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SURVEY OF
RENT
BUSINE
MAY 1942
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
SURVEY OF
CURRENT BUSINESS
MAY 1942
ECONOMIC HIGH LIGHTS
2
THE BUSINESS SITUATION
3
General maximum price regulation
3
Fiscal policy
3
Consumer credit control
7
Cotton textile program
8
Conservation of essential consumer-goods stocks indicated
8
PRELIMINARY ESTIMATES OF GROSS NATIONAL PRODUCT..
9
MANUFACTURING CAPITAL EXPENDITURES, PART II
14
QUARTERLY ESTIMATES OF CONSTRUCTION
24
STATISTICAL DATA:
Monthly business statistics
General index
S—1
Inside back cover
Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued through
the Bureau of Foreign and Domestic Commerce, CARROLL L. WILSON, Director
Volume 22
Number 5
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS, $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.
Foreign subscriptions, 33.50. Price of the 1940 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
456781—42
1
SURVEY OF CURRENT BUSINESS
May 1942
Economic Highlights
War Outlays Expand Rapidly
Industrial Strikes Diminish
War expenditures, most comprehensive indication of progress
in War Program, rose from March annual rate of 36.5 billion
dollars to about 42 billions in April . . . have more than doubled
in 5 months since November. These outlays— for war construction, new industrial facilities, armaments and other military
Strikes, sharply lower since November, averaged about 65,000
idle workers and 6.5 days idleness per worker in each of 4 months
through March. (Slow-downs and secondary effects of strikes
upon other plants are not reflected in these data.) Stoppages
affecting War Program continue . . . involved less than one-
BILLIONS OF DOLLARS
4
MILLIONS OF MAN-DAYS
8
/
t
I
I
I
1940
i
1
1 t
1 1 1 !
1 1 1 1
1941
J
1
f
!
I
1 1 1 1 1
1 1
1942
1940
War Expenditures: Checks Paid by the U. S. Treasury and Checks Issued
by the Reconstruction Finance Corporation and by Foreign Purchasing
Missions in the United States.
supplies, pay and subsistence of the armed forces . . . including
offshore expenditures to maintain our forces abroad, and aid
to Allied Nations—now equal almost one-third the Nation's
output of all goods and services. The proportion 1 year ago
was less than one-tenth. Rapid gains in recent months have
been aided by curtailment and conversion of civilian activities.
Rising curve of war expenditures will absorb well over half of
national product . . . diminish share available to consumers
until maximum war potential is attained.
1941
Man-Days Idle During Strikes.
tenth of 1 percent of man-days of war employment in first
quarter, contrasted with nine-tenths of 1 percent in same period
last year. Industrial disputes not involving strikes, however,
remain numerous. National War Labor Board has received
176 major cases covering 1.4 million workers. Wage rates are
most pervasive issue in industrial disputes . . . will continue
important within framework of the President's cost-of-living
program . . . devolve principally upon War Labor Board.
Union status is also important issue.
Construction Aligned to War Needs
Construction, estimated at about
12 billions this year, would top 1941
by 700 millions . . . will be more
largely devoted to war purposes, as
reflected in record military, naval,
and industrial construction—over
half the year's total—and enforced
curtailment of other types unrelated
to War. April W. P. B. "stop
construction" order eliminates major
nonessential civilian projects, principally in fields of housing, commercial
structures, and public works, in
order to meet war requirements for
airfields, cantonments, war plants,
etc. Private construction is expected to decline about one-third
under 1941. Public construction
(exclusive of work-relief construction,
wThich is not shown in accompanying
figure) will increase nearly one-half
. . . account for 70 percent of 1942
total. Limiting factor is universal
shortage of critical materials . . .
BILLIONS OF DOLLARS
15
MILITARY AND NAVAL
INDUSTRIAL
BUILDING
NONRESIDENTIAL BUILDING
OTHER THAN INDUSTRIAL*
PUBLIC UTILITY
5 —m2—ma—
HIGHWAYS AND OTHER
PUBLIC WORKS
R ESIDEN TIAL (NONFA RM)
1940
1941
1942
O.D.4B-I6O
Value of Public and Private New Construction by Type.
April order was necessary to tighten
control over use of these in building
. . . with skilled labor supply for
urgent war construction projects
also important. Military and naval
construction will double this year
. . . cost 4 billions. More new
industrial plants programmed this
year than last will involve 2.7 billions
of construction, plus 4 or 5 billions
for industrial equipment . . . an unprecedented 20 percent expansion of
Nation's manufacturing facilities in
2 years 1941-42. Most electric
power, railroad, and other utility
construction this year will be keyed
to War Program. Emphasis in public works will shift to strategic
highways and other war needs.
War-worker housing necessary for
manpower mobilization should sustain nonfarm residential at threequarters of the 1941 volume.
May 1942
SURVEY OF CURRENT BUSINESS
The Business Situation
United States
APRIL will be an important ofdate inissuance of the
^ economic history because
the
General Maximum Price Regulation. This is a landmark in Government wartime control over the Nation's
economy. 1 It seems worth while to set this regulation
in its proper perspective.
For the first 18 months of the present war, the price
level and the cost of living showed little change.
Indeed after the first speculative uprush in September
1939, prices actually fell for nearly a year. The reason
for this behavior has often been pointed out: This
country's productive facilities then had enough surplus
capacity so that production could be expanded rapidly
enough to keep in step with defense spending. A fundamental change occurred after Dunkerque when
appropriations at that time unprecedentedly heavy,
were voted for the Nation's defense and the volume of
defense spending began the spectacular climb depicted
in the figure on the opposite page. Industrial output,
however, also staged a remarkable spurt. • Thus until
March a year ago the idea of goods shortages remained
merely an intriguing possibility in the minds of most
people.
Shortages first became serious in commodities basic
to the rearmament effort. Hence most of the price
control schedules issued by the Price Administrator
were aimed at stabilizing the prices of such materials
as steel scrap, steel and other metals and metal products,
textiles and textile raw materials and other basic
commodities. By the end of March 1942, 112 such
formal price schedules had been issued. Informal
controls had also been attempted, consisting of voluntary agreements made with individual companies or
entire industries to hold prices down, fair-price and
price-freezing requests, suggestions and warnings. In
spite of these measures, the Bureau of Labor Statistics'
general index of wholesale prices rose 20 percent in the
year ending March 1942 and the cost of living rose 12
percent.
As long as shortages were confined to specific commodities and in particular confined largely to nonconsumer items, selective price control was reasonably
adequate. The country's abrupt plunge into war
caused immediate and heavy pressure to convert all
possible productive facilities from producing goods for
civilian use to production of war goods. This widespread conversion, now actively in progress, is having
the obvious result of creating shortages of many goods
of civilian consumption at the very time that swiftly
climbing war expenditures are forcing the national
income to levels so high as recently to be considered
unattainable. It is this combination of circumstances
w^hich rendered inadequate price control by the selective process of tagging specific items and leaving the
others free to rise without limit. Hence the time was
ripe for general, comprehensive and deliberate measures
designed to stop inflation.
The framework for these is the broad program,
inaugurated by the President last month, to:
Stabilize the cost of living through freezing virtually
all prices and rents;
Ration all essential commodities for which civilian
demand exceeds supplies, effecting their orderly and
equitable distribution;
Limit increases in wage rates to the relief of wage
inequalities and of substandard incomes, as one
means of curbing excess consumer purchasing power—
and as additional ways of achieving the latter purpose
to:
Restrict further the use of consumer credit;
Step up consumer savings through greatly increased
purchases of War Bonds out of current income; and
Tax more heavily—this last having the result also of
retarding the growth of the Federal debt.
The first point on the President's program was immediately implemented. Sweeping control over the general price level was effectuated for the first time in
American history on April 28. The General Maximum
Price Regulation, announced then by Price Administrator Henderson, set price ceilings for all goods and
services equal to the highest prices of March 1942.
Sellers are forbidden to receive and buyers to pay
prices higher than these. These ceilings are, in general, not low. The March wholesale price average
(Bureau of Labor Statistics7 index) was 97.6—just a
fraction under the average of the 9 years 1921-29.
Only by the annual average prices of 1923, 1924, 1925,
1926 and'by the inflation peaks of the War of 1812,
Civil War and World War I has the March average
ceiling price been exceeded in the century and more
since 1812. If general prices and especially the cost
of living are effectively frozen at this level, then, as
may be seen by reference to figure 1, the country will
be spared the major part of the cost-of-living rise that
so scourged it in the last war. If this happy result can
be achieved, it will set up still another landmark in
our economic history: it will mark the first major war
fought by the United States without there being
drastic inflation whose peaks stand high above the
price levels of previous and succeeding decades.
There are notable exceptions in the coverage of the
general freeze order. These are, in general: prices of
raw agricultural products when below other ceilings
stated in. the Emergency Price Control Act of 1942,
prices of personal services, professional services, and
certain items not deemed to be "commodities" under
SURVEY OF CURRENT BUSINESS
the Act, such as restaurants, entertainments, public
utilities, advertising, etc., prices of commodities for
which organized markets do not exist and commodities
already under previously effective price ceilings.
Enforcement is to be effected by suspension of the
licenses of offenders, by criminal and civil penalties and
by suits for triple damages payable to buyers charged
prices above the ceilings. The aid of buyers in enforcement is enlisted by permitting them to sue and by
compelling sellers to post prices of "cost of living"
articles where plainly visible to the public.
The Price Administrator outlines procedure by which
relief may be sought for any substantial hardship
Figure 1.—Indexes of Cost of Living of Wage Earners and
Lower-Salaried Workers in Large Cities in World War
I and World War II
350
AUGUST 1939 = 100
350
300
300
250
250
DECEMBER 1914 = 100
May 1942
in wage, profits and fiscal policy. Finally the statement seemed to imply that general rationing of scarce
commodities was a step that would be taken in the
not-too-distant future.
Fiscal Policy
The price "freeze" just discussed highlights the
problem created by increased consumer incomes and
decreased consumer supplies. This problem is strikingly illustrated in table 1, which compares the disposal
of consumer incomes in the first quarter of 1942 with
the disposal in the first quarter of 1941. During this
period, while incomes increased 4.7 billion dollars,
direct personal Federal taxes increased 1 billion and the
sale of Savings Bonds to individuals increased 1 billion.
Of the remaining increment of income, approximately
50 percent was saved and 50 percent was spent for goods
and services. The important point to note is that the
increment spent (1.3 billion dollars) did not, in view of
diminished supplies, prevent an actual decrease in the
goods and services consumed—a decrease of 0.6 billion
dollars when valued at first-quarter 1941 prices.
Table 1.—Disposal of Consumer Income, First Quarter 1942
Compared with First Quarter 1941
[Billions of dollars]
200
200
Item
150
— 150
100
100
§ 1915
1916
1917
1918
1919
1920
1939 1940
1941
1942
0.0.42-107
1
Includes some items not shown separately in this chart.
Source: Indexes were recomputed with December 1914 and August 1939~as base
from data published by the U. S. Department of Labor.
wrought by the maximum price regulation. Such
relief, however, will not take the form of raising the
ceiling prices. Instead it is implied that relief will be
afforded by making adjustments in the prices at which
retailers buy from wholesalers and manufacturers.
The Office of Price Administration even suggests that
Government subsidies will be employed if necessary in
the effort to maintain the ceilings intact.
Announcement of the price freeze was accompanied
by a " Statement of Considerations Involved in the
Issuance of the General Maximum Price Kegulation."
This was a clear, simple and adequate explanation of the
whole inflation problem which every interested person
would profit by reading. Important technical points
connected with the price regulation were discussed, such
as the base period and the lag between retail, wholesale
and manufacturers' prices. Most significant, perhaps,
was the discussion of the " companion measures to the
universal price ceiling." These are appropriate steps
Consumer expenditures for commodities a n d
services
Commodities and services purchased, valued at
at first quarter 1941 prices
Consumer expenditures dissipated in form of
higher prices
Direct personal Federal taxes
Savings Bond sales: Series D & E
Other savings plus State and local direct personal
taxes (residual)
First
quarter
1941
First
quarter
1942
Change
16. 5
17.8
+1.3
16.5
15.9
-.6
+1.9
+1.1
+.9
+1.4
1.9
1.9
1.4
2.6
4.0
Total (consumer income)_
25.1 i
+4.7
NOTE.—Direct personal Federal taxes are individual income, estate, and gift taxes.
Direct personal State and local taxes are the same, plus one-fourth of general property
taxes, the latter being the nonbusiness share. A necessarily rough estimate indicates
that not much over 10 percent of the figure in line 6 represents taxes. The increase
in these taxes in the first quarter of 1942 is probably so slight that the change in
Column 3 represents an increase in individuals' savings.
Source: Federal taxes and bond sales from Treasury Department. Value of goods
and services consumed computed from Bureau of Labor Statistics Cost of Living
Indexes. Other data from Department of Commerce.
The significance of the table lies in the fact that it
shows consumers in possession of much more money to
spend for a decreased quantity of goods and services.
This essential basis of inflation has, as previously mentioned, been created by the tremendous war expenditures of the Government, and it can be removed primarily by compensatory fiscal policies in the field of taxation and bond sales. The following summary is an
analysis of this problem, and of the positive measures
that have been taken and others still to be taken, to
meet it.
Increased Income Payments.
Government expenditures for defense, and later for
war, have increased, as shown in the chart in the preceding "Economic Highlights/7 from a monthly rate of
some 500 million dollars in early 1941 to over 3 billion
at present. This sixfold increase in expenditure has
resulted in income payments to individuals rising to
unprecedented levels. These income payments have
May 1942
SURVEY OF CURRENT BUSINESS
increased (on a seasonally adjusted basis) from 6.9
million dollars in January 1941 to 8.8 million in March
1942. Despite the increase in direct personal taxes in
the last year, individuals7 disposable income (income
payments minus personal direct taxes) has increased
about 2 percent each month for the past year.1
For the first year after the start of the armament
program in mid-1940, the increase in income of individuals called forth a greater production of goods and
services on which the increased income could be spent.
Demand and supply remained in practical equilibrium,
and the general price level was not subjected to much
upward pressure. This state of affairs, however, became increasingly untenable during 1941 as a larger and
larger portion of the Nation's production was channeled
into war lines at the expense of consumer production.
The wartime program of conversion of consumer industries into war industries has accelerated this development.
The result has, of course, been that the latter part of
1941 saw production of consumer goods failing to keep
up with the growing demand while in early 1942 an
actual diminution in production became apparent.
Since portions of this output were absorbed by increases
in inventories, the result is that the quantity sold failed
by a decisive margin to keep up with the ever-increasing
consumer demand. Hence, the increase, some 13 percent, in retail prices from a year ago March.
Figure 2 is a graphic presentation of this development, and indicates roughly how consumers have been
disposing of their increased incomes during the past
year. With data adjusted throughout for seasonal
variations, the chart shows income payments rising
from less than 7 billion dollars in January 1941 to nearly
9 billion in March 1942. The chart shows that consumers have used part of this increased income in
increasing their savings and tax payments, and part of it
in making additional expenditures for goods and services.
The important point, however, concerns the unshaded area on the chart. This area might be called
the " inflationary spending" of consumers—the spending that took the form of higher prices but brought no
increase in the quantity of goods and services acquired.
In fact, there was an actual decrease in the quantity
of goods and services acquired in March 1942 as compared w^ith January 1941 in spite of the fact that some
600 million dollars more was spent in the latter month
than in the former.2 The conclusion to be drawn
is that consumers have used part of their increased
income to bid up the prices of the limited goods and
services available. This aspect of the future price
outlook, with incomes steadily rising and the volume of
goods and services estimated to decrease some 12 percent in 1942, was sufficiently serious to induce the price
freeze of April 28.
Severe inflation would be particularly detrimental
1 See table 1, page 9, in the April Survey of Current Business.
The area in figure 2 labeled "consumer expenditures at constant prices" is computed by means of deflating consumer expenditures at current prices to the January
1941 level by means of the Bureau of Labor Statistics cost-of-living index.
2
now because it weakens morale by arbitrarily enforcing
unequal sacrifices, increases the money cost of the war
unnecessarily, requires such frequent revision in contracts that disruptions in production become unavoidable, and encourages withholding of scarce supplies,
hoarding of goods, creation of excessive inventories, and
unproductive speculation. The unshaded area in
figure 2 is significant because its growing size is a direct
measure of those undesirable developments.
Figure 2.—Disposal of Consumer Income, Adjusted for
Seasonal Variations
BILLIONS OF DOLLARS
10
CONSUMER EXPENDITURES
AT CONSTANT PRICES
1941
1942 D.D.4Z-IS2
Source: U. S. Department of Commerce.
The price rises of the past year might have been
largely avoided in two general ways. One method
is a direct control of prices and costs and the other
is the elimination, by taxes and Government borrowing,
of excess spending power in the hands of consumers.
Both solutions were attempted, but in each case only
to a limited extent. The Office of Price Administration
enforced ceilings on prices of an increasingly large
number of commodities, starting first with the raw
material and wholesale fields. Not until early 1942
did it move into the retail field. The Revenue Act of
1941 wTas, in part, an effort to tax away significant portions of increased incomes, and the sale of Savings
Bonds has been pushed with increasing vigor by the
Treasury. Table 1 indicates the limited success of
these latter methods of diminishing consumer demand.
Insufficient Tax and Bond Sales Receipts.
The failure of tax and bond sales receipts to take up
most of the excess spending power of consumers has
necessitated the wide extension of price controls.
Selective price controls would have been sufficient if
there were only a few goods in particular short supply.
But the enlarged income payments noted earlier have
created a general shortage of goods and services relative to demand, so that the imposition of a price
ceiling on one commodity results in some diversion of
demand to other commodities—thus making over-all
controls more and more necessary.
The important consideration to note here is that
there can be no effective price control while at the same
6
SURVEY OF CURRENT BUSINESS
time there is a large amount of excess spending power.
The Office of Price Administration emphasized this
fact at the time of the issuance of the General Maximum
Price Regulation. Over-all price controls and rationing would be difficult enough to administer in the
absence of excess demand; the existence of excess demand "would insure the disregard of law."
In short, the universal price ceiling serves only as
the framework for other policies which will reduce
consumer demand. The urgency of these other
policies is not diminished by the price "freeze."
For this reason, the possibility of increasing both
bond sales to individuals and anti-inflationary taxes
receives increasing attention despite the broadening
scope of direct price controls. Notwithstanding this
cognizance of the problem, the measures so far taken
in both these areas have fallen short of what was
necessary.
The program of encouraging bond purchases by
individuals was inaugurated in May 1941 when the
old series Savings Bonds were renamed "Defense
Bonds" (later, "War Bonds"), and two new series (F
and G) were introduced. Since Series F and G War
Bonds are, in practice, available only to very large
purchasers of bonds and to savings institutions other
than commercial banks, it is most unlikely that their
purchase represents any diminution in buying power
exchangeable for consumer goods.3
Series E Bonds, however, are sold only to individuals
and presumably cause a reduction in the consumption
expenditures of those individuals. The money used
for the purchase of the bonds, however, cannot be presumed to come entirely from living expenses. It can
represent normal savings that otherwise would accumulate in some other form, it can represent a use of
funds that would otherwise be idle, or it can represent
an expansion of credit.
That some of these factors are operative is indicated
by the denominations of the bonds sold. In the 10month period—May 1941 to February 1942—39 percent
of the Series E Bonds sold were in $1,000 denomination, and a further 20 percent were $500 bonds (redemption value). The purchaser of such a large bond can
normally be presumed to be a large saver, and hence it
is unlikely that his bond purchase will result in any
appreciable diminution in his consumer expenditures.
That many Series E Bond purchasers are large savers
is further indicated by the fact that approximately
one-third of the Series F and G Bonds have been sold
to individuals—-individuals who have presumably purchased their legal maximum of Series E Bonds first.
On balance then, it is not likely that much over half
the sale of Series E Bonds represents a withdrawal of
money from the consumer market.
As figure 3 shows, the sale of Series E Bonds was
rather insignificant until Pearl Harbor, being only
3
Through January, 1942 over 93 percent of Series F and G Bonds were in denomi-
nations of $1,000 or over, and 49 percent were in denominations of $10,000.
Mav 1942
slightly over 100 million dollars a month.4 Starting
in December, however, sales spurted, reaching a high
of over 650 million dollars in January. The falling
off in February and March probably indicates that
many people purchased their full year's limit ($3,750
at issue price) in January.
Figure 3.—Reported Sales of U. S. Savings Bonds, Series E,
at Issue Price
MILLIONS OF DOLLARS
800
! *
600
'
400
\
\
/
200
^
—
I
i
1
/
I
!
1
1
1941
1
1
1
1
1
!
1942
I
I
1
1
!
OD.42-144
Source: U. S. Treasury Department.
Programs To Increase Bond Sales and Taxes.
A further expansion of War Bond sales is necessary
if an appreciable reduction in consumer spending power
is to be made by this method. Such an expansion
could be achieved on a compulsory basis, along the lines
of the British deferred-pay program, or perhaps on a
voluntary basis, as suggested by Secretary Morgenthau.
The voluntary program, which involves advertising,
publicity, the pressure of community opinion, and suggestions that 10 percent of income be used to purchase
bonds received new impetus on May 1 when local and
State quotas were set.
It is hoped that systematic monthly purchases,
generally in the form of pay-roll deductions, will result
in the total sale of all series mounting to 1 billion dollars
a month. So far, pay-roll-deduction programs have
been adopted by some 20 million workers. If the
voluntary program is to be adopted by all persons with
income, some 30 to 40 million more individuals will have
to be persuaded to join the program. Indications from
the Treasury are that the voluntary program will be
given a trial until July 1.
The program of reducing consumer demand by means
of additional taxes has been of limited effectiveness.
This is true for three reasons. First, the additional
yield under the 1941 Revenue Act of those personal,
direct taxes which reduce consumer disposable income
is estimated at only about 1.3 billion dollars for 1942—
a small sum when compared with the magnitude of
potential excess demand. Second, many of the new
taxes imposed last September are themselves responsible for price increases. Certainly in the case of
the 500 million-dollar-increase in excise taxes, and
possibly in the case of other business taxes, the bulk
* The combined sale of Series F and G Bonds since May, 1941 is about equal to that
of Series E.
May 1942
SURVEY OF CURRENT BUSINESS
of the burden is shifted to consumers in the form of
higher prices. Such higher prices are ordinarily not
inflationary, however, for they do not beget higher
incomes and so start an upward price spiral.
The third reason why the new taxes have been less
effective in averting price advances than they might
have been, is that taxes imposed on individuals' incomes are generally not paid until 13 months after the
income is received. While some people will anticipate
their necessary income tax payments by means of setting
aside savings during the prior year for the purpose, it
is probable that most people pay this year's taxes out
of next year's income. Thus, additional taxes imposed
by the Revenue Act of 1941 will not all be paid until
December 1942.
In order to encourage tax anticipation savings, the
Treasury offered, starting in August 1941, Tax Anticipation Notes which could be used for the payment of
taxes due in 1942. The aggregate sale of these Notes
through March 1942 was 3,080 million dollars, but
over 90 percent of sales were made to corporations.
During the 8-month period, individuals anticipated
their taxes by setting aside funds through this means
only to the extent of 300 millions dollars.
The obvious solution to this problem of delay in tax
payments is to change the tax collection system so that
taxes will be collected at the source and at the time of
income payment. This change of procedure is beset
with numerous administrative difficulties, but in
offering his 1942 Revenue proposals to Congress,
Secretary Morgenthau indicated it might be necessary.
That these difficulties are not insurmountable is indicated both by British and Canadian experience and by
the practice of collecting Social Security levies at the
source.
Additional taxes to be incorporated in the 1942 Revenue Bill are an integral part of the anti-inflation drive,
a point emphasized by President Roosevelt in his
message to Congress on April 27. In addition to the
President's proposals of higher excess profits and individual income taxes, the Treasury has proposed higher
taxes on normal profits, on selected commodities, on
estates, on gifts, and on pay rolls, as well as the removal
of certain tax privileges, such as tax exemption of State
and municipal bonds and married persons' privilege of
making separate returns. These proposals were augmented in early May when the Treasury suggested a
further lowering, by 20 percent, of tax exemptions on individual incomes. Of the other recommendations which
have come before the Ways and Means Committee in
its hearings on the Revenue Bill, the most insistent has
been for a general sales tax.
The attack on inflation by bond sales and taxes is
complicated by the fact that total receipts are by no
means analagous to total withdrawal of purchasing
power. This was indicated earlier, in the discussion of
Series F and G War Bonds. It is similarly true in the
case of taxes. A tax on income, for example, will
reduce consumption expenditures in the case of some
people in some income brackets, while in other cases it
may simply reduce savings without curtailing expenditures for consumption.
Individual Savings Have Increased.
The potential danger of the price situation is high
lighted in figure 2 by the area labeled "individuals'
direct taxes and savings." With some 180,000 State
and local government subdivisions in the country with
varying fiscal periods, it is impossible to know the
amounts and dates of payment of the various tax levies.
But estimates of the Department of Commerce indicate
that direct personal taxes amounted to about 4 billion
dollars in 1941, or an average of only some 333 million a
month. Savings of individuals account for the remainder of the area in the figure. They have obviously increased considerably in recent months. Had individuals attempted to spend all their increased income on
goods and services, prices would have risen very much
more than they actually did.
Factors which have stimulated increased saving—•
inability to purchase durable goods, tax anticipation,
War Bond purchases, consumer resistance to rising
prices, uncertainty about the future—might at any time
be overbalanced by factors that will promote more
spending—fear of shortages and lack of the habit of
saving on the part of many people who now receive
increased incomes. There is, moreover, the possibility
that the people who are saving so much now will, after
accumulating a considerable sum, tend to decrease the
volume of their saving. In any event, it is important
to note that potentially the base of inflation is much
broader than appears on the surface. The task of
fiscal policy in stabilizing the price level and reenforcing
the new price regulations might therefore be considerably enhanced by a decline in the rate of saving.
Consumer Credit Control.
The Federal Reserve program of curtailment of consumer credit is another anti-inflationary measure. The
restrictions on consumer installment credit, which were
introduced in September 1941 and later expanded in
March and in May, achieve curtailment by means of
requiring larger down payments and shorter repayment
periods. Accommodation loans which might be used
to avoid the limitations are forbidden. These restrictions have undoubtedly eliminated some marginal
demand from the market, but of equal importance has
been the diminishing supplies of consumer durable
goods for the purchase of which most installment credit
is granted. From a peak of over 6 billion dollars in
August, installment credit outstanding was reduced
some 8 percent by the end of the year, and it is not
unlikely that a further 50-percent reduction will be
achieved in 1942.
Additional consumer credit controls were announced
in early May. These aim at reducing the volume of
outstanding charge accounts by requiring payment of
8
SURVEY OF CURRENT BUSINESS
charge accounts by the tenth day of the second month
after incurrment. If payment is not completed by
then, the account must be transferred to an instalment
basis, and liquidated in six months; during this period
no further charge account purchases will be permissible.
Due to the fact that charge accounts for food and some
other purchases are not restricted, it is unlikely that a
reduction much greater than 25 percent of outstanding
charge accounts will be achieved. Since the total
volume outstanding is not very large to begin with, this
reduction will probably not materially affect consumer
demand.
Industrial Gains Persist.
May 1942
textiles, the shortage of burlap, normally imported from
India has created extraordinary needs for cotton fabrics
for bagging, baling, and wrapping purposes.
Raw cotton is available in large quantity. The
limiting factor in production is manufacturing capacity.
Increased output is being achieved, however, through
better utilization. By such practices as the substitution of full-loom widths for narrower widths, output of
all types of cotton fabrics may possibly be increased
from 11 billion square yards in 1941 to perhaps 14 or
15 billions this year and also next. Woolen, carpet, and
upholstery mills are also being converted to the manufacture of cotton fabrics for bagging, camouflage, etc.
Woolen machinery will be used in some instances to
spin cotton yarn—which has been a bottleneck as well
as cotton weaving capacity.
Action taken in April (shifting certain looms to bag
osnaburgs and bag sheetings) will transfer another 13
percent of cotton weaving capacity to military and
other extraordinary needs, raising the facilities so
employed to about 50 percent. Additional steps are
planned to effect a virtually complete (88 percent) allocation of cotton manufacturing capacity to military
and essential civilian fabrics.
The production pattern during April continued to
be that characteristic of rapid industrial mobilization for
War. Declines on the civilian-goods front contributed
to larger armaments fabrication. Despite these diverse
trends (evidenced also by the slow progress of manufacturing employment and miscellaneous carloadings)
the basic gains made in industrial capacity are worth
emphasis. Although steel ingot production of 7,122,000
tons declined slightly from the March record rate,
steady progress in aircraft and other war production,
moreover, consumes increasing quantities not only
of diverted materials, but also the ever-larger outflow from new raw material plants. Electric power
production declined seasonally but exceeded April 1941
by 13 percent. Machinery and transportation equipment were notable for their extension of March gains, as
industrial activity advanced 2 points to 174 (preliminary) in terms of the Federal Reserve Board adjusted
index.
Miscellaneous rail shipments (classification for loadings of most industrial materials and manufactured
products) rose only moderately to a new 1942 high.
They still reflect the inroads upon traffic made by
stop-production orders and shut-downs for plant conversion. Coal production and loadings, however, were
better maintained than usual for April—should be continued in maximum volume throughout the summer to
build up users' coal stocks in advance of the heavy
burden of other rail traffic expected later this year.
With the Great Lakes ore movement in full upswing,
total carloadings passed 860,000 on their way toward
the one-million mark.
Military requirements are extremely heavy now—
and perhaps will become increasingly so. It is hoped,
however, to keep essential civilian goods production
from receding below the 1939 level. Savings will be
achieved in designing apparel and other consumer
products to use less yardage.
Cotton Textile Program.
Conservation of Essential Consumer-Goods Stocks Indicated.
Important in appraising the outlook for diminished
consumption is the fact that some consumer nondurable
goods must be diverted in large part to military uses—
cotton textiles, for example. This industry's production
program exemplifies the thorough-going mobilization of
resources necessary to meet combined military and
minimum civilian needs.
Consumer demand for cotton products, stimulated
by advanced levels of income and reinforced by some
unsatisfied uses of wool, silk, and rayon textiles transferred to cotton, is far above minimum needs. Besides
heavy military requirements for a wide variety of cotton
Figure 4.—Sales of Retail Stores, Adjusted for the Number of
Working Days in the Month
BILLIONS OF DOLLARS
1942
oo
4Z-I45
Source: U. S. Department of Commerce.
Retail sales continued in large volume during April
as consumers sought to acquire the dwindling trade
stocks of durable goods. Increasing consumer attention has also been given many nondurable items reflecting chiefly, it is believed, expected shortages. The
course of retail store sales (dollar volume without
adjustment for seasonal variations) is traced through
March in figure 4. The total for all retail outlets in
that month w^as up less than 3 percent from March a
year ago.
The failure to register a larger gain is accounted for
(Continued on page 23)
9
SURVEY OF CURRENT BUSINESS
May 1942
Preliminary Estimates of Gross National
Product, 1929-41
By Milton Gilbert and R. B. Bangs *
2
In several recent articles, the Bureau of Foreign and
Domestic Commerce has issued preliminary estimates
of various components of the gross national product
which were thought to be of value in the analysis of
pressing economic problems created by the war. Since
then many requests have been received from both
public and private agencies for more complete information concerning these estimates. The requests indicate a need for estimates covering a longer span of
years and for a series of tables showing the interrelations of the various segments of gross national product
or expenditure. Accordingly, preliminary estimates
of these aggregates, distributed in ways particularly
relevant for problems of war production and war
finance, are being presented here. This presentation,
furthermore, provides an opportunity for incorporating
the results of additional work which have since become
available, leading to conceptual and statistical improvement of the data previously issued.
Because of the misuse sometimes made of estimates
of this character, it must be emphasized that the data
are being offered as an analytical tool, rather than as
precise measurements of every component series. There
is every reason to believe that the over-all picture of
the economy is represented in its true perspective.
Consequently, the vital policy decisions required from
day to day in the present emergency can better be made
with the aid of this statistical framework than with the
cruder relationships that otherwise would be used either
explicitly or implicitly. However, several of the component series are still some distance from their finished
form. The work of refinement is going forward so
that series obtained by direct measurement may be
substituted for those now obtained as residuals and so
that certain well-known limitations of series now
directly measured may be removed.3
The Two Methods of Measuring National Income
The national income is the most familiar comprehensive measure of the output of the economic system.
1
The writers would like to acknowledge the contributions of the following members of the National Income Unit to this work: William Shaw, Wendell Hance,
Burton Klein, and Orris Herfindahl. Particular mention is due a former member
of the staff, John Lindeman, who made a major contribution during the earlier
stages of the work.
2
See Survey of Current Business, March and April 1942.
3
So far as the three significant residuals in the tables are concerned, savings of
individuals, consumer expenditures for nondurable goods and services, and corporate
savings, the first two have been checked against whatever independent direct measures
are available and found to be reasonably consistent. The third is known to be significantly understated because of the present underestimation of corporate net income,
due largely to the fact that the latter estimate is based upon tabulations of unaudited
tax returns.
4-56781—42
2
As is well known, the national income measures the net
value of goods and services produced during a given
period. In practice this net value of product is now
obtained by adding together all the incomes paid or
accruing to factors of production during the given
period, i. e., by aggregating all wages, salaries, dividends,
net rents, net interest, entrepreneurial income, and
retained earnings of business corporations.
Figure 5.—Gross National Product by Use
BILLIONS OF DOLLARS
125
\ GOVERNMENT EXPENDITURES FOR GOOCS AND SERVICES
GROSS
NATIONAL
PRODUCT
] PRIVATE GROSS CAPITAL
FORMATION
I CONSUMER EXPENDITURES FOR GOODS AND SERVICES
100
75
50
|
25
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941
Source: U. S. Department of Commerce.
A second method of measuring national income, the
so-called "final products approach," leads directly to
estimates of national output by summing the values of
all finished commodities and services produced during
a given period. These finished commodities include
both the products sold to consumers and those retained
by business enterprises for use in further production.
Thus the flow of goods and services to consumers plus
the net flow to capital purposes (net capital formation)
equals the net national product.
Complete estimates of national income by the final
products method,4 designed to supplement the data on
national income by distributive shares and industrial
origin which have been available for some years, are in
process of development. The final products method
yields two national product totals: (a) a gross national
product 5 consisting of (1) the flow of consumers' goods
and services through private enterprises, (2) gross
* A report on the first part of this work, "The Gross Flow of Finished Commodities
and New Construction, 1929-1941," appeared in the Survey of Current Business,
April 1942.
5
The terms, "gross national product" and "gross national expenditure" are used
synonymously in this report.
10
SURVEY OF CURRENT BUSINESS
capital formation by private enterprises, and (3) the
product of government activities; and (b) a net national
product found by subtractirg an allowance for the
consumption of capital equipment from the gross
national product. Net national product bears a definite
reconcilable relationship to net national income as
estimated by the distributive shares method.
For certain purposes national income by the final
products method provides more useful breakdowns than
estimates by the method of distributive shares. Thus
if we wish to know how the national product is being
used and the manner in which this use is changing over
time, final products data are essential. Similarly all
questions relating to the commodity composition of the
national product can be handled only in terms of the
final products approach.
The Construction of Gross National Product
Estimates
Upon completion of the final products study, estimates of the gross and net national product, broken
down in detail by type of commodity and service, will be
issued. These estimates will not, in their entirety, be
completed for some months. Pending completion of
this study, however, it has been feasible to prepare
approximate aggregates of gross national product,
together with certain breakdowns by type and use of
product, using the regular national income series and
such parts of the final products material as have been
completed.
The concept of gross national product used here is
designed to count all final products and services produced by the economy at the prices these products
command in the market. So far as the output of
private enterprise is concerned, the task is one of
estimating the consolidated gross income from operations of all business firms. This total for all business
firms must of necessity equal the market value of goods
produced and sold during a given period plus the current
value of the change in inventories. In the case of
government, the total of payments to factors of production is included as the measure of the value of government output.6
The relationship between the national income, as
estimated by the distributive shares method, and the
gross national product, with private enterprise output
valued at market prices and government output valued
at cost, is shown in table 1. As may readily be seen, the
sum of the component series added to the national
income in order to obtain gross national product is in
most years relatively constant. Thus, the year-to-year
movements of the gross total are not normally much
different from the changes in the net national income
series. But in years when the national income is
6 Thus, the concept of gross national product used here is inclusive of government operations financed by business taxes. This is one of the important respects
in which it differs from the concept made familiar by the notable work of Professor
Kuznets. See Simon Kuznets, National Income and Capital Formation, National
Bureau of Economic Research, 1937.
Mav 1942
changing sharply or in years which correspond roughly
to the turning points of business cycles, sufficient differences between the movements of the two series to be
analytically important may be observed. In 1941, for
example, while the increase in national income
amounted to 17 billion dollars, the increase in gross
national product was substantially larger, namely 22
billion dollars. Another significant difference between
the movements of the two series occurred in 1933 when
national income increased by more than 2 billion dollars
while gross national product declined slightly.
Particular mention may be made of the adjustment
for the revaluation of business inventories, a correction introduced in the concept of gross national
product but not implicit in the present Department
of Commerce estimates of national income. The prices
at which business firms charge goods out of inventory
to cost of sales and also the method of pricing inventories at the close of accounting periods may exercise an important effect upon the results yielded
by accounting calculations of business net income.
As is well known, in a period when prices are changing
a business firm may by figuring inventory on an original
cost basis, calculate a very different net profit or loss
than its accounts would reflect had they employed,
for example, a replacement cost procedure. Furthermore the method of inventory pricing followed by
business firms varies from firm to firm and from industry to industry, depending on such factors as the
flexibility of prices of goods carried in inventory, tax
considerations, and administrative convenience.
As a result the inventory figures obtained by combining the accounting records of business firms are nothomogeneous and have no clear meaning. Not only
do the methods of treating inventories differ, but the
dollar-inventory figures obtained from accounting
records are based on a broad range of prices for goods
and services prevailing in the near or perhaps more
distant past. To correct this difficulty and to produce
meaningful aggregates of inventory changes for the
entire business system it is necessary that the diverse
inventory figures from accounting records be rendered
as nearly consistent as possible.
The simplest, and from some standpoints theoretically most desirable, method of obtaining this consistency is by revaluing all inventories into average
prices for the current year. After inventory changes
are converted into such relatively homogeneous magnitudes, the amount of revaluation may be determined
as the difference between the revalued series and the
original series derived from accounting records. This
procedure, which has been followed in the estimates of
gross national product, yields, ideally, an estimate of
the current dollar value of the physical quantity change
in business inventories.7
^ The actual results can only approximate this ideal with an unknown degree of
error, since it is impossible in practice to make proper allowance for all different
methods of inventory pricing practiced and since it is difficult to obtain and select
the most appropriate deflating index in every case.
SURVEY OF CURRENT BUSINESS
May 1942
The revaluation of inventories thus involves, in
essence, adjustment of the net income of business
enterprises as calculated by prevailing accounting
methods. It is, therefore, as appropriate an adjustment to national income as to gross national product.
This correction may, in fact, be introduced in the
national income estimates in the near future, when
the reliability of the statistical procedure has been
more carefully tested.
Figure 6.—Income of Individuals by Use
BILLIONS OF DOLLARS
100
1929 1930 (931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941
0.0. 42-148
Source: U. S. Department of Commerce.
It is interesting to note that the revaluation of inventories, by removing many of the erratic fluctuations in
business net income resulting from price changes, leaves
a less volatile and more readily understandable series
measuring the retained net earnings of business firms.
The Composition of the National Product
Having converted the national income figures to a
series measuring the gross value of privately produced
finished consumer goods and services plus the gross
flow of producers7 goods and the output of government,
it is essential to distinguish the analytically significant
components of this aggregate. Two breakdowns of the
total are presented here, in addition to that illustrated
in table 1. The first, which is shown in table 2, concerns the product aspect of the gross income produced
and distinguishes broadly the uses made of the complex
of goods and services which comprise the national
output. The second breakdown, shown in table 4, is
concerned with the disposition of gross income flows
generated by current production. Each of these breakdowns is useful for particular purposes; together they
yield a rounded picture of the commodity and financial
flows which jointly determine the structure of the
national product.
Table 2 shows the proportion of the gross national
product flowing to government for all public purposes,
the proportion utilized to maintain and improve the
productive capacity of the system of private business
enterprises (private gross capital formation), and the
proportion flowing to ultimate consumers. When
this broad breakdown is supplemented by detailed data
11
on the commodity and service composition of each
major portion of the national product, a relatively
complete cross section of the yield of the productive
process will be at hand.
As yet details concerning the product composition
of government purchases are not readily available.
Certain details relative to the capital formation component are shown in table 2 and these may be supplemented by the detailed estimates of producers' durable
goods, when these latter are properly adjusted to exclude
government purchases. Similarly the consumer segment of the national product may be partially analyzed
(with respect to the commodity portion only) by means
of the detailed commodity flow figures, likewise adjusted to exclude government purchases.8
Turning from the goods and services yielded by
productive activity to the financial flows stemming
from the productive process, particular interest attaches
to an analysis of the use made by individuals of the
incomes they receive. Analysis of this type is illustrated by table 3 which presents summary figures
indicating the manner in which the income received
by individuals is allocated as between direct taxes,9
savings, and purchases of consumption goods.
Special mention must be made of the possibility of
error in the estimates of individuals' net savings, due to
the fact that the series is a residue and that direct measures cannot be estimated with precision.10 However,
the level of the savings series is roughly corroborated
by such direct estimates of the component parts of
personal savings as are available.11
Since considerable importance attaches to a breakdown showing the channels through which individuals'
savings flow back into investment, it is hoped, when the
final products study is nearer completion, to present
figures for net personal savings estimated by direct
rather than residual methods. Such estimates should
add appreciably to our knowledge of the sources of
funds used for capital expenditure.
For some purposes analysis of the sources of capital
funds can be facilitated more by working with gross
than with net savings and also by combining the savings of individuals with those made by business enterprises. Such an aggregation of all savings (on a gross
basis) is illustrated by table 4. Setting this total of all
s The details of gross commodity flow wore published in the Survey of Current Business, April 1942.
9 It should be emphasized that the estimates of personal taxes presented in table 3
include only the taxes paid by individuals explicitly from income. The so-called
"indirect taxes" are, consequently, contained in the market prices of final products.
The criterion separating direct from indirect taxes is based on mode of collection rather
than on judgments concerning the ultimate incidence of particular types of taxation.
1 The monthly estimates of disposable income, consumer expenditures, and sav0
ings which were presented in the April SURVEY were based on advance annual estimates for 1940 and 1941 of these components of the national product. The present
more accurate annual figures differ slightly from those employed for deriving the
monthly series. This discrepancy, however, affects only the level of the monthly
estimates and not the month-to-month changes.
11 Particular attention has been given to checking the residual estimates of savings
against the direct measurements made by the Securities Exchange Commission.
When the differences in concept are eliminated, the two series are within 5 percent of
one another for the 1933-41 period.
12
SURVEY OF CURRENT BUSINESS
Mav 1942
Table 1.—Relation of Gross National Product 1 to National Income
[Billions of dollars]
Item
Line
1929
1 National income
- 2 Add" Total business taxes
3
Depreciation and depletion charges
.
Income credited to other business reserves
4
Capital outlays charged to current expense
5
6 Less: Revaluation of business inventories
7 Equals: Gross national product or expenditure... .__
1
1930
83.3
7.0
6.8
1.0
.8
-0.5
99.4
1931
54.5
6.2
6.7
1.3
.6
-2.8
72.1
68.9
6.8
6.9
1.1
.8
Q
-J
88^2
1932
40.0
6.1
6.2
1.5
.4
-1.2
55.4
1934
1933
42.3
6.6
6.0
1.4
.4
1.9
54.8
1935
49.5
7.5
5.9
1.3
.5
.9
63.8
55.7
8.1
5.9
1.1
.6
.6
70.8
1936
1937
1939
1938
64.9
8.8
6.2
1.3
.8
.3
81.7
71.5
9.0
6.1
1.0
.8
64.2
8.3
6.2
.5
.5
87^7
80^6
1936
1937
1940
1938
Q
70.8
9.6
64
.8
.8
.3
88.1
77.3
11.8
6.5
.9
1.0
.4
97.1
See footnote 6.
Table 2.—Gross National Product by Use of Product
[Billions of dollars]
Line
Item
1929
Gross national product
Less: Government purchases of goods and services _
Federal Government
National Defense
Other
State and local governments
Equals: Goods and services available for private use Less: Private gross capital formation
Construction
Producers' durable equipment
Net export of goods and services
Net export of gold and silver
Net change in business inventories
Net change in monetary stock
Equals: Goods and services sold to consumers
Durable goods
Nondurable goods and service^
99.4
11.0
2.7
8.3
88.4
17.6
8.3
7.3
.6
-. 1
1.6
-.1
70.8
9.9
60.9
1930
1931
88.2
11.2
2.4
1932
1934
1935
72.1
11.5
2.8
54.8
9.1
2.6
63.8
10.8
4.9
70.8
11.9
3.9
81.7
12.6
4.6
87.7
13.6
6.1
8.7
60.6
6.4
3.8
4.2
77.0
12. 1
5.6
6.0
.7
-.2
-.3
55.4
10.2
2.4
7.8
45.2
2.2
1.8
2.4
.2
.0
-2.3
.1
43.0
4.2
. 38.8
6.5
45.7
3.3
1.3
2.1
.2
2
-.7
.2
42.8
3.4
39.0
5.9
53.0
5.3
1.6
8.0
58.9
6.7
2.1
4.0
.2
-2.1
2
2^3
52.2
5.7
46.5
8.0
69.1
10.0
7.5
74.1
11.6
3.7
6.3
.1
-2.0
.0
64^9
8.1
56.8
54.2
6.3
47.9
3.1
.5
-1.3
-.1
1.5
47.7
4.8
42.9
2.9
5.2
-.1
-1.2
2.2
1.0
59.1
6.7
52.4
80.6
14.4
-1.5
1.1
1.9
62.5
7.6
54.9
66.2
7.7
3.3
4.5
1.1
-1.9
-1.3
2.0
58.5
6.0
52.5
1940
88.1
15.1
6.8
1.4
5.4
8.3
73.0
11.0
3.7
5.4
.8
-3.2
.8
3.5
62.0
7.1
54.9
97.1
16.3
8.0
2.8
5.2
8.3
80.8
14.6
4.4
6.6
1.4
-4.1
1.8
4.5
66.2
8.3
57.9
Table 3.—National Income by Use of Funds
[Billions of dollars]
Line
Item
1932
1934
1935
1936
1937
1938
1940
l_
National income
Add: Transfer payments from government
Less: Corporate savings
E m p l o y m e n t taxes
Direct personal taxes
Federal
State and local
Equals: Disposable income of individuals
Less: Consumer expenditures for goods and services .
Equals: N e t savings of individuals .
83.3
.7
1.2
.2
3.0
1.3
1.7
79.6
70.8
8.8
68.9
.7
-3.9
.2
2.6
1.0
1.6
70.7
64.9
5.8
54.5
40.0
1.9
1.3
-5.8
-6.4
59.6
54.2
45.6
43.0
.2
2.4
7
l!7
5.4
.2
1.9
.4
1.5
2.6
42.3
1.4
-2.8
.2
1.8
.5
1.3
44.5
42.4
2. 1
49.5
1.5
-2.1
.2
1.9
.6
1.3
51.0
47.7
3.3
55.7
1.8
-1.3
64. 9
2.9
-.9
.6
2.9
1.2
1.7
65.2
59. 1
6. 1
71.5
1.7
-.8
1.7
3.1
1.4
1.7
69.2
62.5
6.7
64.2
2.4
-1.5
1.9
3.3
1.6
1.7
62.9
58.5
4.4
1936
1937
1938
1.5
56.3
52.2
4.1
70.8
2.5
.4
2.0
2.9
1.2
1.7
68.0
62.0
6.0
77.3
2.7
1.3
2.2
3.0
1.3
1.7
73.5
66.2
Table 4.—Gross National Expenditure by Use of Funds
[Billions of dollars]
Line
1
Item
Gross national expenditure i
Less: Total taxes
Business taxes
Federal
Corporate income and excess profits
taxes
All other federal business taxes
State and local
State corporate income taxes. _
All other state and local business
taxes
Direct Personal taxes
Federal
State and local
Employment taxes
Less: Total gross savings
Corporate
Net savings
Depreciation and depletion
Other business reserves
Capital outlays charged to current
expense
Revaluation of inventories
Noncorporate
Net savings of individuals
Depreciation and depletion
Other business reserves
Capital outlays charged to current
expense
Revaluation of inventories
Add: Transfer payments of government
Equals: Total consumer expenditures
Same as gross national product.
1929
99.4
10.2
1930
1931
1932
1933
1934
1935
88.2
72.1
55.4
54.8
63.8
7.0
2.4
9.6
6.8
1.8
8.8
6.2
1.3
8.2
6.1
1.4
8.6
6.6
2.1
9.6
7.5
2.9
3. 6
9.0
3.8
1.2
1.2
4.6
.2
.8
1.0
5.0
.1
.5
.8
4.9
.1
.4
1.0
4.7
.1
.5
L6
4.5
.1
.7
2.2
4.6
.1
.9
2.1
5.1
.1
1.3
2.3
5.2
1.4
2.4
5.2
4.4
3.0
1.3
1.7
.2
4.9
2.6
1.0
1.6
.2
4.8
2.4
.7
1.7
.2
4.4
1.8
.5
1.3
2
5^2
1.1
4.5
1.9
.6
1.3
2
5.0
2.9
1.2
1.7
.6
5.0
3.1
1.4
1.7
1.7
13.2
13.1
70.8
10.6
8.1
3.0
81.7
12.3
8.8
t
2
87.7
13.8
_2
14.4
11.0
2.4
4.6
1.9
.4
1.5
2
5^5
.0
2.4
s!o
5.0
2.3
.8
1.5
.2
9.8
3.4
-3.9
-5.8
-6.4
-2.8
-2.1
-1.3
.4
>7
7
8.8
2.4
.1
.3
.9
5.5
2.6
2.3
2
.3
3.0
9.1
5.8
2.4
.1
.5
2.2
8.6
5.4
2.4
.1
-.3
8.8
6.1
2.4
.2
-.6
9.1
6.7
2.3
.1
.1
.1
.7
.1
.7
.7
.1
.6
1.9
70.8
64.9
54.2
19.1
7.6
1.2
4.4
.9
>7
'A
11.5
5.3
4.5
1.0
.7
4.3
1.2
3.9
1.3
3.8
1.3
3.7
1.2
3.7
1.0
4.4
-.9
3.8
1.1
4.1
2.1
2.2
.1
5^6
3.3
2.2
.1
.5
-.5
6.4
4.1
2.2
.1
.1
.3
1.3
.1
-.4
1.4
.1
-.1
1.5
.1
-.1
1.8
.1
.0
2.9
43.0
42.4
47.7
52.2
59.1
-1.5
o
4.0
-.8
3.8
.9
80.6
13.5
8.3
3.1
1939
88.1
14.5
9.6
3. 6
1940
97.1
17.0
11.8
5.7
1.0
2.1
5.2
.2
1.3
2.3
6.0
.2
2.6
3.1
6.1
.2
5.0
3.3
1.6
1.7
1.9
5.8
2.9
1.2
1.7
2.0
5.9
3.0
1.3
1.7
2.2
11.0
14.1
16.6
-1.5
3.8
.4
.7
3.8
.4
.7
7.2
4.4
5.5
.4
3.9
.7
2
6.7
1.3
4.0
.8
24
'A
8^6
6.0
2.5
.1
.9
-.3
9.9
7.3
2.5
.1
L7
I
A
.2
2.4
.1
-.1
2.5
.1
-.1
2.7
62.5
58.5
62.0
66.2
.1
1941
94.7
17. e
7.C
i.e
1.5
3.:
119 5
13
SURVEY OF CURRENT BUSINESS
May 1942
savings against gross national expenditure suggests the
desirability of similarly grouping all taxes, whether
paid by individuals or by business firms. It should be
noted that the tax total includes no overlap since only
direct personal taxes have been added to total business
taxes. Thus excise or sales taxes, despite the fact that
they may ultimately be paid in whole or part by consumers, have been included in the total of taxes collected from business firms.
Line 4—Includes special emergency and contingency reserves plus allowances for bad
debts. Based on Statistics of Income data raised to cover noncorporate enterprises.
Line 5—Represents an estimated portion of the outlay for producers' durable equipment not covered by depreciation allowances. The estimate was based on the detailed tabulations of Output of Manufactured Commodities prepared in the National
Income Unit, and on the final estimates of expenditures for producers' durable
equipment.
Line 6—This series represents the difference between inventory changes as recorded
by business accounts and the physical quantity change in business inventories
translated into current prices. The estimate was made in the National Income
Unit, and is a byproduct of the estimates of the net change in business inventories
in current prices.
Line 7—Sum of items 1 through 5, minus item 6.
TABLE 2
Possible Uses of the Estimates
In recent months particular interest has centered
in the calculation of impact ratios measuring the intensity of the war effort. It is believed that rough impact
ratios of the sort which may be calculated from table 2
give in practice a somewhat truer perspective of the
magnitude of the war effort than the impact ratios
which employ net national income as a denominator.
Furthermore, other comparisons such as those seeking
to derive the proportion of national product consumed
or the part taken by taxes are more easily carried out
on the basis of gross rather than net product.
In principle, however, all these and other comparisons might equally well run in terms of the net national
product or national income. To construct such comparisons, numerous adjustments not shown here to
government expenditures, taxes, and capital formation
would be required. These will be discussed at a later
date when the progress of the work permits.
Other uses to which the present estimates may be
pvit have already been found in connection with the
formulation of fiscal policies for the coming war years
and in connection with the studies of probable postwar economic problems now being undertaken by
public and private agencies. The estimates should also
prove useful in other capacities, both to businessmen
and to private economists seeking a summary picture
of the economic process as background for special
studies and policies.
Notes on Sources and Methods.
The following notes are arranged by tables and are
keyed to the line numbers appearing in these tables.
TABLE 1
Line 1—Estimates of the Department of Commerce.
Line 2—Includes all taxes collected from business enterprises regardless of ultimate
incidence. The method of estimate employed involves allocating all tax collections
to the year in which the tax liability was incurred. Separate allocations were made
for Federal and for State and local taxes. It was also necessary to determine the
proportion of property taxes paid by business enterprises. On the basis of available
evidence this was placed at 75 percent. This figure was largely derived from
Studies in Current Tax Problems (Twentieth Century Fund) adjusted for taxes on
rented residences.
Line 3—Basic data for this estimate were derived from Statistics of Income, raised to
cover estimated depreciation charged by unincorporated enterprises. Also included are depreciation on nonprofit institutions such as churches and hospitals,
and on rented residences owned by individuals. These latter two components are
based on estimates of Solomon Fabricant, published in Capital Consumption and
Adjustment. Figures on agricultural depreciation are from the Bureau of Agricultural Economics.
Line 1—From line 7, table 1.
Line 2—Includes all government expenditures for goods and services. Sum of lines
3 and 6. Public service enterprises are not included, except for contributions tothem by government units.
Line 3—To obtain this series, Federal expenditures as reported in the Daily Treasury
Statement were adjusted to eliminate all transactions not involving purchases of
goods or services. These transactions include loans, purchases of existing assets
such as land, capital stock transactions, veterans' pensions, etc. The figures include grants to State and local governments but refunds of taxes and duties have
been eliminated.
Line 4—This series is based on the Daily Treasury Statement figures on national
defense expenditures plus changes in the noncash assets and liabilities of national
defense corporations other than transfers. For 1941 an adjustment of 2.3 billion
dollars has been made to the Treasury series to take account of (a) offshore expenditures, (b) prepayments on contracts for war materials, and (c) purchases of existing
assets.
Line 5—Line 3 minus line 4.
Line 6—Expenditures were measured by receipts plus net changes in debt. Duplication because of local shares of State-collected taxes has been eliminated. The
estimates were based on Census publications for various years such as Financial
Statistics of States and Cities and State Tax Collections. The publication, Tax Yields,
1940, issued by the Tax Institute was also useful.
Line 7—Line 1 minus line 2.
Line 8—Sum of lines 9 through 14.
Line 9—Includes all new private construction of factory and public utility property,
residences, and other property (including nonprofit institutions and farm construction). Data are taken from the construction studies of the National Income Unit.
Line 10—Taken from estimates published in the April 1942 SURVEY OF CURRENT
BUSINESS. Adjustments were made to eliminate government purchases from the
published data. These adjustments were made only for 1940 and 1941; for prior
years the amount of government purchases included in the commodity flow
figures is relatively small. Further progress of the government segment of the final
products study is needed to improve the adjustments.
Line 11—Estimates supplied by Mr. Hal Lary of the International Economics Unit,
Bureau of Foreign and Domestic Commerce.
Line 12—Same source as line 11.
Line 13—Includes all business inventories in current prices as well as farm inventories.
Accounting figures for inventories were taken from Statistics of Income and raised
to cover noncorporate enterprises. These figures were deflated by price indexes
representing the lower of cost or market and the deflated series were multiplied
by current price indexes to obtain the final result. Farm inventories are from the
Bureau of Agricultural Economics and represent changes in physical quantities
at current prices.
Line 14—The series represents the net change in monetary stocks of gold and silver in
current prices. Seigniorage on silver coin has been eliminated. The series is
based on data published in the Annual Reports of the Director of the Mint.
Line 15—Line 7 minus line 8.
Line 16—From the article on "Gross Flow of Commodities and New Construction"
in the April 1942 SURVEY OF CURRENT BUSINESS after deduction of government purchases.
Line 17—Line 15 minus line 16.
TABLE 3
Line 1—From line 1, table 1.
Lines 2, 3, and 4—These three lines contain the adjustments normally made in passing
from national income to income payments. Employment taxes include both employer and employee contributions to Social Security.
Line 5—Sum of lines 6 and 7.
Line 6—Includes all taxes paid by individuals explicitly from income such as income,
estate, inheritance and gift taxes. Based on Daily Treasury Statement data, the
series is on a collections rather than accrual basis.
Line 7-—Includes poll, license, income, and an estimated portion of property taxes.
Based largely on census data plus numerous studies of private agencies and individuals.
Line 8—Line 1 plus line 2 minus lines 3, 4, and 5.
Line 9—From line 15, table 2.
Line 10—Line 8 minus line 9. Includes savings held in cash balances or invested in
insurance, new residences or securities. Reductions in consumer indebtedness
are counted as positive savings.
14
SURVEY OF CURRENT BUSINESS
May 1942
Capital Expenditures in Selected
Manufacturing Industries, Part II
By Lowell J. Chawner
A rapid enlargement of industrial facilities for military
purposes in the United States began in the last few
months of 1940. This expansion proceeded through the
entire year 1941 and has continued up to the present
time. We are probably now entering a new phase in
which the urgent need for raw materials, machines, and
labor skills for producing finished military supplies will
take increasing precedence over the uses of these resources for further additions to productive facilities.
The principal part of the specialized materiel which
will be used by American ground and air forces during
the first year of our participation in the war, thus, will
be fabricated either in new plants constructed during
the two-year period from the middle of 1940 to the
middle of 1942, or in existing plants converted to this
purpose during the past 6 to 12 months. The industrial
mobilization of Germany prior to its active participation in large scale combat was spread over a period of
approximately 5 years.
During the years 1941 and 1942 a total of possibly
10 billion dollars will have been spent upon total outlays
for manufacturing facilities of all kinds, both public
and private. This figure may be compared with a
rough measure of the replacement cost of all existing
manufacturing facilities at the beginning of this period
of 50 to 60 billion dollars. These outlays are much
larger than in any similar period but are even more
marked by their predominantly military character and
by their being financed extensively directly by the
Federal government.
Preliminary Summary for 1941
A summary of the capital expenditures during 1941
as well as for the year 1939 in separate manufacturing
groups is presented in table 1. It was possible to
include in this table estimates for several industries for
which similar data are not available for other years.
The 1939 figures which form the bench mark for all
of our estimates of manufacturing capital expenditures
are derived primarily from the Census of Manufactures
returns on plant and equipment expenditures for that
year. To these data corrections were made for undercoverage, principally to allow for construction at new
manufacturing plants not in operation in 1939 and
consequently not reporting to the Census of Manufactures. Allowances were also made for the production of new machinery for leasing account, particularly
in the leather and leather products group of industries
and for expenditures for plant and equipment by the
i The first section of this article was published in the December 1941 Survey of
Current Business.
Federal government in the printing, publishing, and
allied industries; in shipbuilding and ship repairing;
and in the ordnance industry groups.
Table 1.—Capital Outlays for Productive Facilities for Manufacturing Purposes, Public and Private, 1939 and 1941
[Millions of dollars]
Industry
Food and kindred products
Textiles, apparel, and related products l
Lumber and lumber products 2
Pulp, paper, and allied products
Printing, publishing, and allied industries
Chemicals and allied products (includes explosives but not ammunition)
Products of petroleum and c o a l 3 .
Rubber products.
Leather and leather products
Stone, clay, and glass products
Iron and steel and their products 4
Nonferrous metals
Ordnance and accessories:
Ammunition, shells, and bombs
Guns and small arms
Military combat vehicles
Machinery 7 .._
Automobiles and automobile equipment
Transportation equipment except automobiles:
Airplanes, airplane engines, and parts
Shipbuilding and shio repair
Other transportation equipment
Miscellaneous 9
1939
240
130
60
86
58
330
170
75
85
70
160
140
33
15
68
190
45
660
190
60
20
110
580
220
54
6
140
135
670
200
60
360
120
30
«35
5
40
550
400
10
70
6
Total capital outlays all manufacturing purposes (public
and private)
1
1,620
5,010
*Data for 1941 comparable to those for earlier years were not available at the time
this article was written. The figures shown for 1941 are, in most cases, projections
from the 1939 and 1940 estimates. T h e y are based upon building construction activity, floor space, and net increases in capacity, together with data upon the completion
of war facilities (public and private) through December 1941 reported by the War
Production Board.
1 Includes textile-mill products, apparel, and similar products.
2
Includes lumber and timber basic products, furniture, and finished lumber
products.
3
Includes petroleum refining, coke and byproducts, and other products of petroleum and coal.
4
Includes blast furnace, steel works, rolling mill, foundry, hardware, plumbing
and other iron and steel products, but excludes guns and small arms. Blast furnaces,
steel works, and rolling mills (including cold rolled) establishments accounted for
approximately $110,000,000 in 1939, and $390,000,000 in 1941.
s Includes outlays of approximately $1,000,000 by private concerns and $3,000,000
at Army and N a v y arsenals.
e Includes outlays of approximately $2,000,000 b y private concerns and $4,000,000
at A r m y and N a v y arsenals.
7 Includes electrical and other machinery.
8
Includes outlays of approximately $11,000,000 b y private concerns and $24,000,000
at Government shipyards.
8
Includes tobacco.
The additions to manufacturing facilities in 1939,
although somewhat less than the average during the
1920 decade, were neither unusually large nor small
when compared with recent years.
The first three quarters of 1940 experienced moderate
expenditures for industrial facilities in nearly all
branches of manufacturing. In the aggregate these
outlays were at a rate approximately equal to that in
1937 but less than that in several other years during
the period covered by these estimates. As indicated
above a sharp advance occurred in the last quarter of
1940.
At the beginning of 1941, capital expenditures were
considerable in nearly all branches of manufacturing.
As the year progressed, inability to obtain necessary
15
SURVEY OF CURRENT BUSINESS
May 1942
equipment and materials, particularly metals, sharply
curbed all building of new plant that was not essential
to the war effort. For 1941 as a whole, about two-thirds
of the total manufacturing outlay was in industries
engaged primarily in the production of military supplies
or of commodities required in their fabrication.
During the present year, 1942, the construction of
manufacturing facilities will be wholly determined by
military requirements. Projected expenditures for this
purpose are somewhat larger than the outlays in 1941.
However, in view of the increasing emphasis upon the
immediate production of large quantities of finished
war supplies it is possible that labor and other resources
may be used increasingly for this purpose rather than
for the construction of all of the new plants now projected for 1942.
with an increasing domestic demand and a very considerable shift from Bessemer to open-hearth methods
resulted in the greatest expansion in steel-making facilities in 1915 and 1916 thus far experienced in the United
States. The net addition to annual capacity for making
steel ingots and castings in this country was approximately 5 million net tons in 1915 and 4.3 million net
tons in 1916. The corresponding increment in 1941
was slightly more than the latter figure.
Since the first World War, steel-making facilities
have been expanded gradually and altogether have been
increased by nearly one-half. At the beginning of 1919
the rated capacity for the production of steel ingots and
castings reported by the American Iron and Steel
Institute was 61 million net tons. At the beginning of
the present year, 1942, the corresponding figure for
ingots and castings was 88.6 million net tons.
Annual Estimates.
Previous articles in the SURVEY have presented
The largest increases in iron-making capacity prior to
estimates of the annual capital expenditures in all 1941 occurred in 1917 and 1918. In 1917, 2.3 million
manufacturing from 1915 through 1940, and estimates net tons were added to the annual capacity of blast
of such expenditures in selected manufacturing indus- furnaces to produce pig iron and related ferro-alloys.
tries over the period from 1919 to 1940.2 The indi- In the following year the corresponding figure was 1.5
vidual industry groups heretofore covered, along with million net tons. During the period since the first
some analysis of the factors which appear to have World War appreciable net increases in total ironinfluenced their capital outlays, are food and kindred making capacity have occurred in only a few isolated
products; textiles and related products; lumber and years such as 1920, 1926, and 1940. Rated blast furlumber products; pulp, paper, and allied products; nace capacity at the end of 1918 was 55.2 million net
3
printing, publishing, and allied industries; and stone, tons and at the end of 1940 it was 57.6 million net tons.
Important expenditures were made, however, in some
clay, and glass products.
Estimates also have been compiled on the capital years for the remodeling of old and obsolete blast
expenditures in certain other industrial groups, some furnaces or for replacing them with much larger and
of which are of special interest at the present time. In more efficient units.
this issue annual outlays during the past 2 decades are
In 1941 blast furnace construction resulted in a net
considered for each of six industries: blast furnaces, gain of approximately 2.8 million net tons in annual
steel works, and rolling mills; automobiles and auto- capacity, more than that of any other year on record.
mobile equipment; airplanes, airplane engines, and An even larger increase is in prospect for 1942.
In effecting the developments mentioned above,
parts; petroleum refining; rubber products; and leather
capital expenditures aggregating approximately 340
and leather products.
million dollars were made in the blast furnace and
Blast Furnaces, Steel Works, and Rolling Mills
steel works industry in 1917. Outlays in this industry
Large orders for steel and steel products from the had not equaled those of 1917 until the past year.
British and French governments early in 1915 together
2
See the Survey of Current Business, March 1941, p. 9, and December 1941, p. 19.
3 The 1918 figure includes some but an indeterminate tonnage of "long idle" furnaces not included in 1940.
Table 2.—Capital Expenditures for Plant and Equipment in Selected Manufacturing Industries,1 1919-41
[Millions of dollars]
Industry group
Petroleum refining
Rubber products
Leather and leather products
Blast furnances, steel works, and rolling
mills 3
Automobiles and automobile equipment:
Depreciable capital expenditures
Total capital expenditures 4
Airplanes, airplane engines, and parts
1
1919 1920 1921 1922 1923 1924 1925 1926
23
18
Average 65
22
21
17
15
120
1927 1928 1929 1930 1931 1932 1933 1934 1935
1936 1937 1938 1939 1940 19412
150
60
20
29
16
180
200
200
150
390
118
116
149
186
80
120
550
Includes establishments engaged in manufacturing only as defined by the Census of Manufactures.
The rough estimates shown for 1941 are based upon incomplete data and m a y be substantially changed when more adequate information becomes available.
T h e blast furnaces, steel works, and rolling mills group, as shown above, includes only those specific industries; thus, it does not include foundries and finished wire,
tin plate, cutlery, hardware, stamping, structural fabrication, and other iron and steel products establishments. The total capital expenditures in all of the iron and steel
industries in 1939 were approximately $190,000,000 as compared with $110,000,000 for the blast furnace, steel works and rolling mill industry. Estimates for earlier years corresponding to those shown above for the blast furnace, steel works and rolling mill industry are as follows: 1915—$170,000,000; 1916—$280,000,000; 1917—$340,000,000; 1918—
$240,000,000.
4
Total capital expenditures in the automobile manufacturing industry, in addition to the depreciable capital expenditures, include nondepreciable tools, jigs, and dies
which are considered by m a n y concerns in this industry as capital expenditures b u t which are subsequently charged off as current manufacturing expense rather t h a n as
depreciation on capital assets.
2
3
16
SURVEY OF CURRENT BUSINESS
Figure 7.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Blast Furnaces,
Steel Works, and Rolling Mills
MILLIONS OF DOLLARS
400
1935-39 = 10 0
225
350
200
300
175
250
150
200
125
100
0 I I l l I i i l i i i i i i l I i i i I I I I I I L_J I 2 5
1915 '16 '17 '18 *I9*2O*2I '22 '23 '24*25'26*27 "28 '29*30 '31 '32'33*34*35'36'37'38'39'40'41
Sources: Capital Expenditures for all years and Production for 1915-18 estimated
by the U. S. Department of Commerce; Production for 1919-41, Board of Governors
of the Federal Reserve System.
In view of the lower construction costs prevailing in
1915 and 1916 than in subsequent periods of high
activity, the physical additions to productive facilities
were relatively greater during these years than is indicated by the dollar figures shown in table 2 and figure 7.
Capital outlays for iron- and steel-making facilities
declined steadily for several years after 1917 to a
low level in 1921 and 1922. Later in the 1920 decade,
the increased demand for steel products—especially for
automobile manufacturing and building construction—
was accompanied by substantial outlays by the steel
companies. This expansion reached a peak in 1930.
The precipitous decline from 1930 to 1932 was followed
by 2 years in which very few additions were made to
productive facilities in this industry.
In many large companies the decline was deeper than
that shown for the industry as a whole. Some of the
smaller and moderately sized steel companies were able
to improve their facilities to a limited extent during
this period.
These outlays were again very large in 1937—approximately of the same order of magnitude as those in 1917
and 1930. Complete data for 1941 are not yet available but it may be estimated that the capital outlays
for blast furnaces, steel works, and rolling mills were
approximately 390 million dollars, considerably more
than in any previous year.
The timing of the fluctuations in the outlays in this
industry are of special interest. The high and low
points in the short-term fluctuations in these outlays
do not have a high simultaneous correspondence with
those in general business during the period covered
by these estimates. The blast furnace and steel works
industry thus differs from some of the other industry
groups and from the total for all manufacturing.
May 1942
The reasons for this difference are not altogether
clear. In several cases the larger corporations have
made unusually large expenditures immediately following years of heavy production and good earnings. In
view of the extensive size of many installations, considerable time elapses between the initiation of such
projects and the actual expenditures for these purposes.
In the main, fluctuations in capital expenditures thus
tend to lag somewhat after the fluctuations in the
production of steel products.
During the latter part of the 1930 decade, the largest
capital outlays in this industry were for continuous,
highly mechanized equipment for rolling sheet-steel
and for facilities such as electric furnaces for producing
special alloy steels to meet the requirements of particular users. In 1937 expenditures upon rolling mill
machinery appear to have been more than 50 million
dollars and they w^ere from 25 to 30 millions of dollars
in several other recent years. The increasing use of
electric furnaces for the manufacture of special alloy
steels has resulted in important additions to such facilities particularly beginning in 1937. By far the largest
increases in electric furnaces have occurred during the
past 2 years.
Technological changes in steel products and in their
methods of manufacture thus were important underlying influences in determining the outlays in 1935 to
1937. It is hardly likely, however, that the expenditures would have been made if some increases in demand
had not occurred during these years. The large outlays
in 1941 clearly are due to the war demand and not to
any unusual changes in technology.
The additions which are now planned for this industry
will result in outlays for blast furnaces, steel works, and
rolling mills in 1942 exceeding those constructed during
any preceding year. Up to the present a large part of
the capital expenditures in this industry have been
made directly by the steel companies. In order to
meet wartime requirements, approximately four-fifths
of the outlays for iron- and steel-making facilities being
undertaken at the present time are to be constructed
by funds supplied for this purpose by the Federal
Government.
Automobiles and Automobile Equipment
Automobile manufacturing grew from an experimental stage in 1900 to one of the leading industries in
the United States immediately after the first World
War. Approximately 4,000 vehicles driven by internalcombustion engines were fabricated in 1900 compared
with over 2,000,000 in 1920. Today, as is well known,
there are more than enough passenger automobiles to
transport comfortably the entire population of the
United States at one time.
The first decade of this period of development was
largely one of improvement in the efficiency and reliability of the automobile and a widening of consumer
SURVEY OF CURRENT BUSINESS
May 1942
acceptance for the new, strange-looking, horseless
carriage. From about 1910 through the first World
War, notable developments were made in methods of
manufacture for the purpose of using capital facilities
and manpower more efficiently.
The application to a high degree of the principle of
specialization and the minute division of labor, the use
of standard interchangeable parts, and the use of lineproduction methods, as is well known, have been introduced to American manufacturing largely through the
automobile industry. The extent of this advance in
manufacturing techniques is indicated in the following
comparison showing some of the results of these changes
over a period of 3 decades.
Figure 8.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Automobiles and
Automobile Equipment
1 9 3 5 - 3 9 - 100
150
MILLIONS OF DOLLARS
250
TOTAL CAPITAL EXPENDITURES
(LEFT SCALE)
200
125
150
100
100
50
W V
\ v7
-CAPIT,
EXCLUDING NONDEPRECIABLE
TOOLS, JIGS, AND DIES
75
50
(LEFT SCALE)
i
i
i
i
25
1919*20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41
Sources: Totsl Capital Expenditures and Capital Expenditures excluding Nondepreciable Tools, Jigs, and Dies estimated by the U. S. Department of Commerce;
Production, Board of Governors of the Federal Reserve System.
In 1910 approximately 2,500 man-hours were required
to manufacture a 20-horsepower automobile. Today
with the aid of improved power machinery and manufacturing techniques, a much larger and more comfortable automobile which will develop 100 horsepower
requires only 500 man-hours for its fabrication.4 The
final cost of the 1941 model car to the consumer was
$1,000 as compared with $1,500 for its predecessor of
3 decades ago.
In the early years of this industry capital expenditures by automobile manufacturers themselves were
relatively small. Automobile manufacturing was largely
a process of assembly of purchased parts or completely
integrated units such as bodies and motors. The
suppliers of parts specialized in the production of
valves, bearings, wheels, castings, electrical equipment,
and, as just indicated, in some cases complete bodies
and motors. Later, after the first World War, automobile companies increased their own manufacturing
facilities and in a few cases became very highly integrated. This expansion was financed largely out of
current earnings. Up to 1926 as much as 80 percent
of the capital expansion in the automobile-manufactur* There are some indications that man-hour cost has turned upward in recent
.years.
456781—42
3
17
ing industry was financed in this manner. This practice has not been substantially changed in recent years,
although in a few cases substantial public offerings of
automobile-manufacturing securities have been made
for the purpose of acquiring existing properties.5
Capital expenditures for automobile manufacturing
began to be quite large shortly before the first World
War and increased sharply during the 2 immediate
post-war years. The expenditure of more than 180
million dollars in 1920 was larger than in any subsequent
year prior to 1940. The high expenditures in 1920
reflect to some extent the high unit costs for buildings
and industrial machinery in that year. Notwithstanding this fact, the rate of additions to automobile manufacturing facilities in 1920 for new buildings and operating equipment other than tools, jigs, and dies, were the
largest they have ever been in any year in this industry.
Since that time capitalized tools, jigs, and dies
(consumable tools and hand tools are not included) have
represented an increasing portion of the total capital
expenditures reflecting largely the importance of style
changes in automobile manufacturing. In 1920 tools,
jigs, and dies represented less than 10 percent of the
total capital expenditures in this industry. In 1932 they
represented nearly 50 percent of these capital expenditures. The corresponding figure for 1939 was approximately 40 percent for the industry as a whole. Many
individual automobile manufacturing concerns made a
considerably larger part of their capital expenditures
for this purpose in that year.
The fluctuations in outlays for new plant and other
facilities for automobile manufacturing parallel to some
extent the fluctuations in automobile production and in
general business. The recovery from low points in
capital expenditures, however, appears to have lagged
after the revival in automobile production by one year
in terms of the annual totals, as may be observed from
the low points in 1922, 1925, 1928, 1933, and 1939 in
figure 8. In each cycle the low point in capital outlays
was reached in the year after the corresponding low
point in production. This is true of the total and of the
large companies. Some of the moderately sized companies, however, appear to have experienced fluctuations
in capital outlays coincident with those in general
business.
Following the low point in total capital expenditures
in this industry in 1922, there occurred a steady rise to
a peak in 1929, almost identical with that in 1920.
Depreciable capital expenditures, however, do not
appear to have reached the 1920 level in any year before
or since that time.6 The largest outlays upon capital
facilities of all kinds in the automobile manufacturing
industry were nearly 200 million dollars in 1940. This
8
See Seltzer, Lawrence H., A Financial History of the American Automobile In
dustry.
6
See page 22 for distinction between "depreciable capital expenditures" and "total
capital expenditures."
18
SURVEY OF CURRENT BUSINESS
May 1942
expenditure was due especially to large outlays for tools,
jigs, and dies.
In view of the extensive production of war materiel
by this industry, capital additions for automobile
manufacturing purposes declined sharply in 1941.
turing facilities comparable to those now essential for
this purpose. The principal aircraft achievement in
the United States during the first World War was the
Liberty engine which was produced in large numbers
by automobile engine manufacturing companies.
In the immediate post-war years the airplane manuAirplanes, Airplane Engines, and Parts
facturing industry suffered an almost complete eclipse.
At the beginning of the year 1939 airplane manu- For 1919 the Bureau of the Census reported an annual
facturing was a relatively small industry. Its plant production of 662 planes and a total value of products
and equipment excluding land w^ere valued at approxi- in this industry of slightly more than 14 million dollars.
mately 70 million dollars and the floor space available The corresponding figures for 1923 and 1925 were
for manufacturing purposes was slightly more than slightly lower. A moderate increase occurred in 1928
9 million square feet. The total value of its products and 1929. The total value of the products in the latter
in that year was approximately 280 million dollars, year of approximately 70 million dollars, however, was
roughly one-half of one percent of the total for all only one-fourth of that a decade later at the beginning
manufacturing. The designing, production, and man- of the expansion during the present war.
Plant facilities for the production of airplanes do not
agement personnel in this industry, however, provided
a nucleus of marked technical competence which has appear to have experienced any considerable post-war
growth until 1928, 1929, and 1930 during which period
made the recent expansion possible.
In 4 years, from 1939 through 1942, the manufacture important additions were made to facilities in this inof airplanes, motors and parts will have grown to a dustry. Such data as are available for these years
gigantic enterprise, 15 to 20 times its size at the begin- indicate that expenditures for new airplane manufacning of this period. In these 4 years more than a turing plants during these 3 years may have averaged
billion two hundred million dollars will have been from 20 to 25 million dollars annually.
The explosive growth in aircraft manufacturing
spent in the United States on new buildings, machinery,
and other facilities for the manufacture of airplanes, facilities during the past 3 years is indicated in figure
9. By the end of the present year it appears likely
motors and parts.
The principal airplane production in the United that there will be available approximately 100,000,000
States during the first World War was not in combat square feet of manufacturing space for the fabrication
but^in training planes. The fabrication of these light and assembly of airplanes, motors, and parts by all
manufacturing concerns (aircraft, automobile, and
Figure 9.—Estimated Capital Expenditures for Plant and other) now engaged in this undertaking. This is the
Equipment and Index of Production for Airplanes, Airplane equivalent of a structure 200 feet wide and nearly 100
Engines, and Parts
miles long.
1935-39= 100
MILLIONS OF DOLLARS
1 MOO
1100 I
The rate of expansion from a highly competent but
small technical nucleus to a great industry employing
1000
800,000 workers, with plant facilities costing approximately one billion three hundred million dollars is an
500
500
outstanding joint accomplishment of government and
PRODUCTION
business management working together in the preparation of this Nation for war.
400
400
(RIGHT SCALE)
300
300
CAPITAL EXPENDITURES —;^
(LEFT SCALE)
100
;
- 100
1919'20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41
Sources: Capital Expenditures for 1935-41 and Production for 1941 estimated by
the U. S. Department of Commerce; Production for 1932-40, Board of Governors
of the Federal Reserve System. Capital Expenditures for 1919-34 and Production
for 1919-31 are not available.
craft, although considerable in numbers (it is estimated
that 12,000 airplanes of all types were manufactured
in the United States in 1918) did not require manufac
Rubber Products
The 2 years immediately following the first World
War experienced by far the largest expansion in manufacturing facilities which has occurred in the rubber
products industry. More than 100 million dollars
appear to have been spent for plant and equipment by
rubber companies in 1920. During the war there had
been a shortage of rubber and other raw materials and
a curtailment of plant expansion which was not absolutely necessary in the prosecution of the war. Attributable both to a vigorous period of natural growth, and
to shortages which accumulated during the war, this
industry experienced an active postwar demand for its
products in terms of the facilities then available.
May 1942
Also prices were high and the ratio of net profits to
gross income has exceeded that of 1919 in only one
other year during the past 2 decades.7 Thus, many
factors were favorable to an expansion of capital facilities in the rubber manufacturing industry.
By the summer of 1920, however, it became evident
that the immediate postwar plant expansion had exceeded current requirements. Outlays for new facilities, consequently, declined precipitously and remained
low through 1924. In view of the excess productive
capacity constructed during the immediate postwar
years few additions were made until the latter part of
the 1920 decade.
Immediately after the first World War the outlays
were very largely in the Akron, Ohio, area. From 1927
to 1929 several new plants built in the vicinity of Los
Angeles, Calif., accounted for the major part of the
expenditures for the building construction included in
the totals during these years shown in figure 10.
Figure 10.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Rubber Products
MILLIONS OF DOLLARS
250
19
SURVEY OF CURRENT BUSINESS
shown in figure 10 and table 2 for the rubber industry
in recent years very largely reflect expenditures for
new and improved machinery and other equipment
rather than for buildings. In view of increased efficiency of this equipment the additions to productive
capacity in recent years are relatively larger than
would appear from a comparison of the expenditures
during these years with those in 1920 and 1929.
The estimates shown in table 2 and figure 10 refer
solely to the outlays by the companies in this industry
for rubber-working facilities. They do not include
new plants for the manufacture of synthetic rubber or
for other manufacturing operations not classified by the
Bureau of the Census as a part of the rubber products
industry.
Leather and Leather Products
Additions to facilities for the manufacture of leather
and leather products have fluctuated much less than
Figure 11.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Leather and
Leather Products
1935-39 -100
150
MILLIONS OF DOLLARS
125
1935-39-100
150
100 -
- 125
125
200
PRODUCTION
75
150
100
100
75
50
(RIGHT SCALE)
v/v.
-
X_.«»»»#«,
..X x
^
\
100
N/
- 75
-
CAPITAL EXPENDITURES
25
- 50
50
0
1
1
1
I
1
1
!
1
1
!
1
1
1
1
1
1
1
1
1
1 1
25
I9I9'2O '21 '22 '23 '24 '25 '26 '27 '28 '29 "30 '31 '32 '33 '34 '35 '36 *37 '38 '39 '40'41
1919*20 '21 '22 '23 *24 '25 *26 '27 '28 '29 '30 "31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41
Sources: Capital Expenditures for all years and Production for 1919-22 and 1941
estimated by the U. S. Department of Commerce; Production for 1923-40, Board
of Governors of the Federal Reserve System.
The unusually high expenditures in 1919 and 1920
and to a lesser extent those in 1927, 1928, and 1929
were attributable especially to expenditures for factory
building construction in the rubber manufacturing industry. As in nearly all industries the expenditures
upon new machinery have been much steadier than
the expenditures upon additions to buildings. In 1939
the outlays for new plant (principally buildings and
related structures) was approximately 13 percent of
the total; in 1920 this percentage appears to have been
more than 50 percent of the total.
A reduced level in the physical production of rubber
products lasted for several years after 1929. The
volume in that year was not equaled until 1936. Since
the latter year the capital expenditures in the rubber
products industry have varied from approximately
30 million dollars to 60 million dollars annually. As
already implied, the outlays included in the totals
7
See Leland Rex Robinson, "Corporate Earnings on Share and Borrowed Capital
in Percentages of Gross Income (1918-40)," Journal of the American Statistical Association, June 1941, pp. 253-264.
D.D. 41-657
Sources: Capital Expenditures estimated by the U. S. Department of Commerce:
Production, Board of Governors of the Federal Reserve System.
those in any other industry considered in these articles.
In only 2 years during the entire period covered by
these estimates have they been less than 10 million
dollars nor more than 20 million. The only outstanding
development during this period of 23 years was the
relatively high expenditures for this purpose in 1919
and to a lesser extent in 1920. The capital expenditures
in these years were due to extensive modernization and
consolidation in all branches of this industry and were
undoubtedly influenced by the very high profits in
1919, which in that year were higher for this industry
than in any other year during the entire period.8
The absence of appreciable year-to-year changes in
these expenditures may be attributable in the main to
two influences, (1) the relatively steady and slightly
expanding rate of production of leather and leather
products, and (2) the centralized control of the fabrication and introduction of shoe machinery (the major item
in the total of these capital expenditures) by a few companies, one of which is responsible for by far the largest
part of the total manufacture of this type of equipment.
8
See Robinson, op. cit.
20
SURVEY OF CURRENT BUSINESS
Petroleum Refining
The estimates of capital outlays for petroleum refineries shown in table 2 and figure 12 refer only to
manufacturing facilities and do not include plant or
equipment used in petroleum mining, storage, transportation, or distribution. The total capital expenditures
of the petroleum industry for buildings, machinery,
pipe lines, tankers, storage facilities, as well as refineries,
are approximately four times those shown in table 2
for petroleum refining.9
At the beginning of the present century the major
product of petroleum refineries was kerosene, which
was used principally for lighting purposes. Gasoline
was a troublesome ingredient which contaminated the
kerosene and which frequently was thrown away as a
waste product. The phenomenal growth in the number of automobiles in use between 1900 and the first
World War provided an expanding demand for gasoline
and effected major changes in refining practices.
Petroleum refining and automobile manufacturing
have experienced many complementary developments.
The technical advances which have lowered the unit
cost of automobiles have greatly expanded the market
for gasoline. Similarly, the design of the modern automobile engines has been influenced at every turn by the
type of available fuel.
Petroleum refining at the close of the first World
War was largely a process of selective distillation of
petroleum products, such as the gasoline, kerosene, and
lubricating oils, contained in the crude petroleum.
Only the amounts of these products actually existing in
the crude could be extracted. Today much of our
gasoline is made by chemical processes of considerable
complexity in elaborate plants designed for this purpose.
Crude petroleum is used as the raw material in these
plants but other substances containing hydrogen and
carbon could be used to serve the same purpose and are
being used extensively in Western European countries
for the manufacture of gasoline, although at much
greater cost.
During the past 23 years petroleum refineries have
been expanded to nearly 4 times their throughput
capacity in 1919 and have been greatly improved in
the technical efficiency in producing particularly gasoline and lubricating oils. The average yield in terms of
barrels of gasoline per barrel of crude petroleum has
increased from approximately 25 percent in 1919 to
approximately 45 percent at the present time. Actually
some modern processes, by the addition of hydrogen,
yield a larger volume of gasoline than that of the
original crude petroleum used for this purpose. From
1919 to approximately 1925 additions to facilities appear
to have been largely of the fractional distillation type of
plant. In the latter half of the 1920 decade, cracking
processes involving both high temperatures and pres• See Temporary National Economic Committee Hearings, part 14-A, p. 7701.
May 1942
sures were used to reform, some of the substances in the
crude petroleum in order to give a higher yield of
gasoline.
In the 1920 decade the fluctuations in capital expenditures for petroleum refineries were for the most part
similar to those in the automobile, rubber products,
Figure 12.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Petroleum Refining
1935-39- 100
MILLIONS OF DOLLARS
250
150
125
200
PRODUCTION ^
(RIGHT SCALE)
150 -
100
v*******
JP*Ut<r
- 100
f\N
y /
50
- 75
- 50
CAPITAL EXPENDITURES
(LEFT SCALE)
0
I
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1919*20 '21 '22 '23 '24 '25 '26 *27 '28 '29 '30 *3I '32 '33 '34 '35 '36 '37 '38 '39*40 '41
41- 660
Sources: Capital Expenditures estimated by the U. S. Department of Commerce;
Production, Board of Governors of the Federal Reserve System.
and several other industries. An abrupt peak in 1920
was followed by a sharp decline and then by moderate
outlays during the subsequent 5 or 6 years. Late in the
decade the outlays for refineries were again high, particularly in 1928 and 1929. The outlays for petroleum
refineries experienced the decline in 1930 characteristic
of most of manufacturing processes. In this industry,
however, the capital outlays were maintained during
these depression years at a level relatively higher than
that of any of the other manufacturing groups with the
exception of leather and leather products.
Capital facilities play a particularly important part
in the process of manufacture of petroleum products.
In this industry, as well as in the chemical and allied
products industry and food and kindred product
manufacturing, the largest part of the value added in
the manufacturing processes is attributable to the use
of capital facilities rather than to direct labor or other
costs.
For approximately 20 years technical changes in
petroleum refining have been so rapid that in actual
experience the useful life of refineries frequently is as
short as 5 years or less. Since about 1936 the practical
adaptation of elaborate chemical processes for the
manufacture of gasoline such as catalytic cracking,
polymerization, and hydrogenation have been conspicuous and have resulted in large capital expenditures for refining facilities.
The intricate refining methods which have developed
during the past 2 decades have resulted in the construction of refineries of larger size and in a concentration of
such facilities at points outside of the oil fields rather
than widely scattered throughout the fields as was
formerly the practice. There has been a tendency to
SURVEY OF CURRENT BUSINESS
May 1942
build new refineries, either at collection points on the
seacoast near one or more oil fields or to build them close
to centers of consumption of petroleum products.
In the year 1941, military requirements have affected
the petroleum industry in a number of ways, such as
the extraction of toluol from refinery gases, the development of higher octane gasoline for military aviation, and
the use of petroleum as a base for synthetic rubber.
Economic and Other Influences
21
most profitable is not always the one which expands its
facilities or adds new equipment. Such expenditures,
however, are much more likely to be made if it is known
or believed that one or more concerns in that industry
have found profitable the introduction of a particular
type of equipment. Thus, capital expenditures frequently are made by a given concern to enable it to
compete more effectively with one of its more venturesome competitors.
5. Industrial migration from one region of the
country to another due to local differences in power
resources, labor costs, industrial relations, State and
local taxes, availability of materials and skilled workmen, and similar factors.
6. The availability of labor, materials, and equipment, and their relation to construction costs generally
throughout the country. Changes in machinery costs
and construction costs appear to have relatively less
effect upon expenditures for manufacturing capital
purposes than they do upon outlays for office buildings
and residential structures.
7. The attitude of individual enterprisers with regard to the outlook for the future.
8. Government policies relating to taxation (tax
rates, depreciation, amortization, and the reinvestment
of net income) and to the public ownership of production
facilities, and similar problems. For example, in the
calculation of net income, the Revenue Act of 1918 made
possible complete and rapid depreciation charges for
the replacement of all machinery and other plant facilities which had been required in the prosecution of the
war. This provision was one of the factors stimulating
capital expenditures for new plant and equipment in
1919 and 1920.
An examination of the capital outlays in the 12
industries discussed in these articles throws considerable
light upon the economic and other influences which
appear to have been most closely related to the capital
expenditures for manufacturing plant and equipment
in the United States over the past 25 years. All of the
following factors seldom operate at the same time.
However, nearly all manufacturing capital outlays in a
given industry appear to be determined in varying
degrees by one or more of these influences.
1. The relative importance of capital facilities in a
particular manufacturing process (compared with
direct labor and other factors of production). For
example, in petroleum refining, the chemical industries,
and flour milling, the contribution of fixed capital to
value added by manufacture is relatively high. In the
apparel industries, the leather and leather products
industries, and the lumber and timber basic products
industries, wages and salaries rather than capital costs
are the predominant elements in the value added by
manufacture.
2. Technological changes in products and methods of
manufacture. Capital expenditures for new facilities
are not necessarily made immediately following the
practical adaptation of new technological methods but
such developments do exert a very strong influence Special Significance of Technological and Other Changes.
Change and differences in the rate of growth of
upon the rate of capital expenditures. The replacement
of facilities which are essentially identical with those in particular industries are marked characteristics of the
place is relatively small. Machinery and structures economic history of all modern industrial societies.
seldom wear out to the extent that they are unable to In the United States changes in products and methods
perform the functions for which they were originally of fabrication have been extensive not only in manupurchased and losses due to fire and other catastrophes facturing but also in mining, transportation, and other
in time of peace are not appreciable. Effective demand industries, and have greatly influenced many profesfor nearly all types of durable goods thus is estab- sional services and the modes of domestic living. Even
lished not as the result of complete wearing out of such over short periods of little more than a decade, changes
facilities, but as the result of a process of obsolescence of this character have frequently been very far reaching.
and the development of improved units which are more The following paragraphs illustrate technical changes
of this character.
efficient than the units previously in place.
The practical development of the internal combustion
3. The rate of physical production of a given commodity relative to previous levels and to the availability engine about the turn of the present century and its
of facilities for this purpose at any given time. Ex- revolutionizing effect upon land transportation is well
treme urgencies in the requirements for public purposes, known. Important improvements in this type of
such as for military supplies in 1917 and 1918, and at engine continue to be made. For example, the highthe present time, also may result in unusually large compression Diesel engines now being sold commercially and the most advanced carburetor engines for
direct public expenditures for industrial facilities.
4. The profitability of some of the enterprises in a airplanes have approximately twice the thermal effigiven industry. The concern in an industry which is ciency of standard automobile engines; also the most
22
SURVEY OF CURRENT BUSINESS
advanced airplane engines weigh less than 1 pound
per horsepower compared with 10 pounds per horsepower for most automobile engines.
Recent improvements in metal-cutting tools using
tungsten carbide have greatly advanced the progress
which has been taking place for several decades in the
cutting speeds of lathes and other machine tools.
These new tools require heavier machines and greater
power, and, thus, increase the rate of obsolescence on
existing metal-cutting machines
The reciprocating steam engine which was perfected
in substantially its present form by Watt and Bolton
at the beginning of the 19th century, might appear to
be an exception to this rule. Actually, however, this
prime mover has been largely replaced by steam turbines for power generation and by electric motors for
direct application of energy. The steam locomotive—
one of the last stands of this type of engine—is rapidly
giving way to electric and Diesel-electric locomotives,
particularly the latter.
Electricity, first used as a means of developing
mechanical power in manufacturing shortly after 1880,
is now the energy source of approximately 85 percent
of the horsepower capacity of the units from which
mechanical power is derived in manufacturing plants
in the United States.
Steel at the close of the Civil War was an expensive
metal having limited uses for industrial purposes. The
production of 83,000,000 net tons in the United States
in 1941 is 4,000 times that of 75 years ago.
Aluminum was a rare substance of the scientific
laboratory 60 years ago. In the next few years it
appears likely that considerable more than one billion
pounds of this metal will be produced annually in the
United States.
Changes such as these are not the exception but are
characteristic of industrial history during the past two
centuries. Although difficult to measure, such changes
have influenced greatly the rate of expenditures by
manufacturing concerns upon capital facilities
Methods of Deriving Estimates
The estimates of capital expenditures shown in table 2 and figures 7 to 12 of this issue
and similar estimates in the March and December 1941 issues of the SURVEY have
been compiled with considerable care and all known statistical data relating to manufacturing capital outlays have been examined. In every case the data which appear
to measure such expenditures most accurately have been used. It is necessary,
however, to emphasize again, as was done in the earlier articles, that these estimates
are not precise additions of reported dollar-expenditures by all manufacturing establishments in a given industry. See Survey of Current Business, March 1941, page 15,
and December 1941, page 26, for discussion of methods of deriving estimates of manufacturing capital expenditures.
The methods used in deriving the estimates for each of the industries shown in
table 2 are indicated briefly below. The rough preliminary estimates for 1941 appear
reasonable in the light of information available at the time this article was written
but may be subject to change as more adequate data become available.
Blast Furnaces, Steel Works, and Rolling Mills
Two entirely independent methods were used in compiling estimates of the capital
expenditures in this industry. The first series was secured from direct reports of such
expenditures by a number of steel companies in the United States. Over the period
from 1935 to 1940 the additions to capital at cost for trie principal companies are available in their reports to the Securities and Exchange Commission. The corporations
reporting in this manner accounted for 85 percent of the capital outlays by all iron
and steel companies in 1939, as estimated from the Census of Manufactures in that
May 1942
year. Detailed corrections were made for each company for the additions to capital
attributable to the acquisition of existing properties from other concerns. The annual
totals for all of these companies thus derived were used to measure the year-to-year
changes in capital expenditures by all iron and steel establishments in the United
States.
Over the period from 1915 to 1934, data upon capital expenditures were secured from
five of the larger companies (four prior to 1930), including the two largest in this industry. These reports show the expenditures for manufacturing facilities separately
from those used for transportation, mining, and other operations. These five companies accounted for approximately 55 percent of the capital expenditures of the blast
furnace, steel works, and rolling mills industry in 1939.
In view of the consolidations which have taken place in this industry over the past
25 years, continuous series based upon capital expenditures of a given corporation
represent a much smaller part of the total industry in the earlier years than they do
at the present time. Consequently, an attempt was made to trace the subsidiaries
and other acquired units of present existing corporations back to the beginning of
the period. The only data available for this purpose are the total assets of parent
corporations and acquired subsidiaries. Consequently, for this purpose it was assumed that the outlays for new facilities by acquired subsidiaries in earlier years bore
the same proportion to those of the parent company as their total assets did to those
of the parent company. The simple addition of the reported dollar-expenditures of
corporations bearing a given name throughout the entire period would have resulted
in serious underestimation of capital expenditures in the earlier years.
A second, entirely independent, estimate of capital expenditures in the blast furnace, steel works, and rolling-mill industry was based upon the annual gross increments in blast furnace capacity (new furnaces and rebuilt furnaces were treated
separately) and in the various types of steel-making capacity as reported by the
American Iron and Steel Institute. To each of these increments were applied
relative weights which were intended to measure the relative unit costs of additions
to these various facilities.
The series of annual relatives thus derived, measuring the physical additions to iron
and steel-making capacity, was multiplied by an index of construction costs to give
an index of dollar expenditures for iron and steel-making facilities. This index was
calculated from several separate indexes of actual construction costs compiled by
the Interstate Commerce Commission for various types of industrial machinery and
structures. To this product of additions in facilities times construction costs were
added year-to-year measures of expenditures for rolling-mill machinery derived from
the production of such machinery reported in each biennial census year beginning in
1925. In the earlier years the expenditures upon rolling mills were assumed to be
proportional to expenditures upon all other additions to capacity in this industry.
The series derived in the above manner were used to calculate the year-to-year changes
in capital outlays for iron and steel-making facilities.
As in the estimates for other industries, the capital expenditure reported to the
Bureau of the Census in 1939, plus allowances for undercoverage in the census returns
(13 percent for this industry), was used as the base for the estimates throughout the
entire period.
In general, the estimates derived from reported expenditures (the first method)
tend to fluctuate more widely than the series based upon annual gross additions to
productive facilities (the second method). The movements of the two series, however, were closely parallel and the turning points, with one or two exceptions, occurred
in the same years. The long-time trends in the two series also were closely parallel.
In nearly all cases discrepancies between the two series appear to have been accounted
for by expenditures of companies wThich were not reflected in the first series but were
covered by the second.
In view of the fairly satisfactory coverage of the estimates based upon reported
expenditures from 1929 to 1940, the estimates based upon this method were used over
this period. For the years prior to 1929 the second method, which reflects additions
to facilities by all companies both large and small, appeared to be preferable to the
first method. The estimates shown in table 2 over the period from 1915 to 1929 are
consequently based upon the second method.
Automobiles and Automobile Equipment
The year-to-year changes in this series are based upon the fluctuations in the total
capital expenditures, including buildings, machinery, tools, jigs, dies, and other
productive facilities by seven automobile manufacturing companies including the
three largest corporations in this industry. These seven corporations accounted
for approximately 85 percent of the estimated total depreciable capital expenditures
of all automobile and automobile equipment manufacturers in 1939.
Two scries are shown for this industry, (a) total capital expenditures and (b)
depreciable capital expenditures. The total capital expenditures in this industry for
the base year 1939 included allowances for tools, jigs, and dies in addition to the depreciable capital expenditures reported to the Bureau of the Census. This special
distinction is necessary because of the accounting treatment of tools, jigs, and dies
by many concerns in this industry. The usual practice in most manufacturing is to
depreciate all items charged to capital plant and equipment accounts. The frequent
style-changes in the automobile industry have resulted in a practice followed by
many companies of charging tools, jigs, and dies to capital accounts but of subsequently writing them off as current manufacturing expense month-by-month during
the period in which they are used. Although included in the Census reports of capital
expenditures in most other manufacturing industries, the expenditures for tools,
jigs, and dies were not reported by the automobile manufacturing companies to the
Census of Manufactures in 1939 unless charged to depreciable capital accounts which,
as just noted, is not the practice usually followed in this industry.
The Census total for new depreciable plant and equipment expenditures in this
industry in 1939 was approximately $75,089,000. Data received from six of the seven
SURVEY OF CURRENT BUSINESS
Mav 1942
corporations showed capitalized tools, jigs, and dies separately from the depreciable
capital outlays. After a careful examination of the data for the seven corporations
representing 85 percent of the capital expenditures in this industry, it has been estimated that the total capital outlays for the automobile and automobile equipment
industry in 1939 were approximately 136 million dollars, and the depreciable capital
outlays 83 million.
23
new shoe working machinery which moved into the leasing stock of the principal
shoe manufacturing machinery companies. In view of the widespread practice of
leasing shoe machinery, the latter adjustment was essential. This figure was derived
after a detailed examination of the corporation records of the principal manufacturers
engaging in this business and an examination of the Census of Manufactures returns
for the leather and leather products industry.
Airplanes, Airplane Engines and Parts
Petroleum Refining
The most satisfactory measure of the capital outlays in this industry appear to be
the additions to capital at cost reported annually to the Securities and Exchange
Commission by nearly all of the principal airplane manufacturing companies in the
United States. A detailed examination was made of the reports of each of these
companies in each year. Based upon this examination a series was compiled showing
the additions to capital at cost for new manufacturing facilities by these companies
excluding land and transportation facilities. Adjustments were also made to exclude
any capital additions due to changes in corporation accounts other than those due to
additions to new facilities at cost.
These reports are available only for the period 1935 to 1940, inclusive. The estimate for the year 1941 was derived from (a) statistics upon capital expenditures
for industrial facilities compiled by the War Production Board, (b) statistics of building contracts awarded, and (c) floor space in airplane manufacturing plants compiled
by the Aeronautical Chamber of Commerce (plus allowances for airplane manufacturing plants operated by corporations whose business formerly had been in other
industries).
For the years 1935 to 1940, measures of the additions to capital at cost for the manufacturing or refining divisions of 18 of the principal petroleum companies are available
in the reports by these companies to the Securities and Exchange Commission.
These statistics were supplemented by similar data from two large corporations for
which this detail was not reported directly to that Commission. These 20 companies
operated approximately 77 percent of the refining facilities in 1938 and are estimated
to have been responsible for about 85 percent of the capital outlays for refineries in
1939. The estimates shown in table 2 for petroleum refineries over the period from 1935
to 1940 are based upon the reports from these 20 companies plus an allowance for the
smaller companies for which such data were not available.
Estimates derived in the indirect manner indicated below resembled very closely
those based upon reported outlays for refineries by petroleum companies over the
period from 1935 to 1940.
Over the period from 1919 to 1934 the year-to-year changes in the capital expenditures for petroleum refineries were derived from the gross annual increments in refining and cracking capacity multiplied by an index of construction costs and by a rough
measure of the effect of technological changes upon the costs of new refining facilities.
The year-to-year additions to refining and cracking capacity were derived by a
year-to-year comparison of the capacity of each petroleum refinery in the United
States reported by the Bureau of Mines. These reports upon the total capacity of
rach refinery are available for January 1 of each year from 1918 to 1941 with the exception of the 2 years 1923, and 1924. Consequently, it has not been possible to
calculate the year-to-year fluctuations from 1922 to 1925. An annual average for these
years, however, has been compiled.
Annual reports of cracking capacity are available for January 1 of each year from
1928 to 1941. In January 1928, 40 percent of the refining facilities in terms of throughput capacity had cracking as well as refining units. In 1919 cracking was used only
at a very few refineries. It was assumed that the ratio of total refining capacity
which had cracking units increased in a straight line relation from zero in 1915 to 40
percent in 1928.io
In view of the increasingly complicated character of the new units constructed in
recent years it was necessary to make an adjustment in order that the estimated capital outlays would reflect such changes. The most satisfactory measure which in a
eough general way corresponds to these technical changes is the average octane rating of gasoline produced in the United States.
The final series measuring year-to-year changes in capital outlays for refineries from
1919 to 1934, consequently, reflects gross annual increases in refining plus cracking
capacity (2.5 times refining plus 1.0 times cracking) multiplied by an index of construction costs, multiplied by an index of octane rating referred to above. The index of
construction costs was derived by consolidating several indexes ("elevated structures", "fuel stations", "shops and engine houses", "gas-producing plants", and
"powerplant machinery") of actual costs compiled by the Interstate Commerce
Commission, those most closely resembling types of construction in petroleum
refineries.
The author will greatly appreciate any suggestions for improvements in these
estimates or in the analysis of related influences by persons having special knowledge
upon capital outlays in any of the manufacturing industries treated in these articles.
Rubber Products
The year-to-year changes in the capital expenditures in this industry were estimated
by adding a series measuring building construction activity to a series measuring
specialized general purpose machinery (see above references to earlier articles for more
detailed description of this general method).
The machinery estimates for bienniel census years were derived from the production
of special purpose rubber-working machinery reported in the Census of Manufactures
plus appropriate allowances to the rubber-products industry of general purpose
machinery such as engines and motors. The estimates of machinery expenditures
in the intercensal years were interpolated using the gross sales of three concerns (five
in earlier years) specializing in the fabrication of rubber-working machinery. Although these companies were responsible for only about 20 percent of the total of such
machinery produced in 1939, the fluctuations in their gross sales were in good agreement with the total production of rubber-working machinery reported to the Census
of Manufactures in the odd-numbered years throughout the entire period with the
exception of the intercensal period from 1919 to 1921 for which special calculations
were made. The strikingly high estimate for the year 1920 is attributable to unusually high building construction activity, rather than to unusually high machinery
expenditures, although both reached their peak in that year.
The estimates of plant and equipment expenditures derived in the above manner
were used to calculate the year-to-year changes in such expenditures in the rubber
products industry. The estimate for the base year 1939 was derived from the reports
to the bureau of the Census in that year plus allowances for undercoverage and underreporting in these reports (17 percent estimated for this industry).
Leather and Leather Products
The year-to-year changes in the capital outlays shown in table 2 for leather and
leather-working industries were derived by adding estimates of building construction activity to estimates of production of specialized and general-purpose machinery
as previously described for other industries.
The 1939 estimate which was used as the base for the estimates in all years was the
capital expenditures (excluding land but including used equipment) reported by all
leather and leather products establishments to the Bureau of the Census plus an
allowance of 8per cent for underreporting and undercoverage plus 4 million dollars for
10
See page 7802, Part 14-A, Temporary National Economic Committee Hearings,
total quantity of gasolinej)roduced by straight run and by cracking by years 1920
to 1938.
(Continued from page 8)
by the recession in sales of durable goods-stores, now nondurable lines upon which consumers concentrated
fully two-fifths below their volume 12 months ago. their buying in anticipation of shortages.
Serious problems of wartime consumption take form
The heavy buying which resulted in unseasonably
large sales by nondurable-goods stores in January in the retail field. As civilian goods output is progresappeared to have moderated only slightly in February sively reduced, the retail sales volume of numerous
and March. Nondurable-goods store volume for the latter consumer products evidently can be maintained only
month was almost one-fifth above the preceding March. by depleting drastically or exhausting dealer stocks.
Advancing retail prices in recent months, however, Retail stocks, however, ought in many instances to be
have absorbed an ever-larger proportion of consumer regarded in the light of reserves against even more
expenditures. Thus, the actual volume of retail trade serious shortages later. Success in curbing the aggrein March, after allowance for increased prices, was off gate expenditures of consumers, moreover, does not bar
about 15 percent from the comparable 1941 level— their hoarding of specific products, such as shoes,
reflecting principally reduced sales of durable goods. clothing or household necessities. Hoarding often
The quantity of merchandise sold by nondurable-goods results in the inequitable distribution of scarce articles—
stores, on the contrary, exceeded moderately that of an outcome which might largely be avoided by prompt
the year before. It was up even more sharply in certain rationing.
24
SURVEY OF CUERENT BUSINESS
May 1942
Quarterly Estimates of Construction
By Burton H. Klein
Analysis of short-term fluctuations in construction
activity and the relation of these fluctuations to changes
in general business conditions requires a series which
measures changes in the volume of construction for
intervals shorter than a year.1
At the present time the need for such information is
greater than usual because of the necessity of studying
the effect of priority measures on various branches of
the industry, and, more generally, of bringing into
clearer perspective the changing composition of construction as the industry is mobilized for war.
In recognition of these needs, the Bureau of Foreign
and Domestic Commerce has developed a series of
quarterly estimates of construction activity from 1939
to date.2
For the present, no attempt is made to adjust the
series for seasonal variation. Certain types of construction, such as residential building, farm, and highway construction, display marked seasonal movements.
Over the short period covered by the estimates, however, it is difficult to work out satisfactory seasonal
patterns. Furthermore, the development of the war
economy and the resultant concentration upon particular types of construction has resulted in a definite dampening of seasonal fluctuations. Seasonal elements have
slight effect upon the construction of industrial buildings. Military construction, an increasing portion of
the total, likewise is little affected by seasonal factors.
In view of these considerations, the data are presented
in a seasonally unadjusted form.
The estimates measure construction activity; i. e.,
the value of work done during each quarter. For some
purposes, such as tracing the influence of economic
factors on private investment, predicting short-run
changes in the volume of activity, or, anticipating
material and labor requirements, a "value of work begun" series is more useful. In figure 13 the nature of
the relationship between work begun and construction
activity for private nonresidential building is shown.
The series includes private factory, commercial and
various types of institutional buildings. Changes in
the work-begun series anticipate changes in the activity
series by a period of 4 to 6 months.
Important changes in both the trend and composition
of construction activity have occurred since 1939. As
is shown in figure 14, the various types of private construction have risen markedly from the beginning of
i A comprehensive account of the annual estimates of construction activity appears
in "Construction Activity in the United States, 1915-37," Domestic Commerce
Series No. 99. Approximately comparable figures through 1941 appeared in the Survey of Current Business, February 1942.
» Further extension to cover the whole decade of the thirties is in progress.
1939 to the closing months of 1941. Total private construction during the last 2 quarters of 1941 exceeded
the corresponding periods of 1939 and 1940 by 40 and
18 percent, respectively. Private residential construction increased at an average rate of $21 million per
quarter over the period 1939-41. During the last
Figure 13.—Value of Private Nonresidential New Building
Construction excluding Public Utility and Farm Construction
MILLIONS OF DOLLARS
150
125
100
I I I I I
1941
I I I i I I I I I I I
1942
Source: U. S. Department of Commerce.
quarter of 1941, private industrial construction, increasingly directed toward the construction of industrial
facilities for armament production, was 230 percent
higher than the 1939 quarterly average, and 77 percent
higher than the 1940 average.
Beginning in the last quarter of 1940, the rise in
public construction, brought about by the rearmament
program, began to outstrip the rise in private construction with the public component becoming an
increasing share of the total. During the fourth quarter of 1941, for example, private construction was 10
percent higher than in the last 3 months of 1940,
whereas the increase in public construction was more
than 8 times as great. Public construction rose from
two-fifths of the total during the first quarter of 1940
to nearly three-fifths in the last 3 months of 1941.
From the first quarter of 1940 to the same period a
year later, military and naval construction rose from
one-thirtieth to one-quarter of the total. In the first
quarter of 1942, private construction, falling in both
absolute and relative amounts, was only one-third of
the total volume of construction activity.
Derivation of the Estimates.
The data and methods used in making the quarterly
estimates are outlined below. The estimates are
divided into two main groups—those for which the
basic source is contract or permit data, and the remain-
25
SURVEY OF CURRENT BUSINESS
May 1942
der which are reported on a direct activity basis either
by government or various private agencies.
the seven most important Western States were also
consulted.
A. Estimates made from contract or permit data.
1. Residential construction (nonfarm).
Figure 14.—Value of Public and Private New Construction
by Type
The estimates of residential construction are prepared by the Bureau of Labor Statistics using permit
figures as a basic source. Adjustments are made for
undervaluation and for inclusion of nonreporting areas.3
In arriving at a total value series, allowance is made
for the construction of nonhousekeeping units and
major additions, alterations, and repairs. The series is
then converted to an activity basis by using different
time lags for one and two, and multifamily dwellings.
BILLIONS OF DOLLARS
4
2. Private and Public nonresidentia] building.
The basic source for making these estimates is
contract data collected by the F. W. Dodge Corporation.4 Since Dodge does not collect contract data
for the 11 Western States, it is necessary to adjust
these figures to attain country-wide coverage. Adjustment factors for each type of construction were obtained
by using permit data collected by the Bureau of Labor
Statistics and Engineering News-Record data, both of
which cover the United States. Permit data assembled
by the Federal Reserve Bank of San Francisco for
Qu.
Qu.
Qu.
Qu.
Qu.
1939
Qu.
Qu.
1940
Qu.
Qu.
Qu.
Qu.
Qu.
Qu.
Qu.
1942
1941
D.D. 42-159
NOTE.—Data do not include work-relief construction, for sources of data in this
chart, see accompanying tables and text.
Each type of construction is further adjusted to
allow for under cover age. The adjustment factors were
based on comparisons of Dodge statistics with Census
data, information collected by government agencies
such as the Office of Education, and other types of
related data.
f 3 The Bureau of Labor Statistics has completed a preliminary revision of the
After these adjustments for coverage, timing patnumber of dwelling units built in the period 1930-40. See Housing and the Increase
in Population, Monthly Labor Review, April 1942. Further revision of the nuunber terns for each type of construction were applied to the
and value of dwelling units is in progress.
value of contract awards in each month in order to
4
Beginning in 1941 public war industrial construction is no longer obtained from
estimate the volume of construction activity in subsecontract data; see discussion below.
New Construction Activity in the United States, by Function and Ownership
[Millions of dollars]
1939
Item
Annual
totali
First Second Third Fourth
quar- quar- quar- quarter
ter
ter
ter
1,549
975
532
211
85
73
53
79
35
44
153
574
45
110
4
106
218
56
35
90
7,276
4,521
2,323
982
334
423
225
570
251
319
646
2,755
510
497
144
353
946
143
205
353
1,338
811
419
175
66
68
41
57
25
32
160
527
47
101
11
90
197
45
31
86
1,724
1,147
593
230
85
96
49
171
75
96
153
577
52
92
9
83
227
36
53
87
2,020
1,340
661
265
96
100
69
256
113
143
158
680
60
145
51
94
262
32
61
89
20
101
20
30
31
Annual
totali
New construction2
Private construction ___
Residential (nonfarm) 3
Nonresidential building
_
__
Commercial
Industrial
. __.
All other *
Farm construction5
_. _
Residential
Service 6
Public utility
Public construction _ 7
Military and naval
.__
Nonresidential building-.
_Industrial- _
All others
Highway . .
Sewage disposal and water supply
Residential
All other Federal 9 . _ . _
_
Miscellaneous public service enterprises 10
First Second Third Fourth
quar- quar- quar- quarter
ter
ter
ter
6,367
3,852
2,046
748
296
227
225
530
236
294
528
2,515
119
762
14
748
884
257
76
326
1,403
726
427
142
53
35
54
53
24
29
104
677
17
283
4
279
212
60
5
80
1,622
975
528
171
70
54
47
159
71
88
117
647
24
225
3
222
213
72
13
75
1,793
1,176
559
224
88
65
71
239
106
133
154
617
33
144
3
141
241
69
23
81
91
20
25
26
1
2 The totals are revisions of the annual estimates of total
3 Does not include data for work-relief construction.
1942
1941
1940
Annual
totali
First Second Third Fourth First
quar- quar- quar- quar- quarter
ter
ter
ter
ter
2,194 11,356
1,223 5,472
650 2,675
312 1,306
388
87
159
678
240
66
716
86
38
316
400
48
775
175
971 5,884
351 2,059
159 1,671
73 1,400
271
86
260 1,013
115
30
479
60
425
91
2,303
1,053
503
327
85
188
54
72
32
40
151
1,250
580
237
165
72
208
29
75
96
2,641
1,404
696
318
105
156
57
215
95
120
175
1,237
318
400
336
64
242
30
118
97
3,270
1,669
815
327
113
146
68
322
142
180
205
1,601
491
492
423
69
289
29
158
107
3,142
1,346
661
334
85
188
61
107
47
60
244
1,796
670
542
476
66
274
27
128
125
2,637
891
450
190
54
95
41
65
28
37
186
1,746
600
662
608
54
228
27
104
103
122
25
32
35
30
22
20
construction activity that appeared in the Survey o) Current Business, February 1942.
The 1939-41figureswere prepared by the Bureau of Labor Statistics; thefigurefor the first quarter of 1942 is a preliminary estimate of the Department of Commerce.
*
5 Includes religious, educational, social and recreational, hospital and institutional, and miscellaneous nonresidential building.
Includes an indeterminate amount of maintenance.
6 Includes railroads, street railways, pipe lines, electric light and power, gas, telephone and telegraph utilities.
7
Includes cantonments, aeronautical facilities, navy yards and docks, army and navy hospitals, etc.
8 Includes "public," commercial, educational, social and recreational, hospital and institutional, and miscellaneous public buildings.
• Includes work done by Bureau of Reclamation, Indian Service, Forest Service, Army Engineers, National Park Service, Tennessee Valley Authority, Soil Conservation
Service, and other Federal agencies not elsewhere included.
i° Includes such municipal enterprises as street railways and other transit systems, gas systems, ports, docks, harbors, airports, tunnels, etc.
Source: U. S. Department of Commerce; see also text.
456781—42
1
26
SURVEY OF CURRENT BUSINESS
quent months.5 In developing these timing patterns,
account is taken of both the time that elapses between
the inclusion of the data in the Dodge "contract award77
series and the beginning of work, and the time required
to complete certain types of buildings. The buildingperiod varies for each type of construction. For example,
a period averaging slightly more than 4 months is used
for factor building, while a period of 7 months is used
for hospital and institutional buildings. It is not assumed that activity arising from a particular month's
contract awards is spread evenly over the whole period;
different percentages are used in each of the successive
months.
B. Estimates Reported on a Direct Activity Basis.
1. Farm, Construction.
Estimates of Farm construction are made by the
Bureau of Agricultural Economics. In contrast to the
other estimates, these include maintenance because no
satisfactory method has been developed to separate new
farm construction from maintenance. Since it was
impossible to obtain the data on a quarterly basis,
"normal77 quarterly factors were derived in consultations with the Bureau of Agricultural Economics and
applied to the annual estimates.
2. Public Utility Construction.
Estimates of construction work by public utilities are,
for the most part, based on reports from organizations
such as The Bureau of Railway Economics and the Bell
Telephone Company. When it was not possible to
secure the data on a less than annual basis, contract data
for the specific type of utility were converted to a quarterly activity series and applied as an index to the annual
reported figure.
3. Military and Naval Construction.
For the period prior to July 1941, military and naval
construction figures w^ere secured from the War and
Navy Departments. Subsequent to that date, the
figures were obtained from the War Production Board
and adjusted to exclude strategic highways which are
included in the highway estimates.
4. Public Factory Construction.
Beginning in 1941, monthly estimates of war industrial facilities were secured from the War Production Board. Publicly financed but privately owned
8
In deriving these time patterns use has been made of the data collected by the
Public Works Administration, some of which appears in "The Economic Effects of
the Federal Public Works Expenditures, 1933-38," November 1940, National Resources Planning Board; studies made by Mr. Ray R. Foster, formerly of the Federal
Reserve Board and other related data.
May 1942
facilities were excluded since these are included in the
estimates of private industrial construction.
5. Highway Construction.
The Public Roads Administration prepares annual
estimates of total highway construction based on annual
reports from State Highway Commissions, and surveys
of municipal and county outlays for highways. A
quarterly index of highway construction was used to
distribute the annual totals by quarters and to extrapolate the 1941 figure.
6. Sewage Disposal and Water Supply.
Estimates for these types of construction are based
on data from Financial Statistics ol Cities, last appearing May 1938. The annual figure derived from these
sources w^as apportioned and extended quarterly by an
index of Sewage Disposal and Water Supply construction, obtained by converting contract data for these
types of construction to an activity series.
7. Public Residential Housing.
Data for Public Residential Housing were secured
from the public housing agencies and the War Production Board and adjusted to exclude duplication.
8. All Other Federal Construction.
This category includes construction done by the
following agencies: Bureau of Reclamation, Indian
Service, Forest Service, Army Engineers, National
Park Service, Tennessee Valley Authority, Soil Conservation Service, and miscellaneous work of other
agencies not elsewhere included.
Most of the annual estimates and some of the quarterly are secured by reports from these agencies. In
some of the cases in which it was not possible to secure
quarterly data, the Bureau of Labor Statistics' revised
monthly figures on man-hours, pay rolls and material
orders of government agencies engaging in construction
were used to apportion the totals. For some of the
smaller agencies where the Bureau of Labor Statistics
indexes were not found to be appropriate, and it was
not possible to secure quarterly figures from the agency,
indexes of construction activity for agencies engaging
in similar types of work were used.
9. Miscellaneous Public Service Enterprises.
This heading includes expenditures for street railways, and other transit systems, gas systems, ports,
docks, harbors, ferries, airports, and other municipal
enterprises. The main source for these data is Financial
Statistics of Cities. Various types of indexes similar
to those described above were used to apportion and
extrapolate the annual totals.
May 1942
S-l
SUEVEY OF CUREENT BUSINESS
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1940 Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1936 to 1939, 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 1936. Series added or
revised since publication of the 1940 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 term "unadjusted" and "adjusted" used to
designate index numbers refer to adjustment of monthly figures for seasonal variations.
Data subsequent to March for selected series will be found in the Weekly Supplement to the Survey.
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
1941
March
April
May
June
July
August
September
October
Novem- December
ber
1942
Janu- February
ary
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:
Total income payments..
_ 1935-39 =100.. 157.7
167.5
Salaries and wages
do.
155.2
Total nonagricultural income
do_
8,654
Total
mil. of doL
Salaries and wages:
5,857
Total.
do
Commodity-producing industries.. do
2,683
D istributive industries
do
()
Service industries
do
()
Government
do
(a)
Work-relief wages
do
74
Direct and other relief
do
94
Social-security benefits and other labor income
177
mil. of dol._
Dividends and interest
do
924
Entrepreneurial income and net rents and
royalties
mil. of dol_. 1,602
7,891
Total nonagricultural income
do
127.2
134. 8
128.5
7,127
129.4
136. 6
130.2
7, 147
133. 6
141.5
134.1
7,092
137.0
146.0
137.9
7,937
138.9
147.6
139.2
7,739
141.1
149.3
140.7
7,518
143.1
150.1
141. 3
8,280
145.4
152.6
143. 5
8,508
146.5
153.7
144.5
8,071
154.7
161.5
150.3
9,397
'155.7 ' 156. 9
' 163.2 ' 166. 0
' 152. 0 ' 153. 9
'8,424 '7,987
4,732
1,983
1,114
844
665
126
98
4,842
2,018
1,147
867
689
121
96
5,057
2,191
1,164
882
705
115
93
5,242
2,307
1, 200
903
728
104
93
5,168
2,346
1,207
906
623
5,263
2,420
1,218
909
636
80
90
5,431
2,481
1,229
910
732
79
5,592
2,539
1, 251
927
795
80
5, 555
2,505
1,245
924
802
79
90
5,830
2,550
1,400
951
842
87
92
'5,665
'2,533
()
94
72
95
159
934
154
817
158
491
159
1,114
157
919
155
463
151
918
152
855
152
549
159
1,583
174
173
'437
1,204
6,632
1,238
6,627
1, 293
6,518
1,329
7,334
1,405
7,057
1,547
6,714
1,691
7,328
1,820
7, 435
1,725
7,109
1,733
8,456
5, 731
'2,609
(a)
(a)
(a)
' 1, 671 '1,551
'7,580 '7,259
AGRICULTURAL INCOME
Cash income from farm marketings:
Crops and livestock, combined index:
110.0
68.0
83.5
128.5
137.5
144.5
86.0
Unadjusted.
1924-29 = 100.
123.0
74.0
99.0
161.0
131.5
88.5
96.5
134.0
112.5
110.0
96.0
Adjusted
d o . . . P 125. 5
102.0
93.0
98.5
111.5
119.0
79.5
82.0
124.5
101.5
81.0
95.0
77.5
83.5
101.5
99.0
Crops__ _
d o . . . r 104.0
143.0
97.0
110.0
143.0
123.0
110.0
109.0
107.0
112.5
121.0
120.0
Livestock and products
d o . . . v 145. 0
124.5
97.5
108.5
131.5
131.5
107.5
112.5
108.5
107.5
124.5
122.5
Dairy products
d o . . . v 126. 0
154.0
100.0
118.5
153.5
122.5
117.5
114.0
114.5
122.5
128.0
129.0
Meat animals.
d o . . . p 157.5
143.5
82.0
83.5
132.0
106.5
90.0
82.5
90.5
92.0
87.0
88.5
Poultry and eggs
d o . . . P 141.0
INDUSTRIAL PRODUCTION!
(Federal Reserve)
Unadjusted:
165
144
162
167
144
155
Combined index*
___1935-39=100_.
167
159
163
160
'168
172
P177
149
172
160
173
167
153
164
'171
Manufactures!
do
173
165
215
p 225
206
178
192
209
197
199
182
210
211
Durable manufactures}
do
198
191
198
192
184
191
184
185
185
191
181
Iron and steel!
do
196
184
122
v 129
148
134
134
144
123
145
151
130
Lumber and products*...
_do
128
140
142
v 148
143
156
154
149
159
133
157
135
155
150
Furniture*.
do
122
v 119
144
130
124
142
138
118
148
128
113
Lumber*
.do
135
248
P264
206
227
229
216
231
185
224
194
241
214
Machinery*
do
v 186
192
191
190
191
185
'192
179
189
184
192
187
Nonferrous metals*!
do
P138
164
174
167
166
176
137
125
172
142
145
172
Stone, clay, and glass products*..do
184
163
171
177
185
137
141
117
181
139
153
174
Cement
do
159
166
170
160
173
165
130
172
135
154
Glass containers*..
do
163
120
142
120
96
117
68
43
141
109
142
Polished plate glass.
do
80
149
229
245
280
229
269
302
214
Transportation equipment*!
do
221
206
275
244
^323
1,204
876
1,340
997
1,290
768
1,113
818
Aircraft*!
do_._.
0)
930
(0
0)
Automobile bodies, parts and as'118
134
152
142
150
120
120
135
146
136
161
sembly*
1935-39=100-.
75
74
123
164
85
160
47
Automobiles, factory salescft-. .do
134
110
139
164
338
319
256
216
306
307
335
237
280
Locomotives*
do
0)
0)
0)
264
0)
249
218
178
236
Railroad cars*
do
233
278
196
233
(0
0)
0)
645
560
381
Shipbuilding (private yards) *. _ do
335
485
467
634
353
428
(0
(0
13
'144
Nondurable manufactures
do
145
135
126
142
137
138
143
130
138
137
118
Alcoholic beverages*
do
137
120
112
100
122
106
131
137
'110
'130
151
Chemicals*
do
153
153
148
135
129
142
139
153
136
138
P127
123
'116
Leather and products
do
124
'129
'122
'123
'130
'126
127
'119
'120
P128
'116
'110
119
Shoes*
do
'132
f 126
••130
'137
'130
125
'125
'122
v 124
*>124
Manufactured food products*! do
*139
*159
119
107
152
137
P143
112
128
P99
p 99
Dairy products*!
do
v 142
175
105
167
181
*115
134
188
173
152
165
Meatpacking
do
119
132
122
116
119
134
119
121
150
152
146
Paper and products*
do
149
141
136
146
139
151
137
143
158
159
153
Paper and pulp*
do
151
145
137
150
'143
155
140
147
132
'138
136
Petroleum and coal products* do
134
126
119
131
129
135
120
128
161
p 159
'160
153
152
148
154
154
Coke*
do
154
153
133
154
128
134
134
131
122
Petroleum refining
do
114
128
125
132
119
124
125
138
131
P130
Printing and publishing*
do
125
126
121
121
116
131
124
127
131
162
155
130
153
134
157
192
Rubber products*
do
0)
0)
(0
0)
151
157
147
154
Textiles and products
do
155
150
150
155
158
P152
156
154
156
164
156
160
Cotton consumption*
do
162
161
160
160
169
p 169
167
155
168
169
150
170
173
172
158
173
Rayon deliveries*!
do
180
179
P175
178
32
66
74
50
69
10
73
66
Silk deliveries*
do
15
0)
(0
169
165
152
166
157
164
152
163
Wool textile production*
do
(0
166
132
121
110
122
123
133
113
128
Tobacco products
do
117"
161
'178
134
1
126
110
'Revised.
* Preliminary.
^Formerly designated as "automobiles."
Included in total and group indexes but not available for publication separately.
• Publication of data discontinued to avoid disclosure of military payrolls.
fRevised series. Earlier data on income payments revised beginning 1929 will appear in a subsequent issue. For industrial production series, see note marked
" t " on
p. S-2. note marked with a " t " on p. S-2. !Revisions appear in the September 1941 Survey, see note marked with a "f" on p .S-2.
*New series. See
'90.5
* 127. 0
105. 5
r
146. 5
132.0
' 156.0
144.5
' 166
'174
'219
193
'128
'146
'118
'255
191
131
132
164
47
'308
0)
0)
0)
0)
46
138
117
'158
'131
126
'123
P110
135
152
159
129
161
124
'126
0)
'157
174
174
0)
155
121
with a
S-2
SUKVEY OF CURKENT BUSINESS
May 1942
1941
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTlONf-Con.
Unadjusted—Continued.
Minerals*
1935-39=100.
Fuels*
do...
Anthracite
do__.
Bituminous coal
do__.
Crude petroleum
do...
Metals**
do..
Copper*
do...
Lead
do...
Zinc*
do...
Adjusted:
Combined index*
do..
Manufacturers*
do_.
Durable manufactures*
do_.
Iron and steel*
do..
Lumber and products*
do..
Furniture*
do__
Lumber*
do._
Machinery*
do..
Nonferrous metals**
do_.
Stone, clay, and glass products*..do
Cement
do__.
Glass containers*
do...
Polished plate glass
do...
Transportation equipment* *
do...
Aircraft**
do.-.
Automobile bodies, parts and assent
bly*
1935-1939=100.
Automobiles, factory sales cT * - - - do. _.
Locomotives*
do__.
Railroad cars*
do...
Shipbuilding (private yards)*..do
Nondurable manufactures
do.
Alcoholic beverages*..
do.
Chemicals*.. _
do.
Leather and products
do _
Shoes*
do.
Manufactured food products**...do
Dairy products**
do.
Meat packing..
do.
Paper and products*
do.
Paper and pulp*
do.
Petroleum and coal products*
do
Coke*
do.
Petroleum refining.
do.
Printing and publishing*
do.
Rubber products*.—
do.
Textiles and products.. _
do.
Cotton consumption*
do.
Rayon deliveries**.
.do.
Silk deliveries*
do.
Wool textile production*
do
Tobacco products.
do.
Minerals*
do.
Fuels*
_
...do.
Anthracite
do.
Bituminous coal
do.
Crude petroleum
do.
Metals**...
...do.
Copper**
do
Lead*.
do
Zinc*
do
p 118
P122
v 116
P140
v 115
P95
P166
v 172
P180
P228
P198
P134
P 147
P127
P264
P185
P167
188
41
P323
0)
0)
0)
0)
P140
P160
p 119
p 115
p 140
P146
159
P125
0)
P152
169
P175
0)
"~I25
P127
P 122
p 113
P146
p 114
P153
P163
'116
^120
105
'142
114
92
151
116
125
87
76
18
116
149
156
121
133
127
118
88
126
118
181
159
117
127
131
123
116
132
120
181
152
116
136
130
121
107
128
119
184
147
110
125
134
125
120
135
122
187
152
116
131
137
129
122
144
124
182
152
120
135
138
131
123
142
127
180
156
119
134
135
130
99
143
128
161
157
128
131
124
129
94
138
129
95
159
124
138
126
131
104
144
129
92
158
131
138
'125
'130
'121
'141
'127
'94
160
140
147
151
180
184
128
132
125
185
179
150
156
139
135
207
768
144
153
180
181
132
139
128
194
183
142
139
135
142
196
818
154
160
190
184
132
152
122
206
189
141
134
148
142
228
876
159
164
195
184
135
155
125
214
186
150
138
155
152
243
930
160
165
199
185
141
161
131
216
192
151
143
154
146
255
997
160
166
199
185
140
152
134
224
189
154
148
158
133
241
1,113
161
'167
203
192
136
149
129
227
192
156
154
163
120
245
1,204
163
169
207
191
135
146
129
231
185
158
159
168
102
269
1,290
166
173
209
191
135
148
128
229
190
161
164
168
105
280
1,340
167
174
214
196
138
149
132
241
' 193
166
191
165
67
275
171
178
222
191
143
153
138
248
'193
197
249
184
65
302
'172
'179
'225
193
'144
'146
'143
'255
'191
'188
236
178
49
'308
0)
0)
142
143
216
178
335
128
104
125
'115
rll7
121
125
134
132
133
123
154
118
116
155
146
156
150
71
152
117
125
121
102
t 148
112
148
148
118
125
124
122
237
196
353
131
107
133
161
148
280
233
428
139
122
144
f 132
rl38
127
124
124
145
149
127
154
123
128
192
156
160
173
73
163
118
132
129
126
153
120
151
155
117
136
168
154
307
233
467
138
130
146
'130
'134
126
126
125
146
150
128
154
124
127
153
155
162
173
77
157
114
131
127
137
146
119
151
156
114
125
141
93
306
236
485
139
128
145
'122
' 121
132
127
134
147
152
130
154
126
129
130
154
160
170
56
166
118
132
129
162
147
119
148
155
116
131
134
74
319
249
560
137
131
146
120
146
110
335
278
634
142
123
338
264
645
'144
109
149
'135
134
'141
'146
135
153
159
135
153
133
136
120
85
••119
123
135
126
134
136
121
133
119
118
158
150
160
158
74
152
120
95
86
71
22
113
149
152
119
133
152
151
256
218
381
135
114
136
' 124
'128
123
129
132
142
145
125
148
122
122
162
157
164
169
71
165
119
126
121
80
149
114
152
159
115
127
196
277
288
255
304
247
144
207
290
308
276
307
269
154
229
330
316
298
289
429
164
212
295
339
294
281
301
159
257
309
290
223
265
157
••115
••139
' 139
126
144
149
132
152
128
125
131
151
156
168
34
169
121
131
128
127
139
124
145
154
120
135
129
'148
125
123
'134
'146
133
146
150
133
153
129
127
134
150
161
172
10
164
128
130
127
116
127
128
145
151
119
134
202
260
304
265
249
258
165
193
239
359
246
213
227
163
••118
••130
(0
156
167
179
15
166
132
131
128
97
125
132
146
152
127
131
'118
75
0)
0)
0)
0)
0)
0)
141
116
152
'128
'131
'137
'156
142
155
162
'139
'160
135
130
143
139
154
126
124
139
v 154
148
153
160
135
'161
131
127
154
155
178
158
169
180
0)
%s
129
130
127
89
124
132
147
157
122
138
(0
0)
161
132
131
128
89
129
132
149
'161
131
138
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*
New orders, total
Jan. 1939=100
Durable goods
do
Electrical machinery
do
Other machinery
do
Iron and steel and their products
do
Other durable goods
do
Nondurable goods
do
P256
P388
P474
P444
P243
P541
P172
194
285
296
267
304
263
136
212
265
314
326
225
258
178
232
367
248
413
167
268
414
347
414
245
719
174
'113
46
0)
0)
0)
' 142
133
'158
'120
117
'141
p 153
141
149
154
131
161
126
'125
0)
'157
174
174
0)
155
130
'129
'125
'110
120
'128
152
158
140
146
'292
'463
'452
'648
'256
'645
'182
'199
183
148
183
185
183
P198
189
154
161
170
168
163
Shipments, total
1939 = 100
'232
215
212
220
212
P234
177
207
195
192
230
183
197
Durable goods
do
133
178
133
190
P129
202
152
183
95
178
174
173
192
Automobiles and equipment
do
249
218
226
230
P258
214
201
208
211
177
207
260
19;
Electrical machinery
do
232
233
260
P269
218
209
199
229
180
247
191
192
Other machinery
do
22:
216
201
P214
201
210
198
200
175
Iron and steel and their products
do.
195
208
179
207
Transportation equipment (except
784
824
571
671
r 1,004
P 1,001
382
486
321
429
608
438
367
automobiles)
do.
176
197
186
194
P193
186
185
152
179
170
187
171
161
Other durable goods
do.
164
155
173
161
P169
149
126
141
157
157
134
137
132
Nondurable goods
do
175
168
181
P175
155
170
13'
164
168
155
163
151
155
Chemicals and allied products
do...
1
163
150
171
P161
140
II
137
152
160
131
122
151
Food and kindred products
do...
128
165
175
173
P172
154
131
149
169
14'
140
171
Paper and allied products
do.
171
145
137
142
133
P130
137
103
126
131
129
109
141
Petroleum refining
do
139
120
177
150
194
15:
135
182
172
165
150
131
Rubber products
do
149
166
186
171
204
176
14'
161
179
155
154
P201
184
Textile-mill products
do
183
148
153
144
172
146
128
115
149
121
125
P180
150
Other nondurable goods
do
149
120
'Revised, p Preliminary, * See note 1, p. S-l. cf Formerly designated as "automobiles." {See note marked "f."
fRevised series. Revised indexes of industrial production for 1919-39 (1923-39 for industrial groups and industries), including the new series, are available on pp. 12-17 of the
August 1940 Survey, except for subsequent revisions in the series marked with a "*" and data for all years for the new series on "automobile bodies, parts and assembly;" data
for the latter series and revisions for the series marked "*" (with the exception of revisions in the zinc series and resulting changes in the combined indexes for minerals and
metals) are available in table 24, pp. 24 and 25 of the September 1941 Survey; the latter table includes also revisions of 1940 data for petroleum and coal products, coke, textiles
and products, wool textiles, fuels and anthracite. Revisions for zinc and the combined indexes for minerals and metals will be shown in a later issue. In some industries,
recent conditions have obliterated seasonal movements and the seasonal factors have been fixed at 100 beginning at some time in 1939 or 1940; see latter part of note marked
with a " t " on p. S-2 of the February 1942 Survey.
•New series. For industrial production series, see note marked with "f". For description of data on manufacturers' orders and shipments and February to June 1939
indexes of new orders see pp. 7-13 September 1940 Survey; see subsequent monthly issues for later indexes of new orders. Revised figures beginning January 1939 for shipments
will be shown in a subsequent issue.
S-3
SUEVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
1943
1941
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*-Con.
Inventories, total
average month 1939== 100..
Durable goods
.do
Automobiles and equipment
do
Electrical machinery
do
Other machinery
do
Iron and steel and their products
do
Transportation equipment (except automobiles)
average month 1939=100..
Other durable goods
do
Nondurable goods
do
Chemicals and allied products
do
Food and kindred products
do
Paper and allied products
do
Petroleum refining
do
Rubber products
do
Textile-mill products
do
Other nondurable goods
_do
> 166.1
» 183. 5
' 192.1
' 255.3
» 196. 2
1
' 124.8
124.1
137.2
149.5
165.4
136.0
122.8
126.0
140.2
155.2
172.9
140.0
122.5
128.7
144.1
155.1
183.9
144.1
124.5
132.0
146.7
152.8
190.6
146.4
125.5
136.4
150.3
138.3
198.7
151.1
126.9
140.0
155.8
163.9
206.5
156.5
126.5
143.4
160.5
187.6
212.5
158.7
126.0
148.2
166.2
195.0
225.5
166.4
125.9
152.7
170.3
193.3
231.6
173.3
127.8
158.4
175.5
193.3
234.1
180.0
129.2
161.9
179.2
190.8
243.9
187.5
327.2
'
'
'
'
'
'
' 738. 2
»141. 4
' 150.1
»155.3
' 155.5
»140.1
'115.2
357.5
113.0
112.6
119.1
109.3
120.4
101.7
138.6
122.7
105.6
375.1
114.6
113.6
118.9
113.0
119.4
102.7
140.4
124.2
104.1
403.1
116.5
115.2
118.4
117.3
117.6
103.2
143.1
126.6
105.3
428.4
118.0
119.2
119.5
123.0
118.8
104.9
143.3
129.4
111.9
467.4
121.8
124.3
122.9
133.2
122.1
106.3
145.8
135.3
115.0
504.7
123.8
126.2
125.2
139.9
124.2
105.8
141 4
132! 1
117.1
552.2
125.0
128.4
126.0
142.8
125.4
107.7
133 5
133! 6
121.9
600.2
127.4
132.5
128.2
146.7
128.5
110.4
131.8
137.6
128.9
618.2
130.9
137.4
132.0
153.4
132.0
111.9
134 6
143^5
134.1
'663.4
136.4
143.5
143.7
162.0
135.1
113.2
143.6
147.3
138.7
693.9
139.5
14f.9
147.8
163.6
134.4
113.4
149.7
151.5
145.4
' 709.1
' 140.6
' 347. 4
' 150. 9
'158.9
' 137.8
' 115.5
149.6
' 154.1
' 147.3
1
1
1
1
»157. 9
'156.0
163.0
180.8
190. 0
250.3
191. 4
125.5
COMMODITY PRICES
COST OF LIVING
National Industrial Conference Board:
Combined indexf
—
.1923=100.
Clothing
do...
Foodf
do...
Fuel and light
do._.
Housing..
_
_
do...
Sundries
do...
TJ. S. Department of Labor:
Combined index*
1935-39=100Clothing*
_do._Foodf
do...
Fuel, electricity, and ice*
.do...
Housefurnishings*
do.._
Rent*
do...
Miscellaneous*
do...
PRICES RECEIVED B Y FARMERS§
U. S. Department of Agriculture:
Combined index
1909-14=100..
Chickens and eggs
do
Cotton and cottonseed
do
Dairy products.—
do
Fruits
.do
Grains
do
Meat animals.
do
Truck crops..
do
Miscellaneous
do
RETAIL PRICES
U. S- Department of Labor indexes:
Anthracite
1923-25=100..
Bituminous coal (35 cities)
do
Food (see under cost of living above).
Fairchild's index:
Combined index.
Dec. 31, 1930=100..
Apparel:
Infants'..
.do
Men's
_do
Women's
do
Home furnishings
.do
Piece goods
do
96.1
85.8
97.5
90.4
90 7
103.5
86.3
73.2
79.2
86.4
87.7
114.3
123.6
118.6
104.5
121.2
108.9
110.1
146
130
151
144
111
122
182
136
132
73.3
81.0
86.4
87.8
98.3
87.4
73.6
82.2
86.4
88.0
98.5
88.5
73.6
85.5
86.7
88.2
98.6
73.8
86.2
87.8
88.4
98.7
89.4
74.5
87.3
88.6
88.6
98.8
90.8
76.9
89.4
89.4
88.9
92.0
78.3
90.7
90.0
89.2
101.5
92.9
79.6
92.2
90.2
89.5
101.9
93.2
80.1
92.6
90.3
89.9
102.2
94.5
82.4
95.2
90.3
90.1
102.5
'95.1
84.5
'95.7
90.4
90.4
102.9
101.2
102.1
98.4
100.7
101.6
105.1
101.9
102.2
102.4
100.6
101.0
102.4
105.4
102.2
102.9
102.8
102.1
101.1
103.2
105.7
102.5
104.6
103.3
105.9
101.4
105.3
105.8
103.3
105.3
104.8
106.7
102.3
107.4
106.1
103.7
106.2
106.9
108.0
103.2
108.9
106.3
104.0
108.1
110.8
110.7
103.7
112.0
106.8
105.0
109.3
112.6
111.6
104.0
114.4
107.5
106.9
110.2
113.8
113.1
104.0
115.6
107.8
107.4
110.5
114.8
113.1
104.1
116.8
108.2
107.7
' 112.0
' 116.1
116.2
' 104. 3
^ 117. 2
108.4
' 108.5
'112.9
' 119.0
116.8
' 104. 4
' 119. 7
108.6
'109.4
103
90
82
118
83
84
129
145
91
110
104
88
121
89
90
137
'147
94
112
107
98
124
89
93
138
146
93
118
118
107
126
97
96
144
146
125
127
121
132
93
98
154
130
107
131
130
128
135
100
99
158
133
128
139
141
150
140
89
106
166
145
131
139
146
144
145
107
101
157
164
144
135
157
136
148
98
103
151
158
128
143
153
138
148
98
112
160
162
154
149
147
143
148
102
119
166
204
1G9
145
135
150
147
98
121
175
161
133
83.0
90.3
83.0
90.1
82.8
90.1
82.4
90.5
84.6
92.0
86.6
93.8
88.3
94.9
88.7
95.8
88.4
96.3
88.5
96.5
88.8
96.7
88.9
96.7
112. 5
94.8
95.5
96.3
97.7
102.6
105.2
106.2
107.5
108.3
110.2
111.9
107.5
104.2
112.1
115.1
111.8
97.6
89.4
'83.6
96.5
87.8
97.6
89.5
93.9
97.7
88.8
97.7
89.7
94.3
98.9
98.1
90.1
95.3
100.4
91.3
100.0
93.3
100.4
104.9
97.1
101.2
95.5
104.1
106.9
99.9
102.1
96.5
105.7
108.5
101.6
103.2
97.5
106.9
109.5
103.7
103.7
98.1
107.7
110.2
105.0
104.9
101.1
109.1
112.7
107.1
106.7
102.7
111. 2
114.3
110.8
98.7
91.5
96.9
102.4
93.3
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889quotations*). 1926=100..
81.5
83.2
S7. 6
84.9
87.1
90.3
92.4
93.6
91.8
92.5
96.7
96.0
Economic classes:
Manufactured products
do
84.2
85.5
87.1
97.8
90.1
88.6
91.5
93.9
92.8
94.6
96.4
97.0
Raw materials
...do
75.3
77.5
79.7
98.2
83.6
86.1
87.6
89.7
90.2
90.0
92.3
96.1
97.0
Semimanufactured articles
___do
83.4
85.1
86.4
92.3
87.6
89.5
87.9
89.9
90.3
89.7
90.1
91.7
92.0
Farm products
do
71.6
74.4
76.4
82.1
87.4
102.8
90.0
85.8
91.0
94.7
90.6
100.8
101.3
Grains
_
do
70.9
74.5
67.8
75.9
79.6
93.8
81.4
76.3
85.3
91.0
84.3
95.9
95.3
86.2
Livestock and poultry
do
88.0
93.0
82.5
99.0
94.5
113.8
101.1
97.4
90.6
105.7
109.3
Commodities other than farm products*
83.6
96.2
1926=100.85.0
89.3
88.0
90.7
92.8
91.9
92.7
93.3
94.8
95.5
75.2
96.1
Foods
do
79.5
77.9
84.7
83.1
87.2
89.5
88.9
89.3
90.5
93.7
94.6
75.2
90.6
Cereal products*
...do
78.2
76.8
80.3
81.5
79.8
85.8
86.4
85.9
89.3
91.1
91.1
80.3
94.3
Dairy products
.
do
81.6
81.0
90.3
87.7
84.3
93.3
95.2
96.3
95.5
96.0
95.0
60.7
87.7
Fruits and vegetables
do
70.3
64.0
63.8
69.4
70.7
73.0
75.8
77.9
73.8
78.3
85.2
83.7
10^.2
97.5
Meats
do
87.2
85.6
99.4
93.8
90.8
90.8
95.3
101.6
104.0
Commodities other than farm products and
84.9
95.2
87.4
85.9
foods
-.1926=100..
89.7
88.6
90.8
93.4
91.6
93.5
93.7
94.6
94.9
99.5
100.4
100.1
Building materials
do
110.5
103.1
101.0
105.5
107.3
106.4
107.5
107.8
109.3
110.1
91.5
91.9
Brick and tile
.do
91.7
97.1
94.2
92.5
95.1
96.6
95.7
96.6
96.7
96.9
97.0
90.8
91.5
Cementt..
do
91.0
93.6
92.1
91.9
92.1
92.2
92.7
93.1
93.4
93.4
93.4
116.7
116.8
Lumber!
do
116.7
133.1
122.3
117.6
127.5
129.5
129.1
128.7
129.4
131.6
132.7
87.4
Paint and paint materials*
do
88.7
100.8
91.6
90.3
94.7
96.0
93.3
95.3
96.5
99.1
99.9
'Revised. ^Preliminary. - N u m b e r of quotations increased to 889 in January 1941. {For monthly data beginning 1933, see p . 18 of the April 1940 Survey
sliminary.
§Data for April 15, 1942: Total, 150; chickens and eggs, 131; cotton and cottonseed, 158; dairy products, 142; fruits, 118; grains, 120; meat animals 190- truck croDS Ifi8«
miscellaneous, 136.
w, U W A u u y s , i w ,
tRevised series. National Industrial Conference Board's index of cost of living and food component and index of wholesale prices of l'irrber revised beginning 1935 see
tables 5 and 7, respectively, p . 18 of the January 1941 Survey; since June 1941, the Board's food index is based on its own data collected in 56 cities, theretofore it was based on
the Department of Labor's series. For the Department of Labor's revised index of retail food prices beginning 1913, see table 51, p . 18 of the November 1940 Survey
•New series. For description of data on manufacturers' inventories, see pp. 7-13 of the September 1940 Survey, and for revised figures beginning December 1938 see table
40, p . 22 of the January 1942 Survey. For data beginning 1913 for the Department of Labor's cost of living series, see table 19, p. 18 of the May 1941 Survev for index of
prices of commodities other than farm products beginning 1913, see table 36, p . 18 of the September 1940 Survey. Data beginning 1926 for cereal products and 1913 for v
Daint
and paint materials will be published in a subsequent issue.
'
S-4
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor Indexes—Con.
Commodities other than farm products and
foods—Continued
Chemicals and allied productsf -.1926=100
Chemicals!
do
Drugs and pharmaceuticalsf
do
Fertilizer materials!
do
Oils and fats*
do
Fuel and lighting materials
do
Electricity..
do
Gas
do
Petroleum products
do
Hides and leather products
do
Hides and skins
do
Leather
do
Shoes
do
House-furnishing goods_
do
Furnishings
-do
Furniture
do
Metals and metal products
do
Iron and steel
do
Metals, nonferrous
do
Plumbing and heating equipment, .do
Textile products
do
Clothing
do....
Cotton goods
do
Hosiery and underwear
do
Rayon*
do
Silk*
do-...
Woolen and worsted goods
do
Miscellaneous
do
Automobile tires and tubes
_do
Paper and pulp
do
Wholesale prices, actual. (See under respective
commodities.)
97.1
96.4
126.5
79.5
108.8
77.7
108.7
89.7
71.0
102.9
79.8
85.9
97.2
70.4
55.7
72.0
70.0
77.0
49.9
102.6
99.1
94.8
107.4
89.5
95.8
82.9
97.7
95.7
84.3
82.8
78.4
87.7
81.1
60.4
29.5
47.7
93.2
77.6
58.4
93.5
81.8
86.4
97.5
71.0
69.3
72.9
69.2
78.1
51.9
103.9
104.7
95.6
107.8
90.4
97.1
83.4
97.9
95.9
84.3
83.0
81.0
88.7
86.8
61.1
29.5
48.3
93.3
78.6
58.8
94.5
83.6
86.8
98.7
71.1
80.6
75.6
67.7
80.1
55.3
106.4
110.3
96.9
110.1
91.4
98.0
84.3
98.1
96.1
84.4
83.0
83.0
90.9
91.0
61.3
29.5
49.1
94.1
79.6
58.8
96.7
83.8
87.2
99.9
69.9
80.6
77.9
67.2
81.0
59.9
107.8
112.4
97.9
111.7
93.1
99.0
87.0
98.3
96.5
84.5
83.1
84.5
91.6
94.6
61.9
29.5
51.2
94.6
80.6
58.8
98.0
85.2
87.3
100.0
74.0
83.7
78.5
66.8
80.8
60.9
109.4
112. 5
98.1
114.7
94.4
99.7
88.9
98.5
96.8
84.7
83.2
86.2
93.9
96.1
62.9
29.5
51.4
96.5
82.0
58.8
86.0
87.5
100.1
75.3
87.3
79.0
66.4
78.3
61.4
110.2
112.2
98.5
116.1
95.4
100.7
89.9
98.6
96.9
84.4
86.8
88.3
95.1
101.5
63.8
29.5
52.0
98.2
83.7
60.8
100.7
103.2
106.6
100.7
105.8
123.6
128.5
142.7
117.8
121.0
125.8
133.7
117.1
118.6
123.9
131.2
116.4
115.6
119.5
124.5
114.9
113.4
118.6
117.6
114.4
111.5
117.1
112.2
113.8
58.3
116.7
116.6
101.5
124.3
102.6
107.7
97.4
103.8
97.1
85.6
98.2
96.6
106.6
112.6
69.8
30.3
0)
87.4
88.2
104.4
76.6
91.3
79.2
66.7
81.7
61.7
111.3
112.1
100.0
117.1
97.2
102.1
92.2
89.7
88:4
124.1
77.3
93.4
79.6
66.2
78.9
61.7
112.6
113.1
100.9
118.8
99.5
104.4
94.4
103.1
97.0
84.6
87.8
90.9
97.8
105.2
66.6
30.3
88.3
123.2
77.3
92.9
78.8
68.2
77.5
60.4
114.1
114.0
101.1
120.5
100.6
105.2
95.8
103.3
97.1
84.8
87.9
91.1
97.9
105.4
67.0
30.3
91.3
88.6
123.0
77.8
101.9
78.4
67.4
77.4
59.8
114.8
115.9
101.3
120.7
101.1
105.6
96.6
103.3
97.0
84.8
89.1
91.8
98.4
107.5
67.0
30.3
96.0
95.3
126.3
78.6
106.4
78.2
97.0
96.3
126.5
79.3
108.2
78.0
76.4
59.5
114.9
115.3
101.4
121.1
102.4
107.2
97.4
103.5
97.0
85.4
93.6
93.6
101.1
110.5
69.0
30.3
101.4
85.1
60.8
101.7
102.3
86.4
65.5
101.9
102.6
87.3
67.4
102.2
102.7
87.6
67.4
102.5
103.0
89.3
71.0
102.8
77.0
58.9
115.3
115.5
101.4
121.8
102.5
107.4
97.4
103.6
97.0
85.6
97.9
95.2
105.3
111.4
69.6
30.3
C1)
104.3
89.3
71.0
102.9
109.7
114.3
105.7
112.0
109.0
113.4
105.7
110.5
108.9
111.9
108.9
109.5
107.6
111.9
102.8
109.2
104.9
108.9
98.6
107.6
104.1
108.3
101.4
' 107. 0
84.4
87.1
89.7
96.1
104.2
64.4
29.8
0)
0)
(0
0)
0)
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
Retail food pricesf
Prices received by farmers
Cost of livingf
1923-25 = 100.
do._do-._
do-_.
CONSTRUCTION AND REAL. ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100-.
Residential, unadjusted
do
Total, adjusted
do
Residential adjusted
do
F. W. Dodge Corporation (37 States):
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, all types:
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.
New dwelling units provided and permit valuation of building construction (based on
bldg. permits), U. S. Dept. of Labor indexes:!
Number of new dwelling units provided
1935-39=100-.
Permit valuation:
Total building construction
do
New residential buildings
do
New nonresidential buildings
do
Additions, alterations, and repairs.-do
Estimated number of new dwelling units provided in all urban areas (U. S. Dept. of
Labor): f
Total
number..
1-family dwellings
do
2-family dwellings
do
Multjfamily dwellings
-do—
Engineering construction:
Contract awards (E. N. R.) § thous. of doL.
r
94
78
94
74
117
93
103
121
104
101
135
111
117
101
153
118
139
115
159
111
152
112
162
105
161
105
137
84
145
87
122
71
138
74
59
123
118
r 111
'89
'128
••100
55, 843 32, 304 36, 380 48, 531 46, 950 49, 637 50. 551
610,799 479, 903 406, 675 548, 700 539,106 577, 392 760,233
472,817 268, 556 184,009 267, 454 313, 650 348, 495 520, 430
137,982 211,347 222, 666 281, 246 225, 456 228, 897 239,803
41, 497
623, 292
403, 495
219,797
40, 920
606,349
371, 345
235,004
29,150
458, 620
297, 865
160, 755
22, 941
431,626
287, 722
143, 904
23,862
316,846
198, 251
118, 595
40,000
433, 557
310.249
123, 308
10, 766
6,262
8,339
31, 898 38, 242 63, 802
200, 456 220,612 286, 741
7,822
46, 810
218, 288
9,907
54, 417
269, 553
4,978
31,023
192, 936
3,619
24, 908
171,016
3,245
21,113
123,231
4,600
31,576
169,606
38, 527 39, 429 37,234
38,093
47, 731 25, 325 29,499
50, 770 35, 801 41, 978 54, 571 52, 098 52, 895 62, 773
219,276 147, 859 166, 462 201, 274 205, 634 205,049 231, 529
31, 791
43, 624
175, 713
29, 246
45,403
171, 772
22, 633
30,170
116,468
18, 344
25, 591
104,276
19,838
26, 864
102, 758
34, 492
41,836
168, 014
1,871
134,054
1,419
131,123
1,266
94,563
1,086
88, 436
715
105, 989
567
64,428
681
58, 535
680
465
98,168
501
70, 461
453
60, 780
263
50, 345
212
26, 429
227
37,402
v 135
p 110
v 135
v 105
8,446
5,233
5,982
5,668
42, 456 29, 451 31, 509 44.596
231,834 201,458 143, 304 202,492
1,725
92,148
975
84, 592
1,283
71, 426
1,589
96, 501
1,701
1,487
99, 631 101,074
405
67, 541
336
45,994
365
25, 483
403
48, 433
460
33, 385
186.0
204.1
273.9
253.6
283.5
264.2
253.1
244.5
171.5
120.7
121. 5
223.5
103.4
145. 5
68.6
95.8
142.2
180.1
114.9
108.7
192.9
241.1
168.4
125.6
177.9
221.6
147.7
135.4
195.8
247.7
162.3
140.5
178.5
236.4
135.9
131.9
161.5
233.2
100.0
125.8
156.0
219.8
104.1
112.6
136.6
180.3
89.7
130.9
103.9
147.2
66.0
83.6
104.4
114.1
93.1
81.6
85.7
99.6
65.6
88.5
129.9
168.0
104.2
74.8
36,171
27,949
2,813
5,409
48,045
37,835
2,948
7,262
43.885
34,942
2,616
6,327
47,994
38, 587
2,681
6,726
45,025
36,072
2,421
6,532
41. 622
34,667
2,363
4,592
40,389
34,395
2,888
3,106
33,646
28,354
2,310
2,982
27,868
20,833
1,550
5,485
19, 338
15, 433
1,353
2,552
589, 221 958, 663
529, 561
514,251
406, 332
628, 781
634, 823
729, 485 452, 430 381, 563 409,371
50, 657 107,909
269, 689
Revised, p Preliminary. § Data for May, July, and October 1941 and January 1942 are for 5 weeks; other months, 4 weeks. » No quotation.
*New series. For indexes of rayon and silk prices beginning 1926, see table 29, p. 18 of the May 1940 Survey. Data beginning 1926 for price index for oils and fats will
appear in a subsequent issue.
fRevised series. Data for chemicals and allied products and subgroups revised beginning 1926; see table 32, p. 18 of the August 1940 Survey. Indicated series on "purchasing power of the dollar" revised beginning January 1935; see table 4, p. 18 of the January 1941 Survey. Revised data beginning September 1929 for indexes of new dwelling
units provided and permit valuation of building construction are shown in table 7, p. 17 of the March 1942 Survey. Revised data on number of dwelling units provided for
1939 are shown on table 18, p. 17 of the May 1941 Survey. Estimates beginning January 1940 cover urban areas as denned by results of the 1940 Census; a few revisions in
data for 1940 as shown on p . 22 of the June 1941 Survey, are available on request.
S-5
SURVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
March
1943
1941
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
Totalf
thous. sq. yd.
Airports*
do..Roads
do...
Streets and alleys
do...
Status of highway and grade crossing projects
administered by Public Roads Admn.:
Highways:
Approved for construction:
Mileage
no. of miles.
Federal funds
thous. of dol.
Under construction:
Mileage
no. of miles.
Federal funds
thous. of dol.
Estimated cost
do
Grade crossings:
Approved for construction:
Federal funds
do...
Estimated cost
do
Under construction:
Federal funds
do
Estimated cost
do
7,091
3,972
1,727
1,392
3,567
1,029
1,531
1,007
5,042
1,358
2,087
1,596
7,782
2,804
3,425
1,553
8,77i
3,112
3,878
1,786
17,124
9,594
4,825
2,706
9,567
3,606
3,910
2,051
6,072
1,624
2,635
1,814
2,885
2,460
1,630
4,344
535
2,570
1,239
8,176
2,964
3,197
2,015
4,726
2,490
1,139
1, <"""
3,464
1,451
1,110
903
1,562
25, 612
3,322
39,100
3,621
42, 405
3,765
42, 755
4,118
3,879
47, 264
3,557
44, 693
2,899
38,404
2,749
38, 850
2,635
39, 259
2,259
34,014
1,967
30, 789
1,796
28, 344
6,975
6,802
7,044
6,778
7,417
8,615
7,809
8,921
8,334
8,840
8,176
9,054
7,773
8,777
123, 405 121, 029 126, 387 134, 641 139, 401 141, 569 138, 675 136, 512 131, 914 128, 351 121, 384 117, 669 119,233
226, 543 241, 877 246,119 261, 530 270, 967 276,100 272,079 268, 926 260, 555 253, 703 239, 336 228, 623 225, 527
7,490
8,210
11,060
11, 632
13,000
13, 535
34, 576
36, 913
35, 292
36, 768
37, 648
39, 300
16, 753
17, 812
37, 384
38, 972
215
214
231
196
218
10,005
11,810
8,542
9,314
8,047
8,761
41, 520
42, 920
10, 208
11, 588
40, 464
41, 932
37, 742
39, 323
35, 928
38, 300
34, 754
37,140
221
218
235
205
223
223
219
235
209
224
223
219
235
210
224
225
222
238
212
226
229
224
240
215
230
231
225
241
215
230
197.8
200.3
201.9
203.3
203.3
203.3
204.0
17, 798
18, 765
39, 548
40, 939
14, 662
15, 820
42, 778
44, 249
12, 423
13, 553
42, 328
43, 771
215
214
231
197
219
219
216
233
203
223
221
218
234
204
223
195.7
197.5
20,459
21,255
37, 714
39,452
11, 851
13,122
C O N S T R U C T I O N COST I N D E X E S
Aberthaw (industrial building)
1914=100.
American Appraisal Co.:f
Average, 30 cities
.1913=100.
Atlanta
do...
New York
do___
San Francisco
do.__
St. Louis
do--_
Associated General Contractors (all types)
1913=100.
E . H . Boeckh and Associates, inc.:§
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U . S. av., 1926-29=100.
New York
do__.
San Francisco
do__St. Louis
do-_Commercial and factory buildings:
Brick and concrete:
Atlanta
do...
New York
do.._
San Francisco
do...
St. Louis
do-_.
Brick and steel:
Atlanta
do-__
New York
do
San Francisco
do.__
St. Louis
do.-_
Residences:
Brick:
Atlanta
do.-_.
New York
do
San Francisco
do...
St. Louis
do
Frame:
Atlanta
do
New York
do
San Francisco
do
St. Louis
do
Engineering News Record (all types) §
1913 = 100..
Federal Borne Loan Bank Board:f
Standard 6-room frame house:
Combined index
..1935-1939=100..
Materials
do
Labor
do
218
197
237
232
247
221
236
212
209
231
194
216
213
213
230
196
216
215
206.5
194.2
195.2
101.9
137.5
125.6
124.4
98.5
133.9
119.3
120.6
134.0
119.6
121.0
99.7
134.0
119.9
121.1
99.2
134.9
119.3
120.3
135.3
120.8
120.7
100.5
136.1
121.5
121.3
100.7
136.3
122.8
121.5
100.7
136.3
122.5
121.5
100.7
136.3
123.5
122.6
100.2
136.0
123.2
122.5
101.4
137.0
124.2
123.8
101.4
137.0
124.2
123.9
103. 2
138.8
126.6
124.9
99.7
136.6
122.8
121.2
101.7
136.6
123.0
121.3
101.7
136.6
123.2
121.4
101.3
136.9
122.7
120.8
101.6
137.1
123.8
121.1
102.2
137.7
124.3
121.5
102.4
137.9
124.7
121.7
102.4
137.9
124.6
121.7
102.4
137.9
126.2
123.4
102.1
137.7
126.0
123.4
102.9
138.4
125.3
124.4
102.9
138.4
125.3
124.5
102.8
136.8
128.5
124.7
99.2
133.4
121.2
121.6
100.8
133.7
122.1
122.1
100.7
133.7
122.3
122.2
100.3
134.3
121.9
121.5
100.9
134.8
127.3
122.0
101.8
135.5
128.0
122.6
102.0
135. 7
128.7
122.8
102.1
135.8
128.4
122.8
102.1
135.8
128.8
123.2
101.3
135.3
128.3
123.1
102.5
136.2
127.1
124.1
102.5
136.2
127.1
124.3
100.3
138.3
121.9
122.5
96.3
131.3
114.3
116.2
95.6
132.1
114.5
118.0
95.2
132.1
114.6
117.8
94.6
133.6
115.0
116.8
97.0
135.9
117.3
118.3
99.3
137.5
118.9
120.0
99.5
137.7
120.4
120.3
100.0
138.0
119.0
120.3
100.0
138.0
119.5
120.8
97.1
136.1
117.6
120.4
99.9
137.9
120.0
121.4
137.9
120.0
122.1
98.8
139.8
118.9
122.1
95.2
131.0
110.5
114.7
93.7
131.9
110.9
117.0
93.1
131.9
111.0
116.6
92.1
134.2
110.4
115.5
95.2
137.1
113.3
117.3
98.1
139.1
115. 3
119.5
98.3
139.3
117.6
119.9
139. 7
115.8
119.9
139.7
117.4
120.3
95.1
137.2
114.9
119.8
98.5
139.4
117.7
120.8
98.5
139.4
117.7
121.7
271.8
252.4
255.6
256.8
258.2
260.4
263.1
264.5
266.1
266.2
267.6
269.4
269.7
122.0
121.1
125.7
110.4
108.0
115.3
111.2
108.7
116.1
111.6
108.8
117.0
112.4
109.2
118. 6
113.6
110.7
119.3
115.1
112.6
120.0
116.5
114.4
120.7
118.5
116.0
123.3
119.2
116.9
123.9
119.9
117.7
124.2
120.6
118.6
124.5
121.2
119.3
125.0
141,443
75, 516
92,406
119, 566 122, 963 114, 247 107,137
104,937
94, 948
70, 799
75,435
207
195.0
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:!
Gross mortgages accepted for insurance
thous. of dol..
Premium-paying mortgages (cumulative)
thous. of d o l . . .
Estimated new mortgage loans b y all savings
and loan associations, total..-thous. of dol..
Classified according to purpose:
Mortgage loans on homes:
Construction
do
Home purchase
do
Refinancing
do
Repairs and reconditioning
do
Loans for all other purposes
do
Classified according to type of association:
Federal
thous. of dol...
State members
do
Nonmembers
do
87, 367 105,162
120, 631 130,953
66, 952
104, 566
;,108,723 !,190,690 1,261,476 ,335,703 ,423,183 i,503,681 ;, 596,491
,849,549 !,908,104 :,968,407
690,214
:,769,496
129, 934 127, 938 104, 749 100, 208
79, 533
76, 756
133, 640 132, 972 129, 727
21, 775
40, 930
13,225
3,547
7,890
33, 250
41, 784
16,903
4,765
8,460
38, 686
48, 311
16, 905
6,368
10, 361
40, 975
54, 781
18, 506
5,930
10, 761
44, 207
55,993
17, 891
5, 633
9,916
36, 325
38, 030
13, 012
45, 365
43, 947
15, 850
51, 371
50,956
18, 304
55,396
54, 495
21,062
57, 542
54, 857
21, 241
44, 918
55, 682
16,816
6,022
9,534
56, 564
55, 676
20, 732
42, 987
55, 973
15, 785
5,571
9,411
40, 782
58,052
15,871
5.884
9^ 345
37, 722
59,874
16,283
5,361
30.103
48,816
13, 340
4,267
8,223
30, 290
43,145
14,424
4,170
8,179
22, 791
34,127
12,854
3,190
6,571
20, 799
33,769
12, 325
3,138
6,725
57, 592
54,542
17, 593
54, 786
54,303
20,845
52, 507
54, 930
20, 501
41,910
46,890
15,949
41,182
43,960
15,066
31,142
35, 312
13, 079
31,919
33,939
10,898
§Beginning with the September 1940 issue of the Survey, indexes computed as of the first of the month are shown as of the end of the preceding month. The Engineering
News Record index is similarly shown in the 1940 Supplement as of the end of the preceding month.
^Figures include mortgages insured under the defense housing insurance fund beginning April 1941 for gross mortgages accepted for insurance and beginning June 1941 for
premium-paying mortgages.
*New series. Earlier data for concrete pavement contract awards for airports and for the total revised to include airports, not shown in the Survey beginning with the
March 1941 issue, will appear in a subsequent issue.
fRevised series. Revised indexes of the American Appraisal Company beginning 1913 are available in table 44, p. 13 of the November 1940 Survey. For revision in total
concrete"awards, see note marked with an "*." Data beginning 1936 for the Federal Home Loan Bank Board's revised index of construction costs are shown on p . 26 of the
October 1941 Survey.
S-6
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1933, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
August
1943
September
October
Novem- Decem- January Februber
ber
ary
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Loans outstanding of agencies under the Federal Home Loan Bank Board:
Federal Savings and Loan Ass'ns, estimated
mortgages outstanding
thous. of doL. 1,836,635 1,600,482 1,628,421 1,657,647 1,688,297 1,717,507 1,750,934 1,775,284 1,802,632 1,816,357 1,825,108 1,825,133 1,829,798
Fed. Home Loan Bks., outstanding advances
to member institutions
thous. of doL. 191,505 145,959 141,828 145, 273 169,897 168,145 172, 628 178,191 184,311 187, 084 219, 446 206, 068 197, 432
Home Owners' Loan Corporation, balance of
loans outstanding
..thous. of dol.._ 1,724,229 1,913,862 1,899,856 1,885,087 1,870,305 1,854,824 1,840,686 1,824,672 1,809,074 1,794,111 1,777,110 1,758,213 1,742,116
Foreclosures, nonfarm:f
29.6
42.5
41.1
38.3
33.5
36.7
37.3
32.9
34.2
31.9
32.4
32.1
30.9
Index, adjusted
1935-39=100..31,471
29, 330
25, 637
24,943
24,122
23, 698
24,668
30,833
23,822
Fire losses
thous. of dol.. 30, 505
31, 261
35, 565
30, 819
DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes, adjusted:§
Combined index
.1928-32=100...
Farm papers
-do
Magazines
_
do
Newspapers
do
Outdoor
do
Radio advertising:
Cost of facilities, total
thous. of dol..
Automobiles and accessories.
.do
Clothing
do.__.
Financial
do
Foods, food beverages, confections
do
House furnishings, etc
do
Soap, cleansers, etc
do
Smoking materials
do
Toilet goods, medical supplies
-do
Allother
do
Magazine advertising:
Cost, total
...do....
Automobiles and accessories
do
Clothing
.do....
Electric household equipment
do
Financial
do.._
Foods, food beverages, confections
do...
House furnishings, etc
do...
Soap, cleansers, etc
do.__
Office furnishings 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...
90.5
68.3
86.5
81.9
90.7
61.8
85.0
81.4
110.0
89.1
67.7
86.3
82.1
85.5
89.5
63.2
92.0
83.2
70.3
99.4
67.4
92.8
91.3
112.3
80.5
51.5
72.3
74.5
80.6
81.0
49.3
72.7
75.3
83.1
8,235
672
31
99
2,220
44
1,092
1,315
2,507
256
7,964
637
46
76
2,137
55
1,009
1,302
2,434
270
8,117
630
67
63
2,220
43
999
1,252
2,592
250
9,679
771
59
39
2,730
72
1,060
1,321
3,151
476
9,723
834
73
51
2,752
91
991
1,250
3,078
605
10,412
948
61
41
2,936
72
1,157
1,351
3,218
627
10, 285
818
87
41
3,102
80
1,118
1,356
3,094
590
9,382
713
84
41
2, 845
73
998
1,215
2,846
567
15,427
2,267
803
612
380
2,292
8\)3
397
198
863
2,456
4,267
1,890
10,823
1,416
222
315
277
2,109
320
275
122
763
2,033
2,972
1,716
11,279
1,346
675
196
278
2,110
286
331
241
606
2.009
3,202
2,066
14, 643
1,254
1,337
276
412
2,133
829
333
359
699
2,435
4, 576
2,514
17, 885
2,118
1,389
436
376
2,893
1,214
455
291
782
2,939
4,994
2,534
18, 235
2,145
1,029
430
482
3,010
996
503
374
870
3,053
5,343
2,682
15,928
1,116
880
476
355
2,555
756
331
329
705
2,679
5,744
1,937
10, 48S
659
383
103
345
1,937
318
242
177
733
1,853
3, 738
1,940
13, 051
641
660
227
'385
2, 651
418
515
240
'673
r 2, 676
' 3, 965
2,130
119, 230 122, 443 108,432
25, 624 24,294
24,911
94, 318 96, 818 84,138
6,939
6.906
4,918
1,743
1,976
1,664
18,314
17, 625
16, 362
69, 822 61,193
67,811
22,378
66, 451
3,108
1,889
13, 094
48, 360
95, 707 107,160 123, 815 120, 624 125, 484
23, 306 21, 745 22,010 21,008 20, 534
72, 401 85, 415 101,805 99, 615 104,950
5,607
4,841
3,291
2,980
3,034
1, 551
1,534
1,515
1,702
1,337
19, 993 20,002
15,343
17,047
11, 692
56, 338 65, 558 74, 654 73, 258 82, 910
89, 341
19,064
70. 277
1,320
2,204
13, 076
53, 677
87, 944
18,192
69, 752
1, 560
1,339
14, 662
52,191
80.4
47.5
69.4
74.8
94.2
87.7
61.3
83.7
80.0
104.5
89.0
68.8
84.1
83.2
83.5
91.0
63.3
83.6
85.0
90.7
87.8
64.5
82.1
80.7
84.5
56.9
91.6
78.5
92.5
10, 2S0
645
83
51
3,112
84
1,125
1, 298
3,122
759
9,031
807
62
99
2,623
58
1,040
1,336
2,488
518
8,675
632
53
99
2,525
47
1,045
1.347
2,589
338
8,601
655
70
100
2,600
45
994
1,383
2,444
311
8,429
663
38
99
2,531
55
957
1,284
2,449
352
15,811
759
1,242
237
419
2,941
798
763
243
790
2,922
4,698
2,331
17,911
2.542
1,212
694
551
2,763
844
568
304
973
2.472
4.989
2,920
17,978
2,816
1,126
832
449
2,444
1,096
548
235
795
2,507
5,130
2,686
18, 738
3,086
1,166
849
454
2,410
1,403
567
301
943
2,340
5,219
2,515
106, 908
21,975
84, 932
1, 938
1,849
16, 268
64, 878
114, 377
24, 712
89, 665
5,907
1,841
17, 228
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses
.percent of total.
76.2
78.1
79.0
80.2
80.2
79.9
79.5
1,872
1,804
1,732
1,500
1,638
1,343
1, 332
1,412
1,229
2,018
2,062
2,106
2,083
2,213
2,255
2,217
2,366
2,231
6,997
87,793
5,553
53, 309
4,845
46, 535
4.794
46,898
4,821
47,001
4,702
47, 643
4,636
47, 573
4,932
50,413
5,207
53,186
4,931
50, 334
19,134
210, 702
16, 096
128, 510
15,054
118,156
34, 503
4,398
" 33, 886
4,159
34, 486
4,193
82.8
83.4
83.7
1,414
1,353
1,172
5,826
57, 537
5,743
58, 379
5,317
59, 823
15,464 17, 557 15, 707
134, 759 149, 204 135, 685
14, 525
138, 264
NEW INCORPORATIONS
Business incorporations (4 States)
number.
POSTAL BUSINESS
Air mail: Pound-mile performance...millionsMoney orders:
Domestic, issued (50 cities):
Number
.._ thousands.
Value
thous. of dol.
Domestic, paid (50 cities):
Number
_
..-thousands.
Value
thous. of dol.
Receipts, postal:
50 selected cities.
.do...
50 industrial cities
.do...
14, 833 14, 567 14, 795 17,084
14, 802 14,516
116, 544 116, 275 122,895 122,493 128, 836 149,199
33, 722
3,961
31, 202
3,824
30, 637
3,887
30, 442
3,712
36, 948
4,424
33, 805
3,821
48,802
6,161
32, 567
4,152
30, 534
3,919
4,480
1,062
3,418
4,675
1,128
3,547
4,534
1,067
3,466
5,473
1,237
4,236
4,211
767
3,444
'3,716
665
3, 051
445
360
158
383
1,052
322
706
202
458
387
528
366
156
393
1,125
318
724
200
479
518
312
159
384
1,090
289
735
194
465
557
522
331
211
409
1,218
290
1,106
261
376
295
266
163
381
1,216
274
613
170
45'
290
'215
'249
'152
'363
1,090
'236
'541
171
408
33,087
3,948
RETAIL TRADE
4,349
4,214
4,930
4,606
All retail stores, total sales *
mil. of dol.
4,626
4,509
4,638
778
1,254
1,590
1,441
1,484
1,383
Durable goods stores *
do...
1,258
3,571
2,960
3,341
3,185
3,126
Nondurable goods stores *
do...
3,121
3,380
By kinds of business: *
441
296
365
348
334
253
Apparel..
_do__.
222
810
893
972
617
891
804
Automotive
do...
316
247
314
343
353
339
346
Building materials and hardware
do...
168
144
144
155
159
149
155
Drug
do...
412
344
341
356
383
344
355
Eating and drinking
do__.
1,180
975
984
1,053
1,063
997
1,050
Food stores
do...
245
249
276
314
349
311
342
Filling stations
do__.
680
552
636
654
661
601
549
General merchandise..
do...
203
168
201
232
245
203
197
House furnishings.._
_do__.
483
429
473
504
473
471
459
Other retail stores.
do...
' Revised.
§ Includes data for radio advertising not available separately since November 1940.
t Revised series. Data beginning 1926 are shown on p. 26 of the October 1941 Survey.
*New series. For data on sales of all retail stores, beginning 1935, see table 5, p. 24 of the October 1941 Survey,
nondurable goods stores, and retail stores by kind of busi ness will appear in a subsequent issue.
Earlier data for dollar sales of durable goods stores,
May 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
S-7
SURVEY OF CURRENT BUSINESS
1941
1942
March
March
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail stores, indexes of sales:*
126.8 ' 124. 0
133.1
Unadjusted, combined index.._ 1935-39=100..
136.6
146.0
148.6
128.1
143.0
166.0
139.3
140.9
141.0
145.8
94.7
96.9
Durable goods stores
do
172.1
190.3
196.7
155.1
182.9
153.9
137.7
137.2
155.6
139.6
'91.0
144.8
137.2 ' 134.7
Nondurable goods stores
do
125.1
131.7
133.0
119.4
130.1
169.9
139.8
142.1
136.3
147.8
139.3
Adjusted, combined index
do
146.7
144.7
139.0
142.5
135.5
137.1
136.3
132.3
136.4
150.5
140.1
140.2
108.4
Durable goods stores
do
169.5
163.9
174.8
167.6
166.2
116.5 '110.2
135.4
128.4
137.8
163.5
134.1
149.3
Nondurable goods stores
do
137.0
130.9
132.0
125.1
127.7
136.6
133.6
135.9
146.3
156.5 ' 149.9
142.0
By kinds of business, adjusted:*
157.9
133.6
171.7
176.9
122.6
128.2
132.1
145.9
165.6
136.8
125.7
Apparel
do
123.3
140.8
'54.4
197.6
191.2
50.6
67.4
181.3
Automotive
do
119.2
116.4
116.3
154.8
173.4
172.9
112.4
134.4
142.7
174.5
Building materials and hardware
do
178.1 ' 179.8
161.0
147.4
164.0
156.6
164.9
161.4
152.7
155.3
122.5
134.0
128.9
142.8
Drug
do
141.7 ' 138.7
124.3
135.8
139.2
137 5
132.3
127.6
131.0
131.8
147.5
Eating and drinking
do
138.5
158.0
152.8 ' 156.9
134.1
147.8
148.7
146.6
141.4
136.7
145.6
125.5
132.3
150.4
127.7
151.9
Food stores
do
155.3
123.3
140.8
143.4
139.0
130.2
129.7
136.2
128.2
143.4
141.2
126.2
Filling stations
_
_
do
158.7 '151.0
135.7
141.0
142.5
144.1
152.5
135.5
144.7
115.1
131.0
122.9
138.4
General merchandise
do
148.5 '139.8
119.5
123.5
132.9
147.0
130.8
122.7
120.2
144.0
149.0
151.5
175.6
House furnishings
do
168.2
145.9
167.0
138.6
149.7
181.2
165.9
149.9
135.2
138.4
145.4
150.0
157.7
Other retail stores
do
165.0 '161.3
145.7
141.7
148.8
156.6
153.6
149.1
142.6
Automobiles, value of new passenger-car sales:!
246
215
Unadjusted
1935-39=100..
214
104
114
91
169
235
100
57
Adjusted
do
185
104
210
162
196
93
182
128
189
57
Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
average same month 1929-31=100. .
165.0
169.0
133.0
132.0
' 128.0
157.0
151.0
146.0
147.0
151.0
141.0
132.0
164.0
Apparel chains
do
178.0
164.0
159.0
136.3
145.0
144.0
208.0
178.0
153.0
184.0
148.0
162.0
188.0
Drug chain-store sales:*
112.2
Unadjusted
_ 1935-39=100.. v 125.0
113.5
113.9
109.9
109.7
' 109.7 107.7
164.9
116.9
111.6
120.7 ' 110.8
Adjusted
do
118.2
116.1
v 126.0
119.9
116.0
121.3
116.4
110.0
115.3
' 110. 3 111.4
126.0 ' 118.5
Grocery chain-store sales:!
169.1
Unadjusted
1935-39=100..
142.6
137.6
153.4
145.0
140.6
136.9
134.0
155.6
143.9
170.5
169.6
164.7
Adjusted
do
167. 5
147.9
140.4
135.6
132.6
159.9
152.6
149.9
143.4
132.9
175.8
155.6
Variety-store sales, combined sales, 7 chains:!
110.2
Unadjusted
1935-39= 100. . p 116.3
120.4
111.9
116.1
94.8
108.1
249.6
113.1
111.3
130.7
122.0
97.0
p 133.8 ' 113.1
Adjusted
do
136.1
122.2
125.3
128.9
116.8
114.0
116.4
113.9
123.9
127.0
132.3
Chain-store sales and stores operated:
Variety chains:
S. S. Kresge Co.:
Sales
thous. of dol.. 13,174
12,127
13,443
11, 507 13,314
11, 750
14,102
12,809
13,366
12,016
14,832 27, 515 11,854
671
Stores operated
number..
672
672
673
675
671
675
674
671
671
673
671
673
S. H. Kress & Co.:
8,503
7,582
7,724
7,958
7,156
Sales
thous. of dol..
7,203
8,022
8.062
17, 376
8,458
8,427
8,483
7,274
Stores operated
number. 242
242
242
242
243
242
242
242
242
242
242
242
242
McCrory Stores Corp.:
4,373
3,739
Sales
thous. of dol
4,422
3,948
3,923
4,101
4,241
3,691
4,164
4,320
4,655
3,819
Stores operated
number
203
203
200
200
199
199
201
201
202
201
201
201
202
G. C. Murphy Co.:
5,091
4,469
5,302
Sales
thous. of dol
4,021
5,575
5,379
4,971
4,931
4,804
10,898
4,870
206
Stores operated
number
204
204
204
204
204
204
206
204
207
206
205
204
F. W. Woolworth Co.:
30, 266
Sales
thous. of doL.
29,778
28,398 30, 713 30,097 32,614 33, 776 62,498
27,653
29,494
26,436
28, 345 27, 466
2, 017
Stores operated
number. .
2,019
2,024
2,018
2,018
2,020
2,015
2,020
2,021
2,025
2,019
2,024
2,018
Other chains:
W. T. Grant Co.:
10, 470
Sales
thous. of dol
8,417
9,537 ' 8, 730 10,070
10, 603
9,805
' 8,440
10, 063 11,864 ' 12,174 • 23, 518
Stores operated
number.
495
492
496
493
493
495
493
493
494
493
493
496
J. C. Penney Co.:
Sales
thous. of dol.. 32, 348
25, 407
32,385 33, 645 38,718 40,416
26,143
28,390
22, 773 27, 555 29,383
59, 513 30,589
1,608
Stores operated
number..
1,607
1,593
1,591
1,605
1,593
1,591
1,605
1,603
1,598
1,596
1,606
1,589
Department stores:
Collections and accounts receivable:
Installment accounts:
Index of receivables*.Dec. 31, 1939=100..
103.5
99.4
116.4
102.6
103.3
110.4
110.4
101.2
101.7
110.5
107.6
108.8
104.8
21.7
Collection ratio
percent..
19.0
19.2
17.7
18.8
20.1
19.2
18.9
17.6
19.3
18.8
20.2
19.7
Open accounts:
89.1
79.4
74.5
Index of receivables*.Dec. 31, 1939=100..
80.1
93.5 ' 117. 7
90.6
78.0
71.0
88.0
92.5
100.3
81.1
46.1
46.1
48.6
45.1
45.0
46.1
46.2
46.3
Collection ratio
percent..
45.2
46.9
46.3
50.3
47.7
p 118
106
133
125
106
79
Sales, total U. S., unadjusted. __ 1923-25=100 _.
99
112
93
197
100
108
105
152
137
169
158
144
102
138
125
245
114
123
122
136
Atlantat
1935-39 = 100
93
86
103
100
82
63
98
74
165
82
99
74
89
Boston
1923-25 = 100
135
120
146
151
122
92
123
109
213
119
121
r 114
125
Chicagof
1935-39=100
126
115
136
130
120
85
109
197
105
95
112
103
111
Cleveland
1923-25=100..
129
117
150
151
128
93
127
222
110
112
122
108
124
Dallas
do...
110
93
106
114
106
79
106
183
'96
100
85
85
100
Kansas City
1925 = 100
125
122
123
142
127
93
140
198
108
122
95
114
122
Minneapolis!
1935-39=100-_
107
100
130
125
100
81
112
194
'85
104
94
98
95
New York
1923-25=100..
p 140
126
168
134
115
89
136
238
106
115
117
116
124
Philadelphia!
1935-39=100.
161
143
168
154
140
109
165
265
125
128
114
126
148
Richmond*
do...
125
111
133
128
106
82
119
190
110
101
105
92
97
St. Louis
1923-25 = 100
148
128
158
156
154
120
145
235
129
132
129
126
116
San Franciscof
1935-39=100-.
124
104
116
116
134
115
105
111
138
126
105
104
103
Sales, total U. S., adjusted!
1923-25=100-152
141
154
146
163
148
125
140
159
141
138
134
125
Atlantat
1935-39=100
139
118
133
137
154
131
117
126
154
135
124
123
116
Chicagof
do-.
140
105
127
124
145
117
105
115
149
130
103
107
108
Cleveland
1923-25=100..
133
118
134
136
166
132
113
128
161
127
124
123
118
Dallas
do.
123
119
123
124
145
131
117
127
152
134
124
115
109
Minneapolisf
1935-39=100..
121
103
109
120
134
114
98
107
132
116
99
102
New York
1923-25=100-.
98
*149
133
132
125
155
135
119
127
161
157
126
121
118
Philadelphia!
1935-39=100..
166
137
160
151
185
154
134
142
182
165
142
138
135
Richmond*
do
130
105
114
120
141
119
106
115
138
117
105
100
107
St. Louis
1923-25=100..
161
132
151
149
168
144
138
138
167
' 166
134
136
130
San Franciscof
1935-39=100-.
Installment sales, New England dept. stores
17.4
9.5
percent of total sales..
11.8
10.8
10.7
6. 3
8.9
10.8
12.0
9.2
11.7
10. \
11.4
' Revised, v Preliminary.
! Revised series. For revised data on value of new passenger-car sales beginning 1929, see p. 20 of the August 1941 Survey, and for an explanation of the revision, pp. 18 and
19 of that issue. Seasonal factors have been revised beginning August 1941 to take into account the effect of restricted production. Revised data on grocery chain-store sales
indexes will appear in a subsequent issue. Revised indexes oi variety store sales beginning 1929 appear in table 30, p. 10 of the August 1940 Survey. Indexes of department-store sales in Atlanta, Minneapolis, and San Francisco districts revised beginning 1919, and Chicago and Philadelphia hegiimiDg 1823; for Atlanta, see table 53, p. 16,
of the December 1940 Survey; for Minneapolis, table 20, p. 18 of the May 1941 Survey; revised Chicago, Philadelphia, and Ban Francisco data will appear in a subsquent issue.
For revisions in adjusted index of United States department-store sales for 1935-39, see note marked with a " t " on p. 25 of the January 1941 Survey.
*New series. For earlier data beginning 1935 for indexes of sales of retail stores, see table 5, p. 24 of the October 1941 Survey. For data on drug-store sales beginning July
1934, see table 1, p. 11 of the November 1940 Survey. Indexes of department store receivables beginning January 1940 are available on p. S-7 of the September 1941 Survey.
Data beginning 1923 for the new indexes of department-store sales for the Richmond district will appear in a subsequent issue.
S-8
SUEVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
DOMESTIC TRADE—Continued
RETAIL TRADE-Continued
Department stores—Continued.
Stocks, total U. S., end of month:
v 106
Unadjusted
1923-25=10075
76
Adjusted
do.-_
p 104
74
74
Other stores, installment accounts and collections:*
Installment accounts outstanding, end of mo:
100.6
101.3
104.0
Furniture stores
Dec. 31, 1939=100Household appliance stores
do
96.5
100.7
106.5
97.6
Jewelry stores
do
92.5
92.0
Ratio of collections to accounts at beginning
of month:
12.4
Furniture stores
percent10.7
11.0
12.6
10.2
Household appliance stores
do
10.3
Jewelry stores
do
18.5
16.3
15.5
Mail-order and store sales:
Total sales, 2 companies
thous. of doL 131. 894 110, 866 133, 787
Montgomery Ward & Co
do
55, 856
44,485
58,068
Sears Roebuck & Co
do
76, 038
66, 381
75, 719
Rural sales of general merchandise:
185.6
' 130.8
151.7
Total U. S., unadjusted
1929-31=100..
204.9
138.5
163. 4
East
do
South
do
224.0
' 164. 9
176.6
165. 2
'116.4
139.7
Middle West
do.-..
194.5
' 138. 2
146.7
Far West
do
211.4
' 149. 9
165.1
Total U. S., adjusted
do....
228.2
154.2
171.4
East
do
248.1
' 182. 6
200.5
South
do
186.4
'131.4
149.6
Middle West
do....
236.3
' 168. 0
164.3
Far West-do
'97
'102
76
74
73
77
73
82
84
87
95
92
108
97
110
95
86
92
83
107.4
112.5
93.4
108.6
116.2
94.2
108.5
118.2
93.3
112.5
121.7
94.2
111.2
120.4
98.3
110.0
117.1
95.7
108.9
112.5
98.4
110.0
110.1
122.9
104.9
103. 3
110.9
'101.8
' 100. 3
' 102. 4
11.4
10.7
16.8
10.8
10.4
16.7
11.0
10.2
16.3
11.7
10.4
17.4
11.2
10.8
17.8
11.8
11.2
17.7
11.5
10.8
18.4
11.4
11.7
23.2
12.0
11.4
18.9
11.4
11.4
'17.5
145, 359
60, 520
84, 839
131,439
52, 872
78, 568
121,175
48, 305
72, 870
145, 519
57, 803
87, 716
145, 495
59, 780
85, 714
164, 394
68,138
96, 256
152, 308
63, 345
88,963
204,339
85, 269
119,069
111,481
41, 854
69, 627
99. 640
37, 969
61.671
148.5
158.2
167.0
144.3
132.9
161.8
172.0
196.9
152.4
147.9
148.7
163.2
163.3
143.4
143.6
163. 2
177.7
203.1
151.9
150.7
129.7
151.1
134.1
120.9
131.6
177.7
212.2
197.5
163.9
160.5
170.7
186.0
183.9
153.3
194.7
208.7
233.3
255.0
185. 8
211.4
183.8
181.9
239.8
158.8
221.2
173.9
185.1
217.2
154.9
189.1
216.4
221.8
299.9
187.7
223.0
166.6
172.3
202.4
147.8
185.7
243.2
269.1
330.3
209.6
235.7
186.9
208.8
240.8
159.9
194.3
287.9
320.3
341.1
254.9
319.9
180.1
192.4
227.1
163.4
196.0
151.5
162. 8
173.5
136.6
166.6
199.0
214.2
210.3
178.5
226. 7
' 151.1
161.0
199.3
129.6
135. 9
' 186. 8
198.9
218.5
163.0
183.6
j
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment estimates, unadjusted (U. S. Department of Labor):*
Civil nonagricultural employment, total
37,761
thousands.. 40,298
38,902
39,475
39,908 40,292 40,710
38, 228
40, 756 41, 036 39, 871 • 39, 995
40,783
Employees in nonagricultural establish33, 728 • 33, 852
ments, total
.thousands.. 34,155
31,618 32,085 32,759
33,332
33,765 34,149
34, 567 34,640
34,613
34, 893
12, 5; 8 • 12. 710
Manufacturing..
_
do.
12, 784 11,457
11, 886 12,154
11,684
12, 391 12, 595 12, 777 12,805
12,739
12,763
'860
876
Mining
do.
859
869
900
564
864
876
906
888
911
908
915
1,658 ' 1, 645
Construction
do.
1,747
1,782
1,921
1,631
1,874
1,816
1,936
1,775
1,895
1,961
1,960
3, 2f)5 ' 3. 250
Transportation and public utilities.do
3,274
3,185
3,326
3,056
3,239
3,367
3,113
3,290
3,322
3,296
3,365
6,757 ' 6, 686
6,707
6,753
6,897
7,511
6,861
7.008
6,792
6,578
Trade
do..
7,146
6,837
7,070
4. 180 ' 4,181
4,195
4,235
4,300
Financial, service, and misc
do..
4,325
4,174
4,097
4,260
4,300
4,229
4,227
4,256
4,404 ' 4, 520
4,589
4,049
4,210
Government
.do..
4,387
4,2*8
3,983
3,935
4,126
4,164
4,281
4,269
1,662
Military and naval forces
do__
1,944
1.992
1,343
)
1,857
1,546
1,740
2,014
2,071
0)
0)
0)
Employment estimates, adjusted (Fed. Res.):
Civil nonagricultural employment, total
40, 896 '40,849
thousands.. 40, 782 38,263
40,904
38,824
38,329
40,100
39, 296 39,903
40,013
40,191 40,604
Employees in nonagricultural establish34, 753 '34,706
ments, total.
_
_
thousands.. 34,639
34, 761
32,681
32.186
32,120
33,153
33,760
33,957
33, 870 34,048 34, 461
12, 854 "-12,811
Manufacturing.
do.
12, 221 12,605
11, 886
11,636
12,614
12,788
12, 545 12, 598 12, 736
12, 758 11,413
'852
873
Mining
.do.
889
877
572
855
914
923
908
892
892
892
850
2, 061 ' 2, 091
Construction
do.
1,644
1,698
1,859
1,933
1,668
1,666
1, 924
2,156
1,683
1, 776
2,069
3, 325 '3,314
Transportation and public utilities .do
3,220
3,192
3,133
3,105
3,264
3,302
3,303
3,292
3,310
3,322
3,322
'
fi, 907 6, 862
6,865
6,781
6,803
6,677
Trade
do
6,944
7,027
7,017
7,043
6,808
Manufacturing, unadjusted (U. S. Department
'
131 5
127.9
124.9
122.6
134.3 ' 132. 3 r 133. 6
130.6
133.1
135.2
119.9
1354
of Labor)f
1923-25=100134.8
145.1
147.0
135.1
137.6
142.1
127.7
131.3
'144.2 ' 143. 2
123.7
144.6
144.0
Durable goodsf
do
138.7
Iron and steel and their products, not in' 138. 3 ' 136.0
136.1
129.4
136.1
137.7
140.5
132.9
139.9
127.2
138.8 ' 138. 0
cluding machinery
1923-25=100..
Blast furnaces, steel works, and rolling
149. 3
148.7
150. 3
148.6
149.1
137.4
147.2
148.9
140.6
144.0
147.9
135.0
147.8
mills
1923-25 = 100..
'94.3
95.1
116.6
117.1
116.7
113.2
118.3
115.2
103.8
116.0
Hardware
do
' 112.9 ' 105. 7 '98.6
Structural and ornamental metal work
105.7 ' 107. 2
102.3
105. 5
107.4
99.1
10J.9
106. 0
109.5
97.2
110.0
107.5
109.3
1923-25=100-.
136.6 ' 131.3
134.4
109.5
121.7
120.5
145.3
107.1
132.0
138.8
145.0
135.0
Tin cans and other tinware
do
130.1
74.0
'74.2
73.8
73.7
72.6
76.6
74.7
76.8
77.9
79.5
81.0
Lumber and allied products
do
80.4
79.8
101.8 ' 102. 3
97.6
100.7
96.7
106.8
103. 8
100.1
105. 6
108.4
108.4
Furniture
do
107.4
107.6
63.6
65.2
'83.8
63.7
63.7
65.3
65.7
67.1
66.4
70.7
Lumber, sawmills
do
70.0
69.5
70.4
156.2
193.3
147.7
' 183. 4 ' 185. 0 ' 189. 7
167.7
162.5
176.5
181.4
Machinery, excl. transp. equipment-.do
172.3
180.1
178.6
Agricultural implements (including trac164.1 ' 166. 3
167.2
171.4
168.5
tors)
1923-25=100..
167.9
170.7
171.8
172.0
170.7
167.5
132.6
169.9
Electrical machinery, apparatus, and
147.3
167.4
169.4
158.8
163.8
141.5
154.0
168.7
supplies
1923-25=100-.
168.8
0)
0)
0)
0)
Engines, turbines, water wheels, and
257.2
271.5
285.5
298.3
247.6
314.7
325.0
339.5
352.5
windmills
1923-25=100. _
I1)
0)
0)
()
130.0
134. 9
142.6
123. 6
145.6
147.0
147.8
148.8
Foundry and machine-shop products.do
139.1
157. 3
150.4
152.1 ' 154. 8
316.7
327.4
346.0
307.1
351.5
356.8
361.5
366.9
Machine tools*
.
do
338.5
0)
0)
158.5
173.7
188.7
149.1
202.4
212.5
217.9
217.6
Radios and phonographs
do
0)
0)
180.7
138.7
139.9
143.1
137.0
145.5
146.4
147.4
146.1 ' 218. 5 ' 209. 4 ' 206. 5
Metals, nonferrous, and products
do
141.9
210.5
' 145. 7
144. 3
182.6
184.3
189.7
180.5
192.9
193.5
193.4
191.3
Brass, bronze, and copper products.do
189.3
' 145. 3
146.6
93.0
95.6
99.6
89.7
101.3
101.8
102.0
101.5
Stone, clay, and glass products
do
0)
97.1
0)
0)
69.2
72.7
77.6
0)
65.4
79.4
79.1
77.7
76.2
Brick, tile, and terra cotta
do
74.7
'93.7
'95.2
121.8
94.1
124.0
127.9
119.5
130.0
130.3
132.4
133.1
Glass
do
99.7
125.5
'67.5
'68. 8
68. 7
166.3
171.7
179.0
161.2
172.0
190.9
203.2
210.4
Transportation equipmentf
do
-74.2
177.8
127.7 ' 126. 0
125.0 5, 563. 7 5,929.2 6, 305.1 6, 718.1 7, 231. 3 7,897. 3 i, 515. 7 1,174. 8 9, 701. 5
Aircraft*
do
132.0
215.
223.0
132.4
134.1
126.9
131.5
110.9
124.1
128.9
129.7 ' 208. 9 ' 210. 2 ' 0) 6
Automobiles
do. _.
134. 8
295.8
310.7 i 338.6
375.3
272.4
388.3
442.5
494.6
532.2
Shipbuilding*
do.._.
(0
0)
0)
'88.8
J
100.2
' Revised.
v Preliminary. 86.4
Included in total and group indexes, but not available for publication separately.
116.2
0)
fRevised series. For revised indexes, beginningC 1in 1937 for all industries and January 1938 for durable goods, see table 12, p. 18 of the March 1941 Survey. Index for
0)
)1939; see table 57, p. 17 of the December 1940 Survey.
0)
transportation equipment revised beginning January
*New series. Indexes of installment accounts and collection ratios for furniture, household appliance, and jewelry stores beginning January 1940 will be shown in a subsequent issue. Data for mining, construction, transportation and public utilities, Government, and military and naval forces are correct as published in table 11, on pp. 17
and 18 of the March 1941 Survey. Estimates of total civil nonagricultural employment, employees in nonagricultural establishments, manufacturing, and service industries
(included in the miscellaneous group) have been revised beginning January 1929 and trade beginning January 1935, to adjust monthly estimates to the 1939 Census levels of
employees in manufacturing concerns engaged in clerical, distribution, or construction activities, and retail trade employment, and to figures shown by the 1930 Census of
Occupations; the revised data will be published later. Adjusted estimates of employment beginning January 1929 will be shown in a subsequent issue. For indexes beginning
1923 for machine tools and shipbuilding, and index for 1931 through 1938 for aircraft, see tables 39 and 40, pp. 15 and 16 of the October 1940 Survey; for aircraft indexes (revised)
for 1939, see table 57, p. 17 of the December 1940 Survey.
S-9
SURVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
1942
1941
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Mfg., unadj. (U. S. Dept. of Labor)—Cont.t
Nondurable goods!
1923-25=100
Chemical, petroleum, and coal products
1923-25=100..
Chemicals
do
Paints and varnishes
do.
Petroleum refining
.
do.
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products!
do
Fabrics!
do
Wearing apparel
do
Tobacco manufactures
do
Manufacturing, adjusted (Fed. Res.)t
do
Durable goodsf
do
Iron and steel and their products, not including machinery
1923-25=100._
Blast furnaces, steel works, and rolling
mills
1923-25 = 100..
Hardware
do
Structural and ornamental metal work
1923-25=100..
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
do
Machinery, excl. transp. equipment-do
Agricultural implements (including tractors)
1923-25=100..
Electrical machinery, apparatus, and supplies
1923-25=100..
Engines, turbines, water wheels, and
windmills
1923-25=100..
Foundry and machine-shop products
1923-25=100..
Machine tools*
do
Radios and phonographs
do
Metals, nonferrous, and products._-__do
Brass, bronze, and copper products.do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do
Transportation equipment!
do
Aircraft*
do
Automobiles
do
Shipbuilding*
do
Nondurable goods!
do
Chemical, petroleum, and coalj)rod__do
Chemicals
do
Paints and varnishes
. _ _do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing.
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products!
do
Fabrics!
do
Wearing apparel
do
Tobacco manufactures
do
Manufacturing, unadj., by States and cities:
State:
Delaware
1923-25=100..
Illinoist
1935-39=100-.
Iowa
1923-25 = 100..
Maryland
1929-31 = 100..
Massachusetts
1925-27=100..
New Jersey
1923-25=100..
New York!
1935-39=100
Ohio!
do.__.
Pennsylvania
1923-25=100..
Wisconsin!
1925-27= 100..
City or industrial area:
Baltimore
1929-31 = 100. .
Chicago!
1935-39=100..
Cleveland
1923-25=100..
Detroit
do
Milwaukee
1925-27= 100..
New York
do
Philadelphia
_
1923-25=100
Pittsburgh
do
Wilmington
do
122.6
116.3
117.8
118.8
121.1
123.9
127.7
128.7
127.3
125.4
124.8
121.8
153.7
185. 9
140.8
130.0
312.5
131.7
150.4
133. 8
100.9
97.5
121.7
129. 3
99. 3
74.6
113.3
104. 9
327.3
65.5
134.2
146.5
131.6
159.3
132.9
119.5
312.2
120.3
145.0
110.7
98.7
97.0
118.1
118.5
102.8
80.0
111.6
102.7
127.0
63.3
119.4
123.0
135.7
162.4
137.4
120.5
317.9
123.6
146.5
110. 2
98.0
95.8
119.4
120.3
105.0
82.3
112.1
103.7
126.2
63.5
122.0
126.3
135.4
166.8
141.4
122.0
323.5
127.4
149.0
116.8
95.5
136.8
172.2
144.8
125.2
327.0
135.2
152.2
120.3
98.1
94.9
121.6
124.6
110.7
86.3
112.6
106.2
121.9
65.5
128.7
134.0
142.0
180.1
144.8
127.9
329.3
159.3
152.7
122.4
101.1
98.3
123.9
127.8
111.8
86.7
115.4
106.9
129.6
65.8
133.3
141.5
146.6
182.4
143.9
128.5
327.0
'163.2
153.5
123.6
98.9
95.2
124.9
128.4
111.5
86.5
115.5
106.3
131.3
63.9
132.3
141.3
148.6
183.6
143.9
129.2
325.0
' 152. 5
154.5
125.9
98.5
94.7
126.5
128.2
111.6
86.0
114.9
106.4
129.0
67.3
132.8
142.3
148.4
184.8
142.6
129.1
322.9
' 145. 9
153.7
129.9
96.7
92.3
126.7
128.7
111.2
86.1
113.4
106.1
124.9
68.4
134.4
143.7
148. 5
185.8
142.2
129.2
321.1
'141.0
151.5
138.1
99.2
95.2
128.3
129.1
110.3
84.9
113.0
106.2
' 123. 2
' 67.5
134.9
144.4
149.4
185.9
140.9
129.1
315. 9
135.3
149.5
143.8
'98.9
'95.4
124.7
129. 5
'99.6
'75.2
110.8
104. 8
119.5
63.4
135.6
146.8
'
'
'
'
'
'
'
'
'
93.0
120.8
122.7
106.4
83.3
112.5
105.1
124.2
64.9
124.9
129.5
139.0
175.9
145.5
127 A
324.4
144.8
150.2
123.1
101.0
98.1
123.0
126.0
111.4
87.4
113.2
107.0
122.2
65.4
133.3
140.2
135.1
126.2
128.3
132.0
136.0
139.1
140.2
139.7
138.2
138.3
139.5
139. 8
' 136. 5
148
94
133
116
136
115
140
116
145
118
149
105
150
116
149
117
148
115
148
113
149
114
150
110
149
'94
113
128
75.0
102
65
100
113
74.0
98
65
148.1
101
113
74.2
101
65
155.8
103
122
74.6
104
64
104
129
75.9
106
65
105
131
78.9
108
68
161.6
167.3
173.0
107
132
78.4
107
68
177.7
106
132
77.3
103
68
177.8
107
127
76.4
101
67
179.3
107
138
76.9
104
67
181.2
107
141
78.1
105
68
'183.5
108
147
79.1
105
70
187. 4
'112
' 141
'77.8
'104
68
' 190. 8
126
158
166
170
175
142
147
243
245
193. 8
159
0)
0)
157
0)
251
145.7
0)
96.7
75
123
216.8
0)
81
0)
122. 5
150.9
188
142
331
308
144. 5
152
137
96.4
92
122.1
129
98.5
75
109.3
102.5
119.7
66.2
138.7
136.9
154.5
157.3
"149.8
145.4
122.0
lly. 1
127.8
182
181
180
172
168
168
168
169
153
159
164
259
275
139
337
184
144.-1
191
93.7
69
124
174.2
6,522
132
341
123.7
140.7
172
140
125
337
137.3
151
121
101.0
98
122.9
125
111.7
86
315
323
348
371
146
366
187
147.9
195
98.4
74
130
193.1
7,897
139
398
125.5
145.2
179
148
127
328
140.9
152
124
97.9
94
125.1
128
113.3
87
117.1
109.6
128.8
64.4
147
355
183
144.8
194
98.7
74
130
195.2
8,779
128
440
123.8
144.7
180
145
127
324
138.6
151
125
98.0
94
124.4
128
111.6
87
114.7
107.2
126.6
62.0
148
360
179
143.1
191
98.9
73
131
204.5
9,459
129
487
123.8
145.9
181
144
129
323
140.7
152
126
99.6
96
124.9
128
110.1
86
112.9
105.4
124.7
64.1
149
365
194
' 142. 2
191
100.9
76
133
208.9
9,799
127
532
125.6
147.0
184
144
••128
320
' 146. 9
152
127
104.2
101
124.8
129
116.1
109.0
127.0
65.8
293
143
349
191
147.8
193
98.6
73
131
196.1
7,160
149
387
M26. 3
143.0
173
145
127
326
138.4
149
123
100.2
97
124.8
126
113.0
87
120.0
111.1
135.0
65.7
124
304178
136.2
179
92.3
71
118
154.1
5,509
123
268
115.9
129.0
161
134
121
308
131.3
146
113
94.3
92
118.5
119
?02.0
80
107.6
100.4
119.3
64.0
129
315
189
138.9
181
92.3
70
121
158.7
5,813
125
285
|118.0
133.6
163
135
121
324
132.5
148
114
95.5
93
119.8
120
103.9
82
109.8
103.3
119.8
65.0
116.7
120.1
146.7
122.8
92.9
126.5
125.1
123.0
100.2
109.4
124.1
126.1
149.6
127.4
94.9
129.2
126.8
125.9
102.6
116.3
129.7
129.6
152.3
131.9
96.1
132.3
128.0
129.0
104.4
118.7
129.4
133.1
154.9
135.0
97.6
136.0
129.2
131.8
106.7
121.7
134. 7
136.6
156.6
138.9
99.1
138.4
131.1
134.6
108.7
122.4
142.5
140.3
159.1
142.8
99.1
136.9
138.0
136.6
110.3
124.7
147.5
139.7
160.1
144.3
99.5
145.3
142.5
'138.6
110.6
126.4
121.1
116.8
117.4
122.5
120.9
1T> 8
101.3
104.9
107.1
125.1
124. 5
121.7
120.3
125.3
114.1
103.6
108.3
113.5
129.9
128.1
125. 3
123.8
128.3
113.5
106.7
109.9
116.5
132.9
130.8
128.5
119.6
131.3
112.8
109.1
112.9
117.1
137.3
135.8
130.1
96.0
130.2
114.3
110.5
115.6
120.0
141.7
138.1
132.7
116.0
135.4
121.5
111.8
117.1
120.9
143.7
138.4
134.1
115.0
136.9
125.7
114.3
117.1
122.4
134
326
197
140.7
183
92.1
69
122
164.6
6,121
128
301
120.5
136.9
168
136
123
330
135.0
149
119
96.8
94
121.2
123
106.1
83
112.9
105.9
124.0
65.8
167
0)
0)
150
0)
207
'143.9
0)
101.6
77
132
205.1
0)
111
0)
122.7
'
'
'
'
'
'
'
153. 0
188.1
141.1
129. 6
312. 6
133. 4
150.0
137. 8
100. 2
'96.6
123. 2
129. 5
'99.0
' 73.6
112. 7
104. 6
126. 2
' 65. 5
134. 9
146. 8
161
0)
0)
153
0)
222
146. 8
0)
104.5
80
134
209.8
0)
161
0)
0)
96
(i)
'155
0)
'235
' 146. 2
0)
'99.9
'78
126
' 214. 6
0)
'84
0)
86
113.3
105.1
' 126. 9
65.0
125.9
148.0
187
144
129
320
' 147. 3
152
133
103.1
100
' 125. 9
129
' 109. 6
85
••113.3
104.4
' 128. 3
66.3
124.9
150.0
189
145
130
313
148.1
153
139
98.7
95
125.2
130
99.9
76
111.7
103. 7
124.9
69.2
' 123. 5
' 152. 7
191
143
' 131
308
' 147. 5
152
'138
'96.3
'92
' 123. 4
130
98.7
r 74
' 109. 6
' 101. 9
' 122. 5
'66.7
137.8
139.1
161.5
145.4
100.2
144.4
142.5
137.5
110.9
126.7
136.1
139.0
161.7
146.4
100.1
145.3
141.1
137.2
111.0
126.5
137.1
139.1
162. 8
147.0
100.4
145.7
141.2
136.9
rill. 5
126.6
137.8
137. 2
158.2
149.5
99.2
145.8
138.9
135. 3
110.3
124.9
138.1
137. 7
153.3
153.4
100. 5
' 148. 3
143.4
135.4
'111.7
125.7
144.8
139.4
134.2
117.3
135.9
126.7
116.3
118.0
122.4
146.2
140.2
134.3
119.0
134.9
124.7
118.1
118.4
125.5
146.9
140. 6
130. 3
97.4
135.8
125.1
118.7
119.3
125.7
149.8
139.1
133.4
102. 7
134. 3
154.1
130. 0
137.7
104.6
135.1
117.6
118.5
127.7
' 120.3
'118.8
127.5
« no.i
•
' Revised.
i Included in total and group indexes, but not available for publication separately.
2 i n process of revision.
! Revised series. For revisions for all industries, durable goods and nondurable goods, see p. 18 of the March 1941 Survey. Index for transportation equipment revised
beginning January 1938; see table 57, p. 17 of the December 1940 Survey. Slight revisions were made in data for textiles and products and fabrics beginning 1933; revisions
prior to March 1939 which have not been published are available upon request. For revisions in Illinois and Chicago indexes, see note marked with a " t " on p ' 29 of the
January 1941 Survey. Index for Wisconsin revised beginning 1925; revised data not shown on p . 72 of the February~1941 Survey will appear in an early issue. Earlier
monthly data on indexes beginning 1923 for Ohio factory employment revised to 1935-39 base are shown on p . 17 of the March 1942 Survey. Earlier data for trie revised
New York State index will appear in a subsequent issue.
* New series. For indicated series see note marked with an " * " on p . S-8 of this issue.
S-10
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued
Nonmfg., unadj. (U. S. Dept. of Labor):
Mining:
Anthracite
1929=100Bituminous coaldo...
Metalliferous
do...
Crude petroleum producing
do...
Quarrying and nonmetallic
do _ _.
Public utilities:
Electric light and powerf
_do___
Street railways and busesf
do...
Telephone and telegraphf
_do-__
Services:
Dyeing and cleaning
do_._
Laundries
do._Year-round hotels
do-._
Trade:
Retail, totalf
do...
General merchandising!
do...
Wholesale
do-..
Miscellaneous employment data:
Construction, Ohiof
1935-39=100.
Federal and State highways, totalt-mimber.
Construction (Federal and State) do.._
Maintenance (State)
do
Federal civilian employees:
United States
do.__
District of Columbia
do...
Railway employees (class I steam railways):
Total-thousands.
Indexes: Unadjusted
1923-25=100.
Adjusted
do-_.
48.5
93.6
81.4
59.5
47.5
50.2
91.1
74.3
60.2
44.2
48.7
23.5
77.2
60.1
48.2
48.6
87.9
77.1
60.4
51.0
49.2
88.1
78.9
61.5
51.9
49.3
90.3
79.0
62.1
52.7
50.0
92.6
79.9
62.2
53.9
50.0
94.2
79.4
61.8
54.2
50.3
95.3
79.7
61.6
54.1
50.2
95.1
79.5
60.9
52.6
49.1
95.5
80.2
61.1
50.9
'49.0
'95.1
'80.7
61.3
'46.8
94.4
80.7
60.5
46.3
89.6
71.3
90.2
90.3
68.2
81.8
91.3
68.3
83.2
92.2
68.9
84.6
93.5
69.1
86.3
94.6
69.5
88.3
95.2
69.7
94.9
70.3
90.3
94.1
70.3
90.6
93.4
70.2
90.1
93.1
70.6
90.0
92.0
' 70.4
'90.4
90.6
70.5
89.7
114.0
107.9
93.6
104.4
102.5
94.2
117.2
104.9
95.2
120.6
108.3
96.3
122.7
112.0
95.0
121.7
115.8
94.5
118.9
114.6
94.5
121.5
113.0
95.7
121.2
111.2
96.2
117.2
108.9
96.1
113.3
108.4
95.3
109.8
' 108. 8
94.2
109.6
107.4
94.2
94.2
104.8
94.0
92.5
96.6
91.8
97.8
108.7
92.4
96.1
102.5
92.2
97.8
105.1
93.8
96.7
100.9
94.2
96.9
103.0
95.8
100.0
111.7
95.6
101.0
116.4
96.3
103.0
125.9
96.3
113.0
161.5
96.3
'95.5
' 105. 5
94.9
94.3
105.4
94.3
157.2
164.7
162.3
320,301 300, 381 270, 202
149, 800 135,622 111,755
128,415 124, 523 118, 559
146.4
224, 762
75,131
110,311
' 125. 6
194,092
49,113
105,920
125.1
183, 559
44,852
101,087
116.8
150.8
163.0
139.8
193, 898 235, 876 285, 397 318,436
92, 363 87, 038 127, 634 142,185
101, 535 110,912 118,945 134,896
166.5
167.7
331,438 340,146
152, 691 158,744
136, 651 138,631
,202,348 1,251,283 ,306,333 ,370,110 1,391,689 1.444,985 1,487,925 1,511,682 1,545,131 1,670,922 1,703,099 1,805,186
167, 081 172, 876 177, 328 184, 236 185,182 186,931 191, 588 194, 265 199, 283 207,214 223,483 233,403
1,074
58.8
60.5
1,104
60.5
61.0
1,148
63.0
62.3
1,179
64.7
63.3
1,211
66.5
64.8
1,231
67.6
66.0
1,235
67.8
66.5
1,243
68.2
66.3
1,227
67.3
66.8
1,211
66.3
68.0
1.192
65.4
68. 2
1,193
65.4
68.0
41.2
40.4
40.7
40.0
41.3
40.8
41.7
41.3
41.0
40.3
41.2
41.0
41.6
40.9
41.7
41.1
41.5
40.3
41.6
41.2
42.4
41.5
42.4
42.2
'348
'499
'403
'592
'463
'357
'571
'439
'635
'465
'698
'470
'687
'432
'664
'271
'464
'143
'287
'131
'214
'118
'179
1,558
512
'567
'7,113
'322
'420
' 2,172
143
'227
1,504
'212
'143
'305
'226
' 1, 326 ' 1,825
'295
'358
' 1,953
'198
'348
'1,925
'228
'339
1, 397
'30
'59
'476
'25
'41
'329
v 4, 552
P 1, 570
5l
5,170
1,606
429
5,097
1,825
489
5,156
1, 539
622
5,126
1,623
624
4,982
1,597
630
4,699
1,446
671
4, 356
1.396
1I108
4,229
1,488
935
4,234
1,327
583
4,413
1,603
493
' 4,899
1,956
439
' 4, 888
' 1, 532
'427
*3,977
3,738
4,270
3,914
3, 576
3,623
3,045
2,650
2,548
2,597
3,618
4,584
4,103
P803
762
33, 608
590
26, 998
659
31, 574
30, 561
611
29, 307
572
26,494
493
22, 942
430
21,430
'471
21,066
523
27,847
797
41, 056
838
39,884
5.62
3.40
.21
1.06
2.13
6.04
3.89
.25
1.19
2.45
5.95
3.86
.24
1.08
2.54
6.31
3.71
.26
1.03
2.42
6.00
4.24
.29
1.40
2.55
5.43
4.14
.30
1.13
2.71
5.16
4.53
.31
1.16
3.06
4.87
4.13
.28
1.41
2.44
3.91
'3.51
.24
'1.44
1.85
4.76
4.71
.29
2.15
2.27
6.87
5.10
.30
1.61
3.21
6.00
4.78
.29
1.35
3.14
181.9
216.3
131.2
144.6
134.7
149.9
144.1
163.1
152. 2
173.9
152.7
172.2
158.1
177.6
162.6
183.3
167.0
191.4
165.4
190.3
' 169.9
' 195. 4
' 173. 4
' 204.4
'178.2
' 210. 7
181.6
141.2
150.9
160.9
168.6
172.0
170.6
173.4
171.9
' 174. 2
' 173. 7
194.2
137.0
149.0
138.1
164.1
135.7
172.7
141.5
179.9
150.2
181.6
123.8
183.3
145.7
178.4
148.7
181.1
151.5
183.2
' 147. 4
185.0
' 137. 7
' 184. 5
'133.4
' 190. 5
' 132.0
139.9
152. 7
86.2
115.4
72.4
304.9
97.1
121.8
72.8
93.9
62.7
186.2
103.4
127.3
75.7
95.2
66.4
197.4
113.8
146.4
78.0
102.7
66.0
217.2
120.1
163.2
83.9
110.0
71.1
229.9
112.5
171.3
85.5
110.1
73.5
233.0
125.2
184.7
92.3
116.1
80.3
243.4
123.6
187.6
90.8
118.0
77.5
248.2
127.2
171.7
92.3
120.6
78.2
255.7
116.0
165.8
86.4
118.8
70.2
255.3
121.2
173.6
85.8
120.9
68.0
' 269. 6
125.0
180.9
81.8
110.9
67.5
' 284. 2
' 133.5
' 164. 6
'86.0
' 115.6
'72.1
294.8
246.5
162.0
229.6
229.0
233.3
228.4
227.5
230.7
231.6
223.9
219.0
228.8
' 240. 9
(0
185.9
192.3
215.3
224.0
232.0
240.0
241.3
244.7
242.1
0)
0)
0)
0)
378.6
372.4
444.1
484.7
506.9
545.1
572.9
615.5
676.3
0)
0)
(0
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl. Ind. Con. Bd. (25 industries)..hours-.
U. S. Dept. of Labor (90 industries)
do....
Industrial disputes (strikes and lockouts):
Beginning in month
number..
In progress during month..
do—
Workers involved in strikes:
Beginning in month
thousands..
In progress during month
do
Man-days idle during month
do
Employment security operations (Soc. Sec. Bd.):
Placement activities:
Applications:
Active
file
thousands..
New and renewed
do
Placements, total t
do
Unemployment compensation activities:
Continued claims
thousands..
Benefit, payments:
Individuals receiving payments § ..do
Amount of payments
thous. of dol..
Labor turn-over in mfg. establishments:
Accession rate. .mo. rate per 100 employees.
Separation rate, total
do—
Discharges.
do—
Lay-offs
do...
Quits and miscellaneous
do...
P240
43, 035
r
PAY ROLLS
Manufacturing, unadjusted (U. S. Department
of Labor) t
...1923-25=100..
Durable goods t
do...
Iron and steel and their products, not including machinery
1923-25 = 100 _.
Blast furnaces, steel works, and rolling
mills
1923-25 = 100..
Hardware
do.
Structural and ornamental metal work
1923-25=100-.
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
do—
Lumber, sawmills
do
Machinery, excl. transp. equip
do
Agricultural implements (including tractors)
1923-25 = 100.
Electrical machinery, apparatus, and
supplies
1923-25=100^.
Engines, turbines, water wheels, and
windmills
1923-25=100.
Foundry and machine-shop products
1923-25=100..
Machine tools*
do.
Radios and phonographs
do.
Metals, nonferrous, and products
do
Brass, bronze, and copper productsdo
Stone, clay, and glass products
do.
Brick, tile, and terra cotta
do.
Glass
do.
191.4
194.7
187.8
202.8
186.0
211.2
176.5
177.8
166.2
'219.3
596.3
578.2
0)
553.4
0)
534.7
529.3
507. 2
599.1
0)
0)
261.7
254.4
' 286. 3
234.0
' 276. 6
218.7
200.4
191.5
' 267. 0
290.2
' 279.0
185.9
185.6
' 192. 3
182.6
' 198.0
173.7
174.6
166.7
182.0
206.6
'201.6
267.6
270.8
273.6
0)
263.8
262.2
246.6
260.6
0)
0)
0)
109. 5
105. 4
104.2
'99.4
98.9
100.2
97.8
105.8
105.5
106.6
' 103.7
75.8
76.2
77.0
'65.2
73.4
71.8
69.1
72.9
68.7
72.6
'66.8
173.7
160.5
155.4
166.1
147.1
153.5
150.3
168.2
172.7
171.1
'171.2
l
p Preliminary.
' Revised.
Included in total and group indexes, but not available for publication separately.
§ Data are a weekly average of the number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.
{Total includes State engineering, supervisory, and administrative employees not shown separately; see note on p. 27 of the May 1941 Survey.
tRevised series. Telephone and telegraph indexes revised beginning 1932, other indicated nonmanufacturmg employment series beginning 1929; see p. 17 of the April
1940 Survey, except for indexes for street railways and busses beginning 1932, which were subsequently revised as shown in table 27, p. 17 of the May 1940 issue. Indexes
beginning 1923 for Ohio construction employment are shown in table 8, p. 18 of the March 1942 Survey. Total placements revised to include placements formerly classified
as "supplementary" because of the omission of one or more of the steps necessary for a complete placement. Most of these placements were so classified because of lack of
registration and were largely placements in agricultural jobs. Only complete placements wore formerly shown in the Survey. Data comparable with the series here shown
will be published in a subsequent issue. For revisions in pay-roll index for all manufacturing and durable goods for 1938 and 1939, see table 12, p. 18 of the March 1941 Survey.
*New series. For pay-roll indexes beginning 1923 for machine tools,see table 40, p. 16 of the Octobe r 1940 Survey.
227.5
143.6
471.5
157.2
'155.5
236.7
85.2
56.1
140.5
152.2
472.2
163.9
157.2
234.8
91.1
62.4
143.5
May 1942
SURVEY OF CUERENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes a n d references
to the sources of the data, may be found i n the
1940 Supplement to the Survey
March
S-11
1941
1942
March
April
May
June
July
1943
August
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Mfg., unadj. (U. S. Dept. of Labor)—Con.
Durable goods—continued
Transportation equipments -1923-25=100..
Aircraft*
do
Automobiles
_
do
Shipbuilding*
do....
Nondurable goods!.
do
Chemical, petroleum, and coal products
1923-1925=100Chemicals
do
Paints and varnishes...
..do
Petroleum refining
__do
Kay on and allied products
__do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
.do
Paper and printing
do
Paper and pulp
do
Rubber products
...do
Rubber tires and inner tubes
do
Textiles and their products!
do___.
Fabrics!
do
Wearing apparel
do
Tobacco manufactures
-do
Manufacturing, unadj., by States and cities:
State:
Delaware....
1923-25=100..
Illinoisf
1935-39=100..
Maryland
1929-31 = 100..
Massachusetts
1925-27=100..
New Jersey
.1923-25=100..
New Yorkf
1935-39=100..
Ohio*
do....
Pennsylvania
1923-25=100..
Wisconsinf
1925-27=100..
City or industrial area:
Baltimore
.1929-31 = 100..
Chicago!
1935-39=100..
Milwaukee
1925-27=100..
New York
do
Philadelphia
1923-25=100..
Pittsburgh
do....
Wilmington
do
Nonmfg.. unadj. (U. S. Dept. of Labor):
Mining:
Anthracite
1929=100..
Bituminous coal
do
Metalliferous
do
Crude petroleum producing
do
Quarrying and nonmetallic
do
Public utilities:
Electric light and power!
- -do
Street railways and buses!
do
Telephone and telegraph!
do
Services:
Dyeing and cleaning
do
Laundries
do
Year-round hotels
.do
Trade:
Retail, total!
do....
General merchandising!,.
do
Wholesale
do
347.9
(0
130.9
0)
197.2
5,678.3
163.1
365.0
116.3
191.6
7,134.4
147.3
395.4
117.7
217.0
7,697.3
170.6
433.9
122.9
240.0
8,193. 5
188.3
505.9
127.9
224.4
228.8
252.6
282.0
287.8
), 045.7 10,303.0 11,145.8 12,301.6 13,204.6
158.0
159.3
139.2
176.6
175.8
582.0
703.8
803.4
614.6
827.1
130.7
139.5
139.6
137.4
136.3
' 290. 6
' 329.3
0)
0)
153.6
147.9
0)
0)
138.7
' 337. 0
(0
' 135.0
r
0)
141. 8
149.1
201.7
147.4
133.4
332.9
122.4
140.0
114.2
96.1
94.2
120.3
136.4
119.5
' 102. 8
107.0
101.1
112.2
62.7
158.3
208.3
157.9
142.4
342.3
125.2
140.9
115.1
92.3
89.1
121.2
139.1
122.3
106.3
107.0
104.1
106.2
58.9
164.9
221.8
170.4
146.3
356.2
134.7
148.4
133.1
91.0
86.7
124.9
145.6
128.7
111.1
110.4
109.3
105.9
67.1
172.4
232.7
177.8
156.7
362.4
144.4
154.4
137.8
97.2
91.9
128.6
157.7
141.1
122.4
111.4
111.6
104.1
70.2
176.3
239.7
172.7
157.2
368.6
152.8
153.1
139.4
103.2
98.8
128.6
156.9
135.6
118.4
113.6
113.3
107.1
180.0
247.2
171.5
159.1
368.2
165.5
155.2
142.9
104.7
100.7
130.9
162.7
138.8
116.4
119.3
114.4
121.7
70.0
187.0
250.9
169.9
166.4
374.3
' 170.5
157.4
145.8
101.6
95.3
133.3
163.0
134.8
107.3
123.4
118.0
126.3
70.4
194.3
260.9
173.8
168.0
386.4
163.0
157.6
151.1
100.5
93.3
135.9
165.4
138.0
111.8
122.4
120.2
119.2
75.6
195.6
264.6
172.2
167.9
385.2
157.7
159.7
153.7
97.0
88.4
137.5
166.9
140.6
117.6
118.3
118.9
109.8
77.1
' 141.3
200.9
271.6
175.9
173.9
391.2
157.2
157.5
168.9
106.7
99.5
' 144.1
' 169.8
136.9
108.6
' 122.1
123.7
r 111.6
'76.8
128.1
140.8
161.2
101.0
145. 6
151.5
159.8
109.0
134.8
137.3
151.6
174.3
104.0
147.5
153.8
167.0
114.5
142.5
150.1
161.6
189.2
110.2
161.1
161.3
176.6
121.7
150.9
156.0
170.5
196.2
114.5
169.0
166.2
186.3
127.2
159.5
159.9
170.2
202.5
117.2
173.9
170.4
188.3
126.3
154.6
169.5
178.7
207.9
116.9
173.0
184.3
190.4
131.1
163.8
173.7
180.5
215.2
121.3
189.3
194.5
190.9
131.2
164.6
169.5
183.7
224.5
120.7
188. 5
190.0
195.7
136.2
173.2
171.9
181.7
221.4
119.5
190.0
186.7
194.9
135.2
170.5
182.4
188.4
234.0
125.7
198.5
194.2
202.8
' 139. 6
172.9
187.9
188.4
241.0
129.3
' 205.3
197.8
' 203. 6
' 139.4
175.2
188.7
192.4
251.5
132.6
' 210.2
210.0
210.9
' 145.2
182.2
178.4
148.7
151.7
115.9
114.7
131.6
124.1
194.5
158.2
157.8
118.0
126.4
138.4
134.9
200.6
166.1
163.9
119.1
134.0
143.9
138.8
207.4
168.9
159.3
123.3
136.8
140.5
141.3
212.8
174.8
169.7
134.3
139.1
146.3
146.0
220.9
177.8
168.2
142.4
144.0
143.6
145.9
229.6
180.3
175.0
135.4
149.9
150.6
149.7
226.9
179.9
173.8
133.6
151.8
149.8
153.8
240.4
186.9
180.2
141.2
159.0
' 153. 1
163.2
247.5
189.1
182.0
«
' 160.6
' 153. 3
' 169. 2
256.0
189.1
187.0
173.3
159.8
173.9
164.2
135.1
144.5
115.2
114.0
118.7
115.9
51.0
116.6
98.8
63.3
54.3
42.4
93.8
72.7
56.1
40.3
24.3
15.8
78.9
57.8
47.0
33.4
107.2
81.5
58.8
53.2
51.2
107.2
85.3
59.9
55.7
105.4
79.3
61.4
55.5
51.1
117.3
85.4
61.5
59.3
49.6
115.5
85.9
64.4
60.5
49.2
122.6
88.3
64.4
61.5
41.8
116.3
89.8
64.2
57.5
35.9
119.9
93.7
64.6
55.8
'39.4
' 117.1
'94.3
'64.8
49.7
118.2
98.5
63.9
51.7
114.2
85.1
122.4
106.1
72.5
106.4
107.6
72.0
107.1
109.6
72.7
110.5
111.4
76.2
113.0
113.5
75.8
115.7
115.1
78.6
116.4
115.0
78.1
117.3
115.7
78.4
117.0
115.2
78.2
118.3
115.2
80.0
122.9
' 114. 6
'80.5
' 120. 9
113.0
83.5
120.8
92.9
104.2
92.0
77.2
90.9
85.7
97.8
95.8
87.1
96.1
98.7
87.9
98.4
102.5
87.4
96.4
106.7
87.6
92.1
104.7
88.2
99.5
105.2
90.0
98.5
103.4
91.9
93.0
101.9
93.2
102.6
93.3
'86.5
' 103.8
'91.5
85.8
102.2
92.1
93.9
105.1
93.9
86.2
88.3
82.0
91.7
98.6
83.4
91.5
96.0
84.6
95.2
100.1
88.2
94.0
97.5
88.0
94.0
99.3
89.8
95.8
106.6
90.9
97.3
110.9
92.0
98.5
117.8
91.6
107.8
151.1
92.8
'94.7
' 106. 5
'91.8
93.5
105.0
93.2
143.4
211.0
275.8
179.2
179.2
393.9
150.2
160.5
159.4
115.5
110.1
134.9
175.2
134.7
107.1
129.2
124.7
130.1
70.2
193.8
194.3
259.6
219.0
216.4
147.6
188.1
263.7
191.0
195.0
'
'
'
'
'
'
202.0
275.7
172.5
171.1
392.4
154.6
158.2
182.3
107.3
101. 0
136.5
171.9
127. 4
103.1
119.8
122.0
108.1
'72.6
' 208. 8
' 278. 3
' 176. 4
' 178. 3
'391.3
' 150. 6
159.6
' 162. 6
'113.4
' 107. 8
' 135.1
' 174.0
'127.4
' 101. 8
127.1
' 123.8
' 125. 7
'72.3
' 168.6
' 157.5
169.4
WAGES
Factory average weekly earnings:
' 37. 47
Natl. Ind. Con. Bd. (25 industries).-dollars..
33.12
35.10
35.65
35.74
36.08
31.80
33.70
34.10
37.49
31.89
34.26
•
U. S. Dept. of Labor (90 industries)
do
30.78
31.22
32.06
32.89
32.79 ' 33. 70 « 35.15
29.17
29.11
31.66
35.76
31.88
Durable goods
do
35.84
33.54
36.82
37.92
37.63 ' 38.62 ' 4 1 . 0 0
33.49
35.57
36.55
41.60
36.91
Iron and steel and their products, not including machinery
dollars _ _
35.60
36.41 ' 36. 99 ' 37. 36
35.53
36.49
32.65
34.40
35.71
36.07
38.36
36.40
Blast furnaces, steel works, and rolling
' 39.13
mills
dollars..
34.94
38.63
39.06
39.26
37.87
38.98
39.46
38.90
37.81
40.20
38.81
Hardware
-do
32.29 ' 32.07 ' 31. 90 ' 3 3 . 0 2
28.64
29.89
31.42
28.95
31.35
34.08
31.26
29.20
Structural and ornamental metal work
38.07
dollars.34.04
37.59
34.89
32.35
36.13
36.92
36.89
33.71
36.51
39.96
36.98
29.62
Tin cans and other tinware
do
29.56
27.39
27.27
27.59
25.53
28.42
28.89
26.17
28.92
28.06
27.70
Lumber and allied products
do
25.12
24.12 ' 24.30 ' 23. 86
21.68
22.57
24.68
22.16
23.21
24.47
24.98
23.57
25.72
26.71
26.07
Furniture
_
_
do
24.35
23.03
25.49
23.22
26.03
26.81
26.54
24.68
25.12
21.89
23.22
21.79 ' 21.48
Lumber, sawmills
-do
20.32 ' 21. 02
20.74
23.49
22.72
23.31
21.89
21.60
39.23
38.96 ' 40. 67 ' 42. 55
Machinery, excl. transp. equip
do
37.17
35.02
38.19
38.47
43.05
38.00
37.53
Agricultural implements (including
35.20
38.25
tractors)
.-.dollars-36.62
37.12
37.46
36.72
33.54
35.96
36.88
37.32
39.77
36.31
37.52
Electrical machinery, apparatus, and
' 40. 68
37.16 ' 38. 90
supplies
dollars..
34.46
37.06
37.24
37.01
37.41
37.78
41.10
34.41
Engines, turbines, water wheels, and
50.64 ' 50. 64 ' 55.04
windmills
_. .dollars..
43.39
45.02
45.94
46.62
40.43
45.03
52.89
47.81
38.30
Foundry and machine-shop products
41.09
dollars. 38.84
37.72
37.77
34.39
39.86
36.51
36.61
37.78
38.00
41.98
34.75
Machine tools*
do
45.54
41.49
42.79
43.53
44.74
43.22
42.80
45.17
50.87
41.10
48.82
50.81
Radios and phonographs
do
27.02
29.42 ' 30.03 ' 32.01 ' 32.17
27.09
28.32
29.25
25.79
28.30
32.84
25.31
' Revised.
Included in total and group indexes, but not available for publication separately.
' In process of revision.
tRevised series. For revisions in indexes for nondurable goods, for 1938 and 1939, see table 12, p. 18 of the March 1941 Survey. Index for transportation equipment revised beginning January 1939, see table 57, p. 17 of the December 1940 Survey. Slight revisions were made in data for textiles and their products and fabrics beginning 1933;
revisions not shown on p. 27 of the. May 1940 Survey are available upon request. For revisions in Illinois and Chicago indexes, see note marked with a " t " on p. 29 of the January 1941 Survey. Earlier data for the revised New York State index will appear in a subsequent issue. Index for Wisconsin revised beginning 1925; revised data not
shown on p. 74 of the February 1941 Survey will appear in an early issue. Telephone and telegraph pay-roll indexes revised beginning 1932, other indicated nonmanufacturing pay-roll indexes revised beginning 1929; see table 19, p. 17 of the April 1940 Survey.
*New series. Data beginning April 1931 on Ohio pay rolls are shown on p. 17 of the March 1942 issue; for other indicated pay-roll series, see last sentence of note marked
with an "*" on p. S-8 of this issue. Earlier monthly data for wage series on machine tools not shown on p. 29 of the March 1941 Survey are available upon request.
S-12
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
1942
SepAugust tember
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES-Continued
Factory average weekly earnings—Continued.
U. S. Department of Labor—Continued.
Durable goods—Continued.
Metals, nonferrous, and products-dollars._
Brass, bronze, and copper prod—.do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do
Transportation equipment
do
Aircraft*
do
Automobiles
-do
Shipbuilding*
do
Nondurable goods
do
Chemical, petroleum, and coal products
dollars..
Chemicals
do
Paints and varnishes
.
do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing, .do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory average hourly earnings:
Natl. Ind. Con. Bd. (25 industries)
do
U. S. Dept. of Labor (90 industries)
do
Durable goods
do
Iron and steel and their products, not
including machinery
dollars..
Blast furnaces, steel works, and rolling
mills
.dollars..
Hardware
do
Structural and ornamental metal work
dollars..
Tin cans and other tinware
do
Lumber and allied products.
do
Furniture
do
Lumber, sawmills
do
Machinery, excl. transp. equip
do
Agricultural implements (including
tractors)
dollars..
Electrical machinery, apparatus, and
supplies
dollars..
Engines, turbines, water wheels, and
windmills
dollai s_.
Foundry and machine-shop products
dollars..
Machine tools*
do
Radios and phonographs
do
Metals, nonferrous, and products. _do
Brass, bronze, and copper products
dollars..
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
.do
Transportation equipment
do
Aircraft*
do
Automobiles
do
Shipbuilding*
do....
Nondurable goods
do
Chemical, petroleum, and coal products
dollars. .
Chemicals
do.
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing, .do
Leather and its manufactures
do.
Boots and shoes
do_
Paper and printing
do.
Paper and p u l p .
do.
Rubber products!
do.
Rubber tires and inner t u b e s !
do.
Textiles and their products
do.
Fabrics
do.
Wearing apparel
do.
Tobacco manufactures
do.
Factory average weekly earnings, b y States:
Delaware
1923-25 = 100..
Illinois!
1935-39=100..
Massachusettsf
1925-27=100
New Jersey
1923-25 = 100.
NewYorkf
..1935-39 = 100
Pennsylvania
1923-25=100. _
Wisconsin!
1925-27=100..
'31.67
r36.54
25.89
22.30
28.76
38.80
35.02
40.61
39.30
23.63
31.50
35.70
26.50
23.38
28.70
36.41
35.15
36.36
'39.17
23.62
33.12
37.10
27.64
24.58
29.53
39.90
35.84
41. 56
'41.00
24.48
34.30
'38.37
28.04
24.97
29.91
'42.70
35.63
45. 68
'43.83
25.11
33.78
' 38. 46
27.02
24.59 j
28.19
40.51
36.57
40.79
45. 54
25.07
34.88
39.17
27.98
25.30
29.28
41.23
38.08
41.09
46.47
25.38
35.22
38.65
28.28
25.27
30.19
41.72
38.19
41.72
46.82
25.78
35.09
38.24
29.38
25.71
32.16
43.60
39.20
44.32
47.84
26.11
30.36
33.93
30.46
34.68
27.28
25.74
26.66
26.81
22.61
21.77
30.67
28.19
31. 67
'37.49
19.37
18.89
20.68
17. 99
30.96
34.24
31.57
36.64
27.54
25.56
26.59
27.14
21.87
20.84
30. 54
28.31
31.62
37.68
19.48
19.33
19.91
16.88
32.41
35.48
33.05
37.14
28.16
26.68
27.56
29.55
22.09
20.89
31.13
29.07
32.82
38.88
20.13
20.09
20.22
18.82
33.63
36.04
33.81
38.74
'28.35
27.08
28.21
29.79
22.99
21.66
32.01
30.97
34.70
41.41
20.33
20.28
20.48
19.48
33.74
36.38
32. 63
38.26
29.06
26.36
28.26
29.43
23.68
22. 53
31.70
30.49
33.18
39.54
20.55
20.43
20.90
19.45
33.78
36. 57
32. 65
38.57
28.60
26.33
28.06
30.31
23.97
22.90
32.04
31.18
33.78
39.17
21.04
20.63
22.18
19.37
34.12
37.63
32.56
40.14
29.29
26.56
28. 32
30.63
23.71
22.35
32. 34
31.17
32. 65
36.19
21.73
21. 38
22.68
20.00
34.99
35.21
37.85
38.08
33.33
33.30
40.33
40.33
30. 50
30.42
27.40
27.14
28.81
28.18
30.77
31.16
23.16
23. 59
21.45
22.07
32.98
32.66
'31. 73 ! ' 31. 98
73
34.37
33.54 I
39.71
37.92 !
21.56
21.91 i
21.66
21.80 I
21.28
22.21
20.45
20.36
.769
.697
.768
.784
.708
.785
.799
.726
.806
.818
.738
.822
.822
.744
.826
.828
.745
.830
.845
.758
.843
.853 j
.770
.853 |
.860
.781
.795
.841
.863
.862
.871
.875
.877 !
.886
.894
.873
.690
.954
.693
.967
.707
.737
.965
.710
.968
.736
.971
.744
.969
.749
.977
.754
.756
.639
.541
.565
.523
.778
.782
.642
.547
.570
.530
.789
.825
.652
.556
.584
.537
.818
.836
.660
.570
.597
.552
.832
.664
.577
.601 I
.560 I
.836
.837
.608
.573
.844
.846
.683
.590
.617
.572
.850
.852
.708
.598
.626
.578
.861
.840
.707
.602
.640
.573
.983
'.742
.857
.703
.602
.642
.572
.879
.872
.886
.890
.907
.920
.923
.919
.924
.782
.842
.850
.851
.855
.864
'.878
1.005
1.019
1.072
r 1.056
.871
.697
.821
.843
.876
.701
.822
.849
.886
'.705
.831
.858
.908
' 726
.
.848
.874
.926
'.739
.865
.918
.753
.666
.837
1.035
.916
1.107
1.060
.695
'.949
.751
'.669
.828
1. 069
'.957
1.168
1.079
.701
.820
34.74
37.79
28.49
25.13
30.97
43.00
39.74
43.84
45.90
26.11
' 36. 80
40.81
29.21
25.72
31.80
' 43. 74
' 42. 34
40.97
49.19
' 26.91
'
'
'
'
38.16
43. 55
28. 56
24. 91
31.96
' 49. 29
' 46. 56
49.36
52.42
' 26. 96
36.14 ' 36. 05
38.64
39.06
34.13
33. 88
41.74
41.09
31.13
31.71
' 28.28 ' 29. 04
28.84
29.30
31.82 ' 33. 02
24.87 ' 25. 08
23.36 ' 23. 64
' 34.02 ' 33. 31
' 32. 40 ' 32. 76
' 33. 50 r 34. 55
37.19 r 39. 88
' 22. 29 ' 22.18
22.46 ' 22. 33
'21.79
21.72 |
'20.65 ' 20. 76 I
.871
'.878 I
.801 !
889 !
.986
.752
. 875
714
714 I
.607
.647
.579
.899
.935
.887
.977
.996
.803
.822
.661
.770
.819
.831
.664
.794
.818
.841
.693
.803
.826
.850
.687
.822
.689
.594
.778
.920
.783
.982
.890
.624
.816
.695
.606
.770
923
.788
.983
.907
.629
.834
.710
.639
.769
.945
.794
1.014
.929
.641
.861
.717
.642
.780
.976
.797
1.063
.954
.650
.876
.721
.645
.782
.988
.812
1.066
1.013
.657
.887
.721
.648
.782
.988
.845
1.055
1. 039
.658
.887
.736
.653
.812
1.003
.845
1.079
1.043
.668
.744
.655
.836
1.019
.870
1.091
1.059
.894
.749
.657
.839
1.042
'.901
1.116
1.070
.766
.829
.749
.967
.700
.655
.641
.685
.572
.549
.807
.664
.799
.994
.517
.494
.561
.497
175.7
148.8
150.2
147.7
.967
.799
.643
.748
134.6
141.8
.936
.780
.806
.644
.749
.773
.839
.755
.995
.706
.655
.647
.694
.579
.555
.805
.666
.804
.995
.524
.509
.553
.506
.806
.863
.770
1.008
.712
.670
.659
.731
.590
.567
.811
.676
.816
1.008
.530
.520
.550
.509
.824
.866
.780
1.020
.722
.672
.665
.738
.599
.573
.826
.716
.836
1.037
.534
.522
.559
.517
.838
.886
.781
1.030
.729
.662
.674
.737
.609
.584
.825
.727
.845
1.048
.550
.534
.582
.523
.784
1.025
.728
.658
.672
.766
.615
.590
.824
.725
.861
1.062
.554
.533
.596
.520
.845
.897
.789
1.083
.746
.657
.674
.780
.630
.601
.830
.728
.859
1.046
.569
.551
.602
.525
.921
.808
1.097
.773
.679
.675
.786
.635
.605
.834
.732
.859
1.043
.581
.566
.611
.527
.875
.931
.818
1.109
.775
.695
.688
.794
.644
.614
.841
'.739
.870
1.060
.579
.567
.604
.532
.941
.822
1.106
.797
.703
.695
.782
.649
.618
.855
.747
.875
1.058
.583
.571
.609
.530
.949
.824
1.107
.800
.718
.697
.791
.649
'.616
.852
'.759
.886
' 1. 086
.589
.574
.620
.549
106.2
119.2
108.7
138.5
121.1
124.3
123. 3
107.2
121.0
109. 6
137.5
121.3
127.7
122.6
112.1
125.1
114.7
146.6
126.0
132.7
127.2
116.2
128.9
117.3
149.5
128.6
135.8
131.1
114.5
125.4
118.3
151.0
130.0
132.1
126. 3
114.7
127.7
118.0
151. 9
133.6
136.3
131.4
113.6
129.2
121.9
156.8
136.4
134.4
130.2
118.7
132.3
120.5
157.1
133.3
139. 4
136.7
121.7
130.3
119.4
157.4
132.3
138.6
134.8
128.3
135.5
125.2
163.9
137.5
143.0
136. 6
131. 5
137.3
130.3
' 169. 3
142.4
'144.6
140. 3
' 1.110
'Revised.
JData for rubber products and for rubber tires and inner tubes revised beginning October 1941 on the basis of more complete reports.
f Revised series. Indexes for Illinois revised to a 1935-39 base; for factors for converting indexes on a 1925-27 base beginning 19?5, see p. 29 of the January 1941 Survey.
Index for Massachusetts revised beginning 1935; earlier data will be published in a later issue. Revised indexes for Wisconsin beginning 1925 will be shown in an early issue.
Earlier data for the New York State index will appear in a subsequent issue.
*New series. Earlier monthly data not shown on p. 29 of the March 1941 Survey are available upon request;
S-13
SURVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
March
March
April
May
June
1942
August
July
September
October
November
December
January February
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Miscellaneous wage data:
Construction wage rates (E. N . R.):t
Common labor
dol. per hour.
Skilled labor
do
Farm wages without board (quarterly)
dol. per month.
Railway wages (avg., class I)..dol. p e r h o u r .
Road-building wages, common labor:
United States, average
do
East North Central
do
East South Central
do
Middle Atlantic
do.._.
Mountain
do
New England
.
do
Pacific
do
South Atlantic
do
West North Central....
do
West South Central
do
0.780
1.54
0.716
1.47
0.725
1.48
0.741
1.49
0.747
1.49
0.753
1.50
0.761
1.52
0.761
1.52
0.768
1.52
0.769
1.52
0.776
1.53
0. 780
1.54
44.95
.727
40.44
.732
0.753
1.50
.727
.733
45 47
.727
.745
.836
47 77
. 841
.860
.65
.34
.58
.52
.58
.70
.34
.47
.39
.45
.64
.34
.61
.54
.57
.72
. 36
.45
.40
.48
.62
.34
.56
.57
.53
.73
.36
.49
.40
.49
.64
.36
.56
.60
.52
.73
.35
.51
.50
.66
.35
.55
.60
.55
.73
.36
.51
.39
.50
.67
.36
.57
.59
.55
.76
.36
.50
.40
.49
.65
.37
.57
.62
.55
.79
.36
.50
.42
.49
.65
.37
.59
.63
.54
.80
.36
.52
.41
.49
.66
.38
.57
.60
.55
.79
.37
.53
.41
.49
.67
.37
.59
.61
.59
.81
.35
.50
.41
.45
.65
.36
.63
.63
.57
.85
.35
.55
.40
.43
.69
.37
.59
.62
.52
.82
.36
.51
.43
216
.47
.68
.37
57
.62
.52
.82
.37
.52
.42
209
199
188
167
161
159
161
160
••170
162
157
59
44
23
60
46
21
60
45
20
60
46
20
61
46
19
62
47
19
62
47
18
62
47
19
63
48
20
64
49
19
1
1
1
10
10
8
8
2
7
62
2
7
60
2
7
69
2
6
62
PUBLIC ASSISTANCE
Total public assistance and earnings of persons
employed under Federal work programs!
mil. of doL .
Assistance to recipients:§
Special types of public assistance
do
Old-age assistance*
do
General relief
do
Subsistence payments certified by the Farm
Security Administration--.mil. of dol
Earnings of persons employed under Federal
work programs:
Civilian Conservation Corps--.mil. of doL.
National Youth Administration:
Student work program
do
Out-of-school work program
do
Work Projects Administration
do
Other Federal agency projects financed
from emergency fundsf
mil. of doL.
Earnings on regular Federal construction
projects*
mil. of doL.
58
43
29
15
(a)
C)
C)
16
15
3
9
97
3
8
94
1
1
1
1
1
1
1
111
116
106
110
119
130
137
157
167
167
166
188
13
(a)
3
8
81
8
61
(a)
(•)
C)
(•)
FINANCE
BANKING
Acceptances and com'l paper outstanding:
Bankers' acceptances, total
mil. of dol__
Held by accepting banks, total
do.___
Own bills
do
Bills b o u g h t - .
do
Held by others*
do
Commercial paper outstanding
do
Agricultural loans outstanding of agencies supervised by the Farm Credit A dm.:
Total, excl. joint-stock land bks.t-mil. of dol..
Farm mortgage loans, total
do
Federal land banks
do
Land Bank Commissioner
do
Loans to cooperatives, total
do
Banks for cooperatives, incl. central
bank
mil. of dol..
Agr. Mktg. Act revolving fund
do
Short term credit, totalf
do
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and banks for
cooperatives^
mil. of doL.
Other financing institutions
do
Production credit associations
do
Regional agr. credit corporations-..do
Emergency crop loansf
do
Drought relief loans
do
Joint-stock land banks, in liquidation._do
Bank debits, total (141 cities)
do
New York City
do
Outside New York City
do
Federal Reserve banks, condition, end of mo.:
Assets, total
mil. of dol..
Res. bank credit outstanding, total—.do
Bills discounted
do
United States securities._.
...do
Reserves, total
do
Gold certificates
do
Liabilities, total
do
Deposits, total
do
Member bank reserve balances
do
Excess reserves (estimated)
do
Federal Reserve notes in circulation . . d o
Reserve ratio
percent..
183
146
89
57
37
384
217
170
107
63
47
263
220
170
105
66
49
275
215
164
105
60
51
295
213
161
101
59
52
299
210
161
106
55
49
330
197
148
100
47
50
354
177
131
85
46
46
371
185
138
90
47
47
378
194
144
93
51
50
387
194
146
92
54
49
375
197
154
103
52
43
381
190
144
92
53
46
388
2,876
2,311
1,731
580
125
2,976
2,475
1,836
640
88
2,982
2,467
1,830
637
85
2,988
2,458
1,824
634
90
2,988
2,448
1,818
630
90
2,986
2,437
1,811
626
96
2,975
2,426
1,804
622
99
2,954
2,411
1,795
616
111
2,924
2,395
1,786
610
119
2,906
2,380
1,776
604
128
2,891
2,361
1,764
597
133
2,873
2,343
1,753
590
130
2,878
2,332
1,746
586
129
106
16
440
70
16
413
68
16
431
74
16
440
74
16
450
80
16
453
83
16
450
94
16
431
101
16
410
109
17
398
113
17
397
111
16
400
110
17
417
247
43
219
4
127
4,
30
44, 807
17,056
27, 751
203
37
195
6
125
50
45
40,988
17,402
23, 586
212
39
207
6
129
50
44
38, 731
15. 657
23, 074
217
40
215
6
130
50
44
39,919
16,124
23, 795
225
42
221
7
130
50
43
42,135
17, 282
24,853
227
44
224
7
129
50
41
40,947
16, 288
24,660
229
45
221
7
128
49
39
39,112
15, 079
24, 033
225
43
208
7
125
49
38
39,964
15, 654
24, 310
219
39
194
7
121
49
36
46,463
19,148
27, 315
220
38
187
7
118
48
35
41,152
16,077
25,075
226
39
188
6
117
48
33
51, 717
20, 598
31,118
225
40
191
5
118
48
32
44, 261
17,247
27, 014
235
41
203
4
122
47
32
37, 773
14, 242
23, 531
24,187
2,355
23,409
2,243
23,833
2,275
24,026
2,264
24,211
2,309
24,192
2,312
24, 353
2,361
24, 288
2,369
2,244
20, 821
20,495
24,187
14, 268
12, 575
3,073
8,635
90.9
2,184
20,436
20,112
23,409
16, 272
13, 371
5,776
6,143
91.2
23,704
2,267
o
2,184
20, 583
20.322
23, 704
15, 863
13, 051
5,210
6,724
91.1
23,828
2,293
Q
23,686
2,234
o
2,184
20, 533
20, 204
23,686
16,220
13, 524
5,771
6,282
91.3
23,859
2,280
Q
2,184
20, 603
20, 317
23, 828
15, 781
13,151
5,215
6,857
91.0
2,184
20, 571
20, 314
23,833
15, 521
12, 794
4,796
7,080
91.0
2,184
20, 712
20, 461
24, 026
15,489
13, 227
5,169
7,234
91.2
2,184
20,841
20, 572
24,211
15,466
12, 580
4,557
7,432
91.0
2,184
20, 822
20, 569
24,192
15, 213
13,140
3,828
7,669
91.0
2,254
20, 764
20, 504
24,353
14, 678
12,450
3,085
8,192
90.8
2,243
20, 902
20, 533
24, 288
14, 715
12, 927
3,347
8, 303
90.8
24, 322
2,412
5
2,262
20, 846
20, 515
24, 322
14, 441
12, 619
2,969
8, 559
90.6
A
2,184
20, 615
20,325
23, 859
16,132
13,724
5,801
6,503
91.1
a
» Revised.
•
Less than $500,000.
•None held by Federal Reserve banks.
f Construction wage rates as of April 1, 1942: common labor, $0,788; skilled labor, $1.54.
§Figures for special types of public assistance and general relief exclude the cost of hospitalization and burial. The cost of medical care is also excluded beginning September 1940; this item is included in all earlier data on general relief and in figures for July 1937-August 1940 on special types of assistance.
cf"To avoid duplication these loans are excluded from the totals.
fRevised series. Total public assistance and "other Federal agency projects financed from emergency funds" revised to exclude earnings on regular Federal construction
projects and also on projects financed from Reconstruction Finance Corporation funds; revised data beginning January 1933 will appear in a subsequent issue. For revisions
in data on emergency crop loans published in the Survey prior to the September 1940 issue, see note marked " t " on p. 76 of the February 1941 Survey.
•New series. For data beginning 1933 for old-age assistance, see table 56, p. 17 of the December 1940 Survey. Data on earnings on regular Federal construction projects
beginning January 1933 will appear in a later issue.
S-14
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
March
May 1942
March
April
May-
June
; 1943
August
July
September
October
Novem- December
ber
January
February
FINANCE—Continued
BANKING—Continued
Federal Reserve reporting member banks, condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. of dol_.
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol_.
States and political subdivisions
do
United States Government
do
Time, except interbank, total
do
Individuals, partnerships, and corporations
mil. of doL.
States and political subdivisions._.do
Interbank, domestic
do
Investments, total
do
U. S. Govt. direct obligations, totaL.do
Bills
do....
Bonds
do
Notes
do
Obligations guaranteed by U. S. Government
mil. of doL.
Other securities
do
Loans, total
do
Commerc'l, indust'l, and agricult'L..do
Open market paper
do
To brokers and dealers in securities..do
Other loans for purchasing or carrying
securities
mil. of doL.
Real estate loans
do
Loans to banks
do
Other loans
do
Installment loans to consumers:*
By credit unions:
Loans made
-do—
Repayments
do
Amount outstanding, end of month..do
By industrial banking companies:
Loans made
...do—
Repayments
do
Amount outstanding, end of month..do
By personal finance companies:
Loans made
do—
Repayments
do—
Amount outstanding, end of month..do
Money and interest rates:§
Bank rates to customers:
New York City
percent..
7 other northern and eastern cities
do
11 southern and western cities...
do
Discount rate (N. Y. F. R. Bank)
do....
Federal land bank loans
do
Federal intermediate credit bank loans.do
Open market rates, N. Y. 0 . :
Prevailing rate:
Acceptances, prime, bankers, 90 days
percent..
Com'l paper, prime, 4-6 months—do
Time loans, 90 days (N. Y. S. E.)..do...
Average rate:
Call loans, renewal (N. Y. S. E.)...do...
U. S. Treasury bills, 3-mo.*
do..Average yield, U. S. Treasury notes, 3-5 yrs.:
Tax-exempt.
percentTaxable*
do._.
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of dol.
U. S. Postal Savings:
Balance to credit of depositors. _
do.__
Balance on deposit in banks
do.._
COMMERCIAL FAILURES!
24,197
23,093
23, 712
24,311
23,949
24, 544
24,349
24,277
24, 258
24,324
23,650
24, 747
24, 712
23,673
1,916
1,869
5,137
22, 518
1,747
396
5,465
23,173
1,903
386
5,476
23, 612
1,870
390
5,449
23, 667
1,604
463
5,443
24,029
1,750
470
5,444
23, 719
1,876
591
5,445
23,894
1,906
580
5,448
23,662
1,889
653
5,459
23, 814
1,780
826
5,410
23,993
1,721
1,475
5,368
24, 206
1,820
1,451
5,259
24, 595
1,804
1,671
5,205
4,953
164
8,885
19,100
12, 705
680
9,671
2,354
5,269
171
9,343
17,124
10, 578
742
7,653
2,183
5,269
181
9,043
17, 680
10, 812
869
7,753
2,190
5,240
183
9,220
17, 689
10,974
929
7,833
2,212
5,243
174
9,272
17, 872
11, 255
1,080
7,929
2,246
5,260
158
9,078
18,199
11, 279
1,074
7,952
2,253
5,268
156
9,355
18, 335
11,251
1,019
7,949
2,283
5,267
160
9,669
18,101
10,982
785
7,917
2,280
5,285
153
9,357
18, 379
11,318
797
8,277
2,244
5,232
155
9,405
18,432
11,860
990
8,342
2,528
5,172
173
9,040
18, 715
12,085
883
8,667
2,535
5,058
181
9,088
19, 087
12, 689
1,240
9,087
2,362
5,005
180
9,033
19, 551
13,132
1,206
9,589
2,337
2,684
3,711
11,394
7,003
424
2,753
3,793
9,828
5,465
347
504
3,115
3,753
9,870
5,532
354
465
3,022
3,693
10, 226
5,673
367
571
3,038
3, 579
10, 453
5,897
371
529
3,309
3,611
10, 572
6,047
388
478
3,316
3,768
10,903
6,222
397
607
3,319
3,800
11,024
6,447
397
494
3,330
3,731
11, 203
6,554
419
531
2,922
3,650
11,259
6,593
428
548
2,964
3,666
11,370
6,722
423
535
2,709
3,689
11,255
6,778
424
448
2,723
3,696
11,392
6,902
422
471
407
1,245
29
1,878
454
1,228
52
1,778
445
1,235
40
1,799
451
1,239
42
1,883
453
1,244
40
1,919
439
1,253
43
1,924
436
1,256
45
1,940
428
1,257
39
1,962
431
1,265
37
1,966
427
1,256
38
1,969
422
1,259
35
1,974
409
1,248
37
1,911
410
1,250
37
1,900
25.4
27.5
190.3
31.8
26.4
195.4
34.3
26.5
203.2
35.3
28.3
210.2
32.7
26.8
216.1
30.8
27.1
219.8
29.6
27.0
222.4
24.0
25.9
220.5
25.2
28.0
217.7
23.0
26.2
214.5
25.0
28.1
211.4
17.9
29.9
199.4
18.6
25.6
192.4
40.7
45.1
281.6
50.7
47.5
291.5
51.6
46.6
296.5
52.5
47.5
301.5
51.8
47.0
306.3
49.5
46.7
309.1
46.1
46.1
309.1
38.4
42.4
305.1
43.0
45.1
303.0
40.8
44.1
300.3
44.9
47.6
297.6
'38.3
46.0
289.9
34.8
39.7
285.0
85.9
84.8
526.7
84.9
80.3
506.1
88.9
81.0
514.0
85.3
80.0
519.3
87.0
79.3
527.0
85.0
80.9
531.1
86.2
81.3
536.0
68.5
74.5
530.0
76.3
79.3
527.0
81.6
80.9
527.7
103.6
93.4
537.9
66.0
72.3
531.6
64.6
70.6
525.6
1.85
2.48
3.20
1.00
4.00
1.50
2.06
2.53
3.25
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.95
2.58
3.23
1.00
4.00
1.50
1.00
4.00
1.50
1
.
2.62
3.29
1.00
4.00
1.50
1.00
4.00
1.50
1.88
••2.45
2.99
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
Mge
Me
H-tt
VA
7 6
i
Me
H
1W
1.00
.082
.44
.72
1.00
.089
1.00
.097
.38
.68
m
1U
1.00
4.00
1.50
1.00
4.00
1.50
Me
Me
Me
Me
VA
IX
VA
Me
H-H
VA
Ma
m
1.00
.108
1.00
.055
1.00
.049
1.00
.242
1.00
.298
1.00
.214
1.00
.250
.37
.67
.33
.34
.62
.41
.72
.57
.90
.64
1.02
.47
.96
.44
.93
1.00
.212
1.44
.93
1.00
1.00
.092
.50
.84
.52
.81
5,392
5,661
5,627
5,604
5,628
5,575
5,555
5,555
5,554
5,541
5,549
5,433
5,401
1, 305
24
1,320
31
1,317
30
1,310
30
1,304
30
1,307
29
1,309
28
1,311
28
1,317
27
1,324
27
1,314
26
'1,310
'25
1,307
23
1,211
58
60
188
12
10
39
5
5
22
6
18
4
35
3
31
800
105
13,444
855
1,149
35
70
191
1,119
40
63
181
8
4
36
3
10
22
Grand total
.number..
1,048
Commercial service, total
do
48
Construction, total
do
77
Manufacturing and mining, total
do
188
Mining (coal, oil, miscellaneous)
do
6
Chemicals and allied products
do-...
4
Food and kindred products
do....
43
Iron and steel products
do
7
Leather and leather products
do
8
Lumber and products
do..-.
25
Machinery
do
10
Paper, printing, and publishing
do._..
24
Stone, clay, and glass products
do
Textile-mill products and apparel
do
36
Transportation equipment
do
Miscellaneous
do
18
Retail trade, total
do..650
Wholesale trade, total
do....
85
Liabilities, grand total
. . t h o u s . of dol._
12,011
Commercial service, total
do
1,194
8
44
7
4
18
13
14
4
36
1
30
745
108
13,827
573
14
6
52
3
20
735
100
10,065
647
970
36
51
166
6
8
25
5
6
22
5
19
6
48
3
15
619
98
9,449
401
908
40
59
165
4
4
954
46
76
166
9
735
46
39
123
3
5
36
5
18
7
19
4
1
34
3
25
570
74
13,422
500
5
7
42
7
46
8
12
10
6
18
6
21
585
81
11,134
672
3
4
3
15
460
67
9,393
447
5
19
8
13
17
2
15
39
1
39
4
3
18
7
3
842
38
51
167
8
11
7
31
2
809
29
57
138
15
3
23
2
33
2
12
516
69
7,333
358
24
529
57
9,197
448
898
62
63
146
962
53
65
159
4
916
59
57
141
4
4
5
11
6
8
25
39
31
4
5
5
5
6
5
5
12
11
13
7
5
3
8
14
13
15
3
3
1
2
42
44
24
2
1
3
2
19
25
23
540
604
589
87
81
70
13,469
9,916 9,631
863
589
927
Construction, total
do....
896
765 1,120
913
684 1,072 1,732
594
577
618 1,161
851
920
' Revised.
§For bond yields see p. S-18.
i No tax-exempt notes outstanding within maturity range after March 15, 1942. Average shown for March 1942 covers only first half of month.
t Revised series. For data beginning January 1940 and an explanation of the revision, see p. 32 of the March 1941 Survey. For previous revision of 1939 data, see p. 31 of the
March 1940 Survey.
*New series. For data beginning 1929 for industrial banking companies, personal finance companies and credit unions, respectively, see table 35, p. 18 of the September
1940 Survey, table 25, p. 26 of the September 1941 Survey, and table 27, p. 26 of the October 1941 issue. The series on 3-months' bills of the U. S. Treasury represents the rate
on new issues offered within the month, tax-exempt bills prior to March 1941, taxable thereafter; earlier data will be published in a subsequent issue. Earlier data for the series
on taxable Treasury notes appear on p. S-14 of the April 1942 Survey.
May 1942
S-15
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
1941
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
COMMERCIAL FAILURES!—Continued
Liabilities—Continued.
Manufacturing and mining, total..thous.of dol.
Mining (coal, oil, miscellaneous)
do
Chemicals and allied products
_do
Food and kindred products
do
Iron and steel and products
do
Leather and leather products
.do
Lumber and products
_
_
...do
Machinery
do
Paper, printing, and publishing
.do
Stone, clay, and glass products
do
Textile-mill products and apparel
do
Transportation equipment
do
Miscellaneous
do
Retail trade, total
do
Wholesale trade, total
._
..do
3, 739
299
22
1,102
166
204
390
191
493
124
427
25
296
4, 813
1,369
3,647
394
78
1,051
215
56
282
85
523
25
359
119
460
6,128
2,049
4,421
202
103
1,493
257
20
451
271
240
250
434
55
645
3,970
3,743
2,777
104
19
807
93
110
215
119
168
95
712
175
160
4,765
963
3,155
157
82
451
88
188
201
113
251
16
1,030
328
250
3,591
1,618
429
55
731
126
72
597
346
584
272
562
36
2,888
3,579
1,573
3,799
56
61
1,503
280
314
165
95
712
55
357
45
156
3,492
1,439
4,189
99
185
2,262
66
37
342
477
103
17
167
7
427
3,239
924
2,879
146
73
1,027
128
117
333
229
142
28
238
269
149
2,790
729
3,827
328
226
763
84
63
366
203
562
83
528
56
565
3,472
832
27, 080
5,071
673
4,398
1,452
2,216
25, 551
4,744
663
4,081
1,632
2, 358
25, 655
4,759
666
4,093
1,618
2,347
25,752
4,778
669
4,109
1,607
2,335
25,888
4,796
673
4,123
1,605
2,325
26,002
4,820
674
4,146
1,593
2,312
26,106
4,851
721
4,130
1,585
2,302
26, 245
4,882
678
4,204
1,575
2,293
26, 376
4,924
677
4,247
1,558
2,281
16, 754
7,830
5,983
4,351
2,671
1,902
986
601
15,116
6,778
4,943
3,879
2,719
1,740
1,144
557
15,185
6,792
4,961
3,931
2,717
1,745
1,192
554
15, 243
6,788
4,962
3,965
2,720
1,770
1,201
15,418
6,914
5,082
3,972
2,711
1,821
1,202
542
15, 582
6,987
5,157
4,043
2,737
1,815
1,171
524
15, 718
7,047
5,191
4,068
2,748
1,855
1,120
530
15,814
7,092
5,233
4,108
2,747
1, 867
1,139
542
724
55
456
213
652, 459
97, 826
140, 735
413, 898
291, 538
24,130
18, 789
64, 257
184,362
816
43
514
259
646,196
41, 992
148,978
455, 226
280, 568
26,494
13, 561
62, 514
177, 999
784
24
502
259
661, 627
51,096
147,462
463,069
261,495
21,414
12, 965
61, 977
165,139
34
516
259
657,027
46,765
151, 391
458, 871
265,108
25. 389
14,142
56,964
168, 613
736
32
459
246
648,144
' 62, 977
135, 633
449, 534
272,173
29,859
r 12,520
61,120
r 168, 674
729
49
438
243
660,125
82,909
128,783
448,433
271,482
33,693
13, 782
52, 341
171, 666
729
42
450
237
645,046
71, 689
131,329
442,028
245,173
20,732
13,149
56,423
154, 869
738
62
431
245
699, 549
130,229
128,493
440,827
251,887
21,478
13,828
60, 842
155, 739
5,651
577
254
547
553
159
238
780
206
81
877
2
1,377
4,323
1,471
3,550
184
200
1,378
173
99
176
51
70
4
615
100
500
3,641
1,285
2,525
182
73
470
116
119
456
66
214
33
319
22
455
4,232
1,027
26, 508
4,959
675
4,284
1,541
2,271
26, 662
5,012
675
4,337
1,488
2,255
26, 817
5,023
671
4,352
1,483
2,241
26,928
5,047
672
4,375
1,474
2,228
16,265
7,391
5,546
4,224
2,763
1,887
815
533
16,368
7,439
5,603
4,238
2,755
1,936
828
541
16, 641
7,743
5,908
4,255
2,682
1, 961
681
585
16, 528
7,613
5,779
4,309
2,687
1,919
955
587
16, 706
7,816
5,981
4,304
820
42
499
279
730,327
74, 794
148,388
507,145
261,865
22,840
14, 637
55, 685
168, 703
759
38
470
251
681,479
89, 360
141,349
450, 770
247,966
23, 670
11, 949
53,168
159,179
1,193
246
598
349
1,141,316
298,817
186,190
656,309
414,137
90,148
24,757
84, 397
214,835
770
33
404
334
955, 353
49, 076
119, 820
786, 457
295,827
38, 921
17,842
61, 281
177, 783
677
32
418
227
649
231
492
926
778
378
040
578
782
LIFE INSURANCE
Association of Life Insurance Presidents:
Assets, admitted, total}:
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
mil. of dol..
Gov't. (domestic and foreign), total-do
U. S. Government
do
Public utility
do....
Railroad
do
Other
do
Cash
do
Other admitted assets
do
Insurance written:®
Policies and certificates, total number
thousands.Group
do....
Industrial
do
Ordinary
do
Value, total
thous. of dol..
Group
do
Industrial
do
Ordinary
.'.
.do
Premium collections, total®
do
Annuities
do
Group
do
Industrial
..do
Ordinary
do
Life Insurance Sales Research Bureau:
Insurance written, ordinary, total
do
New England
do
Middle Atlantic.
do
East North Central
do
West North Central
.do
South Atlantic
do
East South Central
do
West South Central
do
Mountain
.do
Pacific
do_...
Lapse rates
1925-26=100..
1,906
650,
50,
126,
473,
272,
25,
15,
57,
174,
552,044 598,217 597, 203 604,162 594,164 582,292 581,171 581,998 658, 339 581, 692 879,492 1,001,653 634, 538
46, 258 66, 292
42, 030 46, 533 47, 503 49, 078 47, 099 47, 531 44, 850 45,204
51,195
83, 056
51, 310
138, 708 160, 635 161,810 161,514 154,975 153,032 147, 610 148, 781 181,013 158,819 251, 633 309, 292 175, 355
126, 330 138,612 136, 931 140,480 134,008 132, 766 131,895 131, 367 152,179 135, 360 196, 569 220, 739 141,939
52, 792 79, 864
53,182 54,634
56,182
87, 332
56, 020 57, 076 55,069
55, 746 55,457 59,526
60, 218
90, 218
63,413
66,130
57,874
52, 173 59, 030 60, 599 61,160
57, 946 61,535
91, 272
61,115
60, 754
34,154
24, 960 25,156
23,383
24, 583 24, 524 26, 792 23, 347 24, 233 26, 556 24,845
38, 273
24, 742
46, 534 47, 986 43, 591 41, 650 45, 385 43,173
67, 602
44, 993 43, 619 45, 507 40, 553 64, 976
44, 577
14, 533 14,517
15, 692 15, 355 15,110
15,854
21, 694
15, 624 15, 337 16, 507 13, 910 20,480
15, 345
52,068
61,437 52, 743 75,306
53,205
53, 594 51,114
50, 312 52,988
82, 393
54, 685 54,562
60, 298
87
87
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
Argentina
dol. per paper peso..
.298
.298
.298
.298
.298
.298
.061
.061
.061
.061
.061
.061
.061
.061
.061
Brazil, official
_dol. per milreis..
.061
.061
.061
.061
.301
.302
.301
.302
.301
.301
.301
.301
.301
British India
dol. per rupee..
.301
.301
.301
.301
.874
.888
.878
.886
.882
.891
.884
.877
.877
Canada
dol. per Canadian dol_.
.874
.883
.890
.850
.570
.570
.570
.570
.570
.570
.570
.570
.570
Colombia.dol. per peso..
.570
.570
.570
.570
.206
.206
.206
.205
.205
.205
.206
.206
.205
.205
.205
.205
Mexico
do
.205
4.035
4.033
4.035
4.034
4.032
4.033
4.035
4.035
4.025
4.031
4.032
4.032
United Kingdom
dol. per £ . .
4.032
Gold:
22, 737
22, 761 22,800 22,785
22, 747
22, 705
22, 719
Monetary stock, U. S
mil. of dol. _ 22, 687 22, 367 22, 506 22, 575 22, 624 22,675
Movement, foreign:
3,980 -27,728 - 3 1 , 202 -46,786 -32,231 -60,913 - 9 9 , 705 -38, 506 -109,277
Net release from earmark* __thous. of dol._ -65, 525
213 -10,494 -3,846
3
7
5
Exports
do
2
13
3
5
6
()
65, 707 40, 444
Imports
do
30, 719 37,055
118, 569 171,994
36,979
34,835
Production, estimated world total, outside
U. S. S. R
thous. of dol..
106,365 105, 525 105,140 105,875 109, 970 108, 535 109,935 111,265 ••107,940 105,105
Reported monthly, totals
do
89, 944 r 89,185 ' 88, 710 ' 89,493 v 93, 349 v 92, 227 v 93, 591 v 94, 665 v 91, 326 v 88, 509 P 87,225 * 78,196
Africa
do
47,089 ' 46, 512 ' 47,871 ' 46,339 r 48, 212 ' 47, 587 '47,212 v 47, 999 v 46,640 v 47, 339 » 47, 564 v 44,659
14, 746
15,499
15, 578 16,141
14,198
13,147
Canada
do
15,629
16, 353
15,384
15, 721 15, 890 15,983
18, 781 19, 740 16, 700
14, 982
18,463
20.807
United States
do
15, 949 16, 340 15,948
16,395
10, 034
17,413
Receipts at mint, domestic (unrefined)
fine ounces __ 260,858 275,091 292, 251 254,137 255,262 358, 603 322, 506 385,350 338, 233 324,135 237,660 235, 571 134,028
10, 640 11,160
9,612
10,364
9,732
10,163
Currency in circulation, total
mil. of dol.. 11, 566
9,995
11,175
8,924
9,071
9,357
11, 485
Silver:
348
70
210
353
Exports..
-thous. of dol..
1,212
207
615
1,048
4,221
4,099
3,356
4,686
Imports.
do
3,347
3,561
4,489
4,346
()
.351
.348
.348
.348
.348
.348
.351
.351
Price at New York
dol. perfineoz__
.348
.348
.351
.348
.348
23, 214 22, 763 22,607
21.808 ' 20,474 18, 352 21,196
Production, world
thous. offineoz..
20,359
22, 774 22,394
2,058
1,625
1,852
1,660
1,640
1,722
Canada§
do
1,902
1,538
1,802
1,484
1,681
8,062
6,944
5,973
3,769
6,726 r 6, 878
5,548
Mexico._
do
7,152
6,339
4,429
5,047
5,620
5,087
United States
_..do
6,310
6,277
5,661
6,445
5,843
6,465
4,470
4,631
Stocks, refinery, end of month:
1,947
United States
_
do....
2,324
2,235
2,803
1,231
1,036
2,739
4,382
2,382
1,619
2,181
3,224
* Revised.
* Preliminary.
• Publication of data discontinued.
$36 companies having 82 percent of total assets of all United States legal reserve companies.
<> 39 companies having 81 percent of total life insurance outstanding in all United States legal reserve companies.
g
• Or increase in earmarked gold (—).
JSee note marked " 1 " on p. S-15 of the February 1942 Survey in regard to changes that have affected the comparability of the data; a subsequent revision of the data for
Africa and the total reported monthly beginning April 1941 includes estimates for Sierra Leone and Nigeria and are as reported by the Bureau of Metal Statistics.
§ Data reported by the Canadian Government; see note marked " § " on p. 33 of the June 1941 Survey.
S-16
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939 to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
Mav 1942
1941
March
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
FINANCE—Continued
PROFITS AND DIVIDENDS
Industrial corporations (Board of Governors of
the Federal Reserve System): *
Net profits, total (629 cos.)
mil. of doL.
Iron and steel (47 cos.)---do
Machinery (69 cos.)
do
Automobiles (15 cos.)
do
Other transportation equipment (68 cos.)
mil. of dol__
Nonferrous metals and products (77 cos.)
mil. of dol__
Other durable goods (75 cos.)
do
Foods, beverages, and tobacco (49cos.)-do
Oil producing and refining (45 cos.)-.do
Industrial chemicals (30 cos.)
do
Other nondurable goods (80 cos.)
do
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):
Net profits
do
Dividends:
Preferred
do
Common
do
Public utilities, except steam railways and telephone companies, net income (52 cos.) (Federal Reserve Bank of New York) .mil. of dol_.
Railways, Class I, net income (Interstate Commerce Commission)
mil. of doL_
Telephones, net operating income (91 cos.)
(Federal Communications C o m m i s sion)
mil. of dol.
Corporate earnings (Standard and Poor's):
Combined index, unadjusted*
1926=100.
Industrials (119 cos.)
do
Railroads (class I ) #
do...
Utilities (13 cos.)
do
510
86
44
79
549
84
48
73
560
81
46
60
558
73
55
59
53
56
56
39
23
36
29
49
44
29
36
28
43
42
53
48
38
30
44
56
52
49
46
286
297
284
280
22
153
23
165
23
170
24
221
61.3
53.6
39.1
69.9
103.2
188.4
59.7
61.8
v 107. 7
113.5
40.9
v 149. 3
v 108. 3
111.
59.9
v 139.6
58.
v 107. 9
v 106. 3
112.6
v 109. 3
138.4
72.3
' 116. 2
v 121.1
P 83.0
P 126. 2
PUBLIC FINANCE (FEDERAL)
War programs In the United States, cumulativ G
totals from June 1940: *
Program J
mil. of dol_. 141, 374
68, 207
68,373
80,604
97,768 p112,999
61, 663
52, 508
40, 861
34,932
60,918
40,838
39, 418
102, 392
Commitments
-do
49, 619
51,441
56,625
65,039 v 85, 971
44,284
35, 548
22,613
39, 650
31,587
27,889
24,035
p 26, 021
14,431
Cash expenditures §
do
12, 676
16,050
18,220 I 20,517 p 22, 970
9,870
11,160
8,757
7,763
6, 770
5,822
62, 419
53,608
Debt, gross, end of month...
do
51,371
55,066 I '58,020
60,012
62, 381
50, 936
49, 540
48,979
47,737
47,236
47,176
Public issues:
54, 606
44,157
47,755 1 50, 551 52,468
Interest bearing
do
46,401
42,285
54, 705
42,669
43,916
41,342
40,901
40,972
544
504
574
Noninterest bearing
do
481
556
486
487
561
593
550
557
480
548
Special issues to government agencies and
6,664
trust funds
mil. of dol._
7,063
6,806
6,658
6,120
5,834
7,190
6,982
5,683
6,470
5,707
7,333
6,324
Obligations fully guaranteed by U. S. Gov't:
5,673
6,930
6,316
Total amount outstanding^f
mil. of dol._
5,673
6,929
6,360
'6,317
6,359
5,905
6,928
6,550
5,066
6,930
By agencies:d"
937
1,269
1,269
937
1,269
1,269
1,269
1,269
1,269
1,269
1,269
Federal Farm Mortgage Corp
do
930
1, 269
2,409
2,409
Home Owners' Loan Corporation f. do
2,600
2,409
2,409
2,409
2,409
2,409
2,409
2,409
2,600
2,409
2, 409
1,492
1,741
Reconstruction Finance Corp
do
1,741
1,492
2,101
1,802
2,101
1,802
2,101
1,741
1,097
2,101 1,563,712 1,882,011 2,089,336 1,860,445 2,557,103 2,630,968 ,629,839
1,492 1,400,675 1,316,452 1,142,207 1,545,602
Expenditures, totalf
thous. of dol
National defense*
d o , . 3,436,301 768, 982 782, 010 '857 091 ' 832, 233 1,600,253 '1,129,286 '1,327,393 1,533,678 1,445,603 1,846,555 2,100,754 2,201,081
96, 930
22, 025 '966.183
2,798,958
60,866
57, 865
71, 820 112, 840 106, 251
Agricultural adjustment program*
do
32, 456
26, 764
27, 295
89, 814
44,232 105, 707 108,493 109,414
92, 262
81, 384 '155. 100 143, 965 r 141, 554 ' 130, 897
93, 564
95,347 114,805
Unemployment relief*
do.
9,360
9, 565 132,075
95, 887
41, 540
45,010
9,750
28,075
Transfers to trust accountf
do.
8,750
14,311
6,200
11,580
22, 550
12, 136
22, 113 150, 211
31,737
74,604
15,490 232, 446
8, 556 169,359
11, 503 339, 431 168,554
Interest on debt*
do.
73, 335
24,828
1,070
17,128
204, 886
3,270
6,710
2,740
15, 553
34, 223
7,951
1,539
1,335
1,171
Debt retirements
do.
2,654
15, 392 '212,390
244, 864 230,161 • 262, 055 • 219, 696 226,154 253, 851 217, 000
227,030 r 91, 850 '194, 322
All other*
do.
219, 681 1,566,871 602,443 541,159 1,277,092 261, 726 553, 833 1,136,079 488, 758 730,198 1,214,417 614,084 937, 281
Receipts, total
do
3,547,800 1,566,408 565, 418 393, 683 1,276,009 455, 556 396, 510 1,131,914 445, 293 563, 949 1,212,303 577, 647 757, 976
Receip ts, net*
.do.
27, 284
3,547,169
34,040
29, 967
35, 187
32,926
34,511
36,114
39,950
49,197
41,060 ' 38,217 412,942
Custom
do.
36, 743 500,132 1,076,506 431,294 682, 682 1,159,387 555, 031 879, 417
32, 559 1,513,017 362,005 482, 858 1,211,087
Internal revenue, total
do
282, 506
916,170 399, 783
66, 229 767, 098 133, 469
3,493,082 1,207,513
68, 308
58, 674 779,917
63, 271
74, 881
Income taxesf _
do
83, 668 172,696
31,817
37,197
48,910 180,561
41,376
52, 576 256, 955
34,131
43,053 165, 204
Social security taxes
d o . . . 3,082,627
47,926
48, 576
Government corporations and credit agencies:
14, 452
14.908
15,224
14,580
14,076
14, 660
13, 882
13, 277
12, 909
13, 853
13,108
13, 282
Assets, except interagency, totaL.mil. of dol..
9,033
9,167
9,001
8,796
9, 063
9, 059
8,864
8,804
8,681
8,756
Loans and preferred stock, total
do
Loans to financial institutions (ind. pre1,074
1,072
1,079
1,060
1,114
1,076
1,115
1,075
1,099
1,101
1,103
1,115
ferred stock)
mil. of dol.
484
497
498
483
498
497
497
505
497
505
523
523
Loans to railroads
do
2, 430
2, 380
2,413
2,424
2,401
2,427
2,445
2,413
2,413
2,436
2,406
2,427
Home and housing mortgage loans. _do
Farm mortgage and other agricultural
3,123
3.117
3,105
3,134
3,112
3,191
3,152
3,227
3,288
3,251
3,128
3,334
loans.
mil. of dol._
2,004
1, 934
1,957
1,933
1,472
1,996
1,511
1,553
1,386
1,409
1,690
1,738
All other
do
U. S. obligations, direct and fully guaran1,058
1,021
1,027
1,015
967
999
947
905
925
897
968
880
teed
mil. of dol..
782
689
751
664
714
698
636
653
623
671
602
608
Business property..
do
2,017
1,805
1,891
1,879
1,497
1,392
1,625
1,567
1,245
1,710
1,297
1, 964
Property held for sale
do
1,911
2,308
1,889
1, 980
1,389
1,415
1, 800
1,862
1,930
1,501
1, 685
All other assets
do
2, 104
Liabilities, other than interagency, total
9,417
9,219 ! 9,418
10, 306
10, 231
9,690
9,297
9,765
10,142
9,377
10,123
mil. of dol..
Bonds, notes, and debentures:
6,324
5, 697
6,371
5, 705
6,937
6,937
6,938
6,324
6,939
6,370
5,916
6,560
Guaranteed by the U. S
do
1, 396
1,434
1,445
1,434
1,416
1,393
1,442
1, 402
1,392
1,443
1,385
1,390
Other
do...
2,325
1, 741
1,952
1, 761
1,492
1,859
1,974
1,604
2, 111
2,049
1,432
1,391
Other liabilities, including reserves.._do__.
434
426
427
424
423
432
428
430
425
421
431
422
Privately owned interests
do
Proprietary interests of the U. S. Govern: 5, 372
5, 256
3,333
4,464
3,436 I 3,286
3,388
3,792 I 3,484
3,718 I 4,459
3,418
ment
.mil. of dol.
r
Revised.
p Preliminary.
•Number of companies varies slightly.
cf The total includes guaranteed debentures of certain agencies not shown separately.
t February 1942 figures do not include $5,573,000,000, Naval Supply Bill, fiscal year 1943, approved February 7, 1942, but not legally available until July 1, 1942.
§Revised because of changes made by the Treasury in national defense expenditures. Earlier data beginning July 1940 are available upon request.
f Revised series. Data for total obligations guaranteed by the United States and for the Home Owners' Loan Corporation have been revised beginning September 1939
to exclude matured debt; earlier data shown in the Survey similarly exclude matured debt. For revised series under receipts and expenditures see note marked "*" on this page.
•New series. The new series on profits and dividends of industrial corporations of the Board of Governors of the Federal Reserve System have been substituted for the
Federal Reserve Bank of New York's series. For a description of the series and earlier data see table 10, p. 21 of the April 1942 Survey. For explanation of the new series on
the war program and earlier data see table 9, p. 21 of the April 1942 Survey. Net receipts represent total receipts less social security employment taxes which, beginning July 1940,
are appropriated directly to the Federal old-age and survivors insurance trust funds and do not appear as transfers to this fund under expenditures, as formerly; earlier data on
net receipts and revised data on income taxes appear in table 50, p. 18 of the November 1940 Survey, while earlier data for expenditures and transfers to trust accounts, revised
to exclude transfers to the old-age and survivors insurance trust fund, and data for the new items under expenditures are shown in table 31, p. 23 of the November 1941 Survey,
with the exception of subsequent revisions beginning July 1940 in national defense, unemployment relief and all other expenditures which will appear in a later issue.
May 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
S-17
SURVEY OF CURRENT BUSINESS
1942
March
1941
March
April
May
June
July
1943
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con.
Reconstruction Finance Corporation, loans outstanding, end of month ^
Grand totalf
thous. of doL. 3,361,947 1,982,357 2,019,992 2,088,763 2,152,711 2,230,358 2,363,687 2,541,142 2,820,257 2,880,470 2,938,413 2,988,673 3,166,909
Section 5, as amended, total
do
734, 696 773, 899 771, 727 752, 300 751, 305 740, 224 737, 864 738,058 725, 550 723, 604 734,171 725, 943 729, 730
Banks and trust companies, including
69,117
69,463
receivers
thous. of doL- 68, 265 105, 808 102, 702
99, 304
96, 702
92, 938
89, 787
85, 310
82, 986
79,887
4,368
5,817
Building and loan associations
do_
4,594
5,791
4,813
4,356
3,918
3, 574
3,370
3,266
3,161
3,161
2,897
1,742
Insurance companies
do 1,696
752
725
1,722
1,669
1,628
1,551
1,532
1,389
795
1,365
830
Mortgage loan companies
do193,993 172, 452 173,118 174, 640 176, 579 177,864 180, 517 182, 787 186, 389 187,185 186. 483 189,837 190,490
Railroads, including receivers
do
464,842 486, 877 486, 938 469, 658 469, 634 461, 567 460, 953 460,813 447, 771 447, 510 462, 496 461, 792 462,426
2, 652
All other under Section 5
do
2,408
2,435
2,365
2,308
1,482
1,469
1,079
1,425
1,398
1,315
1,158
1,128
Emerg. Rel. and Constr. Act, as amended:
Self-liquidating projects (including financ18, 644
ing repairs)
thous. of doL. 17, 452
18,615
17, 527
17, 515
18, 550
18, 291
18,124
18,085
17, 737
17, 578
18, 490
17, 671
Financing of exports of agricultural sur47
pluses
thous. of doL_
0
0
47
47
47
47
0
0
47
47
47
0
Financing of agricultural commodities
443
and livestock
thous. of doL_
439
434
434
434
443
439
436
431
431
403
437
437
Loans to business enterprises (including
participations)
thous. of doL. 142, 915 115, 827 114,478 154, 305 151, 733 150, 462 149, 603 147, 422 142, 618 145, 654 152, 385 148, 591 146,360
National defense under the Act of June 25,
1940*
thous. of doL. 1,191,436 137,171 188, 244 239,194 306, 243 355, 741 409, 626 567,097 694,087 785, 226 784, 396 853,203 993,473
Total, Bank Conservation Act, as amended
thous. of doL- 411,288 463, 248 460, 313 458, 471 455,198 451, 429 435, 828 433, 238 431, 335 429,898 426, 741 421,132 416, 380
83,161
Drainage, levee, irrigation, etc
do_
74, 497
78, 622
78, 626
76, 962
77, 243
74, 343
74, 044
72, 814
72,068
72,051
71, 859
75, 859
Other loans and authorizations!
do791, 897 389, 260 390, 389 391,090 390, 766 435,102 534, 915 559, 797 734,106 703, 940 749, 896 749, 777 790, 967
SECURITIES ISSUED
(Securities and Exchange Commission)*
Estimated gross proceeds, total
mil. of doL.
By'types of security:
Bonds, notes, and debentures...
do
Preferred stock
do
Common stock
do
By types of issuers:
Corporate, total
__do
Industrial
do
Public utility
do
Rail
.
..do
Other
do
Non-corporate, total
do
U. S. Government and agencies
do
State and municipal
do
Foreign Government
do
Non-profit agencies
do
New'corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
do
Plant and equipment
do
Working capital
do
Repayment of debt and retirement 'of
stock, total
mil. of doL.
Funded debt
do
Other debt
do
Preferred stock
do
Other purposes
do
Proposed uses of proceeds by major groups:
Industrial, total net proceeds,.mil. of dol._
New money
do
Repayment of debt and retirement of
stock
mil. of doL.
Public utility, total net proceeds..-do
New money
do
Repayment of debt and retirement *of
stock
mil. of doL.
Railroad, total net proceeds
do
New money
do
Repayment of debt and retirement of
stock
mil. of doL.
Other corporate, total net proceeds.do
New money
do
Repayment of debt and retirement of
stock
mil. of doL.
709
1,107
950
1,411
635
1,087
718
457
1,878
1449
2,319
1,345
2,335
693
16
1,069
33
4
935
10
4
1,389
18
4
619
12
4
1,051
32
4
712
4
2
439
14
5
1,820
4
54
i 429
12
8
2,285
21
14
1,290
37
17
2,315
19
0
102
47
49
6
0
607
558
49
0
1
268
73
186
8
1
839
653
180
4
3
145
68
71
2
4
805
702
102
0
2
265
71
147
47
1,146
1,032
113
0
1
234
63
112
59
0
401
315
85
0
1
117
55
33
23
5
970
916
54
0
0
408
60
318
24
6
310
266
43
0
172
25
103
43
1
285
232
51
0
2
227
76
81
26
45
1,651
1,584
64
0
2
140
73
58
1
8
>309
'233
74
0
1
128
39
52
28
9
2,192
2,131
60
0
(a)
164
44
109
10
1
1,181
1,061
118
0
2
78
39
35
4
0
2,257
2,216
41
0
263
142
259
229
114
404
170
224
137
125
161
76
67
55
12
27
18
66
51
15
80
69
11
41
31
10
185
168
17
31
20
11
91
64
26
80
60
20
51
34
17
71
38
33
39
34
5
194
171
15
113
90
2
21
2
192
188
4
148
127
16
5
1
70
58
10
12
4
214
198
14
2
5
139
135
2
2
128
117
11
1
5
57
37
19
1
57
44
3
10
17
89
80
9
0
26
12
2
11
11
71
17
66
7
69
15
61
20
54
9
59
18
74
48
71
29
38
17
43
43
38
11
52
184
46
57
71
17
54
144
6
40
110
9
44
33
7
41
316
142
23
80
11
42
56
45
15
51
3
107
18
16
34
25
137
8
54
2
0
138
45
45
101
58
51
25
23
23
173
24
24
67
25
21
11
1
1
37
28
28
r89
10
10
10
4
4
2
4
3
0
7
0
0
0
5
1
0
6
1
4
44
10
0
8
4
0
9
3
0
1
1
0
0
0
0
0
0
0
34
4
'6
0
C)
(a)
7
102
C)
(a)
(a)
(CommerciaL and Financial Chronicle) J
Securities issued, by type of security, total (new
capital and refunding)
thous. of dol.. 191,148
406,136 '921,642 r 405,242 -•881,800 ••613,810 r 472,424
273,962 •• 299,786 r 233,304 ' 217,398 333, 238 178, 528
r
New capital, total
do
103, 551
746,802 r 105,973 -•519,734 ' 297,239 r 361,029 • 64,840 -•132,499 ' 108,600 -•121,809 181, 760 122, 021
182,750
Domestic, totaL..
do
103, 551
182,750 -•745,952 ' 105,973 r 519,484 ' 296,839 r 361,029 • 64, 840 -•132,499 ' 108,600 -•121,809 181, 760 122, 021
Corporate, total
do
73,085
63, 874
86, 634
39, 470
90,467
43, 569 327,403
55, 209
89,427
59,466
87,186
34,265 103, 261
Bonds and notes:
Long term
do
55, 510
74, 636
55, 972
28, 437
60, 945
22.140
30, 377 323, 825
82,399
41,052
35, 595
49, 626
32, 436
Short term
do
641
2,010
0
0
55
0
0
0
0
0
575
5,000
0
Preferred stocks
do
7,324
10,387
15,040
29,468
0
9,825
1,603
2,700
2,645
36, 887
18, 735
8,458
13, 360
Common stocks
do
3,068
3,434
3,367
1,975
2,535
1,195
2,875
458
50, 935
3,809
54
17, 863
3,667
Farm loan and other Government agencies
thous. of dol..
8, 860
9,440 645, 442
5,440 369,741 212, 212
0
0
0
0
19, 520
11,175
36, 890
Municipal, State, etc
do
21, 606
•86,676 * 61, 040 r 36, 659 r 59, 276 -• 41, 058 « 33, 627 •30,575 ' 29, 238 "19,173 r 42,823
•
83, 399
29, 922
Foreign, total
_do
0
250
400
0
0
850
0
0
0
0
0
0
0
r
Revised.
^Includes repayments unallocated, pending advices, at end of month.
« Less than $500,000.
JFor revisions in 1939 data from Commercial and Financial Chronicle, see notes marked "%" on p. 34 of the September 1940 and p. 35 of the March 1941 Survey.
fRevised series. For revisions in data on total loans of the Reconstruction Finance Corporation and "other loans and authorizations" published in the Survey prior to
the October 1940 issue, see note marked "f" on p. S-16 of the February 1942 Survey. Certain comparatively small revisions have been made in the grand total which are not
carried into the detail.
*New series. National defense data include loans, participations and purchases of capital stock in corporations created by the Reconstruction Finance Corporation to
aid in national defense. The new series on new security issues have been substituted for the data on security registrations. Earlier data will be shown in a subsequent issue.
i Excludes offering of $502,983,000 1% Treasury Notes of SeriesA-1946 which were allotted to holders of Reconstruction Finance Corporation notes of Series P, maturing
November 1,1941, and of Commodity Credit Corporation notes of Series E, maturing November 15,1941.
S-18
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
Febrary
FINANCE—Continued
SECURITIES ISSUED—Continued
(Commercial and Financial Chronicle)t—Con.
Securities issued, by type of security—Con.
Refunding, totaL.
...thous. of dol_. 87, 597 223, 386 ••174,840 r299,269 ••362,066 r 316,571 ' 111, 394 ••209,122
87, 597 219,386 174,840 '299,269 ••362,066 •-316,571 111,394 r 209,122
Domestic, total.
do
39, 209 115, 288 107,181
197,102 113,390
Corporate, total
do
86, 468
74,427 161, 391
Bonds and notes:
39, 209
Long term
__do
83, 680 106, 472 161,757 108, 087
75, 793
72, 530 155, 881
0
709
0
0
Short term
do
0
0
0
0
0
0
31, 607
35, 345
5,303
Preferred stocks...
do
10, 525
1,897
5,398
0
0
0
0
0
Common stocks.
do
150
0
112
Farm loan and other government agen27, 725
28, 300 222, 860 215, 553
cies
thous. of dol_. 21,315 '11,125
25, 420
26, 955
27, 073 '92,973 r 39,935 ' 73,867 r 25,815 ' 14, 550 '11,547 r 20,776
Municipal, State, etc.
do
Corporate securities issued by type of borrower,
total.
.thous. of dol.. 112, 294 201,922 146,650 260, 976 203, 857 130, 038 401, 830 195, 656
73, 085
63,874
86,634
39, 470
90, 467
New capital, total..
_
...do
43,569 327,403
34, 265
40, 818
19, 459
26, 612
8,781
29, 454
Industrial
_
do
4,068
52, 018
11,552
24. 072
3,775
39, 661
18, 401
7,584
10, 559 238,085
Public utilities
.do
7,922
5, 660
36, 715
3,120
9,100
51, 235
22, 852
Railroads
do
23,300
7,060
39, 209 115, 288 107,181 197,102 113,390
86, 468
Refunding, total
do
74, 427 161,391
6,000
51,170
41, 500
37,007
21, 886
34,875
Industrial
_do
2,497
22, 782
67, 602
39,186 138, 882
83, 317
45, 593
Public utilities
do.... 32, 236
71, 625 102,098
0
0
3,000
4,000
6,860
0
R ailroads
do
0
34,837
Domestic issues for productive uses (Moody's) :*
78
89
102
75
113
Total
...mil. of dol._
67
303
47
58
54
23
53
Corporate
do
63
38
281
25
35
20
52
49
Municipal, State, etc
.do
50
29
22
22
(Bond Buyer)]
State and municipal issues:
Permanent (long term)
thous. of dol.. 28, 453 104, 227 101, 656 115, 982 144, 806 151, 610
48, 269
65,052
183, 014
89, 394 138, 683
63, 074
Temporary (short term)
_.do
81, 995 150, 913 169, 942
53, 669
COMMODITY MARKETS
Volume of trading in grain futures:
178
548
432
439
Wheat
mil. of bu_.
504
457
531
500
111
57
Corn
do
53
37
77
58
103
77
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances
mil. of dol__
do
do
do
531
195
306
249
633
199
387
268
606
199
368
265
622
185
403
262
616
186
395
255
628
189
388
266
628
189
460
262
633
196
396
260
167, 287
167, 287
97,050
124, 703
124,703
42, 384
'95,589
••95,589
52,055
151, 478
151,478
82, 846
56, 508
56, 508
18, 901
96, 250
0
800
0
29,336
0
13,049
0
50,321
0
1, 734
0
81, 726
0
1,120
0
18,901
0
0
0
34, 822
r 35, 415
31, 675
••50,644
25,100
r 18, 435
26, 580
11, 027
200,311
103, 261
63,178
5,840
21, 329
97, 050
16, 336
74, 658
4,000
131,811
89, 427
43, 578
40, 687
1,210
42,384
16,890
21, 841
0
33, 775
34, 857
111, 520 170, 032
59, 466 87,186
46,150
24,018
28,101
7,203
9,890
27, 745
82, 846
52,055
499
16,880
31,339
82,120
0
0
63
53
10
61
43
18
137
67
70
47
33
14
78, 479
93,123
r 60, 722
113, 655
454
93
282
74
294
89
253
154
140
628
186
414
255
625
195
409
264
600
211
368
547
219
308
274
534
203
307
262
71
34
37
0
• 90, 578 118, 540 r 46, 535
99, 988 119,070 ••38,277
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
95.24
94.22
95.97
94. 32
95.25
94.50
93.73
94.80
94.80
dollars..
95.04
94.86
94.74
97.31
97.98
98.08
98.25
98.72
96.69
97.73
98.30
Domestic
do
98.60
98.92
98. 58
98.27
58.45
58.95
47.67
56.27
Foreign
do
46.28
47.01
50.75
49.83
47.79
47.11
48.85
50.79
Standard and Poor's Corporation:
117.5
117.0
116.8
118.8
119.2
117.5
High grade (15 bonds)f.-dol. per $100 b o n d - 116.7
116.9
117.7
118.7
118.1
118.5
Medium and lower grade:f
99.2
97.4
99.3
99 2
99.4
98.4
99.5
98.8
99.2
Composite (50 bonds).do
99.9
99.6
98 0
106.7
105.0
102.4
105^3
105.9
102.2
103.1
106.1
103.3
104.8
Industrials (10 bonds)
do
105.1
104.9
104.7
104.1
106.2
107.2
107.4
104.6
106.0
106.3
107.1
Public utilities (20 bonds)
do.— 101.8
107.2
107.3
82.4
89.4
85.0
84.9
86.9
88.4
89.5
88.6
87.9
87.8
Rails (20 bonds)
do.—
84.5
86.8
21.9
21.0
25.1
24.8
19.3
20.7
24.1
27.6
21.6
23.9
Defaulted (15 bonds)t
do....
24.4
24.9
125.9
128.2
133.0
133.4
125.4
126.8
124.4
119.7
129.5
130.4
Domestic municipals (15 bonds)
do
131.2
131.0
110.7
111.4
112.0
112.4
110.1
110.8
111.5
110.1
111.7
U. S. Treasury bondsf
do.... 110.2
111.1
111.1
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
88, 348 134, 712 125, 744
95, 055 116, 272
Market value
thous. of dol. 137,003 118,851 133, 274 119,252
87, 766 105, 508 125,159
306,812 235,872 269,892 218, 628 173,215 222,973 160,891 177,029 209,219 161,048 277,038 256, 089
Face value
do
On New York Stock Exchange:
76,382 116, 561 111,586
96,162 109, 867 100, 577
121,066
78,266
Market value
do
98, 274
74,506
89, 563 109, 888
286,211 209,379 242,720 196,932 153,363 201,056 144,101 155,537 189,947 145,446 251,650 237, 263
Face value
do
Exclusive of stopped sales (N. Y. S. E.),
face value, total
thous. of dol.. 263, 055 214, 382 209,471 169,272 149,426 189,118 140,157 140,963 178,899 140, 746 224, 737 219, 955
1,138
1,307
879
1,497
948
1,470
1, 781
1,417
1,010
U. S. Government
do
2,598
1,431
1,319
262,176 212,965 207, 974 168, 324 148, 416 186, 520 138,726 139,644 177, 592 139,276 222,956 218,817
Other than U.S.Govt., total. _.do
249,192 199,173 194, 885 153,831 135,174 174,588 127, 515 127, 575 163,413 125,694 205, 251 206,145
Domestic
do..
14,179
12, 672
14,493
13, 582
17,705
13,242
12, 984
13,089
11,932
13,792
Foreign
do..
11,211
12,069
Value, issues listed on N . Y. S. E.:
57,821
58, 237 59, 076
55, 678
55, 534
57, 856
60, 579
Face value, all issues
mil. of dol.
55, 746
56,159
56, 041
56,387
56,101
55, 924
53,646
55,080
51,416
51,278
53,673
57, 471
51,419
Domestic _.
do._
51,952
51, 836
52,192
51.900
3,152
4,175
3,157
4,262
4,255
4,183
3,108
Foreign
do. _
4,328
4,207
4,205
4,195
4,201
54, 813
55,034
56, 261
52, 518
52,322
55,107
58,140
52, 252
53, 237
Market value, all issues
do..
53,260
53,418
53, 217
52,732
53,257
54, 419
50, 515
50,293
52,984
56, 308
50, 249
51, 227
51,279
Domestic
do...
51,287
51,165
2,080
2,003
2,029
2,123
1,842
1,832
1,777
2,003
2,010
Foreign
_.
.do...
1,981
2,131
2,052
Yields:
Bond Buyer:
2.36
2.24
2.14
1.93
2.38
2.26
1.90
2.33
Domestic municipals (20 cities) __. per cent-.
2.07
2.07
2.02
2.08
Moody's:
3.35
3.35
3.27
3.26
3.37
3.39
3.37
3.39
3.34
Domestic corporate
do
3.30
3.29
3.30
By ratings:
2.83
2.72
2.80
2.86
2.82
2.73
2.81
2.77
Aaa
do
2.80
2.74
2.75
2.74
2.96
2.86
2.95
2.87
3.00
3.04
2.99
Aa._
do
3.01
2.95
2.90
2.91
2.90
3.30
3.21
3.19
3.27
3.34
3.32
3.38
3.37
A
do.
3.31
3.26
3.24
3.24
4.28
4.29
4.32
4.28
4.38
4.30
4.38
4.33
Baa
do.
4.31
4.28
4.30
4.27
By groups:
2.94
2.85
2.97
2.85
3.02
3.00
3.06
3.02
2.96
Industrials
do.
2.90
2.88
2.90
3.12
3.13
3.04
3.05
3.17
3.13
3.16
3. 10
3.17
Public utilities..
_
_
..do.
3.07
3.07
3.06
3.93
3.99
3.91
3.94
3.93
3.95
3.95
3.96
3.98
3.92
3.95
Rails
do.
3.92
« Revised.
•
$See note marked "%" on p. S-17.
fRevised series. For data beginning 1931 on Treasury bond prices, which relate to partially tax-exempt bonds, see table 55, p. 17 of the December 1940 SURVEY.
data for Standard and Poor's bond prices are shown in table 36, p. 19 of the January 1942 SURVEY.
*New series. For data on domestic issues for productive uses beginning 1921, see table 34, p . 17 of the September 1940 SURVEY.
74,109
55, 209
24, 067
25, 970
3,750
18, 901
12, 626
6,275
95.13
97.18
57.40
117.1
99.6
106.9
104.4
87.7
25.6
120.1
108.9
89, 449
178, 409
78, 643
165, 002
158, 357
944
157, 413
148, 551
8,862
60, 532
57, 411
3,121
57, 584
55, 793
1,791
3.35
2.85
2.98
3.29
4.29
3.15
3.94
Earlier
May
S-19
SURVEY OF CURRENT BUSINESS
1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
March
March
April
May
June
July
1943
August
September
2.00
1.94
1.99
1.94
October
Novem- December
ber
January
February
FINANCE—Continued
SECURITY MARKETS-Continued
Bonds—Continued
Yields—Continued.
Standard and Poor's Corporation:
Domestic municipals (15 bonds)—percent.
U. S. Treasury bondst...do...
2.58
2.00
2.28
2.01
2.20
1.96
2.14
1.92
2.08
1.91
2.03
1.90
1.91
1.88
1.90
1.85
2.25
1.97
2.33
2.01
2.55
2.09
Stocks
Cash dividend payments and rates (Moody's):
Total annual payments at current rates (600
companies)
mil. of dol._ 1,850.15 , 816.13 1,817.77 1,821.65 1,823.85 1,821.08 1,822.61 1,828.35 1,840.31 1,889.13 1,927.69 1,926. 59 1,857.45
138.08
Number of shares, adjusted
millions.. 938. 08 938.08
938.08
938.08 938.08 938.08 938.08 938.08
Dividend rate per share (weighted average)
1.94
1.94
1.94
1.94
1.94
1.94
1.96
2.05
2.05
(600 cos.)...
dollars..
1.97
1.95
2.01
1.98
3.01
3.01
3.01
3.01
3.01
3.01
2.99
2.88
2.88
2.81
3.01
3.00
Banks (21 cos.)
do
2.88
1.93
1.93
1.93
1.92
1.92
1.93
1.97
2.09
2.09
1.98
1.94
2.05
Industrials (492 cos.)..
do
1.99
2.59
2.59
2.59
2.54
2.54
2.54
2.62
2.69
2.69
2.69
2.59
2.62
Insurance (21 cos.)...
_
_._do
2.69
1.95
1.92
1.92
1.94
1.94
1.94
1.86
1.81
1.81
1.80
1.91
1.82
Public utilities (30 cos.)
do
1.81
1.57
1.56
1.56
1.56
1.56
1.57
1.58
1.77
1.77
1.77
1.58
1.58
Rails (36 cos.)..
do
1.77
Prices:
Average price of all listed shares (N. Y. S. E.)
51.6
48.7
49.2
Dec. 31, 1924=100.56.7
47.8
44.5
54.1
51.4
51.5
54.0
56.5
55.9
53.2
Dow-Jones & Co., Inc. (65 stocks)
40.74
34.54
39.73
40.95
42.99
41.26
36 92
37.86
36.79
dol. per share. .
43.01
39.53
41.60
42.90
101. 62 122. 52 119.10 116.44
121. 57 127. 57 126.67 127.35
121.18
111.11
107.28
Industrials (30 stocks)...
do
116.91
no! 67
18.66
12.15
17.30
17.61
18.50
17.65
14.41
13.83
Public utilities (15 stocks)
do
18.48
15.93
19.56
18.62
14.38
28.48
26.09
28.25
28.11
30.19
28.54
28.01
27.85
Rails (20 stocks)
do
29.60
27.92
28.03
29.28
25.33
85.41
69.17
84.71
88.29
91.32
87.37
77.09
74.46
New York Times (50 stocks)
do
92.24
87.92
87.66
90.91
79.17
119. 65 154. 86 150.17 149.00 156.09 162. 57 160.33
133.77 128. 67
Industrials (25 stocks)
do
160.08 153. 71 145. 66 139.86
20.65
18.69
20.42
20.48
22.36
21.04
20.41
20.26
Railroads (25 stocks)
do
21.92
20.19
20.46
21.74
18.47
Standard and Poor's Corporation:!
66.0
77.4
72.6
Combined index (402 stocks)-1935-39=100...
77.1
83.2
83.2
80.4
77.9
79.5
83.6
80.3
71.8
67.2
78.6
74.3
77.3
84.2
84.3
81.6
Industrials (354 stocks)
do
77.3
79.7
84.8
71.0
79.6
73.8
70.8
78.7
79.6
88.4
88.0
82.2
78.6
Capital goods (116 stocks)
do
79.8
83.9
87.8
74.8
82.7
76.3
63.9
74.2
74.8
80.2
81.2
79.0
68.8
Consumer's goods (191 stocks)
do
76.8
76.7
82.9
66.2
80.4
67.6
60.5
74.5
78.9
81.8
81.0
78.5
66.1
83.1
81.6
81.3
64.5
Public utilities (28 stocks)
do
87.1
66.2
65.0
68.4
70.7
73.8
74.4
70.3
69.0
71.2
70.9
72.6
68.4
Rails (20 stocks)
do
70.6
61.0
Other issues:
73.8
62.6
70.9
Banks, N. Y. C. (19 stocks)
do
89.2
72.1
85.1
82.9
84.6
88.4
84.9
78.5
89.0
87.6
Fire and marine insurance (18 stocks)
101.7
95.9
115.4
107.6
1935-39=100..
101.9
102.3
105.9
111.5
106.1
103.6
115.6
111.9
114.0
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of dol.. 341,230 383, 348 416, 674 384,462 411,012 611,464 415,088 512, 750 493, 760 509,040 1,085,599 512, 503 296,408
Shares sold
thousands.. 16, 391 19,169
20, 217 17, 618 18,052 29,073 22,087 24, 682 24, 724 26, 636 62, 676 28,359 14,018
On New York Stock Exchange:
Market value
thous. of doL. 287,785 318, 750 347, 710 323,885 350,146 522,475 346, 227 426,839 413,341 422,423 929,046 466,932 251,187
22,236 10,610
Shares sold
thousands.. 12,175
13, 688 15, 356 13,194 13, 740 22, 226 15, 858 18,021
18,512 19,099 46,891
Exclusive of odd lot and stopped sales
(N. Y. Times)
thousands.
9,661
10,451
17, 871 10,875
8,580
10, 111 11,178
13, 545 13,137 15,052 36, 387 12,994
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of dol.. 32,844
39, 696 37, 711 37,815
41, 654 41,472 40,984 39,057 37,882 35, 786 36,228 35,234
1,467
Number of shares listed
millions..
1,469
1,464
1,467
1,463
1,463
1,463
1,463
1,457
1,465
1,463
1,463
1,464
Yields:
6.4
7.1
6.4
7.2
Common stocks (200), Moody's
percent-.
7.7
6.1
6.1
5.8
6.3
7.3
5.9
4.9
4.8
5.3
'5.6
Banks (15 stocks)
do
6.'0
4.5
4.5
4.5
4.6
5.0
5.2
5.4
4.6
6.5
6.6
7.4
7.2
Industrials (125 stocks)
do
7.7
6.2
6.2
5.8
5.9
6.4
6.9
7.3
5.9
4.3
4.4
4.5
4.6
Insurance (10 stocks)
do
5.0
4.2
4.2
4.0
3.9
4.1
4.1
4.5
3.9
6.8
6.7
7.6
7.7
Public utilities (25 stocks)
do
8.5
6.2
6.5
6.4
6.4
6.6
6.9
7.6
6.5
6.5
6.3
7.2
7.4
Rails (25 stocks)
do...
8.2
6.2
6.4
5.9
6.0
6.5
6.8
8.2
6.3
Preferred stocks, high-grade (15 stocks),
4.02
Standard and Poor's Corp.f
percent..
4.10
4.15
4.15
4.05
4.04
4.11
4.15
4.08
4.38
4.07
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number.. 637,020
Foreign
.
do
5,230
Pennsylvania R. R. Co., total
do
Foreign
do
U. S. Steel Corporation, total
do
164,013
Foreign
do
2,596
Shares held by brokers
percent of total..
24.90
630,956
5,609
206,050
1,581
164, 785
2,605
25.30
630, 366
5,742
204, 776
1,
164, 687
2,664
26.00
632, 293
5,481
205, 724
1,535
164,262
2,590
25.00
633, 588
5,281
205,012
1,447
163,732
2,584
25.40
FOREIGN TRADE
INDEXES •
Exports of U. S. merchandise:
Quantity
Value
Unit value
Imports for consumption:
Quantity
Value
Unit Value
.—
1923-25=100..
do...
do...
138
94
145
101
70
147
101
122
87
71
130
94
72
158
118
75
145
109
75
1226
1174
" 77
164
129
79
215
171
79
149
127
85
146
128
87
do...
do...
...do..,
133
80
60
143
86
142
88
62
130
82
63
132
83
63
135
86
64
129
83
65
138
92
129
87
67
156
106
117
107
75
70
VALUE•
357, 233 385, 454 384, 636 329, 776 358, 649 455, 257 417,139
Exports, total inch reexports
thous. of dol.
666 376 491,818 651, 555 479,448 478,531
350, 446 376,185 376,354 323, 728 348,890 438,264 406,057 647,462 481, 630 635,179 473, 506 474,896
Exports of U. S. merchandise
do...
267, 784 287, 550 296, 930 279, 536 277,847 282, 513 262,680 304,127 280, 525 343, 794 253, 654 254,038
General imports
.do...
254, 553 274,593 281,351 261,097 264,685 273,898 265,162 292, 303 276,224 338, 272 256,129 238,980
Imports for consumption
do-_.
' Revised. X Partially tax-exempt bonds.
» Figure overstated owing to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
•The publication of detailed foreign trade statistics has been discontinued for the duration of the war, effective with October data. Indexes of the volume of foreign trade in
agricultural products and data on the value of exports and imports by grand divisions and countries and by economic classes, which have been shown regularly in the Survey
are available through September 1941 in the February 1942 and earlier issues. For revised 1939 data on value of foreign trade see pp. 17 and 18 of the April 1941 issue.
fRevised series. Earlier revised data for Standard and Poor's stock prices and preferred stock yields are shown respectively in table 37, pp. 20-21 and table 39, p. 22
of the January 1942 Survey.
S-20
SURVEY OF CURRENT BUSINESS
Monthly statistics through D e c e m b e r 1939, together with explanatory notes a n d references
to t h e sources of t h e d a t a , may b e found i n t h e
1940 S u p p l e m e n t to t h e Survey
1941
1943
March
May 1942
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
T R A N S P O R T A T I O N AND C O M M U N I C A T I O N S
TRANSPORTATION
Express Operations
10, 814
10, 536
11, 238
Operating revenue
thous. of dol_.
95
153
72
Operating income.
_
do
Local Transit Lines
7.8033
7.8199
7.
7.
Fares, average, eash ratef
cents.. ,003,196 855,970 846,8199 857,8061
416
679
Passengers carriedt
thousands..
' 61,063 ' 60,683 '61,713
Operating revenues©.
-thous. of dol..
10, 839
74
10, 874
78
11,942
78
11,904
95
14, 051
131
11, 809
79
11, 582
90
7.8144
7.8144
7. 8144
7. 8005
7. 8005
7. 8005
7. 8005
509,340 792. 539 793,570 828, 576 895,991 856, 773 941,924
58, 873 ' 57,839 ' 58, 463 ' 59, 865 ' 64, 603 ' 61, 671 ' 68,133
7. 8005
946,315
68, 637
7. 8033
885,128
65,004
10, 926
80
12,143
101
Class I Steam Railways
Freight carloadings (Federal Reserve indexes) :f
129
Combined index, unadjusted_ _. 1935-39=100..
125
Coal
do
175
Coke
..do
149
Forest products.
do
102
Grains and grain products
do
77
Livestock
do
92
Merchandise, 1. c. 1
...do
73
Ore
do
139
Miscellaneous
.do
136
Combined index, adjusted
do
122
Coal
do
168
Coke
do
149
Forest products.._
do
119
Grains and grain products
do
97
Livestock
do
92
Merchandise, 1. c. 1
do
282
Ore
do
143
Miscellaneous
do
Freight-car loadings (A. A. R.):1
3,171
Total cars
thousands.610
Coal
do
55
Coke
do
184
Forest products
do
146
Grains and grain products
do
43
Livestock
do
584
Merchandise, 1. c. 1
do
72
Ore
do
1,477
Miscellaneous
do
58
Freight-car surplus, total t
do
23
Box carsj
do
17
Coal carst
do
Financial operations:
540,280
Operating revenues, total
thous. of dol. 445, 490
Freight
do.... 59,106
Passenger
do.... 360,151
Operating expenses
do
Taxes, joint facility and equip, rents*..do.... 87,774
92, 356
Net railway operating income
do
Net income
do.... 43,230
Operating results:
Freight carried 1 mile
mil. of tons..
Revenue per ton-mile
cents-.
Passengers carried 1 mile
millions..
Financial operations, adjusted:*
Operating revenues, total
mil. of doL.
Freight
do...
Passenger
do
Railway expenses
do....
Net railway operating income
do
Net income
..do...
Waterway Traffic
Canals:
New York State
thous. of short tons.
Panama, totaL..
..thous. of long tons...
In U. S. vessels
do...
St. Lawrence
thous. of short tons.
Sault Ste. Marie
do...
Welland
do...
Rivers:
Allegheny
do...
Mississippi (Government barges only).do.._
Monongahela
do...
Ohio (Pittsburgh district)
do...
Clearances, vessels in foreign trade:
Total, U. S. ports
thous. of net tons.
Foreign
do
United States
do...
120
132
175
127
97
74
101
50
124
126
128
168
127
113
93
100
192
128
' 3, 066
'858
'56
'157
' 138
'41
r
638
'57
' 1, 322
71
26
23
155
141
145
140
172
149
122
111
102
261
150
130
133
176
138
111
84
97
149
135
144
138
165
147
104
146
101
232
151
127
121
165
140
97
95
97
178
133
141
135
168
143
115
117
101
199
150
135
121
159
146
118
93
99
204
144
128
125
182
129
113
97
96
69
138
137
111
167
145
124
101
100
246
149
129
136
184
140
125
95
93
46
134
140
119
153
156
142
99
97
186
152
'129
' 132
rl84
r 153
' 110
'76
'96
'47
'135
' 139
' 116
'150
' 159
'131
'95
' 100
'187
'151
4,464
840
66
248
224
55
784
386
1,861
47
19
11
3,539
652
52
176
167
59
618
286
1,529
41
15
10
3,658
675
53
184
149
82
641
271
1,603
42
18
10
4,318
790
64
214
194
82
768
277
1,929
61
28
18
3,046
575
54
153
155
53
582
77
1,396
75
27
32
3,858
797
71
208
212
65
711
65
1,729
60
22
22
3,123
629
57
185
154
42
597
52
1,407
59
22
20
485, 446 493, 674
405, 503 410, 213
47, 402
49, 773
310,035 313,843
69,097
68, 513
106, 315 111,318
63, 528
65, 500
488,979
411,241
43, 521
312, 287
72, 622
104, 070
59, 324
517, 605 457,012
440,122 385, 241
40, 519
42, 231
361, 502 335, 614
52, 633
62, 446
68, 765
93, 657
29, 226
53, 676
479, 560
389, 223
53, 868
352, 532
46, 480
80, 549
55, 492
480,691
392,571
55, 697
348, 781
62, 944
68, 966
r
26, 130
462, 486
377, 593
54, 746
327, 653
68, 347
66.486
23,800
108
38
120
130
96
82
103
203
131
112
45
137
130
113
93
102
266
130
131
117
167
135
107
82
102
276
138
135
138
182
130
124
91
102
266
136
136
131
170
141
123
69
101
265
141
139
156
189
136
126
88
102
152
139
138
127
172
149
163
70
99
283
139
138
150
200
149
112
83
100
156
140
140
139
167
160
125
80
99
271
141
139
158
199
152
103
2,794
163
38
159
136
46
648
214
1,390
190
31
139
4,161
676
64
205
184
57
795
387
1,792
72
34
17
3,510
642
54
175
172
39
638
301
1,490
71
34
17
3, 413
578
53
174
230
38
603
313
1,425
67
27
20
416,319 375,008
346, 396 305, 230
38, 348
40,030
283, 329 274, 938
' 52, 820 47, 501
52, 569
' 80,170
7,264
35. 256
r
442, 286 455,023
370, 903 377, 534
37, 493
44, 832
296, 590 298,932
57, 065
62, 829
88, 630
93, 261
43,137
52, 800
40, 577
.929
2,229
31.615
1. 052
2,170
43, 398
.932
2,140
44, 036
.927
2, 564
46, 067
.947
2,756
49, 237
.902
2,936
47, 616
.928
2,527
51,135
.922
2,397
46, 032
.904
2,299
44, 545
.943
3,055
46, 666
44, 019
417.0
344.5
42.7
334.2
82.9
40.8
382.1
309.6
41.4
323.2
59.0
17.1
438.6
365.2
40.9
345.6
93.0
50.4
473. 5
398.2
43.3
363.4
110.1
68.2
470.9
395.1
42.3
370.5
100.4
57.6
485.4
407.7
44.4
374.4
111.0
65.5
464.1
389.5
41.6
379.4
84.7
42.5
452.6
375.9
44.1
403. 2
49.4
10.8
476.0
398.7
45.1
403.1
72.9
33.5
486.2
403.2
49.4
409.8
76.4
37.0
495.3
406.6
53.6
413.1
82.3
518.9
423.9
60.1
420.3
98.6
0
1,911
1,027
0
0
0
250
2,057
1,080
308
7,865
664
610
1,989
1,133
900
15,153
1,716
624
1, 585
887
1,001
14, 673
1.895
720
1, 659
910
1,043
15, 511
1,960
557
1, 366
818
975
15, 235
1,858
507
1,481
719
944
14, 401
1,620
700
1,719
882
948
13,923
1,688
534
1,546
818
774
12, 223
1,466
0
1,283
538
36
2,137
369
0
0
0
0
0
0
213
127
2,907
1,587
186
159
563
653
310
214
2,971
1,727
320
250
2,833
1,785
330
270
2,862
1,781
352
265
3,105
1,771
326
211
2,492
1, 691
332
251
2,863
1,759
230
240
2,206
1,374
244
119
2,992
1,711
3,981
2,532
1,449
4,606
2,902
1,704
5,729
3,579
2,149
6,074
3,957
2,117
6, 716
4, 584
2,132
6,646
4,418
2,229
6,011
3,978
2,033
6,072
4,040
2,031
()
177
167
2,753
1,453
2,762
1,410
(a)
(a)
Travel
Operations on scheduled air lines:
Miles
flown
thous. of miles
Express carried
___
pounds -.
Passengers carried
number
Passenger-miles
flown
thous. of miles
Hotels:
Average sale per occupied room
dollars._
Rooms occupied
percent of totaL.
Restaurant sales index
1929=100
Foreign travel:
U. S. citizens, arrivals
..number
XJ. S. citizens, departures.
do...
Emigrants
__.do...
Immigrants
do...
Passports issued
do...
f
11,472
12,154
11,668
12,127
10, 537
12,472
10, 855
11,501
9,953
12, 200
11,127
9,979
1,214,817 1,352,181 1,462,121 1,544,111 1,822,217 1,842,858 1,962,284 1,760,770 1,689,093 2,385,786 2,531,162 2,168,101
245, 924 308, 644 363,954 380. 990 398,434 447, 316 455,647 420, 393 324, 546 298, 680 300, 900 286, 435
96, 662 114,749 133,979 141,906 147,419 158,068 158,151 150, 920 115, 825 111,077 113,135 104, 220
3.30
70
100
3.24
68
'93
5,523
23, 933
32, 746
1,216
4,500
2,897
3.47
69
109
15,958
18, 779
1, 416
4,813
3,015
3.13
70
106
12, 409
9,502
1, 524
4,268
4,362
3.30
66
' 107
13,203
17, 277
1, 676
6,002
4,878
3.29
64
103
13,491
10, 739
853
3, 083
5,673
3.56
68
115
3.52
69
3.55
71
108
3.61
69
114
3.39
61
103
3.40
71
107
3.39
70
101
14, 613
13, 718
729
3,359
5,734
11, 328
11, 807
612
3,911
4,687
11, 668
9,942
714
2,188
4,331
8,991
8,748
945
2,256
5,177
10, 799
11, 339
686
2,581
4,549
5,145
5,790
Revised.
*[ D a t a for M a y , A u g u s t . N o v e m b e r 1941, a n d J a n u a r y 1942 are for 5 weeks; other m o n t h s , 4 w e e k s .
• N e w series. A d j u s t e d d a t a on financial operations of railways b e g i n n i n g 1921 a p p e a r in table 33, p . 16 of t h e S e p t e m b e r 1940 issue. T h e n e w series on taxes a n d joint
facility and e q u i p m e n t r e n t s is s h o w n to provide figures for o b t a i n i n g total r a i l w a y expenses as given in t h e adjusted figures of financial operations.
fRevised series. D a t a on fares revised beginning A u g u s t 1936; see p . 45 of t h e J u l y 1940 S u r v e y . Passengers carried revised to cover d a t a for 188 c o m p a n i e s . D a t a for
1940 on t h e revised basis differ only slightly from those s h o w n in table 13, p . 8 of t h e M a r c h 1941 S u r v e y . Revised indexes of freight carloadings beginning 1919 a p p e a r in table
23, p p . 21-22 of t h e A u g u s t 1941 S u r v e y .
FRASER J B e g i n n m s J u n e 1941. d a t a r e p r e s e n t daily average for week e n d e d on t h e last S a t u r d a y of t h e m o n t h ; earlier d a t a , daily average for last 8 or 9 d a y s of t h e m o n t h .
© R e v i s i o n s for 1941, n o t s h o w n a b o v e , are as follows: J a n . 59,231; F e b . 55,721. ° D a t a h a v e been discontinued for t h e d u r a t i o n of t h e w a r .
Digitized for
S-21
SURVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the
March
1940 Supplement to the Survey
1941
March
April
May
June
July
1943
August
September
October
Novem- December
ber
January
February
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Travel—Continued
National parks:
Visitors
number..
Automobiles
.do
Pullman Co.:
Revenue passenger-miles
_ .thousands..
Passenger revenues
thous. of doL..
COMMUNICATIONS
Telephone carriers:
Operating revenues
thous. of doLStation revenues
do
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service, end of month-thousands..
Telegraph and cable carriers:!
Operating revenues, total!
thous. of doLTelegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of doL.
Cable carriers
do
Operating expenses!
do
Operating income!
do
Net incomef
do
Radiotelegraph carriers, operating revenues
thous. of dol_.
115,911
33, 521
190,150
58,916
925, 694
5,621
60,808
17,760
327, 550 578,071 1,029,648 1,112,293 430, 608 253,489
100, 230 173,139 292, 273 302,025 132, 359 78,112
766, 222 714,012
4,389
4,787
897,614
5,145
825,839
4,880
850,348
5,074
797,408
4,857
840,925
5,138
129,890
39, 383
59, 812
18,152
60, 767
17,477
59,338
16,821
763, 624 1,017,616 1,273,822 1,208,162
5,608
4,776
6,421
6,929
116, 883 118,132 119, 933 120,113 120,116 119, 224 121, 259 124,000 119,818 128, 993 128,257
74,236
76,470
78, 700 77, 292 80, 229 79,974
74, 585 75, 598 75, 709 75, 524 74,858
35, 543 35, 266 35.029
35, 368 32, 526 37, 782 37,441
32, 975 33, 238 34, 783 35,072
82,052
77, 576 76, 626 80, 329 77, 934 79,159
79, 651 87, 307 82,935
73, 403 75,390
20, 639 20,164
18, 554 19, 553 20, 477 20,165
19, 645 32,532
20,986
21,166
21,037
20, 232 20, 366 20,443
20, 535 20, 657 20, 817 20, 954 21, 067 21, 206 21, 362
20,107
11,961
10, 982
12,430
11,473
12, 850
11,830
12, 728
11,731
12, 875
11, 734
12, 674
11,616
12, 555
11, 461
12, 566
11,493
11, 583
10, 436
15, 448
14, 089
12,732
11, 563
11,697
10, 724
9,884
1,303
896
510
957
10,298
1, 359
879
514
1,020
10, 691
1,330
873
997
10, 516
637
267
551
1,141
10, 965
966
513
1,058
10,758
1, 065
568
518
1,094
10,830
782
401
553
1,073
10, 809
784
316
533
1,147
10,276
390
734
1,359
12, 003
2,215
1,488
620
1,169
11,054
585
61
972
10,246
465
1,399
1,348
1,354
1,337
1,386
1,264
1,205
1,316
1,197
1,442
1,163
1,092
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption
thous. of wine gal._
Production
do
Stocks, end of month..
do
Alcohol, ethyl:
Production...
_.thous. of proof gal_.
Stocks, warehoused, end of month-....do
Withdrawn for denaturing..
do
Withdrawn, tax-paid..
do
Methanol:
Exports, refined..
gallons..
Price, refined, wholesale:
.58
Natural (N. Y.)
dol. per gal..
.28
Synthetic, pure, f. o. b. works*
do
Production:
Crude (wood distilled)..
thous. of gal..
Synthetic
do
Explosives, shipments
thous. of lb__ 36, 453
Sulphur production (quarterly):
Louisiana
long tons.. 110,115
725, 579
Texas
do.
Sulfuric acid :J
Price, wholesale, 66°, at works
16.50
dol. per short ton_,
FERTILIZERS
Consumption, Southern States
thous. of short t e n s . .
Exports, total§
long t o n s . .
Nitrogenous§
do
Phosphate materials §
do
Prepared fertilizers
do
Imports, total §
_
do
Nitrogenous, total
do
Nitrate of soda
...do
Phosphates
do
Potash §
_.
do
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)
dol. per cwt__
Potash deliveries
short tons..
Superphosphate (bulk):
Production
do....
Shipments to consumers
do
Stocks, end of month
do
1,060
1.503
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah), bulk!
3.06
dol. per 100 lb_
3,733
Receipts, net, 3 ports..
_..bbl. (500 lb.)_.
250,110
Stocks, 3 ports, end of month
do
Turpentine, gum, spirits of:
.73
Price, wholesale (Savannah)
dol. per gal._
Receipts, net, 3 ports
bbl. (50 gal.).784
Stocks, 3 ports, end of month
do
16, 675
OILS, FATS, AND BYPRODUCTS
Animal, including fish oils (quarterly):!
Animal fats:
Consumption, factory
thous. of lb..
Production
do
Stocks, end of quarter
...do
Greases:
Consumption, factory
do
Production
...do
Stocks, end of quarter
do
15,035
15, 242
1,293
15, 264
15, 065
1,089
17,100
16, 908
861
18, 302
18,185
740
16, 977
16, 965
724
29,651
10, 000
26, 555
3,012
15,614
15, 678
1,095
32, 224
10, 392
27, 830
3,224
33,021
7,108
27, 564
2,838
34, 299
10,117
27, 327
3,071
35, 757
6,491
30, 433
3,435
36, 393
7,143
32,604
2,555
37, 541
8,038
30, 371
2,505
61,831
48, 580
16, 608
21,605
7,545
9,340
(a)
.34
.30
.34
.30
.34
.30
.39
.30
.44
.30
.44
.30
.44
.29
.54
.28
.54
.28
.58
.28
.58
.28
.58
.28
455
4,174
35, 722
463
4,241
31, 986
466
4,423
37, 891
436
4,663
39, 460
417
4,725
41, 273
450
5,006
41, 363
487
5,085
43, 676
502
5,416
42.629
529
5,104
37, 486
557
5, 663
38, 879
36, 720
37,681
13,339
13,186
1,313
12, 451
12, 652
1,511
14,889
14, 714
1,329
25, 655
11,127
23, 705
2,736
26, 248
11,330
22, 789
2,449
94,467
16.50
16.50
1,390
1,365
90, 255 74, 715
10, 674 16, 748
74,162 49, 481
686
1,580
152, 323 120, 330
134,290 106,737
84, 337 89, 565
1,086
3, 551
14,110
1,891
258
81,971
6, G14
74, 082
317
99, 673
70, 036
42.134
1,194
1,512
16.50
129, 365
670, 063
130, 090
577, 384
138. 880
547, 686
()
CO
135, 285
802, 576
16.50
16.50
16.50
16.50
16.50
16.50
r 16. 50
104
71
58
66, 651 164, 695 295,885
11, 688 15, 675 17,783
48, 265 141, 557 270, 646
2,311
201
407
74, 439 33, 638 69, 096
62,840 32, 591 67, 406
27, 341 16, 350 32,148
303
25
457
8,307
20
3
134
136, 503
13,196
105, 919
2,879
118,139
108, 759
67, 594
780
5,951
168
186
267
1,030
1,00 3
16.50
16.50
1.503
1.494
1.470
1.503
1.470
1. 503
1.470
1.470
1. 503
1.503
1.470
1. 470
53,646
59, 897 57,113
51,402
29. 802 24, 477 13, 232 58, 228 41,094 48, 882 39, 943 56,039
435, 675 397,497 419,411 373, 864 383, 499 379, 267 364, 505 413, 240 419,946 487, 558 487,164 457, 30 2
183, 560 373, 846 165, 359 68, 813 52,317 65,150 130, 906 129, 293 87, 581 80,113
77, 725 146,8
1,074,842 777,152 770, 723 808, 741 914,302 978, 014 1,022,410 1,051,966 1,050,633 1,049,268 1,082,860 1,017
2.44
2.64
2.13
2.89
1.88
2.45
2.49
1.87
1.78
1.87
3.16
33, 706 29, 886 29, 282 24, 526 34, 516 34, 637 30,214
19, 337 35, 635 31,069
9,996
523, 594 505, 860 490,186 483, 751 461,157 428, 945 419, 979 372, 983 297,168 270, 383 269, 496
.39
4,682
23, 682
.42
6, 358
25, 022
.43
8,198
27, 318
.42
10,064
31,978
.47
8,482
35, 617
.67
10, 066
34, 339
.78
10, 942
26, 389
.76
10, 755
36, 669
.76
5,999
18,955
.73
12, 231
15, 676
• .*76
6,357
26, 594
3.22
19, 862
257, 926
.76
1,127
20, 496
i
291, 452
617, 500
623,896
337, 010
644, 024
684,475
338, 647
585, 293
504,968
461,
104, 910
120,557
130, 401
126,155
127,989
116, 452
121,155
124,006
103, 068
118,673
140, 991
105, 815
350, 722
446
d Deficit.
§ Data revised for 1939; for exports, see table 14, p . 17. and for imports, table 15, p . 18, of the April 1941 Survey.
° Publication of detailed foreign trade statistics has been discontinued for the duration of the war.
* Data are no longer available for publication.
>
X Revisions for quarters of 1940 not shown in the December 1941 Survey will be shown in a subsequent issue.
K The compilation of data on consumption, production, purchases, shipments, and stocks of sulfuric acid by fertilizer manufacturers formerly published in the Survey
has been discontinued. The Bureau of the Census is now collecting similar information from all producers of sulfuric acid; these data are available beginning September 1941.
!Revised series. Data for telegraph and cable carriers revised beginning 1934, see table 48, p . 16, of the November 1940 Survey. Wholesale price of gum rosin revised beginning 1919; see table 3, p . 17 of the January 1941 Survey.
* New series. Data beginning 1926 for price of synthetic, refined methanol will be shown in a subsequent issue. The series for natural refined methanol is the same
series that has been shown in previous issues of the Survey.
S-22
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
Animal, including fish oils, quarterly]:—Con.
Fish oils:
Consumption, factory
t.hons. of ih
Production
do
Stocks end of quarter
do
Vegetable oils, total;
Consumption, crude, factory (quarterly) X
mil. of lb
Exports
thous of lb
do
Imports, total §
do
Paint oils t
do
All other vegetable oils t
mil. of lb
Production (quarterly) X
Stocks, end of quarter: X
do
Crude
do
Refined
Copra:
Consumption, factory (quarterWit short tons
do
Imports
do,...
Stocks, end of quarter |
Coconut or copra oil:
Consumption, factory:
thous. of lb
Crude (quarterly) X
do
Refined (quarterly) X
do
In oleomargarine
do
Imports §
Production (quarterly): X
do
Crude
do
Refined
Stocks, end of quarter: X
do
Crude
do
Refined
Cottonseed:
Consumption (crush)-..thous5. of short tons_.
Receipts at mills
do
Stocks at mills, end of month
Cottonseed cake and meal:
short tons
Exports §
do-.,
Production
do
Stocks at mills, end of month
Cottonseed oil, crude:
Production
...thous. of lb-.
Stocks, end of month
Cottonseed oil, refined:
do
Consumption, factory (quarte/rly) X
do
In oleomargarine
Price, wholesale, summer, yellow, prime
dol. per lb (N. Y )
---thous. of lb_Production
do - .
Stocks, end of month
Flaxseed:
ImDorts
thous of bu
Minneapolis:
. do . . .
Receipts
do
Shipments
. .do . . .
Stocks
Duluth:
do.-..
Receipts
do
Shipments
Stocks
Oil mills (quarterly):
1,096
12, 685
57, 672
5,395
52, 277
1,059
11, 246
82,135
6,992
75,143
11,017
59, 559
10,856
48,703
69, 423
20,199
34, 851
161, 405
61,126
1,424
25, 831
1,027
11,437
53,087
8,596
44,491
762
50, 018
83,140
162, 659
4,729
69, 615
13, 322
56,293
7,185
94,756
7,120
87, 636
660
497
914
637
18,672
1,381
41,155
26,872
1,468
28, 273
64, 550
24, 943
28,109
184,118
68,904
1,435
26,884
54, 513
81, 685
189,916
788
7,428
93,221
5,767
87,453
723
1,106
700
300
17, 259
2,474
30, 973
25,487
2,421
46, 369
56,403
33, 766
36,413
187, 302
73, 983
3,574
44,695
ft
<»)
1,205
902
450
64,993
b
()
4,680
33, 789
4,198
184,737
79,028
4,153
86 251
80, 703
81,054
90, 962
70,444
93, 710
176, 381
15, 064
186, 290
16, 994
2,146
728
80, 366
97, 464
209,940
15, 550
178, 463
16, 248
317
52
503
374
150
618
302
86
401
185
51
267
121
44
190
79
19
131
107
105
129
419
1,040
749
669
1,264
1,344
586
679
1,437
505
361
1,293
474
218
1,037
413
144
768
139, 742
338, 711
6
165,087
245, 397
31
133,762
256, 406
21
84, 306
254, 729
114
52, 976
224, 275
1
35, 503
164, 444
53
46,186
131, 618
102
180, 929
174, 385
294, 821
291,815
255, 608
356, 670
222, 533
380, 366
206, 817
370, 564
176, 833
372, 208
101, 526
137, 975
123,083
167, 475
102, 221
126,142
65, 538
94, 710
42, 978
51, 961
26, 288
29, 708
33, 779
32,107
129, 499
79, 584
208, 538
133, 228
178, 276
159, 259
154, 450
169, 998
146, 676
181, 533
128,843
170, 913
350, 747
13,142
12, 896
11, 444
402, 720
10, 816
11,413
10,131
317, 273
12, 525
13, 708
14, 650
287,061
14,129
14, 427
14, 738
.071
125, 702
505, 997
.086
130, 735
476, 030
.105
96, 635
423, 397
.115
76, 620
372, 756
.118
49, 627
294, 005
.119
32, 828
234, 242
.136
63, 536
178, 724
.129
143, 761
203, 544
.124
142,251
273,448
.131
136,112
314, 330
.137
119,437
322, 972
.139
130, 622
351, 683
1,223
1,286
1 177
866
1 051
1,139
1,853
(b)
1,777
120
4,714
742
67
4,443
662
101
3,897
1,292
311
3,430
704
141
3,105
17
36
1,386
3
249
1,067
2.23
2.33
.140
127, 442
389, 010
708
154
2,634
718
74
3,620
643
139
2,743
721
140
2,299
805
185
1,885
722
161
1,107
8,323
297
3,864
3,682
412
4,773
5
46
1,026
159
593
193
168
619
178
416
381
165
310
236
219
207
247
348
109
485
1,252
319
1,418
1,000
481
1,937
192
438
1,691
180
467
1,404
2.60
10 228
4,159
1.80
1.87
9, 386
3,501
1.87
1.89
12,175
12, 385
1.99
1.87
1.84
13,065
12, 557
2.00
131,485
do
do
Stocks end. of Quarter
Price, wholesale, No. 1 (Mpls,)--<lol. per bu_.
54, 554
6,271
123, 661
45, 542
15, 846
157,223
1.93
1.92
Linseed cake and meal:
1,740
392
2
914
1,201
813
thous. of lb
907
Exports§
45,840
22, 360
34, 360
53, 760
37,400
30, 680
32,120
27, 800
37, 640
20, 240
51,840
29, 280
34, 400
Shipments from Minneapolis
Linseed oil:
141, 913
146,147
143,100
106, 787
Consumption, factory (quarte rly)t--- do
.114
.108
.108
.101
.108
.112
.107
.099
.113
.119
Price, wholesale (N. Y.)
.108
.113
dol. per lb-_
.133
236, 744
183, 309
251, 723
Production fou&rterlv)
196, 281
thous of lb
21, 900
21,050
15, 750
17,950
21, 350
21, 600
21, 500
18, 900
22, 250
20, 300
do
24,300
22, 000
Shipments from Minneapolis.
22, 400
161, 255
198, 579
150, 936
192, 850
do
Stocks at factory, end of quar terj
Soybeans:*
t.hons of hn
13,175
15,873
19,232
17,505
Oonsumntion fouarterlv)
Price, wholesale, No. 2, yellow (Chicago)
1.39
1.83
1.67
1.60
1.58
1.04
1.57
1.83
1.32
1.95
1.20
1.50
dol. per bu..
1.86
U06,712
Produotion fcroD estimate)
t.hons of hn
19,431
do
690
8,481
10, 515
Stocks end of quarter
Soybean oiljt
Consumption, refined (quarterly)
90,803
104, 210
98, 205
107, 263
thous. of lb
Price, wholesale, refined, domestic (N. Y.)
.124
.114
.125
.121
.126
.114
.091
.104
.132
.135
.073
.120
.135
dol. per Reproduction (quarterly):
141,584
177,217
115,686
151, 705
Crude
t.hons of lh
96,951
126,301
108,850
114,219
do
Refined
Stocks, end of quarter:
29,666
34,909
68,450
59,133
do
Crude
36,120
41,846
40, 589
do
29,139
Refined
Oleomargarine:
33,095
32,147
33,754
25,174
33,932
31,767
25,719
35, 848
34,332
26,857
30,583
25,909
Consumption (tax-paid withd rawals)© do . . .
Price, wholesale, standard, imcolored (Chi.154
.153
.133
.140
.140
.140
.145
.130
.140
.140
.125
.130
.150
dol. p e r l b . .
cago)
33,124
27,695
25,089
27,365
24,803
34,060
32,503
34,638
32, 541
35, 071
32, 200
33,898
Production©
_
. . . t h o u s . of l b . .
h
° Less than 500 bushels.
* December 1 estimate.
Publication of detailed foreign trade statistics has been discontinued for the duration of the war;
§Data revised for 1939; for exports, see table 14, p. 17, and for imports, table 15, p. 18, of the April 1941 Survey.
{Revisions for quarters of 1940 not shown in the December 1941 Survey will be shown in a subsequent issue.
•New series. Earlier data for the series on soybeans and soybean oil will be shown in a subsequent issue.
fRevised series. The series on imports of paint oils and all other vegetable oils have been revised to exclude data for oiticica oil from "all other" where they ha?e been
included and include them with paint oils. Earlier data are available on request. The revision does not affect the total imports of vegetable oils.
©Data revised beginning July 1939, see note marked " t " on p. 40 of the April 1941 Survey.
S-23
SURVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
1941
April
March
May
June
July
1942
August
September
October
Novem- December
ber
January
February
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS- Con.
Shortenings and compounds:
Production
thous of lb_
Stocks, end of quarter
do-__
Vegetable, price, wholesale, tierces (Chicago)
doL p e rlb
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous. of doL
Plastic paints
do___
Cold-water paints:
In dry form
do
In paste form
do___
Paint, varnish, lacquer, and fillers:!
Total
.-do.__.
Classified, total
do
Industrial
do
Trade
do_._
Unclassified
do
355,698
46,417
410, 382
45,967
327, 615
50,474
315, 707
53, 351
.165
.097
.111
.124
.133
.143
.145
.153
162
43
301
43
233
60
202
53
178
51
183
57
195
67
181
412
202
376
342
55
266
483
289
513
262
392
246
224
359
279
462
253
471
48, 070
42,617
18,898
23,719
5,453
40,185
36, 599
17,033
19, 566
3,586
51,964
47, 239
19, 266
27,972
4,725
58,413
53,062
20, 544
32, 518
5,351
54,336
49, 072
21,022
28,049
5,265
48,980
44,407
20,133
24,275
4,573
48,647
44,140
20, 247
23,893
4,506
50,363
45, 334
19, 709
25,625
5,029
242
1,434
1,394
249
1,308
1,233
217
1,420
1,267
215
1,372
1,315
242
1,387
1,475
229
1,309
1,353
243
1,437
1,510
22
519
486
10
465
373
12
402
14
524
472
18
513
523
14
507
541
3,644
3,444
2,232
1,991
2,255
2,102
2,319
2,146
2,457
2,264
3,105
801
1,038
1,266
3,141
806
1, 255
1,080
3,753
987
1,564
1,202
3,570
.156
.153
.156
.164
161
40
190
'46
172
36
185
428
196
323
51,138
46,178
21,454
24, 724
4,960
210
278
41, 368
37, 531
18, 727
18, 804
3,837
217
47
175
496
41, 708
37, 861
19, 200
18, 661
3,848
47,044
42,032
19,190
22,842
5,012
45,176
39, 745
17,619
22,126
5,431
284
1,479
1,565
252
1,521
1,630
268
1,483
1,569
269
1, 485
1,658
272
1,618
1,755
251
1,377
1,545
17
573
580
19
585
622
21
630
'723
22
558
••624
24
585
'542
33
567
504
2,467
2,346
2,670
2,506
2,991
2,813
3,439
3,453
2,979
2,777
23
501
'550
3,397
3,165
3,789
3, 597
3,478
3,225
4,062
1,178
1,549
1,334
3,981
1,157
1,543
1,281
4,146
1,227
1, 535
1.385
4,737
1,345
1, 724
1,668
3,825
1,070
1,315
1,441
3,033
813
955
1,265
2,743
675
761
1,307
3,085
782
862
1,441
CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Consumption in reporting company plants
thous. of lb_
Production71
do._.
Shipmentsd
do.-_
Cellulose-acetate:
Sheets, rods, and tubes:©
Consumption in reporting company
plants
thous of lb_
Production
do___
Shipmentsc?
do_._
Moulding composition:
Production
do-..
ShipmentsJ
do_._
ROOFING
Asphalt prepared roofing, shipments:
Total
thous. of squares.
Grit roll
do___
Shingles (all types)
do___
Smooth roll
do._.
1,436
1,153
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total •
mil. of kw.-hr.__
By source:
Fuel
do
Water power
do
By type of producer:
Privately and municipally owned electric
utilities
mil. of kw.-hr_.
Other producers
do
Sales to ultimate customers, total f (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 power
do
Street and highway lighting
do
Other public authorities
do
Railways and railroads
do
Interdepartmental
do
Revenue from sales to ultimate customers t
(Edison Electric Institute)
thous. of dol__
15,053
13, 095
12, 885
13, 616
13, 671
9,444
5,609
8,706
4,388
8,051
4,834
9,363
4,253
9,614
4,056
13,322
1,731
12,061
1,034
11, 575
1,309
12,105
1,511
12,173
1,498
' 10,995
' 2,058
' 120
' 10,930
1,990
' 133
' 11,126
' 1, 903
' 155
' 1, 922
' 5,842
'180
'249
' 559
'65
' 1, 925
' 5,941
160
241
485
54
14, 226
14, 540
14, 348
15, 236
14, 481
15, 639
15, 646
' 14,102
10,610
3,930
10, 351
3,997
11,034
4,202
10, 395
4,086
11,148
4,491
11,050
4, 595
' 9,664
' 4,438
12, 742
1,484
13,037
1,503
12, 874
1,473
13, 678
1,558
13,050
1,431
14, 215
1,424
14,110
1,536
12,612
' 1, 491
' 11, 346
1,909
231
'11,634
1,927
283
' 12,087
1, 969
329
' 12,146
'2,031
297
' 12, 380
2,092
226
' 1, 912
' 6,234
146
243
482
50
1,980
' 6, 346
138
240
461
40
2,045
' 6, 479
140
247
472
41
2,131
' 6, 730
154
259
473
40
2,120
'6,771
170
'251
467
'40
2,100
' 6, 951
193
275
501
42
210, 704
210,134
214,329
217,827
223, 515
•226, 043
10,131
9,365
281
473
38, 280
16, 984
9,517
11, 530
10,153
9,373
295
473
35, 596
16,414
7,038
11,932
10,416
9, 631
305
468
32,919
16, 740
4, 286
11,692
10,265
9, 492
293
469
3()T 496
17,011
2,165
11,151
10, 296
9,533
283
468
27, 849
15, 613
1,349
10, 696
10, 320
9,555
283
470
27,091
15,109
1,108
10, 718
10, 402
9,619
308
466
29, 210
16, 746
1, 203
11,079
10,417
9,617
333
456
31,845
17,462
2, 402
11,747
10,428
9, 618
351
450
35, 724
15, 879
7,491
12,086
10, 474
9,646
367
451
39, 892
16, 200
10,752
12, 618
10,434
9,616
344
465
43, 705
18,268
12, 294
12, 796
34, 544
20,890
6,430
7,061
32, 719
21,036
4,407
7,129
32, 032
22, 434
2,511
6,961
30, 623
22,211
1.634
6,676
28,
20,
1,
6,
303
731
079
401
27, 802
20, 360
923
6,411
29, 887
22, 003
1,118
6,657
31,854
22,712
1,941
7,063
33, 692
21, 908
4,248
7,373
36,107
22, 042
6,191
7,693
38, 680
23, 016
7,728
7,739
7,844
7,241
600
155, 534
54, 634
98,618
7,831
7,235
593
140, 740
43, 480
96,185
7,849
7,268
578
119, 955
28,814
89, 014
7,823
7,271
550
110,420
21,039
87, 003
7,868
7,311
553
110,163
18, 259
89, 791
7,882
7,334
545
110,966
16,792
91, 328
7,942
7,392
548
115, 379
17,812
94,873
8,012
7,444
565
127,179
22, 400
102,073
8,174
7,554
617
143,343
36, 976
103, 639
8,215
7,585
628
160,937
50,694
107,125
8,171
7,554
614
178,028
67, 790
107, 521
56,102
33,836
21, 901
48, 805
28,273
20,373
38, 935
20, 593
18,062
33, 662
16, 327
17,059
31,920
14,458
17,115
31,417
13, 534
17, 540
32,131
13,836
17,973
36, 739
16,883
19, 528
46, 461
24, 655
21,433
56,124
32,242
23,448
67,665
42,000
25, 241
213, 239
r
• 12, 308 ' 12, 768
2,266
2,393
170
148
2,163
' 6, 672
206
281
503
47
2,189
' 6, 882
224
301
569
63
228,884 '234, 153 •239, 611
GAS
Manufactured gas:f
Customers, total
thousands...
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft-Domestic
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of doL.
Domestic
do
House heating
do
Industrial and commercial
do
Natural gas:f
Customers, total
thousands. _
Domestic
do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft.Domestic
do
Ind'l., com'l., and elec. generation ___ do
Revenue from sales to consumers, total
thous. of doL.
Domestic
do
Ind'l., com'l., and elec. generation... do
» Revised. §Data revised for 1939; see table 14, p. 17, ol the April 1941 Survey.
•
concludes consumption in reporting company plants. ^Excludes consumption in reporting company plants.
• Monthly data for 1920-39, corresponding to averages shown on p. 97 of the 1940 Supplement, appear in table 28, pp. 17 and 18 of the December 1940 Survey; revised data
for all months of 1940 are shown on p. 41 of the June 1941 Survey.
©Data do not include cellulose acetate safety glass sheets.
•{•Revised series. Manufactured and natural gas revised beginning January 1929; earlier data will appear in a subsequent issue. Revised electric-power sales and revenue
from sales beginning 1937 will be shown in a subsequent issue. Data on sales of paint, varnish, lacquer, and fillers cover 680 companies and replace the series for 579 companies
Digitizedpreviously shown in the Survey; earlier data will be shown in a subsequent issue.
for FRASER
May 1942
SURVEY OF CURRENT BUSINESS
S-24
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
March
1941
March
April
May
June
July
August
1942
September
October
Novem- December
ber
January
February
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
5,154
Production
thous. of bbL.
4,577
Tax-paid withdrawals
do
8,491
Stocks
do
Distilled spirits:
Production
thous. of tax gal. _ 10, 571
11,312
Tax-paid withdrawals
do
Imports
thous of proof gaL.
Stocks
thous. of tax gaL _ ^542, 884
Whisky:
10,020
Production
do
7,501
Tax-paid withdrawals
do
Imports
thous. of proof gaL.
520, 765
Stocks
thous. of tax gal._
Rectified spirits and wines, production, total
6,481
thous. of proof gaL.
Whisky
do....
5,627
Indicated consumption for beverage purposes:
All spirits.
thous. of proof gaL.
Whisky
..do....
Still wines:
Production
thous. of wine gaL.
Tax-paid withdrawals
do
Imports
do
Stocks
do
Sparkling wines:
Production
do
Tax-paid withdrawals
do
Imports
do
Stocks...
do
4,466
3,814
8,262
5,170
4, 557
8,645
5,844
5.385
8,848
6,126
5,678
9,038
4,421
4,521
7,446
4,432
3,970
7,672
4,438
3,763
8,148
9,881
21, 201 30.667 20,768
10,092
11, 969 10, 505 11,108
855
1,549
(°)
549, 275 547,678 555,462 558,967
18.778
8,586
18, 535
9,233
12, 903
9,413
567,403
574, 937
577,140
7,764
6.571
9,424
13, 834 11,828
13,632
6,606
7,104
9,212
7,602
8,143
6,832
653
111
()
*
1,423
503, 567 501, 587 499, 503 504,041 505, 557 511, 211
13,088
6,519
11,486
6,417
15,514
8,450
879
541, 931
14, 726 14, 732 12, 521 11,075
8,027
9,722
8,992
9,281
1,052
727
1,535
860
547,018 549,979 551, 424 551,435
12,643
6,619
812
495, 735
11, 860 12,025
6,147
7,531
991
1,448
500,097 503,040
9,560
7,210
788
504,081
4,989
4,920
8,207
3,842
4,074
7,783
6,554
6,268
9,026
5,913
6,055
8,605
5,291
5,240
8,384
516, 456
519, 790
4,583
3,772
6,006
4,627
6,249
4,881
2,663
9,375 95, 884 130, 886 54,135
1,365
1, 636
11, 851
7,018
7,843
7,580
10,123
8,546
8,832 10, 633
7,270
125
169
90
132
158
(°)
128, 003 117,887 111, 570 106, 377 136,457 183,015 193, 275 183, 560
119
95
68
77
118
111
114
151
59
71
52
61
112
124
137
150
4
6
5
11
7
()
•
817
744
794
811
761
719
748
2,510
8,079
4,211
3,380
4,399
3, 418
5,195
4,224
5,393
4,3*8
5,415
4,321
5,789
4,807
5.871
4,715
11,345
9,536
11,130
9,294
13, 515
11,641
12,698
10, 724
12, 248
10,084
13,028
11,017
15, 549
13, 561
857
7,933
141
143,154
1,709
8,051
134
135,310
50
35
141
40
7
647
6,330
5,167
5,943
5,040
176, 627
167.079
78
44
93
36
742
DAIRY PRODUCTS
Butter, creamery:
Consumption, apparentt
thous. of In..
Price, wholesale, 92-score (N. Y.) dol. per l b . .
Production (factory) t
thous. of lb_.
Receipts, 5 markets
do
Stocks, cold storage, end of month
do
Cheese:
Consumption, apparentt
do—
Imports!
do....
Price, wholesale, No. 1 American (N. Y.)
dol. per lb_.
Production, total (factory) t
thous. of lb..
American whole milkf
do—
Receipts (American), 5 markets
do
Stocks, cold storage, end of month
do—
American whole milk
do—
Condensed and evaporated milk:
Exports:§
Condensed (sweetened)
do—
Evaporated (unsweetened)
do—
Prices, wholesale (N. Y.):
Condensed (sweetened)
dol. per case..
Evaporated (unsweetened)
do—
Production, case goods:t
Condensed (sweetened)
thous. of lb_.
Evaporated (unsweetened)
do —
Stocks, manufacturers', case goods, end of mo.:
Condensed (sweetened)
thous. of lb..
Evaporated (unsweetened)
do—
Fluid milk:
Consumption in oleomargarine
do...
Price dealers', standard grade-dol. per 100 lb.
Production (Minneapolis and St. Paul)
thous. of 1b.
Receipts:
Boston
thous. of qt.
Greater New York
do___
Powdered milk:
Exports
thous. of lb.
Productiont
do...
Stocks, manufacturers', end of m o n t h . . d o . . .
FRUITS AND VEGETABLES
.35
137,010
55, 718
44,927
157, 594
.32
149,625
59, 565
72, 224
1,544
.24
88,770
72, 290
21, 965
188, 280
163,470
155, 316 179,199 149,586 138, 530 150, 700 147, 007
.35
.36
.37
.33
.36
.36
.36
.35
163, 819 217,216 212, 682 196, 968 172, 547 149,746 136, 406 115, 053 117, 865
62,342
78, 217 73, 993 60, 942 55,666
74,366
53, 025 43,433
48,149
17, 795 56, 792 120,246 178,493 200,228 202,957 186,635 152,484 114, 436
74, 250
1,871
82, 568
2,114
70, 289
1,437
57,130
2,094
66,496
1,758
.35
121,410
47, 393
83,106
.35
118, 780
45,170
63, 701
.26
850
075
356
018
276
.25
72,105
58, 055
12, 928
160,073
133,140
66, 765
1,464
.19
.24
.22
.24
.17
.26
.26
.21
.26
61. 460 71, 070 98, 210 105, 610 95,100 87, 510 82, 500 78,300 67, 650 69, 340
77, 861 71,518
66,861
61,816
51,651
52, 610
46, 029 55, 098 78, 879 86,144
21, 551 22, 212 15, 634 18, 097 15, 784 13, 648 13, 542
15,166
16,139
15,122
109, 893 108, 335 119, 718 142, 369 168,420 184, 940 188, 337 188, 727 189,002 201, 613
94, 602 102,869 121,064 139,568 151, 906 156, 746 157,468 158, 238 171, 869
97,496
69,
56,
14,
165,
137,
5, 020
8,743
7,822
7,773
8,292
19, 366
7,333
43, 383
7,111
60,153
8,865
40,687
6,300
45, 875
5.90
3.85
5.00
3.20
5.00
3.23
5.00
3.43
5.40
3.45
5.48
3.60
5.80
3.70
5.56
3.85
5.40
3.85
5.90
3.85
5.90
3.85
5.90
3.85
5.90
3.85
5,426
335,203
9,355
205,312
8,601
252,679
10,130
350,495
9,745
331,285
9, 923
9,793
297,981 291,714
8,017
281,147
7,999
268,134
8,126
257,649
7,086
286, 736
3,079
310,952
3,853
296,877
213,550
7,340
136,073
7,228
126,160
10,494
9,783
10, 327 10. 009
173,838 189,711 261, 559 289,904
10,062
339,716
9,000
252,532
6,223
218,410
6. 414
2.26
6,016
2.27
5,101
2.27
4,627
2.29
4,919
2.32
4,582
2.40
6,044
2.49
11, 245 11, 906 12,024
382,605 417,643 328,475
5, 764
6,230
6,049
2.60
2.66
2.70
6,113
2.73
5,897
2.74
44, 972
44,477
49, 501
42, 475
35, 932
30, 658
25, 972
35,194
39, 349
38, 794
22,179 22, 769 22,027
21, 598 21,353
22, 480
131, 556 127, 288 132, 704 132, 294 131,958 127,050
21,895
132,725
21,162
21, 802 20,842
135, 906 126, 453 130,314
21, 250
126, 383
19, 575
115, 501
38, 350
22,931
• 38, 356
• 28, 789
"~~2"75
22, 756
49,800
38, 317
1,415
40,000
36, 831
1,631
46, 300
36, 036
2,277
62, 500
36,676
7,005
54, 900
37, 231
6,336
43, 600
34,108
2,760
37, 750
31, 705
4,155
35,100
26, 975
27,159
()
30, 200
21, 470
29, 018
26, 050
18, 732
32,000
20,156
Apples:
126,076
Production (crop estimate)Y
thous. of bu.
3,704
3,951
4,001
2,720
480
4,936
676
5,058
10,811
6,216
4,218
2,718
936
Shipments. carlot..
.no. of carloads..
8,222
0
25, 732 20,162 • 14, 238
5,999
0
31,181
10, 529
2,316
0
10, 351 31,321
Stocks, cold storage, end of mo.-thous. of bu._
18, 052
12, 219 10,307
23,835
16, 964 20, 329
18, 541 16,937
19, 869 14,956
6,953
10,316
Citrus fruits, carlot shipments.no. of carloads.. 20, 831
1,856
2,660
1,466
1,013
1,671
2,762
2,089
1,857
1,763
920
2,445
3,679
3,506
Onions, carlot shipments
do.
Potatoes, white:
2.638
2.719
2.525
2.330
1.970
1.944
1.590
1.700
2.363
1.806
2.163
1.488
1.845
Price, wholesale (N. Y.)
dol. per 100 l b . .
1357,783
Production (crop estimate)
thous. of bu.
21, 738
16, 556
25, 762 18,442 22,655
19, 546 13, 820
8,273
11,087
16, 515 13, 996 13,803
Shipments, carlotno. of carloads.. 21, 989
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and
4,042
5,037
4,244
5,291
5,983
3,330
9,116
()
*
meal§
thous. of bu..
Barley:
574
123
263
232
178
284
162
Exports, including malt§
do....
Prices, wholesale (Minneapolis):
.87
.87
.55
.58
.51
.55
.69
.56
.82
.51
.69
No. 2, malting
dol. per b u . .
.77
.54
.76
.52
.52
.51
.51
.45
.68
.55
.60
No. 3, straight
do_.
1358,709
Production (crop estimate)
thous. of bu
7,220
5,770
1,827
5,442
9,598
6,028 10, 468 14,111
6,510
7,838
13, 239 12,190
9,116
Receipts, principal markets
do..
8,324
1,681
5,514
9,656
10,002
5,157
4,726
4,931
5,471
6,561
8,739
6,977
Stocks, commercial, end of mo
do_.
7,757
l
••Revised.
December 1 estimate.
§See note marked " § " on p. S-26.
^Production in "commercial areas." Some quantities unharvested on account of market conditions are included.
° The publication of detailed foreign trade statistics and data on consumption of alcoholic beverages has been discontinued for the duration of the war.
b
Not including high-proof spirits.
fFor revised 1939 and 1940 data for the indicated series on dairy products, see note marked " t " on p. S-24 of the February 1942 Survey.
{Heretofore data published currently represented only reporting companies. Beginning with the April 1942 issue of the Survey, all data are estimates of total production
comparable with 1940 data on p. S-24 in the December 1941 Survey; revised 1939 data are available on request.
S-25
SURVEY OF CURRENT BUSINESS
May 1942
1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data may be found in the
1940 Supplement to the Survey
March
1941
March
April
May
June
1942
August
July
September
October
Novem- December
ber
January
February
FOODSTUFFS AND TOBACCO—Continued
GRAINS, ETC.-Continued
Corn:
Exports, including meal§
thous. of bu_.
Grindings
do
Prices, wholesale:
No. 3, yellow (Chicago) $_
dol. per bu.
No. 3, white (Chicago)
do
Weighted avg., 5 markets, all grades-do
Production (crop estimate)
thous. of bu._
Receipts, principal markets
do
Shipments, principal markets
do
Stocks, commercial, end of month
do
Oats:
Exports, including oatmeal§.
do
Price, wholesale, No. 3, white (Chicago)
dol. per bu._
Production (crop estimate)
thous. of bu_Receipts, principal markets
do
Stocks, commercial, end of month
do
Rice:
Exports §
pockets (100lb.)_.
Imports
do
Price, wholesale, head, clean (New Orleans)
dol. per lb__
Production (crop estimate)
thous of bu_-~
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (1621b.)Shipments from mills, milled rice
thous. of pockets (100 lb.)_.
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
thous. of pockets (100 lb.)__
California:
Receipts, domestic, rough.__bags (100lb.)_.
Shipments from mills, milled rice
do
Stocks, rough and cleaned (in terms of
cleaned rice), end of mo_.bags (100 lb.)_
Rye:
Price, wholesale, No. 2 (Mpls.)__dol. per bu_.
Production (crop estimate)
thous. of bu__
Receipts, principal markets
do
Stocks, commercial, end of month
do.
Wheat:
Disappearance
do.
Exports, wheat, including flour §
do
Wheat only §
do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol per b u _
No. 2, Red Winter (St. Louis)
do
No. 2, Hard Winter (K. C.)
do
Weighted av., 6 markets, all grades-.do
Production (crop est.). total
thous. of bu
Spring wheat
do_Winter wheat
do-_
Shipments, principal markets
do_Stocks, end of month:
Canada (Canadian wheat)
do-_
United States, total
do
Commercial
do
Country mills and elevators
do
Merchant mills
do__
On farms
do..
Wheat flour:
Disappearance (Rus'l-Pearsall)-thous. of bbl
Exports!
do_Grindings of wheat
thous. of bu_.
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbL.
Winter, straights (Kansas City)
do
Production:
Flour, actual (Census)
thous. of bbl
Operations, percent of capacity
Flour (Russell-Pearsall)
thous. of bbl. Offal (Census)
thous. of lb.
Stocks, total, end of month (Russell-Pearsall)
thous. of bbl_
Held by mills (Census)
..
..do
40
2 11,072
.82
.97
8,811
175
9,549
1,016
9,194
295
9,421
1,370
8,736
1,211
9,514
2,834
9,676
2 9,256
.72
.78
.74
.82
.71
.74
.85
.71
.75
.84
.74
.75
.81
.73
.70
.75
.67
19, 244
19,098
53,102
22,123
22, 712
43, 701
18,776
15,124
40,099
27,496
20, 555
39,137
24,041
17,099
40,135
.76
.83
.72
2,672,541
28,107
24,354
13,193
15,847
47, 946
39, 835
224
6,720
11, 562
7,052
11,030
7,947
9,473
.041
.043
.049
.064
54, 028
.72
.67
18,628
9,280
71, 290
17,403
14,012
65,463
24,846
22,133
60,959
274
24,098
17, 524
60,973
.70
.62
138
131
92
82
113
.37
.37
.36
.37
.46
3,854
4, 571
3,396
3,906
10,575
7,328
14, 607
11,771
10,414
13,427
(a)
.54
.39
5,253
5,893
4,567
4,077
378,894
7,282
4,539
4,473
440, 030 382,981
17,970 23,168
.048
.070
.049
2 8, 653
2 8,579
10,118
.48
a 9, 732
.82
.90
.78
.82
.96
.78
29,494
30,357
15,849
59,884
.71
.78
16, 280
50, 311
.53
11,176,107
.58
.56
5,519
I, 625
5,670
7,483
320,939 212,497 262, 096 224, 709
9,173- 25, 095 23,418
4,709
.044
.048
.068
681
722
415
171
99
72
312
650
2,191
2,321
2,099
1,148
1,325
1,405
1,182
1,131
837
703
463
548
822
1,278
1,425
1,772
1,700
1.315
1,086
861
712
1,683
2,627
3,007
2,508
2,583
256, 626 297,638
81,128
82,137
114,931
72,446
1,885
3,307
2,675
2,050
1,457
278, 245
162, 316
463,462
214,816
471,673
214,208
549,090
402,817
317,389
123,406
364, 795
394, 588
414, 382 302,027
.75
.52
1,091
17, 551
792
5,269
.56
4,951
302, 587 324,405
379,134
.57
.55
.62
.68
.60
3,282
5,486
2,490
5,639
3,758
11,077
6,944
14,637
4,944
17,243
2,603
17,504
2,150
17, 645
158,188
2,711
106
2,413
30
3,137
769
178, 704
5,767
3,771
1.01
1.02
.97
1.00
1.03
.99
1.06
1.08
1.07
1.05
1.14
1.16
1.14
1.12
1.10
1.13
1.12
1.02
30,987
17,642
14,086
16,394
4,855
1,246
4,572
1,414
1.24
1.30
1.21
1.19
.90
'.89
.85
.95
.93
.87
.90
.97
.90
.94
11,195
9,432
11,716
17,114
438, 599
541,998
237," 777" 141,897
130,182
171, 432
76, 675
270,122 193,244
26, 611
337, 263 354, 827 247, 542
1.23
1.27
1.20
1.15
1945,937
1274,644
1671,293
14, 579
14, 752
429,565 432, 504 438, 088 452, 018 476. 307 473,995
406,384
1,152,108
139,119" 139, 513 151,896 246,702 274," 629' 284,920 280," 588 276,260
73, 240
223,975
93,882
154,902
87,366
488,311
439, 533 428,235
8,843
672
39,045
554
38, 819
9,765
507
40, 625
8,293
504
39,123
10, 545
425
43, 247
()
44, 251
37, 560
4.85
3.71
5.01
3.93
5.32
4.32
5.42
4.77
5.42
5.06
5.76
5.36
6.00
5.63
5.75
5.48
5.88
5.44
9,002
8,596
59.5
56.8
9,374
9,470
706, 944 675,411
8,552
58.9
9,090
669,141
5,900
3.923
5,225
5,250
5,400
4,001
8,918
8,592
59.3
57.2
10, 332
9,047
703,201 674, 351
5,450
5,700
9,693
8,216
9,495
62.2
65.8
59.6
10, 553
11,170
745, 899 766, 313 650,110
5,900
4,586
374,565
.78
1 45,191
2,475
17, 474
2,115
16, 785
1,913
17,029
1.28
1.34
1.26
1.20
1.25
1.31
1.23
1.21
10,471
9,155
1.14
1.17
1.13
1.06
8,531
768
40,899
8,764
57.9
9,043
686, 551
210, 534 343,001
164, 501
377
39, 792
6.17
5.63
378, 554 465,182 229,404
260,941 137, 749 97, 631
.64
.58
176,427
3,768
1,998
446, 983
263.460 316, 495
131, 856 290, 089
471,492 465, 608 458, 692
987, 607
270,835 258," 570" 249," 891
207, 351
135,601
373, 820
42, 403
43, 611
38, 621
5.74
6.48
5.86
9,283
61.8
9,532
63.5
6.33
5.74
8,479
63.8
732, 746 756,199
663, 743
6,000
~3,96l
LIVESTOCK
Cattle and calves:
1,741
Receipts, principal markets thous. of animals.
1,503
1,593
1,697
1,647
1,964
1,728
2,022
2,200
2,453
1,624
Disposition:
1,094
'921
Local slaughter
do_
955
1,079
1,032
1,013
1,025
1,198
1,209
1,054
1,129
612
Shipments, total
___do.
544
637
605
624
574
956
1,196
961
816
680
264
Stocker and feeder
___do.
302
235
251
282
514
228
580
443
328
Prices, wholesale (Chicago):
12.59
Beef steers
dol. per 100 lb_.
10.67
11.24
10.81
10.23
10.62
11.73
12.57
11.73
11.55
11.40
Steers, corn fed
do.
13.36
12.31
12.01
12.46
11.97
11.88
11.93
12.75
11.71
11.44
11.06
11.34
11.94
Calves, vealers
_do.
13.80
11.28
11.34
12.38
11.13
12.60
13.50
13.38
12.00
Hogs:
2,694
Receipts, principal markets thous. of animals.
2,649
2,610
2,564
2,036
2,305
2,004
1,895
2,542
2,832
3,639
Disposition:
Local slaughter
do.
1,995
1,941
1,981
1,974
1,473
1,707
1,361
2,692
1,488
1,905
2,098
690
Shipments, total
do.
700
623
560
587
582
529
504
616
727
935
52
Stocker and feeder
do.
54
54
48
53
51
37
43
42
45
63
Prices:
8.42
10.94
Wholesale, heavy (Chi.) ...dol. per 1001b..
13.51
. 7.53
8.97
10.88
11.42
10.71
10.51
10.31
Hog-corn ratio
12.4
15.7
12.9
12.4
bu. of corn per cwt. of live hogs..
14.7
13.1
14.8
15.7
15.2
15.3
15.5
r
Revised.
i December 1 estimate.
* For domestic consumption only, excluding grindings for export.
° See note " ° " on
i-26.
* Data not
§Data for 1939 revised; see table 14, p. 17 of the April 1941 Survey. JFor monthly data beginning 1913, see table 20, p. 18 of the April 1940 Survey.
1,789
1,467
1,116
660
310
973
479
199
12.60
13.11
14.09
12.39
12.66
13.50
3,704
2,463
2,670
1,033
1,748
710
51
60
12.49
11.37
14.5
available.
15.2
S-26
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
Mav 1942
1941
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
Sheep and lambs:
Receipts, principal markets.thous. of animals.
Disposition:
Local slaughter
do
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes
dol. per 100 lb..
Lambs
do
MEATS
Total meats:
Consumption, apparent
mil. of lb_.
Exports!
do_._.
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of lb._
Exports§
do_.__
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb_.
Production (inspected slaughter)-thous. of lb..
Stocks, beef, cold storage, end of mo
do
Lamb and mutton:
Consumption, apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Pork (including lard):
Consumption, apparent
do
Exports, total
do....
Lard
do....
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb_.
Lard, in tierces:
Prime, contract (N. Y.)
do—
Refined (Chicago)
do....
Production (inspected slaughter), total
thous. of lb.
Lardf
do....
Stocks, cold storage, end of month
do
Fresh and cured
do
Lard!
do.._.
1,866
1,520
1,618
1,928
1,779
1,885
2,023
2,465
2,833
1,818
1,719
1,136
721
164
'892
r 630
131
972
648
113
1,079
853
154
933
834
150
971
924
241
922
1,104
377
1,004
1,406
592
1,018
1,820
523
905
945
379
1,016
699
199
1,036
754
197
907
629
126
6.91
11.00
10.2
6.75
9.88
4.81
10.44
4.10
11.13
4.41
10.75
4.84
10.88
5.14
10.98
5.22
10. 63
5.44
10.57
6.06
11.20
6.34
11.88
6.48
11.25
1,221
30
1,216
1,282
83
1,186
28
1,215
1,294
1,285
18
1.327
1,329
77
1,229
67
1,190
1,233
75
1,260
106
1,222
1,102
73
1,278
91
1,168
916
72
1,292
97
1,178
730
64
1,418
(a)
1,435
649
64
1,245
1,477
1,503
1,213
1,345
1,046
118
1,394
720
73
903
105
1,728
1,097
123
1,271
' 1, 097
116
464, 920
1,512
486,031
1,548
558, 783
1,195
525,989
978
569. 054
5,473
563, 986 592,169
4,029
3,181
635, 550
524, 974
574,166
617, 671
518,851
.200
545, 801
146,271
.170
449, 098
90, 373
.175
.170
473, 364 538, 542
85. 563 76, 231
.175
512,112
68. 442
.171
565, 041
65, 708
.176
.173
.176
557, 536 580, 536 642, 731
67, 489 73, 366 89, 793
.173
535, 884
114,330
.191
575, 794
135, 478
.198
. 196
605,041 513.157
142, 599 '150,410
73, 422
8,104
62, 355
62, 328
4,378
65,301
64,752
4,130
54,915
54, 458
3,638
62, 238
61,853
3,211
66, 453
67, 206
4,783
55, 572
57, 244
6,432
64, 239
65,816
7, 936
68, 451
' 68. 781
8,228
61,813
61.701
r 8', 122
637, 775 661,328
25.305
14,213
22,375
10, 697
647, 951
51, 439
20,101
628, 222
80,005
53, 819
653, 854 637, 395 716, 262
70, 508 97, 285
(a)
44, 634 46, 976
664,354
838,113
816, 538
632, 393
693, 704
26, 747
24, 329
61,833
62, 214
4,718
60, 244
60,364
3,306
62, 276
63,094
4,093
()
.315
.218
.238
.248
.256
.275
.285
.296
.125
.138
.070
.081
.083
.097
.095
.106
.101
.112
.104
.114
.103
.118
.111
.128
623, 277 623,078
139, 714 115,719
1,172,305 1,086,399
798, 455 703, 893
373,850 382, 506
594, 970
108, 395
959,146
618,866
340.280
725, 295
132,115
773,292
590, 659
182, 633
704,487 679, 746
130,029 125, 746
L, 104,072 1,123,574
785, 387 795, 876
318, 685 327,698
549,8
534, 503
92, 231
773,182 589, 322
485,108 371,362
288, 074 217, 960
.265
.104
.121
725,158
127,469
490, 694
313, 268
177, 426
.271
.299
.104
.120
.106
.127
.112
.130
800,819 1,042,675 1,053,759 696,100
141,579 190,337 203, 206 128,465
526, 735 655,049 823,129 •82 3.169
350, 270 468, 538 613, 659 •610,604
176, 465 186, 511 209, 470 • 206, 565
I
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of lbStocks, cold storage, end of month
do...
.121
.136
19, 863
101,129
30, 353
87,433
2,073
1,972
1,508
1,337
5,375
3,031
99, 531 142,065
6,427
178,594
6,641
195,097
36,028
.0795
34,395
.0799
25,218
.0782
16, 841
.0787
24, 257
.0814
1,110
945
2,135
1,141
968
1,731
627
513
1,215
454
296
591
518
376
444
.090
1,709
.099
1,968
.108
2,151
.115
2,224
.122
2,064
2,421
2,460
2,195
1,942
1,654
415, 675 442, 264 426,159
405, 219
402, 948
20, 509
139, 522
19, 324
126, 904
1.689
Receipts, 5 markets
thous. of cases..
Stocks, cold storage, end of month:
1,839
Shell
thous. of cases -.
Frozen
thous. of lb. _ 107, 175
1,090
63,428
32, 218
.0718
31,304
.0731
1,576
1,428
2,012
1,520
28.188
85, 573
28, 723
81, 206
33,368
85, 363
876
35, 220 49, 351
96, 701 127, 981
84, 224
218, 392
27, 302
206,120
18, 624
179,083
915
587
833
6,131
5,441
194, 006 178,438
77, 720
172,913
1,149
1,670
129, 533
549
95, 538
331
76, 293
.0820
.0878
.0935
. 0950
.0892
847
744
72
706
624
882
970
1,073
1,001
766
665
.134
1,879
.134
1,780
.132
1,580
.131
1,393
.133
1,327
.134
1, 471
.134
1,102
1,422
1,149
789
477
213
417, 387 459, 297 404, 252
331, 299
318, 644
291, 839
181, 387
.035
.035
.035
.037
.037
126,173
167, 040
110,468
13, 072
398, 901 355, 071
352, 584
350, 074
218,993
199, 661
.059
.052
.060
.052
.064
.053
.066
.053
3,857
153,843
r
••529
73, 766
TROPICAL PRODUCTS
Cocoa:
Imports§
long tons..
Price, spot, Accra (N. Y.)
dol. perlb_.
Coffee:
680
Clearances from Brazil, total.-thous. of bags__
609
To United States
do
Imports into United States§
do
Price, wholesale, Santos, No. 4 (N. Y.)*
.134
dol. per lb . .
Visible supply, United States._thous. of bags_.
850
Sugar:
Raw sugar:
Cuban stocks, end of month
thous. of Spanish tons..
United States:
Meltings, 8 ports
long tons.. 271., 426
Price, wholesale, 96° centrifugal (N. Y.)
. 037
dol. per lb_.
Receipts: From Hawaii and Puerto Rico
long tons._
Imports, total §
do
From Cuba
do
From Philippine Islands
do
209, 257
Stocks at refineries, end of month., do
Refined sugar (United States):
Exports
long tons..
.066
Price, retail, gran. (N. Y.)
dol. per lb—
.053
Price, wholesale, gran. (N. Y.)
do
Receipts:
From Hawaii and Puerto Rico.long tons..
Imports, total
do
From Cuba
do
From Philippine Islands
do
Tea, imports
thous. of lb..
.033
.034
.034
.035
.035
.037
143, 375
278, 863
222,179
54, 357
312,053
180, 098
380,881
266, 675
85, 001
460, 549
191,473
322, 567
199,483
117, 032
608, 701
195,169
239, 305
147, 705
78, 326
654,105
166, 355
211,202
127, 864
63, 673
653,041
136, 027
210,190
143,198
16, 769
506,133
4,560
.052
.048
1,897
.055
.050
2,360
.056
.050
3,175
.056
.049
2,482
.056
.050
7,232
.057
.052
10, 253
.058
.052
29,442
47,461
41, 532
5,911
6,197
20, 612
58,108
52, 918
4,224
7,793
14,051
53, 264
48, 993
3,990
11,190
6,257
54, 551
49,144
5,365
9,752
5,412
27, 707
19,477
7,926
10, 679
4,946
19,025
16,036
446
7,766
(a)
1,116
13, 220
10,640
1,962
6,915
.036
.059
.052
MISCELLANEOUS FOOD PRODUCTS
15,512
14, 736
13,999
Candy, sales by manufacturers...thous. of doL. 27, 667
21, 227 18,467
17, 219 27,034
30, 624
29, 705
31, 900
25, 843
26,101
Fish:
54, 555
37, 224 47, 033 54, 580
51,123
54,159 59,355
42, 215
49, 521
29, 522
16, 355
13, 853
Landings, fresh fish, prin. ports.thous. of lb._
73,432
62, 005
55,117
90,885 102,191 107, 574 115,432 117, 805
49, 805 35, 757 41,878
99, 979 ' 82,677
Stocks, cold storage, 15th of mo
do
* Revised.
§Data for exports and imports revised for 1939; see table 14, p. 17, and table 15, p. 18, respectively, of the April 1941 Survey.
b
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
Data not available.
*New series. This series replaces the one for the price of coffee, Rio No. 7 shown previously. Earlier data are shown in table 13, p. 22 of the April 1942 issue.
fRevised series; revisions beginning January 1937 appear in table 8, p. 18, of the January 1941 Survey; see also note marked "V' which applies to both production and stocks.
^Includes fats rendered from hog carcasses reported beginning November 1940 as "lard" and "rendered pork fat." Figures are comparable with earlier data reported as
"lard."
S-27
SURVEY OF CURRENT BUSINESS
Mav 1942
1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
March
1941
March
April
May
June
July
August
1942
September
October
Novem- Decem- January Februber
ary
ber
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS
-—Continued
Gelatin, edible:
Monthly report for 7 companies:
Production
thous, of l b . .
Shipments
do....
Stocks
do...
Quarterly report for 11 companies:
Production
do
Stocks
_
do
TOBACCO
Leaf:
Exports, incl. scrap and stems§.-thous. of l b . .
Imports, incl. scrap and stems§
do
Production (crop estimate)
mil. of l b . .
Stocks, dealers and manufacturers, total, end
of quarter
mil. of lb._
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured
do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf.
do
Cigarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
millions. .
Large cigars
thousands..
Mfd. tobacco and snuff
thous. of lb_.
Exports, cigarettes §
thousands..
Prices, wholesale (list price, destination):
Cigarettes, composite price.-dol. per 1,000..
Cigars, composite price.-do
Production, manufactured tobacco:
Total
thous. of lb_.
Fine cut chewing..
do
Plug
do
Scrap chewing.
do
Smoking
do
Twist
do
2,269
2,147
3,640
1,850
2,545
5,240
1,847
2,205
4,882
2,028
2,055
4,856
1,661
2,248
4,216
1,435
2,006
3,644
7,492
6,563
6,977
7,804
19,404
7,087
1,973
2,025
4,803
14,030
5,927
22,699
6,526
14,916
6,630
1,774
2,051
3,367
2,155
2,303
3,220
2,081
2,121
3,392
2,271
2,060
3,431
6,329
4,720
26, 793
6,042
20,975
5,725
2,102
2,126
3,518
2,245
2,094
3,542
8,314
5,026
23,380
7,451
1
1,280
3,594
3, 349
3,372
3,490
396
299
2,778
3
404
283
2, 527
371
258
2,618
4
339
251
2,784
4
19
99
22
109
15,854
17,858
490, 585 475,067
29,127
29,232
685, 513 926,183
21
91
18, 523 18,404
17, 777 18, 761 19,632
478,802 487, 033 491, 028 506,071 621,990
27, 660 28,835
27,462
29, 756 32,179
549,338 521, 326 843, 686 433,690
()
16, 201 19, 502 16, 628
474,913 458,277 441,805
24,426
24, 265 27,938
17,016
489, 727
27,919
15, 529
430,326
28, 253
685,139
5,760
46.592
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
5.760
46. 056
46. 056
5. 760
46. 056
24, 766
389
4,065
3,385
16,458
468
26, 246
402
4,406
3,745
17, 209
483
25, 462
427
4, 288
3,524
16, 847
376
25, 346
441
4,229
3.910
16, 288
478
25, 732
458
4, 560
3,884
16, 348
483
24, 535
505
4,264
4,064
15, 200
501
27,166
467
4,476
3,962
17, 758
503
29,047
467
4,710
4,016
19, 341
514
24, 547
396
3,810
3,279
16, 631
430
22,129
415
3,769
3,410
14,070
465
17,141
542,906
27,376
5.760
5.760
46. 056
5.760
46.190
* 27, 365 ' 25, 072
415
358
4,045
3,697
3,673
3,411
14,990
13, 854
479
FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports
thous. of long tons..
Prices, composite, chestnut:
Retail
__dol. per short ton._
Wholesale.
do
Production
thous. of short tons..
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply. Bituminous:
Exports
thous. of long tons-_
Industrial consumption, total
thous. of short tons..
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Other consumption:
Vessels (bunker)
-thous. of long tons..
Coal mine fuel
thous. of short tons..
Prices:
Retail (35 cities)
dol. per short ton..
Wholesale:
Mine run, composite
do
Prepared sizes, composite
do
Production!:
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total
.do
Byproduct coke ovens
do
Cement mills
.._
do
Coal-gas retorts
do
Electric power utilities
.do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
do
180
97
309
335
223
304
404
11.66
9.805
4,595
11.67
9.799
3,198
11.64
9.779
3,858
11.57
9.807
4,891
11.88
9.939
4,681
12.17
10. 073
5,246
12.41
10. 209
5,143
12.46
10. 301
5,380
12.42
10. 301
3,832
12.43
10. 288
4,118
331
197
169
205
414
708
1,177
1,393
1,237
23
43
53
29
32
108
58
658
528
1,511
2,071
1,973
2,325
2,353
34,041
931
7,157
470
150
4,729
8,600
1,024
10, 980
29,023
148
6,404
489
136
4,164
7,006
946
9,730
31,199
850
6,871
596
134
4,916
7,755
837
9,240
30, 881
886
6,855
615
127
5,135
7,576
827
8,860
31, 510
908
7,107
660
128
5,215
7,799
833
8,860
32, 400
959
7,108
658
132
5,643
8,038
842
9,020
31, 928
901
6,814
630
126
5,552
8,053
802
9, 050
34, 555
835
37,192
1,021
7,352
588
149
5,892
9,226
984
11, 980
38,476
1,016
7,404
564
148
5,913
9, 685
1,046
12, 700
77
345
80
43
124
307
113
306
129
311
137
329
164
335
362
313
347
313
9.51
8.88
8.86
8.85
8.89
9.06
9.24
9.34
9.42
9.47
9.50
9.52
9.51
4.753
4.897
47,400
4.367
4.615
47, 996
4.375
4.533
5,975
4.547
4.618
43, 400
4.570
4.663
42, 774
4.618
4.724
43, 300
4.658
4.823
45, 650
4.677
4.883
46,880
4.703
4.922
49,800
4.713
4.930
43, 770
4.704
4.925
46, 667
4.732
4.926
48, 540
4.737
4.924
43,840
57,201
51,741
7,882
743
299
13, 891
9,883
1,013
18, 030
5,460
50, 690
45, 590
9,854
562
247
11, 330
8,741
1,276
13, 580
5,100
35,971
31,891
4,970
390
188
9,014
5,658
721
10,950
4,080
37, 483
32, 583
4,725
483
162
8,991
6,135
737
11, 350
4,900
42, 929
37, 249
5,913
559
225
9,988
6,604
720
13. 240
5,680
473 051
40, 451
6,215
634
285
10, 431
7,003
723
15,160
6,600
52, 801
45,011
7,205
660
296
10, 912
8,111
'757
17, 070
7,790
56,994
48,044
7,292
709
331
11, 637
8,758
827
18, 490
8,950
61, 401
51, 501
8,371
720
364
11,919
9,548
909
19, 670
9,900
61, 763
52, 013
8,326
714
372
12, 427
9,726
908
19, 540
9,750
62, 737
53, 397
8,901
705
367
12, 821
10, 235
968
19, 400
9,340
58, 681
50,951
8,179
647
343
12, 660
9,788
964
18, 370
7,730
' 56,885
• 50,635
7,888
r
652
'333
• 13, 455
9,662
995
17, 650
6, 250
6.125
6,125
6.000
650
5,186
151
647
5,224
140
610
r 4,516
121
12.48
10. 280
5,081
36, 458
1,024
7,379
543
153
5,019
9, 723
957
11,660
59
34,978
968
7,050
676
143
5,913
8,742
886
10, 600
()
143
5,532
8,747
912
10, 910
12.48
10.288
4,532
12.48
10. 288
4,772
r
35, 091
957
6,685
497
142
' 5,154
. 8,879
937
11,840
COKE
(a)
64
61
54
49
51
47
Exports
thous. of long tons..
61
Price, beehive, Connellsville (furnace)
6.125
5.375
5.825
6.125
5.375
6.125
6.125
dol. per short ton..
6.125
6.000
6.125
Production:
541
611
93
564
574
613
586
532
Beehive
thous. of short tons.
653
578
4,8
4,474
4,846
4,836
4,833
4,971
Byproduct
do
5,153
5,013
4,999
5,014
149
158
154
128
140
144
Petroleum coke
do
137
125
134
r
l
Revised.
December 1 estimate.
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
h
Includes 3,763,000 pounds of snuff in January and 3,265,000 in February; data were not available by months, for inclusion prior to 1941.
% Data for 1938 revised. See p. 45 of the August 1940 Survey.
§ Data for 1939 revised; for exports, see table 14, p. 17, and for imports, table 15, p. 18 of the April 1941 issue.
S-28
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
Mav 1942
1941
April
March
May
June
July
August
September
October
Novem- December
ber
1942
Janu- February
ary
FUELS AND BYPRODUCTS—Continued
COKE—Continued
j
Stocks, end of month:
Byproduct plants, total.thous. of short tons.
At furnace plants.do
At merchant plants
do...
Petroleum coke
do.._
1,337
845
492
375
1,401
694
706
400
111,059
3,876
.960
112,817
83
111,106
4,132
1.010
111,080
85
1,405
741
664
385
1,383
869
514
259
1,580
881
699
370
1,616
871
745
362
121,180
4,657
1.110
118,251
89
124, 572 121,481
4,790
4,319
1.110
1.110
121, 354 119,446
90
126,772
()
()
110
.1
126,145
66, 454
35, 651
212,132
44, 472
167,660
1,934
22, 768 23, 227
62,941
62, 745 63,378
64, 729 63,847
34, 875 34, 852 35,082 35, 596 37, 767 39,184
3% 560
207,225 203,481 201,048 200,602 203,423 207, 859 213, 395
45, 085 43, 387
41,975
42, 446 42, 546 43,154
43,483
163,742 161, 506 158,602 158,056 160,269 162, 774 170, 008
953,
1. 373
1,931
1,821
1,723
1,458
1,836
1,428
849
578
382
1,450
874
577
367
119,435 115,935
3,701
4,488
1.035
1.110
116, 976 115,027
88
88
68, 661 67, 256 66, 256 65, 735
37, 451 37, 272 36, 221 34,961
221, 319 221,120 218,355 216,454
41, 649 42, 528 41, 595 43,526
179,670 178,592 176,760 172,928
1,615
1,184
1,612
1,620
1,612
950
662
372
1,708
832
876
228
1,510
817
692
246
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)... thous. of bbl_.
Imports§
do
Price (Kansas-Okla.) at wells. _.dol. per bbL.
Production^
thous. of bbl..
Refinery operations
pet. of capacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbL.
Light crude
do
East of California, totalt
do
Refineries t
do
Tank farms and pipe lines!
do
Wells completed^
number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantsf
thous. of bbL.
Railways (class I)
do
yessels (bunker)
do
Price, fuel oil (Pennsylvania)*_dol. per gal..
Production:
Residual fuel oilj
thous. of bbl..
Gas oil and distillate fuels, total
do
Stocks, end of month:
Residual fuel oil, east of Calif
do
Gas, oil and distillate fuels, total...do
Motor fuel:
Demand, domestic!
thous. of bbL.
Exportsf
do
Prices, gasoline:
Wholesale, refinery (Okla.).dol per gaL.
Wholesale, tank wagon (N. Y.)f._.do
Retail, service stations, 50 cities*...do
Production, totalj
thous. of bbl._
Benzol t
do
Straight run gasoline}
do
Cracked gasolinet
do
Natural gasoline J
do
Natural gasoline blended}
do
Retail distribution
mil. of gal..
Stocks, gasoline, end of month:
Finished gasoline, total!--.thous. of bbL.
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
do
Exports §
do
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. per gaL.
Production
thous. of bbl.
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestict
do
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gaL.
Production
thous. of bbl.
Stocks, refinery, end of month
do
Asphalt:
Imports §
short tons..
Production
do
Stocks, refinery, end of month
do
Wax:
Production
thous. of lb..
Stocks, refinery, end of month
do
1.110
1,308
124,985
1,325
5,147
2,488
.053
1,620
5,339
2, 633
.057
1,793
5,460
2,661
.058
1,655
5,435
2,331
.059
1,841
6,049
26, 748
14, 692
27,994
15, 546
27, 882
14, 697
28,624
15, 746
29,836
15,409
28,118
16,024
30, 871
16, 554
29, 666
16, 230
19, 822
24, 449
20, 914
30, 620
21,909
34, 337
23, 562
36, 845
25, 224
39, 726
26,198
42, 028
48, 760
1,287
.045
.129
.124
53, 409
317
21, 995
26,181
4,916
3, 981
2,019
55,154
1,232
20,891
27. 353
59, 307
1,257
58, 360
1, 184
63, 093
1,212
62, 944
1,355
.049
.135
.131
53, 768
277
22,131
26, 380
4,980
3,688
2,220
.053
.143
.137
58, 258
288
23, 881
28, 908
5.181
3, 541
2,383
.058
.149
.138
56, 987
274
23,140
28, 478
5,095
3,648
2,327
.060
.149
.139
59, 609
271
23, 962
30,124
5,252
3,769
2,543
.060
.149
.140
60, 740
277
24, 790
30,034
5,639
4,237
2,584
.060
.149
.140
60,167
266
24, 039
30,198
5,664
4,854
2,349
88, 414
61,186
5,504
85, 425
57, 357
5,856
82,411
52, 856
6,235
77, 429
49, 092
6,317
73, 094
45, 463
6,111
72, 761
46,151
5,373
6, 778
124
4,504
118
3,918
101
4,270
95
.054
6,033
8,421
.057
5, 218
9,609
.059
5,406
10, 635
4,449
52
.062
5, 850
11,636
.063
5,949
11, 662
2,263
2,712
2,732
3,171
3,074
2,562
2,638
2,813
8,637
.100
3,213
8, 363
.103
3,322
7,835
.123
3,520
7,353
.140
3,563
7,107
.143
3,561
7,206
.154
3,427
7,415
2, 452
9,579
579
4,366
373, 300 488,900 601, 800 634, 500
831,000 933, 000 964, 000 841, 000
0
687,100
713,000
51, 240 56,1
121,887 116, C
55, 440
101, 434
.050
r 1, 532
5,624
295
.054
6,033
6,724
5,549
158
.054
6,068
7,063
1,867
6, 495
58, 995
2,211
91, 501
64, 468
5,331
.063
1,592
5.040
2,836
.048
21, 086
23, 293
.055
.153
.143
1,658
4,895
2,823
.045
1,956
6,328
.051
1,677
5,061
2, 569
.044
27, 677
15, 387
~\055
119, 032 105, 776
1.110
1.110
1.110
1.110
123, 355 128, 293 128, 262 113,961
82
. 160
i
57, 400
118,456
54, 600
110,481
1,731
5,723
.058
.052
27. 254
15, 194
25,118
42, 261
31,127
29, 405
17,142
16. 902
24, 855 I r 23,120
38, 895 | T 40, 801
.060
.149
.140
62, 288
296
24, 712
31, 328
5,952
5,123
2,340
.060
.149
.141
61, 243
287
24, 244
30, 718
5,994
4,717
2,194
.060
.060
. 150
.149
.141
.139
63, 573 • 60, 035
323
208
24, 913 22, 725
32, 255 30, 324
6,082 ' 7, 488
4,622
5, 351
r 2, 261 r 1, 982
. 060
. 152
.141
51,612
189
19,226
26, 006
6, 768
4,456
1.722
74, 698
46,417
4,870
79, 378
49, 351
4,557
86, 413
56, 325
4,275
.063
6,355
11,670
.064
6,443
10, 843
.064
6,682
9,599
.064
6, 634
6,987
.063
6.133
6. 193
.160
3,494
7,487
.160
3,607
7, 752
.160
3,554
8,127
.160
3,497
8,266
. 160
3,174
8,429
18, 569
33, 711
93, 489 100,186
64, 996 72, 990
4,802
5, 209
0
0
()
740, 700 680, 200 694, 400 580, 700 466, 500 382, 000 382, 700
605, 000 474,000 451,000 512,000 604,000 695, 000 765, 400
54, 320
85, 824
66, 360
79, 458
67, 760
75, 467
76, 413
60, 200
74, 814
55, 160
72, 800
52, 920
75, 600
476
941
4,561
1,424
457
1,004
5, 767
1,571
440
1,057
5,831
1,611
392
891
3,892
1,407
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports total hides and skins§
thous. of lb
Calf and kio skins§(^}
thous of Dieces
Cattle hidesO
do
Goat and kid skins§O
do
Sheep and lamb skins§O
do
Livestock (federally inspected slaughter):
Calves
..
thous. of animals,.
Cattle
do . .
Hogs
-- .-do
Sheep and lambs
do
r
39, 540
260
560
3,472
2,447
50, 665
297
665
3,107
5,755
56, 267
257
828
4,150
3,651
53, 572
229
823
5,325
3,232
50, 686
173
731
3,723
4,099
61,899
242
888
3,265
5,335
48, 944
215
721
3,717
2,371
444
766
3,904
1,408
507
792
3, 807
1,436
501
908
4,023
1,551
440
867
3,336
1,378
445
968
3,006
1,569
414
968
2,796
1,522
447
1,004
2,920
1,567
(a)
(°)
<°)
(a)
(B)
491
929
4, 134
1,669
536
1,119
4,157
1,682
Revised.
I'Excludes for East Coast district, stocks of "shuttle oil" and stocks transferred to the U. K. pool board.
« The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
& Publication of data suspended.
*New series. Data on wholesale price of fuel oil beginning January 1918 appear in table 46, p. 14, of the November 1940 Survey. Data beginning 1920 for the new series
on retail service-station price of gasoline, which replaces a similar series shown in the Survey through February 1941, appear in table 10, p. 16, of the March 1941 Survey.
fExports of motor fuel revised; for data for 1913 to 1939, see table 54, p. 16, of the December 1940 Survey; for data for all months of 1940, see note marked "f" on p. S-28
of the August 1941 Survey. Data beginning January 1941 include mineral spirits; the comparability of the series is affected to a negligible extent by the inclusion of this item.
For revised series on wholesale tank wagon (N. Y.) price of gasoline, see table 6, p. 18, of the January 1941 Survey. Gas and fuel-oil consumption in electric power plants
revised for 1939; see p. 45 of the August 1940 Survey.
JRevised data for 1939 appear in table 1, p. 17, of the January 1941 Survey.
§Data revised for 1939; for exports, see p. 17, and for imports, p. 18 of the April 1941 Survey.
OData are here reported in pieces instead of pounds as formerly shown in the Survey. Earlier data on the new basis will be shown in a subsequent issue.
May 1942
S-29
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
1941
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
LEATHER AND PRODUCTS—Continued
HIDES AND SKINS-Continued
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per l
Calfskins, packers', 8 to 151b
do
LEATHER
Exports:
Sole leather §
thous. of l b . .
Upper leather§
thous. of sq. ft..
Production:
Calf and kip
thous. of skins..
Cattle hides
thous. of hides..
Goat and kid
thous. of skins..
Sheep and Iambi
do
Prices, wholesale:
Sole, oak, bends (Boston)*
dol. perlb_.
Chrome, calf, B grade, black composite
dol. per sq. ft_.
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides..
In process and
finished
do
Raw
,.
do
LEATHER MANUFACTURES
Gloves and mittens:1
Production (cut), total
dozen pairs..
Dress and semidress
do
Work
do
Boots, shoes, and slippers:
Exports§
thous. of pairs..
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxford, corded tip-do
Women's colored, elk blucher
do
Production, boots, shoes, and slippers:
Total
thous. of pairs..
Athletic
do
All fabric (satin, canvas, etc.)
do
Part fabric and part leather
do
High and low cut, leather, totaL.do
Government shoes*.
do
Civilian shoes:
Boys' and youths'
do
Infants'
do
Misses' and children's
do
Men's
do
Women's
do
Slippers and moccasins for housewear
thous. of pairs. .
All other footwear
do
0.155
.218
0.155
.218
0.155
.218
0.155
.218
0.155
.218
1,209
2,659
4,588
4,796
1,002
2,438
3,836
4,408
1,048
2,572
4,441
4,303
922
2. 630
4,226
4.163
974
' 2, 502
' 4, 005
4, 555
.448
0.137
.240
0.147
.245
0.153
.234
0.150
.218
0.150
.218
0.153
.218
0.155
.218
2,799
3,781
1,040
2,624
4,326
0.129
.225
14
3,871
14
4,321
77
2,268
11
4,363
24
4,889
1,368
3,346
()
1,151
' 2,168
r
3,414
' 3, 779
1,102
2,208
3,698
4,142
1,033
2,256
3,653
4,698
1,098
2,232
3,997
4,438
1,170
2,373
4, 269
4,633
1,181
2,375
3,365
4,789
1,084
2,389
4,107
4,508
(a)
.400
.409
.412
.425
.428
.431
.441
.444
.447
.448
.448
.531
.486
.495
.503
.518
.508
.510
.516
.522
.525
.529
.531
. 531
13,318
8,795
4,523
13,221
8,958
4, 263
13,009
8,685
4,324
13,184
8,603
4,581
13,479
8,659
4, 820
13,387
8,509
4,878
13,497
8,459
5,038
13,496
8,374
5,122
13, 998
8,490
5,508
14,277
8,780
5,497
13, 989
8,852
5,137
14,118
8,818
5,300
• 13, 957
r
8, 828
r 5.129
235, 585
146,482
89,103
244, 065
149, 705
94, 360
266,124
158,837
107, 287
249, 533 258, 325 291, 995 246, 329 283, 285 242,441 193, 808 185, 111 225,421
147, 718 155,695 179, 205 161,285 172, 898 144,197 106, 273 108. 080 139,531
101,815 102, 630 112, 790 85, 044 110,387 98, 244 87, 535 77, 031 85. 890'
241
237
221
158
148
309
6.00
4.25
3.30
6.00
4.27
3.30
6.15
4.35
3.30
6.15
4.35
3.30
6.23
4.35
3.45
6.25
4.35
3.55
6.25
4.35
3.55
6.36
4.35
3.55
6.40
4.39
3.55
43,154
397
471
1,408
36,886
1,158
43, 482
416
610
1,154
36,429
1,252
41,853
437
594
910
34, 766
1,149
40,463
471
300
854
33, 231
1, 215
45, 237
509
258
684
38, 219
1,215
45,465
516
225
816
37,885
1,360
43, 815
512
273
1,017
35,558
1,324
45, 704
555
271
1,004
36,906
1,474
34, 795
478
223
852
27, 644
1,170
38,451 ' 39, 828 40,007
442
377
••358
337
437
'436
1,052 r 1, 352
1, 373
32, 654 34, 899 34,119
1,737 ' 2, 223
2,336
1,461
2,336
4,234
9,531
18,167
1,555
2,266
3,996
9,958
17, 402
1,664
2,289
3,833
10,184
15, 647
1,683
2,549
3,872
9,734
14,177
1,825
2,558
4,251
10, 291
18,079
1,696
2,487
4,052
10,355
17, 935
1,812
2,403
4,025
10, 473
15, 522
1,910
2,585
4,378
11,931
14,627
1,399
2,163
3,491
9,600
9,821
1,535 r 1, 393
1,410
2,296 ' 2,146
2,062
3,888 ' 3, 805
3, 631
10, 410 ' 9, 871 9, 367
12, 789 •15,461
15,314
3,008
984
6.40
4.60
3.60
3,787
1,086
3,993
1,153
4,474
1,134
4,892
675
5,588
435
6,019
436
6,516
453
5.164
434
3,509
459
6.40
4.40
3.55
6. 40
4.55
3.56
r
6.40
4.60
3.60
1,936 | 2,738
'827 I
963
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products
M bd. ft.
Sawed timber §
do.
Boards, planks, scantlings, etc.§
do...
Imports, total sawmill products
do...
National Lumber Mfrs. Assn.if
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...
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
51, 977 84, 272 61, 793 51,163
53,308
7,404
7,557
11,371
7,250
4,399
37,422 67, 635 46, 586 34,090
40,168
95, 057 115, 745 135,018 178, 887 152,190
50, 968
2,541
35, 284
83,861
2, 610
338
2,272
2,599
371
2,228
6,557
1,545
5,012
Douglas fin SOFTWOODS
Exports, total sawmill products§...M bd ft...
Sawed timber§
do
Boards, planks, scantlings, etc.§
do
Prices, wholesale:
Dimensions, No. 1, common*
dol. per M bd. ft.. 32. 340
Flooring, B and better, F. G., 1 x 4, R. L.*
dol. per M bd. ft.. 44.100
2,796
396
2,400
2,726
390
2,336
6,649
1,550
5,099
2,834
385
2,449
2,830
413
2,417
6,711
1,522
5,189
2,786
385
2,401
2,875
420
2,455
6,650
1,488
5,162
2,946
383
2,563
3,115
428
2,687
6,489
1,444
5,045
3,113
387
2,726
3,236
416
2,820
6,357
1,414
4,943
2,926
387
2,539
2,986
423
2,563
6,294
1,377
4,917
2, 958
403
2,555
3,016
436
2,580
6,231
1,343
4,888
2,505
372
2,133
2,438
374
2,064
6,317
1,340
4,977
2,503
382
2,121
2,491
371
2,120
6,348
1,355
4,993
2,396
376
2,020
2,592
381
2,212
6.110
1, 349
4,761
2,248
372
1,876
2,461
369
2,093
5,930
1, 353
4,577
7,900
11,350
7,800
8,300
18, 350
34,972
45,481
38, 691
37, 588
59, 704
7,916
39, 838
79, 734
8,075
11,175
8,275
8,325
18, 200
11,175
9,000
9,500
17, 750
10, 350
11, 450
8,750
10,125
16, 675
12,800
13,925
8,200
10, 325
14,800
9,050
13,175
8,950
9,800
13,425
7,000
11, 500
7,600
8,800
12, 200
7,650
10,900
8,900
8,300
12, 850
5,050
8,900
7,500
7,150
13,100
7,225
9,050
8.075
7,350
13, 625
7,775
9,975
7.175
7,075
14, 075
7,150
9, 600
7,550
7,100
14, 250
45, 931
62, 250
40, 369
40, 666
73, 938
58, 267
74, 089
43,227
46, 428
70, 737
54,442
78,173
46, 761
50, 358
65, 533
53, 489
79, 516
48, 686
52,146
61, 580
60, 524
81, 988
51, 865
57,150
51, 038
44,781
74, 305
49,925
53, 464
44, 962
36, 363
60, 460
47,432
40, 080
52, 446
49, 227
48, 094
43, 088
28,102
42, 549
40, 910
38,014
48, 278
34, 286
42, 035
42, 697
35,100
55, 875
40, 749
46, 235
41, 647
33, 549
60, 673
39, 369
48, 097
36, 719
37, 788.
5.«, 601
12, 651
1,365
11,286
17, 517
4,893
12, 624
13,435
3,563
9,872
19,901
5,940
13,961
18, 743
6,615
12,128
28, 069
7,915
20,154
19, 970
5,580
14, 390
24.990
24. 990
24.990
24. 990
25. 970
25.970
27.146
28. 665
28.910
29. 498
32. 095
32. 340
35. 280
35. 280
35. 280
35. 280
36. 260
36. 260
38.808
41.160
41.160
42. 336
44.100
44.100
41, 955
()
(a)
(a)
()
••Revised.
§Data for 1939 revised: for exports see table 14, p. 17, and for imports, table 15, p. 18 of the April, 1941 Survey.
a
JData beginning 1940 include fleshers and exclude skivers.
The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
fRevised data for 1939 appear in table 17, p. 17 of the May, 1941 Survey; revisions for 1940 will be published in a later issue.
*New series. The price series on sole, oak, bends at Boston replaces the series shown in the Survey through the March 1942 issue for sole, oak, scoured backs at Boston.
Earlier data will be shown in a subsequent issue. Separate data for leather shoes made under Government contracts are available beginning 1941. These shoes include, for
the most part, men's dress and semidress and work leather shoes. However, a small number of pairs other than men's leather (nurses, athletic, etc.) made for Government
contract are included. The total has been included with men's leather shoes in previous issues of the Survey. Data beginning 1922 for the new series on lumber prices appear
Digitizedin table 16, p. 17 of the May 1941 Survey.
for FRASER
Data revised for 1941. Revisions not shown above are as follows: Total—Jan., 196,845; Feb. 204,547; dress and semidress—Jan. 118,346; Feb. 127,932.
S-30
SUEVEY OF CURRENT BUSINESS
Mav 1942
1941
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
March
April
June
May
1942
SepAugust tember
July
October
Novem- December
ber
January
February
LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Southern pine:
Exports, total sawmill products
M bd. ft..
Sawed timber
do
Boards, planks, scantlings, etc
do
Orders, newf
mil. bd. ft-.
Orders, unfilled, end of month
do
Prices, wholesale:
Boards, No. 2 common, 1 x 8 *
dol. per M bd. ft-.
Flooring, B and better, F . G., 1 x 4 * . . d o . . . .
Production!
..-.
mil. bd. ft..
Shipments!
do
Stocks, end of month
do
Western pine:
Orders, newf
do
Orders, unfilled, end of month f
do
Price, wholesale, Ponderosa, boards, No. 3
common, 1x8*
--dol. per M bd. ft-.
Productionf—mil. bd. ft..
Shipments!
do
Stocks, end of month
do
West coast woods:
Orders, newf
do
Orders, unfilled, end of month
do
Production f
do
Shipments!
do
Stocks, end of month
do
Kedwood, California:
Orders, new
M bd. ft..
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
7,761
746
7,015
839
553
15,911
2,612
13, 299
888
580
12, 573
259
12,314
970
646
12, 679
1,159
11, 520
1,076
824
45, 111
586
44,525
1,216
952
16, 941
3,104
13, 837
893
762
10, 486
1,471
9,015
885
715
30.770
53. 798
31.828
49. 323
931
828
1,642
31. 560
49. 534
956
861
1,737
30. 813
48. 990
962
904
1,795
30. 283
49. 580
850
898
1,747
31.946
51. 630
931
1,088
1,590
34. 550
54.978
949
1,083
1,456
474
480
480
466
502
490
560
535
637
628
607
642
31.52
365
467
1,342
27.42
343
414
1,479
27.72
468
478
1,469
27.68
570
516
1,523
27.55
614
543
1,593
28.03
673
593
1,665
799
746
760
767
885
)
861
633
771
603
800
621
1,050
33.050
52.782
898
932
1,422
31.013
52.050
896
943
1,375
30. 813
52.393
824
801
1,398
30. 804
53. 596
809
782
1,425
30. 620
54. 330
825
875
1,375
523
554
543
479
542
401
387
345
491
421
516
519
29.37
684
611
1,733
29.97
661
619
1,775
30.73
636
620
1,788
30.71
436
443
1,779
30.42
357
415
1,721
30.73
263
418
1,566
n
705
771
679
671
590
946
861
797
772
814
699
607
883
587
827
926
787
822
703
742
700
787
678
747
717
672
834
761
741
722
760
617
719
701
754
819
821
831
854
929
971
991
867
30, 391 27, 665 31, 540 26, 781 29, 688 41,252
38,371
46, 421 42, 918 43,026
52, 724 58, 493 64, 684 65, 422 55, 204 44, 532 37,142
34, 860 41, 696 49, 873
39,940
42, 646 47, 272 43, 703 45, 658 38, 671 30,698
34,058
39,835
35, 642
42, 221 39, 068 38, 318 29,910
22, 877 32, 292
37,105
40, 461 37,700 40,810
255, 390 249, 358 246, 446 246,431 244,169 242, 763 243, 225 248, 440 253,061 249,176
749
735
750
770
55,560
75,009
38,808
43, 560
240, 342
38,172
50, 930
31, 622
33. 233
262, 805
79.0
75.0
76.0
75.0
82.0
82.0
87.0
,8.0
90.0
87.5
82.0
79.0
8.0
18
50
75.0
25
5.0
22
42
74.0
21
6.0
20
40
74.0
19
4.0
32
54
74.0
20
4.0
26
62
78.0
20
3.0
35
70
77.0
25
3.0
27
72
82.0
3.0
33
76
84.0
32
4.0
30
75
88.0
32
5.0
33
75
88.0
27
15.0
15
59
86.0
28
8.0
22
59
81.0
24
101.0
118.9
102.6
104.2
83.5
100.9
90.4
87.2
85 2
102. 5
90.8
87.2
87.2
103.9
'93.4
87.2
93.0
103.9
94.4
93.3
95.0
105.5
97.4
93.3
93.5
108.2
97.4
93.3
96.1
108.2
99.3
98.9
96.3
111.6
102.0
104.2
98.0
113.6
102.0
104.2
101.2
115.0
102.0
154.2
101.2
118.9
102.6
104.2
38.15
38.15
FURNITURE
All districts:
Plant operations
percent of normal...
Grand Rapids district:
Orders.
Canceled
percent of new orders..
New
no. of days' production..
Unfilled, end of month
do
Plant operations
percent of normal,.
Shipments
no. of days' production..
Prices, wholesale:
Beds, wooden
1926=100.
Dining-room chairs, set of 6
do—
Kitchen cabinets
do
Living-room davenports
do _. .
Steel furniture (see Iron and Steel Section).
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic), total
long tons..
Scrap
do
Imports, total
do
Scrap
do
Price, wholesale, iron and steel, composite
dol. per long ton_.
Scrap:*
Consumption, total
thous. of short tons..
Home scrap
do
Purchased scrap
do
Stock, consumers', total
do
Home scrap
do
Purchased scrap
do
567, 227
54,383
6,273
5,401
635, 809
120,152
2,620
1,094
38.27
38.15
472, 734 457, 685
59, 018
62,894
10,190
5,633
6,473
3,758
537,921
59, 905
11,049
9,418
697, 732 706, 580
80, 255 65,486
18,380
16,405
4,259
(a)
(a)
(a)
C)
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long tons.. 2 6,900
793
Shipments from upper lake ports
do
2 19, 551
Stocks, end of month, total
...do
2 16,921
At furnaces
do
2,629
On Lake Erie docks
do
Imports, total
do
Manganese ore, imports (manganese content) §
thous. of long tons..
38.15
38.15
38.15
38.15
38.15
38.15
114,712
i 8, 335
i 6,377
5,220
1,673
3,547
38.15
115,613
18,611
17, 002
5,051
1,550
3,501
5,026
2,744
2,282
4,911
1,473
3,438
5,139
2,792
2,347
4,814
1,504
3,310
5,072
2,783
2,289
4,516
1,470
3,046
5,582
3,145
2,437
4,089
1,322
2,767
5,010
2,824
2,186
3,829
1,232
2,597
6,412
0
17,761
15,407
2,353
182
5,802
6,232
6,231
r 6, 955 • 11,081 r 10,790
16,937
21,817
26,630
15,002
19, 551 23,919
1,935
2,266
2,710
185
180
225
6,497
11,390
31, 597
28, 257
3,341
196
6,534
-11,496
36,469
32, 457
4,012
223
6,448
10,312
40, 770
36,106
4,664
206
6,612
'9,596
43,946
38,852
5,094
6,501
'7,661
45, 535
40,245
5,290
7,062
'835
40,457
35,563
4,894
7,158
0
33, 919
29, 627
4,292
56, 587
71,311
70, 744
105, 556
68, 741
65. 217
38.15
r
()
C)
49
15
53
50
33
65
62
86, 293
66, 208
67,415
84, 751
76,170
73,066
83, 218
70, 278
71, 740
75,075
71, 209
70,179
77,312
67,010
68,310
68,945
68, 570
64, 250
64, 283
69,175
67, 532
7G,528
84, 296
82,004
60, 745
66, 738
113, 692
4,670
4,822
4,665
5,049
4,766
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
.short tons..
Production
do
Shipments
do
Pig iron:
Consumption
thous. of short tons.
Furnaces in blast, end of month:
Capacity
short tons per day.
Number
61,923
68,815
64, 661
113, 711
140,310 151,000 153,600 153,190 155,020 157,165 156,265 156, 855 162,140 159, 270
214
211
206
216
195
213
215
211
216
217
f
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
Revised.
1
2
Data are for the quarter ended March or June.
Excludes data for Canadian lake-shore furnaces not yet available, included in earlier figures.
§ Data for 1939 revised; for exports, see table 14, p. 17, and for imports see table 15, p. 18 of the April 1941 issue.
t Revised series. Revisions for southern pine, western pine, and west coast woods for 1939 (also revisions for 1938 for the latter group), appear in table 17, p. 17 of the
May 1941 issue. Revisions for 1940 and January 1941 will be published in a subsequent issue.
*New series. The new lumber prices replace series shown in the Survey, through the March 1942 issue; data beginning 1926 are shown in table 11 (southern pine), and
table 12 (Ponderosa pine), p. 22, of the April 1942 issue. Earlier data on consumption and stocks of scrap iron and steel and consumption of pig iron will^appear in a later
issue.
164, 675
220
152, 750
205
S-31
SURVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
March
March
April
May
June
July
1943
August
September
October
Novem- December
ber
January
February
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Pig Iron and Iron Manufactures—Con.
Pig iron—Continued.
Prices, wholesale:
Basic (valley furnace)
dol. per long ton.
Composite
do...
Foundry, No. 2, northern (Pitts) do_-_
Production!
thous. of short tons.
Stocks, consumers', end of month* d o . - .
Boilers and radiators, cast-iron:
Boilers, round:
Production..
_•_thous. of lb.
Shipments
do _ _.
Stocks, end of month
do...
Boilers, square:
Production
do...
Shipments
do...
Stocks, end of month
do...
Radiators and convectors:f
Production.thous. of sq. ft. heating surface.
Shipments
do...
Stocks, end of month
do_._
Boilers, range, galvanzied:
Orders, new, net
number of boilers.
Orders, unfilled, end of month
do...
Production
do...
Shipments
do.. .
Stocks, end of month
do...
23.50
24.15
25.89
4, 553
1,834
23.50
24.15
25.89
4,771
1,964
23.50
24.15
25.89
4,791
1,940
23.50
24.15
25.89
4,717
1,874
23.50
24.15
25.89
4,856
1,655
23.50
24.15
25.89
4,703
1,570
1,741
1,474
15, 096
1,863
2,003
14,951
1,936
2,669
14, 024
2,148
2,741
13, 405
2,091
3,483
11,912
1,133
1,922
11,168
1,115
1,448
11,182
732
1,484
10,146
754
1,408
9,493
25,254
25, 319 21, 514 26, 505 27, 591
22, 647 23,525
13, 360 16, 861 20, 382 26, 426 38, 894 34,899
13,489
106, 958 117, 058 125,448 130,339 125, 376 113,130 105, 759
29,461
37, 360
97, 896
21,104
24, 502
93, 669
19, 642
17, 380
92, 998
18, 756
17,044
94,832
17, 773
19,081
93,525
23.50
24.17
25.89
5,113
23.50
24.00
25.89
4,704
2,608
1,012
1,083
9,421
2,252
1,092
13, 256
16,214
15, 789
93, 950
2,214
1,358
14,107
1,826
1,167
14,834
23.50
24.15
25.89
' 4,502
6,445
5, 656
18, 313
6, 871
4,371
27, 890
6,967
4, 495
30, 375
7,385
5,621
32,140
7,133
6,453
32, 817
6,151
8,671
30, 263
7,098
11,696
25, 584
8,267
10,494
20,154
5,787
7,695
18, 271
6,763
7,390
17, 567
6,717
6,175
18,106
6, 199
6, 781
17, 524
62, 010
76, 750
64, 847
62, 450
19, 841
94, 992
60, 419
82, 820
85, 350
35, 386
69, 433
46,448
86, 459
83, 404
38, 441
89,159 105, 076
52, 966 72, 258
80,023
81,495
82, 641 85, 784
37, 295 31, 534
85,077
77,809
72, 970
79, 526
24, 978
74, 581
68, 854 80,046
86,451 101,016 101, 609
63, 729 58, 635 69, 972
73, 988
60, 212 65,481
17,599
28, 495 21,615
52, 605
93,966
58, 810
60, 248
16,411
41, 343
80, 844
55,856
54, 465
17, 785
42, 781
72, 366
50,557
51,259
17,212
53, 809
77,190
49,217
48, 985
17,444
7,675
10, 901
22, 394
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
short tons.
Pcrcent of capacty
Railway specialties
short tons..
Production, total
-_do___
Percent of capacity
Railway specialties
short tonsSteel ingots and steel fors castings: t
Production
thous. of short tons.
Percent of capacity §
Prices, wholesale:
Composite, finished steel
dol. per lb_
Steel billets, rerolling (Pittsburgh)
dol. per long ton.
Structural steel (Pittsburgh)
dol. per lb.
Steel scrap (Chicago)
dol. per long ton_
U. S. Steel Corp., shipments of rolled and
finished steel products!... thous. of short tons..
126,140 152, 007 153,143 161, 512 175, 892 147, 316 115, 066 117, 516 84, 534 113,034 150, 551 179,880
72.2
150.3
96.5
153.7
98.3
100.4
130.8
138.0
128.6
125.9
107.8
129.9
16, 549 26, 839 35, 723 54, 409
80, 065 77, 669 52, 207 32, 882 32,935
47, 408 59, 551 70.191
95,185 101,977 104, 971 113, 988 112, 364 117,703 118.543 135, 272 104, 605 131, 518 134,778 133, 726
97.4
89.4
101.3
115.6
96.0
89.7
100.6
81.3
112.4
114.3
87.1
115.2
45, 073 43, 320 44, 290 43, 995 49, 891 33, 383 45, 640 46, 357 45, 013
30, 733 34, 204 37.192
7,393
98
r
7, 124
100
r
6,754
' 7, 045 ' 6, 793
r
6,812
93
' 6, 997 '6,812
96
96
' 7, 236 r 6, 961
' 7, 150 ' 7,125
95
r
6, 521
96
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
. 0265
.0265
.0265
34. 00
.0210
18. 75
34.00
.0210
19.88
34.00
.0210
18.95
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18. 75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
1,781
1,720
1,688
1,745
1,667
1,754
1,846
1,739
1,617
1,893
2,416
132.4
2,421
29
315
1,072
'58.8
1,077
47
428
1,463
'80.2
1,474
37
890
1,584
'86.8
1,582
39
1,214
1,619
'88.8
1,619
39
1,317
1,558
'85.4
1,549
48
1,497
1,590
'87.1
1,600
37
1,492
1,713
'93.9
1,711
40
1,850
1,781
'97.6
1,777
43
1,762
1,586
'86.9
1,604
25
2,047
1,859
'101.9
1,851
34
' 2,149
1, 952
' 107. 0
' 1, 954
'36
2,230
1,845
101.1
9,709
2,824
3,522
1,294
2,339
1,336
2,560
1,372
1,586
1,415
2,270
1,601
1,411
1,246
1,747
1,131
1,341
957
3,755
1,310
1,929
997
2,842
1,012
2,371
' 1, 035
3,751
5,530
4,560
5,050
5,330
3,821
3,889
5,210
4,010
4,667
5,579
4,298
5,851
7,335
4,095
4,981
7,939
4,349
4,598
8,085
4,452
3,932
7,786
4,314
3,896
7,329
4,352
3,422
6,840
3,912
4,612
7,105
4,338
4,490
7,335
4,236
3,194
6,340
4,188
1,510
1,870
1,130
1,204
1,103
929
1,346
1. 383
1,066
1,278
1,454
1,207
1,525
1,850
1,130
1,182
1,932
1,082
999
1,765
1,166
1,284
2,022
1,027
1,837
1,173
858
1,678
1,016
1,365
1,058
1,082
1,405
1,042
1,094
1,490
994
341
5,310
320
5,456
331
5,491
355
5,511
375
5,608
366
5,807
338
5,802
348
6,208
321
5, 371
276
5,598
292
5,143
290
5,289
295
5,273
563
465
838
139.5
171
857
77.7
5,046
463
436
454
87.0
177
1,177
107.3
4,942
470
453
445
88.0
194
1,148
107.8
5,085
471
461
479
91.9
185
1,140
103.9
4,754
439
449
466
92.2
168
999
93.8
4,919
443
480
482
90.6
151
991
90.4
5,234
447
485
532
99.7
146
1,018
92.4
5,059
431
464
519
112.2
127
954
88.5
5,471
503
531
587
124.1
161
1,053
94.1
4,909
456
415
564
122.8
135
945
87.5
5,144
490
484
629
132.6
144
889
80.1
5,170
511
446
700
118.2
133
895
81.7
4,762
485
419
726
134.8
122
765
82
119
392
264
403
14,107
102
155
374
252
431
10, 225
104
144
383
265
412
11, 751
107
160
406
287
434
11,012
102
154
373
292
417
11, 210
99
137
366
332
404
10,642
106
130
391
360
434
10, 236
104
134
372
325
420
10,439
110
136
407
342
432
12, 403
101
140
381
323
396
11,711
106
135
369
367
398
12, 247
101
138
403
317
407
10, 266
83
119
354
261
352
13, 650
.0265
1,851
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month
thousands..
Production
<•_ . d o
Percent of capacity©Shipments
thousands..
Stocks, end of month
do
Boilers, steel, new orders:
Area
thous. of sq. ft..
Quantity
number..
Furniture, steel:
Office furniture:
Orders, n e w . . .
thous. of dol
Orders, unfilled, end of month
do
Shipments
do
Shelving:
Orders, new
do
Orders, unfilled, end of month
do
Shipments
do
Porcelain enameled products, shipments!
thous. of dol_.
Spring washers, shipments*
.do
Steel products, production for sale:f
Total
thous. of short tons_.
Merchant bars
do
Pipe and tube
do
Plates
do-...
Percent of capacity*
Rails
thous. of short tons.Sheets, total
do
Percent of capacity
Strip:
Cold rolled
thous. of short tons-.
Hot rolled
do
Structural shapes, heavy
do
Tin plate
do
Wire and wire products
do
Track work, shipments
short t o n s . .
1,848
34
'Revised.
©Data for 1941 revised after a special survey of the industry; revision for Jan. 79. 7, Feb. 56, 7.
KData for 1941 include cast-iron con vectors and convector-radiators. Data for these items are included in part in earlier figures published in the Survey; 1940 data revised
to include these items for all reporting firms will be published later.
•Data cover 9 firms beginning December 1941; the increase in reporting firms from 7 to 9 in late 1941 did not materially affect the coverage of the data.
JMonthly data beginning 1929, corresponding to the monthly averages on p. 132 of the 1940 Supplement, appear on p. 18 of the April 1940 Survey.
§Beginning January 1942, percent of capacity is calculated on annual capacity as of December 31, 1941, of 88,566,170 tons of open-hearth, Bessemer, and electric steel ingots
and steel for castings; data for July-December 1941 are based on capacity as of June 30, 1941 (86,144,990 tons), and earlier data on capacity as of December 31, 1940.
fRevised series. Data on pig-iron production beginning 1913 are shown in table 38, p. 14, of the October 1940 issue. For data on steel production beginning 1917 and
percent of capacity beginning 1926 through 1939, see table 9, p. 16, of the March 1941 issue; for revisions in 1940 data, see p. 49 of the June 1941 issue; 1942 production revisions,
January 6,922; February 6,230. Porcelain-enameled products revised beginning 1939 to include data for 99 manufacturers; for 1939 data, see p. 49 of the March 1941 issue. For
steel products, production for sale beginning 1933, see table 45, p. 14, of the November 1940 issue.
*Earlier data on pig-iron stocks and earlier data on percent of capacity for steel plates not shown in the September 1941 Survey will bo published in a subsequent issue.
S-32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
May 1942
1941
March
April
May
June
July
August
1943
September
October
Novem- December
ber
January
February
METALS AND MANUFACTURES—Continued
NONFEBROUS METALS
Metals
Aluminum:
95, 794 90,960
Imports, bauxite
long tons..
72,043
83,400
49,732 21,484
Price, wholesale, scrap, castings (N. Y.)
.0875
dol. perlb..
.1100
.1100
.1100
.1100
.1100
0)
Bearing metal (white-base antifriction), consumption and shipments, total (60 manufac6,505
5,767
6,270
6,378
5,538
6,480
turers)f
thous. of lb._
625
999
983
750
699
991
Consumed in own plants (38 mfrs.)
do
2,632
2,696
2,806
Shipments (38 manufacturers)
do
3,431
2,874
2,838
Copper:
8,907
11,077
7,046
Exports, refined and mfrs.§
short tons..
10,589
8,120
12, 285
87,051
69,838
49,188
71,153
41,472
Imports, total §
do
54,981
18,086
16,470
11,359
For smelting, refining, and export§-._do
13,373
8,996
9,637
68,965
53,368
37,829
For domestic consumption, total*
do
57,780
32,476
45,344
30, 804
16, 233
25, 754
19,872
16,969
Unrefined, including scrap*
do
23,083
38,161
12,075
37,907
15, 506 37,135
Refined*
do
22,261
Price, wholesale, electrolytic (N. Y.)
.1178
.1182
dol. p e r l b . .
.1182
.1181
.1181
.1178
.1181
Production:
Mine or smelter (including custom intake)
short tons.. 92,202 85,701
82,099
88,042
84,695
82, 558
90,342
89, 552
86, 879
Refinery
do
95,322
89,687
85,426
88, 560
89,390
111,062 134,339 123,629 148,301 121,373 150,111 119,937
Deliveries, refined, total
do
111,062 134,333 123, 580 148,301 121,331 150,078 119,937
Domestic^
do
0
33
6
49
0
42
0
Export
do
79,537
74,384
89,873
71,930
98,164
Stocks, refined, end of month
do
93,076
Lead:
47, 891
Imports, total, ex. mfrs. (lead content). _ do
39,764
33,374
22,160
27,991
40, 553
Ore:
43, 397
36,464
38,282
38,665
38,228
37,155
Receipts, lead content of domestic ore-do
38,779
4,011
5,126
3,824
5,482
Shipments, Joplin district J
do
3,778
4,576
3,653
Refined:
Price, wholesale, pig, desilverized (N. Y.)
.0650
dol. per lb-_
.0585
.0577
.0585
.0585
.0585
.0585
Production from domestic ore,.short tons.- 50, 919
42,048
46, 748
43, 423
39,100
38, 669
46,104
57; 590
54,067
Shipments (reported)
do
62,090
59,169
55,005
57,969
69,382
27,160
19,172
Stocks, end of month
do
45,996
42, 899
15,330
24,265
34,018
Tin:
Consumption of primary tin in manufactures
long tons-.
8,390
7,900
8,560
8,130
8.860
13, 955
13, 625
12, 575
Deliveries (includes reexports)*
do
16,092
10, 490
14, 880
16, 285
17,718
17, 719
Imports, total (tin content)*
do
14,100
13,069
15, 266
204
9
6,144
1,520
Ore (tin content)*
do
2,471
3,714
13, 060
14, 765
13, 896
11.575
Bars, blocks, pigs, etc
do
15, 247
11,552
Price, wholesale, Straits (N. Y.)--dol. per lb_.
.5205
.5335
.5200
.5196
.5216
.5237
.5267
Visible supply, world, end of mo.-long tons..
39,971
38, 788
40, 777 38, 600
5,864
2,393
United States (excluding afloat)
do
5,016
5,195
7,205
2, 846
Zinc:
22, 741
14, 752 20, 426
11,415
14, 745
Imports, total (zinc content)*
short tons-.
28, 447
5,624
1,987
For smelting, refining, and export*...do
2,011
8,372
18, 734
8,040
For domestic consumption:
2,362
6,537
13, 768
10, 935
2,638
Ore (zinc content)*
do
5, 665
6,205
3,428
Blocks, pigs, etc., and old*
do
3,766
3,735
4,671
4,048
Ore, Joplin districti
38, 556 46, 944
36, 928 44, 882 37, 655
Shipments
short tons -. 36,970
35,196
Stocks, end of month
do
4.495
5,250
4,730
2.651
5,000
4,600
1,170
Price, wholesale, prime, western (St. Louis)
dol. per Re.0725
.0725
.0725
.0725
.0725
.0725
.0825
production, slab, at primary smelters:t
74, 641
short tons.. 79,139
70, 341
68, 543
75, 524
70,837
73,449
71, 894
67, 640
70, 414
71, 403
71,569
Shipments, totalX
do
73, 090
80,063
65,035
62, 714 • 60, 861
65,011
61.546
Domestic*
do
61, 696
61, 564
11,474
13,848
13, 345
17,969
11,101
Stocks, refinery, end of montht
do
11,833
21, 702
86,462
.1100
.0936
.0931
5,830
911
3,066
5,621
757
2,931
4,754
723
2,548
4,753
813
2,399
5,506
697
2,795
3,745
562
1,885
.1178
.1178
.1178
10,198
70, 581
15,546
55,034
20,063
34,971
.0873
00
.1178
.1178
.1178
81,839
81, 553
125, 585
125, 585
0
63,670
86,019
86,617
126,766
126,622
144
67, 260
84,718
84,799
124, 645
124,645
0
72,352
38,259
5,603
39,390
3,883
40,930
4,291
40,901
4,977
43, 224
3,231
41,828
3,690
.0585
41,373
47,093
13,148
.0585
37, 221
43, 537
10, 735
.0585
41, 566
45,980
13.671
.0585
50, 680
20.185
.0628
43, 307
53, 037
20, 531
.0650
45, 633
45, 920
24, 830
8,830
12, 715
14,311
2,115
12,196
.5200
8,760
8,000
8,290
8,355
9,570
7,700
.5200
.5200
.5200
.5200
.5200
1,767
~1~127
2~l86
~3~500~
39, 220
4,730
37, 267
5,130
47, 685
900
28,812
4,130
36, 687
2,550
.0825
.0825
88,463 ' 88,254 r80,148
81, 724
90,017
89,940
138,585 130,467 107,616
138, 585 130,467 107, 616
0
0
0
77, 329
81,371
75, 564
65,401
24, 342
11, 704
9,223
3,415
46, 250
8.160
.0725
.0794
.0825
73, 225
71, 767
64, 623
19,427
76,156
73,989
61, 525
21, 594
74,861
73, 273
61,014
23,182
• 78, 654 79, 276
77, 770 • 79,417
65,658
67,252
24,066
23, 925
.0825
73,476
74,775
59, 957
22, 626
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
short tons..
Orders, unfilled, end of month
do.
Sheets, brass, wholesale price, mill.dol. per lb._
.195
14, 938
33, 270
.195
15, 558
29, 576
.195
15, 390
30, 535
.195
15, 308
30, 762
.195
15, 672
30, 891
.195
17,180
30, 646
.195
16, 388
28, 981
.195
.195
.195
.195
MACHINERY AND APPARATUS
Blowers and fans, new orders
thous. of dol__
8,067
6,543
8,818
9,579
Electric overhead cranes:
5,927
9,624
5,577
Orders, new
do..
2,265
1,131
2,064
3,163
2,374
1,768
2,239
749
2,098
1,769
18,415
21,622
28, 563
Orders, unfilled, end of month
do...
14, 654
12, 225
13, 298
13, 503
13,744
13,498
13, 731
13,814
12, 961
12, 825
2,079
2,197
2,577
Shipments
do. _.
2,216
1,063
2,071
1,217
1,364
1,955
1,287
1,923
1,678
1,235
Foundry equipment:!
532.7
567.9
1,122. 3
481.2
New orders, net total
1937-39=100
315.2
377.2
403.8
358.1
312.9
408.5
298.7
281.1
363.8
570.6
636.6
1, 352, 7
New equipment
do..
505.3
329.3
405.3
298.2
414.2
417.4
368.4
372.0
291.2
273. 3
418.5
361.4
428.8
Repairs..
do...
292.5
339.2
327.2
326.9
356.9
381.7
408.7
272.7
321.0
304.7
Fuel equipment and heating apparatus:
Oil burners:
19, 784
16,006
23, 642
22,013
32, 521
Orders, new, net
numbers36,194
20, 202
28, 511
23,225
34,143
27,451
31,140
18, 588
16,428
15, 266
22,448
Orders, unfilled, end of month
do.
14, 443
22,612
16, 747
23,114
18,057
22,321
18, 358
22,885
19, 2,53 17, 996
22,819
32, 685
27,845
21,915
34, 707
31,414
18,160
31.369
Shipments
do.
28,848
21, 813
27, 639
28,124
23, 701
27, 202 33,017
28,900
27, 099
31, 940
Stocks, end of month
__.do.
22,871
25, 682
27, 294
27, 304
22
109
43
33
61
46
61
44
Pulverizers, orders, new
do.
42
72
47
43
T
Revised.
i Not available.
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
b
Deliveries are now reported for a larger number of companies than formerly and are not comparable with earlier data; no data for unfilled orders.
§Data revised for 1939; for exports see table 14, p. 17, and for imports see table 15, p. 18, of the April 1941 issue.
• Represents deliveries of foreign virgin tin; virgin tin produced in the United States from foreign ores is not included.
JRevised to include foreign ores beginning January 1940: see p. S-32 of the October 1941 Survey for earlier data.
cfBegmning March 1941, includes deliveries of duty-paid foreign copper for domestic consumption.
IData for April, July, September, and December are for 5 weeks; other months, 4 weeks.
*New series. Earlier data for the new break-down of copper imports and the new series for tin and zinc imports will appear in a later issue. For domestic shipments of
zinc beginning January 1940, see p. S-32 of the October 1941 Survey.
fRevised series. Data beginning January 1939 for the new series on bearing metal will be published later (see also note marked with a "f" on p. S-32 of the December
1941 Survey). For series on foundry equipment, see note marked with a " t " on p. S-32 of the September 1941 issue.
S-33
SURVEY OF CURRENT BUSINESS
May 1942
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
1941
March
April
May
June
July
1943
August
September
October
Novem- December
ber
January
February
METALS AND MANUFACTURES—ContinuedL
MACHINERY AND APPARATUS-Con.
Mechanical stokers, sales:
Classes 1, 2, and 3
number..
Classes 4 and 5:
Number
_.
Horsepower
Unit heaters, new orders
thous. of doL.
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
thous. of doL.
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units..
Power pumps, horizontal type
do
Water systems, including pumps
do
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of doL.
9,717
9,924
14,155
21, 401
26.050
28, 244
26, 720
22,888
10, 613
215
52,894
3,848
222
55,387
234
63,238
400
93, 515
4,450
403
91.051
487
91, 429
418
83, 222
6,482
401
75, 296
264
53,020
9,485
41, 318
917
'23,476
6,153
241
72, 229
7,062
316
81,8
15,001
19, 552
11,357
8,303
43, 601 40, 884 36, 475 46, 572 45, 682 39, 527 41, 360 37, 668 31, 663 36, 899 37, 012
1,295
975
1,176
1,376
1,498
984
1,150
1,209
1,483
993
'27,241 '31,885 ••32,270 '33,894 '33,503 "•32,400 '33,907 ' 28,221 '28,198 '23,700 '24,376
4,820
3,923
5,298
2,613
3,113
3,692
2,459
2,394
2,368
2,459
4,138
5,784
81
132
8,668
82
133
95
135
137
139
167
142
228
145
246
149
253
152
182
151
185
153
111
154
180
162
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
only):
Unadjusted
1934-36=100..
Twelve-month moving total f
do
Domestic appliances, sales billed:
Combined index, excluding refrigerators:*
Unadjusted index
1936=100..
Adjusted index
do
Ironers, household
units..
Ranges*
do
Refrigerators
do
Vacuum cleaners, floor type
do
Vacuum cleaners, hand type
do
Washers, household
do
Electrical products:
Industrial materials, sales billed...1936=100..
Motors and generators, new orders
do
Transmission and distribution equipment,
new orders
1936=100-_
Furnaces, electric, industrial, sales:
Unit
kilowatts..
Value
thous. of dol Electrical goods, new orders (quarterly)
thous. of dol_.
Laminated fiber products, shipments
do
Motors (1-200 hp.):
Polyphase induction, billings!
do
Polyphase induction, new orders?
do
Direct current, billings
do
Direct current, new orders
do
Power cable, paper insulated, shipments:
Unit
thous. of ft..
Value
thous. of doL.
Rigid steel conduit and fittings, shipments*
short tons..
Vulcanized fiber:
Consumption of fiber paper
thous. of lb_.
Shipments
thous. of dol—
27,820
95, 741
16. 029
192.1
145.6
17,166
61,647
423,010
178,045
46, 284
191, 325
223.3
342.3
118.4
142.8
109.9
193.2
136.0
202.7
199.6
157.7
206.4
203.9
158.6
207.4
138.1
167.1
145.0
183.9
204.5
193.3
167.8
161.5
162.9
158.8
14,545
15,916 10,352 12. 974 12, 439 13, 067
21, 789 21,767 20,283 21,246 18.478
30,196 39, 945
65,692 65,359
68, 629 64,476 50,759 66, 206 51, 730 38, 350 48,705
92,034 100,572 '135, 913
482, 587 433,670 378,054 339,421 270, 543 164, 521 132,972
165, 672 156, 816 146,889 155,843 150, 620 182, 550 127,190 110,618 113,416 102, 292 108, 777
14,446
21, 288 16,157
21, 730 20,367
44, 602 42,394 35, 783 31, 977 27, 686 33,239
213, 611 206,030 188, 365 213,862 148, 811 145,194 147,390 103, 288 113, 054 93, 341 114, 242
234.4
263.2
251.7
429.7
237.1
406.5
240.8
444.1
243.0
307.0
254. 5
370.0
272.8
332.8
238.1
329.7
252.8
425.2
264.6
468.8
247.0
343.0
294.0
250.9
329.7
303.0
360.4
384.7
355.7
283.7
45, 674
4,551
31,595
1,402
13, 774
997
9,689
646
11, 626
945
11,644
976
18,312
1,522
22,291
1,733
12,924
1,060
8,617
646
12, 298
1,149
21, 520
1,882
23, 961
2,491
3,641
554,115
2,606
2,659
2,896
581,675
2,791
2,822
2, 803
629,028
3,102
3,363
2,997
583,214
3,151
335.9
3,370
3,151
6, 743
13,189
3,097
8,313
4,679
7,523
1,762
5,044
6,195
1, 369
2,060
5,583
7,351
1,793
3,595
5,455
7,750
1,725
4,257
5,983
6,200
1,867
4,512
5,765
5,825
1,761
3,395
6, 016
6,560
1,843
3,057
6,298
6,903
2,314
2,903
5,388
5.410
2,074
2,860
6,957
8,176
2, 552
4,602
6,061
7,086
2,140
3,974
6,417
7,409
2,294
3,056
605
1,062
1,209
1,253
1,373
1,595
1,370
1,751
1,321
1,655
1,510
1,860
1,418
1,729
1,244
1,807
1,487
2,052
1,067
1,536
1,054
1,694
958
1,475
928
1,119
20, 791
22, 633
24, 310
26, 838
26, 540
27, 681
28, 879
26,412
24, 817
28, 840
22, 834
22, 838
3,448
1,029
3,471
1,158
3,635
1,177
3,762
1,100
3, 595
1,178
3,683
1,302
3,785
1,183
3,958
1,202
3,525
1,031
3,738
1,107
3,454
1,024
3, 681
956
3,987
1,107
PAPER AND PRINTING
WOOD PULP
Consumption and shipments :•§
Total, all grades
short tons.- 921,660 818, 247 819, 984 850, 307 814,436 811, 364 847, 576 811, 093 880, 755 859,056 847, 617 900, 603 826, 497
422,107 370,833 364, 432 386, 059 369,148 360, 235 387,475 367, 850 397, 927 379, 349 374, 877 400, 702 373, 289
Sulphate, total
do.
367, 071 310,262 304, 591 324, 362 307, 785 302, 328 326, 769 313, 576 340, 950 324, 881 325, 665 345, 811 318,510
Unbleached
do.
272, 530 238, 894 242, 542 246,102 242, 084 251, 650 257, 727 245, 856 264, 398 259, 516 258, 254 270, 666 248, 964
Sulphite, total
do.
154, 806 142. 706 146, 982 146, 907 144, 528 149, 405 154,174 143,065 154,604 144, 396 147,802 153, 992 140. 784
Bleached
do.
51,814
53, 276
56,199
54, 995 54,167
51,031
56, 949 50, 847 50, 422 52, 366 52, 332 52, 229 54,141
Soda
do.
170, 074 157, 673 162, 588 165, 780 150, 872 147, 250 148, 233 146, 356 163, 435 166, 024 161, 210 173,036 152, 430
Groundwood
do.
(a)
14,174 35, 387 19, 378 13, 828
37, 999 48. 738 24,175
Exports, total, all grades*
do.
(a)
95,175 105, 031 90, 501 109, 831 98,027
84, 967 85,136
Imports, total, all grades*
do.
(a)
16, 447 11, 858 15, 255 14, 530
16, 287 14, 431 15,194
Sulphate, total*
do.
7,799
9,757
9,845
9,942 11,903
10, 552
10, 268
Unbleached*
do.
(V
(a)
55, 699 53,184 61, 300 70, 598 57, 369 75, 111 65,158
Sulphite, total*
do.
(a)
30,156 30, 575 33, 692 35, 219 28, 930 38, 055 32, 524
Bleached*
do.
(a)
25, 543 22, 609 27, 608 35, 379 28, 439 37, 056 32, 634
Unbleached*
do _
(a)
16, 804
17,626
11, 731 16, 394 17, 629 16, 732 20,149
Groundwood^f
do.
iProduction:§
Total, all grades
do.
945, 573 805, 802 811,115 845, 948 805, 562 779, 753 824, 760 797, 725 875, 835 863, 786 847, 732 915, 591 826,133
426, 818 358, 623 353, 584 377,123 366, 050 354, 337 384, 345 366, 776 398, 339 378, 087 373, 737 403, 435 369, 792
Sulphate, total
do.
371, 045 298, 421 293, 150 314,932 305,192 297, 521 323, 261 312, 949 340, 275 324, 352 324, 942 347, 383 317, 977
Unbleached
do.
277, 596 236,912 238, 056 243, 422 239, 069 238, 725 250, 462 243, 713 266, 944 259, 685 253, 004 274, 704 247, 032
Sulphite, total
.do.
158, 439 140, 757 142, 761 146,152 144, 503 139, 921 147,214 142, 000 155, 667 143. 458 145,138 156, 252 141,544
Bleached
do.
53,413
56, 272
52,124
57,120 50, 881 50, 035 52, 983 51, 857 50, 766 54, 587 50, 008 54, 332 53, 594
Soda
do.
184, 039 159, 386 169, 440 172, 420 148, 586 135, 925 135, 366 137, 228 156, 220 172,420 167, 578 181,180 157,185
Ground wood
do.
Stocks, end of month :§
95, 400
95, 500 110, 500 111,800
Total, all grades
do.
135, 700 185, 500 176, 700 172, 300 163, 400 131, 800 109, 000 95, 600 90, 700
16, 500
16, 300
15,100
13, 900
14, 900
Sulphate, total
do_
19, 700 48, 900 38,100 29,100 26, 000 20, 100 17, 000 15.900
11,000
10, 800
10, 300
9,600
10, 500
Unbleached
do.
14, 600 43, 900 32, 400 23, 000 20. 400 15, 600 12, 100 11,500
39, 000
41, 300
36,100
37, 700
63, 900 60, 900 48, 000 40, 700 38, 600 41,100
Sulphite, total
do.
43, 200 71, 100 66, 600
22, 500
24, 300
21, 600
23, 900
28, 300 40, 700 42, 400 41, 700 41, 700 32, 200 25, 200 24, 200 25, 200
Bleached
do_
3,400
3, 800
3,200
3,600
4,500
3,400
5,000
5,500
7,000
6,500
6,400
6,700
3,800
Soda
do.
58, 500
35, 800
64,100
42, 200
69, 000 58, 800 65, 600 72, 300 70, 000 58, 600 45, 800 36, 600 29, 400
Groundwood
do.
' Revised.
* Preliminary.
« See note " a , " p. 30.
•Domestic pulp used in producing mills and shipments to market.
% Shown in 1940 Supplement and monthly issues through February 1941 as A. C. motors. IData revised for 1939; see table 15, p. 18 of the April 1941 issue.
§ Data have been revised beginning January 1939; the revised data will be published in a subsequent issue. All data shown above are estimated in duty totals furnished by the U. S. Pulp Producers Associatian.
*New series. For data beginning 1931 on unit sales of electric ranges, see table 52, p. 18 of the November 1940 issue (for revision in note regarding coverage of the data,
see note marked with an "*" on p. S-33 of the October 1941 Survey). Data beginning 1937 for shipments of rigid steel conduit and fittings are shown in table 34, p. 26, of
the November 1941 Survey. Earlier monthly data for the indexes of domestic appliances are shown in table 38, p. 21, of the January 1942 issue. Data beginning 1913 for exDigitized for and imports of wood pulp are shown on p. 13 of the October 1940 issue.
ports FRASER
fRevised series.
http://fraser.stlouisfed.org/This series replaces the adjusted index; earlier data will appear in a subsequent issue.
Federal Reserve Bank of St. Louis
S-34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
March
Mav 1942
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
PAPER AND PRINTING—Continued
WOOD PULP—Continued
Prices, wholesale:
Sulphate, Kraft No. 1, unbleached* _ dol. per 100 lb.
Sulphite, unbleached
do..
3. 625
3.713
3.375
3.463
3.375
3.463
3.563
3.463
3.625
3.463
3.625
3.463
3.625
3.525
3.625
3.713
3.625
3.713
3.625
3.713
3.625
3.713
3. 625
3.713
PAPER
Total paper, incl. newsprint and paperboard:f
Production
short tons..
Paper, excl. newsprint and paperboard:f
Orders, new
short tons__
Production
do
Shipments
do
Book paper:cf
Coated paper:
Orders, new
short tons__
Orders, unfilled, end of month
do
Production
do
Percent of standard capacity
Shipments
short tons._
Stocks, end of month
do
Uncoated paper:
Orders, new
do
Orders, unfilled, end of month
do
Price, wholesale, " B " grade, English finish,
white, f. o. b. mill
dol. per 1001b__
Production
short tons, Percent of standard capacity
Shipments
short tons. _
Stocks, end of month
do
Fine paper:f
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
.-do
Stocks, end of month
do
Wrapping paper:f
Orders, new_
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Newsprint:
Canada:
Exports
do
Production
do
Shipments from mills
do
Stocks, at mills, end of month...
do...
United States:
Consumption by publishers
do
Imports
do
Price, rolls (N. Y.)
dol. per short ton..
Production
short tons..
Shipments from mills
do.
Stocks, end of month:
At mills
do.
At publishers
do.
In transit to publishers
do.
Paperboard:
Consumption, waste paper
do.
Orders, new
do.
Orders, unfilled, end of month
do.
Production
..do.
Percent of capacity
Waste paper stocks, at mills
short tons.-
:,050,768 1,077,850 1,146,217 1,089,552 1,090,981 1,156,900 1,132,309 1,238,030 1,101,122 1,177,426 "1,246.158 1,129,069
560,100
477, 634
487, 602
589, 749
490, 920
502, 226
599, 989
529, 018
540, 170
558, 810
501,177
515, 878
576,166
504, 162
522, 296
572, 131
528,192
537, 925
546, 476
515, 247
522, 578
561, 183
567, 294
581,324
494, 691
541,855
541,125
13,708
6, 523
17, 200
61.5
17,027
13,696
21,862
9,076
22,167
80.8
22,059
14, 397
28, 276
14,091
22, 230
81.0
22, 648
13, 923
33, 039
20, 613
23, 971
84.1
24, 579
13, 281
26,132
23, 354
22, 913
86.8
23, 388
12, 745
24, 967
24, 741
23,808
86.7
23, 905
12, 587
28,113
27, 503
25, 248
91.2
25, 273
12, 637
21, 032
24, 772
24, 791
92.2
24, 692
12, 762
24, 276
21, 646
29, 049
100.0
28, 703
13, 514
20, 300
17, 677
25, 859
96.2
25, 628
13, 713
19, 286
14, 723
25, 526
91.3
25, 435
13, 745
21,354
13,138
25, 439
87.6
25, 380
13.. 719
119,348
81, 642
133,970
70,048
150, 707
93, 257
165,927
119, 533
139,598
124, 865
143, 528
136, 394
139, 643
143, 209
134, 790
145, 861
135,649
134, 649
115,160
119, 869
120, 759
107, 441
137,942
106, 153
7.30
133,316
105. 0
130, 266
49, 733
6.30
120, 879
93.8
125, 404
56, 721
6.30
121, 913
95.4
127, 587
50, 754
6.55
134, 371
100.6
136, 296
49, 687
6.80
128, 939
105.1
130,589
47, 614
6.95
126, 564
101.6
129, 224
43, 755
7.30
138,599
107.2
136,180
47, 932
7.30
128, 983
105.0
132, 720
43, 828
7.30
145, 887
111.0
146, 523
43,115
7.30
136, 659
109.8
133, 067
47, 271
7.30
132, 236
102.6
133, 458
45, 273
7.30
143,583
108.9
141,828
45. 968
56, 550
35, 612
47, 598
47, 819
65,187
67, 507
49, 742
49,112
52, 791
62, 818
68,730
66,475
52,819
55, 580
59, 356
71,168
76,968
66, 947
79, 560 102. 591 120,602
r 49,629 ' 54,073
49.186
53, 664
56, 523
51, 201
51,194
49,078
57, 838
65, 527
126,097
55,115
56, 062
48,970
131,
59,
63,
43,
876
607
826
923
52, 773
127,734
58, 242
60,053
42, 430
51, 948
119, 847
60,176
60, 881
41,318
r 66, 828
•116,970
r 61, 687
r 62. 492
* 39, 674
214, 238
135, 387
174,357
177,163
87, 556
219, 505
170,815
179,611
184, 015
86, 685
210,195
179. 794
195, 764
201,330
79, 864
194,352
193,056
181,924
181, 928
79,083
195, 280
199, 691
184,619
186, 706
77, 634
195,492
200, 233
190, 581
195,017
70, 545
183,054
199,450
186,853
185,418
71, 809
197,035
191, 666
204, 790
205, 921
70, 770
171,950
176, 775
186,799
188,076
68,960
195, 773 • 205, 436
172, 528 167,838
197,408 •211,630
196, 880 211,880
70, 689
70, 422
269, 749
295, 835
308, 166
144,626
232,197
275, 769
265. 724
186,182
276,452
279,996
285, 789
180, 389
268, 706
284, 767
291,112
174, 044
263, 659
273,697
281, 843
165, 898
303,126
293,483
300, 236
159,145
275, 223
293,054
296,985
155, 214
293,181
298, 276
305,010
148,480
321,664
318,787
304,685
162, 582
298, 938
300,308
320, 860
142,030
298,380
300,823
319, 282
123, 571
26*. 110
311,904
291,998
143,477
251,042
256, 431
237, 639
50.00
87,000
91, 487
260,827
276, 256
50.00
90,913
91, 689
242. 404
252, 872
50.00
83, 962
85, 424
215,012
247,103
50.00
83.199
84, 641
224, 361
254, 894
50.00
83. 592
80, 756
239,098
242, 570
50.00
78, 657
80, 252
262, 488
(a)
50.00
87,068
87, 318
263, 889
274,471
231,961
50. 000
80, 923
82, 176
258, 518
221, 542
50.00
87, 376
85, 503
50.00
82, 621
84,331
50.00
81, 680
83,998
11. 161
368 520
47, 376
18, 790
252,856
44,312
14, 303
255, 588
46,679
13, 527
252,381
51,197
12, 065
277, 681
49,687
10, 623
320,602
40,451
13, 459
345,158
38,706
11,864
341,884
46, 608
11,614
334,529
46,570
9,904
333,120
53,459
371,253
543,988
252, 611
485, 758
85.4
253,009
357,091
580,038
330,779
499,930
87.9
262,398
377,595
572,522
370,151
526,286
89.4
269,737
374,185
525,325
383, 534
504,413
92.3
264,631
384,765
569,252
435,891
503,620
85.6
272,317
411,073
565,853
452,966
545,116
95.9
237, 339
422,361
542,792
444,736
538, 405
95.0
218, 257
464,446
595, 634
446,023
583,668
98.9
189,163
419, 770
527,829
433,788
536,646
98.5
167, 424
1,051
887
164
894
708
186
695
593
102
985
774
211
903
780
123
874
767
107
1,190
982
208
203, 327
24,470
262,591
26,137
195, 361
26, 219
219,326
26, 544
271, 203
27,878
299, 591
28,278
223,492
24,859
523, 096 • 574, 497
550,696 • 581,471
557, 951 " 577,078
50. 00
8-1. 628
80, 787
7,586
11,427
330, 259 366, 236
55,037 i 46,362
|
437,902 | 425.878
521,866 581,502
404,121 406, 348
545,050 580,059
96.8
92.6
186,522 181, 456
PRINTING
1,310
Book publication, total
no. of editions.
1,100
New books
do...
210
New editions
do...
Continuous form stationery, new orders
thous. of sets. . 300,717 207, 715
Sales books, new orders
thous. of books.. 22, 878 19, 621
918 !
188,909
21,331
833 ]
716
117
753 !
645 ;
108
261,913 262,613 I 257.791
23,307 I 24,979
22.806
i
RUBBER AND PRODUCTS
CRUDE AND SCRAP R U B B E R •
Crude rubber:
69,024
84, 912
Consumption, total
long tons.71, 374
71, 365
68, 653
53, 655
55, 365
60, 418
130,060
147,045
For tires and tubes (quarterly)
do
115, 749
87,123
63, 305 101, 404
64, 577
97,081 106, 540
Imports, total, including latext
do
83,151
()
.221
.228
.239
.222
Price, smoked sheets (N. Y.)
dol. per lb__
.219
.226
.227
.231
.241
.239
.232
139, 506 112, 232 126, 330 127, 659 131,133 127, 634 164, 968
Shipments, world§_.
long tons_113, 548
Stocks, end of month:
240,000 270,000 260,000 290,000 270,000 250,000 280,000 285,000
Afloat, total
.-do
140, 228 153, 484 147, 459 175, 499 132, 304
For United States
do
90, 591 141, 756 172, 633
85, 527
95, 302
91,104
91,189
79, 296
90, 006
98, 724
British Malaya
do
91, 478
338,147 329, 767 359, 234 339,108 375, 605 426, 253 455,000 454, 711
United States i
do
Reclaimed rubber:
19,611
20, 427
21, 405 22, 559
21, 725
20, 864
24, 032
25,009
Consumption
do
22,006
21, 574
22, 775
23, 790
23, 111
24, 111
24, 678
Production
do
26, 560
35, 028
35, 336
35, 871
36, 265
36, 751
Stocks, end of month
do
38, 055
39, 099
38, 604
46,181
Scrap rubber consumption
do
53,311
58,138
r
a
Revised. * Includes Government reserves. The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
JFor monthly data for 1913 to 1938, see table 28, p. 18 of the May 1940 Survey; for revised data for 1939, see table 15, p. 18 of the April 1941 Survey.
c? The number of companies reporting has fluctuated to such an extent that tonnage figures are not comparable from month to month.
§Data are from the Statistical Bulletin of the International Rubber Regulations Committee; see note marked " § " on p. S-34 of the February 1942 Survey,
f Revised series. For revised data for the indicated paper series beginning 1934 see table 43, pp. 12 and 13 of the November 1940 Survey except for subsequent revisions
In total paper beginning February 1939 through February 1941 which will be published in a later issue.
series. Data
price of
*New publication ofbeginning 1926 onhas been sulphate wood pulp will be shown in a subsequent issue.
•The
rubber statistics
discontinued.
S-35
SURVEY OF CURRENT BUSINESS
Mav 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
March
March
April
May-
June
July
1942
August
September
October
Novem- December
ber
January
February
RUBBER AND PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:
Production
thousands..
Shipments, total
do
Original equipment
do
Replacement equipment
do
Exports. - _
.do
Stocks, end oi month
do
Inner tubes:
Production
_
do
Shipments, total
do
Exports
do
Stocks, end of month
do
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous. of l b .
1,156
1,027
4,809
5,686
5,517
2,638
2,722
158
10,149
5,839
5,999
2,332
3,489
178
9,958
6,091
7,676
2,699
4,817
160
8,373
6,379
7,602
2,595
4,871
136
7,088
5,578
6,450
1,998
4,309
143
6,235
4,983
5,394
1,122
4,132
140
5,834
4,563
5,259
1,469
3,661
129
5,154
5,349
5,181
137
8,069
5,481
5, 358
127
8,143
5,839
6,310
109
6,264
6,908
104
7,010
5, 278
5,917
89
6,357
4,436
4,780
105
6,071
4,143
4,792
90
5,431
1,129
986
5,026
88, 614
83, 649
3,964
4,048
1,804
2,967
2,604
1,289
1,389
1,231
985
1,113
1,116
4,123
4,043
4.417
4, 550
4,553
4,137
5,143
(•)
4,448
3,725
3,825
2,729
2,390
1,328
1,257
1,051
1,099
4,377
4,678
4, 712
4,678
6,848
7,433
8,650
6,362
6,287
8, 725
6, 532
6,086
9,170
5, 545
6, 300
8, 315
4, 753
5,213
7,907
4,834
5,867
1,994
(b)
(a)
78, 638
RUBBER AND CANVAS FOOTWEAR
Production, total
Shipments, total
Stocks, total, end of month-
thous. of pairs.
do
_
do
4,479
5,247
6,803
5,827
5,359
11, 222
6,628
5,555
12, 272
6,084
5,134
13, 223
6,278
5,668
13,834
4,789
6,366
12, 256
5,543
6,990
10,809
5,844
7,422
9, 228
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth:
Shipments
-reams-
109, 568
137,177
129,119
thous. of bbl_.
12, 733
60. 0
12, 563
25, 838
6, 532
10, 596
49.8
9,915
25, 988
6,276
12,196
59.3
14,132
24,056
6,207
13. 215
12. 381
135, 571 130,852
146, 734 173,022
141, 985 138, 555 138, 327 199, 373 111, 700 130,525
PORTLAND CEMENT
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month
thous. of bbL.
do-..
do-..
14, 732
69.4
16,048
22, 745
6,005
15, 223
74.0
16,109
21, 865
5,757
16,115
78.3
18, 284
17, 561
4,804
16, 688
78.6
17, 833
16,417
4,192
14,931
72.7
13, 724
17, 638
4,250
13,810
64.8
11,511
19,937
4,575
' 12. 320 • 12. 434 '12.504 ' 12. 582 ' 12. 715 12. 832
16,000
74.9
16,687
21,178
5,522
16, 345
76.5
17, 825
19, 732
5,219
12, 370 • 10, 787
58.6
57.0
9,120 r 8,296
23,186 ' 25, 668
5,021 r 5, 840
CLAY PRODUCTS
Common brick, price, wholesale, composite
f. o. b. plant
dol. per thous.-.
Floor and wall tile, shipments:
Quantity
-thous. of sq. ft..
Value
thous. of doL.
Vitrified paving brick:
Shipments
thous. of brick..
Stocks, end of month
..do
12.886
12. 921
12. 960
13.100
13.165
5,597
1,387
5,219
1,363
6,172
1,629
6,340
1,694
7,192
1,929
6,701
1,890
6,330
1,816
6,831
1,932
5,289
1,501
5,029
1,432
' 3, 584
r
1, 077
3,689
1,047
1,088
30,402
2,640
30, 233
3,612
28, 622
3,384
28, 778
4,056
28, 711
3,906
27, 813
5, 873
24, 630
4,551
24,694
3,113
17, 211
1,735
17,122
1,046
18, 448
5,128
76.7
5,107
240
1,038
42
412
368
843
1,493
434
213
13
9,979
5,325
79.7
5,573
289
1,113
35
633
418
865
1,522
405
229
41
9,612
6,246
93.5
6.402
326
1,212
49
779
548
991
1,609
453
272
136
9,244
6,166
96.0
6,865
358
1,447
47
763
605
1,028
1,695
477
262
165
8,397
6,291
94.1
6,363
489
1,306
44
691
495
834
1,603
398
278
200
8,176
6,791
101.6
6,801
830
1,300
39
480
430
922
1,826
410
301
239
8,052
97.8
6,902
970
1,249
45
333
396
1,071
1,898
410
342
158
7,321
7,094
102.2
6,315
386
1,268
55
312
428
1,043
2,038
472
285
10
7,948
6,179
100.2
5,281
240
979
42
317
264
1,040
1,758
380
243
3
8,711
6,050
90.5
4,903
210
873
39
332
398
834
1,580
372
245
4
9,683
6,755
96.5
5, 877
271
1,191
45
352
524
905
1, 884
399
257
29
10, 279
5.965
96.1
6,141
352
1,319
37
408
601
917
1,741
429
224
97
10, 001
4,200
4,424
8,115
3,838
4,387
7,499
5,548
5,055
7,896
4,857
4,863
7,820
4,541
4.382
7,899
4,879
4,826
7,872
4,407
4,998
7,208
4,837
4,937
6,975
r 4, 658
3,584
7,903
4,346
3,236
8,936
5, 350
4,143
8,797
4, 595
3,921
9,376
GLASS PRODUCTS
Glass containers:
Production
thous. of gross..
Percent of capacity
Shipments, total
thous. of gross..
Narrow neck, food*
do
Wide mouth, food*
..do
Pressed food ware*
do
Pressure and non-pressure*
do
Beer bottles*
..do
Liquor ware*
do
Medicine and toilet*
...do
General purpose*
do....
Milk bottles*
do
Fruit jars and jelly glasses*
do
Stocks, end of month
...do
Other glassware, machine-made:*
Tumblers:
Production
thous. of doz__
Shipments
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz._
Plate glass, polished, production
thous. of sq. ft_.
Window glass, production
thous. of boxes..
Percent of capacity
6, 935
103.1
7,064
588
1,509
49
503
737
983
1,806
514
243
106
9, 458
4,804
4,482
9,260
r
3,278
3,400
3,922
3,372
3,069
2,903
3,857
3,427
4,082
3,279
2,553
2,587
3,112
5, 565
1,583
97.5
18,266
1,417
87.3
18,344
1,400
86.3
18,394
1,282
78.9
18, 534
1,304
80.3
12, 463
1,281
78.9
14,126
1,267
78.1
14,906
1,123
69.2
15,769
1,524
93.9
14, 277
1,300
80.1
10,311
1,696
1U4. 5
9,143
1,639
100.9
5, 600
1.457
89.7
GYPSUM AND PRODUCTS
Crude:
Imports
.short tons.
Production
_
do...
Calcined, production
-do...
Gypsum products sold or used:
Uncalcined.
do...
Calcined:
Building plasters
do...
For mfg. and industrial uses
do__.
Keene's cement
do___
Board and tile, total
thous. of sq. ft.
Lath
do...
Tile
do...
Wallboard
_
_
_do___
175,467
811, 500
764, 500
326, 248
1,197,689
1,026,987
366, 519
1,335,905
1,099,244
200,630
365,682
368, 209
317, 781
373, 503
36,027
6,460
539,000
322,700
7,100
209,200
523, 218
38, 222
7,672
709, 282
472,696
11,267
225,319
577, 840
41, 569
8,854
718,415
479, 794
9,133
229,488
436, 255
36,130
6,841
843, 920
567,393
7,398
269,129
()
1,361,034
1,088,745
p
1
Revised.
The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
» Data not available.
*New series. Data for glass containers for the period January 1934-December 1939 are shown in table 49, pp. 16 and 17, of the November 1940 issue; minor revisions for
1940 for wide-mouth food containers and liquor ware not shown on p. S-35 of the September 1941 issue are available on request; earlier data on glassware other than containers
are shown in table 2, p. 17, of the January 1941 Survey.
S-36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1942
March
May 1942
1941
March
April
May
June
July
1943
August
September
October
Novem- December
ber
January
February
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production._
__thous. of dozen pairs..
Shipments
do.
Stocks, end of month
_
_
do.
12,951
13, 506
21,194
COTTON
966, 631
Consumption
bales
Exports (excluding linters)§
do..
Imports (excluding linters)§
do__
Prices received by farmers
dol. per lb._
.181
.202
Prices, wholesale, middling (New York)._do
Production:
Ginnings (running bales)•...thous. of bales-. 10,495
Crop estimate, equivalent 500-lb. bales
thous. of bales.
Stocks, domestic cotton in the United States,
totalo*
thous. of bales..
On farms and in transitd"
do
Warehouses
do
Mills
do...
12,105
12, 495
24, 304
12, 871
12, 737
24, 530
854, 767
97, 292
28,184
.097
.108
920, 950
74,009
18,846
.105
.113
12, 298
12, 621
11, 750
25, 493
12, 531
11, 933
26,183
12, 900
12,889
26, 235
11, 499
13, 785
23, 991
11, 974
13, 771
22, 236
14,107
14, 977
21,409
12, 501
12, 585
21, 367
12, 555
11, 938
22,026
13,147
12,869
22, 304
12,204
12, 759
21, 749
923, 518 875, 812 929, 782 874,113 875, 682 953, 600 849, 733 887, 326 945, 909 893, 745
71, 550 75, 236 61,110 34, 967 189, 215 161,668
17, 243
43,322 25, 413 40,696
30, 853 26,108
.162
.169
.128
.143
.153
.175
.178
.117
.166
.164
.144
.177
.196
.179
.129
.171
.158
.170
504
4,713
9,915
10, 240
7,964
9,596
8
r 10, 742
15, 976
925
13, 205
1,846
15,001
802
12,335
1,864
14,066
843
11, 363
1,860
13,107
735
10, 528
1,844
12,026
'585
9,640
1,801
21, 628
10, 774
9,233
1,621
20,992
7,990
11, 453
1,549
38, 513
7,796
37,947
8,828
44, 972
6,680
39, 039
2,929
41,194
4,275
49, 576
3,075
46, 985
5,535
18.17
.066
.078
19.81
.072
.084
20.85
.080
.088
21.84
.088
.093
19.06
.078
.095
20.53
.080
.095
20.01
.080
.095
175,144
141, 056
6,270
126, 671
178, 538
146, 235
6,543
122, 245
23,096
11,374
473
134.3
22, 806
9,593
393
116.9
22, 807
10, 299
423
120.1
23.004
10, 276
422
121.7
22,995
9,938
408
121.5
23,028
10, 537
433
123.0
23,029
10, 253
421
125.3
22,964
10, 407
429
123.7
23,043
11, 232
463
125.8
23, 069
9,901
409
129.4
23, 063
10, 540
437
124.0
23, 077
11,364
471
136.9
.419
.506
.288
.388
.338
.419
.366
.430
.365
.433
.373
.433
.413
.475
.429
.481
.479
.385
.471
.395
.481
.414
.500
39. {
35.4
2, 261
38.7
1,611
40.2
1,304
38.5
39.3
41.2
.530
7.4
.542
4.9
.550
5.4
.550
4.5
.550
3.8
.550
4.8
25, 828
3,453
23,538
3,551
.530
5.8
22, 440
3,509
2.886
37.3
228
.530
4.2
41.7
.530
10.2
39.4
576
.530
3.6
37.0
743
.550
4.0
38.3
1,457
.530
4.6
24, 251
3,895
28, 528
2,347
2, 069
332
4,685
1.003
4,160
5,676
3.049
3.080
3.080
3.080
57, 508
55, 486
19, 886
4,712
13, 268
1,906
18, 818
2,738
13, 915
2,155
20.45
.080
.094
20.34
.081
.095
()
13, 658
2,299
()
12,805
2,388
20.30
20.32
.086
.103
COTTON MANUFACTURES
Cotton cloth:
Exports§
thous. of sq. yd..
Imports§
do
Prices, wholesale:
Mill margins
cents per lb_.
Print cloth, 64x60
dol. per yd..
Sheeting, unbleached, 4 x 4
do
Finished cotton cloth, production:
Bleached, plain
thous. of yd..
Dyed, colors
do
Dyed, black
do
Printed
do....
Spindle activity:
Active spindles
thousands..
Active spindle hours, total
mil. of hrs..
Average per spindle in place
hours...
Operations
percent of capacity..
Cotton yarn, wholesale prices:
22/1. cones (factory)
dol. perlb..
40/s, southern, single, carded, Boston.-do
RAYON AND SILK
Rayon:
Deliveries (consumption), yarn*...mil. of lb_.
Imports§
thous. of lb_.
Price, wholesale, viscose, 150 denier, first
quality, minimum filament*..-dol. perlb..
Stocks, yarn, end of months
mil. of lb..
Silk:
Deliveries (consumption)©
bales..
Imports, raw§
thous. of lb._
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
dol. perlb..
Stocks, end of month:
Total visible stocks
bales..
United States (warehouses)©
do
20.25
.088
.105
2.816
2.834
211,174
49, 904
210, 743
49, 373
20.32
.087
.104
182,003 158, 569 168, 211 171, 667 185, 786 188, 594 170,132 180,792 192, 229 176,227
145, 612 125, 282 134, 584 132,177 138,437 143, 718 131, 727 126, 677 133, 624 126,465
5,890
6,360
6,113
6,369
6,750
6,989
6,042
8,547
6,553
7,116
119, 222 96, 871 98, 704 97, 283 98, 757 98, 297 78, 572 91, 674 82, 267 83, 791
3. 019
214,711 204, 606
50, 341 53, 436
47, 208
53, 988
3.080
()
53,008
23, 078
10, 457
435
135.9
.413
.504
'36.0
.550
4.4
3.080
WOOL
72, 458
Imports (unmanufactured)§
thous. of lb._
91, 788
74.. 954 84, 759 72,008 63,010 61,658
Consumption (scoured basis): f
39, 712 41, 764 51, 995 40, 660 43, 696 r 44,480 40, 973
46,605
39, 368
40, 716 41,816
53,580
46, 695
Apparel class
do
11, 260 11, 465 11, 256 11,212
10,904
11,056
10, 700 11, 708
5,828 ' 5, 785
13, 370
13,980
Carpet class
do
6,557
Machinery activity (weekly average): 1
Looms:
Woolen and worsted:
'2,606 '2,523 '2,546
'2,431
'2,521
2,706
'2,492 '2,591
'2,439
2,587
2,850 r 2, 616
Broadf
thous. of active hours..
'2,457
'93
'93
'86
'91
'91
'89
78
94
89
'86
94
'94
Narrow f
do
240
251
260
241
'212
246
227
244
246
227
'211
'229
180
Carpet and rugf
do
Spinning spindles:
102, 749 106, 881 110,590 107, 780 117, 876 113, 084 112, 567 '108,127 110,157 118,654 117,130
116,012 r99,223
Woolent
...do
99, 776 117, 968 117, 593 119, 838 125, 606 118, 002 125, 902 123, 512 127, 257 122, 409 129, 890 120,806 101,015
Worstedf
do
223
218
232
233
231
'210
220
'215
243
'231
231
'214
Worsted combst
do
'211
Prices, wholesale:
1.05
1.08
1.07
1.06
1.08
1.18
1.08
1.13
1.08
1.11
1.14
Raw, territory, fine, scoured
dol. per lb._
1.16
.47
.46
.45
.46
.52
.49
.45
Raw, Ohio and Penn.,
fleeces
do
.49
.49
.52
.48
.49
Suiting, unfinished worsted, 13 oz. (at mill)
2.129
2.089
dol. peryd_.
2.030
2.599
2.030
2.030
2.228 I 2.228
2.228
2.030
2.320
2.228
Women's dress goods, French serge, 54" (at
2.228
1.275
1.312
1.330
1.225
1.411
1.411
1.262
mill)
dol. per ycL.
1.411
1.312
1.391
Worsted yarn, %2's, crossbred stock (Boston)
1.411
1.700
1.594
1. 638
1.675
dol. perlb,.
1.800
1.519
1.550
1.763
1.800
1.800
1.740
1.800
82,827
81, 232 61, 336 39, 704 26,253 37, 571
49, 410
76, 210 80,360
Receipts at Boston, total
thous. of lb_.
1.800
42, 780 26, 570
7,151
13, 655 29,177 32,837
11, 735 17, 281
Domestic
do
9,658
7,555
9,661
49,990
38,452 34, 765 30,043
42, 259
62, 555 51,184
14, 518 20,290
Foreign
do
CO
1
2
' Revised.
• See note " a " , p. 37.
Dec. 1 estimate of 1941 crop.
Data discontinued.
§ Data for 1939 revised: for exports, see table 14, p. 17 and for imports, table 15, p. 18 of the April 1941 issue.
• Total ginnings to end of month indicated.
IData for April, July, and October 1941 and March 1942 are for 5 weeks; other months, 4 weeks.
X Monthly data beginning January 1930, corresponding to monthly averages shown on p. 155 of the 1940 Supplement, appear on p. 18 of the April 1940 Survey.
* New series. For monthly data on rayon yarn deliveries beginning 1923, see table 41, p. 16 of the October 1940 issue. The new rayon price series replaces the data shown
in the 1940 Supplement; earlier monthly data are shown in table 30, p. 22 of the November 1941 issue.
<? Revised monthly data for August 1939-July 1940 will be shown in a subsequent issue.
©Beginning September 1941 certain amounts of raw silk were returned from mills to warehouses; these amounts are reflected in warehouse stocks and should be deducted
from the cumulative figures for deliveries. The number of bales returned were as follows: Sept., 542; Oct., 7,927; Nov., 2,717.
fRevisions for 1941 not shown above—Broad looms, Jan., 2,205, Feb., 2,421; narrow looms, Jan., 75, Feb., 90, carpet and rug looms, Jan., 184; woolen spindles, Jan., 90,995,
Feb., 98,401; worsted spindles Jan., 103,601, Feb., 115,506; worsted combs, Feb. 211.
S-37
SUEVEY OF CUERENT BUSINESS
May 1942
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1942
March
March
April
May
June
July
1942
August
September
October
Novem- December
ber
January
February
TEXTILE PRODUCTS—Continued
WOOL—Continued
Stocks, scoured basis, end of quarter, totalU
thous. of lb
Woolen wools, total
do
Domestic
do
Foreign
do _
Worsted wools, total
do
Domestic
._ do
Foreign
do
164, 331
50, 886
26, 333
24, 553
113,445
17,933
95, 512
208, 345
62, 213
31, 790
30,423
145,970
53,930
92,040
191, 556
65, 508
35, 304
30,204
125, 652
57, 334
68, 318
190, 780
71,971
35,862
36,109
118, 539
41, 680
76, 859
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
thous. of dol
Pyroxylin-coated textiles (cotton fabrics):
Orders, unfilled, end of mo_-thous. linear yd__
Pyroxylin spread
thous. of lb
Shipments, billed
thous. linear yd_.
4,666
7,115
5,252
6,519
6,142
5,966
5,323
4,779
5,349
4,297
1,441
790
552
v 2,138
5,520
6,759
7,100
5,588
7,165
7,550
6,137
7, 351
7,950
9,558
7,464
7,479
8,070
6,473
7,543
10,038
7,142
7,703
8,747
7,097
8,017
9,009
7,488
7,841
8,206
6,698
7,097
7,825
6,637
7,398
r 7, 112
' 6,181
r
6, 745
r 6, 594
' 5,659
' 6,464
11,144
1,052
11, 798
997
658
11, 002
246
11, 599
1,146
TRANSPORTATION EQUIPMENT
Exports§
AIRPLANES
number.
571
511
352
360
533
13,000
378
13,481
4,056
9,425
22,486
2,099
16,932
3,263
619
12,975
6,958
6,017
20, 616
6,706
13, 910
15, 678
2,279
13, 399
AUTOMOBILES
Exports:
Canada:
Assembled, total
number.
Passenger cars
do _ _ _
United States:
Assembled, total §
do
Passenger cars §
do...
Trucks§
do...
Financing:
Retail purchasers, total
-thous. of doL.
New cars
do
Used cars
do
Unclassified
do
Wholesale (mfrs. to dealers)
do
Retail automobile receivables outstanding.
end of month*
mil. of dol..
Production:
Automobiles:
Canada, total
..number.
Passenger cars
do
United States (factory sales), total., . d o . .
Passenger cars
do_.
Trucks
do..
Automobile rims
thous. of rims
Registrations :J
New passenger cars
.number..
New commercial cars
do.
Sales (General Motors Corporation):
World sales:
By U. S. and Canadian plants
do
United States sales:
To dealers
do.
To consumers
do.
Accessories and parts, shipments:
Combined index
Jan. 1925=100..
Original equipment to vehicle manufacturers
Jan. 1925=100.
Accessories to wholesalers
do...
Service parts to wholesalers
do...
Service equipment to wholesalers
do...
11,177
797
21,064
8,834
12, 230
9,405
312
14, 457
496
18, 536
8,574
9,962
21,969
9,012
12,957
202, 793 236, 800 248,314
118, 369 136, 464 141,024
83, 815 99, 582 106, 502
608
787
754
270,487 243,103 251,490
1,255
1,341
1,433
238, 040 210, 628 172, 801 104,079 106, 680 94,902
129, 877 110, 625 83, 518 43,427 50,074 44,426
107, 445 99, 362 88, 724 60,370 56,303 50,140
718
642
281
336
558
303
231, 323 202,022 91, 773 89, 333 198,874 194,258
1,500
1, 543
1,560
1,494
1,435
104, 243
47,981
55, 836
426
198, 295
1,379
1,309
14, 496 19,360 21, 545
26,044 27, 584 26, 585 25, 753 24, 654 17,192
12,091
2, 548
12,093
9,840
8,538
3,849
7,003
5,635
3,160
507, 834 462, 272 518, 770 520, 525 444, 243 147, 601 234, 255 382,009 352, 347
410,196 374, 979 417, 698 418, 983 343, 748 78, 529 167, 790 295, 568 256,101
66, 465 86,441
97, 638 87, 293 101,072 101, 542 100,495 69,072
96, 246
2,024
2,682
2,309
2,666
2,408
2,061
1,811
1,864
1, 532
20,313
6,651
282, 205
174, 962
107, 243
1,677
21, 751
4,249
238, 261
147, 858
90,403
1,271
20,181
3,989
134,134
52, 200
81,934
420,058 489,074 515,034
67, 798 70, 269 72,170
174, 188
41,006
64,603
23, 356
19,177
10,311
443, 470 391, 795 246, 595 125, 293 165, 485 163,126
43, 892 4^, 352 35,985
62, 265 67, 412 56,191
247, 683 255, 887 235, 679 240, 748 224, 517
29, 268
89, 300 179,120
226, 592 233, 735 217,120 224,119 204, 695
253, 282 272.853 265, 750 235, 817 195, 475
19, 690
81,169 162, 543 153,904
52, 829 103, 854 126, 281
210
278
132
218
199
258
240
232
128
168
214
282
136
215
208
242
246
282
279
140
231
229
248
154
253
221
258
160
242
216
271
170
290
286
174
302
287
171, 412
CO
(b)
270
281
271
173
267
286
174
297
255
RAILWAY EQUIPMENT
Association of American Railroads:
Freight cars, end of month:
1,694
1,671
1,689
Num ber owned
thousands..
1,709
1,718
1,644
1,647
1,656
1,661
1,666
1,676
1,682
1, 701
Undergoing or awaiting classified repairs
101
96
85
73
68
62
79
78
thousands..
61
60
61
4.1
5.2
4.4
4.1
3.7
6. 3
5.9
5.8
4.8
Percent of total on line
4.7
3.6
3.6
3.5
78, 974 75, 559
41,091
55,404 64,027 91,416 88, 266 89,917 86,943
Orders, unfilled
cars.. 68,316
73, 697
66, 870
69, 402
27, 756 42,162 49,108 69,140 66, 641 65, 814 63, 607 57, 584 52, 563
50, 661
Equipment manufacturers
do
45, 798
49, 939
47,985
23, 036
13, 335 13, 242 14, 919 22, 276 21, 625 24,103
Railroad shops
do
23, 336 21, 390 22, 996
20, 331
21, 072
19, 463
Locomotives, steam, end of month:
Undergoing or awaiting classified repairs
5,704
5,535
4,862
3,634
5,181
4,607
4,208
4,022
3,778
3,370
number..
3,228
3,378
3,231
9.2
14.4
14.0
12.3
13.1
11.7
10.2
9.6
8.6
10.7
8.2
Percent of total on line
8.6
8.2
281
211
Orders, unfilled
number. .
426
166
231
265
300
309
284
258
317
249
300
256
372
189
201
266
240
237
269
263
148
234
Equipment manufacturers
do
229
282
54
25
22
44
21
30
34
Railroad shops
do
18
31
46
20
48
18
U. S. Bureau of the Census:
Locomotives, railroad:
734
876
942
1,022
645
622
964
921
917
Orders, unfilled, end of mo., total
do
1,332
1,210
r 1, 273
' 1,197
364
205
255
297
268
285
589
203
297
526
Steamf...
...do
219
551
522
658
653
743
419
529
621
645
684
426
667
632
'722
Otherf
do
'675
89
102
125
74
96
82
87
79
87
79
100
87
89
Shipments, totalf
do
15
27
22
18
12
28
17
22
9
11
19
57
8
Steamf
do
74
75
74
72
70
65
65
70
76
67
79
Othert...
do
eised.
» Preliminary.
• The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
'Revised.
> Discontinued.
IDoes not include Australian wool held by the Defense Supplies Corporation. The total includes for June, September and December 1941 a comparatively small amount
of certificated wool in licensed warehouses not included in the detailed figures.
§Data revised for 1939. See table 14, p. 17, of the April 1941 Survey.
Data on exports of airplanes have also been revised, beginning January 1940, to include exports
of "landplanes minus engines." Prior to 1940, these were not reported separately. For revisions for all months of 1940 see note marked " § " on page S-37 of the November
1941 Survey. Beginning September 1941 data on exports of airplanes are not available.
*New series. Data beginning 1936 are shown in table 33, p. 26, of the November 1941 Survey.
fSince publication of foreign trade statistics has been suspended for the duration of the war, the Bureau of the Census has ceased publishing foreign and domestic data
separately. The series, therefore, have been revised to include both foreign and domestic data. Comparable earlier figures are available on request.
JData beginning June 1941 exclude Federal Government deliveries and are therefore not comparable with earlier data. See note "t", p. S-37, of December 1941 Survey.
S-38
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the March
1940 Supplement to the Survey
Mav 1942
1941
March
April
May
TRANSPORTATION
June
July
1942
August
September
October
Novem- December
ber
January
February
EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
U. S. Bureau of the Census—Continued.
Locomotives, mining and industrial:
Shipments (quarterly), total*
number..
Electric total§
dn
For minin? use
. . . do .
Other*
do
American Railway Car Institute:
Shipments:
Freight cars, total . .
....doDomestic
do
....do .
Passenger cars, total
do —
Domestic . . _. ._
Exports of locomotives, total
.- do
do
Electric
_--do
Steam
_ _
177
84
71
93
150
58
57
92
242
97
94
145
7,781
7,781
28
28
5,022
4,987
21
21
11
6
5
5,449
5, 301
18
18
24
17
7
5,225
4,681
47
47
42
19
23
5,136
5,130
12
12
25
10
15
5,537
5,467
37
37
28
21
7
3,936
3,856
32
32
22
15
7
5.168
5,044
38
30
25
14
11
7,617
6,626
28
28
266
214
52
263
255
8
217
180
37
266
238
28
232
225
7
247
236
11
260
253
7
323
306
17
173
79
73
94
207
102
99
105
6,378
6,073
42
42
7,183
7,181
35
29
298
280
18
271
261
10
' 6, 240 •
' 6, 240
42
42
7,752
7,652
24
20
(a)
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS*
Shipments, total
Domestic
.
Exports
.
rmmhfir
....do . . .
do
371
336
35
330
327
3
30£
303
t
CANADIAN STATISTICS
Physical volume of business, adjusted:f
Combined index
1935-39=100-Industrial production:
Combined index
do
C onstruction
do
Electric power
do
Manufacturing
do
Forestry
do
Mining
do
Distribution:
Combined index
do
Carloadings
do
Exports (volume)
do
Imports (volume)
do
Trade employment
do
Agricultural marketings, adjusted:!
Combined index
do
Grain
do
Livestock
do
Commodity prices:
115.9
Cost of livingt
do
95.1
Wholesale prices
1926=100,.
Employment (first of month, unadjusted):
Combined index
do
Construction and maintenance
do
Manufacturing
do
Mining
do
Service
do
Trade
do
Transportation
do
Finance:
Bank debits
mil. of dol—
56
Commercial failures
number-.
Life-insurance sales, new paid for ordinaryf
35, 876
thous. of dol —
Security issues and prices:
1,024,217
New bonds issues, totalf
do
99.6
Bond yields!
1935-39=100.62.3
Common stock pricesf
do
Foreign trade:
Exports, total
thous. of d o l . . 176,950
9,765
Wheat
thous. of bu_899
Wheat flour
thous. of bbl__
Imports
thous. of dol_. 144, 886
Railways:
Carloadings
thous. of cars-Financial results:
Operating revenues
thous. of dol—
Operating expenses
do
Operating income
do
Operating results:
Revenue freight carried 1 mile.mil. of t o n s . .
Passengers carried 1 mile
mil. of pass_Production:
Electric power, central stations
mil. of kw-hr_.
Pig iron
thous. of long tons__
Steel ingots and castings
do
Wheat flour
thous. of bbl__
1,807
125.5
130.7
134.2
137.1
138.0
141.5
148.9
139.1
132.0
141.3
r 140. 6
135.2
136.4
115.8
139.7
125.6
122.8
141.5
177.9
126.1
143.3
118.4
121.8
144.7
178.5
129.1
143.4
114.0
140.8
150.4
286.8
123.3
143.5
117.0
125.6
149.2
130.7
130.8
153.6
131.0
146.3
156.1
145.0
126.1
163.7
129.8
140.9
169.0
166.4
136.2
182.3
145.6
126.0
154.9
145.9
137.4
164.7
132.6
123. 6
143.3
129.6
137.5
149.4
123.2
125.6
154.1
184.4
138.9
158.9
127.5
124.4
r 148.4
125.8
142.9
r 158. 3
126.9
120.2
107.8
125. 3
147.4
153.6
117.9
110.9
129.3
169.2
150.0
120.5
114.9
138.6
196.3
145.0
121.6
112.9
133. 9
182.1
143.9
121.8
117.6
139.6
212.7
167.3
121.2
114.9
128.0
189.7
184.1
122.0
112.4
119.1
169.2
185.6
123.2
110.2
120.6
139.5
170.3
123.9
111.4
124.4
163.2
159.3
123.4
118.1
138. 8
163.9
194.9
122.9
125.3
149.6
199.7
229.0
125.2
143.6
155.2
93.4
275.5
314.7
105.4
323.3
376.1
94.3
217.0
242.7
105.3
268.9
302.7
122.0
95.3
93.7
102.2
55.2
40.1
120.8
113.3
116.0
101.3
81.3
75.6
106.1
129.4
129.3
129.8
136.3
110.4
112.3
108.2
85.9
108.6
110.5
90.0
111.9
91.1
113.7
91.8
114.7
93.2
115.5
93.8
116.3
94.0
115.8
93.6
115.4
94.3
135.3
83.0
150.8
168.7
150.2
145.7
90.5
141.3
100.2
158.2
174.1
158.3
149.1
94.3
109.4
88.5
145. 5
120.0
162.3
174.8
165.6
154.5
99.2
152.9
139.5
168.0
177.2
170.9
156.8
99.2
157.4
149.9
172.5
176.8
179.8
158.5
103.7
160.6
160.7
176.9
178.1
184.0
156.8
105.0
162.7
153.9
181.5
181. 6
183.9
157.5
105.9
165.8
155.4
185.0
182.3
175.7
160.9
104.2
167.6
147.7
187.5
185.0
173.7
163.4
102.8
168.8
143.4
188.4
183.5
170.4
167.1
104.1
165.8
124.7
187.1
177.8
168.0
172.4
101.1
2, 838
90
2,984
67
3,266
4,241
72
3,150
67
3,301
45
36,172
33, 670
29, 597
33, 975
3,687
78
47,172
3,231
35, 398
3,627
57
41, 740
3,427
33, 700
3,242
58
32, 681
43,081
42, 524
100.5
78, 830 115,119
100.6
101.1
65.8
63.9
876,920
101.9
64.0
111, 290
101.5
67.5
83, 497
101.2
67.8
62, 521 341, 680
100.2
100.3
69.1
71.0
91,985
99.3
67.2
90, 326
99.4
66.8
102,958
11, 623
559
107, 982
250
44,984
94,851
99.1
118, 425 162, 663 146, 822 170, 901 150, 496 142,897 139, 678 164,079
20, 322 29, 623 23,114
19, 346 14, 721 11, 341 11,841
22,105
850
661
1,437
1,341
1,922
587
1,751
441
106, 268 128, 096 114,924 127, 707 137, 913 136, 991 140, 819 134,191
252
294
313
276
286
279
271
277
152,091 152, 307
18, 271 11,145
930
750
125, 886 142,127
294
40, 613
30, 941
7,313
41, 887
30,180
9,123
46, 595
32, 257
11,068
44,817
32,122
9,976
45,442
35, 248
7,262
46, 524
35, 988
7,393
47, 215
35,861
8,973
51, 239
37, 304
11,483
48, 219
35, 496
9,927
4,001
218
3,818
225
4,387
230
4,381
248
4,257
318
4,323
354
4,447
286
4,796
262
4,711
227
4,356
387
2,632
102
195
1,477
2,693
103
201
1,661
2,805
114
206
2,121
'2,560
112
187
2,118
2,661
102
197
2,117
2,640
106
203
1,852
2,867
112
201
1,648
3,140
137
223
1,596
3,184
134
221
1,665
3,221
148
219
1,577
272
50,050
36,134
10,818
3,226
146
'231
1,556
r
Revised.
° The publication of detailed foreign trade statistics has been discontinued for the duration of the war.
tData on life-insurance sales revised beginning September 1936; for revisions see p. 56 of the September 1940 Survey. For revisions of new bond issues for 1939 see p. 56
of the March 1941 Survey. All Canadian index numbers to which this note is attached have been revised to a 1935-39 base; earlier cost of living data appear in table 35, p. 19
of the January 1942 issue. Common stock price indexes have been converted to the new base by multiplying the old series by a constant. The index of bond yields has been
completely revised and is now based upon yields of a 15-year Q/i percent Dominion issue. The production and distribution indexes and indexes of agricultural marketings
have also been completely revised; revised data will be published in a subsequent issue. The index of grain marketings is based on receipts at country elevators instead of
receipts at head of Lake and Pacific ports, as formerly.
JBeginning with July 1940, data are reported by the Industrial Truck Statistical Association and cover reports of 8 companies. They are approximately comparable with
previous data which were compiled by the Bureau of the Census.
§Includes straight electric types only (trolley or third-rail and storage battery); data for 1939 and earlier years, published in the Survey, include some units of only partial
United States manufacture and are not comparable with data here shown.
*New series. Comparable data on total shipments are available only beginning January 1940. "Other" includes Diesel-electric, Diesel-mechanical, and gasoline or steam
locomotives; these are largely industrial; for data beginning with the first quarter of 1939, see p. 55 of the May 1941 Survey.
U. S . GOVERNMENT PRINTING O F F I C E : 1 9 4 2
INDEX TO MONTHLY
BUSINESS STATISTICS, Pages S1-S38
Pages marked S
CLASSIFICATION. BY SECTIONS
Monthly business statistics:
Business indexes
Commodity prices
Construction and real estate
Domestic trade
Employment conditions and
wages
Finance
Foreign trade
Transportation and communications
Statistics on individual industries:
Chemicals and allied products. _
Electric power and gas
Foodstuffs and tobacco
Fuels and byproducts
Leather and products
Lumber and manufactures
Metals and manufactures:
Iron and steel
Nonferrous metals and products
Machinery and apparatus
Paper and printing
Rubber and products
Stone, clay, and glass products
Textile products
Transportation equipment
Canadian statistics
Page
S-l
S-3
S-4
S-6
S-7
S-12
S-19
S-20
S-21
S-23
S-24
S-27
S-29
S-29
S-30
S-32
S-32
S-33
S-34
S-35
S-35
S-37
S-38
CLASSIFICATION, BY INDIVIDUAL
SERIES
Pages marked S
Abrasive paper and cloth (coated)
35
Acceptances, bankers'
13
Advertising
6
Agricultural cash income
1
Agricultural wages, loans
13
Air mail and air-line operations
6,20
Aircraft
1,2,9,11,12,37
Alcohol, denatured, ethyl, methanol
21
Al uminumi
32
Animal fats, greases
21
Anthracite
2.3,10,11,27
Apparel, wearing
3,4,6,9,11,36
Asphalt
28
Automobiles
1,2,3,6,8,9,11,12,37
Automobile accessories and parts
37
Banking
13,14
Barley
24
Bearing metal
32
Beef and veal
_
26
Beverages, alcoholic
24
Bituminous coal
2,3,10,11,27,28
Boilers
31
Bonds, issues, prices, sales, yields
17,18
Book publication
34
Brass and bronze
32
Brick
35
Brokers' loans
14,18
Building contracts awarded
4
Building costs
5
Building expenditures (indexes)
4
Building-material prices
'.
3
Butter
24
Canadian statistics
15,37,38
Canal traffic
20
Candy
26
Capital
flotations
17,18
For productive uses
18
Carloadings
20
Cattle and calves
25
Cellulose plastic products
23
Cement
1,2,3,35
Chain-store sales
7
Cheese
24
Chemicals
1,2,3,4,9,11,12,14,16,21
Cigars and cigarettes
27
Civil-service employees
10
Clay products
1,2,8,9,10,12,14,15,35
Clothing (see also hosiery)
3,4,6,8,9,11,12
Coal
2,3,10,11,27
Cocoa
26
Coffee
26
Coke
28
Commercial failures
14
Commercial paper
13
Construction:
Contracts awarded
4
Costs
.
5
Highways and grade crossings
5
Wage rates
13
Copper
32
Copra and coconut oil
22
Corn
25
Cost-of-living index
3
Cotton, raw, and manufactures
2,3,4,36
Cottonseed, cake and meal, oil
22
Crops
1,22,25,27,36
Currency in circulation
15
Dairy products
24
Debits, bank
13
Debt, United States Government
16
Delaware, employment, pay rolls, wages__ 9,11, 12
Department stores: Sales, stocks, collections.
7, 8
Deposits, bank
..
13,14
Disputes, industrial
10
Dividend declaration payments and rates
1,19
Earnings, factory, average weekly and
hourly
11,12,13
Eggs and chickens
1,3,26
Electrical equipment...
2,3,8,9,10,11,12,33
Electric power production, sales, revenues __
23
Employment, estimated nonagricultural
8
Employment indexes:
Factory, by cities and States
9
Factory, by industries
8,9
Nonmanufacturing
10
Employment, security operations
10
Em gration and immigration
„
20
Engineering construction
4
Exchange rates, foreign
.
15
Expenditures, United States Government. __
16
Explosives
21
Exports
19
Factory employment, pay rolls, wages
8,
9,10,11,12,13
Fairchild's retail price index
3
Farm wages
13
Farm prices, index
3
Federal Government, finances
16,17
Federal-aid highways and grade crossings
5
Federal Reserve banks, condition of
13
Federal Reserve reporting member banks
14
Fertilizers
21
Fire losses
5
Fish oils and
fish
22, 26
Flaxseed
22
Flooring
29
Flour, wheat
25
Food products
1,
2,3,4,6,9,11,12,14,15,16,24,25,26,27
Footwear
1,2,4,9,11,12,29
Foreclosures, real estate
5
Foundry equipment
,
32
Freight cars (equipment)..
37,38
Freight carloadings, cars, indexes
24
Freight-car surplus
20
Fruits and vegetables
3,24
Fuel equipment and heating apparatus
32,33
Fuels
2,3,27,28
Furniture
30,31
Gas, customers, sales, revenues
23
Gas and fuel oils
3,28
Gasoline
28
Gelatin, edible
27
General Motors sales
37
G!ass and glassware
1,2,8,9,10,12,14,15,35
Gloves and mittens
29
Gold...
15
Goods in warehouses
6
Grains...
3,17,24,25
Gypsum
35
Hides and skins
28, 29
Hogs
25
Home-loan banks, loans outstanding
6
Home mortgages
5
Hosiery
36
Hotels
20
Housing
3, 4
Illinois, employment, pay rolls, wages
9,11,12
Immigration and emigration
20
Imports
19
Income payments
1
Income-tax receipts
16
Incorporations, business, new
6
Industrial production, indexes
1, 2
Installment loans
14
Installment sales, department stores
7
Insurance, life
15
Interest and money rates
14
Inventories, manufacturers'
3
Iron and steel, crude, manufactures
1,
2,3,4,8,9,10,11,12,14,15,30,31
Ironers, household
33
Kerosene
28
Labor, turn-over, disputes
10
Lamb and mutton
26
Lard
.
26
Lead
2,32
Leather...
1,2,4,9,11,12,14,15,29
Linseed oil, cake, and meal
22
Livestock
25,26
Loans, real-estate, agricultural, brokers*,. 5,6,13
Locomotives
37,38
Looms, woolen, activity
36
Lubricants
28
Lumber
1,2,3,8,9,10,11,12,29,30
Machine activity, cotton, wool
36
Machine tools
8,9,10,11,12
Machinery- 1, 2,3,8, 9,10,11,12,14,15,16,32,33
Magazine advertising
6
Manufacturers' orders, shipments, inventories
2,3
Manufacturing indexes
1, 2
Maryland, employment, pay rolls
9,11
Massachusetts, employment, pay rolls,
wages
9,11,12
Meats and meat packing..
It
2,3,9,11,12,20
Metals
1,2,4,8,9,10,11,12,30
Methanol
21
Mexico, silver production
15
Milk
24
Minerals
- 2,10,11
Naval stores
21
New Jersey, employment, pay rolls, wages. 9,11,12
Newsprint
.
34
Pages marked S
New York, employment, pay rolls, wages. 9, 11,12
New York canal traffic
20
New York Stock Exchange
18, 19
Oats
25
Ohio, employment, pay rolls
9, 11
Oils and fats..
_
21, 22
Oleomargarine
23
Orders and shipments, manufacturers'.
2
Paint sales
23
Paper and pulp
1,2,3,9,11,12,33,34
Passenger-car sales index
7
Passports issued
20
Pay rolls:
Factory, by cities and States
11
Factory, by industries
10,11
Nonmanufacturing industries
11
Pennsylvania, employment, pay rolls, wages.
9,
11,12
Petroleum and products. 1,2,3,9,10,11,12,16, 28
Pig iron
30,31
Porcelain enameled products
31
Pork
_
_
26
Postal business
6
Postal savings
14
Poultry and eggs
^
1,3,26
Prices (see also individual commodities):
Retail indexes
3
Wholesale indexes
3,4
Printing
1,2,9,11,12
Profits, corporation
16
Public relief.
13
Public utilities
_
4,10,11,16,18,19
Pullman Co
21
Pumps
33,34
Purchasing power of the dollar
4
Radiators
31
Radio, advertising
6
Railways, operations, equipment, financial
statistics, employment, wages
1,
2,10,11,13,16,17,18, 19, 20,37,38
Railways, street (see street railways, etc.).
Ranges, electric
33
Rayon
.
.
1,2,4,36
Reconstruction Finance Corporation, loans.
17
Refrigerators, electric, household
33
Registrations, automobiles
37
Rents (housing), index
3
Retail trade:
Automobiles, new passenger
6
Chain stores, variety (5-and-10), grocery,
and other
7
Department stores
7
Mail order
8
Rural general merchandise
8
Rice
. . .
25
River traffic
20
Roofing asphalt
23
Rubber, crude, scrap, footwear, tires and
tubes
1,2,3,4,9,11,12,34,35
Savings deposits
14
Sheep and lambs
26
Shipbuilding
1,2,8,9,11,12
Shoes
1,2,4,9,11,12,29
Silk
1,2,4,36
Silver
15
Skins
28,29
Slaughtering and meat packing
1, 2,9,11,12, 26
Spindle activity, cotton, wool
36
Steel and iron (see iron and steel).
Steel, scrap, exports and imports
30
Stockholders
19
Stocks, department store (see also manufacturers' inventories)
8
Stocks, issues, prices, sales, yields
17,18,19
Stone, clay, and glass products
1
»
2,8,9,10,12,14,15,35
Street railways and busses
10,11
Sugar
26
Sulphur. . . . .
21
Sulphuric acid
21
Superphosphate
21
Tea
26
Telephone, telegraph, cable, and radiotelegraph carriers
10,11,16, 21
Textiles
1, 2,4,9,11,12,14,15,36,37
Tile
35
Tin
.
32
Tobacco
1,2,9,11,12,27
Tools, machine
8, 9,10,11,12
Travel
20,21
Trucks and tractors, industrial, electric
38
United States Government bonds
18
United States Government,
finances
15,16,17
United States Steel Corporation
19,31
Utilities
4,10,11,15,16,18,19
Vacuum cleaners
33
Var ety-store sales index.
7
Vegetable oils
22
Vegetables and fruits
3, 24
Wages, factory, and miscellaneous
10,11,12,13
War program and expenditures
16
Warehouses, space occupied
6
Washers, household
33
Waterway traffic
20
Wheat and wheat flour
25
Wholesale price indexes
3,4
Wire cloth
32
Wisconsin, factory employment, pay rolls,
and wages
9,11,12
Wood pulp
33,34
Wool _ _
1,2,4,36,37
Zinc
32
@FedFRASER