157
198
395
102
145
321
621
Shipments, feeder, to 8 corn belt Statesf do_
Prices, wholesale:
22.93
24.06
23.30
21.94
25.87
27.85
22.16
29.54
28.84
29.52
29.08
29.16
29.82
Steers, beef (Chicago)
dol. per 100 lb
19.91
21.11
21.33
21.91
20.13
17.68
18.96
21.65
21.22
23.59
21.32
26.31
20.96
Steers, stocker and feeder (Kansas City). ..do
23.63
20.38
24.00
22.94
22.90
22.13
22.88
24.30
22.63
25.81
29.06
26.75
25.38
Calves, vealers (Chicago)
do
r Revised. * No quotation. 2 December 1 estimate.
8 Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.
§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The unit of measurement
for wheat flour exports was erroneously shown as thousands of bushels in the August 1947 Survey and earlier issues; the figures have been shown in thousands of barrels in all issues.
1 The total includes wheat owned by the Commodity Credit Corporation stored off farms ID its own steel and wooden bins not included in the break down of stocks.
t Revised series. The indicated grain series have been revised as follows: Crop estimate for oats, 1932-44, and rice, 1937-44; other crop estimates, 1929-44; domestic disappearance of wheat
and stocks of wheat in country mills and elevators, 1934-44; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-44; all revisions are available on request.
See p. S-27 of the August 1943 Survey for revised figures for 1941-42 for feeder shipments of cattle and calves.
®Data for June 1947 and previous months were reported by approximately 1,100 mills believed to account for about 98 percent of the industry; later data are estimated from monthly
reports of 425 mills with a daily 24-hour capacity of 401 sacks or more of flour.
SURVEY OF CUKKENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-29
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
FOODSTUFF AND TOBACCO—Continued
LIVESTOCK—Continued
Hogs:
Receipts, principal markets. __ thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. perlOOlb..
Hog-corn ratio f
bu. of corn per 100 Ib. of live hogs_.
Sheep and lambs:
Receipts, principal markets. __thous. of animals..
Shipments, feeder, to 8 corn belt Statesf
do
Prices, wholesale:
Lambs, average (Chicago) _- dol. per 100 lb_.
Lambs, feeder, good and choice (Omaha) -do
3,469
2,304
2,017
2,245
2,270
2,329
2,206
1,774
1,943
2,305
3,303
3,771
3,272
22.45
25.70
27.10
23.49
22.24
22.06
22.11
23.74
26.66
27.81
24.96
26.31
26.71
18.0
19.4
17.6
14.9
14.4
12.6
11.7
11.1
11.3
12.4
11.1
10.5
10.9
1,669
171
1,406
198
1,293
133
1,506
136
1,713
128
1,982
134
1,677
166
1,688
283
2,452
556
2,871
677
1,833
393
1,587
131
1,428
81
23.25
23.12
20.18
23.12
21.22
21.25
19.56
21.62
0)
24. 25
0)
22.75
0)
20.25
21.31
22.50
22.60
22.62
21.05
22.75
20.98
24.08
20.53
25.00
21.78
54
1,434
854
68
55
1,393
857
71
55
1,438
843
67
83
1,525
797
67
56
1,490
772
69
41
1,509
743
67
56
1,289
636
59
74
1,356
506
56
'60
1,556
480
51
48
1,740
635
58
37
1,918
'980
'71
1,762
1,143
76
51
19.45
MEATS
Total meats (including lard) :
39
Exports§
_ -.
...mil. of lb_.
1,954
Production (inspected slaughter)
do
854
Stocks, cold storage, end of month <S>cf ..do_- .
68
Edible offal<g>
do
Miscellaneous meats and meat products®
54
mil. oflbBeef and veal:
497
Exports§
thous. of lb__
Price, wholesale, beef, fresh, native steers
.384
(Chicago)
dol. per lb_Production (inspected slaughter)
thous. of lb_. 757, 702
192, 660
Stocks, cold storage, end of month ®cf
do
Lamb and mutton:
68, 215
Production (inspected slaughter)
do
17, 114
Stocks, cold storage, end of month ®cT_ __ do
Pork including lard, production (inspected
slaughter)
_.
thous. of lb__ 1, 128, 378
Pork, excluding lard:
4,184
Exports §
do
Prices, wholesale:
.509
Hams, smoked (Chicago) 0
dol. per lb._
.427
Fresh loins, 8-10 Ib. average (New York). do
Production (inspected slaughter)
thous. of lb__ 827,411
399, 473
Stocks, cold storage, end of month <8>d"
do
Lard:
25, 074
Exports §
do
.260
Price, wholesale, refined (Chicago). __dol. per lb__
Production (inspected slaughter) 1 thous. of lb__ 220, 245
122, 988
Stocks, cold storage, end of monthd -do
57
64
67
63
50
40
36
29
27
31
'42
1,062
4,915
15, 574
34, 050
28,524
18, 423
15, 261
23,880
8,254
5,417
2,360
.362
631, 697
195, 820
.371
681, 465
201, 209
.370
679, 933
175, 724
.376
705, 739
144, 538
.408
670, 038
114, 568
.434
702, 877
101, 732
.469
650, 486
106, 179
.482
749, 027
92, 781
.466
792, 883
112, 290
.466
707, 751
151, 856
.468
709, 306
' 196, 252
.479
698, 314
198, 300
57, 380
16, 554
57, 648
14, 110
60, 737
10, 808
60, 183
9,563
54, 823
9,348
53, 172
8,085
52, 007
7,837
60, 043
6,645
69, 891
11, 893
60, 790
17, 280
61, 943
' 20, 317
60 107
19 780
745, 090
653,686
697, 129
758,646
756, 848
753, 173
586, 369
547, 045
693, 312
3,316
6,587
7,173
15,010
4,649
1,955
4,401
2,884
2,412
3,226
2,400
.529
.509
555, 330
399, 317
.614
.505
484, 593
397, 794
.546
..508
521, 406
394, 421
.554
.531
561, 155
364, 531
.572
.529
556, 305
352, 814
.599
.552
550, 620
331, 746
.641
.593
438, 482
264, 124
.664
.622
417, 926
195, 896
.589
.564
539, 982
187, 971
.551
.480
759, 222
304, 851
.577
.456
867, b96
' 527, 159
38, 760
.298
138, 683
117, 557
37, 884
.338
123, 637
109, 254
28, 041
.300
128, 445
127, 680
28, 728
.198
144, 207
148,663
17,304
.195
146, 690
175, 269
14, 860
.182
148, 100
193, 736
31,046
.176
108, 114
162, 565
39, 223
.232
94, 015
125, 579
'38,286
.285
111,619
90,437
33, 522
20, 852
.302
.290
154, 639
204, 084
73, 377 ' 113, 286
.292
188, 171
133, 190
.299
27, 199
242, 485
.292
26, 255
208, 256
.275
33, 063
187, 717
.244
34, 800
171, 260
.240
40, 474
174, 627
.235
37 316
183, 024
.242
51, 774
205, 653
.236
61 637
277, 870
.216
78 087
317, 112
.265
28 083
294, 416
11,031
9,067
14, 464
14, 610
9,310
1,324
158
226
330
162
552
.418
6,171
.425
6,328
.409
6,146
.414
5,202
.434
4,539
.422
3,832
.450
3,383
.464
3 457
.455
3 291
.517
3 746
.441
4 338
508
98, 718
1,742
153, 876
3,452
202, 245
4,203
237, 303
4,268
241, 573
3,807
234, 434
2 804
216, 762
1 818
189 596
824
164, 673
POULTRY AND EGGS
Poultry:
.266
.242
Price, wholesale, live fowls (Chicago) . .dol. per lb_.
23, 641
27, 631
Receipts 5 markets
thous. of Ib
283, 825
316, 792
Stocks, cold storage, end of month d"
do
Eggs:
12, 749
' 11, 841
Dried, production*
_do
Price, wholesale, U. S. standards (Chicago)^
.378
.388
dol. per doz_.
4,813
' 4, 558
Productionf
millions
Stocks, cold storage, end of month:d"
221
287
Shell
thous. of cases
73, 564
Frozen
- - -- thous. of Ib . 80, 800
971, 957 1, 147, 168 1, 003, 276
.240
68 856
' 317, 463
r
' 196
138 192
.612
.482
745, 581
665, 093
263
121, 737
MISCELLANEOUS FOOD PRODUCTS
43,684
52,005
53,439
58, 249
36, 258
55, 919
56,850
42, 059
63, 089
Candy, sales by manufacturers
thous. of dol_.
84, 539
73, 802
76,085
61,994
Cocoa or cacao beans:
15, 382
18, 859
13, 627
20, 390
20, 376
38, 078
46, 248
12 625
Imports §
. long tons
19 598
12 645
17, 513
31 858
.282
.266
.288
.259
.280
.327
.404
!801
.345
Price, wholesale, accra (N. Y.)§
dol. per lb__
.495
.436
.510
.430
Coffee:
912
1,341
1,057
1,109
1,184
756
1,524
' 1, 452
1,570
Clearances from Brazil, total.
thous. of bags__
1,412
1.595
1,433
1,550
1,081
818
721
545
564
225
677
To United States
do.
1,018
1,117
903
1 173
1 138
1 089
1,804
2,044
1,663
1,069
973
776
2,103
1,153
Tmports§
do
1,870
1 515
2 157
1,818
Price, wholesale, Santos, No. 4 (New York)
.253
.269
.272
.256
.258
.237
.277
.264
.272
dol. perlb..270
.272
.266
.268
1,132
1,222
1,335
1,467
1,385
1,357
1,000
1,056
Visible supply, United States
thous. of bags..
1,128
1,288
1,144
1,369
1,110
Fish:
34, 868
29, 103
17, 003
15, 365
45, 805
30, 725
47, 716
Landings, fresh fish, 4 ports
thous. of lb_.
59, 746
53, 707
57, 740
97, 939
90, 158
79, 733
78, 242
70, 202
110, 611
127, 381
Stocks, cold storage, end of month
do
135, 870
132, 930
133, 844
140, 070
142, 102
112,046
Sugar:
Cuban stocks, raw, end of monthl
r
2,109
1,019
3,642
2,991
3,292
3,887
2,591
thous. of Span, tons_.
2,238
467
1,121
215
813
455
United States:
Deliveries and supply (raw value): *
Deliveries, total
short tons ' 498, 513 330, 256 624, 282 509, 612 522, 621 998, 180 826, 310 800, 184 740, 720 902, 939 586, 012 378, 341 340 760
986, 411
484, 691
598, 188
299, 237
' 481, 452
778, 978
497, 223
792, 920
730, 790
For domestic consumption
do
887, 347
580 194
366 575
336 864
31, 119
12, 389
37, 930
26, 094
11, 769
47, 332
'173,061
7,264
9,930
15, 592
For export
do
11, 766
5,818
3,896
Production and receipts:
335, 229
544, 243
568, 794
605, 349
655, 186
719, 956
605, 075
465, 489
243, 687
Entries from off-shore areas
do
459, 202
384, 783
443, 968
81, 968
22, 114
34, 590
14, 634
49, 365
16, 512
132, 019
38, 992
106, 885
Production, cane and beet
do
86, 749
534,233
636, 444
485, 709
Stocks, raw and refined, end of month
1,316
1,384
1,426
1,317
1,598
1,105
1,148
thous. of short tons..
1,001
861
911
1,904
1,407
' Revised, i No quotation. ©Prices since November 1946 are not strictly comparable with earlier data; figure for November 1946, comparable with later date is $0.545.
§ Data continue series shown hi the 1942 Supplement but suspended during the war period; unpublished data beginning October 1941 will be shown later.
cTCold storage stocks of dairy products (p. S-27) meats, poultry, and eggs include stocks owned by the U. S.Dept. of Agriculture and other Government agencies, stocks held for 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.
<8>See note in May 1946 regarding changes in the indicated series made in that issue and an earlier change beginning June 1944.
• Data are from the U. S. Department of Labor. Quotations since July 1943 have been for U. S. Standards; they are approximately comparable with earlier data for fresh firsts.
T For data for December 1941-July 1942 see note in November 1943 Survey.
*New series. Data for 1927-43 for dried eggs are on p. 20 of the March 1945 Survey. See note in April 1945 Survey for description of the new sugar series.
fKevised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions for 1913-41 will be shown later. See p. S-27 of the August 1943 Survey
or 1941-42 revisions for feeder shipments of sheep and lambs and p. 24 of June 1947 issue for 1940-45 revisions for egg production.
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
March 1948
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—Con.
Sugar— C ontinued
United States— Continued
Exports, refined sugar § . short tons. _
Imports: §
Raw sugar, total
__ do
From Cuba
do
Hefined sugar, total
do
From Cuba
do
Receipts from Hawaii and Puerto Rico:
Raw
-do
Refined
do _
Price, refined, granulated, New York:
Retailt
dol. perlb..
Wholesale
do
Te9> imports §
thous. of Ib
22, 095
15, 221
34, 027
10, 956
29,826
14,032
11, 660
8,695
' 6, 922
13, 784
7,579
10, 522
219, 672
219, 669
15, 913
15, 559
275, 488
275, 487
19, 416
19, 416
313, 067
313, 067
46, 621
46, 618
391, 051
391, 049
52, 956
52, 956
300, 783
300, 782
45, 964
45, 964
360, 344
360, 344
61, 226
61, 226
388,185
388, 184
34, 940
34, 940
346, 484
346, 484
33, 889
33, 889
257, 629
257 626
13, 009
13, 009
275, 544
275, 543
23, 477
23, 477
283, 839
282, 514
7,204
7,204
384, 959
341 283
7,497
7,497
15, 694
3
40, 692
3,802
107, 892
25, 761
136, 667
17, 444
182, 956
23, 795
234, 111
3,162
180, 095
16, 655
222, 067
10, 227
214, 590
4,750
169, 957
6,550
77, 752
2,000
33, 106
3,000
.095
.079
12, 891
.096
.080
4,105
.096
.080
11, 498
.096
.081
4,963
.095
.081
2,508
.096
.081
4,826
.095
.081
3, 438
.095
.082
1,275
.098
.082
4,597
.097
.082
5,487
.098
.082
6,665
.098
.082
5,429
55, 059
30, 930
55. 552
4,912
49, 018
5,632
33, 867
5,192
23, 102
4,848
39, 156
5,624
30, 396
5, 592
28, 707
5 258
47, 396
5 864
58, 728
6,720
40, 636
5, 808
r
.098
.080
TOBACCO
Exports incl scrap and stems §
thous. of Ib
Imports incl scrsp and sterns §
do
Production (crop estimate)
mil. of Ib
Stocks, dealers and manufacturers, total,
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured
do
IV^iscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
3,519
Tax-free*
.millions
28, 451
Tax-paid
do_ __
510,
264
Cigars (large) tax-paid
thousands
Manufactured tobacco and snuff, tax-paid
20,124
thous. of lb_.
1,438
Exports cigarettes §
millions
Price, wholesale (list; price, composite):
6.509
Cigarettes, f. o. b., destination
dol. per thous. .
Production, manufactured tobacco, total
20 107
thous of Ib
311
Fine-cut chewing
do
4,380
Plug
do
3,680
Scrap chewing
do
7,789
Smoking
do
3, 447
Snuff
do
499
Twist
do
45, 547
4,007
2, 168
2
3,553
3,187
372
253
2,774
4
370
243
2,413
' 3
338
216
2,633
3
318
210
3,114
3
38
113
36
122
34
110
32
123
3,800
3 334
r
2,713
26, 338
446, 042
3,243
26, 336
426, 785
2,805
27, 493
416, 270
2,966
25,068
473, 968
2,269
29,097
432, 527
2,333
29,549
439, 108
2,528
29,060
466, 511
2,706
29, 204
483, 288
3,527
33, 237
587, 880
2,536
27, 333
495, 401
2,997
24, 799
446, 719
27, 278
461, 398
17, 389
2,480
18, 743
2,473
19, 716
1,667
16,111
1,094
18, 792
2,294
21, 008
1,619
22, 184
1,685
24,706
1,909
25, 909
2,068
18, 144
1,580
15, 683
2,081
19, 587
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
17 712
272
3,762
3,327
6,961
2,948
442
19 212
248
3,592
3,429
8,310
3,200
434
19, 885
337
3,762
3,302
8,799
3,246
438
16,473
295
1,979
3,081
7,576
3,198
344
18, 357
326
3,001
3,211
8,500
3,007
312
21 266
303
4,756
3,467
9,345
2,968
427
22 629
306
5,002
3,661
9,881
3,341
440
24 233
332
4,892
3,975
10, 849
3,719
466
26, 251
366
5, 143
4,426
11,683
4,101
533
18 816
298
3,868
3,465
7,888
2, 883
414
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).
Imports, total hides and skins§
thous. of lb__
Calf and kip skins
thous of pieces
Cattle hides
do
Goatskins
do
Sheep and lamb skins
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers, .dol. per lb__
Calfskins, packers', 8 to 15 Ib
do
LEATHER
Exports :§
Sole leather:
Bends, backs and sides
thous. of lb._
Offal including belting offal
do
Upper leather
thous. of sq. ft__
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 bendsf
dol. per Ib
Chrome, calf, B grade, black, composite
dol. per sq.ft..
18,198
59
118
2,683
1,833
13,589
31
122
2,113
1,369
10, 781
41
31
2,715
1,052
10,830
22
29
3,299
1,318
14,017
35
51
3,039
2,013
11,991
27
30
4,283
1,386
17,490
23
38
3,421
5,410
8,523
28
42
3,076
3,806
8,950
94
29
2,686
946
13, 527
79
142
2,933
1,304
18, 561
82
186
3, 573
2,872
31,447
102
453
3,649
1,203
.238
.396
.231
.475
.228
.625
.220
.514
.223
.534
.231
.638
.262
.660
.295
.619
.301
.625
.343
.669
.375
.756
.359
.745
626
153
3,099
189
225
4,359
358
95
3,906
471
40
3,907
148
59
3,761
169
73
3,183
29
201
2,722
144
245
2,954
135
129
2,674
244
235
3,285
116
95
2,943
'52
'53
' 1, 970
1,104
2,426
2,506
3,388
1,088
2,464
2,849
3,341
1,066
2,512
2,954
2,943
1,130
2,559
3,038
2,882
1,011
2,472
3,046
2,641
1,049
2,239
3,283
2,472
887
2,126
3,302
2.426
1,069
2,261
2,995
3,095
1,106
2,302
3,374
3,411
1,125
2,630
f 3, 792
' 3, 563
899
r 2, 369
' 2, 893
' 3, 065
'941
' 2, 406
' 3, 353
2,975
.691
.659
.678
.627
.593
.593
.602
.637
.950
.958
1.017
1.015
1.007
1.069
1.214
1.218
.662
1.223
.750
1.239
.808
.813
.784
1.304
1.304
1.282
LEATHER MANUFACTURES
Gloves and mittens, production, total *
thous. doz. pairs. _
Dress and semi-dress, total
_ do
Leather
do
Leather and fabric combination
do
Fabric
. ..do. _
Work total
do
Leather
do
p7,344
2,462
' r'6,392
2,261
2,286
2,089
2,086
2,251
v 1, 623
504
581
588
510
540
1, 557
576
P366
86
87
89
'334
89
87
97
4
v 26
p23
3
8
3
9
8
491
418
412
* 1, 235
493
445
' 1, 197
' 470
p 5, 721
1,882
1,674
1,585
' 4, 835
1,776
1,675
1,546
P293
95
94
95
103
*>273
93
95
^755
230
221
205
»633
192
206
195
*
4,
673
1,374
1,557
1,461
1,276
1,261
'3,930
1, 385
Fabric
do
1
2
' Revised. »> Preliminary. No quotation.
December 1 estimate.
t See note in March 1947 Survey with regard to a change in the series in January 1946.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
*New series. For source and a description of the series for tax-free withdrawals of cigarettes and data beginning July 1943, see p. S-29 of the March 1947 Survey. The series for gloves and
mittens were first included in the May 1946 Survey; see note in that issue; data are collected quarterly only beginning the third quarter of 1947 (figures in the September and December 1947
columns are totals for the quarters).
f Revised series. The price for sole oak leather beginning in the October 1947 Survey is for packers', steers bends, union trim tannery run, vegetable tanning; earlier data will be shown later.
SURVEY OF CUEEENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-31
1948
1947
February
January
March
April
May
June
July
August
September
October
November
December
January
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES— Continued
Shoes and slippers:
Exports§
thous. of pairsPrices, -wholesale, factory :cf
Men's black calf oxford
dol. per pair.
Women's plain black kid blucher_
do
Production, total^
thous of pairs
Shoes, sandals, and play shoes except athletic,
totalthous. of pairs. By type of uppers:
All leather
do
Part leather and nonleather
_
do_ By kinds:f
Men's
_
- _ do
Youths' and boys'
do
Women's
. _
_ do
Misses' and children's
do
Infants' and babies' - . _ _
do. _
Slippers for housewear
do
Athletic
do...
Other footwear
do
464
494
537
631
535
414
429
378
358
505
430
486
6.25
4.90
41, 051
6.00
4.90
38, 255
6.00
4.90
40, 429
6.00
4.60
39, 525
6.00
4.90
36, 404
6.00
4.90
34, 131
6.30
4.90
33, 870
6.50
4.90
38, 982
6.50
4.90
40 826
6 63
4,90
46, 765
6.75
4.90
r
37 982
7.15
4.90
39 824
38, 049
35, 631
37, 766
36, 627
33, 638
31, 343
30, 875
34, 735
36, 035
40, 098
r
34, 957
3,092
33, 295
2,336
35, 690
2,077
34, 879
1,749
32, 178
1,554
29, 805
1,532
29, 728
1,091
33, 454
1,174
34, 767
1,331
38, 730
1,374
9,221
1,699
19, 024
4,871
3,234
2,475
358
169
8,591
1,533
17, 838
4,706
2,963
2,176
315
133
9,121
1,520
18, 991
5,011
3,123
2,146
357
160
9,218
1,449
18, 237
4,819
2,904
2,364
380
154
9,078
1,373
16, 279
4,389
2,519
2,257
365
144
8,297
1,495
15, 069
4,041
2,441
2,272
301
215
8,053
1,521
14, 768
3,985
2,548
2,512
308
175
8,449
1 607
17, 548
4,271
2,860
3 676
363
208
8 812
1 587
18 053
4,511
3 072
4 186
'395
210
10 350
1 815
19 242
5,277
3 414
5 936
492
239
r
32, 561
35, 777
31, 294
1 185
34, 471
1,331
'8 192
9 313
1 556
16 669
r 1 526
15 328
'4 541
r 2 974
r 4 894
'7 15
5 70
5,003
3 236
3 542
351
176
338
167
109 799
22 337
71 538
128, 161
73 249
14' 247
51 329
173, 460
LUMBER AND MANUFACTURES
LUMBER— ALL TYPES
Exports, total sawmill products§
M bd. f t _ _
Sawed timber §
do
Boards, planks, scantlings, etc.§ . _
do .
Imports, total sawmill products§
do
National Lumber Manufacturers Association:!
Production, total
mil bd ft
Hardwoods
do
Softwoods
_ do_ _
Shipments, total
do
Hardwoods_ _ _
_
do
Softwoods
do
Stocks, gross, end of month, total. .
do
Hardwoods
do
Softwoods - . _.
_ -.
do
79, 720
20, 537
54, 377
109, 414
' 2, 529
'610
'1,919
r 2, 754
'618
'r 2, 136
4,
867
r
1, 771
' 3, 096
76, 335
22, 656
51, 994
111,718
' 2, 751
'644
' 2, 107
' 2, 707
'605
' 2, 102
' 4, 914
'1,813
' 3, 101
114, 449
27, 255
• 75,676
133, 390
'2,965
'667
' 2, 298
' 2, 804
'576
' 2, 228
' 5, 077
' 1, 904
' 3, 173
88, 345
16, 610
63, 091
93, 070
' 3, 094
'681
'2,413
' 2, 955
'608
' 2, 347
' 5, 217
' 1, 977
' 3, 240
162, 633
34, 237
101, 014
' b7, 635
' 3, 333
'695
' 2, 638
' 3, 141
'691
' 2, 450
' 5, 409
'1,981
' 3, 428
131, 795
21, 339
86, 568
60, 598
' 3, 139
'700
' 2, 439
' 2, 803
'596
' 2, 207
' 5, 743
' 2, 085
' 3, 658
' 131, 226 ' 156, 607
20, 480
22 692
86, 605
97, 447
73, 073
96, 768
' 3, 284
'746
' 2, 538
' 2, 897
'660
' 2, 237
' 5, 961
' 2, 171
' 3, 790
'3 279
'796
' 2, 483
'3 269
'776
'2 493
' 6, 048
'2 191
' 3, 857
' 125 140 102 569
16 854
15 018
' 88 208 71 930
118, 356
148, 984
' 3 256
'767
'2 489
' 3 318
' 741
' 2 577
' 6 078
' 2 217
r 779
r 2 385
r 3 861
r 3 325
' 773
r 2 552
' 3 360
' 802
' 2 558
' 6 040
' 2 188
r 3 852
7 150
14, 475
7 150
6 500
3 000
6 050
14, 650
5 550
5 725
2 675
5 975
14, 775
6 150
5 3Qo
3 450
7 575
15, 800
6 300
6 600
3 250
61 549
57, 626
69 623 66? 697
10 971
47 646
52, 751
56 667
55 784
10 704
49 397
51, 135
57 886
51 013
16' 086
62 057
54, 455
61 Io2
61 894
14 605
' 2 917
' 726
' 2 191
2 763
2 719
r 3' 164
2 113
r 2 844
2 037
2 828
r 5 801
r 2 203
r 5 557
*650
641
' 2 135 r 2 018
' 3 666 ' 3 539
682
2
5
2
3
672
H6
739
140
599
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
M bd. ft
Orders, unfilled, end of month
do
Production
_
_ _ ...
do
Shipments
do
Stocks, end of month
__.
do
Oak:
Orders, new.
do
Orders, unfilled, end of month. __
do
Production
do
Shipments
do
Stocks, end of month.
_ __
do
SOFTWOODS
3,850
5,550
3,900
4,375
5,200
7,450
3,875
3,625
5,825
8,375
4,050
4,400
5,825
9,500
4,675
4,725
10, 175
1,500
1,650
1,850
1,625
1,500
43, 306
41, 523
40, 253
41, 247
34, 981
40, 157
37, 976
37, 733
43, 443
39, 970
42, 944
42, 260
43, 179
38, 418
47, 361
46, 140
7,016
5,730
5,978
6,032
5,375
4,850
4,800
47, 708
43, 122
48, 709
47, 839
7,886
5,900
6,250
6,500
5, 275
1,775
2,050
5,550
5,575
1, 950
6 075
13, 875
5 825
5 475
2 425
48, 444
44, 340
46, 985
45, 435
59, 663
58, 439
55, 629
53, 579
57, 678
58, 064
57, 996
58 126
8,314
53 535
60, 195
62 696
60 800
8 045
11, 375
5,125
4,875
8,797
12, 225
5,575
9,370
13, 325
Douglas fir:
36, 872
65, 073
38, 948
82, 594
44, 931
61, 332
Exports, total sawmill products§__
M bd. ft_67, 128
74, 432
74, 521
54, 651
68, 225
45, 946
9,364
12, 695
21, 356
28, 014
Sawed timber§
_do
15, 305
16, 583
17, 190
19, 727
14, 578
13 149
20 776
13 398
29, 584
24, 177
43, 717
54, 580
29, 626
44, 749
Boards, planks, scantlings, etc. §_ ._
do.
32 548
49,938
54, 705
59 943
47' 449
41 502
Prices, wholesale:
Dimension, No. 1, common, 1" x 4" x 16'
62. 865
59. 400
60. 885
62. 865
52. 470
62. 865
62. 865
64. 845
dol. p e r M b d . f t _ _
67. 815
67. 815
67. 815
70. 587
67. 815
Flooring, B and better, F. G., I" x 4", R.
92. 565
95. 040
86. 378
95. 040
73. 260
95. 040
101 970
L
dol per M bd ft
104 940
iin ssft
111 870
111 870
111 870
116 820
Southern pine:
17, 511
20, 159
19, 041
11,842
25, 081
Exports, total sawmill products§
M bd. ft_22, 591
21,883
16, 534
8,920
12, 753
8,715
7,738
8,214
4,341
4,441
3,623
2,007
3,444
Sawed timber§
do
1, 952
2,214
1 472
1 435
1 656
783
11, 945
13, 170
14, 600
21, 458
9,835
Boards, planks, scantlings, etc.§
do
19, 147
19, 931
14, 320
7,448
11, 097
7^280
6,955
802
832
849
793
770
834
Orders, newt
mil. bd. f t _ _
962
981
857
860
693
690
797
544
551
553
449
565
Orders, unfilled, end of monthf
do
494
641
570
626
545
501
573
574
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12't
72. 530
71. 460
67. 790
65. 694
71. 656
62. 656
dol. p e r M b d . f t . .
63. 462
67. 978
71. 127
73.311
74. 521
78.316
78. 594
Flooring, B and better, F. G., 1" x 4" x 12-14'!
124. 441
115. 550
133.862
133. 250
132. 148
dol. per M b d . f t _ _ 112. 528
130.910 134. 279 138. 150
141. 139
146. 731
149.273 150. 326
'911
'902
'895
'760
'954
'833
Production!
mil. bd. ft__
'878
'861
'799
'876
'676
755
708
'816
r 872
'830
'858
'779
'888
'789
Shipments!do
'886
'910
794
' 913
' 721
734
1,280
1,345
1,398
1,464
1,194
1,500
Stocks, end of monthf
___do
1,508
1,451
1,378
1,341
1,296
1,317
1,301
Western pine:
C-IQ
'399
'561
'474
'547
'543
'573
Orders, new! _
_
_ - _ _ do
'599
'650
'618
' 594
534
587
'292
'370
'378
'315
'273
'415
'544
Orders, unfilled, end of month f
do
'490
'568
'595
604
526
5bl
Price, wholesale, Ponderosa, boards, No. 3 com48.51
50.99
52.71
45.60
54.69
56.23
54.36
mon, 1" x 8"
dol. per M bd. ft._
55.23
59.01
63.22
61.23
61.68
63.55
'555
'360
••342
'437
'679
T 517
'671
'711
'718
Production!
mil. bd. ft
'680
'676
' 514
401
'423
'472
'441
'557
'585
567
'569
Shipments!
do
'614
'645
' 621
484.
' 629
561
876
841
839
939
933
Stocks, end of monthf
do
1,035
1,132
1,205
1,264
1,264
1,311
1,217
1,134
West coast woods:
r 730
'676
'815
'579
••650
r 694
Orders new!
.
do
'606
'531
'605
'632
FAT
' 708
572
f>QC
'708
'863
'805
Orders, unfilled, end of month
_.
do
'631
'728
r 804
'689
'852
'845
' 801
' 721
659
K"7K
'579
••568
'676
'638
'672
Production!
do
'622
' 635
' 593
' 689
' 709
' 678
r 7(55
r
795
'599
'655
'649
'643
'675
Shipments!
do
' 571
'455
' 632
fi4.Q
' 695
626
'463
'492
'488
Stocks, end of month !__.do
'483
'485
'545
'534
'583
'599
'579
r501
449
4fi9
f Revised. § Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1946 will be published later.
1 Data include Government shoes not reported separately; the classifications by kinds were revised in the October 1947 Survey to include all types (leather, part leather, and nonleather
uppers); revised data beginning 1944 for these series and additional revisions indicated in note in the September 1947 Survey will be published later. The totals for shoes, sandals etc and
the distribution by kinds include, beginning May 1947, small amounts that cannot be distributed to the all leather and part leather and nonleather classifications.
'
'
'
cf Data continue series published in the July 1944 and earlier issues of the Survey; see note in August 1947 Survey for data for June 1944-May 1946.
! Revised series. See note marked "J" above regarding revision of the shoe series and note in February 1946 Survey explaining revision in the Southern pine price series. The lumber
series revised above for 1947 have been revised also for 1946, to adjust the monthly series to census annual production figures for 1946, and there have been unpublished revisions in the earlier data
for the lumber series as indicated in notes in the July 1947 and April 1946 issues; all revisions will be shown later.
SURVEY OF CUKEENT BUSINESS
S-32
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1948
1947
January
February
March
April
May
June
August
July
September
October
November
December
January
LUMBER AND MANUFACTURES—Continued
SOFTWOOD PLYWOOD
Production*
thous. of sq. ft., H" equivalent.. 140, C58
Shipments*
_ _ . _. do __ r 136, 048
•Stocks, end of month*
do
30, 712
129, 622
127, 658
31, 995
139, 779
140, 457
32, 146
148, 027
143, 295
35, 591
142,070
141, 491
35, 618
139,623
142, 975
31, 481
107, 574
102, 457
35, 937
139,369
136, 471
37, 600
146,985
146, 701
38,086
170, 325 ' 144, 637
161, 648 ' 148, 494
44, 279 ' 40, 340
150, 538
158, 842
31, 479
567, 395
10, 717
15, 269
3,917
579, 053
15,053
14,953
1,828
651, 003
27,094
13, 579
2,025
614, 723
14,057
18, 408
6,884
634, 446
26, 702
18, 934
3,789
156, 567
150, 748
36, 674
METALS AND MANUFACTURES
IRON AND STEEL
foreign trade: §
Iron and steel products (excl. advanced mfrs.):
Exports (domestic), total
short tons
Scrap
do
Imports total
do
Scrap
do
r
549, 138
8,381
17, 491
1,690
481, 247
4,694
20, 305
1,511
637, 754
9,082
17, 439
3,058
641, 931
10, 160
15,090
3,478
657, 924
18, 175
15, 728
2,184
630, 731
29, 579
19, 400
3,410
r 571, 777
20,528
21, 733
2,426
4,900
2,717
2,183
2 886
1,063
1,823
4,503
2,406
2,097
3 032
1,061
1,971
5,136
2,689
2,447
3 366
1,109
2,257
5,142
2, 653
2,489
3 920
1,136
2,784
5,292
2,744
2,548
4 082
1,133
2,949
5,184
2,560
2,624
4 067
1,303
2,764
4,752
2,384
2,368
4 096
1,257
2,839
4,826
2,561
2,265
4,369
1,295
3,074
4,898
2,460
2,438
4 525
1,436
3,089
5,484
2,865
2,619
4,489
1,475
3,014
5,176
2,643
2,533
4 449
1,442
3,007
2,698
1,251
7,135
2,591
1,322
8,404
2,846
1,425
9,825
6,575
7,216
9,212
10, 981
11, 755
8,438
11,643
12, 499
7,582
13, 127
14, 069
6,608
12,819
13,533
5,895
11,336
11, 865
5,367
10, 108
10, 780
4,695
6,043
6,306
4,432
2,972
1,879
5,528
6,264
0
6,638
12, 122
33, 896
30,397
3,499
6,492
10,685
38, 370
34, 065
4,305
7,151
9,785
41, 641
36, 852
4,789
6,970
537
7,057
36, 095
31, 749
4,346
29, 081
25, 205
3,877
Iron and Steel Scrap
•Consumption total*
thous of short tons
Home scrap*
do
Purchased scrap*
do
Stocks consumers' end of month total*
do
Home scrap*
do
Purchased scrap*
do
Ore
Iron ore:
All districts:*
Production
thous of long tons
Shipments
do
Stocks end of month
do
Lake Superior district:
Consumption by furnaces
_ do
Shipments from upper lake ports
do
Stocks, end of month, total
do
At furnaces
_.
do__ _
On Lake Erie docks
do
Imports §
do
Manganese ore, imports (manganese content) §
thous of long tons
30, 514
26, 744
3,770
24, 317
20, 938
3,379
6,885
10, 373
17, 618
15,541
2,078
6,500
11,457
21, 746
19, 594
2,152
6,156
12, 614
28, 440
25,677
2,764
198
6,579
4,448
13, 555
11, 738
1,816
223
6,979
0
17,411
14, 755
2,656
229
439
479
576
597
580
573
7,068
5,877
43,010
38, 195
4,816
451
76
45
32
66
46
38
56
48
45
42
44
25
1,078
1,010
583
2,987
1,090
634
2,979
1,097
637
2,908
1,097
633
2,783
1,038
1, 025
1,154
654
2,669
1,066
1,064
2,631
591
2,680
1,020
2,711
913
519
2,675
952
551
3,021
34, 517
259, 764
75, 898
42, 414
55, 938
274, 018
'74,683
41, 684
50, 194
280, 724
r 76, 602
43, 488
41, 994
275, 415
81. 890
47, 303
«• 29, 006
262, 117
* 75, 488
r 42, 304
31, 972
248, 798
78, 524
45, 291
26, 591
234, 656
64, 162
40, 733
r 33, 208 r 28, 706
218, 276
229, 708
'r 62, 395 71, 568
38, 156
40, 138
r 40, 105
' 210, 675
' 83, 976
r 47, 706
«- 35, 804
206, 510
72, 111
39, 969
39, 940
202, 408
77, 757
44, 042
49, 159
205, 759
77, 744
45, 808
36.20
37.53
36.50
5,177
38.88
40.28
39.50
5, 194
7,024
0
263
297
Pig Iron and Iron Manufactures
Castings, gray iron:*
Shipments, total
thous. of short tons
For sale.
__ __ _
do
Unfilled orders for sale
do
Castings, malleable iron:d*
Orders, new, for sale
short tons
Orders, unfilled, for sale
do
Shipments, total
do
For sale
do
Pig iron:
Consumption*
thous of short tons
Prices, wholesale:
Basic (furnace)___
dol. per long ton-Composite
do
Foundry, No. 2, f. o. b. Neville Island*. _do
Production*
thous. of short tons
Stocks (consumers and suppliers'), end of month*
633
597
r
562
2,687
5,037
4,467
5,015
4,804
4,982
4,842
4,507
4,850
4,745
5,254
4,912
30.00
30.86
30.50
5,087
30.00
30.86
30.50
4,550
33.00
33.55
33.50
5,123
33.00
33.81
33.50
4,830
33.00
33.81
33.50
5,081
33.00
33.81
33.50
4,810
34. 20
35.08
34.70
4,585
36.00
37.2]
36.50
4,917
36.00
37.21
36.50
4,801
36.00
37.28
36.50
5,228
36.00
37.32
36.50
5,015
674
735
777
741
748
769
887
831
828
769
759
588
2,782
584
2,803
Steel, Crude and Semimanufactures
Steel castings:f
148, 124
148, 358
141, 068
137, 457
120, 405
144, 175
139, 031
116, 956
125, 612
134, 909
130, 125
140, 874
139, 029
Shipments, total
short tons
110, 970
102, 913
111, 288
88, 719
103, 888
85, 014
108, 282
103, 779
92, 822
97, 143
99, 701
106, 127
101, 140
For sale, total. _
do
22, 584
34, 919
30, 452
31, 879
21, 280
25, 835
35, 129
32, 967
29, 185
28, 850
28,212
27, 125
28,699
Railway specialties
do
Steel forgings, for sale:*
593, 660
593, 838
626, 227
633, 467
630, 925
618, 155
585, 818
662, 579
617, 247
Orders, unfilled, total
_do .. 723, 158 713,909 717, 428 698,615
529, 817
495, 947
526, 392
492, 808
517, 307
494, 933
544, 058
519, 760
518, 261
586, 992
591, 558
570, 130
581, 337
Drop and upset
do
99,835
97, 713
98,905
113, 707
132, 572
100, 848
98, 986
128, 485
118, 521
101, 108
93, 010
131, 600
130, 436
Press and open hammer
do
98,009
92, 352
116, 798
118, 534
108, 804
123, 830
111,004
115, 456
121, 475
115, 743
110, 446
103, 740
116, 074
Shipments, total
do _
69,639
86, 911
91, 228
83, 743
76, 839
79, 219
79, 061
78, 560
90, 076
85, 729
80, 761
70, 316
89, 677
Drop and upset
_ _ __
_
do
29,685
31, 399
31, 713
29,887
32, 602
28,370
32, 444
30, 014
22, 036
28, 857
29,585
37, 013
26, 901
Press and open hammer
do
Steel ingots and steel for castings:
7,043
6,982
6,969
7,307
7,366
7,233
6,789
7,560
7,213
6,422
7,329
6,570
Production
thous. of short tons
7,473
94
95
98
85
94
96
90
93
92
95
93
91
94
Percent of capacity t_ _ ._
_
Prices, wholesale:
.0329
.0329
.0329
.0329
.0360
.0360
.0329
.0329
.0329
.0360
.0360
.0360
Composite, finished steel
dol. per lb_.
.0368
Steel billets, rerolling (Pittsburgh)
42.00
45.00
45.00
42.00
42.00
42.00
42.00
42.00
45.00
45.00
42.60
45.00
dol. per long ton. .
45.00
.0280
.0250
.0250
.0280
.0280
.0280
.0250
.0250
.0250
.0250
.0256
Structural steel (Pittsburgh)
dol. per lb._
.0280
.0280
33.05
39.88
38.75
31.63
39.13
40.50
29.75
29.25
30.88
36.95
Steel scrap (Chicago)
dol. per long ton..
36.69
38.90
39.56
' Revised.
cfSince May 1944 the coverage of the malleable iron castings industry has been virtually complete; see note in the February 1947 Survey for further information.
§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in long tons in that volume); data for
October 1941-September 1946 for total imports of iron and steel products and for October 1941-February 1945 for other series will be published later. The 1945-46 data for imports of iron and
steel products shown in the November 1947 Survey and earlier issues erroneously include ores and alloying metals other than ferroalloys.
tFor 1948, percent of capacity is calculated on annual capacity as of Jan. 1, 1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of Jan. 1,1947, 91,241,000 tons.
*New series. For data beginning September 1941 for softwood plywood see p. 16 of the September 1944 Survey. For description of the series on scrap iron and steel and 1939-40 data, see
note marked "*" on p. S-29 of the November 1942 Survey. The series for iron ore, all districts, are from the Department of the Interior, Bureau of Mines, and cover the entire industry, monthly
data beginning 1943 and earlier annual totals will be shown later. Data for 1943-45 for gray iron castings are shown on p. 24 of the January 1947 Survey. For pig iron consumption and stocks
for 1939-40 and a description of the series, see note marked "*" on p. S-29 of the November 1942 Survey. The series on pig iron production is approximately comparable with data in the 1942
Supplement (data in that volume are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survey for further information and data for 1941-42. The pig iron price series
replaces the Pittsburgh price shown in the Survey prior to the April 1943 issue. For 1945 data for steel forgings see note on p. S-32 of the March 1947 Survey; data for total shipments, including
shipments for own use, and steel consumed have been discontinued.
tRevised series. Data for steel castings are estimated industry totals; see note on p. S-32 of the July 1946 Survey for comparable figures beginning January 1945.
SURVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-33
1947
January
February
March
April
May
June
1948
July
A
^ust 1 tember
October
November
December
January
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
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..
Cans, metal (in terms of steel consumed):*
Shipments (for sale and own use), total
short tons. _
Food
.. *-. do
Nonfood
do
Shipments for sale
_-do
Commercial closures production*
millions
Crowns production*
thousand gross _
Steel products, net shipments:©
Total
thous. of short tons..
Merchant bars
do
Pipe and tubes
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
15, 501
2,327
2,317
27
15, 867
2,064
2,066
25
14,976
2,291
2,292
25
14, 542
2,455
2,455
25
14,370
2,303
2,306
21
13,612
2,244
2,242
23
13, 255
2,188
2,185
26
12, 340
2,208
2,212
22
11, 294
2,210
2,201
31
' 10, 946
2,304
2,305
29
10, 450
2,064
2,075
18
12, 461
2,388
2,385
21
12, 191
2,236
2,239
18
1,414
1,392
1,343
1,265
1,421
1,348
' 1, 366
' 1, 335
1,428
1,212
1,904
1,345
' 1, 620
' 1, 563
' 1, 434
' 1, 452
1,245
1,417
' 1, 167
1,331
1,202
1,176
1,388
1,276
1,106
1,102
174,900
129, 914
44,986
138, 213
1,426
27, 603
157, 765
111, 154
46,611
123, 768
1,154
24, 136
179, 924
125,683
54, 241
142, 661
1,174
26, 265
204, 678
139, 536
65, 142
160, 107
1, 083
27, 219
207, 208
145, 830
61,378
165, 085
984
25, 058
232, 612
168, 249
64, 363
193, 275
845
24, 261
309, 659
235, 856
73, 803
275, 571
781
27, 377
387, 817
315, 028
72, 789
344, 269
890
27, 229
354, 726
278, 488
76, 238
310, 982
949
30,019
5,063
525
467
468
227
1,202
126
146
362
248
420
4,626
474
428
445
191
1,093
116
136
334
229
364
5,304
558
502
527
181
1,275
132
144
390
293
396
5,446
549
518
555
206
1,274
141
151
392
318
425
5,442
561
535
579
204
1,274
142
150
382
305
425
5,264
501
527
563
205
1,225
138
141
364
308
407
4,975
493
480
464
199
1,181
116
131
357
324
335
5,278
534
517
540
190
1,199
136
135
371
336
393
5,119
484
497
495
182
1,224
136
142
360
304
410
5,682
555
550
589
214
1,343
151
157
399
349
454
5,217
494
534
513
209
1,264
126
137
353
328
400
5,613
521
558
591
211
1,352
134
149
380
370
405
108, 795
166,616
157,437
129, 133
189, 615
173, 706
181,999
164, 098
163, 480
118, 658
134, 148
133, 995
.0775
.0755
.0725
.0719
.0667
.0444
.0440
.0600
.0617
.0625
.0625
.0670
.0711
167.0
40.7
' 126. 4
'96.5
.275
161.7
37.8
r
124. 0
'96.7
.275
158.6
42.3
'116.5
'91.1
.289
152.3
41.7
110.7
'83.4
.289
144.1
37.4
' 106. 8
'81.7
.293
124.8
33.0
'91.9
'70.5
.300
121.7
30.2
'91.4
'72.1
.296
132.2
30.4
'101.8
'82.5
.296
155.1
35.9
'119.3
'98.1
.296
187.1
40.5
' 146. 9
' 120. 4
.296
167.8
34.7
133.2
108. 0
.296
175.6
37.5
138.1
110. 3
.296
177.9
38.3
139.6
109.7
.296
14, 921
26, 261
12, 340
13, 921
9,715
4,206
.1927
11,018
26, 114
8,784
17, 330
7,805
9,525
.1935
13, 462
26, 291
6,944
19, 347
12, 158
7,189
.2091
11, 721
23, 203
7,989
15,214
9,754
5,460
.2123
14, 020
40, 138
3,233
36, 905
25, 099
11,806
.2211
17, 254
52, 527
4,115
48, 412
32,993
15, 419
.2135
14, 569
37, 524
3,519
34, 005
18, 796
15, 209
.2123
21, 606
44, 185
2,492
41, 693
24, 679
17, 014
.2123
18, 337
41, 596
3,338
38, 258
26, 620
11, 638
.2123
19, 295
44, 045
5,286
38, 759
18, 515
20, 244
.2121
22, 497
36, 902
4,864
32, 038
21, 694
10, 344
.2120
19,837
54, 513
1,251
53, 262
29,612
23, 650
.2120
.2120
i 78, 313
i 96, 729
U51,948
196,515
74, 560
97, 598
122,- 157
88, 368
84, 445
95, 964
123, 382
83, 736
89, 093
104, 596
117,557
86, 496
91, 275
108, 536
118, 120
84, 560
82, 334
103, 474
116, 678
82, 542
79, 152
94, 610
109, 822
77, 773
83, 301
88, 122
96, 374
77, 212
83, 922
92, 146
95, 640
80, 113
76, 815
108, 277
112,310
74, 507
72, 534
97, 525
106, 232
66, 622
' 80, 954
108, 816
113, 446
76, 035
82, 516
102, 314
118, 855
71, 533
18, 113
23, 058
13, 030
21, 099
14, 261
14, 132
27, 416
23, 706
' 32, 772 ' 32, 452
34, 269
33,688
' 29, 106
31, 877
' 30, 597 ' 30, 647
32, 271
32, 081
' 32, 512
33, 780
30, 618
31, 600
30, 567
34, 797
32, 019
.1500
51, 481
47, 903
55, 034
24, 809
.1500
' 49, 337
' 45, 538
' 52, 354
' 21, 787
.1500
51, 392
47, 421
52, 563
20, 616
1,439
2,443
.8000
2,566
4,855
.8539
.9400
19, 140
5,659
33, 415
10, 392
9,160
4,321
48, 332
12, 939
10, 084
47,790
.1050
69, 682
79, 789
59, 154
69, 166
.1050
70,996
72, 151
61, 258
68, Oil
213, 973
278, 806
193, 731
137, 225
76, 748
85, 075
' 240, 728 182, 411
858
1,064
32, 869 ' 30, 872
253, 684
170, 098
83,586
222, 887
949
28, 430
NONFERROUS METALS AND PRODUCTS
Aluminum:
Imports, bauxite!
long tons..
Price, wholesale, scrap castings (N. Y.)
dol. per lb__
Aluminum fabricated products, shipments, total*
mil. oflb._
Castings*
- do.. Wrought products total*
do
Plate, sheet, and strip*
- do _ _ _
Brass sheets, wholesale price, mill
dol. per lb_.
Copper:
Exports, refined and manufactures! short tons
Imports, total!
-- do
For smelting refining, and export!
do
For domestic consumption, total!
do
Unrefined, including scrap!
do
Refined!
-- -do
Price, wholesale, electrolytic (N. Y.)..dol. per lb._
Production:d*
Mine or smelter (including custom intake)
short tons..
Refinery
_
do
Deliveries, refined, domesticcf 1
do. _.
Stocks, refined, end of montho" - do
Lead:
Imports, total, except mfrs. Qead content) !_do
Ore (lead content):
Mine production*
do
Receipts by smelters, domestic ore:cf
do
Refined:
Price, wholesale, pig, desilverized (New York)
dol. per Reproduction, totalcf
short tons
Primaryf
do
Shipments cf
do
1
Stocks, end of monthd
_
. d o
21, 105
12, 405
18, 898
18, 585
' 31, 066
30, 907
' 29, 817
32, 157
' 32, 134
36, 328
' 32, 979
37, 581
.1293
45, 629
42, 506
44, 888
48,826
.1318
44, 053
41,210
49, 638
43, 233
.1496
51, 239
46, 699
52, 465
41, 990
.1500
53, 424
48, 995
50, 568
44, 834
.1500
53, 822
49, 984
50, 482
47, 233
.1500
45, 235
41, 505
54, 627
37, 836
.1500
46, 012
42, 536
51, 989
31, 290
.1500
46, 409
43, 725
46, 646
31, 048
.1500
46, 827
43, 545
43, 483
34, 385
.1500
50, 248
46, 919
56, 247
28, 370
Imports:!
1,774
3,011
0
1,409
694
3,937
8,350
Ore (tin content)
long tons__
2,596
2,989
1,745
419
54
1,285
60
33
443
2,105
3,406
Bars, blocks, pigs, etc
.
do
3,429
6,470
.7000
.7000
.8000
.7000
.8000
.8000
Price, wholesale, straits (N. Y.)
.dol. per lb_.
.8000
.8000
.8000
.8000
Zinc:
19, 911
34, 914
27, 216
43, 169
33, 853
31, 601
41, 030
29, 364
Imports, total (zinc content)!
short tons..
22, 061
33, 645
5,842
22, 482
5,441
6,367
11, 534
10, 083
For smelting, refining, and export!
do. _
9,025
8,430
562
1,510
For domestic consumption:!
6,981
24, 439
6,793
13, 940
18, 847
15, 228
26, 406
17, 842
14, 953
Ore (zinc content)
- - - do
27, 295
5,639
6,909
7,088
13, 289
4,923
4,839
3,092
Blocks, pigs, etc
do_ _.
5,599
5,598
5,788
57,902
54,606
51, 338
55, 295
57, 328
60, 879
Mine production of recoverable zinc*
do .
46,526
46, 817
47,700
50,296
Slab zinc:
Price, wholesale, prime Western (St. Louis)
.1050
.1050
.1050
.1050
.1050
.1050
dol. per lb__
.1050
.1050
.1050
.1050
73, 891
72, 332
65, 198
73, 970
75, 376
70, 990
69, 128
Productiond"
short tons
66, 852
67, 867
71, 745
74, 795
76, 074
72, 243
70, 803
75, 788
63, 527
59, 737
Sbipmentscf
do. __
89, 314
129, 046
92, 549
67, 211
65, 356
67, 325
58, 827
61, 715
52, 390
Domesticcf
do
44,801
57, 564
52, 122
50, 558
162, 049
173, 337
162, 461
166, 864
163, 697
174,327 I 183, 718
Stocks, end of monthcf
- - do
79, 273
161, 256
136, 574
' Revised. ® Beginning 1943, data have covered the entire industry, * See note marked " *•".
Jit is believed that data beginning 1945 represent substantia lly the ent ire industr y; in prew£ir years the coverage ^tvas about { )0 percent.
OTotal shipments less shipments to members of the industry for further conversion; data prior to 1944 were production for sale..
§Data continue series publis
lished in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
total imports of zinc and imports of zinc ore, and data beginning March 1945 shown in previous issues, have been revised to correct an error.
'
'
r
r
.1108
71, 505
84, 431
64, 605
55, 085
The data shown above for
include de
._
^
^
1944 for these series, and also for the indicated lead and zinc series, see p/24 of'the June 1944 Survey. Total shipments of zinc include for August-October 1947 shipments for Government
account in addition to shipments to domestic consumers and export and drawback shipments.
*New series. See note marked " * " on p. S-33 of the February 1947 Survey for description of the data on aluminum fabricated products and reference to 1945 figures for the total; data prior
to 1946 for the detail will be published later. Data for closures, crowns, and metal cans are compiled by the Bureau of the Census and cover all producers; for data for 1943 to 1945 for metal cans
see p. 24 of the December 1947 Survey; data prior to 1946 for closures and crowns will be shown later. Data for mine production of lead and zinc are from the Department of the Interior, Bureau of Mines, and are practically complete; monthly figures beginning July 1941 and earlier annual totals will be shown later.
fRevised series. Data shown above and data from the beginning of 1946 in earlier issues include production from both domestic and foreign ore; the 1946-47 data are incorrectly shown in
the October 1947 and earlier issues as production from domestic ore which is no longer reported separately. Some secondary material is included insofar as it enters into base bullion and loses
its identity.
*
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, EXCEPT ELECTRIC
Boilers, radiators and convectors, cast iron:§
Boilers (round and square) :
29, 452
28, 849
26, 003
27, 982
Production
_ . _ thous. oflb
26, 073
25, 326
23, 782
24, 294
Shipments
do
41, 461
44, 984
38, 082
35, 861
Stocks, end of month
do
Radiation:
4,862
4,820
4,168
4,619
Production.
_thous. of sq. ft..
4,441
4,597
4,200
4,065
Shipments
do
2,899
2,675
2,254
2,256
Stocks
do
67, 140
66, 597
60, 821
78,
400
Boilers, range,
shipments*
_
_
number
0
Oil burners:
11, 795 1-10,338
118, 308
87, 872
Orders new net
do
968, 114
1, 008, 813 1, 045, 876 1, 077, 832
Orders unfilled, end of month
do
99, 380
96, 694
81, 245
81, 439
Shipments
do
14,
745
13, 337
11,
903
10,
487
Stocks end of month
do
Stoves and ranges, domestic cooking, exc. electric:*
305,
406
*
313,
694
281,
510
299,
947
Production, total
_
_
number
49, 288
46, 175
40, 411
39, 317
Coal and wood
do
210,
406
203,
631
188,
387
203, 268
Gas (incl bungalow and combination) do
55, 600
54, 000
52, 712
57, 362
Kerosene gasoline, and fuel oil
do
416, 216
388, 957
360, 150
467, 577
Stoves domestic heating production total* do
97, 264
95, 063
89, 049
131, 053
Coal and wood*
do
159, 496
175, 282
139, 879
160, 936
Gas*
_
do
145, 871
132, 197
131, 222
175, 588
Kerosene gasoline and fuel oil*
do
Warm-air furnaces (forced air and gravity air flow),
60, 196
55, 297
66, 308
76, 537
shipments, total*
number.
14, 209
14, 562
23, 944
28, 954
Gas*
_
do
17, 552
22, 683
22, 050
14, 980
Oil*
do
22,
951
19, 038
24,
812
32,
603
Solid fuel*
do
282, 408
244, 626
270, 843
293, 315
Water heaters nonelectric shipments*
do
29, 528
23,185
51, 327
25, 838
26, 342
50, 824
20, 506
21,045
50, 285
25, 175
28,469
46, 991
29,080
30, 464
45, 607
33, 090
37, 059
'1, 638
29, 381
31, 372
39, 749
28,583
' 28, 583
39, 749
29,954
22,744
46, 959
4,984
4,746
3,137
64,415
4,472
4,698
2,909
55,220
4,302
4,032
3, 179
48, 454
4,073
4,540
2,712
52, 967
4,749
4,786
2, 675
51, 986
5,863
5,980
2,558
56, 372
5,217
5,247
2,528
' 46, Oil
5,201
5,388
2,341
43, 230
5,406
5,168
2,632
5,959
874, 902
99, 171
15, 392
34, 963
804, 608
105, 257
18, 924
1, 650
703, 704
102, 554
22, 657
85, 573
666, 633
122, 644
20, 335
37,582
576, 254
127, 961
20, 462
288, 178
44. 814
193, 684
49, 680
412, 517
92, 349
157, 716
162, 452
287, 697
39, 373
202, 954
45, 370
446, 533
90, 728
175, 940
179, 865
256, 785
36, 126
179,647
41,012
477, 651
103, 459
186, 412
187, 780
259, 863
36, 945
186, 231
36, 687
559, 473
109, 048
216, 767
233, 658
290, 760
35, 631
213, 436
41, 693
691, 341
142, 698
254, 517
294, 126
331, 756
34, 603
256, 241
40, 912
785, 087
169, 468
293, 879
321, 740
r 285, 127
283, 113
' 31, 323 30, 635
r
215, 849
210, 051
' 37, 955 r 42, 427
r
61
9,
948
573
162
r
124, 375
93, 618
r
264, 904 265, 706
r
230 669
213 838
54, 864
9,876
24, 631
20, 357
210, 487
54, 985
9,669
25, 128
20, 188
192, 372
56, 498
9,569
21, 757
25, 172
197, 485
80, 891
13, 563
32, 480
34, 848
217, 966
90, 210
15, 214
34, 286
40, 710
210, 350
108, 419
19,632
36, 739
52, 048
229, 169
' 72, 629 67, 642
13, 522
15, 306
r
28, 324
27, 791
r
24,012
31,316
r
185 924
174, 801
1-4, 421 rf— 58,225
3 127
443, 385 r 304, 238 r 249, 237
' 80, 922 ' 58, 128
128, 448
r
20, 493
25, 513
36 106
MACHINERY AND APPARATUS
Blowers, fans and unit heaters:
Blowers and fans new orders
thous of dol
Unit heater group, new orders
do
Foundry equipment:
New orders net total
1937-39=100
New equipment
do
Repairs
_ _ _ do
]VTachine tools shipments*0
thous of dol
Mechanical stokers, sales:
• Classes 1, 2 and 3
.
number
Classes 4 and 5:
Number
_
_
Horsepower
_
Pumps and water systems, domestic, shipments:*
Domestic hand and windmill pumps. _ .number..
Water systems, including pumps, total
do
Jet*
do...
Nonjet*
do
Pumps, steam, power, centrifugal and rotary, new
orders..
thous. of dol__
Scales and balances (except laboratory), shipments,
quarterly*
thous of dol
Sewing machines, heads, production:*
Industrial
number
14, 953
7,216
8,452
7,912
10, 234
6,059
10 985
9,677
513.4
466.9
665.0
26, 542
521.9
472.5
682.9
26, 765
573.8
532.3
709.5
29, 012
512.1
445.9
727.9
26, 857
548.6
525.9
623.0
25, 791
649.9
658.9
620.7
24, 383
458.7
426.1
565.3
18, 924
468.9
411.3
656.8
18, 520
455.1
393.1
657.7
22, 285
520.0
438.2
786.7
27,545
370.1
286.1
643.1
24 566
521.1
467.8
694.6
28, 873
4,282
2,306
3,598
4,061
5,281
5,851
7,092
9,041
9,838
8,194
3,728
2,492
2,499
215
54, 852
177
52, 705
280
56, 661
174
57, 563
170
£2, 981
270
63, 168
380
81, 269
398
97, 752
345
80, 640
273
52, 523
208
51, 603
230
50, 946
170
65, 125
26, 737
59, 545
31, 125
28, 420
28, 310
64, 455
33, 930
30, 525
36, 261
62, 586
32, 773
29, 813
36, 578
70, 792
35, 671
35, 121
38, 745
61, 045
29, 173
31, 872
36, 946
54, 300
21, 564
32, 736
23, 561
56, 183
26, 015
30, 168
21, 101
61, 559
28, 150
33, 409
26, 618
63, 181
28, 580
34, 601
36, 213
' 73, 688
'r 32, 005
41, 683
30, 292
56, 936
25, 130
31, 806
40,363
60, 737
27, 789
32, 948
42, 896
62, 758
29, 079
33, 679
3,428
3,506
3,464
3,638
2,973
2,699
3,148
3,843
3, 355
3,475
2,673
3,480
3,819
11, 938
10, 089
12, 506
11, 368
11, 687
14, 002
11, 835
11, 638
11, 575
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
r
1,798
1,868
1,873
2,073
1,737
1,601
1,509
1,433
2,854
2,415
2 413
number*
thousands
2, 597
2,683
Domestic electrical appliances, shipments:
327, 528
341, 360
343, 229
279, 219
293, 465
330, 675
265, 790
296, 570
347, 601
Vacuum cleaners, total*..
number.
321, 515
330, 426
329, 986
272, 927
318, 094
280, 585
279, 237
258, 892
328, 630
359, 040
Floor
_ _ _ _
_ _ _ d o _
373, 254
350, 341
6,013
13, 243
6,292
10, 934
12, 581
6,898
12,880
17, 333
18, 971
Hand
do
290, 397
314, 705
320, 969
255, 611
313, 724
259, 233
279, 229
354, 094
281,826
Washers*
do
397, 113
365, 579
351, 152
358, 445
Electrical products:f
405
352
405
373
361
388
324
320
350
381
Insulating materials, sales billed
1936=100..
345
394
459
308
Motors and generators, new orders
_ do
Furnaces, electric, industrial, sales:
6,514
8,854
3,341
3,586
7,528
5,060
5,298
Unit
kilowatts
4,464
4,465
6 378
3 344
26 435
551
1,079
389
476
789
308
432
354
565
Value
_
_ _ thous. of dol. .
677
350
1*831
4,859
4,092
4,471
4,687
4,550
4,002
3,619
4,150
Laminated fiber products, shipments
do
4,150
4,397
3,812
4,205
4,221
Motors (l-200h. p.):c?
29, 589
32, 668
Polyphase induction, billings
do
30, 280
32 451
_
_
_
_
_
_
_
____
38, 332
31 849
Polyphase induction new orders
do
22 {328 _ _ _ _ _ _ _ _ _ _ _ _
29 534
____
___,_
4,359
4 821
Direct current billings
do
4 }35
5*834
5,318
5,155
Direct current new orders
_
do
4 118
5 790
Rigid steel conduit and fittings, shipmentsf
20,088
21, 110
22, 141
18, 757
18, 297
22, 218
short tons..
20, 821
19, 745
23, 638
23, 664
25, 319
22, 336
20, 882
Vulcanized fiber:
4 352
4,598
4,824
5,004
4,771
4,488
5,086
4 582
Consumption of fiber paper
> thous. of Ib
5,124
4 820
5 442
5 107
5 065
1,744
1,757
1,791
1,758
1,942
1,425
1,625
Shipments
thous. of dol__
1,559
1. 599
1.731
1.486
ll 457
l!.540
r
Revised.
i Cancellations exceeded new orders.
§See p. 24 of the January 1947 Survey for available data for 1942-45 for cast-iron boilers and radiation; these series continue data published in the 1942 Supplement.
•See notes on the indicated items on p. S-33 or S-34 of the September 1947 Survey for source and coverage of data for vacuum cleaners and coverage of the data for oil burners, mechanical
stokers, and pumps and water systems. Data for washers are from the American Washer and Ironer Manufacturers' Association and beginning January 1947, are estimated industry totals
based on reports representing around 92 percent of the total; earlier data cover only companies reporting to the Association; comparison with total industry shipments compiled by the Bureau
of the Census for January-September 1946 indicates that data for this period represented about 97 percent of the industry; information is not available at present on the coverage of data for the
latter part of 1946.
cfBeginning 1947 data for motors are collected quarterly and data shown are quarterly totals; the 1947 data for polyphase induction motors include 6-7 companies and for direct current
motors 2-3 companies which did not report prior to 1947; information regarding the effect of these additions on the comparability of the data is not available at present.
*New series. Data for range boilers, stoves and ranges, warm-air furnaces, water heaters, sewing machines and scales and balances are compiled by the Bureau of the Census and are complete, or practically complete; data for 1943-45 for domestic heating stoves are shown on p. 20 of the April 1947 Survey; data prior to 1946 for the other series will be shown later (data beginning
March 1944 for total shipments of warm-air furnaces are available in the May 1945 Survey). For source of data on machine tool shipments and reference for 1940-42 data, see note on p. S-34 of
February 1947 Survey and for data beginning August 1942 for automotive replacement battery shipments, see p. S-31 of November 1943 Survey.
fRevised series. See note in February 1947 Survey regarding unpublished revisions in the indexes of new orders for motors and generators and sales of insulating materials; the index for
motors and generators is now computed on a quarterly basis and represent quarterly totals. Data on rigid steel conduit and fittings were revised in the July 1946 Survey (see note in that issue).
SURVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
S-35
1947
January
February
March
April
June
May
1948
July
August
October
September
November
December
January
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulp wood:*
1,523
1,714
1,666
1,702
1,647
1,634
1,675
Consumption
thous. of cords (128 cu. ft.)
1,559
1,744
1,589
1,679
' 1, 605
1,731
1,709
1,861
1,465
1,819
1,430
Receipts
_
.
do
1,683
1,958
1,901
1,826
1,908
1, 4'80
' 1, 613
1,807
3,814
4,153
4, 255
4,035
3,767
Stocks end of month
do
3,816
4,437
4,161
4, 567
4,736
4,795
' 4, 566
4,640
Waste paper:*
678, 241
620, 667
684, 637
668, 727
693, 879
648, 768
607, 061
650, 690
Consumption
short tons
684, 375
635, 597 ' 625, 971 674, 499
638,318
657, 165
587, 481
711, 509
667, 975
697, 152
629, 114
656, 684
615, 155
643, 222
Receipts
do
735, 250
638, 505 ' 633, 122
616, 882
492, 702
458, 826
435, 411
475, 915
473, 917
481,911
482, 392
462, 248
512, 880
Stocks
do
514, 039 ' 521, 019
467, 651
460, 761
WOOD PULP
6,475
9,534
13, 140
14, 161
7,951
7,244
13, 358
11,928
Exports, all grades, total§
do
11,603
16,090
10, 334
8,278
141, 995
148,921
167, 977
175, 067
160, 791
275, 187
227, 246
225, 807
Imports, all grades, total§
do
195, 884
186, 631
188, 053
210, 216
15, 537
14, 132
13, 402
19, 988
20, 567
20, 133
28, 527
Bleached sulphate §
do
17, 008
22, 302
21,301
23, 009
24, 835
38, 921
26,615
28, 669
17, 872
21, 673
53, 044
75, 965
Unbleached sulphate §
__
do _
46, 816
36, 470
48, 938
42, 907
37, 060
39, 661
38, 318
43, 417
39, 610
40, 330
45, 672
48, 678
53, 098
Bleached sulphite §
do
44, 037
53, 458
40, 544
49, 427
53,075
54, 596
44, 022
48, 190
59, 488
84, 872
75, 229
89,065
Unbleached sulphite§
do
54, 996
56, 602
53, 939
66,043
1,318
1,699
1,621
1,597
1,592
1,804
1,692
1, 719
Soda§
_.
do
1,864
1,929
2,075
2,293
19, 465
18, 996
20, 594
24, 786
25, 000
27,004
30, 921
26,993
Groundwood § .
.-do
25, 123
24, 711
27, 373
19,548
Production:!
998
913
1,013
985
1,040
935
Total all grades
thous. of short tons _
995
1,026
'975
1,054
1,080
1,022
970
87, 764
79, 766
92, 484
89, 792
87, 175
Bleached sulphate
short tons__
90, 141
92, 058
98, 415
92, 335
91, 569
102, 531
103, 347
93, 744
350, 101
354, 293
321,127
337, 047
366, 873
354, 853
331, 275
365, 355
Unbleached sulphate
do
333,030
374, 438
356, 488 ' 332, 597 373, 277
159, 571
146, 907
162, 270
164, 791
160, 223
152, 426
142, 436
Bleached sulphite
do_ _
161, 922
154, 960
172, 429
163, 508 ' 155, 379
164, 244
75,060
74, 131
68, 901
73, 967
79, 133
64, 268
73, 518
76, 291
Unbleached sulphite
- do_ _
74, 753
78, 176
82, 206
77, 186
80, 272
42, 343
41, 655
43, 324
37, 696
42, 092
38, 345
41, 696
Soda
do. _
40, 881
40, 182
41, 668
43, 840
42, 218
43, 933
175, 268
179, 324
184, 506
173, 802
160, 178
180, 184
160, 507
Groundwood
__do_
170, 080
161, 635
176, 593
161, 047
168, 859
161, 067
62, 782
55, 206
63, 988
63, 956
67, 096
62, 000
Defibrated, exploded, etc. c? - do
64, 664
66, 877
69, 718
69,080
79, 974
75, 041
79, 051
Stocks, end of month:!
' 74, 892
74, 465
79, 694
83, 786
95, 771
96, 601
103, 598
99, 834
Total all grades-do
94,121
109, 968 ' 98, 928 91, 271
93, 244
7,542
6,990
6,926
7,079
7,447
5,259
Bleached sulphate
__ _ _ do
7,108
7,320
4,439
5,886
5,508
6,089
6,316
8,545
7,809
8,331
7,545
7,043
Unbleached sulphate
do
8,067
6,311
8,050
'9,815
10, 507
10, 032
13, 270
11, 786
19, 500
20, 564
26, 295
17, 747
21, 004
23, 952
Bleached sulphite
do
27, 475
31, 604
30, 288
37, 308
36, 547
42, 846
28, 933
8,610
9,938
10, 645
13, 527
11, 128
15, 332
14, 143
Unbleached sulphite
do
16, 982
16, 869
18, 452
14, 764
17, 716
16, 103
2,431
2,808
2,422
3,052
2,709
3,102
2,858
3,073
Soda
-.
do. _.
2,771
2,895
3,020
3,033
3,492
25, 976
27, 188
28, 630
32, 046
35, 452
Groundwood
-- _ _ _ _-do
38, 725
39, 626
31, 551
23,660
18, 193
21, 702
21, 615
20, 368
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:*
Paper and paperboard production, total
thous. of short tons_1,766
1,626
1,754
1, 800
1,834
1,625
1,763
1,728
1,720
1,898
1,864
1,777
' 1, 743
893
Paper
_-do_
819
901
885
930
892
817
883
'894
873
956
947
898
778
722
802
Paperboard
- do_ _
111
805
751
767
708
742
827
767
740
808
95
85
92
Building board
- do. __
98
99
101
105
95
105
109
115
109
111
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association):!
Orders, new
-- __ short tons. f 811, 688 r 668, 963 ' 732, 590 ' 685, 782 ' 714, 803 r 703, 188 ' 665, 140 ' 689, 869 ' 732, 432 ' 754, 827 ' 698, 630 ' 718, 947 793, 740
728, 303
732, 863
752, 028
666, 630
711,517
Production
_
do
653, 710
719, 979
714, 440
702, 581
776, 549 ' 732, 765 ' 732, 517 763, 000
r 726, 373 r 669, 436 r 723, 621 ' 710, 256 ' 745, 820 r 710, 440 ' 647, 114 '727,899 r 692, 937 r 779, 074 ' 729, 602 ' 728, 500 762, 985
Shipments
do
.Fine paper:
' 98, 528 ' 90, 189 ' 102, 765 ' 98, 017 ' 91, 204 ' 94, 838 r 109, 851 ' 82, 720 ' 89, 619
'115,785 r 92,821 '115,808
Orders new
do
108, 380
r
162,365 ' 156, 504 ' 167, 155 ' 160, 737 ' 144, 032 ' 149, 790 r 150, 260 ' 143, 020 ' 136, 927 ' 138, 850 ' 121, 422 ' 112, 189
Orders unfilled end of month
_ __do
112, 740
r
r
r
105, 640
97, 068
106, 484 ' 102, 434 ' 107, 558 T 101,311 r 90, 227 ' 103, 610 r 101, 775 ' 111, 114 r 101, 954 ' 103, 158
Production
do_ _
104, 565
' 107, 355 ' 97, 957 ' 105, 441 ' 101, 268 ' 108, 076 ' 100, 289 ' 86, 642 ' 105, 582 ' 98, 680 '111,732 '101,168
Shipments
- - do
' 95, 465
108, 670
Stocks end of month
- _
do_ __ ' 49, 409 ' 48, 191 ' 49, 737 ' 49, 980 ' 50, 448 ' 53, 782 '52,720 ' 50, 530 ' 52, 120 * 51, 770 ' 53, 705 ' 54, 073
47, 600
Printing paper:
Orders, new
_ ~ -_
do_ __ 313, 945 234, 000 250, 524 237, 015 260, 602 242, 080 234, 580 249, 259 277, 581 249, 016 252, 829 257, 801 303, 750
288, 750
294, 419
Orders unfilled end of month
do
282, 003
292, 123
275, 565
269, 159
266, 490
279, 900
299, 893
269, 004
268, 413
297, 065
267, 430
Price, wholesale, book paper, "B" grade, Enga
9.30
lish finish, white, f. o. b. milL.dol. per 100 lb__
o 10. 05
« 10. 05
o 10. 05
o 10. 24
10. 05
« 10. 55
« 10. 05
« 10. 80
« 10. 80
« 10. 80
« 10. 80
« 10. 80
252, 360
230, 039
Production
short tons
256, 045
252, 348
264, 444
250, 563
236, 295
248, 796
245, 916
275, 837
257, 348
257, 210
283, 000
250, 440
228, 449
251, 395
252, 969
260, 420
Shipments
do
236, 838
253, 331
249, 975
243, 496
275, 699
262, 275
257, 736
279, 975
56, 308
58, 010
Stocks, end of month
do
62, 948
59, 512
63, 157
62, 861
62, 070
63, 163
62, 096
62, 782
65, 810
66, 465
66, 036
Wrapping paper:
Orders new
- - do_ __ 279, 440 249, 396 270, 461 252, 330 r 263, 424 265, 650 248, 313 252, 109 261, 898 290, 537 ' 262, 762 ' 269, 897 272, 610
186, 735
184, 065
Orders, unfilled, end of month
_.do
182, 985
178, 430
168, 563
168, 706
162, 095
176, 165
170, 563
175, 780 'r 173, 033 ' 170, 662 152, 240
272, 357
249, 479
271, 949
256, 878
276, 919
241, 309
267, 243
Production
- do
268, 179
256, 362
283, 343
272, 407 ' 270, 160
269, 335
Shipments
_ - d o 272, 050 252, 127 269, 497 256, 026 275, 131 264, 947 237, 963 270, 219 252, 404 285, 857 ' 269, 966 ' 268, 823 266, 340
64, 128
59, 211
61, 972
59, 788
Stocks end of month
do
60, 225
66, 538
62, 883
67, 455
66, 084
63, 545 ' 66, 231 ' 65, 882 64, 240
Newsprint:
Canada:
Production
_ __
do_ __ 370, 000 341, 268 372, 482 369, 490 384, 520 355, 606 379, 731 377, 941 366, 092 396, 251 364, 483 368, 925 371, 637
344, 543
Shipments from mills
_
do
319, 831
373, 769
376, 305
400, 763
388, 106
379, 065
375, 498
379, 460
389, 505
369, 986
393, 169
346, 870
113, 231
Stocks, at mills, end of month —
_.do
134, 668
126, 566
133, 381
110, 323
91, 097
80, 932
90, 431
67, 564
44, 563
74, 310
45, 624
69, 330
United States:
Consumption by publishers
do_ __ 266, 422 258, 424 302, 672 297, 461 302, 994 292, 664 263, 698 281, 102 299, 807 339, 286 338, 012 322, 136 292, 534
294, 042
260, 815
315, 840
Imports§-_
do
322, 357
315, 932
328, 747
353, 091
349, 134
355, 605
314, 364
357, 998
389, 907
84.00
Price, rolls (N. Y.)
_dol. per short ton _
84.00
84.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
96.00
68, 634
Production
_ _
_
short tons.
62, 802
67, 916
71, 933
73, 498
67, 656
70, 507
67, 268
70, 732
72, 253
66, 475
65, 094
65, 880
69, 492
Shipments from mills
do
65, 226
68, 872
73, 988
68, 955
69, 326
70, 997
66, 743
70, 168
73, 545
66, 439
68, 720
65, 037
Stocks, end of month:
14, 360
At mills
do
10, 980
11, 936
8,925
11, 426
10, 652
11, 951
11, 833
12, 397
11, 105
11, 141
8,301
8,358
231, 694
At publishers
_
do_
224, 453
215, 995
212, 724
206, 064
278, 918
295, 385
228, 793
312, 573
308, 033
279, 631
292, 920
295, 052
In transit to publishers
do
75, 602
69, 466
73, 699
68, 773
64, 985
84, 009
68, 401
71, 664
77, 150
83, 957
89, 755
84, 113
89, 132
Paperboard (National Paperboard Association):!:
Orders, new
_
do_ __ 802, 016 713, 834 747, 358 770, 304 760, 236 721,312 736, 454 720, 388 788, 601 812, 849 747, 159 756, 818 826, 946
Orders, unfilled, end of month
___do
586, 121
549, 774
582, 603
511, 918
577, 777
494, 564
425, 412
461, 226
437, 550
436, 178
452, 124
420, 456
432, 911
774, 667
718, 072
765, 026
805, 744
Production
do
747, 115
709, 956
768, 412
742, 124
750, 042
823, 203
752, 036
741, 337
813, 169
99
Percent of activity
103
103
100
101
90
99
101
96
101
89
100
103
Waste paper, consumption and stocks :cf
Consumption
_
short tons__ 450, 740 416, 935 456, 127 445, 180 464, 323 426, 713 398, 123 429, 973 429, 113 460, 009 422, 748 416,830 450, 176
313, 398
Stocks at mills end of month
do
274, 850
266, 879
289, 297
312, 685
293, 347
302, 366
299, 507
302, 668
324, 763
318, 617
322, 814
274, 966
r
Revised.
c" Estimated; see note in April 194(3 Survey.
JSee not e in Septeinber 1947 Isurvey for reference t o revisions
cfSee:lote marke d "f."
nnraKlo
wi
•• "Data
hfip-inninf
Fphnmrv
arfi
fnr
n.
sliaht-lv
rh'ff
prpnt
frrar\f
r
rlota
r>r»m
*•
TTatYmart
Data beginning February are for a slightly different grade; February data comparable with earlier series, 9.68.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
*New series. Data for pulpwood, waste paper and paper and paperboard are from the Bureau of the Census and are industry totals; for 1942 monthly averages and data beginning 1943
for total paper and paperboard, see p. S-32 of the August 1944 Survey; data for paperboard and building board were revised in the October 1947 Survey transferring liner for gysum and plaster
board and stock for laminated wallboard and other building board from building board to paperboard; revisions prior to August 1946 for these series and unpublished revisions in data for paper
will be shown later. For data beginning March 1945 for pulpwood and waste paper see p. S-34 of May 1946 Survey; earlier data for these series will be published later
fRevised series. Revised wood pulp production for 1940-43 and sulphite stocks for 1943 are shown on p. 20 of the December 1944 Survey and revised 1942 stock figures for all series are on
Ofk n-r>sl
O1
o-f -4-V>/l
Til-no 1 f\A O {oniirv. *.n-r,Zr,S~-~ n I_
-*-V.~
1 f\ A O ,1~J-,, 1
3
1
3
J-_i_l
3
Xi
_1
«__
J_1_ _
l-i -
— 1.
-. /-> , .
r~>
-f
,
,.
,
,
.
JJUWV/i*. .".fo IAJ. V/U
iV/J.
CM* UVJ. 1\JS3 CU. \J V/A»
fled as defibrated, etc., to groundwood; revisions for January-July 1946 have not been published; stocks of defibrated, etc., pulp are comparatively small and are not included iji the stock
figures; all stock data are stocks of own pulp at mills. The series from the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals based on
monthly reports to the association adjusted to production data compiled by the Bureau of the Census; there have been further small revisions in the data through Aueust 1946 which have not
been published; all revisions will be shown later.
' "
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Surrey
March 1948
1947
February
January
March
May
April
1948
July
June
August
September
October
November
December
January
PAPER AND PRINTING—Continued
PAPER AND PAPER PRODUCTS—Con.
Paper products:
Shipping containers, corrugated and solid fiber,
shipments*
mil. sq. ft. surface area ,
Folding paper boxes, value:*
New orders
1936 = 100. .
Shipments
do
PRINTING
Book publication, total.
no. of editions.New books
do
New editions
do. ..
5,475
5,080
'5,566
5,438
5,245
4,662
4,592
4,818
4,893
5,394
5,086
5,026
6,185
499.9
478.7
447.2
465.8
431.6
485.7
422.5
488.9
408.7
470.6
341.5
460.9
330.8
396.0
372.6
439.3
393.5
454.3
448.0
500.5
375.5
450.4
400.3
455.6
430.4
454.8
470
372
98
557
436
121
1,027
808
219
852
678
174
811
650
161
531
426
105
592
439
153
678
526
152
647
549
98
772
639
133
1,135
885
250
1,110
835
275
763
612
151
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Exports §
thous of short tons
Prices, composite, chestnut:
Retail^
dol per short ton
Wholesale
do
Production
thous. of short tons
Bituminous:
Exports §
do
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
Electric power utilities
do
Railways (class I)
_
do
Steel and rolling mills
do
Other industrial
do
Retail deliveries
do
Other consumption:
Vessels (bunker) §
do
Coal mine fuel.
do
Prices, composite:
Retail (34 cities) ^
dol per short ton
Wholesale:
Mine run
do
Prepared sizes
do
Production!
__ thous. of short tons
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons__
Industrial total
do
Byproduct coke ovens
do
Cement mills
do
Electric power utilities
do
Railways (class I)
_ .
do
Steel and rolling mills
do
Other industrial
_
do
Retail dealers, total
do
COKE
Exports§
thous. of short tons
Price, beehive, Connellsville (furnace)
dol. per short ton._
Production:
Beehive
thous of short tons
Byproduct
do
Petroleum coke
_ do
Stocks, end of month:
Byproduct plants, total....
do
At furnace plants
do
At merchant plants.
do
Petroleum coke
.
do
577
396
528
880
831
714
700
'844
••855
830
765
794
16.87
13. 768
5,155
16.84
13. 753
4,240
16.83
13. 767
4,967
16.82
13. 650
4,279
16.17
13. 455
4,549
16.17
13. 520
4,609
16.50
13. 713
4,084
17.48
14. 615
4,994
17.71
14. 700
5,141
17.87
14. 750
5,506
18.01
14.796
4,613
18.02
14. 803
4,863
3,192
3,183
4,164
4,556
7,552
7,560
5,870
' 8, 331
7,148
6,960
6,014
52, 955
40, 010
877
7,964
658
7,158
10, 104
943
12, 306
12, 945
49, 758
37, 214
798
7,245
607
6,594
9,431
904
11, 635
12, 544
49, 705
38, 716
907
8,030
652
6,940
10, 137
945
11, 104
10, 989
42, 945
36, 451
671
7,655
640
6,414
9,226
858
10, 987
6,494
40, 683
34, 838
922
7,861
515
6,422
9,017
802
9,299
5,845
40, 029
33, 705
711
7,586
627
6,366
8, 385
742
9,288
6,324
38, 661
33, 343
662
7,696
648
6,719
8,151
718
8,749
5,318
40, 033
34, 975
897
8,033
672
7,466
8,527
736
8,644
5,058
43, 706
36, 670
916
7,658
662
7,616
8,450
741
10,627
7,036
48, 006
40, 252
965
8,278
704
8,121
9,048
826
12, 310
7,754
45, 863
37, 853
866
8,091
730
7,737
9,167
867
10, 395
8,010
* 49, 161
' 38, 315
950
8,425
757
8,450
9,652
966
••9,115
10, 846
77
249
91
214
125
233
150
174
200
240
177
202
149
168
179
216
156
191
161
209
131
191
93
202
11.82
11.97
11.99
12.00
12.09
12.10
12.68
14.01
14. 48
14.50
6.217
6.506
' 59, 020
6.230
6.526
r 51, 482
6.252
6.532
»• 55, 455
6.368
7.113
7.334
6.581
' 47, 424 ' 39, 882
7.410
7.634
' 50, 879
49, 688
46, 522
5,919
861
13, 208
7,673
909
17, 952
3,166
47, 867
45, 736
6,645
881
13, 453
7,682
985
16, 090
2,131
49, 033
46, 906
7,517
929
14, 059
8,262
1,162
14, 977
2,127
45, 366
42, 176
4,804
968
15, 292
6,808
1,086
13, 218
3,190
47, 157
45, 199
5,482
894
15,739
6, 522
1, 128
15, 434
1,958
6.334
6.344
6.569
6.573
' 41, 225 «• 56, 464
42, 419
40, 298
5,417
896
13, 300
7,579
1,046
12, 060
2,121
50, 218
47, 312
6, 454
987
15, 190
8,221
1,153
15,307
2,906
49, 778
46, 384
7,096
1,079
16, 409
8,517
1,226
12, 057
3,394
14.04
14. 15
r
7.441
7.528
7.549
7.649
7.798
7.889
' 52, 381 ' 57, 301 ' 52, 689
48, 370
46,353
6,216
909
16, 154
6,227
1,089
15, 758
2,017
50, 276
48, 144
7,310
1,049
16, 772
6,305
1,076
15, 632
2,132
50, 455
48, 255
8,207
1,087
16, 673
6,156
985
15, 147
2,200
14.896
4,921
4,227
r
52, 260
39, 006
955
8,400
709
8,796
9,726
1,104
9,316
13, 254
0)
7.575
7.922
54, 798
7.676
8.031
54, 980
52, 161
50,124
9,148
1,113
16, 788
6,749
1,012
15,314
2,037
49, 586
48, 195
8,671
1,049
15, 792
6,906
953
14, 824
1,391
49
38
69
76
66
63
66
77
60
118
76
79
8.812
8.875
8.875
9.062
9.125
9.562
11.000
12.000
12. 000
12. 125
12.250
12. 250
12. 500
••583
5,619
203
••529
5,129
178
!>595
5,658
209
'438
5,383
195
••601
5,530
218
'463
5,322
201
••429
5,373
224
••578
5,633
200
••583
5,396
192
r
••616
5, 800
210
549
5,650
175
603
5,886
210
603
5 865
797
523
274
94
716
527
189
77
676
504
172
91
652
460
191
89
671
445
226
84
668
400
268
89
773
458
315
86
982
544
438
110
1,029
509
520
95
' 1,r 063
513
550
97
1,151
589
562
83
1,040
535
504
69
912
554
358
PETROLEUM AND PRODUCTS
Crude petroleum:
134, 953
153, 348
153, 604
161, 844
150, 120
141, 210
163, 068
159, 771
146, 897
162, 854
Consumption (runs to stills)t
thous. of bbl
158, 719
165, 858
3,999
5,184
2,585
3,257
4,789
3,758
4,139
4,087
3,699
2,481
Exports §
__
do
3,844
4 039
8,172
7,846
8,361
7,762
7,919
8,916
8,033
8,591
8,956
7,908
Imports§
_ _
do
7,512
9,339
1.560
1.810
1.710
1.810
1.810
1.810
1.810
1.560
1.810
1.910
Price (Kansas-Okla.) at wells
dol. per bbl._
2.010
2.410
2,510
134, 693
152, 160
156, 024
149, 228
152, 978
159, 237
160, 365
157, 530
164,913
Production!thous. of bbl. _ 144, 800
158, 736
165, 443
95
94
94
95
97
98
94
98
99
Refinery operations
pet. of capacity
97
98
98
Stocks, end of month:
225, 121
228, 981
235, 710
237, 768
237, 278
230, 974
228, 523
225, 258
226, 666
225, 462
Refinable in U. S.f
thous. of bbl. _ 223, 848
224, 929
57, 106
59, 310
60, 386
59, 013
59, 160
56, 656
57, 136
55, 833
54, 050
53, 849
At refineries
do
52 864
53 660
154, 637
153, 160
160, 484
163, 740
162, 784
159, 556
156, 241
152, 988
156, 276
157, 853
At tank farms and in pipelines
do
156, 224
156, 726
14, 855
14, 840
15, 034
15, 015
15,334
14, 762
15, 027
15, 146
14, 932
14, 964
On leasesf
_ ..
do
15 339
15, 578
5,790
5,999
5,953
5,825
5,429
5,584
5,208
5,320
5,194
5,275
Heavy in California
do
5 623
5 725
1,196
1,358
1,247
1,626
1,523
1,842
1,810
1,522
1,453
Wells completed!
_
number
1,760
1 416
1 554
Refined petroleum products:
Fuel oils:
Domestic demand :§
21, 321
29,279
19, 262
31, 687
16, 977
35, 294
16, 355
16, 093
19, 414
Distillate fuel oil
thous. of bbl
23, 116
28,997
40 426
43, 308
45, 852
42, 140
40, 057
38,237
40, 412
39, 864
48, 299
Residual fuel oil
do
40, 677
43 995
52 015
43 538
Consumption by type of consumer:
3,462
3,696
3,564
3,264
3,273
3,715
3,810
4,426
3,927
4,039
4,261
3,862
Electric power plantsf
...do
4,433
6,675
6,537
6,564
7,138
6,653
6,714
7,460
6,650
Railways (class I) .
_
do. ._
6,506
6,941
7 141
7 004
5,710
6,132
6,164
6,470
5,818
6,080
6,371
6,676
Vessels (bunker oil) §
. . do
5,948
5,901
5,382
5.419
' Revised.
1 Beginning January 1948 included in other "industrial."
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
^The comparability of the data is affected in some months by a reduction in the number of cities or by a change in the sample; averages August, September, November, and December
1946 and January 1947 comparable in each case with data shown above for the following months are given in notes in the September 1947 Survey; February-July 1947 data are directly comparable
and cover 16 cities for anthracite and 30 cities for bituminous coal. July 1947 averages comparable with August for anthracite and bituminous are $16.46 and $13.04, respectively.
*New series. For data beginning 1934 for snipping containers, see p. 20 of the September 1944 Survey. For data beginning June 1943 for folding paper boxes, see p. S-32 of the August 1944
Survey. Revisions in the January-September 1946 figures for folding paper boxes and January 1943-May 1944 data for shipping containers are available on request.
!Revised series. See note marked "!" on p. S-36 of the September 1947 Survey for reference to 1941-45 revisions for bituminous coal production and 1941 revisions for the indicated series
on petroleum products; 1942-43 revisions for the latter series are available upon request. Final 1946 revisions for bituminous coal are shown on p. S-36 of the February 1948 issue.
SUEVEY OF CURRENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-37
1948
1947
January
February
March
April
May
June
July
August
September
October
November
December
January
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Fuel oils— Continued
Exports: §
876
Distillate fuel oil
thous of bbl
733
Residual fuel oil
do
.070
Price, fuel oil (Pennsylvania)
dol. per gal__
Production:
24, 131
Distillate fuel oil
.
thous. of bbl
36, 390
Residual fuel oil
do
Stocks, end of month:
48, 197
Distillate fuel oil
do
41, 550
Residual fuel oil
__ _ _ _
do
Kerosene:
12, 325
Domestic demand §
do
394
Exports§
do
Price, wholesale, water white, 47°, refinery
.076
(Pennsylvania)
___dol. per gal_.
9,415
Production
.
thous. of bbl
7,299
Stocks, refinery, end of month
_ ._ do
Lubricants:
2,951
Domestic demand §
_
do
1,105
Exports§
_
do
Price, wholesale, cylinder, refinery (Pennsyl.298
vania)
dol. per gaL4,204
Production
thous. of bbl
7,773
Stocks, refinery, end of month
_
do
Motor fuel:
All types:
57, 057
Domestic demand §
_
do
2,892
Exports§
.
do
Prices, gasoline:
.070
Wholesale, refinery (Okla.)
dol. per gal_.
.161
Wholesale, tank wagon (N. Y.)_ . . do
.158
Retail, service stations, 50 cities
do
65, 904
Production, totalf
-..thous. of bbl
58, 560
Gasoline and naphtha from crude oil do__.
10, 651
Natural gasoline and allied productstt do
Sales of 1. p. g. for fuel, etc. and transfer
3,307
of cycle products
_ ..thous. of bbl
5,859
Used at refineries f
do
2,319
Retail distributioncf
mil. of gal
Stocks, gasoline, end of month:
90, 300
Finished gasoline, total
thous. of bbl
57, 066
At refineries
do
9,323
Unfinished gasoline
_
do
4,794
Natural gasoline
do
Aviation gasoline:*
1,805
Production, total
_
do
704
100 octane and above
_ do .
4,322
Stocks, total
.
__
do
1,410
100 octane and above
do
Asphalt:
12, 756
Imports!
short tons
540, 500
Production
_ _
do
781, 800
Stocks, refinery, end of month
do
Wax:
83, 720
Production
thous. of Ib
82, 040
Stocks, refinery, end of month
do _
Asphalt prepared roofing, shipments, totalf
5,827
thous. of squares. .
1,942
Smooth-surfaced roll roofing and cap sheet. do
1,287
Mineral-surfaced roll roofing and cap sheet. do
2,598
Shingles, all types
do
436
Asphalt siding, shipments*
._ _ _
do ..
25, 584
Saturated felt, shipments*
short tons
1,751
713
.070
2,093
672
.071
2,766
635
.073
2,189
593
.075
2,088
679
.075
2,987
600
.079
3,019
781
.085
21, 746
34, 390
25, 577
37, 876
22, 925
34, 438
24, 954
37, 328
24, 214
36, 977
26, 270
38, 550
36, 901
38, 480
31, 423
37, 403
30, 268
36, 455
34, 279
39, 992
39, 676
43, 515
10, 532
929
10, 078
1,017
8,082
889
6,068
202
.076
9,243
6,126
.078
9,476
5,260
.081
8,854
4,870
2,680
1,254
2,929
1,273
.300
3,925
7,753
2 990
821
.087
3,058
797
.090
1,376
410
.092
842
769
.102
26, 946
38, 592
27, 325
37, 098
29,072
39, 066
28, 254
37, 344
30, 759
39, 746
46, 444
47, 600
54, 707
51, 334
59, 764
52, 578
63, 252
52, 502
61, 334
52, 455
51, 081
47, 091
5,910
711
5,348
746
5,447
313
6,580
476
8,163
578
11, 070
372
12, 904
66
.082
9,284
7,328
.082
8,717
8,956
.088
9,117
10, 867
.092
8,970
13, 161
.095
8,547
14, 286
.095
9,308
14,908
.095
9,352
12, 842
.108
10, 129
9,940
3,066
1, 259
3,104
1,361
2,873
1,338
3,003
1,300
3,051
1,105
3,217
896
3,427
1,090
2,917
961
3,295
1,160
.308
4,480
8,015
.310
4,267
7,936
.310
4,608
8,070
.330
4,427
8,281
.338
4,227
8,188
.350
4,400
8,420
.352
4 047
8,340
.360
4,350
8,157
.360
4,264
8,531
.378
4,566
8,624
50, 551
4,834
59, 947
4,091
63, 406
3,358
70, 865
3,480
71,329
3,937
73, 441
4,009
72, 089
3,224
71, 384
3 078
73, 295
3,171
r 64, 158
f 3, 673
67, 285
2,878
.070
.161
.159
60, 485
53, 591
9,944
.076
.167
.171
66, 701
59, 069
11, 033
.080
.172
.171
63, 374
55, 502
10, 803
.080
.172
.171
68, 535
60, 681
10, 392
.080
.172
.171
69, 847
61, 855
10, 505
.080
.174
.172
73, 494
65, 200
11,019
.083
.174
.174
75, 745
67, 404
11, 254
.084
.176
173
72 944
64,744
11 096
.085
.176
.178
75, 656
67, 150
11, 685
.090
.178
.179
' 72, 061
63, 623
r
11, 951
.099
.183
.194
75, 140
66, 770
12, 357
3,050
4,908
2,173
3,401
5,271
2,449
2,931
5,618
2,611
2,538
5,300
2,901
2,513
5,898
2,931
2,725
6,176
3,080
2,913
6,477
3,021
2 896
6,513
2 892
3,179
6,355
2,958
3,513
6,323
2,592
3,987
5,994
94, 985
96, 952
61, 332 ' 63,089
8,727
8,687
5,265
5,010
92, 719
58, 852
9,005
5,604
86, 727
54, 752
8,482
5,566
81, 160
50, 610
8,614
5,452
77, 069
47,929
8,934
5,269
77, 190
46, 398
8,659
5,017
75 882
45 567
8 478
4 456
74, 710
45, 084
7,874
4,221
78, 669
46, 529
8,882
4,266
83, 111
51, 570
9,192
4,296
2,221
954
4,168
1,342
2,446
566
4,692
1,381
2,870
1,219
4,811
1,543
3,003
1,353
4,847
1,671
3,467
1,545
5,144
1,804
3,664
2,061
5,480
1,968
3 733
2 258
5 803
2 iQg
3,449
2,121
5,919
2,338
3,316
2,187
6,106
2,575
3,379
2,186
6,064
2,422
12, 022
21, 923
22, 762
21, 441
12, 424
602, 700
532, 400
606, 700 789, 300 823, 800
888, 200 1, 001, 800 1, 028, 500 1, 063, 100 1, 000, 500
24, 591
879, 800
866, 200
26, 191
987, 500
716, 500
10 189
931 800
597' 800
47, 889
901,100
540, 700
67
726, 900
661, 300
12 316
638, 500
731, 100
1,943
713
4,293
1,374
.
81, 760
85, 120
93, 520
91, 560
80, 080
85, 680
89, 600
89, 320
78, 120
88, 200
89, 600
93, 520
66, 080
87,920
89 880
96' 320
80, 080
91,000
85, 960
96, 880
96, 320
98, 28'j
5,300
1,886
1,162
2,252
421
25, 482
5,809
1,969
1,273
2,567
461
28, 408
6,097
1,997
1,326
2,775
440
30, 277
5,968
1,798
1,399
2,771
384
30, 456
5,806
1,747
1,368
2,691
334
32, 758
5,600
1,630
1,287
2,683
271
33, 234
5,672
1,590
1,332
2,750
283
35, 456
5,886
1,699
1,368
2,819
300
39, 565
6,640
1,908
1,529
3,203
r
353
42, 637
5,549
1,649
1,254
2,647
331
36, 667
" 5, 686
r 1, 736
«•r 1, 285
2, 665
'356
r
37 470
.110
.115
.390
.105
.188
194
5,545
1,733
1,249
2,563
= 343
40 083
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
40, 983
43, 818
43, 018
43, 104
42, 529
40, 389
C onsumption §
long tons. . 45, 328
47, 289
50, 557
57, 286
52, 076 ' 56, 284
58, 065
36, 088
46, Oil
60, 678
93, 026
65, 724
57, 626
Imports, including latex and Guayule§._ _ do_ . 92, 779
45, 526
46, 285
49 976
50, 946
71 596
283, 479
280, 812 292, 970 330, 960
294, 191
345, 175 i 131, 624 i 130, 040 1 122, 097 1114 115 1110 752 r 1 129 238 1 136 281
Stocks, end of month §
do
Synthetic rubber:*
53, 321
54, 333
55, 514
48, 692
58, 764
42, 580
37, 607
Consumption
do
39, 001
41 865
45 668
39 091 r 43 230
43 002
2,434
665
441
710
3,450
454
Exports
do. _
2,290
287
349
202
221
'413
59, 126
57, 478
50, 117
39, 069
62, 103
35, 681
Production
_ » __
_ do _
31, 917 ! 32, 901 1 30 518
33 834
37 825
38 134
39 428
i 57 371 r i 62 366 i 60 078
105, 291
119, 912
121, 322 116, 829
116,655
97, 612 i 97, 728
Stocks, end of month
do
91 288
79 246 i 67 379
Reclaimed rubber :§
25, 066
25, 484
26, 157
21, 908
21,283
20, 433
27, 715
23 491 r 25 229
Consumption
_
do
21,093
23, 801
26, 735
25 539
26, 209
26, 696
25, 408
23, 990
24, 144
25, 545
21, 252
21, 658
25 634
Production
do
22 561
25 648
23 161 r 25 123
33, 527
27, 417
37, 145
31, 940
Stocks, end of month
do .
30, 053
39, 598 i 39, 704 1 40, 130 J 38 461 1 36, 643 1 36 425 r i 35 943 i 35 551
TIRES AND TUBES
Pneumatic casings:§
353
363
419
502
411
362
Exports __ _ _ _ _
thousands..
423
360
299
324
260
268
7,915
8,577
8,333
8,104
8,608
7,583
Production
do
6,790
7,165
7,919
8,889
7,716
8 050
7 915
7,892
7,273
7,360
7,283
7,499
7,526
7,441
Shipments .
do
7,520
8 246
8 639
6 583
1,894
2,138
2,457
2,005
1,922
1,974
Original equipment
_.
do
2,130
1,793
2,128
2 178
2 097
2 338
5,608
4,516
3,865
6,426
Stocks, end of month
do
3,328
6,670
5,464
5,838
5,191
5, 513 J ' 5, 277
6,975
' Revised. * Beginning July 1947 data are reported stocks available to industry, cf See note in the April 1946 Survey. Revisions for January 1945-July 1946 will be shown later
§Data continue series published in the 1942 Supplement but suspended during the war period; data for 1941-45 for reclaimed and natural rubber and for tires and tubes (p. S-38) are shown on
pp. 22 and 23 of the December 1946 Survey; data for October 1941-February 1945 for other series will be shown later.
^Includes natural gasoline, cycle products, liquefied petroleum gases at natural gasoline plants and benzol; sales of liquefied petroleum gas for fuels and for chemicals and transfers of cycle
products are deducted before combining the data with gasoline and naphtha to obtain total motor fuel production.
*New series. Data beginning 1939 for aviation gasoline, compiled by the Bureau of Mines, and data beginning 1943 for asphalt siding and saturated felts, compiled by the Bureau of thft
Census, will be published later. For data for 1941-45 for synthetic rubber, see p. 23 of December 1946 Survey.
fRevised series. For 1941 revisions for the indicated series on petroleum and products, see notes marked "f" on p. S-33 of the March and April 1943 issues; 1942-43 revisions are available oa
request. See note in April 1945 Survey for explanation of revision in data for asphalt roofing.
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1947
January
February
March
April
May
1948
July
June
August
September
October
November
December
January
RUBBER AND RUBBER PRODUCTS—Continued
TIRES AND TUBES—Continued
Inner tubes: §
Exports
_.
_
Production
Shipments
._
Stocks, end of month
_._
334
8,719
7,188
5,075
thousands..
do
do
do
_ .
282
7,841
6,289
6,621
297
7,921
6,466
8,050
337
7,093
5,731
9,480
475
5,752
5,571
9,772
332
5,440
5,779
9,413
282
4,542
6,216
7,909
227
5,179
6,499
6,937
166
6,540
7,233
6,339
191
7,619
7,616
6,424
150
6,457
6,343
6,683
148
6,544
5,324
8,088
146, 111
146, 754
145, 409
125, 743
111,889
16, 814
16, 124
14, 541
16, 267
6,209
2,929
12, 380
' 9, 975
T
3, 605
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments. reams..
PORTLAND CEMENT
production
. - thous. of bbl_.
Percent of capacity
Shipments.
_
-_.thous. of bbl__
Stocks, finished, end of month
_do
Stocks clinker end of month
_ _ do
CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
dol. per thous..
Production*
. thous. of standard brick..
Shipments*
do
Stocks, end of month*
_ _
_.do
Structural tile, unglazed:*
Production
- short tons..
Shipments
- do
Stocks
_ _ _
do
Vitrified clay sewer pipe:*
Production
do ..
Shipments
- do..-.
Stocks
do
GLASS PRODUCTS
Glass containers :f
Production
thous. of gross..
Shipments, domestic, total—
do
General use food:
151,364
143, 017
158, 716
155, 873
146, 352
134, 834
126, 722
130, 489
13, 406
66
8,395
15, 931
4,593
12, 618
68
8,434
20,112
5,354
14, 205
69
12, 133
22, 178
5,996
14, 566
74
15,414
21, 331
6,338
13,389
66
15,328
19,388
6,326
15,971
81
18, 179
17,095
5,736
16, 342
80
20,099
13,337
5,514
17, 480
17, 319
20, 365
10, 452
4,855
19, 840
7,921
3,889
18, 300
90
20,562
5,668
3,114
19.315
376,848
324, 868
448, 752
19.361
334, 624
268. 460
509,022
19.400
339,963
326, 776
522,627
19. 412
377, 586
382, 610
515,806
19. 416
411, 991
402, 780
525,985
19. 550
414, 634
406, 918
528, 873
19. 668
438, 591
455, 616
504, 124
19. 937
466, 592
457 311
511, 977
20. 374
456, 943
483, 622
483, 156
20.490
511, 366
538, 950
451, 497
20.636
'r 460, 971
453,
100
r
456, 272
20.843
437, 571
432, 529
452, 767
112, 119
97, 764
101,950
97, 421
82, 506
116, 503
97, 443
96,050
118,075
107, 543
107, 101
118,637
105, 681
105, 876
115,549
101, 742
98, 364
117,080
118,814
110, 220
123, 943
114, 163
112,805
124, 935
111,230
110,343
124, 794
115, 844
119, 243
119, 289
T
r
r
106, 221
100, 579
124, 331
97, 760
94, 528
123, 205
112,992
103, 896
143, 194
104, 604
93, 241
154, 653
109, 254
107, 758
156,061
101, 914
107, 851
150, 033
117, 018
114,588
152, 314
115,717
111,547
156, 358
109, 686
110, 012
155, 971
111,418
110, 754
156, 544
117, 038
117, 530
155, 976
120, 704
119, 913
156, 607
r
r
r
117, 435
110, 906
159, 360
121, 336
118, Oil
165, 387
11, 163
10, 101
9,281
8,650
10, 582
9,645
10, 358
9,637
10, 578
9,492
9,619
8,316
8,877
8,127
9,476
8,859
9,384
8,781
9,646
8,767
8,402
7,703
7,988
7,603
Wide mouth food (incl. packers tumblers)
thous. of gross..
Beverage
do_...
Beer bottles
do
Liquor and wine
..do
Medicinal and toilet
do
Chemical, household and industrial
do
Dairy pro'ducts
do
Fruit jars and jelly glasses .
do
Stocks end of month
do
Other glassware, machine-made:
Tumblers :f
Production
thous. of dozens
Shipments
___«,_________do___
Stocks
do
Table, kitchen, and householdware, shipments!
thous. of dozens
Plate glass, polished, production... thous. of sq. ft_.
GYPSUM AND PRODUCTS
Crude gypsum:
Imports §
thous. of short tons
Production
do
Calcined production
do
Gypsum'products sold or used:
Uncalcined
short tons
Calcined:
For building uses:
Base-coat plasters
do
Keene's cement
do
All other building plasters
do
Lath
thous. of sq. ft
Tile
dr
Wallboardc?
*^o
Industrial plasters
short tons
86
88
85
79
71
9,205
16,311
4,299
21.093
8,056
6,991
743
679
918
1,050
1,007
928
764
1,285
1,528
823
473
482
532
13,078
623
832
1,420
2,295
725
359
125
4,167
i 2, 445
569
804
1,262
1,947
620
286
138
4,554
2,481
760
1,140
1,263
1,906
668
356
133
6,141
2,307
853
1,342
993
1,967
610
354
161
5,475
2,079
9b2
1,697
761
1,844
573
341
227
6,085
1,650
1,093
1,616
663
1,309
433
305
320
6,849
1,754
1,152
1,263
575
1,449
397
308
464
7,065
2,322
1,212
676
627
1,479
466
307
486
7,300
2,189
1,040
i 2, 251
955
1 1, 846
632
i 1, 827
412
1,645
1,279
1 794
1,502
1,529
1 1, 745
526
1,271
1,167
1,603
7,586
6,352
6,095
4,835
4,736
6,478
6,272
5,975
5,575
6,689
6,140
6,262
6,769
6,234
6,672
6,210
5,261
7,729
4,993
4,346
7,775
5,854
4,867
8,158
4 688
5,994
7 940
4,489
21,980
2,668
20, 268
3,213
22,605
3,454
21, 419
3,658
23, 171
3,331
21,026
2,302
17, 670
3,645
21, 401
3 483
20, 648
632
778
452
290
227
7,478
974
744
449
285
i 13
8, 132
419
384
17
8,057
5 833
5 186
8 869
4,674
4,961
8,694
4,944
4*599
8 924
4 511
22, 989
4,181
18, 777
3 793
20, 089
589
315
*17
7 896
r
186
1,557
1,164
409
1,467
1,166
918
1,507
1,279
644
1 667
1,410
619, 788
407, 354
445, 659
519 395
386, 830
11, 833
109, 089
364, 675
5,464
517, 458
58, 577
391, 548
12, 520
101, 567
391, 142
7,281
520, 358
46, 745
451,070
10, 084
104 505
462, 222
6,791
514, 871
46 148
499, 480
10 909
116 881
488 677
7 233
592 627
54 962
809
855
1,792
488
247
i 27
8,415
21, 958
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
... __thous. of dozen pairs.
Shipments
do
Stocks, end of month
_
do
r
14, 592
13,394
18, 000
13, 171
12, 529
18, 686
12, 921
12, 711
18, 980
13, 029
12,535
19, 480
11, 672
11, 269
19, 910
10, 558
10, 542
20, 795
10,428
9,956
21, 267
11, 615
11, 769
21, 113
11, 956
12, 681
20, 388
13, 867
14 474
19 781
12,847
13, 222
19, 407
12, 548
12 411
19, 543
13, 405
13 199
22 423
COTTON
Cotton (exclusive of linters):
882, 390
729, 412
Consumption.
.bales.. 949, 994
839, 375 875, 306
807, 135
677, 780
710,601
727, 448 826, 216
759, 498
753, 406
860, 202
289, 672
302 773
Exports!
. _ _ _ _ _ do
382, 909
275, 104
248, 549
229 553
385, 050
6,671 123 545
83,918
164 665
134 190
Tm ports §
do
9 898
62 029
10 543
10 381
12 083
8 163
10 730
4 984
95 526
11 750
97 946
15 319
Prices received by farmersf
dol. per lb._
.319
.323
.297
.306
.341
.359
.341
.335
.332
.312
.319
.331
.307
Prices, wholesale, middling, 1Me", average, 10
.319
.352
.351
.372
.333
.360
.375
markets
dol. per lb__
.343
.316
.336
.358
.3o2
.317
r
Eevised. i Jelly glasses included with wide mouth food containers.
§See note marked "§" on p. S-37.
cf Includes laminated board reported as component board.
*New series. See note marked "*" on p. S-37 of September 1947 Survey for reference to tables giving the earliest data available for the clay products series.
fRevised series. See note on p. S-34 of the July 1944 Survey regarding changes in the data for glass containers and comparable figures for 1940-42 and note in May 1946 Survey for changes
in the reporting companies for other machine-made glassware. For revisions for farm price of cotton for August 1937-July 1942, see p. S-35 of June 1944 Survey.
SUEVEY OF CUERENT BUSINESS
March 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-39
1947
January
February
March
April
June
May
1948
July
August
September
October
November
December
January
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of lintcrs)— Continued
Production:
©innings c?
thous of running bales
Crop estimate, equivalent 500-lb. bales
thous of bales
Stocks, domestic cotton in the United States, end
of month:
Warehouses
thous. of bales. .
Mills
.
do
Cotton linters:
Consumption
. _
_ _ do
Production
do
Stocks end of month
do
r
1
8, 165
194
8, 517
3,899
647
' 8, 362
10, 056
10 596
2
i 8, 640
11, 373
11, 694
5, 182
2,166
4,243
2,163
3,301
2,149
2,463
2,042
1,800
1,856
1,168
1,601
856
1,322
781
1,076
2,528
1,058
5,032
1,375
5,297
1,746
5,418
2,048
5,063
2,121
'95
137
'473
80
96
485
87
68
483
85
50
466
80
34
423
73
23
382
82
23
345
81
32
289
91
105
296
103
203
364
99
188
420
102
175
476
102
166
511
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
production Quarterly* mil of linear yards
Cotton goods finished, quarterly:*
Plain dyed
do
Printed
do
Exports §
thous. of sq. yd
Imports §
_ do
Prices, wholesale:
Mill margins
.
cents per lb_.
Denims. 28-inch
_.dol. peryd__
Print cloth, 64 x 60
-... do
Sheeting unbleached, 36-inch, 56 x 60
do
Cotton yarn, Southern, price, wholesale, mill:
22/1, cones, carded, white
___dol. per lb__
40/1, twisted, carded®.
._do
Spindle activity:
Active spindlest
thousands. _
Active spindle hours total
mil. of hr_
Average per spindle in place
... hours. _
Operations
_ .pet. of capacity. _
2,474
1,819
926
490
402
' 123, 704
888
f
2,461
2 297
2 559
140, 686
883
' 1, 585
••799
'383
P
353
' 128, 921
1,624
136, 995
1,196
122, 684
718
1,793
929
446
418
102, 417
4,161
138, 196
907
' 146, 693
' 1, 146
1,759
914
442
403
125, 349
472
53.37
.338
.255
.232
51.25
.338
.227
.232
47.86
.338
.216
.232
46.46
.338
.228
.232
49.49
.338
.242
.232
53.96
.338
.251
.232
57.91
.338
.255
.232
58.60
.338
.268
.232
59.43
.338
.277
.234
60.29
.338
.283
.239
59.63
.338
.261
.240
.699
.819
.699
.819
.715
.882
.715
.882
.706
.882
.700
.890
.706
.921
..706
.921
.708
.926
.720
.951
.725
.960
.765
1.019
21, 919
10, 588
444
«• 123. 2
21, 954
9,590
402
125.6
21, 953
10, 030
421
125.4
21,805
10,243
428
121.7
21,624
9,928
415
119.7
21, 324
9,103
382
113.6
21, 415
8,531
358
101.7
21,197
9,034
379
112.9
21, 410
9,427
396
114.3
21, 563
10, 802
452
122.9
21, 432
9,530
400
126.7
21,412
9,544
402
114.2
21,450
10,802
454
132. 0
62.4
15.1
5, 770
56.3
14.9
4,326
60.0
16.2
4,350
60.1
18.3
4,233
59.5
18.6
2,501
54.7
16.5
2,795
62.3
18.4
2,327
62.6
18.6
2,428
61.5
20.3
3,265
65.3
23.1
1,342
62.2
20.3
1,674
62.1
22.2
1,369
.620
.280
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.726
.352
7.9
2.7
7.5
2.3
7.6
3.1
8.3
2.9
9.0
3.8
8.8
6.6
9.2
7.7
8.4
6.4
8.6
6.4
9.5
5.7
9.3
5.3
7.7
4.0
294
4.400
124
4.400
379
(3)
86, 338
1,687
86, 808
1,203
51.60
.338
.192
.220
52.36
.338
.248
.232
.699
.819
•- 129, 137
1,076
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
- — mil. oflb__
Staple
fiber
do
Imports!
thous. of Ib
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament O
dol. per Ib
Staple fiber viscose, lli denier
do
Stocks, producers', end of month:
Filament yarn
— mil. of Ib _
Staple
fiber
_.
do__
Rayon goods, production, quarterly:*
Finished total
White
finished
Plain dyed
Printed
Silk, raw:
Imports^
Price, wholesale, j'apan (N. Y.)§
463, 188
465, 693
64, 070
299,005
102, 618
do
do
do
do
thous. of Ib
dol. per Ib...
r
467, 277
424, 006
47,675
289, 638
86, 693
.740
.360
455, 500
404, 285
45, 576
291, 141
67,568
41
4.000
3
4.150
479
4.009
193
4.025
52, 970
15, 995
63, 291
38, 412
13, 668
62, 112
37, 864
13, 192
57, 566
38, 840
12, 685
48, 942
38, 008
14, 056
35, 974
37, 988
13, 708
41, 511
' 49, 210
f 17, 850
51, 412
37, 716
14, 008
48, 388
36, 234
1.195
.555
1. 225
.565
1.225
.565
1.225
.565
1.225
.565
1.220
.565
1.220
.565
1.227
.554
1.255
.510
1.255
.510
1.255
.510
.872
.939
.990
1.002
1.040
1.040
1.108
1.165
1.254
1.240
1.293
858
6.220
429
4.682
186
4.050
57, 040
14, 250
73, 716
48, 368
13, 088
57, 705
45, 724
13, 676
67,528
1.155
.530
1.165
.545
.850
.850
(3)
22
(3)
175
(3)
WOOL
Consumption (scoured basis) :^
Apparel class
thous of Ib
Carpet class
do
Imports^ _
_
-..do
Prices, wholesale:
Raw, territory, 64s, 70s, 80s, scoured*. dol. per lb_.
Raw bright fleece 56s, greasy*
do
Australian, 64-70s, good topmaking, scoured, in
bond (Boston)*
dol. perlb..
Stocks, scoured basis, end of month, totalf
thous of Ib
Domestict
Foreign f
Carpett
do
do
do
505, 562
411, 690
248, 145
163, 545
93, 872
497, 886
408, 485
271, 009
137, 476
89, 401
468, 377
381, 233
265, 176
116, 057
77, 144
WOOL MANUFACTURES
Machinery activity (weekly average) :U
Looms:
Woolen and worsted:
91
81
68
78
83
70
72
61
Pile and J acquard' thous of active hours
2,242
2,322
2,171
' 2, 282
2,632
2,516
2,186
2, 323
2,223
2,503
1,864
Broad
do
47
66
45
49
70
43
M5
39
47
75
45
Narrow
do
Carpet and rug:
131
124
134
118
130
142
137
127
98
124
109
Broad
_.
do
122
117
114
114
129
110
92
112
117
••129
101
Narrow
do
Spinning spindles:
88,402
99, 693
108, 936
85, 052
91, 891
92, 550
['3, 585 «• 93, 931
82, 113
71, 267
Woolen
do. _ . 108, 636
109, 789
118, 421
122, 115
119, 535
115, 568
112, 268
123, 186
114, 434
118, 720 «• 122, 410
88, 899
Worsted
do
236
245
••218
189
223
245
224
230
179
227
198
Worsted combs
do
r
Revised. ! Total ginnings of 1946 crop. 2 December 1 estimate of 1947 crop. 3 Not available.
'Included in data for broad and narrow looms prior to April 1947.
<8>Replaces series for 40/1, single, carded; see note 4 on p. S-39 of November 1947 Survey.
cfTotal ginnings to end of month indicated.
JNumber active, on last day of month; data through August 1946 shown in the August 1947 Survey and earlier issues are number active at any time during month.
©Price of yarn in cones for 1947; earlier data are for yarn in skeins; price quoted for skeins January 1947 was same as for cones; price for February-July 1947 for yarn in skeins, $0.690.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941 to February 1945 (July 1946 for silk) will be published later.
f Data for January, April, July, and October 1947 are for 5 weeks; other months, 4 weeks. Data for wool consumption were revised beginning September 1946 in the November 1947 Survey
to cover consumption only on woolen and worsted goods systems; data through March 1947 published in earlier issues include also consumption on silk, cotton and other systems, which is
no longer reported.
fRevised series. See note marked "f on p. S-39 of September 1947 Survey for reference to 1941 data for the yarn price series and information regarding revisions in data for wool stocks.
*New series. See notes marked "*" on pp. S-38 and S-39 of the September 1947 Survey for reference to earliest data published for cotton and rayon woven goods production, cotton and
rayoi) goods finished, and wool price series.
SUEVEY OF CUEEENT BUSINESS
S-40
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March 1948
1947
February
January
March
April
May
June
1948
July
August
September
October
November
December
January
(«)
(°)
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES—Continued
Woolen and worsted woven goods (except woven
felts):*
Production, quarterly, total
thous. of lin. yd__
Apparel 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
Wool yarn:
Production total*^
thous. of Ib
Knitting*1
do
Weaving*^
do
Carpet and other*!
- - _-do
Price, wholesale, worsted yarn, 2/32s (Boston)
dol. perlb..
144, 000
1 125, 310
60,256
48, 841
15,893
10, 994
7,696
113,865
198,021
50,161
35, 440
10, 206
7,560
8,284
112,034
197,807
41,708
41 191
11, 332
6,348
7,879
82, 915
12, 495
56, 615
13,805
68, 768
9,712
46, 624
12, 432
65, 276
8,756
43, 624
12,896
73, 355
8,845
49, 425
15,085
55, 732
6,328
36, 892
12, 512
56, 704
5,764
37,824
13,116
57, 335
5,760
39, 210
12, 365
59, 164
6,316
39, 704
13, 144
61, 796
7,052
41, 244
13, 500
«• 76, 760
* 9, 235
r 49, 580
r 17, 945
1.950
1.950
1.950
1,950
1.950
1.950
1.950
1.950
2.000
2.020
60,836
7,040
39, 592
14,204
(«)
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
- thous. of dol_.
Pyroxylin-coated fabrics :t
Orders, unfilled, end of month
thous. lin. yd_.
Pyroxylin spread
thous. of Ib
Shipments billed
-- thous. lin. yd_-
3,919
7,883
7,338
3,314
2,688
3,708
4,000
4,337
3,678
3,804
12,. 531
7,686
9,423
12, 152
7,159
8,386
11, 458
6,516
7,897
9,928
6,642
8,419
8,177
5,674
7,121
7,778
4,520
6,034
7,553
4,043
4,561
7,724
4,994
5,409
7,984
4,310
4,975
7,026
4,699
5,565
«• 7, 122
r 4, 543
«• 5, 138
6,816
5,373
5,497
183
218
867
252
615
240
790
288
502
TRANSPORTATION EQUIPMENT
AIRCRAFT
Exports, total§
Shipments total*
For TJ s' military customers*
For other customers*
number-do
do
- - do
261
2,277
111
276
2,013
99
1,914
338
1,922
137
294
2,143
105
321
1,740
94
139
222
184
156
1,102
1,140
1 351
211
929
1,041
239
802
1,193
104
998
44, 461
22, 591
21, 870
400, 372
1,628
1,409
307, 124
284, 576
91,620
73, 613
3,544
3,306
1,437
1,869
200
238
40, 652
24,068
16, 584
379, 192
1,806
1,694
279, 631
257, 881
97, 755
78, 444
2,953
2,779
1,362
1,417
216
214
511
253
286, 719
76, 901
269, 863
65, 458
263, 167
71 647
264, 866
75 912
251 655
69 899
281, 428
87 167
258 934
73 737
312 263
67 690
6,409
3,131
5,243
4,230
5 366
4,846
4 410
4,346
5 749
5 668
6 401
6,242
6 964
6,889
7 914
7,661
1,646
1,785
2,038
41, 678
19, 321
22, 357
373, 360
1,303
1,090
267,015
245,081
105,042
83, 276
6,554
6,220
3,258
2,978
54, 747
25, 666
29,081
421, 180
1,421
1,272
301, 525
280, 018
118, 234
92,082
5,910
5,536
2,662
2,906
57, 284
26, 711
30, 573
423, 399
1,650
1,465
314, 765
291, 953
106, 984
83,515
5,245
4,941
2,106
2,867
' 61, 502
29, 540
' 31,962
382,640
1,853
1,599
284, 357
261, 240
96, 430
75,696
4,580
4,380
1,657
2,723
209,063
62, 477
214, 333
63,752
264, 714
79,344
290,226
85, 148
6,991
2,265
7,575
1,784
8,816
2,439
8,873
3,489
2,166
268
1,332
323
1,028
MOTOR VEHICLES
Exports assembled total §
- __ .number __
Passenger cars§
do
Trucks!
- --do
Factory sales, total§
do
Coaches, total
do
Domestic
-. _-do
Passenger cars total
do
Domestic
do -_
Trucks total
_ do
Domestic
do
Truck trailers production total*
do
Complete trailers
do
Vans
_ _
do
All other
do
Chassis shipped as such
do
Registrations:!
N e w passenger cars
_ _ _ _ _ _ _ do
New commercial cars
do
40, 268
19, 742
20,526
347, 696
1,273
1,115
246, 605
226, 695
99, 818
77, 434
7,511
7,194
3,762
3,444
317
334
374
304
174
r
50, 273
24,317
25, 956
349, 409
1,765
1,570
261, 158
240, 358
86, 486
66, 382
3,169
2,953
1,228
1,725
r
r
42 157
21 839
20 318
420,
269
r
1, 607
r
1,412
307 942
285, 590
110, 720
89, 724
3 158
2,944
1,269
1,675
' 47, 599 39, 522
22, 345
20 480
«• 25, 254
19, 042
426, 001 f 394, 175
1,667
f 1, 416
1,527
r 1, 141
315, 969
305, 148
295, 099
284, 730
118, 365
87, 611
94, 307
71,161
3,962
3 241
3,451
2,988
1,587
1,406
1,864
1,582
39,007
21 362
17, 645
469, 957
•• 1, 449
1,087
T
366 939
r
344,
110
r
101, 569
r
85, 971
3 285
3,119
1,530
1,589
r
401, 644
1,355
1,053
305 058
285, 355
95, 231
79, 828
166
RAILWAY EQUIPMENT
• American Railway Car Institute:
• Shipments:
Freight cars total
- number
Domestic
_ _
do _
Passenger cars, total
_ _
do _
Domestic
- - - - do
Association of American Railroads:
Freight cars, end of month:
Number owned
thousandsUndergoing or awaiting classified repairs
thousands. .
Percent of total on line
Orders unfilled
- - __ _ _ carsE quipment manufacturers
do
Railroad shops
_-do_ -Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number- Percent of total on line
Orders unfilled:
Steam locomotives, total
_ number
Equipment manufacturers
do
Railroad shops
do
Other locomotives, total*
do
Equipment manufacturers*
do_ _
Railroad shops*
- do
Exports of locomotives, total fdo _
Steam§
_
do
Otherf
do
58
58
69
69
63
53
73
73
60
60
67
63
53
45
20
20
29
29
74
74
69
55
71
71
1,740
1,738
1,736
1,736
1,734
1,734
1,732
1,730
1 730
1,725
1,728
1,731
66
4.0
60,529
44, 144
16, 385
68
4.1
66, 353
49, 934
16, 419
69
4.2
78, 080
60, 446
17,634
72
4.3
84, 288
63, 935
20, 353
77
4.6
89, 554
66, 466
23, 088
77
4.7
93, 159
68, 675
24, 484
81
4.9
94, 232
70, 578
23, 654
81
4.9
97, 392
71,826
25, 566
78
4.7
97 645
73,416
24,229
72
4.3
103, 086
76, 713
26, 373
73
4.4
104 788
78, 857
25, 931
72
4.3
99, 216
74, 635
24, 581
76
4.5
101 662
74,008
27, 654
3,175
8.6
3,131
8.5
3,045
8.3
3,011
8.3
2,832
7.8
2,735
7.6
2,778
78
2,709
7e
2,706
76
2,646
7 5
2,612
75
2,483
71
2,581
74
53
45
52
42
3
635
635
36
51
1
588
588
36
0
626
626
30
29
40
46
45
33
30
48
5
586
586
0
195
78
117
0
180
119
61
0
186
73
113
273
251
22
320
283
37
30
0
718
717
0
143
71
72
1
262
133
129
420
377
43
349
307
42
24
24
0
770
770
o
29
0
786
785
106
19
87
1
133
57
76
321
288
33
305
271
34
40
0
811
810
1
98
9
89
36
10
795
794
1
62
17
45
35
10
922
921
1
78
18
60
r
23
10
1, 147
1 735
96
20
10
1,196
1 195
36
74
1
87
20
67
76
20
1,417
1 416
' 1
337
273
64
394
317
77
316
r I 146
r1
110
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Exports
r
_ _ _ number
do
do
320
294
26
365
339
26
352
262
90
375
303
72
97fl
46
Revised.
« Data not available.
i Includes wool produced for Government orders not included in the detail, first quarter, 320 thousand yards; second quarter, 2,214 thousand yards; third quarter, 3,576 thousand yards;
prior to 1947, Government orders were distributed to the proper classifications.
JData for January, April, July, and October 1947 are for 5 weeks; other months, 4 weeks.
tSee note in April 1946 Survey with regard to changes in these series.
§ Data continue series published in the 1942 Supplement but suspended during the war period. For 1940-45 data for factory sales of motor vehicles see p. 24 of June 1947 Survey. Data
for October 1941-February 1945 for the foreign trade series will be published later. See note on p. S-40 of August 1947 Survey regarding unpublished revisions for registrations.
*New series. For available data for 1937-43 for woolen and worsted goods production, see p. 19 of May 1945 Survey. See note on p. S-39 of July 1947 Survey for source of data on wool
yarn production and explanation of a revision in the data in that issue, and p. S-40 of the April 1947 Survey for source and earliest data published for truck trailers.
Data beginning January
1946 for aircraft shipments are available on request. See May 1946 Survey for description and data beginning March 1945 for unfilled orders of "other locomotives."
iRevised series. Export series for total and "other" locomotives were revised in the May 1946 Survey (see note in that issue).
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40
Pages marked S
Abrasive paper and cloth (coated)
38
Acids
23
Advertising
6, 7
Agricultural income and marketings
1,2
Agricultural wages, loans
14,15
Air-line operations
22
Aircraft...
— 10,11,12,13,14, 40
Alcohol, denatured, ethyl, and methyl
23
Alcoholic beverages
2, 26
Aluminum
32
Animal fats, greases
24
Anthracite
2,4,11,12,13,14,36
Apparel, wearing
4, 6, 7, 8,10,11,12,13,14,38,39
Armed forces
9
Asphalt and asphalt products
37
Automobiles
2, 3, 7, 8,10,11,12,13,14,18
Banking
._
15, 16
Barley
__
27
Barrels and drums
33
Battery shipments
34
Beef and veal
29
Beverages, alcoholic
2,26
Bituminous coal
2, 4,11,12,13,14, 36
Boilers
34
Bonds, issues, prices, sales, yields
19
Bone black
24
Book publication
36
Brass
33
Brick
4,38
Brokers' loans
15,18
Building contracts awarded
5
Building costs
6
Building construction (see Construction.)
Building materials, prices, retail trade
4, 7, 8
Businesses operating and business turn-over. _
3
Butter
_
27
Candy
29
Cans, metal
33
Capital flotations
18
Carloadings
22
Cattle and calves
28
Cellulose and other plastic products
26
Cement.
_
_._
2,4,38
Cereal and bakery products
4
Chain-store sales
8
Cheese
27
Chemicals
2, 3,4,10,11,12,14,18, 23, 24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
2,38
Clothing
5, 7, 8,10,11,12,13,14, 38
Coal
2,4,11,12,13,14,36
Cocoa
_
—
29
Coffee
29
Coke
_
2,36
Commercial and industrial failures
3
Construction:
New construction, dollar value
5
Contracts awarded
5
Costs..
--.
5,6
Dwelling units scheduled to be started
5
Highway
5,11
Employment, wage rates, earnings, hours— 9,10
11,12,13,14
Consumer credit
16
Consumer expenditures
1, 7
Consumers' price index
4
Copper
-.
33
Copra and coconut oil
25
Corn
19,28
Cost-of-living index (see Consumers' price
index)
4
Cotton, raw, and manufactures
2,
4,5,10,11,12,13,14,38,39
Cottonseed, cake and meal, oil
25
Crops
1, 2,4, 24, 26, 27
Currency in circulation
18
Dairy products
1,2,4,27
Debits, bank
15
Debt, short-term, consumer
16
Debt, United States Government
16
Department stores, sales, stocks, collections. _ 8, 9
Deposits, bank
15,18
Disputes, industrial
13
Distilled spirits
26, 27
Dividend payments and rates
1,19
Drug store sales...
8
Dwelling units scheduled to be started
5
Earnings, weekly and hourly
13,14,15
Eggs and poultry
.
1,4,29
Electrical equipment
2, 7, 34
Electric power production, sales, revenues
26
Employment estimates
9,10,11
Employment indexes:
Factory, by industries
10,11
Nonmanufacturing industries
11
Employment security operations
13
Emigration and immigration
23
Engineering construction
5
Exchange rates, foreign
17
Expenditures, United States Government
16
Explosives
24
Exports (see also individual commodities)
20, 21
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14
Failures, industrial and commercial
3
Farm marketings and income
1,2
Farm wages
14
Farm products, farm, and wholesale prices
2, 4
Fats and oils.
_ _ _ 4, 24, 25
Federal Government, finance
16,17
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15
Pages marked S
Fish oils and
fish__
24, 29
Flaxseed
25
Flooring
31
Flour, wheat
28
Food products
2,
3, 4, 5, 7, 8,10,11,12,13,14,17, 26, 27, 28, 29
Footwear
2, 4, 8,10,12,13,14, 30,31
Foreclosures, real estate
6
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes and
commodity groups
20, 21, 22
Foundry equipment
34
Freight cars (equipment)
40
Freight carloadings, cars, indexes
22
Freight-car surplus and shortage
22
Fruits and vegetables
2,4, 27
Fuel equipment and heating apparatus
33
Fuel oils
37
Fuels
2,4,35,36,37
Furnaces
33, 34
Furniture
2, 4,10,11,12,13,14,15
Gas, customers, sales, revenues
26
Gasoline
37
Glass and glassware (see also Stone, clay, etc.).
38
Gelatin
23
Gloves and mittens
31
Glue
24
Glycerin..
24
Gold
17
Goods in warehouses
7
Grains
- 4,19, 27, 28
Gross national product
1
Gypsum
38
Heating and ventilating equipment
34
Hides and skins
4,30
Highways
5, 11
Hogs
28, 29
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery
5,38
Hotels
~_
11,12, 23
Hours of work per week
_. 12,13
Housefurnishings
4, 7,8
Housing
4, 5
Immigration and emigration
23
Imports
_.
20, 21, 22
Income, personal
1
Income-tax receipts
16
Incorporations, business, new
3
Industrial production indexes
2
Instalment loans
16
Instalment sales, department stores
8
Insurance, life
17
Interest and money rates
15
Inventories, manufacturers' and trade
3,9
Iron and steel, crude and manufactures
2,
3,4,10,11,12,13,14,18,31,32
Kerosene
37
9
Labor force
13
Labor disputes, turn-over.
Lamb and mutton
29
29
Lard
33
Lead.
Leather"and"products:::::: 2, 4,"l6,"ll,"l2,"l3,14, 30
Linseed oil, cake, and meal
25
Livestock
1,2,4,28
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
6,15,19
Locomotives
40
Looms, woolen, activity
39
Lubricants
37
Lumber..
2, 4,10,11,12,13,14,31
Machine activity, cotton, wool
39
Machine tools
10,11,12,14,34
Machinery
2,10,11,12,13,14,18, 34
Magazine advertising
6, 7
Mail-order houses, sales
8,9
Manufacturers' orders, shipments, inventories.
3
Manufacturing production indexes
2
Meats and meat packing
2, 4,10,12,13,14. 29
Metals
2, 4,10,11,12,13,14,18, 33
Methanol
24
Milk...
27
Minerals
2,10,11,12,13,14
Money supply
18
Mortgage loans
6,15
Motor fuel...
.
37
Motor vehicles
7,40
Motors, electrical
34
National product and income
..-_.»
1
Newspaper advertising
._ 6, 7
Newsprint
35
New York Stock Exchange
19, 20
Oats.
28
Oil burners
34
Oils and fats
_.
4,24,25
Oleomargarine
25
Operating businesses and business turn-over..
3
Orders, new, manufacturers'
3
Paint and paint materials
4, 25
Paper and pulp
...2, 3, 5,10,11,14, 35
Paper products
35
Passports issued
23
Pay rolls, manufacturing and nonmanufacturing industries
11,12
Personal income
1
Personal savings and disposable income
1
Petroleum and products.,
2,
2,3,4,10,11,12,14,18,36,37
Pig iron
_
32
Plant and equipment expenditures
1
Pages marked S
Pork..
_
29
Postal business
7
Postal savings
16
Poultry and eggs
1,4, 29
Prices (see also individual commodities):
Consumers' price index
4
Received and paid by farmers
4
Retail price indexes
4
Wholesale price indexes
4, 5
Printing
2,10,11,14,36
Profits, corporation
18
Public assistance
15
Public utilities
1, 4, 5,11,12,13,14,16,18,19, 20
Pullman Company
23
Pulpwood
35
Pumps
34
Purchasing power of the dollar
5
Pyroxylin coated fabrics
40
Radio advertising
6, 7
Railways, operations, equipment, financial statistics, employment, wages
1,
11,12,13,14,15,17,18,19, 20, 22, 40
Railways, street. (See Street railways, etc.)
Rayon, and rayon manufactures
2,
5,10,11,12,13,14,39
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Rents (housing), index
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
7,8,9
Rice
28
Roofing and siding, asphalt
37
Rosin and turpentine
24
Rubber, natural, synthetic and reclaimed,
tires, and tubes
37,38
Rubber industry, production index, shipments,
inventories, employment, pay rolls, hours,
earnings
._ 2.3.10,12,14
Savings deposits
..__
16
Savings, personal
1
Securities issued
18,19
Service industries employment
9
Sewer pipe, clay
38
Sewing machines
34
Sheep and lambs
28, 29
Shipbuilding
10, 11,12,13,14
Shipments, manufacturers'
3
Shoes
2,4,8,10,11,12,13,14,31
Shortenings
25
Silver
17
Skins
30
Slaughtering and meat packing. 2,10,11,12,14, 27, 28
Soybeans, and soybean oil
25
Spindle activity, cotton, wool
39
Steel ingots and steel manufactures (see also
Iron and steel)
32, 33
Steel, scrap
31,32
Stocks, department stores (see also Manufacturers' inventories)
9
Stocks, dividends, issues, prices, sales, yields. _ 19, 20
Stokers, mechanical
34
Stone, clay, and glass products
2,
10,11,12,13,14,38
Stoves
34
Street railways and busses
11,12,13,14
Sugar
29
Sulphur
24
Sulfuric acid
23
Superphosphate
24
Tea
30
Telephone, telegraph, cable, and radio-telegraph carriers
11,12,13,14, 23
Textiles
2,3,5,10,11,12,13,14,38,39,40
Tile
38
Tin
33
Tires and inner tubes
37,38
Tobacco
2,4,10,11, 13,14,30
Tools, machine
10,11,12,13,14,34
Trade, retail and wholesale
7, 8, 9,11,12,13,14
Transit lines, local
_
22
Transportation, commodity and passenger
22, 23
Transportation equipment
2,
3,10,11,12,13,14,18,40
Travel
22, 23
Truck trailers
40
Trucks
. 40
Turpentine and rosin
. 24
Unemployment and unemployment compensasation
9,13
United States Government bonds
16,18,19
United States Government,
finance
16,17
Utilities....
_. 4, 5, 9,11,12,13,14,18,19, 20
Vacuum cleaners
34
Variety stores
8
Vegetable oils
__ 24, 25
Vegetables and fruits
2, 4, 27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
13,14
War expenditures
.
16,17
War Savings Bonds
,
6
Warehouses, space occupied
7
Washers
34
Water heaters
34
Wheat and wheat
flour
19, 28
Wholesale price indexes
4, 5
Wholesale trade
9
Wood pulp
2,5,35
Wool and wool manufactures
2,
5.10.11.12.13.14.40
@FedFRASER