Full text of Survey of Current Business : May 1943
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MAY 1943 SURVEY CURRENT BUSINES UNITED STATES DEPARTMENT OF COMftf|lt| BUREAU OF FOREIGN AND DOMESTIC To keep you ybreast of ederal developments THE FEDERAL REGISTER is a United States Government publication containing presidential proclamations, Executive orders, and orders, rules, regulations, licenses, notices, and similar documents of general applicability and legal effect promulgated by Federal administrative agencies. Validity of such documents as against persons, corporations, businesses, and the like, without actual notice thereof, is effected by filing them with the Division of Federal Register and making them available for public inspection. Among the documents of wide interest and application published regularly in the daily issue of the Federal Register are the full text of limita- tion, conservation orders, and priorities regulations of the War Production Board; the enumeration of defense rental areas, maximum price regulations and price schedules of the OiEce of Price Administration; vesting orders of the Alien Property Custodian; rules of the Office of Censorship and the Office of Civilian Defense; regulations of the War Shipping Administration and the Office of Defense Transportation and various other war agencies. The act of July 26, 1935, provides that publication in the Federal Register of any document shall create a rebuttable presumption that it was duly issued, prescribed, or promulgated, that it was duly filed with the Division and made available for public inspection at the day and hour stated in the printed notation; that the copy contained in the Federal Register is a true copy of the original; and that all requirements of the act have been complied with. Here are a few of the subjects covered by the Register: Agriculture Aliens and Nationality Banks and Banking Business Credit Civil Aviation Commercial Practices Food and Drugs Foreign Relations Internal Revenue Interstate Commerce Labor Money and Finance Navigation and Navigable Waters Public Contracts Shipping Telecommunication SURVEY OF CURRENT BUSINESS MAY 1943 ECONOMIC HIGHLIGHTS. 2 THE BUSINESS SITUATION 3 First Quarter Review , 3 Price Control 6 Transportation 8 Construction 10 Food Supplies 12 PRICE DEFLATORS FOR CONSUMER COMMODITIES AND CAPITAL EQUIPMENT 1929-1942 13 PUBLIC AND PRIVATE DEBT IN THE UNITED STATES 1916-1942.. 22 STATISTICAL DATA: Indexes of Volume of Transpoitation—Table 5 26, 27 Cash Farm Income—Table 6 28 Monthly Business Statistics S-l General Index Inside back cover Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued through the Bureau of Foreign and Domestic Commerce, 0 . P. HOPKINS, Acting Director Volume 23 Number 5 Subscription price of the monthly SURVEY OF CURRENT BUSINESS, 31.75 a year. Single-copy price: Monthly, 15 cents; Foreign subscription*, 32.50. Price of the 1942 Supplement is 50 cents. Make remittances only to Superintendent of Documents, U. S. Government Printing Office, Washington, D. C* SURVEY OF CURRENT BUSINESS May 19i3 Economic Highlights Railway Traffic Still Advancing Farm Prices Higher Prices received by farmers for their marketings of crops and livestock continue to advance steadily despite occasional seasonal declines. As the chart shows prices of meat animals and of truck crops have risen especially rapidly while other farm prices have shown less spectacular gains. In March 1943 farm prices were on the average 25 percent higher than in the same period a year earlier yet truck crop prices were up over 120 percent and meat animal prices were up 26 percent. These price trends, of course, reflect both the rapidly expanding demand for food and the comparative freedom, until recently, of farm products from The aggregate volume of freight shipments by rail, as measured by ton-miles, continues to gain steadily on a seasonally adjusted basis, reflecting the growth in industrial production and the increased shipments of military supplies. The war period has brought longer hauls and heavier carloads than characterized peacetime transportation with the result that car loadings, formerly a fair index of transport volume, have tended to lag further and further behind ton-miles. The October 1942 peak in the railway ton-miles index was the highest on record but has already been exceeded on a seasonally adjusted basis by Feb~ INDEX, AUGUST 1909-JULY 1914=100 400 INDEX, 1935- 39 = 100 250 300 200 / fh VCK r CROPS^ 150 200 MEAT ANIMAL S k ^X * 100 100 ^ TOTAL * INCLUDL"S SOME GROUPS NOT SH OWN SEPARATELY. 0 i . 1 i i . i i u , i , 1 i i i . i I I i i i 1 i i i i iM iII 1939 1940 1941 i l l ! 1942 1 , ,1 1 1 1 t I I 1 1943 50 U 1939 1940 D. 0 43 - 245 P r i c e s Received by F a r m e r s . price control. Rising prices, along with the growth in physical volume of farm marketings, have brought record levels of farm income. Thus cash farm income from marketings in March 1943 were 35 percent above the previous March. With food certain to be short in 1943 despite the prospect for a farm output as large or larger than last year, there will undoubtedly be pressure for continued farm price increases as an incentive to production. Substantial further increases, however, might gravely unbalance the existing wage structure. Freight Ton-Miles and Carloadings, Glass I Railways. ruary 1943. Railway facilities are strained by the heavy volume of traffic but essential demands have, for the most part, been met. This traffic volume has lifted railway earnings to a point where it was considered feasible recently to set aside a rate increase which took effect early in 1942. Financial results from this point forward will depend very largely on such factors asthe outcome of wage negotiations now in progress, the future trend of prices, and the provisions of future tax legislation. War Output of Equipment Industries Rising Shipments of war materials by the Nation's machinery and this year exceeded those of the comparable period in 1942 equipment producers rose to a new high during the first quarter by more than 90 percent. These industries, of course, are of the year. In this three-month period, aggregate sales of these primarily fabricators of finished armaments. In contrast, first industries—-machinery, automo- BILLIONS OF DOLLARS BILLIONS OF DOLLARS quarter 1943 sales of producers 12.5 of machinery other than electritive products, and transport equip- 12.5 ment such as aircraft, railroad cal were up only 35 percent. ELECTRICAL MACHINERY equipment, and shipbuilding—exArmaments form a much smaller MACHINERY, EXCEPT ELECTRICAL - 10.0 AUTOMOBILES AND EQUI ceeded 11 billion dollars. This proportion of the output of this compares with 6.5 billions during latter group. the first quarter of 1942 and with That the machinery and equipless than 10 billions for the entire ment industries are getting subyear 1939. stantially closer to full utilization Analysis of shipment trends by 5 . 0 of their currently available reindustry groups show^s that desources is indicated by the fact liveries of finished armaments that the first quarter 1943 increase form an increasing proportion of 2 . 5 in their shipments was only the total now that the process of 670 million dollars—less than half tooling up war plants has reached the increase of 1,470 millions a virtual ceiling. For example, during the preceding quarter and combined sales of the transportaconsiderably smaller than the 1940 tion equipment and automotive average quarterly increase of industries in the first quarter of 1,040 millions during 1942. Manufacturers' Shipments for Selected Industry Goups. SURVEY OF CURRENT BUSINESS May 1943 The Business Situation transition period (somewhat like those that accompanied changing automobile models in pre-war years) while a new balance of objectives is worked out for the In our inflation defenses, cracks and fissures were ap- war program, this transition period to be followed by pearing almost daily despite the recent Presidential a resumption of earlier swift rises, (4) arrival of the order to "hold the line." However, on May 1 the Price final stage of economic mobilization marked by an Administrator announced a new and strengthened pro- acute shortage of manpower, or (5) a combination of gram to control living costs. Briefly this program all the foregoing. provided for (1) extension of price control to cover all Chart 1.—Federal Expenditures for War Activities important commodities, (2) the roll back of those prices BILLIONS OF DOLLARS which have recently gotten out of hand, (3) establish8 ment of more specific ceilings, and (4) a stronger enforcement program. On the labor front the coal strike reopened the whole 6 question of wage policy while the growing seriousness of manpower shortages was underlined by the War Man4 power Commission's "job freeze" order as well as by the apparent diminution in the rate of expansion in indus trial output. Effects of the Manpower Commission's 2 previous "essential activity" and "48-hour week" orders were beginining to be felt but had not been fully worked out. 0 1940 1941 1942 1943 Economic indexes during April reflected these mountDO 43 -250 ing pressures, although the signs were small and the Source* Daily Statement of the U. S. Treasury. evidence by no means conclusive. The Federal Reserve index of industrial production advanced an apparent Naturally, as the Nation approaches closer both to 2 additional points on a seasonally adjusted basis to realization of peak war objectives and to full utilization 205 (1935-39=100). The usual large gain in output of its resources, additional gains will be smaller and of durable manufactured products had a greater effect harder to achieve. It seems somewhat early for this on the combined index than the slight gains in both type of retardation to set in. Hence the present nondurables and minerals. This conforms to the pat- slowing down is more apt to mirror the effects of reorientern of recent months. Wholesale prices rose fractionally, with a full point rise in food prices and a similar Table 1.—War Expenditures and Munitions Output gain iii prices of farm products primarily responsible. I 1942 The Treasury's second war loan drive, which began 1941, 1943, 1st 4th on April 12, appears to have met with considerable Item quarquar2d ter ter quarquarquarsuccess in tapping nonbanking sources of funds. Federter ter al Reserve reporting member bank holdings of Governexpenditures by U. S. Treasury ment securities advanced only moderately, while War(millions of dollars) 4,835 7,120 10, 626 14, 766 17, 348 18, 460 2,285 3, 506 4. 140 2,582 1,112 Gain over preceding period adjusted demand deposits likewise rose only slightly, Munitions output (W. P . B. index, l 264 345 439 491 108 November 1941 = 100) compared with the much larger rise of the previous 86 94 81 52 Gain over preceding period month. CONOMIC developments during April revolved E about two problems, inflation and manpower, both of which threatened to become explosive in character. / / / ! 1 1 1 1 i 1 1 1 1 1 1 First Quarter Review Declining rates of gain in certain important economic series constituted perhaps the outstanding development during the first quarter of 1943. These declining rates of increase were evident in Federal war expenditures, munitions output, industrial production and the civilian labor force. The apparent tapering off of these series suggests various interpretations, such as: (1) deferred achievement of objectives, (2) lower ultimate peak levels of output, (3) passage through a temporary 1 I 1 1 1 1 1 1 1 1 1 Quarterly averages. tation. Whatever the correct interpretation may be, preliminary indications suggest that April war expenditures and total munitions output will show a much smaller gain compared to March than was registered in March over February. The Treasury's war expenditures during the first quarter of 1943 were 1.1 billion dollars larger than in the previous quarter. Should this rate of growth prevail throughout the remainder of the year, aggre- SURVEY OF CURRENT BUSINESS gate war expenditure by the Treasury would be about 9 billion dollars or 10 percent less than if the much faster growth of expenditures during the preceding quarter, 2.6 billion dollars, had been maintained. This diminished rate of expenditure was due largely to the concurrent slackening in the growth of munitions production. The slackened rate of advance in industrial output was due chiefly to a slowing of pace in the durable goods industries. The most pronounced retardation was in the transportation equipment industries which include shipbuilding. The output of these industries during the first quarter of the year, although at peak levels, rose little more than half as much as during the July-September quarter of 1942 which was the period of maximum advance. The automobile industry, a component of the transportation equipment group, was an exception. Output of this industry maintained virtually the same steady rate of advance it has exhibited ever since conversion early last summer. The machinery group, an important contributor to munitions output, continued at almost the rate of advance set in the fourth quarter. The nonferrous metal products group failed to gain at all compared to the fourth quarter and stood only 6 percent above its level of a year ago—due chiefly to raw material shortChart 2.—Production of Munitions 1 INDEX, NOVEMBER 1941 = 100 600 I 500 400 May 1943 registered rising output, and their increases were small. The others either remained stationary or declined. Chemicals are the only nondurable industry group that has doubled its output relative to the average of the 1935-39 period. Only four nondurable groups had a Chart 3.—Production of Manufactures, Adjusted for Seasonal Variation INDEX, 1935- 39= 100 350 300 IS* / 250 DURABLE 200 y TOTAL MAN JFACTURES 4 150 ^.. >§&£:.,•< 100 —»^> 50 X MA NUFACTURES 1 1 1 1 1 1 1 1 1 ! 1 Mill 1939 -. **••• ^-NONDURABLE I1I 1 ! 1 I 1 1 1 1940 tMANUFACTURES i i 1i i i 1 1 ! I I\ 1 1 1 1 1 1 1 II 1941 I I I I I 1943 1942 DO. 43-24 9 Source: Board of Governors of the Federal Reserve System. higher volume of output during the first quarter of 1943 than during the similar period of 1942; the rest were all lower. Manufactured food output was 12 percent, tobacco products 3 percent, textiles 1 percent and chemical output 32-percent higher. This last named increase is, of course, due chiefly to the fact that the products of the chemical industry group consist more largely of munitions than do those of any other industry among the nondurables group. In / 300 / Table 2.—Industrial Production, Quarterly Averages / 200 [Adjusted for seasonal variation, 1935-39=100) / / J00 1942 1941, <* 0 _LI 1940 1 1 I 1 1 1 1_1 l_ 1941 I 1 1 ! 1 I 1 1 | | 1942 1 1 1 1 1 1 1 1 1 I I Industry group 1 4th quar- ter 1943 DO. 43-247 i Includes ships, planes, tanks, guns, ammunition, and all field equipment. Source: War Production Board. ages. Output of lumber and its products fell, with the industry rounding out a full year of decline caused by restrictions on nonessential lumber use. Output of the stone, clay, and glass products group rose somewhat from the previous quarter due to the rise in glass container output, but cement suffered a sharp decline. As a whole this group was therefore below its level in the first quarter of 1942. The outstanding output rise among the nondurables in the January-March period occurred in the chemical group. The gain here was the second largest made in any 3-month period in the industry's record. Only two other nondurable industry groups—food and textiles— Total Durable manufactures Iron and steel Machinery Transportation equipment.... Automobile bodies, parts and assembly Nonferrous metals Lumber and products Stone, clay, and glass products Nondurable manufactures Textiles and products Leather and products Shoes Manufactured food products._ Paper and products Printing and publishing Petroleum and coal products Chemicals Minerals, excluding gold Fuels Bituminous coal Crude petroleum Metals, excluding gold 1 1943, 1st quarter quar- quar- quar- quarter ter ter ter 1st 2d 3d 4th 166 210 192 235 274 172 225 195 259 316 174 239 199 280 373 183 257 197 298 454 194 279 203 327 527 201 295 207 353 573 136 189 136 109 186 140 108 181 131 123 191 129 140 197 128 155 197 125 160 141 153 126 125 137 150 131 135 150 134 131 145 128 160 164 141 156 126 124 138 152 125 128 159 132 128 142 124 167 152 138 155 126 125 136 142 111 116 168 127 121 147 111 182 146 140 155 113 111 145 129 109 120 174 131 125 144 118 182 151 146 157 117 116 152 134 116 122 191 132 128 147 121 172 155 149 158 117 116 155 134 113 119 210 135 129 154 121 i 183 Partly estimated. Source: Board of Governors of the Federal Reserve System. SURVEY OF CURRENT BUSINESS May 1943 contrast, some of the nondurable industries, such as year ago; and (3) unemployment, nearing rock bottom, petroleum refining, sugar, and shoes, have been affected is a reserve from which few if any more workers can by emergency restrictions and by rationing programs be drawn. The large growth of the armed forces has which have curtailed production. necessitated the addition of many new workers to the Among the minerals, fuels production (seasonally civilian labor force and as a result of this heavy draft adjusted) has held generally level over the past year. on our manpower reserves, the total labor force inIn the first quarter it was one point higher than in creased by about 3 millions from March 1942 to March either the fourth or the first quarters of 1942. A small 1943. decline in crude petroleum output over the year has Within the next 6 months, the Nation must draw been approximately offset by a rise in bituminous coal. on its labor reserves to the extent of 3% to 4 million Metallic minerals, excluding gold, registered a sub- more persons. This will be necessary both to supply stantial rise during the first quarter and stood, as may the armed forces and to meet the usual periodic exbe seen in table 2, about 10 percent above the corre- pansion of roughly 3 million persons required at the sponding 1942 period. peak of the harvest season. Table 3.—Estimated Labor Force 14 Years of Age and Over [Millions of persons] 1942 1941, December March June Item Civilian labor force Change from preceding date. Civilian employment Change from preceding date Nonagricultural employment Change from preceding date Unemployment Change from preceding date 54.0 54.5 56.1 +1.6 54.1 -2.0 50.9 53.3 +2.4 41.8 -0.2 2.8 -0.8 52.4 -0.9 42.2 +0.5 50.2 +0.7 42.0 +0.1 41.9 1943, De- March cember September 3.6 -0.2 52.0 -1.4 53.4 -0.7 51.9 -0.5 43.0 51.0 -0.9 42.0 -1.0 1.0 -0.5 +0.8 +0.4 1.5 -0.2 1.7 -1.1 Source: U . S . Department of Commerce. Labor Turn-over Still High. In manufacturing industries labor turn-over, which has been rising steadily since our entrance into the war, also began, during the first quarter, to show signs of a reversal in trend. Both accession and separation rates are, however, running well above the levels of a year ago according to latest available data. Seasonal variations in labor turn-over are marked as may be seen from chart 5. In February 1943 the hiring rate was nearly 8 percent per month while the separation rate, which includes voluntary transfers, entrance into the Chart 5.—Labor Turnover Rates (Per 100 Employees) in Manufacturing Industries * Slackening rates of economic expansion were also evident in the manpower field. In chart 4, average manpower data for the first 3 months of 1943 are compared with similar data for the corresponding period of 1942, while the data presented in table 3, compare the situation in March 1943 with March 1942. Three Chart 4.—Estimated Civilian Labor Force * MILLIONS OF PERSONS 60 1940 1941 1942 1943 1 Beginning: with January 1943 the rates refer to all employees; prior to this date, wage earners only. 2 Includes new hirings and rehirings. 3 In addition to quits, includes discharges, layoffs, and miscellaneous separations not shown separately on chart. Source: U. S. Department of Labor. 1 SI 1942 1943 TOTAL CIVILIAN LABOR FORCE UU. 1 S? UU. 1942 1943 TOTAL EMPLOYMENT 1 st Qu. 1 st Qu. 1942 1943 NONAGRICULTURAL EMPLOYMENT ! st Qu. 1 st Qu. 1942 1943 AGRICULTURAL EMPLOYMENT 1 st Qu. 1 st Qu. 1942 1943 UNEMPLOYMENT DO. 43-248 1 Data do not include institutional population and the armed forces. Source: U. S. Department of Commerce. primary facts stand forth sharply: (1) The civilian labor force has shrunk over the past year; (2) women now constitute a larger portion of the labor force than a armed forces, and all other reasons for leaving employment, was in excess of 7 percent. Some increase in labor turn-over during recent months is explained by the government policies and regulations designed to facilitate the shift of workers from less to more essential occupations. This should affect manufacturing industries less, however, than certain of the service, distributive, and miscellaneous trades. During the next few months labor turn-over, at least in the 35 designated "essential" industries, will undoubtedly be reduced by the War Manpower Com- SURVEY OF CURRENT BUSINESS Mav 1943 mission order of April 17; which prescribes limitations of Labor Statistics indexes, rose respectively only on hiring new employees. Designed both to add to the 6 percent and 7 percent in the year beginning March efficiency of the labor force by reducing turn-over, and 1942. That month was the base period whose highest to aid the stabilization program by preventing the pirat- prices were in general designated as ceilings in the ing of labor through higher wages, the order should serve General Maximum Price Regulation of April 28, 1942. to relieve certain of the pressures which have been accu- Wholesale prices had risen 20 percent and the cost of living 13 percent over the year ending with March mulating in the labor market during the war period. 1942, a period of less inflationary pressure than that Retail Trade. which followed. With an unprecedented amount of purchasing power The General Maximum Price Regulation, which at their disposal during the first quarter, consumers became effective early in May 1942, replaced the prewent on a literal buying spree. Their total expendivious program of selective price control with a compretures were 21 billion dollars or at the seasonally adjusted hensive price stop at the March 1942 level. The annual rate of nearly 90 billion dollars—a new high Regulation exempted from control only those prices of record. Expenditures last year totaled 82 billion dolfarm products and foods which had not yet attained a lars. Sales of retail stores reflected this spending boom definite relationship either to farm parity price standards and attained the very high seasonally adjusted annual or to other specified base date prices, and certain prices rate of 63 billion dollars. The comparable 1942 figure of seasonal commodities which could not practically was 56 billion dollars. Retail sales are shown in table 4 have been fixed at March levels. Thus prices of farm in more detail. products and of foods were subject to less effective Table 4—Sales of Retail Stores by Kind of Business control than prices of industrial products. Furthermore, wages were uncontrolled since the Emergency [Adjusted for seasonal variation; 1935-39 = 100] Price Act of 1942, which provided authority for the 1942 price freeze, contained no authority to issue a wage stop. 1943, 1941, 4th 1st Kind of business 4th 2d 3d quarIt was recognized at the time the General Maximum quar- 1st quarter quar- quar- quar- ter Price Regulation was issued that many detailed adjustter ter ter ter ments in the price structure might subsequently have 162.2 All retail stores, 138.1 145.6 141.3 147.3 148.3 98.6 132.6 114.9 102.5 104.1 108.2 Durable goods stores. to be made in order to relieve inequities. In addition, 179.7 Nondurable goods stores139. 9 155.6 153.9 161.4 164.5 it was recognized that price control was only one of Apparel stores Automotive stores Building materials and hardware dealers Drug stores Eating and drinking places Food stores. Filling stations General merchandise stores Household furnishings stores Other retail stores Jewelry stores 133.8 116.0 168.7 63.4 147.2 58.1 169.1 60.4 171.5 50.7 218.8 54.9 158.6 135.3 163.8 140.1 142.7 125.5 141.2 150.6 161.4 177.5 140.7 178.2 152.2 149.1 142.2 170.4 170.9 195. 7 163.6 151.3 180.3 155.1 129.5 131.4 135.2 193.0 193.9 155.7 164.9 193.2 162.1 127. 2 142.7 139.1 187.4 245. 9 147.8 176.5 208.4 166.2 120.7 145.0 147.3 184.0 260.3 166.5 176.5 240.6 173.6 112.7 162. 5 159.8 196.2 272.1 Chart 6.—Average Percentage Monthly Change in Wholesale Prices * PERCENT + 3.0! Source: U. S. Department of Commerce. Perhaps the outstanding feature of retail developments shown by the above data is that the rise during the first quarter from the fourth quarter was, considering the season of the year, the biggest increase since war broke out. Apparel sales were chiefly responsible for this jump, but sales of general merchandise, eating and drinking places and building materials and hardware dealers also contributed heavily. On the basis of these first quarter results, earlier estimates of the year's retail trade will probably have to be revised upwards. However, it is known that business inventories are declining steadily. Unless prices accelerate their rise more than anticipated, therefore, the rise of retail sales must slow down later in the year because of growing scarcities of merchandise. Price Control One year of general price control has now passed. Its effectiveness is indicated by the fact that wholesale prices and the cost of living, as measured by the Bureau -0.5 ALL COMMODITIES FARM PRODUCTS COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS i Average percentage monthly change was obtained by dividing the percentage change between the first and last month of each period by the number of months within the period. Source: U. S. Department of Labor. several policies necessary to combat successfully the then existing and prospective inflationary pressure. Indeed the statement of considerations accompanying the General Maximum Price Regulation specifically called for additional action to remove excess purchasing power from the market, to prevent additional wage increases, and to step up taxes and savings. SURVEY OF CURRENT BUSINESS May 1943 It is now clear that the May 1942 price stop was reasonably successful in preventing inflationary price increases among the controlled commodities.1 This is significant since no really adequate provisions for administration or enforcement existed and since the other parts of the comprehensive anti-inflation program were not immediately put into operation. By October 1942 inflationary pressure had mounted to a point where additional action proved necessary. Hence the executive order of October 2 established the Office of the Director of Economic Stabilization and charged that official with developing a comprehensive Chart 7,—Average Percentage Monthly 1Increase in Cost of Living in Large Cities and in April 1943 another inflation crisis made necessary the "hold the line" executive order. This order placed all prices under control, reiterated the government policy on wages, and directed, whenever possible, the substitution of specific price ceilings for the base period price regulations of the May 1942 order. Some of the results of price control over farm products and foods during a 1 year period may be seen from table 5 which gives percentage changes in retail food prices between February 1942 and February 1943. By comparing changes only over the full year period the effect of seasonal variation is avoided. The products are grouped in the table according to the length of time that their prices were controlled. PERCENT Table 5.—Percent Changes in Retail Pi ices of Food Items Included in Cost-of-Living Indexes, February 1943 from February 1942 Commodity Percent increase PRICES CONTROLLED AS OF MAY, 1942 MAY 1942 TO OCTOBER 1942 OCTOBER 1942 TO FEBRUARY 1943 MAY 1942 TO OCTOBER 1942 OCTOBER 1942 TO FEBRUARY 1943 O.O. 43-252 1 Percentage changes are based upon a link relative index which takes into account the shift between controlled and uncontrolled items. Average percentage monthly change was obtained by dividing the percentage change between the first and last month of each period by the number of months within the period. Source: U. S. Department of Labor. national policy to control civilian purchasing power, prices, rents, wages, salaries, profits, rationing, subsidies, and all related matters for the purpose of stabilizing the cost of living. Authority was thus provided to bring under control those parts of the price structure not reached by the General Maximum Price Regulation. The Economic Stabilization Director largely delegated his powers over wages and salaries to the WaiLabor Board and the Treasury Department. Although an actual wage stop at the September 1942 level was promulgated, machinery was at tbe same time set up to allow those wage increases deemed necessary to correct inequities, eliminate substandard conditions, correct maladjustments, and aid in the prosecution of the war. In administering exceptions to the wage stop, the War Labor Board continued to apply its "Little Steel Formula" which tied wages to the cost of living and thus permitted 15 percent advances over January 1941 wage rates. Despite the fact that the October order appeared at the time to establish all powers necessary for successful price control, farm products for various reasons continued to rise. In addition the wage rate question was by no means solved. Pressure continued to mount 1 For a summary of the changes in controlled and uncontrolled prices during the period May to October 1942 see the February 1943 Survey. Commodity Percent increase PRICES CONTROLLED AS OF OCTOBER, 1942 All items, average,. 7.0 Bananas Pork chops Lard. Corn meal Canned peaches Bacon Canned pineapple Canned tomatoes Salt pork Canned corn Canned salmon Shortening other than lard (in cartons) Ham Oleomargarine Chuck roast Leg ro ast Round steak Soda crackers Coffee Veal cutlets Salad dressing Fresh milk Tea Whole wheat bread Rye bread Macaroni White bread Canned peas Sugar Shortening other than lard (in containers other than cartons) Corn flakes 27.4 18.5 r 17.4 15.1 14.5 14.3 13.5 12.2 12.0 11. 1 10.6 9.0 8.9 8.8 7.6 7.6 7.4 7.3 7.3 3.7 2.0 1.9 1. 1 1.0 0 0 0 All items, average.. Oranges Butter Roasting chickens.. Lamb rib Leg of lamb Eggs_ Potatoes Evaporated milk... Wheat flour Dried navy beans.. Cheese Lemons 22.0 42.7 30.8 30.7 25.5 25.0 21.1 17.6 14.8 12.0 7.8 6.3 -11.4 PRICES UNCONTROLLED AS OF FEBRUARY, 1943 All items, average Spinach Lettuce Sweetpotatoes.. Cabbage Carrots, Apples.. Fresh fish Green beans 28.2 65.3 64.7 44.9 40.4 32.4 27.9 18.3 1. 1 -1.2 -2.8 Source: U. S. Department of Labor. It is clear from the table that the uncontrolled prices rose more than those controlled only from October to February, and that the latter prices rose more than those controlled after May 1942. Of course it should be remembered that when some food prices are controlled, pressure on the remaining uncontrolled items is intensified. Thus partial price control may, by itself, tend to widen the disparity between controlled and uncontrolled segments of the price structure. Despite the April executive order price pressure continued to be severe during that month and it was considered necessary to permit the puncturing of price ceilings in a number of instances. However, if the Price Administrator's new program of May 1 can be 8 SURVEY OF CURRENT BUSINESS fully carried out, the prospects for both price and wage stabilization around current levels will be much improved. The Price Administrator's lack of authority to grant subsidies is a serious hindrance in "rolling back" prices effectively. Price roll-backs shift the burden of higher costs from the consumer to the merchant, manufacturer, and other business men in the supply sequence. Whenever the "squeeze" caused by either rising costs or rolled back selling prices becomes serious enough, suppliers of goods reach a point where they must either get relief or go out of business. If the goods in question are essential and if the public interest requires their production to continue, then the issue is obviously narrowed down to that of the manner in which relief will be extended to keep producers in business. During the second year, the price control program must face the problems of apportioning the burdens of higher wartime costs among business, consumers, and government, and of enforcing price ceilings. Price control will become easier as more effective measures to remove excess consumer purchasing power are put into operation. power, equipment and replacement parts, the volume of commodities likely to be produced for the balance of this year can be transported. Even more impressive than the rise in the commodity transport is the growth in passenger travel—by rail, air, motorbus, and local transit—during the war period. In 1942, total passenger transportation, as measured by the Commerce index, rose 45 percent above 1941. During the first quarter of this year, passenger travel was 52 percent higher than the corresponding period of last year. For 1943 as a whole, passenger transportation is now expected to be about 30 percent above last year. While most of this travel will be of an essential nature, principally by business representatives and members of the armed forces, some additional demand for travel will arise simply because of the larger incomes of individuals. Restrictions on the use of passenger automobiles also contribute to the rise in railroad passenger miles although this is merely a substitution of one form of transport for another. Table 6.—Volume of United States Transportation, Quarterly [Quarterly averages; 1935-39=100] Item Transportation Last year rising production, the task, of moving and supplying the armed forces, and a higher level of national income brought about sharp increases in all forms of transport over 1941 levels. The total volume of transportation during 1942, as measured by the Department of Commerce's combined ton miles and passenger miles index (1935-39=100), reached the peak level of 179. During the first quarter of 1943, the index, seasonally adjusted, was 28 percent above the same quarter of last year. Many transport agencies, however, are already utilizing their equipment at or near capacity. Hence the gains in the last three quarters of this year over the same periods of 1942 cannot be expected to continue as high as 28 percentThe transportation industry will be confronted in 1943 with the task of moving even more passengers and greater tonnages than last year. With respect to commodities alone, it is currently estimated that total tonmileage will be 12 percent greater than 1942. This forecast covers all tonnages transported by rail, "for hire" motortruck, oil and gas pipe lines, air, and in domestic water-borne commerce. During the first quarter of 1943 total commodity traffic was about 20 percent above the corresponding period of 1942. The estimate for the remainder of the year is based on the transportation volume expected to arise from the forecast volume of industrial and agricultural output. Studies by the Office of Civilian Supply of the War Production Board, the Office of Defense Transportation, and other agencies indicate that despite the increasing shortages of man Mav 1943 Total. Commodity !_ Commodity, excluding local transit.. Railroads Intercity motortruck Air, Water-borne (domestic) Oil and gas pipe lines Passenger 2 Passenger, e x c l u d i n g l o c a l transit Railroads__ Intercity motorbus T Air Local transit 1942 1941, 4th quar- 1st 2nd 3rd quarter quar- 149 153 158 159 175 176 187 185 153 154 176 230 116 138 135 162 167 174 279 98 135 152 181 196 174 307 72 133 170 157 148 157 308 115 186 176 184 363 124 215 213 208 311 130 1943, 1st 4th quarter 201 192 193 205 195 368 72 142 194 194 188 201 205 214 439 60 150 215 243 265 218 244 148 296 325 241 276 145 317 334 280 344 160 207 209 214 507 71 150 231 1 2 Based on ton-miles for each of the transport agencies indicated. Based on passenger-miles for each transport agency shown except for local transit, which is based on number of passengers. Source: U. S. Department of Commerce. Railroad Freight. Ton-miles of commodities handled by the railroads this year are expected to aggregate about 710 billions, or 11 percent above the 638 billion total of 1942. In the first quarter of 1943, rail ton-miles were 25 percent above the same period of 1942. The gains during the remainder of the year will undoubtedly be much smaller. The railroads have done an excellent job not only in handling their normal share of war period freight but also in taking on much of the tonnage diverted to tbern by the decline in coastal and intercoastal shippin;?. Heavier loadings, particularly in the case of less-thancarload freight, as well as increased operating efficiency, account for this showing. But if the roads are to move the volume of freight likely to be offered them during the balance of the year, they will have to maintain or even improve their already high degree of efficiency. They will also need some additional new equipment. May 1943 SURVEY OF CURRENT BUSINESS 9 Furthermore, they must be spared the disruptive effects of any prolonged industrial disputes causing1 traffic delays. new lines should lift the performance of all trunk and gathering lines about one-fifth above 1942. Motortruck Intercity Ft eight. Domestic water-borne commerce, consisting of coastwise and inland traffic, will probably be about 5 percent lower in 1943 than in the preceding year. The sharp gains expected in river traffic will be more than offset by a sharp decline in coastal trade and the almost complete stoppage of normal commercial iritercoastal traffic. As a result of submarine warfare, and diversion of vessels to foreign trade, coastal and intercoastal traffic declined severely during 1942, with the fourth quarter ton-miles being SO percent below the level of the first quarter. Slight gains from the low fourth quarter level may be expected this year, and total ton-miles in this trade are estimated at 50 percent below 1942. The performance of the Great Lakes fleet in meeting the high goals set for it this year will be mainly dependent on weather conditions. The severe cold spell this spring, which kept the upper lakes closed to traffic throughout April, dampened the expectations of a record breaking movement on the Great Lakes, However, with the iron ore carrying capacity increased by 16 new vessels and with an anticipated large volume of petroleum shipments, the tonnages lost thus far may be made up during the rest of the season. Total lake tonnages will probably show little if any increase. The brightest picture in water-borne commerce is presented by the traffic on rivers. The construction of new barges is being pushed with the promises of the heaviest petroleum movement by the carriers on record and some diversion of other bulk commodities from the hard-pressed rail and motor carriers. The total river performance may be as high as 20 percent above last year. Diminishing rates of gain are evident in transportation as well as in industry. The 26 percent gain in total transportation during 1942 over 1941 was achieved principally by bringing into use reserves of manpower and equipment and by lifting operating efficiency to peak levels. In 1943, with manpower and operating efficiency already near maximum levels and with existing equipment employed in most cases close to capacity, the estimated 16 percent gain expected over 1942 must come largely from three factors: (a) Further increases in operating efficiency, (b) the timely addition of new equipment, and (c) adequate manpower. Three other factors are also essential to a further increase in the volume of transportation this year: (1) Adequate repair parts, rubber, gasoline, and other supplies necessary to the maintenance of a high rate of operation, (2) weather not unfavorable to air and Great Lakes traffic, and (3) freedom from interruption due to industrial disputes. Since demands for transportation will outrun supply in 1943, it is probable Intercity motortrucks for hire also are shouldering a larger burden. Truck ton-miles increased 23 percent during the first quarter of this year compared to last, despite the fact that longer hauls have been discontinued and some through-traffic thus diverted to the railroads. A large portion of truck freight now consists of war goods. This portion may naturaly be expected to increase during the rest of the year. Furthermore, farm marketings are also expected to be greater this year than in 1942. Hence intercity motortruck ton-mileage (excluding private trucks) in 1943 is likely to rise about 15 percent over 1942. Private motortruck transportation, however, is very apt to decline. Hence total motor freight, including private, will show little if any increase. Many difficulties will confront the trucking industry in attempting to handle this larger volume. The increase in traffic has resulted in less time for maintenance of equipment, and if manpower and parts become much scarcer, motor carriers will find it increasingly difficult to haul their share of the traffic. Air Freight. By far the largest percentage increase in freight movement during 1942 occurred in air transport—72 percent over 1941. This was due largely to sharp increases in air mail pound-miles. The upward trend in air freight continued during the first quarter of 1943 when the ton mileage flown was 80 percent larger than in the 1942 first quarter. For 1943 as a whole, present indications point to an increase of about onehalf over 1942. Whether or not this large gain is actually achieved will depend principally on the extent to which operating efficiency can be raised from its already high level as well as on how much new equipment, if any, the airlines can obtain during the year. Pipe Lines. The curtailment of the heavy pre-war tanker shipments of petroleum products to the East Coast, combined with war needs for these products in the East, has necessitated a large-scale diversion of petroleum shipments to all other forms of transport. Much of this diversion is being borne by pipe lines. New construction alone, including the new 24-inch crude oil and the 20-inch refined products pipe lines from Texas to the eastern seaboard, is expected to result in an additional 13 billion ton-miles this year. This assumes completion of the pipe lines on schedule and a rapid achievement of near capacity operations. Increased use of existing lines along with the contribution of the Domestic Water Transportation. SURVEY OF CURRENT BUSINESS 10 that additional restrictions and perhaps even allocation may become necessary, especially covering passenger travel, in order to curtail noiiessential traffic. Mav 1943 volume of construction than heretofore available. For example, the marked seasonal fluctuations in certain types of building during previous years have recently been offset to a considerable degree by the shift to military and industrial building where seasonal variations are less prominent. The series of quarterly estimates introduced last year was designed to meet the need for more frequent construction data, but developments of the past few months have shown that it fails to provide sufficient information for detailed analysis of the effects of priority and other regulatory measures on the various segments of the industry.1 Quarterly data also fail to portray currently the changing composition of construction during the different stages in the conversion of the industry to an all-out war basis. In recognition of these needs, the Bureau of Foreign and Domestic Commerce has developed a series of monthly estimates of construction activity from Janu- Construction The sharp decline in new construction activity in continental United States, which began in the latter part of 1942, continued throughout the first quarter of 1943. Although this decline can be attributed in part to seasonal variation and in part to the fact that the expanding volume of American construction overseas is not included in the figures, the chief contributing factor is the progressive completion of the large war construction program undertaken last year. In addition, construction has been curtailed because of diversion of increasing amounts of critical materials to the manufacture of weapons and supplies. Rapidly shifting trends in the construction industry emphasize the need for more frequent measures of the 1 See table 7 for the latest quarterly estimates of construction since 1939. Table 7.—New Construction Activity, Continental United States, 1939-42 [In millions of dollars] 1940 1939 Item I Total new construction 1,372 Total private 695 1 Residential building (nonfarm) ... 427 Nonresidential building 2 142 Industrial 35 All other 107 Farm construction 23 Residential 13 Nonresidential 10 Public utility 103 T otal public 677 Residential 5 Military and naval 3 4 17 Nonresidential4 building 283 Industrial 4 Allother 279 Highway 212 Sewage disposal and water supply60 All other Federal 80 Miscellaneous non-Federal public j 5 service enterprises II III 1,531 884 528 171 54 117 68 39 29 117 647 13 24 225 3 222 213 72 75 ! 1,638 1,021 559 208 65 143 101 58 43 153 617 23 33 144 3 141 241 69 81 IV 1,309 780 420 175 68 107 25 15 10 160 529 31 47 101 11 90 199 45 86 6,045 3,530 2,046 732 227 505 226 130 96 526 2,515 76 119 762 14 748 884 257 326 1,504 930 532 211 73 138 34 20 14 153 574 35 45 110 4 106 218 56 90 26 ! I I Total rotal 20 j III 1,632 1,053 596 230 96 134 74 44 30 153 579 53 52 i 1,906 1,224 691 265 100 165 110 65 45 158 682 61 60 92 J 9 i 145 83 | 229 36 ! 87; 94 264 32 89 30 | 31 51 ! IV I Total ! I I II III IV 6,986 4.232 2,359 982 423 559 246 146 100 645 2,754 205 510 497 144 353 945 143 353 2,278 1,016 508 327 188 139 30 18 12 151 1,262 75 580 237 165 72 220 29 96 2,573 1.323 740 318 156 162 90 53 37 175 1,250 118 318 400 336 64 255 30 97 3,162 1,569 902 327 146 181 135 79 56 205 1, 593 158 491 492 423 69 281 29 107 3,132 1,353 731 334 188 146 45 26 19 243 1,779 128 670 542 476 66 257 27 125 2,139 1,175 652 312 159 153 37 22 15 174 964 60 351 159 73 86 253 30 91 20 I 101 35 I Total 30 I 11, 145 5,261 2,881 1.306 678 628 300 176 124 774 5, 884 479 2,059 1,671 1,400 271 1,013 115 425 122 1942 Item First quarter Third quarter Second Fourth quarter Total Jan. Total new construction Total private Residential building (nonfarm) J_Nonresidential building 2 Industrial All other Farm construction Residential Nonresidential Public utility Total public Residential Military and naval 3 4 Nonresidential4 building Industrial Allother Highway Sewage disposal and water supplyAll other Federal Miscellaneous non-Federal public service enterprises 5 1 2 3 4 5 Feb. 765 290 146 79 42 37 5 3 2 60 475 34 162 181 163 18 40 9 41 797 271 141 61 30 31 7 4 3 62 526 33 182 228 211 17 35 9 32 8 7 June Total July Aug. Aug. Sept. Total Sept. 955 2,517 1,088 1,143 1,211 236 306 867 331 290 100 181 468 208 162 41 50 190 43 40 24 23 95 19 20 17 27 95 24 20 33 10 22 17 25 19 6 13 10 15 14 4 9 7 10 62 65 187 63 63 975 649 1,650 757 853 46 38 105 41 43 491 285 629 359 393 325 237 646 253 304 312 221 595 238 290 13 16 51 15 14 71 42 117 57 71 10 10 28 10 10 27 30 103 31 27 3,442 857 470 124 63 61 75 44 31 188 2,585 130 1,243 882 840 42 199 30 85 1,403 221 92 41 28 13 27 15 12 61 1,182 48 649 370 359 11 75 10 25 1,486 1,415 221 98 41 30 11 22 13 9 60 215 95 41 31 10 19 12 7 60 1,265 1,200 56 681 417 408 9 72 10 25 71 626 403 395 8 65 9 22 68 40 28 181 3,647 175 1,956 1,190 1,162 28 212 29 72 4 4 13 Mar. 7 Total 22 Apr. Apr. 6 May 5 16 4,304 657 285 123 89 34 Oct. I Nov. Nov. 1,274 200 92 37 29 8 15 9 6 56 1,074 66 523 389 382 7 62 9 22 Dec. Dec. 168 80 31 23 8 10 6 4 47 955 61 497 330 324 6 47 7 11 889 128 65 22 16 6 5 2 3 36 761 63 358 286 282 4 30 5 17 2 2 1,123 Total 3,286 496 237 90 68 22 30 17 13 139 2,790 190 1,378 1,005 988 17 139 21 50 13, 549 2,877 1,460 527 315 212 195 114 81 695 10, 672 600 5, 206 3, 723 3, 585 138 667 108 310 58 Estimates of private nonfarm residential building prepared by the Bureau of Labor Statistics; monthly estimates for 1942 based upon quarterly data. Excludes nonresidential building by privately owned public utilities. Includes cantonments, aeronautical facilities, navy yards and docks, Army and Navy hospitals, etc. Beginning 1941, based upon data prepared by the Construction Research Section of the Statistics Division of the War Production Board. Includes construction expenditures for such municipal enterprises as electric light and power plants, street railways and other transit systems, gas systems, ports, dock harbors, ferries, airports, terminals, etc. SURVEY OF CURRENT BUSINESS May 1943 ary 1942 to date.2 No attempt has been made to adjust the series for seasonal variation since the period covered by the estimates is short and since there is evidence of a definite dampening of seasonal fluctuations during the war period. The total volume of new construction rose steadily from 765 million dollars in January 1942 to a peak of 1,486 million dollars in August. The chief types of building represented in this increase were military and naval construction which rose 420 percent and industrial building which gained 250 percent. Other types of construction—such as public housing, access highways, and service connections—also increased somewhat during this period as a direct result of the rapid expansion in war construction. The remaining types of building began in the early part of 1942 to reflect the diversion of men and materials to w^ar construction. Thus these types of construction showed a fairly steady decline in dollar volume that has continued into 1943. Chart 8.—New Construction Activity, Excluding Work-Relief Construction, in Continental United States BILLIONS OF DOLLARS 5 Qu. Qu. Qu. 1939 1940 Sources: U. S. Department of Commerce, War Production Board, and U. S. Department of Labor (see also Table 7, p. 10). From the August peak all types of construction activity have declined. By March 1943 the estimated total had dropped to 702 million dollars, less than half of that recorded 7 months earlier. Although the volume directly related to the war is considerably larger for the first 3 months of 1943 than for the corresponding period last year, the March figures are slightly lower than a year ago. The 271 million dollars expended for military and naval construction in March is only 40 percent of that spent last August. Similarly, the 210 million dollars of publicly financed industrial building represents a drop of 50 percent in the same period. Total nonfarm residential building continued the downward trend evident throughout most of 1942, despite some increase in publicly financed structures. In March 1943, for the thirteenth consecutive 2 These estimates will appear currently in the monthly statistical section of the Survey of Current Business. 11 month, military and naval building accounted for the largest share of total new construction activity. The 271 million dollars spent on military and naval facilities in March constituted nearly 40 percent of the total. Industrial facilities were another large segment of total construction during March, with 30 percent of all expenditures going for such structures. Residential building, the chief component of construction activity during the latter part of 1941, represented less than 16 percent of the March 1943 total. All other types of construction are included in the 103 million dollars constituting the remaining 14 percent of the March construction volume. The continual shift in the relative importance of these different types of construction from 1939 to date is illustrated by chart 8. The extent of the changes may be noted by ranking the components according to the magnitude of their value in the first quarter of 1939 and comparing the results with a similar alinement made for the corresponding period in 1943. The four groups are found to have completely reversed their positions during that time. Another clearly defined shift has occurred during the last 2 or 3 years in the means of financing new construction. In 1939 and 1940 the ratio of privately financed construction fluctuated between one-half and two-thirds of the total. For three of the four quarters of 1941 the proportion dropped below 50 percent, and by the end of the first quarter of 1942 it was less than one-third. This ratio continued to decrease until August, when only 15 percent of all construction was privately financed. It then remained fairly constant for the following 7 months. That the present downward trend of construction activity will continue is suggested by the activities of the central facility clearance agencies of the War Production Board. Responsibility for curtailing construction was placed in the hands of the Facility Clearance Board and the Facility Review Committee last October. The former, a group of senior representatives of the principal war agencies, determines the essentiality of new construction projects costing more than $500,000. The Facility Review Committee passes on the essentiality of new projects costing between $100,000 and $500,000, and, in addition, reviews all construction previously approved to determine whether the continuation of these projects is justified. By March 26 the Facility Review Committee had revoked priority assistance to less essential construction projects having a total value of 1,325 million dollars and had disapproved new projects having an estimated total value of 22.5 million dollars. In addition, the Facility Clearance Board had disapproved new projects having an estimated cost of 63 million dollars. These figures do not disclose the full effect of the activities of the clearance agencies, for a sharp reduction of applications has been noted in recent weeks. This is attributed in 12 SURVEY OF CURRENT BUSINESS May 1943 demand for meat during the entire year 1943 may be as high as 160 pounds per capita, whereas not more than 128 pounds will be available for distribution. Similarly, there will be only about 46 pounds of fats and oils Food Supplies (including butter) to meet an expected demand of 55 pounds per person. Per capita civilian food supplies this year will be In addition, it is anticipated that scarcity of one slightly larger than the average amount available during commodity will result in increased demand for substipre-war years 1935-39 but 6 percent smaller than in tutes. For example, with an adequate supply of meat, 1942. This forecast by the Department of Agriculture the demand for cheese would probably be around 7 is based on the "Prospective Plantings" Survey made pounds per person, and for chickens around 26 pounds. annually in March and on the assumptions of average Inability to obtain meat, however, will expand the weather and a continuation of the present trend in live- demand for these meat substitutes. As a result, civilstock production. Total production of food for human ian demand for cheese may reach 10 pounds per person, consumption is expected to exceed the average for the in contrast with an estimated supply of only 5.7 1935-39 period by 31 percent and to exceed 1942 record pounds. production by about 3 percent. The increase over 1942 The amounts of various food products available for will, of course, more than be absorbed by military and civilian consumption in 1943 on a per capita basis are lcnd-lease requirements, which will account for at least shown in table 8. The 1943 estimates have recently 20-25 percent of the total food output. been revised. Preliminary forecasts made earlier in the year were based chiefly on the 1943 farm output Table 8.—Per Capita Civilian Supplies of Selected Food goals. In most cases the revisions have been down1 Products, 1935-39 Average, 1942, and 1943 ward. For example, earlier estimates based on pro[Pounds] posed goals indicated that there would be 138 pounds of meat per person, 49.1 pounds of fats and oils, 66.4 I i j ! 1943 as percent ! I i ofpounds of citrus fruits; the revised estimates for these Commodity I 1935-39 ; 1942 1943 I commodities are 124, 46.4, and 53.9 respectively. For a few commodities, notably canned fruits and vegeTotal meats (dressed weight) tables, the preliminary estimates of supplies available 2126 ! Fish . () I Poultry products: in 1943 were raised slightly. Eggs . Chickens and turkeys It has been clear for some time that the diet of the Dairy products: Butter, farm and factory , civilian population must be adjusted to the available Cheese | Condensed and evaporated milk supplies of foods. Grains are in plentiful supply; Fluid milk and cream Fats and oils (excluding butter) there will be more wheat, rye, oats, and barley tha11 Fruits: Fresh (excluding melons) in either 1942 or the prewar period, 1935-39. The Canned fruits 3 Canned juices same is true of poultry products, lard, and margarine. Vegetables: Fresh (including melons) These products must substitute for meats, butter, fresh 3 Canned Potatoes (white) fruits and vegetables, and other scarce commodities. Sweetpotatoes S * Under existing rationing regulations, there will also be a more nearly equal distribution of the commodities that are scarce. Farmers, of course, granted favorable weather, have still to meet the problems of scarce labor and farm lend-lease food requirements. machinery. The labor situation has been eased some-2 Data not available. 3 Pack year basis. what both by the recent selective-service regulation 4 Refined bajis. 5 Includes wheat, rye, rice (milled basis), corn, oats, barley, malt liquors, mal regarding the deferment of farm workers of military extracts, and other food products. age and by the measures taken to induce men over 38 Source: U. 8. Department of Agriculture. engaged in less essential occupations to shift to more Civilians apparently will have an adequate diet in essential jobs. Shortages of machinery are still acute, 1943 when compared with earlier years, yet there is no however, particularly in those areas where rapid exdoubt that they will not have all they may wish and can pansion in the production of certain crops, such as purchase. Present estimates indicate that the civilian soybeans, has taken place in the last few years. part to the effectiveness of the curtailment program and to the recognition by sponsoring agencies of their responsibility not to request nonessential construction. May 1943 SURVEY OF CURRENT BUSINESS 13 Price Deflators for Consumer Commodities and Capital Equipment, 1929-42 By Henry Shavell Ag indicated in previous articles, the Bureau of JLlLForeign and Domestic Commerce has in progress a comprehensive study of national product. In its final form, this study will provide detailed estimates of the values of all final goods and services annually produced, in both current and constant dollars. Because of the usefulness of these data, segments of the study are being released as they become available. Preliminary estimates of the gross flow of finished commodities, new construction, and of consumer expenditures for most types of services have already been published.1 The completion of the detailed commodity flow estimates will make possible a more refined adjustment for price changes than has hitherto been the case. In the present article, there are made available for the first time a series of comprehensive price indexes designed for deflating consumer expenditures for new commodities and business expenditures for capital equipment. Similar price deflators for other segments of the national product (i. e., construction activity, services, etc.) are now in preparation and will be presented at a later date. Heretofore it has been customary to convert the current dollar value of national income or national product to real terms by the use of existing price indexes. For example, the Bureau of Foreign and Domestic Commerce has previously employed combinations of the Bureau of Labor Statistics index of cost of living, the Bureau of Agricultural Economics index of prices paid by farmers for subsistence goods, and the National Bureau of Economic Research wholesale price index of capital equipment for national income and national product deflation. The various alternatives along these lines have been described by Prof. Simon Kuznets.2 The rationale for these crude methods of correction for price changes was essentially one of expediency, in that more suitable price deflators were not immediately available. It has long been recognized, of course, that existing price indexes (or their combinations) are not entirely appropriate for national income or national product deflation because of two fundamental reasons, both stemming from the fact that such indexes are specifically designed to represent particular segments or types of expenditure. First, the weights 1 Cf. Shaw, William II., "The Gross Flow of Finished Commodities and New Construction, 1929-41," Surrey of Current Business, April 1942, pp. 1.3-20, and Demson, Edward F., "Consumer Expenditures for Selected Groups of Services, 1929-41," Surrey oj Current Business, October 1942, pp. 23-30. 2 Of., for example, his "National Income and Its Composition, 1919-1938," National Bureau of Economic Research, 1941, vol. I. pp. 141-146. assigned to the various commodities or services in the existing indexes do not correspond to their relative importance in the national expenditure. Second, many items in the national product are not covered, either directly or indirectly, by existing price indexes. It will be the aim of the deflation procedure finally adopted by this Bureau, as it is the aim of the indexes covering commodity flow presented here, to remedy these two principal defects. It is often desirable, moreover, not only to measure changes in the real content of aggregate finished commodity flow but also to measure changes in the flow of the component groups. The broader budgetary classifications employed in the published indexes of the Bureau of Labor Statistics and Bureau of Agricultural Economics do not make possible such detailed measurements. The more complete detail afforded by the present price indexes will permit separate price correction for each of the minor commodity flow groups. Considerations in the Construction of Price Deflators. If complete and accurate data were available, a measure of the real flow of commodities could be obtained either by counting up the actual quantities of the goods produced, weighted by various sets of prices, or by deflating the current money values of the same goods by appropriate price indexes. Practical considerations, however, dictate the adoption of the deflation technique. Firstly, quantity data for the bulk of finished commodities are either not available or are too fragmentary to merit consideration. On the other hand, price quotations are available for the major portion of gross commodity flow. Secondly, it is more reasonable to assume that the average price changes of those commodities not directly covered by specific price quotations would be approximated by the average price movements of closely analogous commodities, than to make a similar assumption with regard to average quantity movements. Lastly, adjustments for price comparability—arising from new commodities, quality changes, etc.—are more easily handled than adjustments for quantity comparability." To obtain a strictly accurate measure of real commodity flow by means of deflation, the price deflators to be employed should be based upon (a) final prices paid—i. e., retail prices, inclusive of all taxes; (b) 3 For a few standardized commodities (coal, gasoline, etc.). the construction of physical quantity indexes may, in the future, prove more feasible than price deflation in measuring real changes. In such instances, this procedure will be employed in the final estimates. 14 SURVEY OF CURRENT BUSINESS prices that are comparable through time—i. e., not affected by quality changes;4 and (c) prices that cover each item entering into the given current value composite. As is well recognized, however, these ideal specifications cannot be filled precisely, because of the imperfections inherent in all price quotations. Strictly speaking, to the extent that a price index does not take full account of the collateral terms of sale—i. e., discounts, guarantees, free services, and other formal price modifiers—its validity as a deflator is accordingly lessened. The same is true in cases where the qualitychange element has not been satisfactorily removed; the latter factor is especially significant in the case of durable goods, such as radios, automobiles, refrigerators, and capital equipment. Also, for certain commodities included in the current dollar commodity flow series retail price quotations are not available. As outlined in the April 1942 Survey of Current Business, the method of estimating finished commodity Chart 1.—Percentage Change in Prices of Consumer Commodities and Capital Equipment, Between Selected Years May 1943 thereby yielding a more substantial basis for appraising the validity of the resulting real commodity flow series. In combining the various prices, the chief alternatives are to employ weights corresponding to the quantities purchased either (a) in the base year or (b) in the given year. If the first alternative is chosen, the procedure corresponds to the fixed weighted or Laspeyre formula, 2VQ given by ^z~r where p0 and g0 represent, respectivelv, ^Po^o the prices and quantities purchased in the base year, and pi and qi the prices and quantities prevailing in any given year. If the given year weights are used, the procedure follows the variable weighted or Paasche It is well established that formula, shown by „ <poqi neither index would yield the "true" price change, but when used separately would provide upper and lower limits between which the "true" price change would lie.5 Irving Fisher's "ideal" formula is an attempt to approximate the position of the "true" change by averaging the fixed and variable weighted indexes geometrically; it may be represented by V^A PERCENT + 40 Although the "ideal" index is still essentially an expedient, it is useful as a "shorthand" approximation to the desired price change when the divergence between the fixed and variable weighted index numbers is small. + 20 Price Deflators for Finished Commodities. -40 1929-33 1933-37 1937-39 1939-42 DD 43-227 Source: U. S. Department of Commerce. Price indexes for consumer commodities at retail, at wholesale, and for capital equipment at wholesale 6 are given in tables 1, 2, and 3, respectively. The classifications employed in the construction of the indexes were, naturally, conditioned by those used in the present study of national product. A brief description of these classifications was given in the April 1942 Survey of Current Business. expenditures involved securing commodity data at It should be emphasized that the indexes are not manufacturers' prices and tracing their flow' through the product of independently collected price data the entire distributive system. The consequent avail- but are constructed from existing price information ability of estimates at both wholesale and retail levels in a manner appropriate for deflating specified segmakes deflation possible at either or both levels. If ments of commodity flow. Most of the retail price both sets of price quotations are equally representative, indexes are recombinations of the relevant components deflating consumer commodity expenditures at whole- of the Bureau of Labor Statistics index of cost of living sale by appropriate wholesale price indexes and marking and of the Bureau oi Agricultural Economics index of up the deflated figures by constant base year average prices paid by farmers, utilizing the detailed weighting retailers' mark-ups should result in the same final factors developed in the national product study. cost deflated series as that obtained by retail price 5 Cf. especially Hicks, J. R., "The Valuation of the Social Income," Economica, deflation of consumer expenditures at final cost. HowMay 1940, pp. 105-124; Frisch, Ragnar, ''Annual Survey of General Economic Theory: ever, by deflating the wholesale as well as the retail cur- The Problem of Index Numbers," Econometrica, January 1936, pp. 1-38; Allen, R. G. rent value series, two important advantages are gained: D., "The Nature of Indifference Curves," Review of Economic Studies, February pp. 110-121; and Staehle, Hans, "A Development of the Economic Theory of (a) commodities for which retail prices are not available 1934, Price Index Numbers," Review of Economic Studies, June 1936, pp. 163-188. can often be priced at the wholesale level; (b) two 6 The "wholesale" prices of capital equipment are here assumed to represent final levels. Generally speaking, this is true. The buyer of a capital good does not independently derived deflated series are obtained, cost ordinarily purchase it from a retail outlet, but either from the manufacturer directly * It is important that quality changes are not removed in the deflating process, since a change in quality represents a change in real content—i. e., quantity. or from a wholesale house. A considerable portion of expenditures for farm machinery and implements and for business motor vehicles does take place in retail establishments, however. SURVEY OF CURRENT BUSINESS May 1943 Generally speaking, price quotations obtained Irom these two sources for corresponding commodities were combined in accordance with the 1935-36 expenditures of urban and rural populations, respectively, for the given items as developed in the National Resources Planning Board Study of Consumer Purchases.7 To illustrate: The Bureau of Labor Statistics cost-of-living component for shoes was assigned the full weight of urban family expenditures for all shoes; similarly, the Bureau of Agricultural Economics prices-paid-byfaimers shoes component was weighted by rural and rural-nonfarm expenditures for all shoes. For those commodities not represented separately in the classifications of the Bureau of Labor Statistics or Chart 2.—Retail Prices of Consumer Commodities INDEX, 1939=100 140 ALL CONSUMER COMMODITIES 130 \ \ \ RETAIL PRICES OF CONSUMER COMMODITIES 1 1 I0 PRICES PAID BY FARMERS2/ \ 100 "COST OF LIVING IN LARGE CITIES 2/ 90 80 140 ALL CONSUMER COMMODITIES OTHER THAN FOODS 130 RETAIL PRICES OF CONSUMER COMMODITIES 1/ J20 1 I 0 \ PRICES PAID BY FARMERS 2J ,''*'ls£T* 100 fc£ COST OF LIVING IN LARGE CITIES 1 90 80 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1 Computed by U. S. Department of Commerce; see text for details. 2 U. S. Department of Agriculture index of prices paid by farmers for commodities used for family maintenance adjusted by the U. S. Department of Commerce to exclude building materials and shifted to a 1939 base. 3 U. S. Department of Labor index of cost of goods purchased by wage earners and 1 ower-salaried workers in large cities adjusted by the U. S. Department of Commerce to exclude services. This was done by eliminating rent, gas, and electricity and reducing the weight of the "Miscellaneous" component to its commodities only. The resultant series was then shifted to a 1939 base. Bureau of Agricultural Economics, price data were obtained where possible from the relevant components of the Fairchild Retail Index, from the General Merchandise Office of Sears, Roebuck & Co., the mail-order catalogs of the latter company and of Montgomery Ward & Co., and from other sources as specified in the appendix. In cases where specific price quotations for given comfcj Cf. "Family Expenditures in the United States," National Resources Planning Board, June 1941, section 3, tables 86-94. 15 modities were not available from any of these diverse sources, the respective weights of such commodities were assigned to the prices of interrelated or closely analogous commodities. The wholesale price consumer commodity indexes were based almost entirely upon data obtained from the Wholesale Price Division of the Bureau of Labor Statistics. This Division has on file several thousand additional wholesale price series not presently included in their published Index of Wholesale Prices but which were made available for the present study. This source, as well as data from the Bureau of Valuation of the Interstate Commerce Commission, was also employed in the construction of the capital equipment indexes. A detailed description of the sources and prices included by minor commodity groups is given in the appendix. The minor commodity group price indexes were constructed using fixed weights only (Laspeyre formula). The weights employed for both the wholesale and retail indexes were developed in the Bureau of Foreign and Domestic Commerce and were based on the 1939 expenditures for the individual commodities priced, related to total expenditures for finished commodities in that year.8 There were 2 reasons for not computing variable weighted minor commodity price indexes (Paasche formula). First, reliable information regarding the relative importance of the individual components of the minor commodity groups was not available for the entire period covered. Secondly, because of the relative homogeneity of the minor groups, the use of fixed weights only seemed justifiable on grounds of expediency. The major commodity group indexes are combinations of the minor commodity groups employing both fixed and variable weights.9 The resulting two sets of indexes (shown at the bottom of tables 1, 2, and 3) were then averaged geometrically to obtain a set of Fisher's "ideal" indexes, which are shown in the body of the three tables. As mentioned above, such a procedure is permissible when the differences between the two indexes are not large. It should be noted, however, that the "ideal" indexes are ideal only to the extent that each minor commodity group is assumed to represent a homogeneous entity. It is not believed that the indicated "ideal" indexes differ significantly from s These weights correspond to the commodity values at manufacturers' prices as given in "The Output of Manufactured Commodities," Bureau of Foreign and Domestic Commerce, 1942. 9 The variable weighted (Paasche formula) major commodity group indexes were derived in a somewhat unorthodox fashion but which yield identical results with those calculated in the "orthodox" manner: A set of wholesale and retail current dollar final cost estimates for the individual commodity groups from 1929 through 1942 (a revised version of the preliminary estimates presented by William. H. Shaw, op. cit., p. 16) were first deflated by their respective price indexes and then summated for the major groups; by dividing the major group current dollar totals by their deflated dollar totals, major group price indexes were thereby obtained. Thus, using this procedure, the individual minor commodity group indexes were automatically weighted by their relative importance for each year, resulting in the variable weighted indexes shown at the bottom of tables 1, 2, and 3. 16 SURVEY OF CURRENT BUSINESS those that would have been obtained had the minor commodity group indexes been computed both ways. A comparison of the variable and fixed weighted indexes brings out several interesting points. For one thing, the differences between the two sets of composite indexes are small enough to suggest that the constancy of consumption patterns over the entire period 1929 through 1942 is a workable assumption. Secondly, the divergence appears to grow progressively greater with the time span between 1939 and the year compared. Thirdly, the deviations between the two sets are relatively greater for the consumer durable commodities than for the semidurable or perishable commodities. (See tables 1 and 2.) This variation in the deviations is explained by the more intense fluctuations in consumer expenditures for durable commodities and by the greater proportion of new commodities in the durables group-—i. e., the influx of radios, refrigerators, electrical appliances, etc. As suggested in chart 1, the index of wholesale consumer commodity prices fluctuated somewhat more intensely than the index of retail prices for the periods compared. This, however, does not negate the point made above, namely, that wholesale and retail type deflation should result in substantially the same deflated series if both indexes are equally accurate. The reason is that when the current value wholesale series is deflated and marked up by a constant percentage, its degree of fluctuation will be reduced. As noted in an earlier article,10 the retail gross margins employed in estimating consumer expenditures for commodities were found to vary inversely with the business cycle. This was attributed in part to the relatively greater sensitivity of wholesale commodity prices than of retail. Tims, in order to obtain the same deflated series from the two methods of deflation for consumer commodity expenditures, it follows that the wholesale deflators should display wider cyclical swings than the retail deflators. Comparisons With Other Indexes. The annual movements of the consumer commodity retail price indexes presented here, and of the comparable segments of the Bureau of Labor Statistics index of cost of living and the Bureau of Agricultural Economics index of prices paid by farmers, are shown in chart 2. The various adjustments made in the latter two indexes, in order to exclude services and other items not included in the retail price consumer commodity index, are indicated in the footnotes to the chart. As portrayed in the upper half of the chart, differences in the movements of the three indexes are small in some years but are large enough in others to affect significantly the deflation of commodity flow estimates. It may be seen in the lower half of the chart that the differences amonsj the indexes are greater when the io Cf. Fowler, Bruce M., and Shaw, William II., "Distributive Costs of Consumption Commodities," Survey of Current Business, July 1942. p. 14. May 1943 heavily weighted food component is eliminated. This indicates that some of the individual components of the three indexes differ materially and that deflation of particular commodity flow segments require specifically designed price indexes. A comparison of the capital equipment price index presented here with that of the National Bureau of Economic Research reveals substantial differences in movement (chart 3). It will be apparent from the chart that, although the present index is less influenced by cyclical variations from 1929 through 1939, the reverse is indicated from 1939 through 1942. This may be explained by the fact that the National Bureau of Economic Research index is heavily weighted by semimanufactured goods which enter into the construction of capital equipment,11 whereas the present capital equipment price index includes the prices of finished commodities only. Thus, the greater sensitivity of the former index from 1929 to 1939 may be attributed to Chart 3.—Wholesale Prices of Capital Equipment INDEX, 1939 = ICO !2O 90 f s C \NATIONAL BUREAU OF ECONOMIC RESEARCH V 8 0 1929 1930 193! 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 DD 43-226 i Shifted to a 1939 base by the U. S. Department of Commerce. the inclusion of semimanufactured commodity priceswhich are known to vary with greater amplitude than prices of finished goods. The reverse situation, with the National Bureau of Economic Research index rising less rapidly than the present capital equipment scries from 1939 through 1942, is undoubtedly due to the imposition of price ceilings on raw and semimanufactured goods (metals, etc.) during 1940. Price ceilings on machinery were not imposed until October of 194band. early 1942. Conceptual Limitations of Real Product Estimates. The correction for price changes of current value commodity flow has not been included here because final current value estimates are not yet complete. Before concluding the present article, it is well to mention briefly the major difficulties that may arise in interpreting changes in real product estimates. It is commonly recognized that the ultimate objective in measuring the real flow of national product is for 11 This index is based entirely on the Bureau of Labor Statistics index of wholesaleprices; for a description of its components, cf. Mills, F. C , "Prices in Recession and Recovery," National Bureau of Economic Research, 1936, pp. 470-490. 17 SURVEY OF CURRENT BUSINESS May 1943 Table 1.—Retail Price Deflators for Consumer Commodities by Minor Groups, 1929-42 [1939=100] Commodity and commodity group 1929 2 130.8 123.9 106.9 92.5 131.5 124.5 105.6 92.2 138.9 134.7 147.1 110.2 118.5 128.0 119.6 101.0 127.2 158.5 101.7 130.6 124.0 143.9 103.8 117.8 127.2 122.9 99.8 123.9 150.5 101.0 106.8 103.3 113.8 105.9 115.9 121.9 108.3 99.0 105.9 146.8 93.8 88.3 85.4 94.2 105.9 111.4 119.7 94.4 97.7 100.9 128.1 94.7 116.2 120.4 115.4 112. 3 118.4 109. 5 93.5 112.8 91.3 128.3 122.3 124.8 136.4 122.3 147.2 128.5 119.5 120.3 129.3 115.0 127.8 124.3 119.5 131.7 123.8 110.5 97.8 93.4 97.1 95.4 96.7 100.9 101.2 100.0 101.8 109.1 124.8 149.4 118.0 125.1 133.4 141.4 152.1 123. 4 336.7 123. 3 123. 7 125.4 119.7 116. 2 102.6 142.6 118.4 118.2 127.9 134.8 145.6 110.3 234.1 114.6 116.4 125.4 116.7 112.7 103.1 119.2 104.7 99.0 122.9 121.7 139.9 105.2 159.1 104.8 108.5 118.8 114.7 107.3 103.1 96.4 86.5 85.8 106.4 102.6 129.2 92.4 111.7 98.8 103.3 113.5 104.5 103.1 101.8 95.2 89.8 87.1 104.2 92.6 113.6 89.4 100.9 89.9 104.2 111.4 104.8 96.8 101.6 103.9 98.7 96.5 101.9 93.2 108.9 93.9 108.1 89.4 112.8 85.7 112.7 96.0 100.3 96.9 99.5 93.8 107.4 94.3 98.8 94.8 106.3 91.1 103.3 84.5 108.9 95.2 100.8 98.2 100.4 96.8 104.6 94.0 99.5 97.9 106.1 92.4 104.1 86.7 116.3 96.1 101.1 105.7 107.8 102.5 101.1 100.0 99.7 102.3 108. 8 99.9 108.5 90.9 118.8 97.9 101.8 102.0 100.3 100.4 105.4 102.5 101.2 100.3 105.0 99.2 101.5 92.1 100. 5 99.0 101.9 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.2 105.6 103.2 104.4 91.5 99.1 101.5 98.1 101.8 111.1 111.2 104. 2 99.7 100.6 109.1 113.8 110.5 112.0 94. 3 101.3 106.5 102.6 105.9 116.7 114.9 123.4 101.3 101.7 126.9 125.4 125. 4 131.0 108.0 114.5 120.3 116.9 122.8 151.4 142.3 158. 5 101. 3 105.6 106.2 116.9 135.3 131.0 109.1 95.8 140.3 109.5 106. 2 107.8 134.2 131.5 104.0 93.6 131.7 105.4 105.1 110.0 118.2 124.5 99.1 81.6 112. 4 100.2 101.1 110.2 90.3 110.0 97.1 76.3 103.3 93.1 97.5 110.4 91.6 103.1 85.9 82.1 99.6 92.4 98.2 117.4 105.6 104.1 89.6 82.0 104.0 92.5 98.2 120.4 102.1 101.5 88.4 84.9 100.9 90.7 98.9 112.8 100.3 95.1 90.6 83.7 101.2 88.8 100.0 112.8 106.7 98.9 94.9 93.7 103. 0 96.6 99.6 105.4 103. 3 102.2 102.2 96.0 97.3 98.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 101.3 112.2 102.2 104.0 102.5 103.8 105.4 102.1 101.3 112.2 108.5 109.7 113.2 106.7 112.6 102.1 103.5 112.2 126. 7 123.9 130.7 136.9 133.7 114.6 All consumer commodities Consumer perishable commodities 2 1. All foods la. Manufactured foods and kindred products 2a. Nonmanufactured foods 3. Cigars, cigarettes, tobacco and smoking supplies 4. Drug preparations and household medical sundries.__ 5. Toilet preparations and sundries 6. Cleaning and polishing preparations 7. Magazines, newspapers, and other printed matter 8. Stationery and writing supplies 9. M iscellaneous household paper products 10. Toys, games, and sport supplies 11. Manufactured household illuminating and heating products 12. Nonmanufactured household fuels 13. Gasoline and oil Consumer semidurable commodities 14. 15. 16. 17. 18. 19. Clothing and accessories Shoes and other footwear Personal furnishings Dry goods and notions Semidurable house furnishings Semidurable toys and sporting goods Consumer durable commodities 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 1 2 2 2 Household furniture Floor coverings Miscellaneous durable house furnishings and equipment. Heating and cooking apparatus Refrigerators, washing machines and sewing machines Miscellaneous electrical household appliances China, glassware, tableware and household utensils Radio apparatus and phonographs Pianos Other musical instruments Clocks and watches Jewelry and sterling silverware Books and other durable printed matter Writ ing equipment Ophthalmic products and surgical and orthopedic appliances Monuments and tombstones Luggage Wheel goods, durable toys and sport equipment., Passenger cars Replacement tires and tubes Passenger car replacement parts and accessories Pleasure craft 1930 1932 1939 1940 1941 101.7 100.0 101.1 109.2 125.4 101.8 100.0 100.8 109.2 124.8 102.2 102.3 102.1 98.6 99.4 99.8 97.8 99.6 100.6 101.9 100.5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 101.0 100.2 103.0 102.6 99.8 100.0 99.1 100.4 104.3 99.6 104.4 111.7 111.4 112.3 104.6 101.0 101.7 100.7 100.2 104.3 102.4 106.8 130.8 129.5 133.7 107.5 105.3 113.6 107.2 102.7 124.1 125. 6 115.3 105.3 100.3 106.2 103.2 100.4 103.8 100.0 100.0 100.0 99.6 102.0 98.1 103.4 107.4 103.1 111.7 113.7 108.3 100.8 105.0 101.5 100.0 101.6 109.0 128.2 100.4 97.2 100.7 106.0 106.8 106.9 104.6 101.0 103.2 108. 5 112.2 114.3 101.3 101.3 99.7 102.4 102.2 109.2 100.0 100.0 100.0 100.0 100.0 100.0 101.7 100.9 102.7 102. 5 101.3 99.6 109.4 105.0 107.4 113.6 110.4 107.4 129.6 116.8 119.8 138.3 134. 2 129.9 1934 1935 90.3 98.7 102.1 102.2 106.1 89.9 98.1 104.4 104.1 107.8 87.4 84.0 94.2 93.7 105.5 110.4 91.4 95.4 87.2 128.2 93.9 97.5 95.5 102.0 96.9 101.5 102.6 91.5 95.5 89.9 127.6 96.2 106.6 108.8 102.1 96.0 98.9 97.4 100.2 95.9 86.4 106 5 99.0 106.2 106.6 105.2 95.4 97.9 96.5 98.7 96.9 88.1 103.0 97.7 110.5 111.0 109.5 97.8 99.7 98.6 100.0 97.3 99.3 100.7 99.7 91.5 102.1 96.4 91.4 98.4 95.7 103. 6 102.0 100.7 99.5 100.9 100.7 100.2 100.6 103.8 108.1 89.3 89.0 102.2 100.4 106.8 112.0 107.0 114.6 106.3 112.2 87.7 94.8 94.6 92.2 87.4 97.2 87.8 91.3 93.7 93.9 8S.5 93.6 102.1 99.3 99.1 109.2 105.4 100.6 99.9 96.9 101.6 106.7 106.7 99.9 1931 1933 1936 1937 1938 1942' Preliminary. Fisher "Ideal" Indexes (see text). The corresponding variable and fixed weighted indexes are as follows: All consumer commodities: Variable weighted index Fixed weighted index Consumer perishable commodities: Variable weighted index Fixed weighted index Consumer semidurable commodities: Variable weighted index Fixed weighted index Consumer durable commodities: Variable weighted index Fixed weighted index 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 129.9 131.8 123. 6 124.3 106.9 107.0 92.4 92.7 90.2 90.4 98.7 98.8 102.0 102.3 102.1 102.4 105. 9 106.3 101.7 101.7 100.0 100.0 101.1 101.2 109.2 109.2 125.3 125.5 131.2 131.8 124.4 124.7 105.7 105.6 92.3 92.1 90.0 89.9 98.1 98.1 104.3 104. 5 104.1 104.2 107.8 107.9 101.9 101.8 100.0 100.0 100.8 100.8 109.2 109.2 124.8 124.5 128.4 128.2 122.3 122.3 108.2 108.1 89.4 89.3 89.1 89.0 102.2 102.3 100.4 100.5 100.8 100.9 105.0 105.1 101.5 101.5 100.0 100.0 101.6 101.6 109.0 109.0 128.1 128.4 127.8 135.8 122.4 125.2 109.6 111.5 97.0 98.7 93.0 93.8 96.7 97.6 95.0 95.9 96.3 97.1 100.5 101.4 101.2 101.3 100.0 100.0 101.8 101.9 109.0 109.3 123.7 125.9 the light shed upon changes in economic well-being. When such estimates are used for that purpose, it is necessary to take account of certain limitations inherent in quantitative measures. These limitations stem from the fact that a quantitative measure cannot be adequate in appraising a change in the economic status of society when that change is essentially qualitative. In the first place, a change in real product does not provide a direct measure of the change in economic welfare when the distribution of income has also changed. It only indicates, in such cases, what w elf are change would be feasible if the income distribution were unchanged. The reason for this limitation is, 522777—48 3 of course, the fact that there is no accurate common denominator for comparing satisfactions among individuals. While simplifying assumptions are often adequate in problems of economic policy, there is no exact theoretical solution of this difficulty. It may be pointed out, however, that changes in the distribution of income are ordinarily not revolutionary and, furthermore, that a measure of real product has a wide area of usefulness even within the more limited interpretation of its meaning.12 12 For a thoroughgoing analysis of this factor, as well as others related to it, cf. Hicks, J. R., "The Foundations of Welfare Economics," The Economic Journal (London), December 1939, pp. 696-712. 18 SURVEY OF CURRENT BUSINESS May 1943 Table 2.—Wholesale Price Deflators for Consumer Commodities by Minor Groups, 1929-42 [1939 = 100] Commodity and commodity group All consumer commodities 2__ Consumer perishable commodities 2___ 1. All foods.. la. Manufactured foods and kindred products 2a. Nonmanufactured foods Cigars, cigarettes, tobacco and smoking supplies Drug preparations and household medical sundries Toilet preparations and sundries Cleaning and polishing preparations Magazines, newspapers, and other printed matter Stationery and writing supplies Miscellaneous household paper products Toys, games, and sport supplies Manufactured household illuminating and heating products Nonmanufactured household fuels Gasoline and oil Consumer semidurable commodities 2_. 14. 15. 16. 17. 18. 19. Clothing and accessories Shoe? and other footwear Personal furnishings Dry goods and notions Semidurable house furnishings Semidurable toys and sporting goods Consumer durable commodities 2_. Household furniture Floor coverings. - -. Miscellaneous durable house furnishings and equipment-. Heating and cooking apparatus Refrigerators, washing machines, and sewing machines..-. Miscellaneous electrical Thousehold appliances China, glassware, tablew are and household utensils Radio apparatus and phonographs Pianos Other musical instruments Clocks and watches Jewelry and sterling silverware Books and other durable printed matter Writing equipment Ophthalmic products and surgical and orthopedic appliances 35. Monuments and tombstones 36. Luggage 37. Wheel goods, durable toys and sport equipment 38. Passenger cars 39. Replacement tires and tubes 40. Passenger car replacement parts and accessories 41. Pleasure craft 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 1929 1930 1931 128.6 119.9 100.9 134. 3 124.4 j 102.3 141.8 136.2 152.5 107.2 85.4 123.8 114.0 98.9 118.1 120.2 102.5 129.8 122.1 145. 2 110.0 81.6 124.7 113.1 98.1 112.2 114.9 101.2 123.9 109.9 162.8 111.8 107.9 135.3 118.1 115.3 104.7 121.1 163.3 138.7 119.5 1932 I 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 114.2 97.7 106.3 112.7 | 102.6 100.0 101.7 85.3 97. 7 I 112.1 111.1 117.8 i 103.6 100.0 100. J 115.6 135.2 103.2 85.4 100.8 84.3 107.8 87.3 109.8 108.3 75.7 70.3 124.7 110.8 105.1 94.6 95.3 94.6 99.2 98.8 114.0 107.7 93. 4. 95.5 83.2 84.1 81.7 92.3 69.8 97.3 95.1 92.5 82.7 105.5 94.9 97.5 97.7 97.0 98.8 95.7 90.5 93.7 91.1 87.2 110.7 95.8 116.4 119.8 110.2 98.7 99.2 94.4 100.5 94.4 83.3 100.9 101.6 114.2 115.3 111.9 98.7 102.4 98.3 101.3 97.1 86.3 99.6 98.5 122.3 122.4 122.1 100.1 110.7 103.9 103.3 97.5 98.6 104.3 101.6 104.1 104.4 103.5 100.0 101.0 103.6 100.7 99.1 100.3 103.4 101.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.4 99.4 102.7 101.6 113.7 99.4 97.4 100.6 104.2 102.8 103.9 117.9 116.2 121.8 103.2 134.4 107.1 103. 4 100.5 104.3 107.2 106.8 141.4 136.5 154.0 104.3 171.1 119.0 117.5 103.0 125.0 122.4 116.1 87.4 106.1 92.9 101.1 100.8 93.0 97.2 91.3 104.6 102.3 102.9 102.3 102.7 103.1 100.9 104.2 117.1 109.4 102.7 120.9 108.6 103.1 104.9 100.0 100.0 100.0 101.5 102.3 104.0 114.2 108.7 117.9 125,3 116.2 123.5 110.8 95.9 81.4 90.0 101.1 99.2 100.4 107.0 100.1 100.0 103.4 112.6 130.2 108.8 101.0 118.7 138.5 127. 9 119.5 93.7 92.3 114.1 108.9 109.1 111.2 78.3 84.5 103.6 89.8 90.1 99.4 88.0 89.1 98.7 100.6 102.2 91.4 100.5 95.7 101.4 107.9 116.5 99.1 98.0 95.4 101.2 105.6 114.6 100.1 99.5 97.3 102.3 102.9 112.7 106.8 106.8 102.0 105.0 109.7 116.8 115.5 100.7 99.5 100.4 93.3 100.3 110.3 100.0 100.0 100.0 100.0 100.0 100.0 103.3 105.2 102.9 104.7 101.3 99.6 111.2 110.7 107.5 127.6 119.2 107.6 128.8 122.7 120.0 149.4 148.2 130.2 121.0 113.4 101.9 91.4 87.3 92.9 91.9 i 94.0 99.9 100.9 100.0 102.5 112.7 105.3 119.4 107.2 150.2 158.4 99.1 316.8 123.3 123.7 130.0 107.2 107.9 102.6 109.8 106.0 108.5 105.3 144.9 151.4 90.0 219.9 114.6 116.4 128.7 91.8 105.9 103.1 101.9 88.1 91.6 79.7 79.0 91.1 86.7 99.5 136.8 109.0 145.2 133.6 82.5 87.7 148.6 105.8 104.8 98.8 108. 5 103.3 117.8 112.9 65.9 77.7 102.0 97.8 103.1 101.8 91.3 83.0 89.8 81.3 93.9 I 118.7 82.8 92.6 89.9 104.2 103.8 71.2 87.7 101.6 97.7 90.6 101. 8 84.1 96.4 113.6 90.4 106.9 89.4 112.8 79.0 92.2 87.6 100.3 95.6 91.4 97.5 85.7 95.3 102.9 92.2 104.6 91.1 103.3 86.9 98.3 89.1 100.8 98.7 91.8 100.0 89.6 91.2 99.4 95.0 108.7 92.4 104.1 90.8 103.6 93.6 101.1 107.1 102.6 110.8 97.9 101.0 99.6 101.5 109.1 99.9 108.5 93.0 108.9 95.2 101.8 101.8 100.0 98.2 100.0 101.2 100.0 98.9 100.0 102.6 100.0 100.5 100.0 100.0 100.0 105.9 100.0 99.2 100.0 101.5 100.0 83.2 100.0 97.0 100.0 98.6 100.0 101.9 100.0 100.1 127.3 105.1 106.9 111.7 90.8 139.2 109.5 100.4 132.6 104.3 104.8 105.9 85.0 130.6 105.4 99.2 119.1 91.9 100.6 100.4 74.8 110.3 100.2 95.6 94.3 75.7 93.1 85.4 68.3 98.2 92.4 97.3 96.5 85.8 98.4 89.8 74.4 102.3 92.5 97.3 107. 4 81.0 98.5 87.7 75.3 99.9 90.7 98.2 102.5 87.6 97.2 90.2 77.9 98.7 88.8 99.4 98.9 106.2 102.0 94.3 92.9 100.4 96.6 99.6 106.4 102.8 102.4 102.4 96.7 97.1 98.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 97.7 108.9 80.3 94.3 98.1 68.2 101.6 93.1 132.6 110.2 123.1 102.0 111.6 108.7 112.6 104.3 113.8 100.5 107.7 97.6 95.0 100.0 110.6 101.7 105.9 98.7 107.7 101.8 105.9 111.1 116.7 110.8 115.3 107.9 115.2 99.5 103.0 100.6 101.7 126.0 117.7 133.5 119.3 106.0 125.2 117.7 122.6 122.8 151.4 142.7 139.7 103.6 105.6 100.9 109.9 103.5 98.9 103.8 98.5 103.5 102.1 101.3 113.9 118.1 103.5 114.0 104.0 110.3 102.1 103.3 119.1 149.9 119.1 125.3 123.6 130.9 114.6 1 Preliminary. 2 Fisher "Ideal" Indexes (see text). The corresponding variable and fixed weighted indexes are as follows: 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 126. 130. 119.2 120.6 100.6 101.3 87.3 87.9 86.2 105.8 106.9 105.9 106.6 112.3 113. 2 102.6 102.6 100.0 100.0 101.7 101.7 114.0 114.4 132.4 132.9 133. 135, 124.2 124.6 102.4 102.3 8.9 85.2 85.5 97.6 97.8 97.7 97.8 111.8 112.4 111.0 111.3 117.7 118.0 103.6 103.6 100.0 100.0 100.9 101.0 115.5 115.8 134.8 135.7 I 117.4 110.3 118. 9 111.4 95.5 96.3 90.3 100.8 101.4 99.0 99.4 100.3 100.5 106.9 107.1 100.1 100.1 100.0 100.0 103.4 103.5 112.5 112.7 130.0 130.5 J 117.4 112.0 j 124.7 114.8 100.3 103. 5 86.7 87.9 92.5 93.3 91.5 92.3 93.8 94.3 99.5 100.3 100.8 101.0 100.0 100.0 102.5 102.6 110.1 110.3 122.6 1929 All consumer commodities: Variable weighted index Fixed weighted index Consumer perishable commodities: Variable weighted index Fixed weighted index Consumer semidurable commodities: Variable weighted index Fixed weighted index Consumer durable commodities: Variable weighted index Fixed weighted index In the second place, it is possible to pass from an indicated change in real product to a change in economic welfare only if the wants of society have remained relatively constant. In times of peace this assumption can usually be made with assurance over periods of even quite a few years, although over long periods it may become questionable. However, when a change from peace to war is involved, as with comparisons over the past few years, the change in the structure of wants, particularly as reflected in the changes of consumption patterns, may become so drastic as to impair seriously the meaning of quantitative comparisons of economic welfare. 81.1 81.7 89.5 93.3 Thirdly, since the real national product counts only the output of economic enterprises it may fail to indicate welfare changes adequately because of variations in other areas. The most important of such possible variations may occur in a shift, from the household to the market economy or in a marked change in the sacrifices involved in producing the aggregate output. Both the services of the household and of leisure are important factors in assessing economic welfare though it is not possible to include them in the measure of real national product. Ordinarily they change but slowly—apart from forced leisure which may hardly be construed as a contribution to welfare—and can safely May 1943 19 SURVEY OF CURRENT BUSINESS Table 3.—Wholesale Price Deflators for Capital Equipment by Minor Groups, 1929-42 [1939=1001 Group Capital equipment, total 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 2 Industrial machinery Mining machinery Construction machinery General and miscellaneous machinery and equipmentEngines and turbines Pumps and pumping equipment . Machine tools Electrical apparatus and equipment Farm machinery and equipment Tractors Office machinery _ Nonresidential furniture and equipment Durable containers Professional and scientific equipment Tools. All other subsidiary durable equipment Business motor vehicles . Motorcycles Locomotives and railroad cars Ships and boats . 1929 1930 1931 1932 1933 1934 106.3 101.4 96.0 90.5 86.6 92.9 92.3 93.8 90.8 89.0 104.3 106.1 104.3 96.4 130. 5 101.0 110.8 118.4 112.9 88.8 132.3 96.6 109.8 112.3 84.6 97.6 96.9 90.1 88.4 86.8 100. 5 105.8 104.0 88.9 114.6 94.8 110.0 118. 4 112.5 88.3 128.3 94.8 102.9 105. 7 84.6 96.6 94.9 87.4 86.1 83.9 97.1 104.8 102.1 83.6 103.1 92.7 104. 5 118.9 105.3 76.9 128.4 89.6 93.7 99.5 84.6 89.1 92.1 84.8 81.0 78.9 86.4 94.7 102.2 78.3 94.8 85.2 98.0 114.5 96.3 73.4 125.9 87.3 90.5 97.1 85.5 78.8 84.8 85.3 83.8 81.2 83.1 89.2 95.2 78.3 92.5 84.2 96.7 100.4 89.6 79.4 114. 7 85.0 90.8 85.8 84.6 77.8 84.8 93.3 93.4 89.7 89.0 91.3 97.7 92.5 87.1 98.9 97.6 101.4 103.8 91.5 86.4 107.5 88.4 98.1 87.2 85.0 92.4 93.7 89.6 88.9 91.1 98.3 95.5 87.1 100.9 94.5 98.0 101.8 94.8 86.2 112.5 89.9 97.8 89.8 84.6 87.1 90.8 1935 1937 1938 92.6 98.9 100.9 100.0 94.1 89.7 89.0 88.9 95.7 93.1 87.1 97.9 98.6 101.9 104.0 91.2 89.8 106.1 89.3 97.2 88.5 85.4 93.2 93.7 100.1 99.8 99.5 100.9 105.5 97.7 106.0 93.0 98.0 98.8 100.3 99.7 99.8 99.6 101.3 99.8 100.3 98.2 101.9 100.9 104.2 99.2 99.0 103.1 105. 5 100.1 101.0 101.6 100.0 98.6 100.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1936 99.8 99.1 96.4 101.3 97.3 105.1 103. 3 100.3 104.9 1939 1940 1941 1942' 102.6 108.9 115.9 101.6 105.1 105. 2 101.0 102.9 102.5 107.5 102. 7 99.7 97.2 101.3 103.4 100.1 101.6 99.6 103.0 104.1 101.4 102.9 103.0 107.6 110.8 112. 1 109.9 107.0 112.3 115.5 104.9 101.8 97.0 101.8 113.6 105.4 105.9 103.9 110.9 111.6 101.8 109.9 109.9 110.8 114.7 115.5 115.8 114. 2 123.0 117.0 114.3 105. 5 102.1 110.0 125.7 109.8 135. 7 108.8 116.5 120.8 102.6 120.0 120.0 1 Preliminary. 2 Fisher "Ideal" Indexes (see text). The corresponding variable and fixed weighted indexes are as follows: 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 105. 8 101.0 106.9 101.8 95.7 96.3 90.0 91.0 86.2 87.0 92.7 93.1 92.0 92.7 92.4 92.9 98.8 99.1 100.9 100.9 100.0 100.0 102.7 102.6 109.0 108.9 115.4 116.4 1929 Variable weighted index _ Fixed weighted index be ignored in comparing welfare over short periods. But in times such as the present, both of these elements may have changed drastically and consequently must be considered in any appraisal of our economic position from a welfare standpoint. Appendix The following notes indicate briefly the composition of the minor commodity group indexes with respect to the specific price data used and sources thereof. The retail price index for one of the consumer commodity minor groups, Group 16— Personal Furnishings, was obtained indirectly by marking up the wholesale price index for that group by appropriate annual retail mark-up factors; as indicated in the notes below, several of the wholesale price indexes were obtained in a similar manner, by deflating the comparable retail price indexes by the detailed annual retail mark-up factors developed in the commodity flow study. Those price series below followed by an asterisk (*) represent unpublished data. The Bureau of Labor Statistics and the Bureau of Agricultural Economics will hereafter be referred to as " B . L. S." and "B. A. E.," respectively. TABLES 1 AND 2—CONSUMER COMMODITIES AT WHOLESALE AND AT RETAIL Perishables. la. Manufactured foods and kindred products. Wholesale—The B . L. S. wholesale price composite for all foods, adjusted to exclude nonmanufactured foods. Retail— The B. L. S. retail price composite for all foods, adjusted to exclude nonmanufactured foods. 2a. Nonmanufactured foods. Wholesale—United States Department of Agriculture, Agricultural Marketing Service, milk dealers' average buying price of standard grade milk. B. A. E. prices received by farmers' indexes for the following: Fruits; truck crops; chickens and eggs, and meat animals. Retail—B. L. S. retail price indexes for the following: Fresh fruits and vegetables; dried fruits and vegetables; poultry; fresh fluid milk, delivered; and meat products adjusted to exclude poultry. 3. Cigars, cigarettes, tobacco, and smoking supplies. Wholesale—B. L. S. wholesale price indexes for the following: Cigarettes; cigars; plug tobacco; smoking tobacco; and snuff. Retail—B. L. S. retail price data for the following were used from 1935 to 1942: Cigars;* cigarettes,* and pipe tobacco.* For the earlier years the National Industrial Conference Board composite index for cigars, cigarettes, and pipe tobacco was spliced with the above. 4. Drug preparations and household medical sundries. Wholesale—The B. L. S. wholesale price index for drugs and Pharmaceuticals. Retail—B. L. S. retail price data for the following: Nonnarcotic prescriptions, liquid, 4 oz;* nonnarcotic prescriptions, capsules;* narcotic prescriptions, 3 oz;* cold remedy;* castor oil;* quinine tablets;* milk of magnesia, widely and not widely advertised (2 series);* and aspirin tablets.* Mail order catalog prices for the following: Antiseptic mouth wash; epsom salts; healing ointment; cold tablets; cough syrup; laxatives; and sanitary napkins (2 series). 5. Toilet preparations and sundries. Wholesale—B. L. S. wholesale price indexes for the following: Toilet soap, bars and cakes, composite; single edge razor blades;* and double edge razor blades.* Retail—B< L. S. retail price data for the following: Toilet soap;* shaving cream;* toothpaste;* face powder, low and medium priced, (2 series);* cleansing cream;* and razor blades.* The B. A. E. prices paid by farmers price series for toilet soap.* Mail order catalog prices for the following: Razor blades, single and double edge (2 series); after-shave lotion; hair tonic; talcum powder; lipstick (2 series); perfumes (3 series). 6. Cltaning and polishing preparations. Wholesale—B. L. S. wholesale price indexes for the following: Laundry soap bars, white, composite; laundry soap bars, yellow, composite; soap cleansers, packaged, composite; soap chips and flakes, packaged, composite; powdered or granulated soap; auto polish, 2 series;* furniture polish;* furniture wax;* and calcium arsenate disinfectant. Retail—B. A. E. prices paid by farmers data for laundry soap* and laundry starch.* B . L. S. retail price data for the following: Soap cleanser;* laundry soap bars, white;* laundry soap bars, yellow;* and soap flakes and chips, fine and general purpose (2 series).* Also, a mail order catalog price for a disinfectant. 7. Magazines and newspapers. Wholesale—Retail index deflated to wholesale level (see prefatory note). Rdail—The National Industrial Conference Board composite index for newspapers and magazines. 8. Stationery and writing supplies. Wholesale—Retail index deflated to wholesale level (see prefatory note). Retail—Mail order catalog prices for the following: White bond paper stationery; personal and social calling cards (2 series); personal stationery sets, including sheets and envelopes; and white bond envelopes. 9. Miscellaneous household paper products. Wholesale—B. L. S. wholesale price indexes for white tissue paper and wrapping paper. These were combined with the retail index deflated to wholesale level (see prefatory note). Retail—Mail order catalog prices for toilet paper; cleansing tissues; waxed paper (2 series); paper towels; paper forks and spoons; and paper cups (2 series). The B. L. S. retail price series for toilet paper* was also used. 10. Toys, games, and sport supplies. Wholesale—Retail index deflated to wholesale level (see prefatory note). Retail—Mail order catalog prices for the following: Playing cards (4 series); bullets and cartridges (3 series); set of dominoes (2 series); ouija board; checkerboard and checker set; official baseball; cartridge roll film for box cameras (2 series); combination-57-games set; and miscellaneous children's games and toy sets (4 series). Also included were B. L. S. wholesale price series for golf balls* and tennis balls.* 11. Manufactured household illuminating and heating products. Wholesale—B. L . S . wholesale price indexes for the following: Regular matches, composite; incandescent lamps, 40, 60, and 100 watts; fuel oil, Oklahoma; kerosene, New York; kerosene, refinery; and coke, composite. Retail—B. L. S. retail price data for fuel oil, number 2 grade, composite, and for coke; as both of these series were available from 1937 only, the earlier years were obtained by linking on the wholesale price indexes for both products. Included also were the B. A. E. prices paid by farmers index for kerosene* and B. L. S. retail price data for household matches, in boxes,*and electric light bulbs.* 12. Nonmanufactured household fuels. Wholesale—B. L. S. wholesale price composite indexes for anthracite and bituminous coal. Retail—B. L. S. retail price data for the following: Anthracite, stove, composite; anthracite, chestnut, composite; and bituminous coal, composite. Included also were the following B. A. E. prices paid by farmers' series: Firewood, per cord;* bituminous coal;* and anthracite, chestnut.* 13. Gasoline and oil. Wholesale—B. L. S. wholesale price indexes for the following: Gasoline, Oklahoma, California, North Texas, and Pennsylvania (5 series); cylinder oil, Oklahoma and Pennsylvania; and neutral oil, Gulf coastal and Pennsylvania. Retail—The American Petroleum Institute 50-city service station gasoline price, in- 20 SURVEY OF CURRENT BUSINESS eluding taxes, combined with the B. A. E. prices paid by farmers index of gasoline, regular, including tax.* May 1943 cluded were the B. L. S. wholesale price indexes for the following: Electric ironer, automatic; electric sewing machines, composite; treadle sewing machines, composite; and electric washing machines. Retail—B. L. S. retail price data for the following: Semidurables. Electric refrigerators;* ice refrigerators;* washing machines, electric;* and sewing 14- Clothing and accessories. Wholesale—B. L. S. wholesale price indexes for the machines, electric* B. A. E. prices paid by farmers series for the following: Sewing following: Clothing group, composite; hosiery and underwear group, composite; machines, treadle;* washing machines, electric; washing machines, gasoline;* and gloves, leather, men's; gloves, leather, women's. Also included were the Fairchild wringers.* Also included was the B. L. S. wholesale price index for electric ironers, retail composites for women's furs and women's aprons and house dresses. Retail— automatic. Fairchild retail price composites for the following: Men's hosiery; men's underwear; 25. Miscellaneous electrical household appliances. Wholesale—B. L. S. wholesale men's shirts and neckwear; men's hats and caps; other men's clothing, including price indexes for the following: Electric vacuum cleaners; electric waffle irons;* elecoveralls; infants' wear, socks and underwear; women's hosiery; women's aprons and tric percolators;* electric irons, automatic and nonautomatic; electric toasters;* house dresses; women's corsets and brassieres; women's furs; and women's underwear. heater cord and plug sets;* and electric fans, nonoscillating.* Retail—B. L. S. retail Inasmuch as the Fairchild indexes were not available for 1929 and 1930, these years price data for vacuum cleaners;* B. L. S. wholesale price series for the following: were estimated by linking the 1931 Fairchild combined index to that of the B. L. S. Electric waffle irons;* electric percolators;* electric irons, automatic and nonautomatic; cost of living index for all clothing. The resulting index was then combined with electric toaster;* heater cord and plug set;* and electric fans, nonoscillating.* the B. A. E. prices paid by farmers index for clothing, adjusted to exclude all shoes. 26. China, glassware, tableware, and household utensils. Wholesale—B. L. S. whole15. Shoes and other footwear. Wholesale~B. L. S. wholesale price indexes for the sale price indexes for the following: Dinner sets, 2 series; nappies, glass; pitchers, glass; following: The shoe group, composite; rubber boots, men's, 2 series;* rubber gaiters, plates, white granite; teacups and saucers, white; tumblers, glass; carvers; knives and men's, 2 series;* rubber gaiters, women's;* and men's rubbers. Retail—Fairchild forks; plated silverware, 26-piece set;* and galvanized pails. Also included was a retail composites for women's shoes, men's shoes, and infants' shoes combined with mail order catalog price series for aluminum pans. Retail—Fairchild retail composite the B. A. E. prices paid by farmers indexes for men's workshoes,* men's knee boots,* for china and glassware; B. L. S. retail price data for dinnerware, plate,* teacups and and women's shoes or oxfords.* saucers,* and glassware;* B. A. E. prices paid by farmers series for dinner plates* and glass fruit jars; and mail order catalog price series for copper wash boilers, alumi16. Personal furnishings. Wholesale—B. L. S. wholesale price indexes for the num pans, and plated silverware sets, 4 series. following: Ladies' umbrellas;* men's umbrellas;* safety razors, single edge, 2 series;* safety razors, double edge, 2 series;* artificial leather, light; and other leather products, 27. Radio apparatus and phonographs. Wholesale—Retail index deflated to wholecomposite. Retail—Wholesale index marked up to retail level (see prefatory note). sale level (see prefatory note). Retail—Fairchild retail composite for radios; B. L. S. 17. Dry goods and notions. Wholesale—B. L. S. wholesale price indexes for the retail price data for radios, regular console size;* as the Fairchild series was not availfollowing: Cotton goods, composite, adjusted to exclude sheetings, shirtings, tickings, able for 1929 and 1930 and the B. L. S. series was not available for 1929-34 these years tire fabrics and yarns; silk and rayon, composite; woolen and worsted goods, composite, were estimated by the Electrical Merchandising retail average price series for all radios adjusted to exclude yarns; cotton thread; handkerchiefs, cotton, men's and women's; linked to the respective series. Also included were mail order catalog price series for and handkerchiefs, linen, men's and women's. Retail—Fairchild retail composites radio tubes, 3 types. for silk, woolen and cotton piece goods; the B. A. E. prices paid by farmers index 28. Pianos. Wholesale—Census of Manufactures unit average factory price series for muslin;* and mail order catalog prices for diapers, cotton sewing thread, and linen for upright pianos and for baby grand pianos; as these were available for census years crash goods. only, they were interpolated and extrapolated by the B. L. S. wholesale price series for upright pianos* and baby grand pianos,* respectively—Retail; Wholesale price 18. Semidurable house furnishings. Wholesale—B. L. S. wholesale price indexes for index used directly, in absence of appropriate retailers' mark-up data. the following: Toweling; oilcloth, shelf, table and wall; tablecloths, cotton damask; tablecloths, mercerized; pillowcases; bedsheets; sheetings, 2 series; and prepared House29. Other musical instruments. Wholesale—Retail price index used directly, in hold paints, 2 series. Retail—B. L. S. retail price data for household brooms, 2 absence of appropriate retailers' mark-up data. Retail—Mail-order catalog price series;* towels;* and marquisette curtains, 3 series.* B. A. E. prices paid by farmers series for the following: Clarinet outfit, complete; trumpet, brass; trumpet, medium data for household brooms;* sheets and sheetings;* and toweling.* The Fairchild priced; violin; drum heads; snare drum; saxophone; guitar; and mandolin. retail composite for household sheets and a mail-order catalog price series for house 30. Clocks and watches. Wholesale—Retail index deflated to wholesale level (see paints were also included. prefatory note). Retail—Mail-order catalog price series for the following: Alarm 19. Semidurable toys and sporting goods. Wholesale—Retail index deflated to wholeclock, inexpensive; jeweled watch, men's; nonjeweled pocket watch, men's, medium sale level (see prefatory note). Retail—Mail-order catalog price series for the folprice; nonjeweled pocket watches, cheapest, 2 series; and nonjeweled wrist watches, lowing: Doll buggy; ouija board; sled; set of boxing gloves; football; and a combina5 series. Also included was the B. L. S. wholesale price series for Westminster chime tion multiple game set. A B. L. S. wholesale price series for fishing line* and a unit clocks.* average price series for dolls derived from the Census of Manufactures were also 31. Jewelry and sterling silverware. Wholesale—Foreign Commerce and Navigation included. import average price per carat of diamonds, cut but not set; mail-order catalog price series for plain gold wedding rings, 10 karats, 2 dwt.; and B. L. S. wholesale price Durables. series for sterling silverware, forks, knives, spoons and teaspoons, 9 series. Retail— Mail-order catalog price series for the following: Diamond engagement solitaires, gold 20. Household furniture. Wholesale—B. L. S. wholesale price indexes for the folsettings, medium-quality diamonds, J4 and ^ carat, 4 series; diamond engagement lowing: Metal beds; wooden beds; benches; chairs; dressers and vanities; dining room solitaires, gold settings, finest quality diamonds, J4 and }5 carat, 4 series; diamond buffets, diners, and servers; dining room set of six chairs, dining room tables; kitchen engagement solitaires, platinum settings, finest quality diamonds, ]A and ^ carat, cabinets, chairs and tables; living room chairs, davenports and tables; mattresses, 2 series; and plain gold wedding rings, 10 karats, 2 dwt. Also included were B. L. S. composite; and bed springs, coil. Retail—B. L. S. retail price data for the following: wholesale price series for sterling silverware pieces, 5 series.* Living room suites, 2 series;* dining room suites, 2 series;* bedroom suites, 2 series;* studio couches;* bedsprings;* and mattresses.* B. A. E. prices paid by farmers data 32. Books and other durable printed matter. Wholesale—Retail index deflated to for the following: Bedsprings;* bedsteads;* dining chairs;* dressers;* kitchen cabiwholesale level (see prefatory note). Retail^-Average retail prices for biographical nets;* dining tables;* living room suites;* and mattresses.* and other nonfiction books, first-edition fiction books, textbooks and technical books estimated on basis of average book sellers' catalog prices. The latter were submitted 21. Floor coverings. Wholesale—B. L. S. wholesale price indexes for the following: by The Pub'ishers' Weekly. Axminster carpets, composite; Brussels carpets, composite; Wilton carpets, composite; felt base floor coverings, (2 series); and inlaid and plain linoleum, (2 series). Retail— 33. Writing equipment. Wholesale—B. L. S. wholesale price series for fountain B. L. S. retail price data for the following: Rugs, wool;* carpets, wool;* rugs, felt base;* pens;* automatic pencils,* 3 series. Also included were mail order catalog price series floor coverings, felt base;* and linoleum, inlaid.* Also included were the B. A. E. for portable typewriters, 8 series, deflated to wholesale level (see prefatory note). prices paid by farmers series for seamless rugs* and linoleum,* and mail order catalog Retail—Mail order catalog prices for portable typewriters, 8 series, fountain pens, prices for Axminster rugs and felt base rugs. and automatic pencils. 34. Ophthalmic products, and surgical and orthopedic appliances. Wholesale—B. L. S. 22. Miscellaneous durable house furnishings and equipment. Wholesale—B. L. S. retail price data for ophthalmic lenses* and eyeglass frames,* deflated to wholesale wholesale price indexes for the following: Blankets, part wool; blankets, woolen; level (see prefatory note). Retail—B. L. S. retail price data for glasses, complete,* blankets, cotton; garden hose; comforters; scissors and shears;* window shades and ophthalmic lenses.* mirrors; bathroom scales;* and hand-operated lawn mowers, (2 series).* Retail—Fair child retail composite for blankets and comfortables; B. L. S. retail price data for 35. Monuments and tombstones. Wholesale—Bureau of Mines unit average price woolen blankets, (2 series) ,* and part wool blankets;* and B. A. E. prices paid by farmfor monumental stone, marble and granite. Retail—Mail order catalog price series ers series for cotton blankets* and for comforters.* Also inlcuded were mail-order for monumental granite and monumental blue marble, 4 series. catalog prices for garden hose, flashlight cases, and lawnmowers and the B. L. S. 36. Luggage. Wholesale—B. L. S. wholesale price indexes for suitcases, composite, wholesale price series for scissors and shears,* window shades, mirrors, and bathroom and traveling bags, composite. Retail—Fairchild retail composite for luggage; index scales.* for 1929 and 1930 estimated by wholesale index linked to Fairchild data. 37. Wheel goods, durable toys and sport equipment. Wholesale—B. L. S. wholesale 23. Heating and cooking apparatus. Wholesale—B. L. S. wholesale price composite price indexes for the following: Baby carriages;* boys' bicycles, 2 series;* girls' bicycles, indexes for coal cooking stoves, electric cooking stoves, gas cooking stoves and oil 2 series;* children's velocipedes, 2 series;* fishing reels;* fishing rods, 8 series;* golf cooking stoves. Retail—B. A. E. prices paid by farmers index for kitchen range, coal clubs;* roller skates;* and tennis rackets.* Also included were mail-crder catalog and wood burning;* B. L. S. retail price series for gas range;* and mail order catalog price series for box cameras, 6 series. Retail—Mail-order catalog price series for the prices for a coal and wood range and an oil range. 9,4. Refrigerators, washing machines and sewing machines. Wholesale—B. L. S, whole following: Standard double-bar bicycles; leather footballs; doll buggies; sleds; box cameras, 6 series; folding cameras, 4 series; and movie projectors, 4 series. Also sale price composite for electric refrigerators;* as this series was not available for 1929included were B. L. S. wholesale price series for children's velocipedes;* baby car31, these years were estimated by the National Electrical Manufacturers' Association riages;* fishing reels and rods, 3 series;* golf clubs;* and tennis rackets.* average factory price for electric refrigerators linked to the B. L. S. series. Also in- SURVEY OF CURRENT BUSINESS May 1943 38. Passenger cars. Wholesale—Bureau of Foreign and Domestic Commerce average realized delivered factory price series for passenger cars. Retail—Bureau of Foreign and Domestic Commerce average realized delivered factory price series for passenger cars, plus additional charges by retailers (average transportation costs and "pack" charges); this series was used from 1929 to 1939; for later years B. L. S. retail price data for Plymouth, Chevrolet, and Ford standard models* were used to project the 1939 index. 89. Replacement tires and tubes. Wholesale—B. L. S. wholesale price composite indexes for passenger car balloon tires and passenger car inner tubes. Retail—Mailorder catalog price series for passenger car balloon tires and tubes. Also included was the B. A. E. prices paid by farmers for passenger car balloon tires.* 40. Passenger car replacement parts and accessories. Wholesale—B. L. S. wholesale price indexes for spark plugs* and for auto storage batteries.* Also included were mailorder catalog price series for hot water auto heaters; duplicate spring sets for Fords and Chevrolets, 4 series; and replacement auto radiators, honeycomb and tubular types, 4 series. Retail—Mail order catalog price series for the following: Hot water auto heaters; tire chains; spark plugs, 2 series; auto storage batteries, 3 series; replacement spring sets for Fords and Chevrolets, 4 series; and replacement auto radiators, honeycomb and tubular types, 4 series. 41. Pleasure craft. Wkrlesale—Retail index deflated to wholesale level (see prefatory note). Retail—Mail-order catalog price series for flat-bottom rowboats and semiround-bottom dory boats, 4 series. TABLE 3. CAPITAL EQUIPMENT AT WHOLESALE 42. Industrial machinery. B. L. S. wholesale price series for the following: Feed grinders, power, composite;* hammer mills, grinding cylinders, 2 series;* milking machines, composite; cream separators, composite; stationary electric motors; knitting machines, 8 series;* extracting machines;* standard ironers;* and laundry washing machines.* Also included was the Bureau of Valuation (Interstate Commerce Commission) cost index for shop machinery. 43. Mining machinery. Bureau of Valuation (Interstate Commerce Commission) cost indexes for the following: Ditchers; pneumatic tie tampers; miscellaneous roadway machinery; nonprecision "Class B " shop machinery; miscellaneous portable tools and apparatus; and handpush and velocipede cars. For 1942 these series were projected by Office of Price Administration machinery survey data. 44- Construction machinery. Bureau of Valuation (Interstate Commerce Commission) cost indexes for the following: Ditchers; miscellaneous roadway machines; pneumatic tie tampers; nonprecision "Class B " shop machinery, and miscellaneous portable tools and apparatus. For 1942 these series were projected by Office of Price Administration machinery survey data. 45. General and miscellaneous machinery and equipment. B. L. S. wholesale price indexes for industrial jacks;* cold water meters;* platform scales;* and electric refrigerators.* Also included were the Bureau of Valuation (Interstate Commerce Commission) cost indexes for nonprecision "Class B " shop machinery; miscellaneous roadway machines; and ditchers. For 1942, these series were projected by Office of Price Administration machinery survey data. 46. Engines and turbines. Bureau of Valuation (Interstate Commerce Commission) cost index for power plant machinery and B. L. S. wholesale price indexes for gasoline engines, composite, and diesel engines.* For 1942, these series were projected by Office of Price Administration machinery survey data. 21 47. Pumps and pumping equipment. B. L. S. wholesale price indexes for power spraying outfits (2 series),* pitcher pumps (3 series),* force pumps (3 series),* and water systems, shallow and deep well (4 series).* 48. Machine tools. Bureau of Valuation (Interstate Commerce Commission) cost indexes for metal working "Class A" machinery for 1929-36; B. L. S. wholesale price index for machine tools, composite, for 1937-42. (Note: Both series moved almost identically from 1937-41; the B. L. S. index was not available prior to 1937). 49. Electrical apparatus and equipment. Bureau of Valuation (Interstate Commerce Commission) cost indexes for electrical machinery and apparatus, including turbines and generators, and for power substation apparatus. Also included was the B. L. S. wholesale price index for lighting plants, 1,800 watts.* For 1942 these series were projected by Office of Price Administration machinery survey data. 50. Farm machinery and equipment. B. L. S. wholesale price indexes for the following: Agricultural implements composite group index, adjusted to exclude tractors. Also included were B. L. S. wholesale price series for hay forks, hoes, shovels, spades, and agricultural pumps, composite. 51. Tractors. B. L. S. wholesale price indexes for tractors, 2-plow, 3-4-plow, and crawler types, composites. 52. Office machinery. B. L. S. wholesale price indexes for standard model typewriters,* numbering machines,* calculating and adding machines, 3 series.* Also included were mail-order catalog price series for adding-listing machines, composite adding machines, composite, and duplicating machines, composite. 53. Nonresidential furniture and equipment. B. L. S. wholesale price indexes for office side chairs, composite; office swivel chairs, composite; office desks, flat top, composite; and office desks, typewriter, composite. Also included were the wholesale price indexes for Group 20, Household furniture, and for Group 21, Floor coverings. 54. Durable containers. B. L. S. wholesale price indexes for steel tanks, 3 series;* and steel barrels, 3 series.* 55. Professional and scientific equipment. Mail-order catalog price series for the following: Surveying instruments; combination level-transits, 4 series; drawing instruments; " T " squares and triangular scales, 3 series; binoculars, 8-power, 3 series; reading glasses, 2 series; compass; jeweled precision watch, expensive; motion picture cameras, 5 series; and motion picture projectors, 3 series. Also included was the B. L. S. wholesale price index for meters, cold water.* 56. Tools. B. L. S. wholesale price indexes for the following: Knives, corn; axe; hatchets; chisels; forks, hay; shovels; spades; hammer, carpenters'; planes; saws, crosscut; hand saws; vises, box; drills, breast;* files; portable drills, air;* and portable rock drills, air.* 57. All other subsidiary durable equipment. B. L. S. wholesale price indexes for the following: Duck, sail; leather belting; suitcases; traveling bags; wire fence, plain, barbed, galvanized and woven, 4 series; rubber hose; padlocks;* spring scales;* fire extinguishers*; and rubber belting, transmission.* 58. Business motor vehicles. B. L. S. wholesale price composite index for trucks, combined with the wholesale price index for Group 38, Passenger cars. 59. Motorcycles. F. 0. b. factory price series for Harley-Davidson motorcycles, 4 models, and for Indian motorcycles, 4 models, obtained from Motorcycle Reference Book, published by Middle Atlantic Dealers Association. 60. Locomotives and railroad cars. Bureau of Valuation (Interstate Commerce Commission) cost indexes for steam locomotives; other locomotives; freight train cars; and passenger train cars. 61. Ships and boats. Bureau of Valuation (Interstate Commerce Commission) cost indexes for floating equipment, and for passenger car trains. 22 SURVEY OF CURRENT BUSINESS May 1943 Public and Private Debt in the United States, 1916-42 By R. B. Bangs N December 31, 1942, the total volume of private O indebtedness in the United States, calculated on a net basis, stood at an estimated figure of more than Mortgage indebtedness other than farm appears to have changed very little in total volume during 1942. Although home mortgages have been retired more rapidly, new mortgages have also been created in larger volume and these opposing forces appear to have nearly balanced one another. Farm mortgage indebtedness, which during recent years has been decreasing at a diminishing rate, appears to have been retired more rapidly last year, due no doubt to the very substantial expansion in farm income. Ketirement of short-term indebtedness during 1942 was considerably greater in dollar volume than the repayment of long-term outstandings, due partly, of 113 billion dollars.1 This was approximately 3 billion dollars less than the volume of private indebtedness outstanding at the previous year end, and more than 28 billions below the 1929 peak level. At the close of 1942, public debt, likewise on a net basis, stood at more than 110 billion dollars, up more than 45 billions from the previous year end and at the highest level on record.2 Combined net public and private indebtedness on December 31, 1942, thus totaled nearly 224 billion dollars, as against only 181.4 billions a year earlier. Chart 1.—-Net Public and Piivate Debt Outstanding, End of Recent Changes in the Debt Structure. Year BILLIONS OF DOLLARS Changes in the debt structure during 1942 stemmed 125 chiefly from the various economic effects of the war program and its accompanying financial developments. It is commonplace that the enormous Federal Government outlays for war purposes further unbalanced the budget and added nearly 47 billion dollars to the gross debt of the Federal Government. State and local government indebtedness, on the other hand, was ^*—Sr1^L reduced slightly during 1942. Increased revenues 7 resulting from the gain in individuals incomes and expenditures, coupled with decreased outlays for con2 5 &—. struction and other purposes due to materials and priority limitations made possible this application of I9!6 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 State and local government revenue to debt reduction. In the private sphere indebtedness for business purSource: U. S. Department of Commerce and U. S. Department of Agriculture. poses appears to have been reduced somewhat more course, to the more rapid turnover of short-term loans. than one might have expected considering the large Consumer credit was reduced nearly 3.5 billion dollars increases in volume of activity which occurred in many by the shortages of consumer durable goods, the higher lines. For example, railroads retired nearly 4 percent level of consumer disposable income, and the restrictive of their funded debt during 1942 and similar reductions action against credit buying. Short-term debt for were made by other public utility enterprises. Chief business purposes, owed principally to banks, also fell reason for this trend is doubtless the fact that the appreciably as certain types of enterprises saw their increased revenues of these public service enterprises activities curtailed and as other enterprises, contributcould not during the war be used for plant expansion ing more directly to the war program, were able to due to material and labor shortages. Hence they have conduct their operations with less outside financing. been applied to debt repayment. The detailed estimates of outstanding short-term debt 1 This figure includes all indebtedness of business firms, individuals, and other of individuals and unincorporated business enterprises noncorporate borrowers except the obligations of banks to depositors, of life insurance are shown in table 4. companies to policyholders, and of individuals directly to one another. The nominal indebtedness between separate legal corporate entities which are nevertheless Trends in the Volume of Outstanding Indebtedness. parts of a single economic unit has been eliminated by consolidation of the corporate D.D. 43-229 accounts. 2 Public debt is brought to a net basis by consolidating the accounts of the Federal Government with those of its corporations and agencies and by eliminating that indebtedness of State and local governments which is not in the hands of the public. In order to add public and private debt together it is necessary also to offset loans receivable by government agencies against the public debt since these loans appear in private indebtedness. Details of the adjustments made in passing to net public debt are contained in table 2. Chart 1 shows the general trends in aggregate debt over the past 26 years. It is clear that net private debt grew steadily from 1916 through 1929, rising from less than 68 billion dollars to 142 billions over this 18-year period. This trend reflects the growth in May 1943 SURVEY OF CURRENT BUSINESS productive activity, the rise in prices, and the increasing complexity of financial arrangements during these years. Over the 13-year period long-term private debt increased from 42 to more than 86 billion dollars while short-term private debt expanded from 25 billion dollars to more than 55 billions. Virtually all types of private debt contributed to this expansion in aggregate outstandings. During the period 1916-29 public debt also expanded considerably, rising from less than 6 billion dollars to more than 29 billions. Movements of these outstandings from year to year were naturally somewhat different than the changes in private indebtedness. Federal Government debt grew very rapidly under the financial requirements of World War I, reaching a peak o' more than 25 billion dollars in 1919. Thereafter, Federal Government indebtedness was reduced moderately each year, and at the close of 1929 stood at less than 16 billion dollars. State and local government indebtedness meanwhile was rising slowly but steadily. Chart 2.—Changes in Net Public and Private Debt Outstanding, End of Year from End of Preceding Year BILLIONS OF DOLLARS + 50! + 40 -20 I9I6- '17- '18- '19- '20-'2l- '22- "23-'24-'25-'26- '27-'28- '29-'30-'3!- '32- '33-'34-"35-'36-'37- '38-'39- '40-'4l'17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 D.D. 43-231 Source: U. S. Department of Commerce and U. S. Department of Agriculture. During the period since 1929 trends in outstanding indebtedness have been mixed. Federal Government debt has grown rapidly while the debt of State and local governments has risen only slightly. Private debt fell rapidly from 1930 through 1935 and rose slowly thereafter until 1942. Short-term private debt changed relatively more in volume and sooner in time than did long-term private debt. This is evident from chart 2. It is also apparent from chart 2 that changes in aggregate outstanding indebtedness do not follow any consistent cyclical pattern. With reference to the turning points of past business cycles, as calculated by the National Bureau of Economic Research, changes in total short-term indebtedness does not show a clear cycle. The cyclical fluctuations are somewhat plainer, however, in the cases of certain components of the aggregate, for example, short-term consumer debt. In the case of long-term private indebtedness changes is outstandings tend to lag somewhat behind general 23 cyclical swings. For urban real estate mortgages and corporate long-term debt, this lag averages about 1 year. For farm mortgages the lag is somewhat greater, or between 1 and 2 years. One reason for the lag, at least at the lower turning point of the business cycle, is the fact that defaulted obligations are included in the debt aggregates along with undefaulted outstandings. Thus the rate at which debts disappear from the statistics is partly dependent upon legal as well as economic processes. Significance of estimates of indebtedness. The debt aggregates, by themselves, have little economic significance; but when broken down into component parts and properly analyzed as financial series covering the relatively long span of years for which comparable estimates are now available, they furnish additional material which is useful to those engaged in quantifying the economic and financial history of the period covering the two World Wars. The statistical data on public and private indebtedness shown in the accompanying tables are, in the main, continuations of series previously published.3 Certain revisions have been dictated by the availability of additional new material, but the concepts and sources of data are essentially unchanged from the earlier reports. Furthermore, research done by the Bureau of Agricultural Economics has made it possible to extend the series, which originally covered only the period since 1929, back to the year 1916. The structure of indebtedness, both public and private, is an important factor affecting the flow of funds in any given period. Debts themselves usually arise in the first instance either from a transfer of funds, or from a transfer of goods or services without counterbalancing money payments. Similarly the servicing and retirement of debt obligations give rise to financialflow^swhich ramify through the entire framework of economic relationships. The tracing of these financial flows which result from borrowing and lending operations thus occupies a place in the type of analysis which aims at depicting the flow of funds in its entirety. Although the internally held debts of individuals, business firms, and government units in this country arise from and give rise to mere financial transfers, not directly occasioning the allocation of economic resources as do expenditures, but simply bearing indirectly upon the processes of income formation and distribution, these transfers are not without economic significance. Credit operations and their heritage of debt affect not only the saving and investment processes but the entire area of productive activity. The estimates of public and private indebtedness presented here are broken down by type of borrower and by purpose of loan. Other break-downs are both possible and necessary for particular purposes. Indeed the s Cf. Survey of Current Business, November 1941 and Indebtedness in the United States, 1929-41, U. S. Government Printing Office, 1942. 24 SUEVEY OF CURRENT BUSINESS present data supply only one part of the information needed for the flow of fund types of analysis. For this purpose complete and detailed data on the ownership of evidences of debt are also required. Given this information the debt statistics might be crossclassified by type of borrower and lender. The struc- Mav 1943 ture of the financial transfers resulting from credit operations could then be observed as a more nearly complete picture. Lacking this information of debt ownership, caution must be exercised in drawing conclusions from data which tell only a partial story about financial flows. Table 1.—Outstanding Net Public and Private Debt, Year End, 1916-42 [Billions of dollars] ! ! Public and private, total Year 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 ... ... ... _ . _. .. 73.5 85.1 103.2 116.4 123.1 123.6 127.3 133.0 138.9 147.1 152 7 160.3 168.0 171.4 171.9 164.6 155. 5 149.4 149.2 150.8 154.5 158. 3 156.9 160.1 164.5 181.4 223.9 Public Federal Government and Federal agencies Total 5.8 12.2 26.1 31.0 29.9 29.8 30.6 30.2 30.1 30.4 29.9 29.7 29.7 29.4 30.1 33.0 35.5 37.8 39.0 41.9 45.5 47.1 48.3 50.8 52.6 64.9 110.3 Private Long-term State and local government 1.2 7.3 20.9 25.6 23.8 23.0 22.7 21.7 20.8 20.0 18 8 17.7 16.9 15.7 15.4 17.1 18.7 21.0 23.1 26.0 29.5 31.3 32.6 34.8 36 4 48.7 94.6 Total Total 4.6 4.9 5.2 5.4 6.1 6.8 8.0 8.5 9.4 10.4 11.1 12.0 12.8 13.7 14.7 15.9 16.8 16.8 15.9 15.9 16.0 15.8 15.7 16.0 16.2 16.3 15.7 Farm mortgages 27.9 28.4 28.9 29.7 31.2 32.4 32.9 34.7 36.8 38.0 40.0 42.5 44.1 45.3 48.9 48.0 46.8 45.4 42.8 41.6 40.4 42.1 43.4 42.5 42.1 41.6 40.7 5.8 6.5 7.1 8.4 10.2 10.7 10.9 10.7 9.9 9.7 9.7 9.8 9.8 9.6 9.5 9.2 8.6 42.3 44.5 45.9 48.6 53.6 56.2 58.2 62.1 65.8 69.5 74.2 79.7 84.3 86.6 91.0 89.1 85.5 80.7 77.3 75.1 73.0 74.7 76.1 75.5 75.7 76.1 75.2 67.7 72.9 77.1 85.4 93.2 93.8 96.7 102.8 108.7 116.6 122.9 130.6 138.2 142.0 141.8 131.6 120.0 111.6 110.3 109.0 109.0 111.2 108.6 109.4 111.9 116.5 113.5 Urban real Short-term estate mortgages Corporate 25.5 28.4 31.2 36.8 39.6 37.5 38. 5 40.7 42.9 47.2 48.7 50.8 54.0 55.5 50.8 42.5 34.5 30.9 33.0 33.8 36.0 36.4 32.5 33.8 36.2 40.3 38.3 8.6 9.5 9.9 10.4 12.2 13.2 14.5 16.7 19.0 21.8 24.6 27.5 30.4 31.6 32.6 31.9 30.0 27.4 26.7 25.9 25.5 25.4 25.6 26.1 26.8 27.8 28.0 7.9 7.8 7.6 7.4 7.2 7.1 6.9 6.8 6.7 6.5 i Components will not necessarily add to totals because of rounding. Sources: U. S. Department of Commerce, 1929-42; U. S. Department of Agriculture, 1916-28. Table 2.—Gross and Net Public Debt, 1929-42 1 [Billions of dollars] Item Gross public debt.- _ Federal Government and Federal agencies. . . Federal Government - . Federal agencies State and local governments Deductions: Federal Government and Federal agencies Federal Government and Federal agency holdings of U. S. Government debt Federal Government and Federal agency holdings of Federal agencv debt Loans receivable from public by Federal agencies State and local government holdings of State and local debt__ Net public debt Federal Government and Federal agencies State and local governments 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 35.4 18.2 16.3 1 9 17.2 36.4 17.9 16.0 1 9 18.5 39.2 19.6 17.8 1 8 19.5 43.2 23.4 20.8 2 5 19.8 48.2 28.2 23.8 4.4 20.0 57.3 38.0 28.5 9 5 19.3 60.9 41.5 30.6 10.9 19.4 64.7 45.1 34 4 10.7 19.7 67.4 47.8 37.3 10.5 19.6 67.0 47.5 39.4 8.0 19.6 69.9 49.9 42.0 7.9 20.0 73.3 53.1 45.0 8.1 20.2 86.6 66.4 57.9 8.7 20.2 133.5 113.9 108.2 5.7 19.6 2 5 2 5 2 6 4 6 7 2 14 9 15.5 15. 6 16-5 14.8 15.1 16. 7 17.8 19.3 .9 .7 .5 .6 1.0 2.8 1.7 2.5 3.8 5.0 6.2 7.5 8.4 10.1 1 1 9 3.6 33 0 17.1 15.9 .9 3.1 3.0 35 5 18.7 16.8 2.5 3.8 3.2 37.8 21.0 16.8 4.7 7.4 3.4 39 0 23.1 15.9 5.3 8.4 3.5 41.9 26.0 15.9 4.9 8.2 3.6 45.5 29.5 16.0 4.8 7.8 3.8 47.1 31.3 15.8 2.0 7.9 3.9 48.3 32.6 15.7 1.2 7.8 4.0 50.8 34.8 16.0 1.2 7.9 4.0 52.6 36.4 16.2 .9 8.5 3.9 64.9 48.7 16.3 1.0 8.1 3.9 110.3 94.6 15.7 1942 .1 1 4 3.5 29 4 15.7 13.7 . l 1 7 3.8 30 1 15.4 14.7 1 Components will not necessarily add to totals because of rounding. Sources: U. S. Treasury Department and U. S. Department of Commerce. Table 3.-—Gross and Net Corporate Debt, 1929-42 [Billions of dollars] Item Gross corporate3 debt 2__ Long-term 3 Short-term Intercorporate debt.. Long-term .. _ _ . Short-term Net corporate debt __ Long-term Short-term 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 90.3 55.3 34 9 16.4 10.0 6 3 73 9 45.3 28.6 91.7 59.8 31 9 16.6 10.8 5 8 75 1 48.9 26.1 87.0 58.6 28 4 15 7 10.6 5 1 71 3 48.0 23.2 82.0 57.1 24 8 14 8 10.3 4 5 67 2 46.8 20.4 78.8 55.4 23 4 14.2 10.0 4 2 64 6 45.4 19.2 77.9 52.2 25 7 14.0 9.4 4 6 63 9 42.8 21.1 76.5 50.7 25 8 13.7 9.1 4 6 62 8 41.6 21.2 75.5 48.9 26.6 13.2 8.6 4.7 62.3 40.4 21.9 76.6 50.8 25.8 13.1 8.7 4.4 63.5 42.1 21.4 74.3 52.1 22.1 12.4 8.7 3.7 61.9 43.4 18.4 73.8 51.0 22.8 12.2 8.4 3 8 61.6 42.5 19.1 74.1 50.4 23.7 12.2 8.3 3.9 61.9 42.1 19.8 75.3 49.8 25.5 12.3 8.2 4.1 63.0 41.6 21.3 76.8 48.8 28.0 12.3 8.2 4.2 64.5 40.7 23.8 12 Components will not necessarily add to totals because of rounding. Data for 1929-40 adapted from reports of the Bureau of Internal Revenue except for railroads which are from tabulations of the Interstate Commerce Commission. For 1929-34 B. I. R. reports are partially on a consolidated basis, thus requiring adjustment to an unconsolidated basis for comparability over the entire period. 8 of less than 1 year. Long-term debt is denned as having an original maturity of 1 year or more from date of issue, short-term debt as having an original1 maturity n Sources: U. S. Treasury Department, U. S. Department of Commerce, and Interstate Commerce Commission. May 1943 25 SURVEY OF CURRENT BUSINESS Table 4.—Short-Term Debt of Individuals and Other Noncorporate Borrowers, 1929-42 1 [Billions of dollars] Item Total Commercial purposes Owed to banks _ Owed to brokers Owed to Government farm-credit agencies Consumer purposes __ 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 26.8 19.8 14.7 5.0 .1 24.7 18.3 15.3 2.8 .3 19.3 14.1 12.5 1.3 .3 14.1 10.3 9.1 .8 .4 11.7 8.0 6.5 1.3 .6 11.9 7.7 6.1 1.2 .5 14.0 7.4 5.2 1.0 1.2 14.8 7.2 5.2 .9 1.1 16.4 7.6 5.6 .7 1.4 19.0 9.5 7.5 .6 14 14.5 8.5 6.4 .5 1.5 6.3 5.2 3.8 3.7 4.2 14.0 7.6 5.6 1.4 .7 15.0 8.0 6.1 1.0 .9 7.1 12.6 7.5 5.5 1.3 .7 7.1 6.6 7.5 8.8 9.5 6.1 5.1 6.4 1942 1 Components will not necessarily add to totals because of rounding. Sources: U. S. Department of Commerce and U. S. Department of Agriculture. Statistical Note Data presented in this article are designed as a continuation of the series previously published in the November 1941 issue of the Survey and in the special bulletin (Department of Commerce economic series No. 21) entitled "Indebtedness in the United States, 1929-41." Certain revisions have been made in the data for the years prior to 1942 in order to take account of new information which has become available since the previous publications. For example, the series on short-term consumer debt has been adjusted to agree with that published in the November 1942 issue of the Survey and consequently to match the current figures being prepared by the Board of Governors of the Federal Reserve System. Minor revisions have also been made in the series on mortgage indebtedness against 1-4 family nonfarm residences as a result of additional work by the Federal Home Loan Bank Board. The corporate indebtedness series has been adjusted to Bureau of Internal Revenue tabulations through 1940 in the case of all corporations except railroads for which data from the Interstate Commerce Commission were substituted. In order to project these base figures through 1942, reliance was placed upon overall data on security issues and retirements prepared by the Securities and Exchange Commission, and upon the corporate sample maintained by the Bureau of Foreign and Domestic Commerce for the purpose of estimating current changes in corporate profits. Projections from the sample were made only by major industrial divisions, except in the case of manufacturing where the sample data by minor groups were employed. Availability of 1940 Internal Revenue tabulations indicates that the sample data 522777—43 1 on changes in indebtedness are somewhat too sensitive at the present time when changes in aggregate corporate debt are relatively small. Revisions in the corporate debt series for years since 1940 will undoubtedly be necessary when additional tabulations of income tax data become available. The estimates for years prior to 1929 were constructed by the Division of Statistical and Historical Research of the Bureau of Agricultural Economics. In the main, their method was to accept the Commerce figures for 1929 as a base and to extrapol ate backward by means of other available series. Data on Federal government debt are readily available in the Daily Treasury Statement and in the annual reports of the Secretary of the Treasury. Treasury data on tax exempt State and local government debt were used to extrapolate the 1929 net State and local government debt estimate backward for prior years. Pre-1929 estimates of private long-term debt were based upon National Industrial Conference Board data as published in "Private Long-Term Debts and Interest in the United States" The Conference Board's corporate debt figures had to be raised slightly since their coverage is less complete than that of the Commerce series. However, the Conference Board mortgage debt estimates are similar to those available since 1929 and hence could be used directly. The estimated outstanding of private short-term debt in years prior to 1929 were based principally on the figures for commercial loans of all banks as given in the annual reports of the Federal Reserve Board. Since the coverage of these extrapolating series is not complete it was necessary to raise them by approximately 35 percent. For further technical notes bearing on the methods of estimate the reader should consult the appendix to "Indebtedness in the United States, 1929-41." 26 SURVEY OF CURRENT BUSINESS May 1943 NEW OR REVISED SERIES Table 5.—INDEXES OF VOLUME OF TRANSPORTATION, ALL TYPES; ANNUALLY, 1929-38, AND MONTHLY, 1939-42 1 [Daily average 1935-39=100] Combined index, all types Intercity motor Railroads Waterborne (doPas- messentic) ger Oi! Year and month Local Com- I Fas- Com- "Form o d - I sen- i bined j hire" ity ) ger index | truck Total gas Bus Combined jipe- line index Commodity UNADJUSTED FOR SEASONAL VARIATION \ 1929 annual 1930 annual 1931 annual 1932 annual 1933 annual 1934 annual 1935 annual 1936 annual 1937 annual 1938 annual index index index index index index index index index index 118 j J j j j j 104 ! 89 i 73 ! 77 1 83 ! 88 ; 102 ! 110 95 1939: January February March April May June July August September October November December Annual index ! ; . ; i I ----! ; . j I ] > i i ! 97 98 116 i 102 ! 86 70 75 81 86 ; | I ! 95 • 81 i 87 102 111 95 102 ! 95 96 96 i 97 ; 98 87 93 105 103 110 127 134 124 107 in ; 94 97 106 104 I 110 • 123 127 ; 118 107 116 ! 102 i 86 i 70 : 75 ! 94 106 106 112 126 130 120 107 106 1940: January February March April May June July August September October November December Annual index 107 106 105 105 112 117 115 122 126 128 124 118 < I ; i | I ! | ! 107 106 105 105 113 119 118 126 129 131 126 i 120 ] 115 ! 1941: January February March April May June July August September October November December Annual index 1942: January February March April May June July August September October November December Annual index 119; 125 j 130 | 121 ! 141 I 148 149 156 156 160 150 ! ; i i j | 146 I 121 127 133 123 145 154 156 164 163 166 155 149 121 127 134 122 148 154 155 163 164 169 157 147 j ; ! i | ! 142 | 147 152 | 157 i 167 : 174 i 180 ! 185 | 193 195 I 203 ! 196 I 191 | _.. 179 j 150 ! 156 ! 161 ! 172 I 180 186 192 201 206 211 203 195 | ! ; j i ! i I 148 153 159 169 175 179 184 190 195 202 192 1S1 185 ! 78 83 ! 100 I 111 1 101 ! 93 ; 89 i 87 | 117 128 127 120 103 92 112 103 ! 105 i 102 101 103 102 102 110 108 114 112 119 106 118 108 107 105 106 115 119 117 124 130 134 129 118 88 97 i 97 ; 98 ! 98 I 100 ; 108 ! 108 I 108 I 108 ! 104 j 99 I 109 | i ; j 114 i 103 ; 122 111 99 83 81 87 90 101 107 100 l 101 97 ioi 98 ! ! j ! ! ! i ! i i j ; ! : ! loo ! 121 | i ! ! i i | 110 126 112 106 127 j I | ! | 35 i 40 ; 45 i 112 121 130 126 129 134 124 135 136 139 138 i 162 89 : 90 115 129 147 169 170 ; 175 182 180 ! 161 j 166 i 107 ; 115 ! 109 ! 127 i 136 I 130 ! 124 ; 111 ; 132 148 i 112 ! 108 ; 108 141 146 174 188 201 220 217 234 236 246 196 180 138 144 152 152 152 150 150 159 161 174 161 176 198 ! 116 117 120 119 128 130 136 132 143 i 121 122 128 128 152 163 175 155 143 140 167 174 204 209 244 266 285 289 306 316 299 254 259 126! 143 259 ! 142 148 148 160 168 181 189 202 207 207 164 173 170 192 211 233 255 284 286 276 284 302 261 270 311 349 326 287 302 326 343 351 337 320 I | I | j i | | i ! j j j I ! ; j 129 I • ! ! | ! | ! | ! 209 I 226 | 183 i 236 I I j i i I 98 103 121 128 140 155 151 159 164 164 152 164 113 ! ! I ' ! ; ! I ! I 62 66 68 68 71 38 ! 37 62 ! 88 i 103 113 39 I 107 j | 113 I '' i 10 i 17 • 21 25 j 34 ! 37 ; 62 ' 20 26 31 31 36 37 62 87 98 112 i ! i ! i : : i I i 315 | I ! ! ! j ' ' se; 94 110 i 143 147 i 188: 212 I 233 i 267 1 262 I 284 285 294 218 ! 183 : 78 I 85 ! 95 I 106 102 ' 93 i 97 I 99 I 94 I 108 I 113 116 127 124 135 136 149 146 133 ! ! I ! i I j 59 62 67 68 72 S3 ' 100 1 109 : 105 128 119 108 i 92 i 88 ' 95 96 101 103 99 59 64 ! 81 89 115 106 84 88 105 112 91 110 I 81 85 96 97 114 128 131 120 101 97 114 100 : 104 ' 106 ! 1 0 4 '•• 103 j 100 90 92 98 104 104 106 113 i 116 i 110 ! 110 108 107 111 97 107 112 114 113 95 95 95 84 87 100 103 107 124 130 117 106 114 j 104 113 114 111 118 121 129 123 135 140 162 157 136 91 89 99 94 100 117 126 137 \ 122 107 i 109 ! 78 I 85 94 105 101 95 102 103 93 110 116 103 126 141 139 I 132 I 130 i 162 184 184 196 196 201 ! : ; I ! j 207 I 212 219 222 217 261 j I i | I 182 218 128 140 I 276 312; 341 343 l 368 ! 380 i 351 I 278 • 258 ! 205 ! 273 992 303 311 324 349 406 431 438 466 352 263 268 324 380 337 263 270 296 301 298 270 224 291 ! ; ! i j 147 162 163 173 177 182 185 188 168 172 I I I 1 i j ! i i 195 ! 108 103 l 113 103 98 96 93 91 115 120 133 118 103 98 125 96 100 135 144 141 140 140 140 129 103 133 124 156 163 174 185 196 198 203 209 214 221 209 195 164 173 164 184 205 234 256 289 304 296 314 339 76 62 62 77 84 86 85 84 81 77 65 42 216 I 216 I 190 I 214 ! i ! I I 133 I 105 91 88 91 84 106 130 124 132 132 140 132 106 102 99 95 124 141 148 145 146 137 134 126 92 142 l: 149 ; 147 162 : 224 j 124 ! 126 ! 130 ! 96 93 86 93 93 115 126 123 116 100 85 120 121 120 120 115 141 i 148 158 140 128 128 164 273 250 235 227 240 211 I 126 I 94 95 96 83 86 99 100 105 125 134 121 121 127 136 109 145 152 154 165 165 171 159 149 146 252 I 174 I 165 180 185 200 i ! ! i ! ! i | I ! 78 81 97 112 97 10S 157 164 173 185 197 202 209 218 224 230 221 212 161 183 207 227 112 109 104 104 112 117 ! ! ! | 81 85 101 113 98 115 147 147 136 135 128 129 132 134 141 145 I 152 i 155 ! 151 I 161 I 112 | 112 I 114 i 85 114 124 12S 131 ; 135 ! 134 : 137 ! 134 ; 161 I 172 170 ! ! ! ! I • ! i 122 127 125 130 124 129 ! 200 l 174 175 ! 109 i 89 106 112 90 i ! I ! i I 1 I ! i ! ! 78 70 58 109 106 104 103 111 114 113 122 128 129 124 117 112 192 I 106 ! 110 j 114 ! 127 131 150 171 185 160 149 147 161 87 97 108 i 105 103 102 ! 108 114 113 123 127 126 121 118 140 144 , 180 179 181 159 I 175 I 93 I 101 ; 107 107 111 i 1 1 5 '•• 122 ! 116 114 111 109 105 105 108 109 115 119 141 121 100 76 140 120 73 78 /o 123 I 173 I 172 I 191 201 217 220 226 218 222 124 I 110 I 104 i 105 ! 105 i 106; 104 : 100 ! 93 : 140 120 97 121 126 134 110 142 151 153 164 162 166 155 151 145 134 i 150 157 172 ! 165 : 169 ! 168 ! 176 ! 73 68 70 ; : i | ; ' i i ! ! i ! i ! ! ! 73 ADJUSTED FOR SEASONAL VARIATION 1939: January February March. April 101 101 . - May June July August September October November December _._ _ .__ _ . *For footnote see p. 27. 102 94 97 104 104 105 115 118 115 110 101 101 102 93 96 104 105 106 116 120 117 112 101 102 102 91 95 103 104 106 117 192 118 112 99 99 100 101 103 104 105 104 106 105 103 104 99 98 98 103 105 107 110 105 110 109 105 108 123 120 1 130 129 135 139 141 141 146 148 162 186 121 122 126 124 127 130 129 135 136 136 142 155 125 118 132 131 140 144 148 145 152 156 174 206 105 104 106 98 109 111 106 117 124 119 119 117 106 107 108 96 112 113 106 121 129 123 123 119 100 96 99 104 102 104 107 104 109 106 105 111 99 100 102 100 102 102 100 102 102 102 102 100 110 110 109 107 109 108 116 102 110 114 113 112 98 99 99 90 90 100 102 101 115 120 115 109 98 99 99 97 117 98 95 101 104 106 110 103 109 107 100 110 101 88 89 99 101 101 115 122 104 106 106 92 102 112 112 116 116 122 124 120 27 SURVEY OF CURRENT BUSINESS May 1943 Table 5.—INDEXES OF VOLUME OF TRANSPORTATION, ALL TYPES; ANNUALLY, 1929-38, AND MONTHLY, 1939-42 x —Continued [Daily average 1935-39=100] Combined index, all types Total exComelud- modTotal ing ity local transit Year and month Intercity motor Air Railroads PassenPassenger Waterborne Oil ger Com- Commodelud- bined index ing local transit Passenger Com- "Forbined hire" index truck Local transit Bus and gas pipeline Com- Combined index Passenger modity (do- tic) ! ADJU STED ]FOR SEASONAL VARIATION—Continue d 1940: January February March April May June July August September October... November.. __ December . .. 1941: January February March April May. .. June- ...- . . . Julv . . . August... September October November.. _ ... December 1942: January Februarv.._ March A»ril _ May... June July August September.. October November December- . _ _. ._ 112 110 110 110 114 114 114 116 118 119 121 122 114 111 111 112 115 116 116 118 120 121 124 125 114 112 111 113 116 117 117 119 120 121 124 125 105 104 106 103 105 106 106 109 109 110 112 113 108 108 113 106 108 111 109 115 115 117 121 122 ISO 177 189 190 193 195 200 204 207 220 208 203 150 145 147 150 151 140 156 159 161 170 166 168 127 131 136 126 143 146 149 149 146 148 147 151 130 135 140 129 148 151 154 154 150 153 151 155 129 135 141 128 149 153 156 155 151 153 150 155 119 120 121 122 123 123 126 128 128 131 137 137 132 135 137 138 138 139 140 144 142 150 159 161 223 245 227 246 256 254 266 268 278 269 270 292 153 158 162 172 175 177 184 187 190 195 194 194 157 163 167 178 181 183 189 192 197 202 202 200 155 159 164 174 176 178 183 185 187 191 187 187 147 154 155 163 172 175 185 194 203 210 218 218 177 191 191 205 221 219 229 248 271 285 307 295 332 321 336 353 316 261 287 29G 313 323 356 345 199 199 216 216 922 228 234 237 253 236 226 121 116 116 118 119 122 122 125 124 136 140 141 126 120 116 123 123 127 127 130 129 144 146 147 106 105 115 102 105 107 105 109 110 112 118 120 103 102 101 102 103 101 103 103 105 105 105 105 112 116 115 111 112 111 110 110 111 112 113 117 112 110 107 109 113 114 113 116 118 117 119 121 114 115 114 117 119 117 120 122 175 180 178 193 194 196 215 212 219 217 223 250 254 284 259 282 297 292 300 305 316 303 302 320 148 151 157 168 167 167 175 167 169 172 162 181 150 158 165 178 175 177 185 174 176 177 168 182 141 130 132 137 138 137 143 147 145 157 159 156 107 108 .107 109 111 111 115 115 116 115 114 117 119 121 123 126 125 128 130 132 133 136 138 140 125 131 139 118 147 151 153 155 150 153 153 155 279 276 282 298 308 31(1 325 372 407 421 451 447 307 350 372 3S8 321 179 183 180 183 180 184 196 198 201 210 211 233 170 177 175 178 165 178 189 196 201 209 208 225 177 189 187 198 218 207 211 216 227 247 245 232 123 124 125 129 132 139 149 149 147 147 145 154 140 136 130 132 132 135 140 142 146 149 151 150 160 168 177 192 201 202 208 211 216 221 221 214 99') 99~ 236 245 251 258 277 113 111 107 103 103 106 116 117 106 103 121 116 124 121 123 119 123 122 126 123 110 101 126 132 140 116 150 154 156 158 152 155 153 155 120 128 132 130 128 131 129 133 130 138 151 154 128 128 123 130 127 127 128 126 120 113 114 120 159 167 176 191 199 199 204 205 206 210 205 165 182 181 197 216 225 238 264 294 307 340 107 96 90 84 67 66 64 62 61 57 57 67 199 102 106 104 112 no 111 328 i Revised scries compiled by the United States Department of Commerce, Bureau of Foreign and Domestic Commerce. These indexes of commercial transportation in the United States represent a revision of those published in the ''Survey of Current Business," September 1942. They are occasioned by the availability of additional information and the development of more refined techniques for measuring the monthly movements of some of the component series. The major revisions were made in the intercity truck and in the oil and gas pipe-lines transport agencies. Revisions were also made in the relative weights used in combining the various series. Oil pipe-line movements are now interpolated by a weighted index of crude petroleum production, motor fuel turned into pipelines, and crude petroleum receipts by pipe line at refineries. A correction is applied to adjust for changes in average haul. Gas pipe-line performance is now expressed in terms of cubic-footmilcs instead of cubic feet transported. The intercity motortruck series which was formerly interpolated monthly by employment in the industry, is now estimated by an index constructed from data on truckloading collected by the American Trucking Association. The annual volume of ton-mile performance of all the above mentioned agencies of transport were derived by techniques developed in the Department of Commerce but were based on studies made by various organizations, both governmental and private. Two series have been added to the number originally published as a result of a number of requests for an index representing intercity traffic only. These series are a combined passenger and commodity index excluding local transit, and a combined passenger index excluding local transit. The weights .used in combining the series and the volume, of traffic in the base period are given below. Weight Weight Operating Operating Weight Weight in total 1935-39 annual average revenues 1935-39 annual average revenues in total in interin interindex traffic (mil. of index city traffic city (mil. of Type of transportation (millions) dol.) index (millions) Type of transportation index dol.) 7.84 Railroad ._ 3,573 58.54 67.11 Water (domestic) 9.00 479 5.60 Commodity 352,237 (ton-miles) 3,163 51.82 59.41 Coastal and inter-coastal 201,000 (ton-miles) 6.43 342 2.57 2. 24 79,863 (ton-miles) Passenger 21,944 (passenger-miles) 410 6.72 7.70 Inland waterways 137 780 12.78 12,841 (passengers) Motor (intercity) 899 14.73 16.89 Local transit Commodity (for hire). 17,971 (ton-miles) 689 11.29 12.95 100. 00 Passenger 210 3.44 3.94 Total . 6,104 76.65 Air . 40 .66 .75 Commodity 4,679 23.35 Commodity 9 (ton-miles).. 15 .25 .28 Passenger 1,425 100.00 Passenger 507 (passenger-miles) 25 .41 .47 Total intercity,... 5,324 87.89 Pipeline 5.45 6.25 Commodity 4,679 12.11 Oil _' 59,041 (ton-miles) __ 261 4.28 4.90 Passenger . 645 Natural gas 227, 353 (M cu. ft.-miles) 72 1.17 1.35 For further information on the methods and basic data used in deriving the component series the reader is referred to the "Survey of Current Business," September 1942, pp. 20-28, or to the Division of Research and Statistics, Current Business Analysis Unit, Bureau of Foreign and Domestic Commerce. Data for January and February 1943 are on p. S-21 of this issue. 28 SURVEY OF CURRENT BUSINESS May 1943 1 Table 6.—CASH FARM INCOME Cash farm income Indexes of cash income from farm marketings (1935-39 = 100) (millions of dollars) Cash farm Indexes of cash income from farm marketincome ings (1935-39 = 100) (millions of dollars) Year and month Total, incl. Government payments Monthly avg.: 1913 1914 1915 1916 1917 1918 1919 1920 . . 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 January February March. April May June July August September October. ... November December Total Monthly avg... Crops and livestock, Livestock and products In(adjusted) 2 come combined index Crops from (adfarm Justmar- UnAd- ed)* Com- Dairy Meat Poulket- adtry bined prod- ani- and ings j u s t - justed index mals ucts eggs ed 6,248 6,050 6,403 7,750 10, 746 13 461 14, 602 12, 608 8 150 8,594 9,563 10, 221 10,995 10 564 10, 756 11 072 11,298 9,021 6, 371 4,743 5 445 5 314 6 780 6,334 78 4 75.9 80.3 97.2 134.8 168 8 183.1 158.1 102 2 107.8 119.9 128. 2 137. 9 132 5 134.9 138.9 141.7 113. 1 79.9 59.5 66 6 79.4 71.0 63.0 67.5 74.0 76.5 74.5 84.0 100 0 115. 5 134.5 113.0 93.0 638 471 420 448 492 509 493 559 664 768 893 752 617 7,086 591 541 458 528 559 596 654 790 792 940 1, 056 947 793 8 654 721 540 458 513 522 537 597 766 781 934 1,034 928 757 8,367 697 81.5 69.0 77.0 78.5 81.0 90.0 115.5 117.5 140.5 155.5 140.0 114.0 683 578 714 641 630 690 830 839 948 1,026 908 730 9,217 640 526 602 578 597 663 819 834 943 1,021 905 722 96.5 79.0 90.5 87.0 90.0 100.0 123.0 125.5 142.0 153. 5 136.0 108.5 8, 850 768 738 535 469 497 541 545 523 578 708 825 955 816 667 7,659 1936 January February March April May June July August September November December Total . __ Monthly avg 1937 January March April May June.-. July August September October November. ..._ December Total Monthly avg... 1 90.3 85.2 95.7 118.0 165. 2 203.8 223. 9 194.2 122.5 126. 1 142.5 158.0 161.2 142 7 150.5 147.2 149.5 112. 1 74.0 58.3 72 2 87.7 81.0 84.5 86.5 95.5 90.5 87.5 86.5 91 0 91.0 92. 0 91.0 93.0 88.9 93.5 94 0 97.0 99.5 96.5 103.5 111.5 114.0 111.0 106.5 112.0 112.0 104.9 111.0 107.0 106.5 113.0 107.0 106.5 121.0 113.5 117.5 110.5 106.0 108.5 105.5 69.4 47.5 68.9 47.3 68.7 48.6 81.5 54.2 111.9 73.0 142.5 88. 7 152.4 108.0 131.0 108.5 86.9 85.2 94.0 83.1 102.9 101.1 105.7 99. 8 120. 3 107.5 124 8 111 1 123.2 119.6 132 6 124 6 135.7 130.4 114.0 114. 1 84.4 90.6 60.4 70.0 62 5 71 3 73.3 81.3 84.5 82.6 80.5 100.5 141.6 186.3 184.2 140.2 83.9 100.4 101.5 107.6 126.5 131 3 126.1 136. 4 137.3 113.0 79.3 52. 8 55.9 66.8 58.7 61.3 61.5 68.2 91.1 107.4 136.8 142. 2 101.5 98.5 109.9 111.9 127.8 134 6 125.2 138.1 145.4 122.9 91.9 68.7 63.3 75.6 79.0 80.5 85.0 97.5 84.0 85.5 85.0 91 5 91.5 93. 0 93.5 84.5 82.0 87.0 87.0 94.0 94.5 88.5 87.0 91 0 90.0 91. 5 89.5 99.0 89.5 90.0 94.0 100.5 102.5 93.0 91.0 91 0 90. 5 89.0 87.5 94.0 78.0 84.0 82.5 89.0 87.5 79.5 80.0 88 0 86.5 91. 5 87.5 103.5 83.5 93.5 91.0 100.5 104.0 105. 0 100.0 99 5 100.0 98. 5 97.5 98.0 86.9 90.4 93.0 86.4 98.4 88.5 87.0 95.5 100. 0 98.5 103.5 119.0 122.5 119.5 104.5 109.5 110.5 97.0 98 5 98.0 99.5 95.5 103.5 106.5 108.0 105.5 107.5 114.0 113.0 97.0 99 0 102 0 102.0 101 0 100.0 107 0 111.5 110.0 112.5 110.5 107. 5 97.0 94 0 96.5 97.0 88.0 103.5 106. 0 107.5 104.0 107. 0 120.5 120.5 99.5 108.0 93.0 101.0 103.5 108.0 106.5 104.0 100.5 101.5 102.0 100. 0 106.6 103.7 108.5 112.0 115.5 107.0 107.0 140.0 127.5 122.5 112.0 103.5 109.5 108.0 108.0 105.0 102.5 97.5 111.5 109.5 107.5 106.5 106.5 114.0 108.5 106.5 104.0 108.5 114.0 107.5 109. 5 105.5 107.5 109.5 107.5 114.5 104.0 112.5 115.2 107.8 104.9 108.2 103.3 102.0 106.5 105.0 112.5 106.0 101.5 111.0 100.0 119.5 112.0 106.5 103. 5 99.0 105.0 99.5 107.5 108.0 102.0 103.0 104.0 108.0 107.0 107.5 106.0 103.5 107.0 106.2 Year and month Total, incl. Government payments Crops and Livestock and products livestock, In(adjusted) 2 come combined index Crops from (adfarm justmar- Unket- adAd- ed) 2 Com- Dairy Meat Poultry bined prod- ani- and ings just- justindex ucts mals eggs ed ed 1938 JanuaryFebruary . . . March April May June July August September October. November December _ ._ Total . Monthly avg 647 494 529 504 538 560 652 666 778 921 777 620 8 168 7,686 681 641 660 545 640 605 626 587 653 708 915 1,034 921 790 619 489 545 515 546 535 617 666 849 952 845 699 8 684 7,877 724 656 98.8 762 635 623 633 599 593 703 745 903 1 148 965 836 636 537 556 568 571 568 667 703 849 1,072 886 766 95.5 81.0 83 5 85.5 86 0 85.5 100.5 106.0 128.0 161 5 133.5 115.5 9,145 8, 379 762 698 104.6 761 661 716 732 783 822 928 1,138 1,314 1,485 1,278 1,212 674 579 645 693 759 797 913 1,118 1,286 1,442 1,210 1,128 101.5 87.0 97.0 104.5 114.5 120.0 137.5 168.5 193.5 217.0 182.0 170.0 1939 January . February March .. April May June Tnl v August September October November December Total Monthly avg _. 1940 January February . .. March April _ Mav June _ July . . August September October November December Total Monthly avg___ 1941 January February.. March.. April_ May July September October November December Total Monthly avg__. 97.5 111 5 74.5 106 5 79. 5 104 5 76.0 96 0 81 0 93 0 84 5 96 0 98.0 96 0 100 0 96 0 117 0 95 5 138. 5 97.0 117 0 96 5 93.5 92 0 664 525 589 564 582 605 686 681 805 983 825 659 96 4 89.0 96.5 90.5 82.0 103.5 98.5 99.5 93.0 97.5 99.5 102.0 100.5 99.5 97.0 100.5 99.0 108.5 101.5 103.5 99.0 100 5 95.0 97.5 97.5 97.0 95.5 91.0 94.0 101.5 96.5 99.0 89.0 96 0 102.5 105.5 103. 5 101.5 97.5 105.0 100.5 102.5 97.0 95.5 94.5 96.5 100.5 101.5 99.5 101.5 100.5 104.5 104.5 93.1 98.9 98.5 99.7 98.8 100.5 100.5 102.0 96.5 100. 5 94.5 97.0 93.0 101.5 103.0 104.5 99.5 96.0 97.5 90.5 90.0 89.0 90.5 92 0 95.5 98.0 101.5 105.5 104.0 98.2 99.2 95.5 103.5 94.5 100.5 105.0 97.5 97.5 84.5 83.5 82.0 91.5 97.0 122.0 101.0 105.0 102.5 107.5 101.0 104.5 103.0 101.0 107.0 104.0 108. 5 112.0 114.0 120.5 104.5 113.5 107.5 110.0 105.0 105.0 102.5 102.5 107.0 107.5 113.0 117.0 103.0 102.5 95.0 104.5 103.5 101.5 114.0 109.0 113.5 118.5 117.0 123.0 99.0 111.0 105.5 94.0 94.0 90.5 93.5 92.5 96.5 101.0 106.5 121.0 101.3 107.1 107.7 109.2 99.3 108.5 108.5 123. C 116.5 137.0 146.5 136.0 163.5 153.5 150.5 155.0 163.0 121.0 125.5 124.0 136.0 137.0 144.0 146.5 145.0 150.5 152.0 151.0 170.5 113.5 117.5 119.0 129.5 136.0 138.5 140.5 140.0 145.0 145.5 145.0 141.5 125.0 133. 0 127.0 143.5 140.5 150.0 152.0 149.5 157.5 159.0 154.5 190.0 124.0 116.5 122.5 125.0 125.0 135.0 142.0 141.0 142.0 145.0 155.0 174.5 137.7 141.9 134.6 148.5 136.1 123.0 118.5 112 0 100.5 87 0 91.5 87.5 no r 93.0 101 0 102.0 97.5 73 5 99 0 97.0 82.0 100 0 90.0 77. 5 94.0 95.5 82.0 98.5 79.5 80.5 88.5 78.0 93.0 89.5 92 5 100.0 93.0 99^5 128.0 100.5 143. 5 102.0 100.5 127.0 106. 0 108.5 105.0 103.5 109.5 102.0 106.5 99 5 101.5 95 5 94.0 97.0 99.0 104.0 116 0 109.0 114.0 116.0 118.5 123.5 128.0 137.0 145.0 142. § 152.5 152.0 151.5 153.0 167.5 102.5 105.5 102.5 102.0 108.0 107.5 102.5 94.0 112.5 89.0 100.0 86.0 102.0 91.0 92.5 90.0 107.5 90.5 107.5 91.5 106.0 99.5 96.5 98.5 11,830 11, 244 986 937 140.1 Compiled by the U.S. Department of Agriculture, Bureau of Agricultural Economics. The monthly estimates of cash income from farm marketings and indexes derived therefrom have been revised to incorporate additional data on marketings and prices and to adjust seasonal correction factors for the various commodities to allow for changing market conditions and for the influence of government loans on seasonal trends in marketings; also the index has been shifted to a 1935-39 base. The monthly estimates of income from farm marketings are derived from estimates of monthly sales and prices of the various farm commodities. Where farm products are placed under loans to the Commodity Credit Corporation, the amount of the loan is considered income at the time the commodity is placed uxider loan. If the product is later redeemed or sold, any additional income above cost of redemption is credited at the time of redemption. The levised estimates include income from a number of minor products for which current estimates of marketings were not heretofore available. The monthly estimates are now coordinated with the annual estimates of cash farm income so that the monthly figures for the 12 calendar-yeai months are equal to the annual estimates, except for 1940-42. Annual estimates for these years, which have recently been compiled, differ slightly from the totals of the monthly estimates. The unadjusted monthly index for total income from marketings of crops and livestock products combined is computed by dividing the total income for each month by the average monthly income from all products in the base period. In computing the seasonally adjusted indexes, income from each commodity is corrected for seasonal variation. Shifting seasonal factors are used in adjusting data for many of the more important farm products to allow for marked changes in the seasonal variation in income. The seasonally adjusted income figures for the different commodities are combined into groups and totals and the adjusted indexes are then computed in the same manner as the unadjusted ind^x. The dollarfiguresshown here for total income from marketings and the total cash farm income, which includes government payments to farmers, not shown separately, and income from marketings, have not heretofore been included in the Survey but will be shown regularly on p. S-l beginning with this issue. The revised indexes supersede those shown in the 1942 Supplement. For a more complete description of the data see mimeographed report of the Department of Agriculture, "United States Estimates of Monthly Cash Farm Income and Index Numbers of Income, January 1935 to September 1912." 2 Monthly indexes adjusted for seasonal variation. Indexes shown as "monthly averages" were computed by the Bureau of Foreign and Domestic Commerce from annual dollar totals compiled by the Department of Agriculture; they may differ from averages of the seasonally adjusted indexes because of the method of seasonal correction used. S-l SURVEY OF CURRENT BUSINESS May 1943 Monthly Business Statistics The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to adjustment of monthlyfiguresfor seasonal variation. Data subsequent to March for selected series will be found in the Weekly Supplement to the Survey. Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey 1943 1943 March April May June July August September October Novem- December ber January February BUSINESS INDEXES INCOME PAYMENTS! Indexes, adjusted: Total income payments 1935-39=100. Salaries and wages do... Total nonagricultural income do... Total mil. ofdol. Salaries and wages: Total § do.... Commodity-producing industries-_do Work-relief wages do Direct and other relief do Social-security benefits and other labor income mil. ofdol.. Dividends and interest do Entrepreneurial income and net rents and royalties mil. of doL. Total nonagricultural income do 159.3 171.1 157.8 8,796 163.3 175.6 161.0 8,913 165.4 179.1 163.3 8,799 169.5 185.2 167.5 9,782 172.6 189.6 170.3 9,685 176.0 193.3 172.6 9,571 177.9 195.3 174.0 10,453 182. 8 201.4 178.3 10, 782 189.4 208.4 183.6 10, 593 193.7 213.1 186.8 11,524 ' 196. 7 '217.8 ' 190.6 10, 748 '201.0 221.6 ' 193. 8 • 10,443 6,002 2,705 75 94 6,182 2,824 68 92 6,390 2,976 58 89 6,666 3,112 53 87 6,723 3,234 45 86 6,894 3,365 35 86 7,082 3,413 30 85 7,327 3,459 26 85 7,463 3,493 24 84 7, 635 3,514 23 84 ' 7, 620 3,497 19 83 ' 7, 754 ' 3, 567 15 81 175 890 169 773 163 475 164 1,119 169 846 164 437 176 894 175 752 174 522 180 1,419 '195 '781 ' 199 '442 1,635 8,062 1,697 8,112 1,682 8,004 1,746 8,906 1,861 8,677 1,990 8,440 2,216 9,088 2,443 2,350 9,141 2,206 10, 244 2,069 ' 9, 637 r 1,967 ' 9, 438 103 74 29 136 127 86 101 124 126 117 149 103 61 14 104 119 80 101 135 126 127 167 106 64 6 97 109 116 131 138 118 146 163 110 64 126 118 165 211 237 140 118 299 185 130 146 114 117 178 221 292 150 181 1,087 128 145 172 108 142 157 178 272 172 140 413 96 141 164 98 168 144 153 214 209 129 231 76 138 163 101 149 123 115 130 120 107 130 v 1, 395 v 1,303 982 901 v 196.0 v 260.0 v 273.0 v 251.0 v 189.0 v 271. 0 P319.5 135.5 175.0 166.5 181.0 153.0 196.0 194.0 v 205.1 v 224.7 p 196.0 * 11, 211 v 3, 630 2» 1 1 v 77 P209 P909 v 2,105 v 10, 069 FARM MARKETINGS AND INCOME Farm marketings, volume:* Indexes, unadjusted: Total farm marketings 1935-39 = 100.. Crops, total do Cotton and cottonseed do Feed grains and hay do Fruits and nuts do Oil-bearing crops do Vegetables, incl. truck crops do Livestock and products, total do Meat animals . do Dairy products do..._ Poultry and products do Indexes, adjusted: Total farm marketings do Crops do Livestock and products do Cash farm income, total, including Government payments* mil. ofdol.. Income from marketings do Indexes of cash income from marketings: f Crops and livestock, combined index: Unadjusted 1935-39=100.. Ad justed do Crops do... Livestock and products do Dairy products do Meat animals do Poultry and eggs do 102 102 62 124 145 134 151 154 138 97 118 183 132 119 138 144 138 154 53 174 96 388 168 126 125 125 129 122 114 129 124 102 140 129 121 134 127 117 134 132 130 134 130 128 132 141 152 133 141 144 139 1,063 982 1,030 993 1,112 1,070 1,249 1,219 1,435 1,412 1, 753 1,726 2,015 1,962 1,825 1,764 1,571 1,499 1,361 1,261 ' 1, 205 '1,126 148.0 191.0 189.0 192.0 163.0 219.0 175.0 149.5 188.5 193.0 185.0 165.5 203.0 174.5 161.0 191.5 166.5 208.0 163.0 251.5 177.0 183.5 192.5 187.5 196.0 161.0 226.0 180.5 212.5 204.5 209.5 201.5 164.0 234.0 187.0 260.0 207.5 222.5 197.5 166.0 227.0 181.0 295.5 211.0 225.0 201.5 167.5 230.0 194.0 265.5 224.0 248.5 208.0 168.0 239.0 204.0 225.5 226.5 237.5 219.0 177.0 249.5 233.5 190.0 224.0 237.0 215.0 170.0 222.5 286.0 ' 169. 5 ' 239. 5 245.5 ' 235.5 183.0 ' 260.0 ' 271.5 0) 0) ! INDUSTRIAL, PRODUCTION {Federal Reserve) Unadjusted: Combined index 1935-39 = 100.. 194 168 '197 175 177 172 187 '194 '193 195 180 '195 Manufactures do 208 P213 211 183 185 196 181 177 207 '203 206 189 205 Durable manufactures do.... 287 234 P297 228 '292 246 283 240 '267 279 260 251 '276 Iron and steel do '204 '208 P210 200 203 200 198 197 199 199 200 196 207 Lumber and products do 114 116 '107 135 138 138 125 132 129 135 135 140 Furniture do 144 139 142 147 144 '139 143 136 136 137 141 '139 Lumber-..-do 99 91 '101 134 131 138 141 139 131 118 127 120 Machinery + do '352 '348 279 287 299 273 268 '329 ' 340 289 '310 '320 Nonferrous metals do _... 181 P192 '199 200 177 180 186 ••191 197 202 188 193 192 Stone, clay, and glass products. _-do P127 138 132 157 139 163 158 151 160 163 151 140 163 Cement do.--. 112 139 178 183 195 186 161 141 126 156 186 200 202 Glass containers do 187 185 171 184 159 166 167 190 171 151 167 176 176 38 Polished plate glass do 39 39 39 35 37 37 43 43 40 38 32 30 '559 525 Transportation equipment do 507 P583 372 330 '547 396 458 350 '572 '479 425 Automobile bodies, parts and assembly 1935-39=100-. 105 107 124 104 155 '151 112 129 146 116 135 140 Nondurable manufactures do P145 '145 137 136 144 138 137 143 '146 139 150 148 147 Alcoholic beverages do P107 113 113 90 120 116 110 94 133 103 140 140 123 Chemicals do P216 168 166 '209 166 '213 '206 166 167 170 '181 '192 '199 Leather and products do P116 '120 '122 114 124 116 114 115 131 129 112 117 115 Shoes do v 115 '118 130 '119 110 123 114 117 131 115 112 111 115 P134 Manufactured food products do *140 P135 P150 130 139 165 123 121 156 P181 P151 *156 P120 Dairy products % do P89 J-102 P88 P143 P91 193 210 207 192 124 152 »109 140 Meat packing ...do 171 186 134 131 140 149 132 147 166 147 138 146 1 Less than one-half of 1 percent. p Preliminary. ' Revised. §The total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls. ^Scattered revisions in figures beginning January 1940 for dairy products, and in figures for the first half of 1941 for machinery are available on request. *New series. For a description of the indexes of the volume of farm marketings and figures beginning 1929, see pp. 23-32 of the April 1943 Survey. Data beginning 1913 for the dollar figures on cash farm income are shown on p. 28 of this issue. fRevised series. Data on income payments revised beginning January 1939, see p. 27, table 1, of the March 1943 Survey. The indexes of cash income from farm marketings have been completely revised; data beginning 1913 are shown on p. 28 of this issue. S-2 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey May 1943 1942 March April May June July 1943 August September October Novem- December ber January February BUSINESS INDEXES—Continued INDUSTRIAL PRODUCTION—Con. Unadjusted—Continued. Manufactures—Continued. Nondurable manufactures—Continued. 155 144 151 133 Paper and products 1935-39=100. 161 149 157 134 Paper and pulp do-_.122 117 118 115 Petroleum and coal products do 162 163 162 Coke _._do 164 116 110 111 108 Petroleum refining do 126 115 123 10.3 v 116 Printing and publishing do 153 156 157 152 Textiles and products do vim 169 175 177 169 Cotton consumption do 166 175 169 170 169 Rayon deliveries do. 148 150 153 151 Wool textile production do. 117 123 119 132 123 Tobacco products do 118 131 ' 126 132 v 125 Minerals!: -do. 122 121 121 121 FuelsJ do. p 133 116 115 122 117 p 123 Anthracitet do. 140 147 150 144 161 Bituminous coalj do. 115 111 109 113 Crude petroleum do 97 190 155 195 Metals do]ust:^ 174 172 176 173 P203 Combined index § . do. 183 180 184 182 P215 Manufactures§ do. 239 230 244 234 P29S Durable manufactures! do 130 134 132 131 v 123 Lumber and products§ do 124 128 127 127 v 112 Lumber do 180 181 177 P192 Nonferrous metals do 155 158 154 147 v 143 Stone, clay, and glass products§_.do 172 161 167 171 132 Cement§ do. 178 187 176 163 197 Glass containers do_ 138 139 139 136 p 148 Nondurable manufactures§ do 111 119 111 104 P114 Alcoholic beverages § --do 167 161 165 172 P211 Chemicals do. 126 124 130 121 p 113 Leather and products § do. 124 122 130 120 P110 Shoes§ do. 134 136 136 138 p 152 Manufactured food products § do 142 145 150 138 P142 Dairy products § do— 140 144 142 153 154 Meat packing do— 143 152 148 134 Paper and products§ do— 147 158 154 135 Paper and pulp§ do— 116 122 118 115 Petroleum and coal products§ d o — 109 116 111 108 Petroleum refining § do..-. 112 121 117 104 p 112 Printing and publishing do — 156 153 157 152 p 158 Textiles and products do... 120 125 127 122 131 Tobacco products § do— 126 126 125 127 v 134 Minerals§. do— 157 153 152 159 p 140 Metals do— BUSINESS INVENTORIES, ORDERS, |AND SHIPMENTS Estimated value of business inventories:* 28, 450 29, 311 28, 887 29,178 Total mil. of dol. 17,183 16, 464 16, 603 16, 939 Manufacturers do7,496 7, 087 7,472 7. 565 Retailers —-do— 4,632 4, SI 2 4,899 4,674 Wholesalers ...do— Indexes of manufacturers' orders, shipments, and inventories: 292 270 314 New orders, total Jan. 1939=100. 274 449 432 545 427 Durable goods do— 274 216 295 256 Iron and steel and their products..do.-570 54; 648 47' Electrical machinery _do — 578 669 442 467 Other machinery do... 913 673 490 677 Other durable goods —do 166 176 192 167 Nondurable goods do 202 200 203 Shipments, total, .average month 1939=100. 199 256 239 254 235 Durable goods do. 101 131 129 Automobiles and equipment do. 131 211 207 216 Iron and steel and their products., do.__ 21: 217 201 217 Nonferrous metals and products*...do._. 21: 249 259 27f Electrical machinery..do—. 25' 306 279 297 Other machinery do 27C Transportation equipment (except 1,108 1,266 1,271 1,018 automobiles) do 199 193 Other durable goods do 187 18f 160 16! 1617: Nondurable goods do.. 171 168 170 176 Chemicals and allied products do._ 164 164 16: Food and kindred products do.. 139 154 17. Paper and allied products do.. 136 13S 13C Petroleum refining do.. 171 1 147 Rubber products do.. 21 186 189 206 Textile-mill products __.do-_ 147 17 156 180 Other nondurable goods... do._ 172.9 167. 170. 165. Inventories, total do._ 193.2 186. 190. 183. Durable goods _.do._ 202. 222. 217. 193. Automobiles and equipment do._ 127. 132.3 130. 125. Iron and steel and their products..do.. 151. 152. 1 152. 147. Nonferrous metals and products*...do.. 264. 270. 277.8 255. Electrical machinery do. . 199. 202. 203.1 195. Other machinery do... Transportation equipment (except auto 742. 756. SO2.3 732. mobiles) average month 1939=100 133. 131. 135. 137. Other durable goods do 'Revised p Preliminary. ^Scattered revisions in figures beginning January 1940 for minerals, and fuels, and beginning anthracite, are available on request. §Revisions have been made in seasonal adjustment allowances for recent periods; for total ^ ^ ^ 130 130 121 165 114 103 154 169 169 154 135 136 126 118 140 121 194 134 132 122 166 116 109 156 172 170 155 144 137 129 129 150 120 184 138 138 123 166 117 120 156 172 174 156 149 134 127 117 145 121 176 134 137 123 166 117 121 158 171 177 161 141 r 132 130 124 154 121 143 129 131 119 166 112 114 156 163 178 163 137 120 126 105 143 121 83 178 188 249 133 130 188 140 169 145 138 122 174 116 115 143 143 146 125 125 118 111 106 154 126 126 155 193 258 129 125 191 145 177 153 140 135 173 113 110 143 143 153 131 132 121 114 111 154 130 130 152 187 ••197 '265 125 119 193 152 182 163 142 139 ' 179 111 108 P148 P140 159 132 133 122 116 109 156 133 131 145 191 r203 '275 129 123 192 152 184 162 144 126 ' 187 117 115 p 146 v 139 145 135 137 123 117 116 156 141 129 139 '195 207 279 128 122 197 153 180 169 r 148 122 '197 r 117 116 v 152 p 136 147 135 137 123 117 118 158 136 130 133 29. 231 17,317 7,439 4,475 29, 094 17, 392 7,357 4,345 29, 034 17, 439 7, 350 4,245 28,851 17, 547 7, 275 4,029 256 399 254 699 411 504 163 207 264 172 210 220 267 311 233 334 222 491 421 377 167 212 270 184 215 212 268 312 264 390 250 411 358 636 183 224 283 194 216 228 286 322 122 121 117 163 110 96 154 166 168 160 131 '131 121 122 141 112 192 1, 362 191 163 109 171 126 142 183 187 146 174.2 195. 8 226.1 133.9 153.3 290. 3 204.8 1,466 187 167 171 178 131 135 179 191 154 175. 0 198.0 229.9 134.3 156. ,c 299.9 204.6 1,579 200 177 187 187 136 140 205 197 165 175.4 200.9 241. 4 134.1 156.5 307. 207. 824.8 128.6 852. 8 126. 890. 124. '132 ' 135 116 166 109 111 157 171 180 ' 154 132 117 124 102 145 118 73 137 140 120 '169 113 ' 114 ' 160 171 '181 166 122 123 131 129 157 121 '76 197 '210 285 127 119 202 148 165 171 '149 111 '205 '117 116 P 158 p 140 158 132 133 119 112 114 156 160 128 137 199 212 291 124 116 200 163 169 208 149 105 '210 ' 122 ' 122 P157 J>141 145 133 135 117 109 113 157 140 126 138 '202 215 '295 '129 ' 121 ' 199 155 156 199 ' 150 123 '213 '117 ' 117 P155 28, 838 17, 682 7,200 3,956 28, 344 17,652 6,700 28,067 17, 676 6,400 3,991 27, 694 17.440 p 6, 200 4. 026 266 387 223 413 387 643 188 228 289 207 212 236 317 333 279 415 264 586 381 619 192 255 361 233 353 361 574 18' 247 364 258 346 315 587 172 '275 '405 ' 315 '437 '315 '617 191 232 300 223 214 246 351 337 240 320 240 239 262 408 351 226 298 231 205 230 369 322 '255 337 '250 '225 262 '446 ' 364 1, 578 197 181 182 190 146 138 207 203 173 1,692 191 179 183 185 143 154 214 202 171 1,775 181 178 185 184 144 139 222 204 16i 1,797 179 169 193 178 138 135 241 191 140 176.5 204.1 243.3 135.7 152.6 320. 6 210.4 177.9 207.7 244.1 137.4 152.3 326.1 213.0 177.' 210. 232.' 139. 151. S 324. 219. 177.8 211.3 233.8 135.2 157.3 327.0 221.9 ' 2,100 '397 '192 '210 '200 ' 152 '139 280 '216 ' 170 ' 175. 5 ' 209. 6 ' 237. 3 ' 131.9 150.1 '331.6 ' 223. 4 924.2 123.3 975.0 123.6 1, 062. 119.7 1,051.0 117.0 153 135 137 120 113 '113 ' 160 131 132 140 February 1939 for bituminous coal, and infiguresfor the first half of 1941 for . , , , , - , , , industrial production, total manufactures, durable, and nondurable manu- ^ ^ ^ beginning December 1938 for the estimates of business inventories, see p. 7, table 2, of the June 1942 Survey. tories of nonferrous metals and their products were formerly included in other durable goods. 1, 020. 122. P142 Data for shipments and inven- S-3 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data,may be found in the March 1942 Supplement to the Survey 1942 March April May June July 1943 August September October Novem- December ber January February BUSINESS INDEXES—Continued BUSINESS INVENTORIES, ETC.-Con. Indexes of manufacturers' orders, shipments, and inventories—Continued. Inventories—Continued. Nondurable goods, avg. month 1939=100..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 150.1 155.6 156.8 140.0 115.0 155.4 156.2 155.6 149.9 157.7 157.9 141.1 114.5 154.3 155.8 152.8 153.1 159.9 160.0 145. 9 113.0 161.2 162.0 157.3 155.1 162.7 160. 3 149.7 111.5 165.4 165.1 160.7 155.3 163.3 159.8 152.7 110.3 170.2 165.0 161.3 154.8 164.4 159.2 154.6 111.2 174.8 159.5 161.3 153.1 161.0 158.0 154.6 109.6 173.5 156.2 160.8 152.4 156.5 161.2 149.8 109.3 172.7 155.1 159.1 151.8 155.1 160.1 146.5 107.2 174. 4 153.1 161.8 149.2 158.7 156.2 144.0 106.8 174.6 147.2 157.4 148.6 155.4 152.5 141. 4 107.0 172.3 147.0 161.8 r 145. 6 r 154. 7 r 147. 3 r 140.7 r 106.7 175.9 142.2 r 158.2 COMMODITY PKICES COST OF LIVING National Industrial Conference Board: Combined index 1923=100. Clothing do _.. Food do... Fuel and light do... Housing do-_Sun dries do... U. S. Department of Labor:J Combined index 1935-39= 100. Clothing do... Food do__. Fuel, electricity, and ice do... Housef urnishings do. _ . Rent do... Miscellaneous ...do... 102.8 88.6 112.9 92.6 90.8 106.8 96.1 85.8 97.5 90.4 90.7 103.5 97.1 88.4 98.8 90.1 91.0 104.1 97.3 88.6 99.1 90.5 91.1 104.2 97.3 88.1 99.5 90.4 91.0 104.1 97.8 88.0 100.3 90.4 90.8 105.0 98.1 88.2 101.1 90.4 90.8 105.0 98.6 88.4 102.8 90.5 90.8 104.7 99.7 88.5 105.4 90.5 90.8 105.4 100.3 88.6 106.5 90.5 90.8 106.2 101.0 88.6 108.3 90.6 90.8 106.4 101.4 88.6 109.1 91.7 90.8 106.6 101.8 88.6 110.2 92.2 90.8 106.7 114.3 123.6 118.6 104.5 121.2 108.9 110.1 115.1 126.5 119.6 104.3 121. 9 109.2 110.6 116.0 126.2 121.6 104.9 122.2 109.9 110.9 116.4 125.3 123.2 105.0 122.3 108.5 110.9 117.0 125.3 124.6 106.3 122.8 108.0 111.1 117.5 125.2 126.1 106.2 123.0 108.0 111.1 117.8 125.8 126.6 106. 2 123.6 108.0 111.4 119.0 125.9 129.6 106.2 123.6 108.0 111.8 119.8 125.9 131.1 106.2 123. 7 108.0 112.7 120.4 125.9 132.7 106.3 123.7 108 0 112.8 120.6 125.9 133.0 107.3 123.7 120.9 125.9 133. 6 107.1 123.9 113.1 113.5 146 130 151 144 111 122 180 136 132 150 131 158 142 118 120 190 158 136 152 134 159 143 131 120 189 152 138 151 137 153 141 148 116 191 169 134 154 145 155 144 131 115 193 200 139 163 156 151 151 126 115 200 256 173 163 166 156 156 129 119 195 191 172 169 173 158 165 134 117 200 226 185 169 178 160 171 127 117 197 238 181 178 183 162 175 151 124 196 293 211 182 185 164 177 139 134 205 277 217 178 170 163 179 156 138 214 301 158 88.9 96.7 87.5 f 5.9 88.9 96.1 88.8 96.6 96.8 96.9 88.8 97.0 88.9 97.0 88.9 97.1 88.9 97.2 93.4 97.9 93.5 98.4 PRICES RECEIVED BY 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 M iscellan eous do RETAIL PRICES U. S. Department of Labor indexes: Anthracite 1923-25=100. Bituminous coal 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 WHOLESALE PRICES U. S. Department of Labor indexes: Combined index (889 quotations). 1926=100.. Economic classes: Manufactured products do Raw materials do Semimanufactured articles do Farm products do Grains do Livestock and poultry do Commodities other than farm products 1926=100.. Foods do Cereal products do Dairy products do Fruits and vegetables do Meats do Commodities other than farm products and foods ._ 1926= 100._ Building materials do Brick and tile do Cement do Lumber do Paint and paint materials do Chemicals and allied products do Chemicals do Drugs and Pharmaceuticals do Fertilizer materials do Oils and fats do Fuel and lighting materials do Electricity : do Gas do Petroleum products do 182 171 166 180 172 143 218 302 163 113.2 112.5 113.4 113.2 113.1 113.1 113.1 113.1 113.1 113.1 113.1 113.1 113.1 108.1 105.3 112.7 115. 5 112.2 107.5 104.2 112.1 115. 1 111.8 108.6 105.6 313.2 115.8 112.6 108.3 105.2 i 113.0 I 115.7 i 112.2 ! 108.0 105.1 , 112.9 115.6 112.2 I 108.0 105.1 112.8 115.6 112.3 108.0 105.2 112.7 115. 5 112.3 108.0 105.2 112.7 115. 5 112.2 108.0 105.3 112.6 115.5 112.2 108.0 105.3 112.5 115.5 112.2 108.1 105. 3 112.6 115.5 112.2 108.1 105.3 112.6 115.5 112.2 108.1 105.3 112.6 115.5 112.2 v 103.4 97.6 p 100. 5 v 112.0 93.0 v 122. 8 112.2 135.7 97.8 i P99.0 107.4 93.5 113.2 115.6 115. 5 5 110.4 98.7 94.2 134.6 102.2 100.0 96.4 165. 0 79.0 101.5 80.3 P96. 61.5 98.7 98.8 i 99.2 99.6 100.0 ; 100.3 101.0 101.9 v 102. 5 98.9 101.2 92.7 106. 1 89.8 122.6 99.2 102.2 92.9 107.8 93.6 122.1 99.4 103.0 92.7 109.0 91.5 123.4 99.4 103.9 92.6 110.5 92. 8 121.3 99.6 106. 1 92.5 113.8 100.7 123.9 100.1 108.2 92.8 117.0 107.3 129.2 r 100. 3 109.6 92.9 119.0 10S. 6 132.8 97.0 ! 99.2 87.2 96.0 98.5 113.4 97.5 100.8 87.8 100.2 98.0 115.2 97.7 102.4 89.1 105.5 97.5 116.0 97.9 103.4 89.3 109.2 98.2 115.5 97.9 103. 5 89.5 111.2 102.0 112.0 98.1 104.3 89.3 111.8 104. 3 113.6 98.5 105. 2 90.6 113.4 102. 6 115.5 P98. 95.7 110.3 98.0 94.2 132.9 100.7 96.7 96.5 129.1 78.5 104.2 79.0 62.7 81.4 95.6 110.3 98.7 94.2 133.0 100.1 96.2 96.3 129.0 78.3 101.6 79.0 62.2 80.4 60.7 95.5 110.4 98.7 94.2 133.2 100.4 96.2 96.3 128.9 78.2 101.5 79.0 62.6 81.1 95.5 110.4 98.7 </4. 2 133.3 101.0 96.2 96.2 128.8 78.3 101.5 79.0 61.9 79.2 60.6 95.8 110.1 98.6 94.2 133.1 100.7 99.5 96.2 165. 4 78.6 101.5 79.1 62.3 78.4 60.7 95.9 110.0 98.7 94.2 133.3 100.3 99.5 96.1 165.4 79.0 101. 5 79.2 62 0 76.1 60.7 96.0 109.8 98.7 94.2 133.3 100.6 100.2 96.9 165.4 79.0 101.5 79.3 P96. 98.6 98.7 98.2 92.3 102.8 93.8 113.8 98.7 100.0 92.8 104.5 91.5 118.3 99.0 99.7 92.9 104.4 92.2 117.6 P8. 6 99.8 92.8 104.4 88.8 116.9 f8.6 100.1 92.8 105.3 89.1 117.8 96.2 96.1 90.6 94.3 87.7 109.2 97.2 98.7 90.2 94.1 97.7 112.8 97.4 98.9 89.0 93.5 96.7 114.8 97.1 99.3 87.2 92.0 105.4 113.9 95.2 110.5 97.1 93.6 133.1 100.8 97.1 96.4 126.5 79.5 108.8 77.7 65. 3 77.1 58.3 95.6 110.2 98.0 94.1 131.8 100.6 97. 1 96.4 126.7 79.2 108.8 77.7 64.4 78.1 58.4 95.7 110.1 98.0 94.2 131.5 100.6 97.3 96.5 129.1 79.0 108.6 78.0 63.8 79.9 59.1 95.6 110.1 98.1 94.2 131.7 100.3 97.2 96.5 129.1 78.4 108.5 78.4 63.3 81.2 59.8 ! i i ! ! | 73.2 60.8 7 105.8 92.2 113.3 108.5 115.5 2 110.2 98.6 94.2 134.6 101.2 100. 3 96.9 165. 5 79.0 101.5 79.8 75.8 61.2 r p Preliminary. Revised. § D a t a for Apr. 15, 1943: Total, 185; chickens a n d eggs, 173; cotton a n d cottonseed, 167; dairy products, 180; fruits, 189; grains, 146; meat animals, 218; truck crops, 291; miscellaneous, 176. J i n conformity with t h e practice of adjusting the cost-of-living index to take account of rationing and the'disappearance from the market of some goods formerly included, certain substitutions and additions are being made in the items used beginning M a r c h 1943 and the weights revised. March figures, which have been delayed because of the revisions, will be published in t h e Weekly Supplement. R e n t d a t a are now collected only at quarterly pricing periods; currently, between pricing periods, the latest rent d a t a are carried forward as a constant in the combined index until the next pricing. S-4 SUEVEY OF CUREENT BUSINESS Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey 1943 1943 March May 1943 March April May June July 1943 August 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 Hides and leather products 1926=100.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 Woolen and worsted goods do Miscellaneous.. do Automobile tires and tubes do Paper and pulp do Wholesale prices, actual. (See under respective commodities.) 117.8 116.0 101.3 126.4 102.6 107.3 97.7 v 103.8 97.2 86.0 90.4 97.3 107.0 112.6 70.5 30.3 112.4 91.4 73.0 102.7 116.7 116.6 101.5 124.3 102.6 107.7 97.4 103.8 97.1 85.6 98.2 96.6 106.6 112.6 69.8 30.3 108.7 89,7 71.0 102.9 119.2 82.4 87.5 84.2 72.0 81.5 86.9 83.5 70.1 123.5 101.3 126.7 102.8 108.0 97.5 103.8 97.1 85.6 98.5 97.7 107.8 113.8 70.6 30.3 111.0 90.3 72.5 102.9 118.8 121.4 101.3 126.6 102.9 108.1 97.5 103.9 97.2 85.6 98.5 98.0 109.6 112.9 71.9 30.3 111.0 90.5 73.0 102.8 118.2 118.5 101.3 126.4 102.9 108.1 97.4 103.9 97.2 85.6 98.5 97.6 109.1 112.7 70.0 SO. 3 111.0 90.2 73.0 101.6 118.2 118.5 101.3 126.4 102.8 108.0 97.5 103.8 97.2 85.6 94.1 97.1 107.2 112.7 I18.I 118.0 101.3 126.4 102.5 107.4 97.4 103.8 97.2 86.0 94.1 97.1 107.0 112.7 111.0 89.8 73.0 100.5 118.2 118.8 101.3 126.4 102.7 107.9 97.4 103.8 ..97.2 85.6 94.1 97.3 107.2 112.9 69.7 30.3 111.7 88.9 73.0 98.9 81.5 85.5 80.2 68.2 81.1 85.1 79.2 64.4 80.8 84.8 78.9 64.4 69.7 30.3 69.7 30.3 111.7 88.8 73.0 98.8 117.8 116.0 101.3 126.4 102. 5 107.3 117.8 116.0 101.3 126.4 102.5 117.8 107.3 107.3 116.0 101.3 126.4 102.5 86.0 94.1 97.1 107.0 112.4 70.5 30.3 111.7 88.6 73.0 97.4 103.8 97.2 86.0 93.2 97.1 107.0 112.4 70.5 30.3 111.7 90.1 73.0 97.4 103.8 97.2 86.0 90.4 97.2 107.0 112.4 70.5 30.3 [112.1 90.5 73.0 99.0 80.4 84.0 77.1 62 2 80.2 83.5 76.2 62.2 79.6 83.1 75.3 59.1 1,274 200 92 37 29 8 15 1,123 168 80 31 23 8 10 6 4 47 955 61 497 330 324 6 47 7 11 97.4 103.8 97.2 117.8 116.0 101.3 126.4 102.5 107.3 97.4 103.8 117.8 116.0 101.3 126.4 102.6 107.3 97.7 103.8 97.2 86.0 97.2 86.0 CO. 4 97.3 107.0 112.5 70.5 30.3 112.4 90.7 73.0 100.1 97.3 107.0 112.6 70.5 30.3 112.4 90.9 73.0 101.1 78.9 82.9 75.1 57.7 78.5 82.7 74.8 59.1 782 111 50 18 12 6 3 1 2 40 671 59 310 256 252 4 24 5 15 751 101 42 14 9 5 5 2 3 40 650 57 299 254 251 3 21 4 13 90.4 PURCHASING POWER OF THE DOLLAR As measured by— Wholesale prices Cost of living Retail food prices Prices received by farmers 1935-39=100... do do . do 77.8 57. 7 81.4 86.2 82.1 69.1 81.6 81.1 69.6 CONSTRUCTION AND REAL ESTATE CONSTRUCTION ACTIVITY* (Quarterly estimates) New construction, total mil. of dol__ Private, total do Residential (nonfarm) do Nonresidential building, total do Industrial do All other do Farm construction, total do Residential.. do Nonresidential do Public utility „ _do Public construction, total do Residential do Military and naval do Nonresidential building, total do Industrial do Allother do Highway do Sewage disposal and water supply do All other Federal do Miscellaneous public-service enterprises mil. of dol.. 702 111 46 13 8 5 7 3 4 45 591 64 271 213 210 3 25 4 12 955 306 181 50 23 27 10 6 4 65 649 38 285 237 221 16 42 10 30 331 208 43 19 24 17 10 7 63 757 41 359 253 238 15 57 10 31 1,143 290 162 40 20 20 25 15 10 63 853 43 393 304 290 14 71 10 27 1,211 236 100 41 24 17 33 19 14 62 975 46 491 325 312 13 71 10 27 1,403 221 92 41 28 13 27 15 12 61 1,182 48 649 370 359 11 75 10 25 1,486 221 98 41 30 11 22 13 9 60 1,265 56 681 417 1,415 215 95 41 31 10 19 12 7 60 1,200 71 626 403 395 8 65 9 22 56 1,074 66 523 389 382 7 62 9 22 128 65 22 16 761 63 358 286 282 4 30 5 17 2 I CONTRACT AWARDS, PERMITS, AND DWELLING UNITS PROVIDED Value of contracts awarded (F. R. indexes): 232 192 194 174 181 175 Total, unadjusted .....1923-25=100.. 145 139 228 118 125 75 64 70 80 86 90 Residential, unadjusted do... 83 66 '54 182 206 198 179 185 125 128 193 175 145 Total, adjusted do... 158 * 102 65 90 82 74 70 83 91 76 95 79 Residential, adjusted do_.. '56 Contract awards, 37 States (F. W. Dodge Corporation): 55,843 33,167 40, 557 51,863 33,100 30,055 30,558 35, 934 35,872 38, 797 25, 338 18, 503 Total projects. number.. 16,117 Total valuation thous. of dol_. 339,698 610, 799 498, 742 673, 517 1,190,264 943, 796 721,028 723,216 780, 396 654,184 708, 716 350,661 393,517 304,032 472,817 354, 575 1,105,414 875,951 633,183 660,953 709,879 591, 940 663,817 315,575 363,852 Public ownership do_ 62,263 70, 517 62, 244 44,899 35, 086 29, 665 35,666 137,982 144,167 104, 529 84,850 67,845 87,895 Private ownership do Nonresidential buildings: 8,332 14, 372 11,093 10,952 10,405 12,281 3,635 5,982 9,945 6,842 5,208 15, 093 5,090 Projects.. number.. 28,310 42,456 51,281 67, 961 134,085 113,134 90, 774 97,962 77, 245 52,615 67,327 27,913 37,810 Floor area thous. of sq. ft Valuation thous. of dol. 144, 935 231,834 234, 939 297, 885 568, 385 489,066 407, 324 466, 860 372, 991 256,513 278, 091 154,064 187, 242 Residential buildings: 26, 683 28,024 33,002 18,924 17,110 18, 556 22, 218 21,826 21, 302 17,428 12,155 Projects number.. 10,295 47,731 Floor area thous. ofsq. ft.. 16,990 50,770 38, 341 38,147 50,673 33, 634 26,177 29,759 37,444 37,707 38,112 24,920 22,188 71, 786 219, 276 162,097 147, 964 185,471 127, 382 100, 551 126, 708 161, 206 156, 654 159, 652 110,813 Valuation . . thous. of dol 93,294 Public works: 1,384 1,080 1,960 1,111 3,035 682 1,635 945 1,725 3,480 2,739 1,386 761 Projects number_. Valuation -thous. of dol. 62,037 92,148 58,477 127,107 203,341 129,611 111,960 65,811 154,795 94,157 142,157 38,254 52,856 Utilities: 552 721 1,123 609 736 685 331 1,750 486 1,016 386 497 405 Projects number. 60,125 Valuation thous. of dol. 60,940 67,541 43,229 100, 561 233,067 197,737 101,193 63,837 91,404 146,860 128, 816 47, 530 r v Revised. Preliminary. *New series. The series on new construction are estimated by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce, with the exception of the series on residential (nonfarm) construction which is from the U. S. Department of Labor and the data for military and naval and public industrial construction since January 1941, which are from the War Production Board. For data beginning 1939 see pp. 10, table 7, of this issue and for additional data relating to the derivation of the estimates, pp. 24-26 of the May 1942 issue. S-5 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey 1943 March April May June July 1943 August September October Novem- December ber January February CONSTRUCTION AND REAL. ESTATE—Continued C O N T R A C T AWARDS, P E R M I T S , AND DWELLING UNITS PROVIDED-Con. Indexes of building construction (based on bldg. permits issued, U. S. Dept. of Labor):| Number of new dwelling units provided 1935-39= 100.. 89.6 Permit valuation: Total building construction do 45.3 New residential buildings do 65.2 New nonresidential buildings do 27.4 47.1 Additions, alterations, and repairs_do Estimated number of new dwelling units in nonfarm areas (U. S. Dept. of Labor): Total nonfarm (quarterly) * number 114, 700 Urban, to tal do 15, 538 1-family dwellings ..do 11,881 2-family dwellings do 1,104 Multifamily dwellings do 2,553 Engineering construction: Contract awards (E. N . R.)§._-thous. of doL. 305, 973 HIGHWAY 181.8 142.4 102.9 160.8 163.8 180.0 104.7 70.8 83.6 72.2 53.5 64.5 48.7 41.3 24,692 16,492 877 7,323 17,679 13, 582 588 3,509 138, 300 31, 948 25, 550 2, 311 4,087 33, 358 25,014 2,970 5,374 26, 356 23,372 1,183 1,801 167, 500 22, 069 13,961 1,104 7,004 17, 027 10,281 1,314 5,432 17,048 12, 253 771 4,024 729, 485 898,696 1,044,572 968,938 1,201,526 813,077 87,900 22, Q67 11,694 1,150 9,223 21,772 16,448 1,133 4,191 14, 522 10,671 926 2,925 712, 709 691,979 607, 622 85, 800 13,157 9,761 1,058 2,338 373, 622 226, 826 306, 242 CONSTRUCTION Concrete pavement contract awards: Total thous. sq. yd-_ 7,242 Airports do 5,466 Roads do 927 Streets and alleys do 850 Status of highway and grade crossing projects administered by Public Roads A d m n . i Highways: Approved for construction: Mileage no. of miles.1,401 Federal funds thous. of doL_ 26, 655 Under construction: Mileage no. of miles.. 2,176 Federal funds thous. of doL- 67, 716 Estimated cost do 109, 824 Grade crossings: Approved for construction: Federal funds do 6,300 Estimated cost do 6,963 Under construction: Federal funds do 15, 307 Estimated cost do 15, 947 7,091 3,972 1,727 1,392 8,914 5,416 2,061 1,437 14, 462 3,267 1,394 15, 266 11,038 2,060 2,167 14, 947 11, 366 1,927 1,655 13, 947 10,091 2,653 1,202 20,090 16,935 1,518 1,637 12,453 7,600 2,806 2,047 8,671 5,821 1,406 1,444 7,734 5,074 1,488 1,171 6,237 5,065 541 631 6,872 5,644 649 579 1,562 24,612 1,431 24,055 1,455 27,968 1,654 32,808 1,718 36,170 1,606 37,059 1,534 35, 534 1,524 34, 968 1,531 33,435 1,404 29, 634 1,369 29,042 1,352 27,808 6,672 6,817 6,071 5,483 6,778 123,405 127,195 127, 511 122,402 114,997 226, 543 231, 620 228, 535 217, 290 200,868 7,490 8,210 7,806 8,503 8,201 8,893 7,108 7,843 6,696 7,358 34, 576 36, 913 34,467 36,814 33,658 35,838 33,413 35, 409 31, 299 33, 279 4,262 3,329 2,955 2,807 3,714 2,359 4,954 109, 549 102,419 98, 230 91,839 88,028 85, 097 73, 657 189,077 174, 898 165, 052 153, 221 143, 983 139,497 120,810 6,665 7,327 29,412 31, 296 5,852 6,512 5,904 6,564 24,608 26, 387 23,190 24,835 246 249 251 229 242 246 249 251 229 242 247 250 251 229 242 6,797 7,458 26,417 28, 231 6,776 7,439 6,854 7,516 21, 201 22, 797 17, 905 18,800 248 250 251 230 242 249 253 251 230 242 249 253 251 230 242 6,821 7,484 22, 242 23, 853 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.: 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 Home Loan Bank Administration: Standard 6-room frame house: Combined index 1935-39=100-. Materials do Labor do 225 225 227 218 249 254 251 232 242 237 232 247 221 236 238 232 248 221 237 241 233 250 224 238 242 242 250 228 244 245 250 229 240 214.1 206.5 507.3 207. 3 207.8 209.9 213.3 213. 3 213.5 213.5 213.5 213.7 214.1 107.3 140.0 132.3 130.7 101.9 137.5 125. 6 124. 4 105.4 137.7 125.7 124.4 105.6 138.2 126.6 124.8 105.6 138.2 126.6 129.6 106.1 138. 2 130.0 129.6 106.1 138.2 130.0 129.6 106.1 138.2 130.0 129.6 106.1 138.5 131. 3 129.6 107.0 139.8 132.0 130.6 107.2 139.8 132.0 130.6 107.3 140.0 132. 3 130.7 107.3 140.0 132.3 130.7 107.0 141.2 135.6 133.5 103.2 138.8 126.6 124.9 105. 7 139.0 126.7 124.9 106.0 139.8 127.2 125. 3 106.0 139. 6 127.2 132.6 106.0 139.6 132.3 132.6 106.0 139.6 132.3 132.6 106.0 139.6 132.3 132.6 106.0 140.0 134.6 132.6 106.7 141.0 134.4 133.4 106.9 141.0 134.4 133. 4 107.0 141.2 135.6 133.5 107.0 141.2 135.6 133.5 107.8 138.9 135.7 130.4 102.8 136.8 128. 5 124.7 106.4 137.1 128.6 124.8 106.5 137.4 130.4 125.3 106.5 137.4 130.4 129.4 106.5 137.4 133.1 129.4 106.5 137.4 133.1 129.4 106.5 137.4 133.1 129.4 106.5 137.5 134.5 129.4 107.2 138.5 135.3 130.2 107.6 138.5 135.3 130.2 107.8 138.9 135.7 130.4 107.8 138.9 135.7 130.4 107.4 142.3 129.6 127.4 100.3 138.3 121.9 122.5 103.7 139.3 122.3 122.8 103.8 139. 7 124.8 123.5 103.8 139.7 124.8 126.9 104.1 139.7 125.8 126.9 104.1 139. 7 125.8 126.9 104.1 139. 7 125.8 126.9 104.1 139.9 126.8 126.9 105.3 140.9 127.6 126.7 106.7 140.9 127.6 126.7 107.4 142.3 129.6 127.4 107.4 142.3 129.6 127.4 107.7 144.3 125. 6 126.5 98.8 139.8 118.9 122.1 103.2 141.1 119.5 122.5 103.3 141.4 120.2 122.9 103.3 141.4 120 2 124.8 103. 6 141.4 122.0 124.8 103.6 141.4 122.0 124.8 103.6 141.4 122.0 124.8 103.6 141.5 122.5 124.8 105.0 142.5 123.3 125.6 106.8 142.5 123.3 125.6 107.7 144.3 125.6 126.5 107.7 144.3 125.6 126.5 271. 8 272.3 274.2 277.7 281.6 281.6 282. 4 283.6 283.7 283.5 283.5 285.2 223 245 248 250 I 229 241 124.4 124.7 124.5 125.9 124.4 124.5 124.0 122.3 122.8 123.5 123.7 121.5 121.4 121.5 121.5 121.5 121.6 121. 2 121.0 121.3 120.5 121.2 130.7 132.5 130.2 130.9 130.2 129.4 130.2 126.4 127.8 125.9 128.5 §Data for April, July, October, and December 1942 are for 5 weeks; other months, 4 weeks. IMany projects approved for construction and technically under construction are inactive because of suspensions. *New series. For earlier quarterly estimates of total nonfarm dwelling units, see note marked "*" on p. S-4 of the November 1942 Survey; this series includes data for urban dwelling units shown above by months and data for rural nonfarm dwelling units which are compiled only quarterly. t Data have been revised beginning January 1940 and further revisions of the indexes for 1942 are in progress. Revisions for the latter year are at present available only for January-March; January and February 1942 data are as follows: Number of dwelling units provided—Jan., 123.1; Feb., 209.2; permit valuation of total building construction—Jan., 112.6; Feb., 191.0; new residential buildings—Jan., 108.5; Feb., 192.3; new nonresidential—Jan., 125.1; Feb., 232.9; additions, alterations, and repairs—Jan., 89.9; Feb., 80.7. 126.1 122.0 133.2 122.0 120.0 126.0 S-6 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey May 1943 1942 April i May June July 1943 August September October Novem- December ber Janu- J February ary CONSTRUCTION AND REAL ESTATE—Continued REAL ESTATE Fed. Hous. Admn. home mortgage insurance: Gross mortgages accepted for insurance thous. of doL_ 70,941 141,443 Premium-paying mortgages (cumulative) thous. of doL_ 4,746,755 3,849,549 Estimated total nonfarm mortgages recorded ($20,000 and under)* thous. of doL. 269,419 335,636 Estimated new mortgage loans by all savings and loan associations, total-.thous. of doL. 87,185 87,367 Classifled according to purpose: Mortgage loans on homes: 8,572 21,775 Construction do 55,235 40,930 Home purchase do 14,874 13,225 Refinancing do 3,547 Repairs and reconditioning do 2,377 Loans for all other purposes do 6,127 7,890 Classified according to type of association: 36,325 Federal.-. thous. of dol.. 37,850 38,595 38,030 State members do 10,740 13,012 Nonmembers do Loans outstanding of agencies under the Federal Home Loan Bank Administration: Federal Savings and Loan Ass'ns., estimated mortgages outstanding} thous. of doL. 1,839,302 1,832,341 Fed. Home Loan Bks., outstanding advances to member institutions thous. of doL_ 78,607 191,505 Home Owners' Loan Corporation, balance of loans outstanding thous. of dol.- 1,507,362 1,724,229 Foreclosures, nonfarm :f 17.6 29.2 Index, adjusted 1935-39=100.... 1 Fire losses thous. of dol__ 39, 214 30, 505 69, 225 53,488 98,800 109,350 109,660 100,456 99,833 73, 768 54,086 i 45,562 53,725 3,916,421 3,990,152 4,071,838 4,155,187 4,232,030 4,311,126 4,393,862 4,473,021 4,554,952 4,626,857 4,684,367 353, 511 336,850 359,968 350,187 342,250 345,964 357,083 278,321 265,406 228,283 219,882 99,047 95,009 94,095 95,797 92, 563 94,055 91, 672 73,979 70, 628 57,856 63, 324 20,488 52,196 14,508 4,083 7,772 17, 610 53,095 13,607 3,866 6,831 15,930 52,112 15,184 3,566 7,303 17,709 52,190 16,097 3,671 6,130 12, 568 55,301 14,019 4,126 6,549 12,449 58,060 14,063 3,804 5,679 10,572 56, 528 14, 694 3,498 6,380 9,275 43,984 12,472 3,007 5,241 8,472 41, 440 12,768 2,199 5,749 7,173 32,820 11, 408 1, 667 4,788 4,594 39,084 12,510 1,953 5,183 38,484 43,937 16, 626 36,966 43, 005 15,038 35, 279 44,265 14, 551 37,007 43,665 15,125 36, 620 41, 549 14,394 37,987 42, 249 13,819 35,555 41,937 14,180 28,163 35,441 10, 375 27,381 32, 751 10,496 23,390 26,910 7,556 26,566 28,175 8,583 1,842,422 1,846,790 1,849,400 1,852,972 1,856,269 1,861,062 1,862,593 1,862,796 1,853,868 1,843,714 1,839,245 185, 298 181,165 192, 645 173,593 160, 201 144, 752 131,377 121,886 129,213 113, 399 95,624 1,709,064 1,692,197 1,675,888 1,657,256 1,640,119 1,622,087 1,603,106 1,586,709 1,567,367 1,547,994 1,528,815 27.9 29.3 i 27.3 j 28.0 27,960 ! 23,233 '• 22,410 21,000 24.3 19,680 25.2 20, 443 24.4 22, 621 23.4 24,144 21.9 36,469 21.0 27,733 18.8 33,175 96.8 82.7 101.3 87.6 77.5 118.6 146.1 97.1 84.7 64.8 79.8 77.3 77.1 123.1 159.6 103.0 88.8 64.9 83.1 81.9 77.0 120.0 144.9 103.4 DOMESTIC TRADE ADVERTISING Advertising indexes, adjusted: Printers' Ink, combined index-.1928-32=100-. Farm papers do Magazines do Newspapers do Outdoor do Tide, combined index* 1935-39=100_. Magazines* do Newspapers* do Radio advertising: Cost of facilities, total thous. of dol.. Automobiles and accessories do Clothing do Electrical household equipment do Financial do Foods, food beverages, confections do Gasoline and oil do House furnishings, etc do Soap, cleansers, etc do Smoking materials do Toilet goods, medical supplies do All other do Magazine advertising: Cost, total do Automobiles and accessories do Clothing do Electric household equipment do Financial do Foods, food beverages, confections do Gasoline and oil do House furnishings, etc do Soap, cleansers, etc do Office furnishings and supplies do Smoking materials do Toilet gcods, medical supplies do Allother 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- GOODS IN WAREHOUSES 87.0 60.5 78.7 80.8 85.0 112.4 125.1 97.3 80.4 47.5 69.4 74.8 94.2 108.5 110.9 91.9 79.1 52.6 67.9 74.7 77.7 109.2 100.9 92.8 78.0 53.8 67.9 72.8 78.0 107.9 98.9 88.2 80.9 51.7 77.6 74.2 69.2 112.2 104.6 91.2 88.0 61.9 90.3 79.0 75.9 123.4 126.5 100.5 88.2 63.2 84.2 81.3 72.5 122.6 134.9 101.2 87.6 69.4 81.5 79.4 86.9 122.5 140.0 96.5 84.2 69.8 82.0 77.9 65.6 113.3 127.9 95.8 88.4 73.9 91.7 82.1 55.6 117.1 134.4 100.1 11, 953 479 97 55 72 3,130 638 48 1,040 1,655 3,494 1,246 10, 282 176 83 56 54 3,112 470 67 1,125 1,298 3,122 551 9,372 152 115 45 44 2,785 380 52 1,058 1,293 2,843 605 9,199 138 108 56 52 2, 543 431 52 1,005 1,316 2,856 643 8,989 265 62 45 41 2,473 367 42 1,050 1,299 2,792 553 8,500 367 55 45 41 2,162 349 42 1,013 1,329 2,571 527 8,186 448 45 57 53 2,051 342 51 928 1, 252 2,337 623 8,878 429 70 47 49 2,336 346 43 929 1,347 2,659 622 10, 332 339 94 53 49 3,027 480 56 853 1,485 3,081 815 10,716 362 115 67 57 3,027 532 54 799 1,497 3,136 1,069 11, 284 r 11, 171 347 361 61 125 67 54 76 60 2,919 3,180 646 609 60 49 810 904 1,604 1,606 3,412 3,275 1,169 1,061 17,443 950 1,188 351 392 2,721 336 599 b55 238 866 3,115 6,034 2,608 15,811 481 1,242 237 390 2,941 277 798 763 242 790 2,922 4,728 2,331 14,848 710 905 244 402 2,466 385 815 593 205 736 2,771 4,615 2.168 15, 421 772 968 161 403 2, 352 542 851 640 257 809 2,883 4, 783 2,064 13,932 796 735 213 304 2,043 392 536 477 171 732 2,928 4,604 1,769 11,109 631 250 213 257 1,738 306 208 320 170 609 2,406 4,001 1,700 12,415 765 724 126 280 1,785 405 266 378 193 671 2,268 4, 554 2,072 15,394 754 1,208 232 425 2,307 422 624 350 275 741 2,463 5,593 2,344 18,189 1,143 1,381 443 441 2,947 415 882 445 298 831 2,865 6,099 2,528 19, 450 979 1,144 522 466 3,377 367 757 479 322 983 3,075 6,979 2,650 16,940 r 12,629 r 15, 798 720 607 651 725 870 381 382 401 199 350 336 340 2,772 2,608 2,083 271 187 146 343 735 313 569 270 318 207 328 166 733 781 743 2.940 2,682 2,166 7,134 '5,124 ' 5, 785 2,432 2,033 2,179 113,190 106,908 107, 055 107,044 26, 925 21, 975 21, 649 22, 326 85, 406 84,718 86, 265 84,932 1,938 2, 334 2,416 2,500 1,849 1,595 1, 248 1,704 20, 262 16, 268 17, 821 16.529 64,878 64,608 63,464 61,908 97,663 20, 608 77, 055 2,541 1,370 14, 841 58,303 89,411 20.085 69,326 2,316 1,616 13,987 51, 407 94,963 104, 506 117,442 119.063 120,332 22, 996 21, 756 21, 931 22, 658 24,071 98, 575 73,032 81,847 93, 371 96,067 2,787 2,581 2,146 2,481 2,404 1,470 1,467 1,022 1,099 1,233 13,195 15, 572 19, 781 21, 775 19,147 70, 035 75,381 56,669 62, 695 69,953 94,488 22, 285 72, 204 1,513 1,887 14,674 54,130 10,347 348 60 57 62 ' 2,785 572 48 '836 1,475 3,080 1,024 95,607 22, 235 73,372 1,423 1,232 17, 836 52, 881 | j Space occupied in public-merchandise ware- j 85.4 84.1 83.2 85.2 83.3 82.5 83.6 83.4 81.0 82.1 85.0 84.5 houses § percent of total-J r Revised. tMinor revisions in the data beginning January 1939; revisions not shown in the September 1942 Survey are available on request. §See note marked " § " on p. S-6 of the April 1943 Survey with regard to enlargement of the reporting sample in August 1942. *New series. The series on nonfarm mortgages recorded is compiled by the Federal Home Loan Bank Administration; for information regarding the basis of the estimates and data for January 1939 to September 1942 see note marked "*" on p. S-5 of the November 1942 Survey. The new indexes of advertising are compiled by J. K. Lasser & Co. for "Tide" magazine; the combined index includes radio (network only prior to July 1941 and network and national spot 'advertising beginning with that month), farm papers, and outdoor advertising, for which separate indexes are computed by the compiling agency, in addition to magazine and newspaper advertising shown above; data beginning 1935 will be published in a subsequent issue. •jThe index of nonfarm foreclosures has been revised for 1940 and 1941 as follows: 1940—Jan., 52.7; Feb., 49.3; Mar., 48.5; Apr., 48.5; May, 50.7; June, 49.0; July, 48.7; Aug., 48.8; Sept., 47.5; Oct., 49.7; Nov., 44.9; Dec, 42.8; monthly average, 48.4. 1941—Jan., 44.2; Feb., 42.9; Mar., 42.9; Apr., 41.7; May, 38.7; June, 36.7; July, 38.0; Aug., 34.1; Sept., 34.0; Oct., 34.0; Nov., 32.5; Dec, 32.4; monthly average, 37.6. S-7 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey 1943 1942 March April May June July August September October Novem- December ber January February DOMESTIC TRADE—Continued 1 POSTAL BUSINESS Air mail, pound-mile performance mil!ions._ Money orders: Domestic, issued (50 cities): 9,527 Number thousands.. 178, 211 Value thous. of dol Domestic, paid (50 cities): Number thousands. _ 21, 350 Value thous. of dol— 338, 616 3,019 2,996 3,156 3,130 3,443 3,661 3,870 4,335 4,338 6,997 87, 793 5,673 59, 746 5, 411 59, 542 6.312 73. 783 5,573 65, 221 5,495 68. 098 5,952 78, 701 6,022 78, 748 7,748 75, 475 8,201 90, 554 19, 134 17, 093 15, 256 16,865 16, 071 14. 582 16, 308 17, 386 15, 649 18, 376 210, 702 164, 302 137, 629 162, 616 152, 047 142, 851 174, 772 180, 535 162, 162 196, 067 7,632 86, 624 5,983 92, 987 16, 681 15, 209 176, 866 171, 967 CONSUMER EXPENDITURES Expenditures for goods and services:* Total mil. of dol— 4, 870 Goods do Services (including gifts) do Indexes: Unadjusted, total 1935-39=100__ p 155. 0 Goods do Services (including gifts) do Adjusted, total do Goods do Vl65.~3" Services (including gifts) do 6,505 4,255 2.251 6,622 4.339 2,282 6.607 4,315 2,291 6,573 4, 277 2,296 6,526 4,224 2,301 6,753 4,442 2,312 7,028 4,698 2,330 7,520 5, 179 2,340 7. 195 4,820 2,375 8.325 5, 951 2,374 ' 6, 779 6,802 ' 4, 377 - 4, 436 ' 2, 402 2,367 ' 134. 2 139.0 ' 126. 0 138.3 145.3 ' 126. 4 137.8 143.1 128.7 138.0 143.9 128.0 137.8 143.4 128.3 138.5 143.9 129.4 136.8 141.2 129.4 137.6 142. 1 129.9 133.6 136.4 128.9 141.6 148.3 130.1 138.8 144.3 129.5 145.7 154.0 131.6 147.9 157.6 131.3 144.2 151.6 131.6 151.7 163.8 131.1 147.6 157. 4 130.9 154. 4 166.5 133.9 151.0 160.8 134.2 170.7 192.9 132.9 144.7 ' 152.1 132.2 ' 140. 9 149.7 ' 144. 6 ' 158. 0 ' 134. 5 ' 135. 5 160.4 ' 152.1 ' 163. 4 ' 176. 3 133.3 ' 132. 9 RETAIL TRADE 4,474 4,615 4,433 5,052 4,569 4,840 ' 5, 257 ' 4, 843 ' 5, 926 ' 4, 434 ' 4, 504 4,592 4,503 All retail stores, total salesf mil. of dol 822 Durable goods stores do._ 846 838 813 837 '874 804 856 r 772 860 664 '937 ' 651 4,230 Nondurable goods storesf do.. 3,769 4, 003 ' 4, 384 ' 4, 071 ' 4, 989 ' 3, 783 ' 3, 840 3,620 3,666 3,670 3,712 3,733 By kinds of business: 363 365 302 352 440 469 702 456 406 405 477 528 479 Apparel do._ 280 269 247 269 247 260 '240 248 '211 240 '207 '208 ' 212 Automotive § do. _ 299 336 342 336 370 354 351 316 289 373 '244 300 235 Building materials and hardware do 208 Drug do. 195 194 190 182 181 207 167 200 170 193 '280 203 588 525 529 495 473 468 546 431 '501 Eating and drinking! do. 446 '524 '540 '523 1,410 Food stores do 1.274 1,275 1,285 1,237 1,248 1.377 1,172 1,277 1,220 1,421 1,301 ' 1, 257 209 Filling stations do 280 280 317 288 286 283 270 277 273 '186 '199 ' 193 740 General merchandise do662 765 583 659 648 880 680 846 700 '684 1,214 621 190 Household furnishings do 187 193 162 192 174 219 203 201 206 163 261 157 658 Other retail storesf do 522 558 493 557 532 628 548 565 558 '565 801 583 All retail stores, indexes of sales: 137.2 152. 5 134.5 158.5 181.2 140.7 142.8 139.4 150.7 142.0 156.6 Unadjusted, combined indexf.. 1935-39=100' 137. 7 ' 150. 5 99.9 Durable goods stores do 104.4 108.3 101.2 100.1 109.7 105.4 104.7 103.4 108.1 90.2 117.7 '82.5 167.2 Nondurable goods storesf do 152. 5 166.9 145.3 149.3 153. 5 150.5 173.5 176.4 153.0 201.8 ' 155.6 ' 170.1 159. 5 Adjusted, combined indexf do 149.6 146.1 146. 2 142.8 141.9 140.4 150.2 153.5 141.5 144.4 ' 156. 9 r 170.1 111.3 105. 1 103.2 103.9 111.6 100.6 99. 5 100.5 101.2 Durable goods stores do. 107.3 109.9 95.4 ' 103. 5 175.1 164.1 160.0 160.0 152.9 155.3 153.7 166.3 170.5 Nondurable goods storest do. 152.6 160.3 ' 174. 3 ' 189. 6 By kinds of business, adjusted: 182.1 171.4 166. 3 180. 7 163.5 163.1 146.8 166.0 112.3 197.5 198.0 152.5 261.0 Apparel do. 63.9 61.5 58.3 61.4 56.4 61.2 '54.7 56. 5 Automotive § do. 56.6 '49.8 52.4 '48.4 '47.5 159. 2 Building materials and hardware do 156.9 1P3.1 157.0 162.0 153.4 147.0 174.7 175.4 147.5 163.8 ' 176. 6 149.0 176.7 168.7 163.9 162.2 151.7 155.6 174.0 141.7 146.5 174.9 176. 5 ' 176. 2 180.5 Drug __. do... 238.6 190.3 201.0 '209.3 ' 208.8 ' 207. 2 ' 230.4 ' 252.8 188.3 181.0 181.0 175.0 Eating and drinkingf do... 179.0 174.7 166. 5 160.4 159.3 155.8 156.3 166.7 150. 9 153.1 167.8 172.6 ' 173.4 164.2 Food stores do.__ 107.8 Filling stations do... 115.3 124.8 141.4 129. 6 124.6 128.9 138.9 134.3 136.3 96.8 ' 111.9 ' 118.5 154.4 147.1 142.0 139.0 130.7 127.2 144.3 138.4 136.2 155.0 156.4 '176.6 135.6 General merchandise do... 158.5 Household furnishings do. _. 138. 2 142.3 136. 7 132.5 123.4 145.7 176.0 149.8 157.6 159.2 161.8 138.6 194.1 189. 9 183.6 188.8 202.6 200.6 189.3 167.1 175.8 182.8 190.9 ' 203.6 179.9 Other retail storesf do_._ Chain-store sales, indexes: Chain-store Age. combined index (20 chains) 175.0 177.0 187.0 182.0 183.0 170.0 181.0 169.0 164.0 194.0 177.0 171.0 average same month 1929-31 = 100.- 180.0 212.0 220.0 200.0 181.0 172.0 218.0 208.0 Apparel chains do 228.0 295.0 243.0 216.0 239.0 174.0 Drug chain-store sales: 132. 3 140.2 210.3 135.2 149.3 141.6 132.7 124.4 129. 3 129. 5 136.0 147.1 124.6 Unadjusted 1935-39 = 100Ad justed do 147. 8 142.3 138.8 138.2 125.0 133.4 137.0 147.1 128.9 141.0 145. 5 154. 6 146.3 Grocery chain-store sales: 169. f, 166. 4 167.0 169.0 167.3 168.9 173. 4 170.9 170.0 170. 7 175. 2 158.0 Unadjusted 1935-39=100. v 165.8 Adjusted do._. v 164. 2 174.3 172.4 172.4 168.3 168.2 170.8 170.0 170.1 169.5 165. 6 162.1 162.8 Variety-store sales, combined sales. 7 chains: 132.2 137.8 130.2 140. 9 r 125. 1 263.0 124.8 161.6 106.1 129.1 123.1 116.1 Unadjusted 1935-39 = 100. » 123. 6 Ad j us ted do... _ » 147.4 142.3 143. 4 143.4 133. 6 135.1 136.2 143.2 157.0 127. 1 144.6 ' 157. 6 139.2 Chain-store sales and stores operated: Variety chains: S. S. Kresge Co.: 28, 667 12, 277 13, 097 13,174 14, 437 14, 219 14, 536 13, 565 14, 781 14, 997 17, 237 16,610 Sales thous. of dol— 14, 069 662 671 672 671 674 673 671 Stores operated number.. 671 672 671 663 671 665 S. H. Kress & Co.: 8, 733 9,599 8, 063 9,105 10, 278 11, 046 18, 397 8, 750 9, 607 8, 573 8, 503 9,634 8,640 Sales thous. of dol— 244 246 246 245 244 246 245 Stores operated number. 243 244 245 244 244 244 MeCrory Stores Corp.: 5,023 5,656 5,648 10,464 4,504 5,017 4, 833 4,373 4,749 4, 671 4,323 4,788 5,163 Sales thous. of doL 202 203 203 203 203 203 203 Stores operated number. _ 203 203 203 202 203 202 G. C. Murphy Co.: 12, 269 5,775 6,094 5, 598 5, 481 6,156 7,335 6,136 6,719 6,205 6,051 5,934 5, 091 Sales thous. of dol— 208 207 207 207 207 207 207 Stores operated number.. 206 207 207 207 207 207 F. W. Woolworth Co.: 33. 847 3S, 475 36, 376 64, 240 31, 705 33, 675 32, 660 29, 639 30, 965 33,025 32, 901 30, 266 33,136 Sales thous. of dol— 2,011 2,012 2,015 2,011 2, 011 2,017 Stores operated number. _ 2,010 2,017 2,013 2, 018 2,012 2, 015 j 2,012 'Revised. *> Preliminary. ^Beginning December 1941, seasonal adjustment factors of 100 are being used for this group. fRevised series. Data for sales of "eating and drinking places," "other retail stores," and the totals for nondurable goods stores and all retail stores, have been revised beginning 1935; revised monthly data beginning August 1941 are shown in the October 1942 Survey and revised 1941 monthly averages are in note marked " t " on p. S-7 of the April 1943 issue; all revisions will be published in a subsequent issue. *New series. The data on consumer expenditures have been revised beginning 1939 and are not strictly comparable with data shown in the Survey prior to the April 1943 issue; revision o[ the data prior to 1939 is in progress. A detailed description of the series, as originally compiled, appears on pp. 8-14 of the October 1942 Survey and a subsequent change in the concepts is outlined in the descriptive notes for table 10, lines 16 to 19, included on p. 24 of the March 1943 issue. Revised dollar figures for 1939-41 are shown on p. 7 of the April 1943 Survey. Revised data for January 1942: Dollar figures (in millions)—total, 6,393; goods, 4,143: services, 2,250. Indexes, unadjusted—total, 130.5; goods, 133.2; services, 126.0. Indexes, adjusted—total, 141.3; goods, 151.0; services, 124.7. Revised figures for February 1942 are on p. S-7 of the April 1943 Survey. S-8 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey May 1943 1942 1943 March March April May June July 1943 August September October Novem- December ber January February DOMESTIC TRADE—Continued R E T A I L TRADE—Continued Chain-store sales and stores operated—Con. Other chains: W . T . Grant Co.: Sales --...thous. of d o l . . 11, 956 Stores operated number. _ 493 J. C. Penney Co.: Sales thous. of dol. _ 35, 517 Stores operated number.. 1,610 D e p a r t m e n t stores: Accounts receivable: Instalment accounts!—-Dec. 31, 1939=100.. Open accounts§ do Collections: Instalment accounts! percent of accounts receivable.. Open accounts§ do Sales, total U. S., u n a d j u s t e d . . 1923-25 = 100.. 121 Atlantaf 1935-39=100.. 171 Boston 1923-25 = 100. _ 100 Chicago 1935-39=100-. 144 Cleveland t do 160 Dallas 1923-25 = 100__ Kansas City 1925 = 100.. Minneapolis 1935-39=100._ 104 New York 1923-25=100.. 135 Philadelphia 1935-39=100.. 172 Richmond do 124 St. Louisa 1923-25=100-. San Francisco 1935-39=100.. 136 Sales, total U. S., adjusted 1923-25 = 100.. Atlantaf 1935-39=100..182 Chicago ____do Clevelandf do 169 172 Dallas 1923-25=100... Minneapolis 1935-39=100.. New Yorkt 1923-25 = 100.. 127 Philadelphia 1935-39 = 100. _ 154 Richmond do 181 138 St. Louisi 1923-25 = 100.. San Francisco 1935-39 = 100— Instalment sales, New England dept. stores percent of total sales.. Stocks, total IT. S., end of month: r 92 Unadjusted 1923-25 = 100.. Adjusted do Other stores, instalment accounts and collections:* Instalment accounts outstanding, end of mo.: Furniture s t o r e s . . Dec. 31, 1939=100.. Household appliance stores do Jewelry stores do Ratio of collections to accounts at beginning of month: F u r n i t u r e stores percent. _ Household appliance stores do Jewelry stores do Mail-order and store sales: Total sales, 2 companies thous. of dol__ 118,532 52,192 Montgomery Ward & C o . . . do 66, 340 Sears, Roebuck & Co do Rural sales of general merchandise: 185.6 Total U. S., unadjusted 1929-31 = 100.. 173.5 East do 239.7 South do 141.5 Middle West do 193.3 Far West do.... 211.3 Total U. S., adjusted do 193.2 East do 265.4 South do 159.7 Middle West do 234. 9 Far West do.... 10, 741 495 12, 363 494 12, 200 493 12,222 494 10, 441 494 11, 442 494 12, 648 494 15,111 493 14, 382 493 25,138 493 32, 347 1,608 36, 531 1,609 37,170 1,609 38, 457 1,609 34, 683 1,610 40, 523 1,611 47,467 1,611 54, 294 1,611 49, 426 1,611 63, 320 1, 611 102 29, 729 1,611 91 22 46 118 151 94 136 147 129 110 125 106 rl39 161 125 148 124 150 141 161 133 124 120 149 165 130 161 21 47 115 149 93 133 153 127 111 130 106 132 155 120 149 117 153 134 151 131 129 110 147 156 120 157 50 108 144 89 124 137 126 101 111 99 128 147 108 142 108 147 123 134 126 112 105 130 147 108 147 9.2 8.4 111 109 122 118 101 96 100 91 93 13 13 19 13 13 19 13 13 20 14 13 22 14 13 22 131, 894 55, 856 76,038 133, 905 57, 604 76, 301 119,117 50, 762 68, 356 117, 597 48,476 69,121 175.6 183.3 202.0 155.9 200.1 191.1 192.4 229.3 167.0 224.0 116 137 99 137 104 143 125 134 123 1*7 97 122 144 108 149 23 60 83 116 67 97 105 100 88 94 81 92 120 87 138 121 162 139 143 143 133 114 139 170 126 166 24 59 103 144 75 117 134 127 114 1.15 94 112 147 114 158 130 169 148 157 165 131 123 152 194 152 172 25 60 133 171 105 155 161 171 133 145 120 143 174 131 184 123 161 141 146 154 126 112 133 170 122 176 6.9 5.4 6.2 9.1 7.0 130 127 129 136 126 140 131 137 129 124 164. 8 171.7 188. 0 146.6 188. 8 179.5 186.6 221.7 154.8 210.0 22 56 100 124 85 121 128 109 160.3 162. 9 179.4 144.0 203.6 176.0 177.4 223.1 152.5 213. 7 29 65 137 183 117 154 165 170 146 156 130 160 211 145 191 128 173 147 158 150 131 115 139 170 129 182 29 63 157 206 116 168 187 191 147 144 144 182 203 158 219 138 186 153 170 171 144 121 142 193 135 210 31 65 222 286 181 246 252 280 231 219 215 262 304 212 296 125 166 146 146 162 141 119 140 164 129 173 32,890 1,611 58 65 65 89 185. 6 204.9 224.0 165.2 194.5 211.4 228.2 248.1 186.4 236.3 10,433 492 28 61 111 151 89 123 132 155 126 114 97 112 134 117 150 143 195 155 179 204 143 123 157 197 146 195 28 61 130 190 90 155 155 205 *134 132 112 137 ••161 143 184 167 216 185 194 241 188 138 185 '234 166 238 7.8 5.0 7.6 127 114 121 105 94 '89 '93 76 59 65 i 73 54 63 70 50 62 16 13 25 16 14 26 18 15 30 17 15 31 18 15 '45 17 15 29 104,118 42, 521 61, 597 113,447 48, 741 64, 706 142,022 61, 495 80, 527 174,045 76, 068 97, 977 153, 406 68, 396 85,010 193,412 86, 472 106, 941 96,682 ( 99,300 39,983 41,443 56, 699 57,857 137.3 128.1 158.6 118.9 193.8 188.1 179.9 233. 5 161.2 236. 3 160.8 153.3 178.0 135.5 207.8 196. 6 192.4 246. 9 164. 3 225.6 214.2 201.2 262.8 185.7 272.2 202.6 204.6 238.0 181.1 232.6 250.5 245.4 362.2 210.8 276.2 192.8 190.7 244.4 166. 0 230. 0 253.6 266.2 334.6 216.5 298.6 194.9 206. 5 243. 7 165.2 246.2 272.7 273.2 325.8 243.0 324.5 170.5 164.1 216. 9 155.8 298.8 54.0 39.0 15.0 52.4 38.1 14.3 10.5 41.9 1.6 54.5 38.5 16.0 52.8 37.5 15.3 9.8 43.0 1.7 53.4 37.9 15.5 51.9 37.0 14.9 8.9 43.0 1.5 ••100 60 36 60 152.2 149.7 193.1 i 136.0 171.8 ! 200.0 197.0 I 244.1 i 177.8 i 233.7 174.3 164.0 245.8 151.9 192.3 215.5 200.5 224.1 191.0 259.9 EMPLOYMENT CONDITIONS AND WAGES EMPLOYMENT Estimated civilian labor force (Bureau of the Census):* Labor force, total millions. _ Male do Female do Employment do Male do Female do Agricultural do NonagriculturaL do Unemployment do 52.0 36.4 15.6 51.0 35.8 15.2 9.0 42.0 1.0 54.5 40.0 14.5 50.9 37.6 13.3 8.9 42.0 3.6 53.7 39.8 13.9 50.7 37.8 12.9 9.3 41.4 3.0 54.2 40.0 14.2 51.6 38.4 13.2 10.2 41.4 2.0 56.1 41.1 15.0 53.3 39.4 13.9 11.5 41.8 2.8 56.8 41.6 15.2 54.0 39.9 14.1 11.7 42.3 56.2 41.1 15.1 54.0 39.7 14.3 11.2 42.8 2.2 54.1 39.2 14.9 52.4 38.2 14.2 10.2 42.2 1.7 52.4 37.1 15.3 51.0 36.3 14.7 8.7 42.3 1.4 52.3 36.7 15.6 50.9 35.9 15.0 8.8 42.1 1.4 ' Revised. *» Preliminary. §Data revised slightly and'rounded to nearest percent; revisions prior to November 1941, which have not been published, are available on request. ^The index on a 1935-39 base shown in the 1942 Supplement is in process of revision; pending completion of the revision, the index on a 1923-25 base is being continued. %A few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p. S-8 of the November 1942 Survey. fRevised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19, of the December 1942 Survey. Revised data beginning 1919 for the Cleveland district are shown on p. 32 of the April 1943 issue. *New series. Indexes of instalment accounts and collection ratios for furniture, jewelry, and household appliance stores beginning January 1940 will be shown in a sub- S-9 SUEVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, together with explanatory notes a n d references to the sources of the data, may be found in the 1942 Supplement to the Survey 1943 1943 March March April May June July August 1943 September October Novem- December ber January February EMPLOYMENT CONDITIONS AND WAGES—Continued EMPLOYMENT-Continued Employees in nonagricultural establishments:f Unadjusted (Q. S. Department of Labor): Total thousands.. 38,232 35,411 35,908 36,346 36, 665 37, 234 37, 802 38, 348 38, 478 38, 533 38,942 37,862 38,071 13, 859 14,019 15, 957 14,133 14, 302 14, 641 14, 980 15, 233 15, 313 15,434 15,684 15,743 • 15, 851 Manufacturing do. 933 859 '867 929 928 921 918 885 867 Mining do 923 910 894 902 1,625 1,331 1, 771 1,909 1,991 2,181 1,674 1, 470 ' 1,386 C obstruction do 2,108 2,185 1,896 2,028 3,295 3,467 3,389 3,442 3,484 3,533 3,502 3,463 ' 3,456 3,519 3,542 3,520 Transportation and public utilities-do 3,539 6,711 6,332 6,679 6,667 6,606 6,496 7,107 6,371 ' 6, 291 6,504 6,561 6,771 Trade do 6,697 4,194 4,283 4,265 4,309 4,324 4,371 4,279 4,259 ' 4, 270 4,355 4,397 4,295 4,327 Financial, service, and miscl do 4,794 6,003 4,856 4,958 5,037 5,323 5,811 5,689 ' 5,950 5,184 5,520 5,723 5,672 Government do.... Adjusted (Federal Reserve): 36,002 36,063 38, 792 • 38,823 Total do — 38, 871 36, 274 36,461 38, 842 37,051 37,433 37, 645 37, 962 38,325 15,933 •15,975 Manufacturing . . d o - . . . 16,039 14, 220 14, 382 14, 640 14, 819 15,006 15,349 15,687 13, 939 14,081 15,162 '873 870 Mining _do.--_ 863 933 884 936 938 929 900 929 918 883 888 1,843 ' 1,748 Construction do 1, 534 1,791 2,004 1,888 1,826 1, 851 1,959 1,768 1,889 1,916 1,902 3,549 ' 3, 545 3,542 3,435 3,535 3,366 3,408 3,471 3,482 Transportation and public utilities,do 3,446 3,508 3,490 3,466 6, 513 ' 6, 458 6,530 6,695 6,635 6,812 6,690 6,609 6,523 Trade do — 6,610 6,673 6,607 6,619 Estimated wage earners in manufacturing industries, total (IT. S. Dept. of Labor)* thousands.. 13, 700 11,821 11,988 12,127 12, 282 12, 564 12, 869 13,079 13,516 • 13,609 13,267 • 13,474 13,166 Durable goods do 6,500 8,086 6,350 6,649 6,823 7,875 ' 7,985 7,003 7,313 7,597 7,780 7,192 7,464 1,569 Iron and steel and their products do 1,720 1,579 1,599 1,643 1,693 ' 1, 706 1, 556 1,612 1,621 1,635 1,676 1,620 Blast furnaces, steel works, and rolling 524 mills.... thousands.. 544 549 546 548 532 '523 '522 540 525 ••518 546 '676 Electrical machinery . do 690 511 520 523 528 564 630 649 661 542 586 610 Machinery, except electrical do 1,230 1,028 1,202 ' 1, 216 1,048 1,058 1,078 1,094 1,114 1,168 1,190 1,126 1,148 Machinery and machine-shop products 473 469 400 409 418 465 thousands. _ 391 425 435 440 457 449 '642 655 Automobiles do 429 631 460 534 592 513 556 572 613 485 421 Transportation equipment, except automobiles thousands. _ 2,183 1,145 1,250 1,345 1,752 2,067 ' 2,132 1,443 1,559 1,673 1,909 '412 410 373 370 373 390 408 Nonferrous metals and products do 381 405 392 398 378 387 '478 475 545 549 551 546 489 Lumber and timber basic products...do 559 515 535 526 555 561 306 308 309 303 260 Sawmills do 313 295 290 ••282 312 313 '266 Furniture and finished lumber products 364 362 365 387 thousands.. 397 384 363 365 381 369 374 367 368 170 179 169 Furniture do 186 177 174 170 168 170 172 173 170 '359 378 Stone, clay, and glass products do 358 374 362 376 376 369 368 368 369 368 370 ' 5, 624 Nondurable goods do.-.5,614 5,488 ' 5, 641 5,471 5,478 ' 5, 694 5,702 5,561 5,677 5,459 5,766 5,670 Textile-mill products and other fiber manu' 1, 272 factures thousands.. 1,289 1,266 1, 298 1,303 1,298 1, 293 1,298 1,283 1,275 1,287 1,272 1,277 Cotton manufactures, except small wares 502 '504 503 507 509 thousands._ 508 509 510 507 505 505 506 Silk and rayon goods do 103 105 105 105 99 106 103 100 98 98 Woolen and worsted manufactures (ex175 cept dyeing and finishing)..thousands.. 179 180 183 183 181 183 177 180 177 176 Apparel and other finished textile products '897 thousands.. 884 952 959 903 934 907 873 915 866 904 239 236 Men's clothing do. 259 259 256 246 248 247 236 241 242 235 252 248 277 272 263 252 Women's clothing do. 229 252 247 231 253 248 '355 358 392 381 357 386 377 367 364 Leather and leather products do. 374 357 363 351 198 200 225 218 200 214 209 204 Boots and shoes do. 222 213 199 204 936 965 890 906 1, 210 947 1,125 1,018 1,052 1,099 1,038 Food and kindred products do. 893 "917 252 258 239 239 263 245 258 264 254 265 263 Baking do. 237 89 322 120 248 114 191 191 136 98 Canning and preserving do. 95 87 92 178 178 174 179 187 180 174 176 185 165 Slaughtering and meat packing do 160 160 '94 98 92 97 99 94 99 100 96 93 Tobacco manufactures do 95 93 91 313 297 312 298 309 302 300 304 Paper and allied products do.._ 327 '310 313 320 326 150 151 160 152 151 155 151 150 Paper and pulp do... 165 163 165 151 Printing, publishing, and allied industries '338 335 thousands. _ 335 342 333 331 328 325 325 323 325 338 331 722 715 Chemicals and allied products .do 702 576 588 600 623 649 551 613 693 673 728 115 114 Chemicals . ....do.].. 112 110 110 112 111 111 110 111 111 rill 122 123 124 Products of petroleum and coal do 122 125 126 128 129 128 124 125 126 129 78 '77 Petroleum refining do 79 79 79 78 80 81 81 78 79 80 '185 Rubber products . do 183 146 142 141 180 146 158 164 174 "188 169 153 82 Rubber tires and inner tubes do 80 81 59 62 58 58 68 77 70 73 66 Wage earners, all manufacturing industries, un165.0 ' 166.1 adjusted (TJ. S. Dept. of Labor) t-1939 = 100.. 167.2 144.3 164.5 146.3 148.0 149.9 153.4 157.1 161.9 159.6 160.7 218.1 r 221. 1 Durable goods do 223.9 175. 8 215.5 180.0 184.1 188.9 193.9 199.2 202.5 210.4 206.7 170.7 ' 172. 1 156.9 169.1 Iron and steel and their products do 173.4 158.3 159.3 161.3 162.5 163.5 163.4 165.7 164.9 Blast furnaces, steel works, and rolling 134.9 ' 134. 5 ' 134. 3 140.0 140.4 140.6 141. 0 141.3 138.9 137.0 133.4 mills 1939=100... 135.5 266.2 250. 3 255.1 ' 260. 8 197.2 201.7 209.1 200.5 203.6 217.8 226.3 243.0 Electrical machinery do_.._ 235.3 200.2 225.1 227.5 ' 230.1 232.8 194.6 207.0 198.3 204.0 210.7 213.0 221.0 Machinery, except electrical do 217.3 Machinery and machine-shop products 233.7 231.7 230.0 202.2 209.9 193.3 197.9 206.6 214.9 217.5 226.0 1939=100.. 222.0 156.7 ' 159. 5 152.5 138.2 162.7 104.7 106.5 114.3 127.4 120.6 Automob iles do 132.6 142.3 147.1 Transportation equipment, except auto721.4 909.1 787.4 847.1 982.5 1, 054. 3 1,104. 0 1,156. 5 1, 202. 8 1, 259. 2 1, 302. 2 1,343.1 mobiles 1939=100.- 1, 375. 2 178.1 ' 179. 6 176.7 162.8 178.8 162.9 164.9 161.6 166.3 173.5 169.0 170.3 171.2 Nonferrous metals and products do 116.3 '113.8 122.5 129.7 112.9 131.0 132.0 130.6 133.0 125.1 133.5 129.9 127.2 Lumber and timber basi: products..do 90.4 '92.4 '97.9 106.2 107.4 108.2 107.0 108.7 100.6 108.5 105.0 102.5 Sawmills do Furniture and finished lumber products 111.0 110.2 111.4 118.1 117.2 116.2 110.5 121.1 112.4 114.0 112.3 111.3 112.0 1939=100-. 106.9 105.9 106.7 111.3 109.6 105.8 116.9 112.4 107.9 107.0 108. 3 107.2 Furniture _do. 123.2 '122.4 125.4 128.2 128.1 127.3 126.1 125.7 125. 2 | 125.3 Stone, clay, and glass products. _do. 128.8 125.8 ' Revised. f Revised series. The estimates of employees in nonagricultural establishments and in each of the component groups, with the exception of the trade group and the financial, service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress; the revised data will be published when revisions are completed (data beginning August 1941 are in the October Survey). The indexes of wage-earner employment and of weekly wages (pp. S-ll and S-12) in manufacturing industries have been completely revised; for 1939-41 data for the individual industries and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry groups, see pp. 23-24 of the December 1942 Survey. Indexes for the totals and the industry groups have been further revised beginning January 1941; data for 1941 are shown on p. 28, table 3, of the March 1943 issue. *New series. Data beginning 1939 for the new series on wage earners in manufacturing industries will be shown in a later issue; data for the individual industries beginning October 1941 are available on pp. S-8 and S-9 of the December 1942 Survey; the figures for all manufacturing, durable goods, nondurable goods, and the industry groups are shown on a revised basis beginning with the March 1943 Survey and figures previously published for these series are not comparable with the current data. S-10 SURVEY OF CURRENT BUSINESS Mav 1943 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey Febm- EMPLOYMENT CONDITIONS AND WAGES—Continued EMPLOYMENT—Continued Wage earners, all mfg., unadj.j—Con. Nondurable goods _' 1939 = 100.. Textile-mill products and other fiber manufacturers 1939=100,. Cotton manufacturers, except small wares 1939 = 100.Silk and rayon goods do Woolen and worsted manufacturers (except dyeing and finishing), ,.1939=100,. Apparel and ether finished textile products 1939 = 100.. Men's clothing do Women's clothing do Leather and leather products do Boots and shoes do , Food and kindred products do ] Baking do I Canning and preserving _do I Slaughtering and meat packing do. Tobacco manufacturers do Paper and allied p r o d u c t s . . . . do Paper and pulp - do Printing, publishing, and allied industries 102.2 1939=100.. Chemicals and allied products do Chemicals do Products of petroleum and coal dc Petroleum refining do Rubber products do 155.0 Rubber tires and inner tubes do Manufacturing, adjusted (Fed. Res.)f do "l68.~2 224. 6 Durable, goods do 123.8 Nondurable goods do Manufacturing, unadjusted, by States and cities: State: California* . . . . . 1940=100._ Delaware 1923-25 = 100., Illinois 1935-39=100.. Maryland 1929-31 = 100 . Massachusetts! 1935-39 = 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 do Detroit 1923-25= 100.. I 165. 0 Los Angeles* 1940 = 100_ _ 283. 3 Milwaukee 1925-27= 100. 170.1 New York 1935-39 = 100.. 139.9 Philadelphia 1923-25 = 100.. 143. 0 Pittsburgh.. do 128.7 San Francisco* 1940 = 100 _ _ 321.5 St. L o u i s . . 1937=100., Wilmington 1923-25= 100.. 184. 6 Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining :f ! Anthracite 1939 = 100.. | 89.2 Bituminous coal do 109.1 113.2 Metalliferous do 95.8 Quarrying and nonmetallic do 79.9 Crude petroleum and natural gas! do Public utilities:! 87.4 Electric light and power do 116.0 Street railways and busses do 122.4 Telephone and telegraph do Services:! 115.8 Dyeing and cleaning do 118.4 Power laundries do 104.5 Year-round hotels do Trade: 98.3 Retail, totalt -- --do . 105. 9 Food* do.-_111.5 General merchandising! do 97.2 Wholesale! do 116.1 Water transportation* do ( Miscellaneous employment data: | Construction, Ohio 1935-39=100._I. Federal and State highways: Total! number.. | _ Construction (Federal and S t a t e ) . . d o |. Maintenance (State) do i. Federal civilian employees: j United States thousands.. I District of Columbia do | Railway employees (class I steam railways): Total . thousands J Indexes: Unadjusted! 1935-39 = 100..! Adjusted! do 124.5 111.5 ! 121.4 118.6 102.0 112.9 103. 0 104. 2 103. 4 64.4 132.6 1Q1.3 123.2 120.1 j ! ' ! 101.7 191.1 157.4 117.5 107.8 121.0 107. 0 145. 3 176. 5 120.6 r 128. 1 87.2 120. 9 128.3 87.9 122.6 128.5 88.4 122.7 128.5 87.8 122.5 128.0 86.0 121.3 127.7 ! 81.9 120.3 127.7 83.2 118.7 128.9 82.7 118.5 120.6 ' 118.5 ; 100.0 111.3 i 101.7 | 104.5 ! 102.9 i 68.6 | 132 6 • 99.7 122.7 i 120.2 ; 118.3 117.2 96 9 109.8 99. 9 106. 0 103. 8 70. 6 136. 9 97.2 120.5 118.9 110.6 113.4 84.3 108. 6 98.2 110.8 106.0 j 1-14.0 99.0 I 117.7 ! 116.6 ! 109.7 110.1 85.0 107.7 97.6 123.1 110.0 142. 3 149. 1 | 100.2 ! 113.7 i 112.5 | 115.9 113.1 92.9 105. 8 95. 6 131.7 111.8 184. 5 148. 6 10.3.5 j 112.3 110.6 j 115.0 112.5 92.1 102.8 91.7 141.6 113. 6 239.7 147.3 105.2 111.9 ; 109.7 , 114.5 111.0 92.5 103.0 91.3 128.6 114.7 i 142.4 I 144.6 106. 4 113.1 109.5 112.2 107.8 91.1 104. 9 93.5 119.1 114.4 ' 84.5 155. 0 106.3 116. 4 109. 6 112. 0 107.7 '91.3 103.1 91.5 112.9 111.6 71. 2 153.7 102.4 116.6 110.0 99.0 j 208.3 160.7 i 120.7 | 110.1 120.7 113.8 150.9 188.9 121.0 99 3 ! 212.8 160. 2 121.5 I 110.3 126.3 121.2 153.4 193.9 121.4 216.3 158.9 121.6 110.8 130.7 125.5 155.1 198. 5 120.9 103.1 240.3 159.7 117.8 107.0 143. 8 141.9 160. 9 209. 6 122.5 104.3 243. 7 160. 4 117.4 107.1 149. 0 147.4 164. 4 215.4 124.3 102.2 I 248.0 ! 163.4 i 116.0 ! ' 106. 3 i 151.6 i lilO.O 167.3 219.3 126. 3 245. 8 177.8 142.8 178.4 140. 6 163. 2 153. 6 159.3 r 116.0 143.5 253.0 180.8 145.4 180. 3 143.1 164. 7 155.8 ' 163.1 116. 8 145.1 254.3 s 179.2 | 146.3 186. 2 144.8 i 165.9 156.0 163.5 ' 117.0 145.1 100.9 199.7 158.1 : 118.4 108.4 i 117.0 ' 106.5 : 147.1 180. 2 121.0 89.1 i 182.7 142.0 136.4 160. 7 134.8 151.6 145. 2 142.8 113.0 129.6 98.5 ! 225.1 ! 159.2 ! 120.8 110.3 ! 135.3 ! 130. 5 i 1 156.9 201. 6 i 121.6 ! 99.1 I 237. 9 170. 6 141.5 ! 175.9 135.8 158.4 146. 4 151.5 114.7 136.9 127. 2 ' 81.6 117.9 | | j I I i I I 157. 7 137. 9 155.6 111.0 189. 3 ] 37. 6 132. 4 123.2 118. 5 173.1 126.6 '128.7 161.2 : 137.6 i 157.3 i 115.7 194.5 i 141.8 131.9 123.8 119.4 187. 2 128.7 128. 1 165.5 136. 1 162. 7 127.1 208.9 147.8 110.4 127.1 H9.8 212.7 135.4 137.0 170. 4 138. 7 165. 0 133.5 218. 4 152. 2 119.0 128.7 119.9 247.2 139.0 138.1 174. 5 142. 3 167. 0 137.9 229.8 155. 4 129.3 131.4 120. 4 274. 6 138.9 150.2 174, 8 142.9 168. 7 143.1 233. 9 157. 6 132.0 132.5 120.4 291.8 138.6 155.0 173.4 145. 8 171.6 146.9 243.3 160. 0 134.1 134.5 122.5 292.2 141. 4 162.6 172.3 146. 5 174.5 149.5 251.7 163.6 134. 2 136.8 122.7 292.8 143.1 172.0 174, 2 149. 0 ' 178. 7 150. 3 266. 7 164.3 134.7 137.4 124.0 299.3 147.2 174. 8 96. 1 119.2 126. 4 107.6 90.8 94.9 119 0 125. 7 113.6 89.4 ; 90. 4 118.0 124. 6 117.2 87.4 93.0 118.4 123.5 116.5 86.8 | 92.8 117.5 121.4 116. 3 86.2 92.5 116.6 118.5 114.5 85.0 91.8 115.3 116.5 112.9 84.4 91.8 113.7 116.3 109.5 83.6 90.9 112.7 115.8 105.9 83.0 98.8 i 105.6 i 121.1 ! 98. 5 107.2 122. 1 97.6 I 108.4 123.4 j 94.6 109.7 123.6 92.9 110.0 123.2 91.3 110.0 122, 9 90.4 111.6 122.4 89.0 113.2 122.3 118.8 119.2 103.7 114. 8 118.3 103.3 111.8 119.2 101.8 106.6 111.4 132.5 100.1 98.3 117.0 111.2 166.3 99.6 98.4 99.0 107.0 112. 3 97.7 100.8 100.6 j 99.9 103.2 i 104.5 119.5 ! 120.4 112.9 112.6 101.6 120.4 ; 115. 1 : 103.5 ; 126.6 ! 118.7 104.5 129.2 119.8 103.8 104.2 , 111.2 106. 7 105. 3 92.1 104.0 110.9 109 1 103. 9 89.6 103. 7 112. 3 110.0 102. 3 90.1 102.3 112.1 109.0 101.4 90.4 99.5 112.0 104.2 100.6 85.7 131.9 137.7 142. 8 137.5 124.8 191,444 i 218,037 ! 236,929 52,975 i 72,420 90,103 102,023 • 105,441 107,804 1,926 ! 239 i 1,971 248 122.8 122.5 101. 5 236,102 240,633 89, 999 94,191 112,000 114,361 122.5 122.1 121.5 102.1 101.1 109.7 112.6 100.2 86.9 104.3 112.0 121.8 100.9 90.8 116.5 112.8 238,722 | 219,047 90, 022 80, 836 117,972 109,076 108.1 '96.5 186,942 58, 947 100, 898 161,010 40,588 94,108 84.9 147,915 33, 655 88, 831 84.8 S-ll SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey 1945 1943 January | FebruI ary EMPLOYMENT CONDITIONS AND WAGES—Continued LABOR CONDITIONS Average weekly hours per worker in factories: Natl. Ind. Con. Bd. (25 industries)-.-hours._ U. S. Dept. of Labor, all manufacturing t hours.. Durable goods* do Iron and steel and their products...do Blast furnaces, steel works, and rolling mills hours.. Electrical machinery do Machinery, except electrical do Machinery and machine-shop products hours.. Machine tools do Automobiles do Transportation equipment, except automobiles * hours. Aircraft and parts (excluding engines) hours.., Shipbuilding and boat building..do Nonferrous metals and products ...do Lumber and timber basic products.do Furniture and finished lumber products hours.. Stone, clay, and glass products do Nondurable goods*,,_ do Textile-mill products and other fiber manufactures- hours.. Apparel and other finished textile products hours,. Leather and leather products do Food and kindred products do Tobacco man ufacturcs do Paper and allied products do Printing and publishing and allied industries hours,. Chemicals and allied products do Products of petroleum and coal do Kubber products do Average weekly hours per worker in nonmanufact uring industries (U. S. Dept. of Labor) :* Building construction hours._ Mining: Anthracite do Bituminous coal do Metalliferous do Quarrying and nonmetallic do Crude petroleum and natural gas do Public utilities: Electric light and power do Street railways and busses do Telephone and telegraph do Services: J)yeing and cleaning do Power laundries do. „ Trade: lletail, total do Wholesale 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 do Unemployment compensation activities: Continued claims thousands.. Benefit payments: Individuals receiving payments§. ..do Amount of payments thous. of dol__ Labor turn-over in manufacturing establishments:! Accession rate mo. rate per 100 employees __ Separation rate, total do Discharges do Lay-offs do Quits do M iscellancous do PAY ROLLS Weekly wages, all manufacturing industries, unadjusted (U. S. Dept. of Labor) 11939 = 100 Durable goods do Iron and steel and their products do Blast furnaces, steel works, and rolling mills .1939 = 100.. 42.7 42.7 42.6 43.2 43.6 43.7 44.2 44.3 44.5 42.7 45.0 43.5 42.7 44.9 43.1 42.9 45.2 43.5 42.9 45.2 43.6 42.6 44.8 43.0 43.0 45.3 43.7 42.4 44.6 43.0 43.6 45.8 44.3 44.0 46.1 44.8 44.4 46.1 45.3 44.2 45.9 4.5.0 44.5 46.2 45.7 40.2 46.0 49.7 39.6 45.9 49.3 40.0 46.2 40.0 46.4 49.7 39.2 46.0 j 48.8 ' 40.2 46.4 49.4 39.9 46.0 48.0 40.9 46.7 49.5 42,0 47.0 49.5 41.7 47.0 49.0 41.9 47.0 49.6 42.8 46.9 49.6 49.7 54.6 44.5 49.0 53.9 44.7 49.0 54.1 44.3 49.2 53.8 44.4 48.3 52.7 43.8 48.8 52.8 45.1 47.8 51.2 44.1 49.0 52.5 45.2 49.0 52.8 45.5 49.4 53.0 45.5 49.6 52.5 45.7 49.4 52.1 46.2 47.9 48.1 48.0 ! 47.7 47.4 47.3 46.7 47.1 47.7 47.5 46.9 46.7 47.6 48. 4 44.1 40,0 47.3 49.0 44.2 40.1 47.7 48.6 44.2 40.8 47.2 48.4 44.6 41.1 46.6 48.2 ! 44.5 41.0 46.7 47.6 44.8 41.8 46.3 47.0 44.1 41.0 46.3 47.6 45.4 42.5 46.6 48.0 46.0 41.7 46.9 47.7 46.1 41.3 46.5 47.1 45.9 ; 39.8 46.2 46.7 45.8 41.7 41.1 40.3 40.1 41.2 40.2 40.0 41.5 40.5 40.1 41.5 40.1 39.9 41.4 39.2 39.8 41.4 40.1 40.2 41.0 39.3 39.7 42.8 41.3 40.8 42.8 41.4 41.3 43.7 41.8 42.1 42.7 41.7 '41.7 40.1 40.1 40.3 40.2 39.9 40.3 I 39.4 ! 40.4 40.8 41.5 41.3 41.5 34.9 36.7 41.8 38. 6 37.1 38.9 41.6 40.4 43.4 37.0 39.0 42.4 40.6 44.0 37.4 40.3 43.9 41.2 44.9 37.1 40.3 i 43.2 i 39.4 44.2 38.1 40.2 43.0 38.6 44.5 I ! I I 38.2 42.7 39.5 41.6 38.5 43.6 40. 5 42.7 39.5 43.9 41.8 43.4 40.2 44.7 41.8 44.5 39.8 44. 5 41.1 44.5 39.8 45.0 42.3 44.6 7.3 | 37. £ 37.9 38.0 37.8 j 37.1 36.3 35.9 ,' 35.7 44.0 43.8 40.5 30.9 34.8 43.3 44.5 40.0 41.5 37.3 43.6 44.7 40.6 40.8 50.2 40.8 42.7 ! I | ! j 37.5 40.0 40.7 36.6 42.3 37.3 39.3 40.4 37.6 41.7 36.8 38.6 40.9 37.7 41.6 35.4 38.1 41.5 38.5 40.6 35.1 38.1 41.9 38.6 40.2 36.2 38.4 41.3 39.5 41.2 I 38.0 42.1 39.0 40.8 38.3 42.5 38.7 40.1 38.1 42.7 39.1 41.4 38.0 42.8 39.0 41.5 38.0 42.8 39.2 41.9 38.0 43.1 39.5 42.3 35.0 35.4 36.7 37.2 37.5 ! 43.6 42.0 42.0 34.6 31.6 30.5 31.8 35.2 32.7 35.4 33.2 32.3 30.5 34.0 32.1 35.8 33.5 35.1 34.2 42.3 37.6 42.6 39.0 43.7 ! 38.4 [ 44. 6 39.1 44.7 39.4 44.7 38.8 44.7 39.9 45.7 39.8 35.7 34.4 44.2 45.6 38.7 39.6 48.3 39.9 40.3 47.3 39.9 40.2 I 47.8 i 40.5 | 40.5 48. 0 40.3 40.0 48.5 40.7 40.1 47.4 41.4 40.5 47.9 40.6 39.8 49.0 40.7 40.8 49. 9 40.7 40.8 49.3 41.2 43.2 43.2 44.5 I 43.4 I 44.5 I 43.6 45.4 43.7 40.4 47.8 40.5 | | 43.2 j 43.3 42.8 43.2 43.1 43.1 43.5 43.3 43.1 43.3 43.3 44.0 43.4 44.0 43.1 43.7 41.4 41.4 41.3 40.9 41.2 41.7 40.9 41.8 41.3 41.4 41.1 41.6 160 200 195 225 210 240 200 90 100 450 42 48 170 41.5 165 225 I 55 65 175 ! 260 300 240 320 310 405 275 375 350 i 440 I 400 520 350 I 475 I 290 400 235 320 72 75 230 65 80 450 55 85 375 58 72 325 100 117 550 88 100 450 80 100 450 | 80 90 450 60 66 325 i 1, 602 1,280 800 4,559 1,567 511 4,398 1, 576 606 4, 254 1, 565 784 4, 280 I i 3, 254 1,656 1, 841 1,006 925 1, 403 982 1,213 1,398 1,267 1,531 i 1, 895 1,139 931 1,154 713 i 1, 678 1,384 727 1,315 725 948 3,977 3, 512 2, 970 i 3,159 3, 207 2,576 2,026 1,517 1,128 1,130 1,228 1,059 181 10, 750 803 43, 035 668 36,311 610 31, 704 553 30, 226 575 32, 625 543 28, 252 423 22, 395 310 16, 895 222 11, 574 193 11, 558 227 12,183 209 10,882 6.99 5. 36 .33 1.19 3.02 .82 7.12 6.12 .35 1.31 3.59 7. 29 6!54 38 1.43 3.77 96 8. 25 6.46 .38 1.21 3.85 1.02 8.28 6.73 .43 1.05 4.02 1.23 7.90 7.06 .42 .87 4.31 1.46 9.15 8.10 .44 .68 5.19 1.79 8.69 7.91 .45 .78 4.65 2.03 8.14 7.09 .43 .65 4.21 1.80 6.92 6.37 .46 .70 3.71 1.50 8.28 7.11 .52 .74 4.45 1.40 7.87 7.04 .50 .54 4.65 1.35 215.1 276. 2 226.6 221.4 287.2 230.5 228. 300. 0 236. 3 234. 5 312. 1 241. 5 242. 323. 9 245. 7 254.8 342.0 251.5 261.8 352.4 255. 4 270.9 366. 2 264.1 280.4 382.8 270.1 287.9 391.6 278.7 ' 290. 9 399. 9 283. 5 297. 2 410.0 288.9 189.8 188.2 191. 7 192. 9 197. 2 196.6 199. 7 200.7 204.1 '203.8 '208.8 I 211.8 1 2,400 '•Revised. § Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month. i Not comparable with data prior to July 1942, owing to change in active file definition (see note 1 on p. S-ll of the December 1942 Survey). The July 1942 figure is also not comparable with figures for later months, as data for July were not completely revised to the new basis. 1 Rates beginning January 1943 refer to all employees rather than to wage earners only and are therefore not strictly comparable with earlier data. f Revised series. For revision in the Department of Labor's series on average weekly hours in all manufacturing industries see note marked " t " °n p. S-13. Indexes of weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised, see note marked " t " on p . S-9; indexes for March 1943 are not as yet .ries are on p. S-10 of the March 1943 Survey; .onmanufacturing industries shown above will be published in a later issue. S-12 SUEVEY OF CURRENT BUSINESS Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey 1942 1943 March May 1943 March April May June July 1943 August September October Novem- December ber January February EMPLOYMENT CONDITIONS AND WAGES—Continued P A Y ROLLS—Continued Weekly wages, all manufacturing industries, unadjusted (U. S. Dept. of Labor)!—Con. Durable goods—Continued. Electrical machinery 1939=100-Machinery, except electrical do Machinery and machine-shop products 1939=100-Automobiles do Transportation equipment, except automobiles 1939=100.. Nonferrous metals and products do Lumber and timber basic products...do f Sawmills do Furniture and finished lumber products 1939=100-_ Furniture do Stone, clay, and glass products do Nondurable goods.'. do Textile-mill products and other fiber manufactures 1939=100 _. Cotton manufactures, except small wares 1939=100 _. Silk and rayon goods do Woolen and worsted manufactures (except dyeing and finishing) _. .1939=100-_ Apparel and other finished textile products 1939=100.. Men's clothing do Women's clothing do Leather and leather products do Boots and shoes do Food and kindred products do Baking do Canning and preserving do Slaughtering and meat packing do Tobacco manufactures do Paper and allied products do Paper and pulp do Printing, publishing, and allied industries 1939=100-_ Chemicals and allied products do Chemicals do Products of petroleum and coal do Petroleum refining do Rubber products . do Rubber tires and inner tubes do Manufacturing, unadjusted, b y States and cities: State: California* 1940=100.. Delaware..... 1923-25=100 Illinois 1935-39=100.. Maryland 1929-31 = 100.. Massachusettst 1935-39=100 _ New Jersey 1923-25=100... New York . 1935-39=100 Ohio _do Pennsylvania . 1923-25 = 100Wisconsin „ 1925-27=100-. City or industrial area: Baltimore ...1929-31 = 100 Chicago 1935-39 = 100-. Cleveland .do Los Angeles* 1940=100-. Milwaukee ..1925-27=100 New Yorkf . 1935-39=100.. Philadelphia ..1923-25=100.. Pittsburgh do San Francisco* 1940 = 100 Wilmington 1923-25 = 100.. Nonmanufacturing, unadjusted (U. S. Dept. of Labor): Mining: f Anthracite . 1939=100.. Bituminous coal do Metalliferous do Quarrying and nonmetallic do Crude petroleum and natural gas do Public utilities:f Electric light and power __..do Street railways and busses do Telephone and telegraph do Services:! Dyeing and cleaning . do Power laundries do Year-round hotels do Trade: Retail, total! ..do _ . Food* . do General merchandising! do Wholesale! do Water transportation* do 466.1 315.4 249. 5 360.2 271.8 285. £ 183.9 256.8 354.5 249.1 488.6 297.6 234.9 248.0 201.1 560. 4 319.2 296.3 307.8 303.6 315.4 310.0 325.8 317.2 337.9 325.7 339.1 343.9 352.6 368.6 352.3 382.7 371.5 402.8 381.5 415. 5 392.9 427.4 400.2 441.6 408.8 300.6 167.4 311.1 169.8 321.4 183.2 335.2 193.4 337.1 202.5 352.1 218.0 354.8 225.2 371.5 235.1 381.9 261.4 394. 6 255.1 402.1 277.9 410.6 282.2 I, 237.0 237. 5 165. 6 137.1 1, 370. 7 240.7 170.6 141.1 1,481.3 245.9 177.8 147.9 1, 585. 5 253. 0 190.2 158.9 1,753.2 260.0 189.4 157.4 1,920. 8 268.5 199.1 164.1 2, 053. 3 273.3 192.2 158.4 2,116.3 282.7 198.2 163.0 2, 275. 9 292.2 188.7 152.8 2, 348*. 0 303.2 181.9 ' 144. 4 2,406. 0 307.2 166.9 r 130.9 2,486.5 308.6 177.3 138.7 161.7 156. 7 162. 2 155. 4 161.2 153. 4 165.3 157.0 162.7 156.6 168.9 159.0 161.3 153.1 167.6 157.1 149.8 163.2 163. 3 159. 8 154.3 169.6 169.5 158.1 154.1 168.4 173.3 168.2 164.5 178.9 177.7 165.0 158.2 179.2 180.3 170.6 163.9 181.2 ' 186.4 165.9 159.8 178.5 ' 184. 4 171.8 165.8 179.2 186.8 155.1 157.8 160.6 187.2 122. 3 190.1 127.2 196.1 127.8 171.2 177.1 184.0 158.7 161.1 195.9 128.2 186.9 162.0 166.3 166.8 173.0 175.4 180.8 181.8 180.7 193.0 126.2 202.2 126.9 208.2 126.5 210.6 130.8 212.8 131.3 217.7 133.7 ' 215. 8 134.4 216.1 132.2 200.6 198.1 196.3 198.2 201.0 207.9 207.5 207.2 147.4 142.5 115.8 145.6 134.9 173.2 140.7 373.4 173.0 144.1 147.0 148.5 157.0 148. 4 127.1 149.2 134.5 164.4 143. 5 225.9 176.8 153.7 158.9 158.9 152.7 144.7 123.1 153.4 | 137.4 160.5 144.0 162.8 181.3 157.4 163.5 161.1 154.0 145.7 124.0 159.5 144. 5 165.4 149.3 138.2 213. 6 159.6 168.5 163.6 155.9 148.9 125.0 156.1 141.3 155.6 144.3 '117.6 202.9 147.0 167. 6 162.3 169.3 158.5 140.3 154.2 138.5 150.7 141.5 112.7 186.4 138.5 171.3 164.8 121.8 391.2 249.1 ' 162. 8 '159.3 234.6 226.6 122. 5 399.2 251.4 165.3 152.2 238.3 229.1 436.5 292.8 233.6 357.1 267.3 281.0 264.5 300.0 176. 6 244.6 454.5 ' 298.4 244.8 362.0 265.9 285.8 274.6 309.3 ' 181. 3 252.6 161.5 157.9 136.8 156.7 148.5 125.3 119.3 85.6 149.0 119.4 156.9 159.2 156.8 155.9 128.3 154.8 146.1 126.5 119.0 91.8 151.4 124.7 154. 3 156.0 150.9 156.6 118.2 151.7 141.2 131.5 123. 6 94.7 158.3 124.6 152. 7 154.8 132. 9 143.6 92.3 148. 3 136.8 139.7 129.9 123.5 171.8 132.0 149.4 152.8 135.2 138.6 101.2 148.7 136.9 153. 7 135.2 213.7 175. 4 133.8 144.1 147.1 151.4 146.4 119.6 146.3 134.9 161. 6 138.5 206. 2 173.4 144.3 147.1 149.7 112.5 263.4 206. 7 145 4 132.9 156.5 135.5 111.8 282.1 210.6 144.9 131.8 149.9 135.3 111.0 295.6 217.5 147.1 132.7 157. 6 143.3 110.2 306.1 221.0 150.0 134. 7 164.5 151.1 110.0 317.2 ' 224.6 154.0 137.6 176.3 166.8 110.2 326. 4 221.6 156.4 139.9 184.4 172.9 111.2 338.5 222.1 160.5 144.3 189.9 178.6 116.3 351.4 230.6 160.8 ' 145. 7 201.9 190.0 122.4 365. 3 235.8 165.4 150.9 213.3 205.3 126.5 383.4 240.8 165.1 151.5 228.6 219.7 257.1 ' 195. 3 194.3 r 260.0 207.8 219.2 216.4 223.3 ' 147.3 188.1 273.3 202.7 195. 9 276. 7 209.7 224.2 218.0 227.4 148.9 191.3 294.7 218.9 198.6 279.5 215.5 230.0 219.4 233.5 151. 1 197.8 310.1 224.4 200.0 285.3 216. 6 230. 2 212.0 239.6 154. 6 206.4 339.5 239.9 201.2 307.0 223.9 234. 3 220.3 251. 5 155. 2 206.0 376.5 256. 9 210.3 310.1 229.4 243.0 229.8 255.3 160.3 216.0 397.5 270.8 210.3 322.3 235.9 255.4 239.9 261. 2 161.8 212.3 403.7 277.8 220.4 330.5 244.5 261.5 248.4 275. 0 168.2 228.7 421.0 294.7 223.7 339. 4 248.0 269.3 252.8 285.1 172.4 236. 5 430.3 288.2 233.1 335.0 257.4 276.3 261.1 * 294. 9 175.0 244.1 263.8 191.0 256. 5 281. 5 195.0 183.1 ' 175.2 158. 4 251.3 ' 175.4 281.3 192.5 263. 6 296.4 204.4 181. 4 179.2 159.5 277.0 178.1 282.2 193.5 273. 6 318.0 216. 2 175. 5 184.6 161. 8 307.5 190. 3 288.1 196.4 286.2 327.2 222.7 156.5 190. 3 165.4 329.5 196.0 305.1 200.1 295.1 344.0 229.2 165. 2 198.2 161.9 379.7 206. 6 310. 2 206.7 300.9 367.4 244.1 184. 3 205.2 168.4 434.7 244.6 320.6 209.0 306.0 378.4 247.0 192.3 212.1 171. 5 481.9 255.1 329.4 218.4 325.8 402.5 261.1 198.4 217.9 177.0 481.9 271.3 336. 2 223.0 339.0 426.3 271.3 200.7 226.9 181.2 516.3 288.9 333.1 231.9 ' 345. 2 443.2 277. 2 203.6 230.8 186. 3 521.5 288.0 350.9 232.8 355.8 454.9 278.9 208.0 ' 236. 6 ' 189. 0 529.7 295.7 ' 355. 6 244.7 373.0 474.4 292.3 220.7 ' 243. 7 ' 197. 6 549.9 ' 301. 4 130.1 167.3 166. 8 141.4 102.7 114.2 169.7 166. 3 151. 0 103.6 131.6 175.2 16S. 8 163. 8 101.7 142.9 201.3 170. 4 169.2 103.2 117.2 161. 6 164.5 171.3 102.3 123.0 170.1 168.6 175.2 102.3 128.1 175.3 163. 0 175.4 106.4 123.4 179.0 163.8 179.1 105.1 125. 6 177.7 167.5 172. 5 104.3 128.4 183.7 166. 7 160.6 106. 8 101.2 178.6 163.8 151.0 104.2 154.4 196.2 166.3 150.3 107.1 113.0 121. 9 127.4 113.0 121.4 127.8 113.1 124.9 130.7 113.1 128.6 131.0 112. 9 130.9 131.8 112.3 134.9 133.2 112.0 134. 7 136.5 110.7 137.1 134.3 108.9 140.7 134.9 109.4 145.7 134.1 107.5 ' 147. 3 137.0 104.5 150. 3 138.3 126.5 125. 6 112.8 144.2 130. 7 115.2 154.3 137.0 117.5 160. 5 138. 6 119.0 149.0 141.7 118.9 145.1 140.5 119.0 147.1 141.1 121.3 153.5 143.2 127.1 147.1 142.7 128.0 142.9 144.6 131.8 142. 8 147.6 129.8 143.8 145.4 131.2 114. 5 120.9 117.5 122.7 139.1 114.6 121.5 120.5 120.4 157.9 114.9 124.7 120.9 119.8 172.5 114.5 126.7 121.4 118.9 180.0 112.5 127.7 117.1 119.3 171.3 111.9 126. 8 116.8 119. 8 172.0 114.4 126. 6 125.2 120.6 189.5 118.4 128.1 135.4 123.6 203.3 121.6 128.5 145.6 125.8 225.0 131.5 127.7 181.7 124.6 225.0 115.3 125.7 129.1 122.3 231.4 115.0 126.4 126.2 124.3 257.8 T ' Revised. tRevised series. Indexes of weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised; see note marked " ! " on p. S-9. Earlier data for the revised pay-roll index for New York City not shown in the July 1942 Survey and subsequent issues, and for the Massachusetts index revised in this issue, will be published later. Indexes of pay rolls in nonmanufacturing industries have been revised to a 1939 base and, in some instances, adjusted to 1939 Census data; revised data beginning 1939 will be shown in a subsequent issue. •New series. Data beginning January 1935 for the indexes of employment and pay rolls for California and the Los Angeles and San Francisco Bay industrial areas and data beginning 1939 for the new series on employment and pay rolls for retail food establishments and for water transportation will be shown in a later issue; the latter covers all personnel of active merchant vessels of 1,000 gross tons and over engaged in deep-sea trade. S-13 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data. may be found in the March 1942 Supplement to the Survey 1943 1942 March April May July August September October Novem- December ber January February EMPLOYMENT CONDITIONS AND WAGES—Continued WAGES Factory average weekly earnings: Natl. Ind. Con. Bd. (25 industries) dollars U.S. Dept. of Labor, all manufacturing!-do Durable goods _ _ do _ Iron and steel and their products .do _. Blast furnaces, steel works, and rolling mills dollars. _ Electrical machinery do Machinery, except electrical do. __ Machinery and machine-shop products dollars . Machine tools do Automobiles ._ _ _ . . __ do _ . Transportation equipment, except automobiles . . . dollars Aircraft and parts (excluding engines) dollars Shipbuilding and boat building..do Nonferrous metals and products . do Lumber and timber basic products.do Sawmills.. do Furniture and finished lumber products dollars Furniture do Stone, clay, and glass products do Nondurable goods. ._ . . . . . do . . . Textile-mill products and other fiber manufactures . . . _ dollars Cotton manufactures, except small wares . . . . . dollars Silk and rayon goods do . . . Woolen and worsted manufactures (except dyeing and finishing) dollars.. Apparel and other finished textile products dollars.. Men's clothing.. do Women4s clothing ._ do Leather and leather products _ do Boots and shoes do Food and kindred products do Baking do Canning and preserving _ do Slaughtering and meat packing..do Tobacco manufactures do Paper and allied products do Paper and pulp do Printing and publishing and allied industries dollars Chemicals and allied products .do Chemicals do Products of petroleum and coal . do. Petroleum refining do Rubber products .do. . . Rubber tires and inner tubes do Factory average hourly earnings: Natl. Ind. Con. Bd. (25 industries) do U. S. Dept. of Labor, all manufacturingfdo.- _ Durable goods do... Iron and steel and their products.._do Blast furnaces, steel works, and rolling mills dollars.. Electrical machinery. __ _ do._. Machinery, except electrical do Machinery and machine-shop products dollars. . Machine tools __ do Automobiles do Transportation equipment, except automobiles dollars.. Aircraft and parts (excluding engines) dollars Shipbuilding and boatbuilding...do Nonferrous metals and products do Lumber and timber basic products dollars. . Sawmills.. do Furniture and finished lumber products dollars . Furniture do Stone, clay, and glass products do Nondurable goods. do Textile-mill products and other fiber manufactures dollars - _ Cotton manufactures, except small wares dollars.. Silk and rayon goods do Woolen and worsted manufactures (except dyeing and finishing).. dollars . Apparel and other finished textile products dollars. . Men's clothing do . . Women's clothing . _ do 38.14 34.62 40.46 39.32 38.68 35.10 40.95 39.44 39.00 35.82 41.81 40.15 39.52 36.25 42.26 40.42 39.80 36.43 42.51 40.16 40.87 37.38 43.84 41.56 41.79 37.80 44.45 42.14 42.10 38.89 45.31 43.45 42.50 39.78 46.27 44.20 42.98 40.27 46.28 ' 44. 67 '43. 56 ' 40. 62 ' 46. 68 44.91 43.91 41.12 47.17 45.52 40.12 40.25 45.67 39.71 40 58 45.90 40.30 41.21 46.98 40.34 41.81 47.71 41.67 41.72 47.04 41.99 42.32 48.26 43. 21 43.65 47. 71 43.93 43.73 49.34 45.57 44.24 49.64 ' 45.15 ' 44. 32 ' 50.15 ' 46.16 ' 44. 70 ' 50. 69 46.57 44.70 51.09 44.75 51.43 51.35 45. 20 50 79 51.23 45.75 52.24 51.52 46.44 52 47 51. 55 48.09 51 41 50.98 47.04 52 12 52.72 46.95 50.72 52.26 48.30 52.32 52.97 48.65 53.18 54.65 49.28 53.73 54.51 49.84 53. 25 55.85 50.13 52. 86 55.67 49.96 50.65 51.02 50.80 51.86 53.17 54.22 53.34 55.49 54.25 r 53. 65 53.80 45.18 52.28 38.32 24.20 23 47 45 90 53.28 38 94 24.78 23 97 46.22 53.27 39.47 25.79 25. 05 46.67 52.73 40.32 27. 00 26 26 46.01 51.11 40.94 26.98 26 14 46. 24 56.82 41.80 28.30 27.33 46. 55 58.60 42.16 27.96 27.22 45.75 57. 54 43.43 29.52 28.69 46.53 60.67 44.15 28.58 27.44 47.08 58.09 44.99 ' 28. 04 26.34 ' ' ' ' ' 46. 94 57. 24 45. 30 27.10 25. 36 46.90 57.16 45.30 29.27 27.43 26.14 26.75 30.31 27.91 26 66 27.26 30.47 28 12 27.06 28.05 30.86 28.55 27 10 27.91 30.96 28.65 26 95 27.84 30.54 28.94 27.37 28.95 31.52 29.36 27.68 28.90 31.40 29.53 29.33 30. 50 33.52 30.66 29.34 30.05 33.53 31.25 30. 11 30.86 33. 86 32.08 29.68 30.31 ' 34.15 r 32. 03 30.61 31.15 34.52 32.51 22.98 23.26 23.74 23.84 24.02 24 82 24.98 25.84 26.17 26.73 ' 26. 85 27.06 20.92 22.74 21 05 23.40 21.67 23.28 21.63 23.24 21.32 22.98 22 37 23.62 23.12 24.69 23.39 25.31 23.62 25.46 24.04 25.88 ' 24. 22 26.30 24.20 26.07 27.63 28.31 28.97 29.43 31.59 31.43 30.40 31.13 31.53 32.62 32.84 32.82 23.55 25.29 26. 12 26.32 25 32 28 77 29.48 21 35 31.04 19.87 30.29 33.50 23.28 25 04 25.09 26.37 25 21 28 89 29.52 21 52 31.49 21 09 29.98 32.84 22.82 25.31 23.87 26.06 24 84 29 65 30.45 21 56 31.87 21 53 30.24 32.94 21.56 24 06 21.42 25.83 24 48 30 17 31.34 22 19 32.86 22 37 30.13 33.14 21.76 23.92 23.28 25.91 24 71 30 17 31.43 24 13 32.61 22 43 30.19 33.09 22. 95 24 70 26.38 26.23 24 89 29 65 31.69 23 14 32.40 23 42 31.19 34.18 22. 51 24.18 25.67 25.76 25 93 29.89 31.72 24.88 32.62 23.04 31.29 34.10 24.17 25. 56 28.17 27.58 26 03 30.97 31.90 25.34 34.02 24.32 33.46 36.59 23.97 25. 66 27.48 27.79 25 97 31.84 32.32 25.57 34.52 24.82 34.01 37.18 24.27 25.70 27.60 28.98 27.52 33.41 33.46 25.92 "38. 46 25.26 34.62 37.83 24.49 26.39 27.77 28.90 27.50 ' 33.18 33.35 ' 26.42 36.62 24.07 34.21 37.19 26.10 27.79 30.67 28.70 27.18 33. 20 33.55 27.16 35.33 23.24 34.75 37.93 36 52 34.10 39.52 39.94 42.57 36.31 42.27 36 00 34.98 39.97 39 55 41.97 35 93 42.55 36 04 36 12 41.07 39 92 42.07 37.76 44. 05 36 21 36.72 41.21 40 05 42.18 38 22 44.42 36 06 37.32 42.01 40.73 43.00 39.05 46.08 36 06 37.76 41.73 41 63 43.58 39 47 46.10 36.67 37.62 41.70 42.98 45.19 39.31 45.80 37.51 37.74 43.38 43.80 46.56 40.39 46.55 38.56 38.10 44.18 45.61 48.80 41.48 48.45 39.40 ' 39. 25 44.86 ' 45. 65 ' 48. 91 42.99 49.93 38.65 39.38 45.55 45.42 48. 38 43. 25 50. 53 38.61 39.92 45.60 46.61 49.51 46.62 50.93 .888 .811 .899 .904 .896 822 .912 .915 .906 835 .925 .923 .917 845 935 .927 .928 856 .949 .934 .940 870 .969 .951 .957 .892 .997 .980 .958 .893 .990 .979 .966 .905 1.005 .984 .970 .907 1.004 .986 '.979 ' . 919 ' 1.017 .998 .982 .924 1.021 .996 .997 .875 .919 1.003 884 .931 1.007 .892 .949 1.008 901 .960 1.013 .907 .964 1.038 912 .977 1.077 .949 .994 1.073 .936 .997 1.081 .942 1.003 ' 1. 086 '.943 1.011 ' 1.103 '.951 '1.022 1.094 .953 1.030 .901 943 1.154 .922 944 1 146 .934 965 1.163 .944 974 1 161 .949 975 1.164 .963 987 1.169 .979 .990 1.185 .983 .998 1.172 .986 1.007 1.202 .991 1.013 1.198 1.003 1.014 1.222 1.014 1.023 1.205 1.043 1.053 1.063 1.065 1.094 1.124 1.161 1.132 1.163 1.142 ' 1.144 1.152 956 1.078 869 971 1.083 881 983 1.091 .893 993 1.088 904 991 1.138 .920 993 1.193 .933 1.011 1.247 .956 .991 1.208 .956 .997 1.264 .959 1.002 1.220 .976 '1.010 ' 1.216 r .987 1.020 1.224 .989 .605 594 .618 606 .632 620 .657 645 .658 647 .677 663 .682 671 .694 684 .685 670 r '.681 .658 .702 .667 .636 655 .752 696 .647 667 .758 703 .652 677 .762 .712 .653 673 .772 718 .651 .673 .779 .725 .661 .682 .786 .730 .675 .700 .799 .743 .685 .707 .812 .751 .685 .703 .810 .756 .689 .706 .810 .762 .695 .709 '.819 .768 .702 .719 .822 .774 .573 .580 .589 .593 .602 .616 .634 .639 .642 .644 '.650 .652 .511 561 .514 578 .528 575 .528 572 .528 .577 .549 .590 .575 .611 .576 .615 .577 .619 .578 .619 .582 .639 .583 .627 '•.679 .660 r ' ' ' ' .700 .710 .715 .729 .769 .774 .779 .783 .789 .789 .789 .795 .628 .670 .655 .624 .671 .638 .620 .687 .608 .609 .682 .581 .620 .683 .617 .634 .697 .631 .645 .701 .647 .652 .702 .663 .648 .705 .651 .649 .707 .651 .660 .729 .650 .685 .736 .703 ' Revised. tRevised series. The Department of Labor's series on hourly earnings and hours per week (p. S-ll) in manufacturing industries have been revised and differ from those published prior to the March 1943 Survey owing to the inclusion of additional data for industries not heretofore covered and extensive corrections, on the basis of Census and Social Security data, in the employment estimates of the Bureau which are used for weighting purposes. The series of average weekly earnings has been recomputed; for all manufacturing, durable goods, nondurable goods, and the industry groups averages are obtained by taking the product of the averages of hourly earnings and hours worked per week. The industry classifications have been revised for all series to agree with definitions of the 1939 Census of Manufactures and the Standard Industrial Classification Manual. For January and February 1942 data, see March 1943 Survey; comparable earlier data will be published in a subsequent issue. S-14 SURVEY OF CUEEENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey May 1943 1943 March April May June July 1943 August September October Novem- December ber January February EMPLOYMENT CONDITIONS AND WAGES—Continued WAGES-Continued Factory average hourly earnings—Continued. U. S. Dept. of Labor, all mfg.-j—Continued. Nondurable goods—Continued. Leather and leather products dollars._ Boots and shoes do Food and kindred products do Baking do Canning and preserving do Slaughtering and meat packing..do Tobacco manufactures do Paper and allied products._ __-do Paper and pulp do Printing and publishing and allied industries dollars - Chemicals and allied products do Chemicals do Products of petroleum and coal do Petroleum refining do Rubber products do Rubber tires and inner tubes do Factory average weekly earnings, by States: Delaware 1923-25 = 100-Illinois 1935-39 = 100-. Massachusetts! 1935-39=100-. New Jersey.1923-25 = 100-New York 1935-39=100-Pennsylvania _. . . 1923-25=100-Wisconsin 1925-27= 100.. Nonmanufacturing industries, average hourly earnings (U. S. Dept. of Labor):* Building construction dollars - Mining: Anthracite do Bituminous coal do Metalliferous do Quarrying and nonmetallic do Crude petroleum and natural gas do Public utilities: Electric light and power do Street railways and busses do Telephone and telegraph do Services: Dyeing and cleaning do Power laundries do Trade: Retail do Wholesale do Miscellaneous wage data: Construction wage rates (E. N. R.):l Common labor dol. per hour... Skilled labor do Farm wages without board (quarterly) dol. per month-. Railway wages (avg., class I) __dol. per hour 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 PUBLIC ASSISTANCE i 164.2 170.1 186.7 177.9 177.0 174.7 r.842 1.61 .62 .87 .52 .84 .90 .87 1.02 .52 .71 .50 0.658 .633 .707 .698 .595 .791 .543 .716 .769 0.671 .649 .715 .706 .613 .800 .561 .719 .769 0.675 .650 .725 .717 .617 .800 .571 .727 0.678 .652 .727 .731 .599 .806 .581 .742 .797 0.680 .654 .720 .738 .601 .801 .581 .751 0.683 .657 .718 .732 .611 .807 .593 .757 .814 0.702 .677 .715 .733 .612 .813 .597 .767 .825 0.708 .683 .744 .740 .664 .821 .602 .771 0.713 .683 .751 .749 .671 .823 .611 .772 .831 0.719 .692 .761 .758 '.674 .839 .613 .771 .829 0.717 .687 '.768 .764 '.678 .831 .611 .774 0.714 .682 .772 .768 .681 .835 .602 .781 .836 .961 .810 .963 1.024 1.104 .890 1.080 .940 .823 .974 1.022 1.103 .896 1.084 .946 .846 .990 1.021 1.098 .912 1.096 .953 1.027 1,102 .921 1.103 .949 .872 1.004 1.039 1.114 .932 1.107 .949 .876 1.001 1.054 1.130 .933 1.105 .960 .881 1.014 1.088 1.165 .945 1.114 .973 .866 1.019 1.081 1.160 .947 1.115 .976 .867 1.027 1.093 1.174 .955 1.125 .980 .878 1.032 1.092 1.176 .966 1.130 '.971 .885 1.032 1.105 r 1. 182 .972 1.139 .970 .887 1.034 1.102 1.175 .978 1.133 r 134. 9 141.8 155.2 175.4 148.8 150.2 147.7 137.2 144.0 155.8 177.7 150.1 151.3 147.7 142.0 147.9 160.4 180.5 152.4 153.6 150.8 139.9 148.9 161.7 180.9 152.1 155.4 154.9 146.3 148.4 166.6 184.0 154.8 155.4 152.1 145.0 150.9 169.1 184.7 157.0 159.8 157.8 150.9 151.3 172.9 190.1 160.3 161.9 153.1 157.4 156.7 176.2 194.5 163.3 166.9 162.0 159.4 159.8 176.7 198.8 164.7 169.7 164.9 153.6 163.3 180.2 202.2 167.6 171.6 168.2 157.6 163.2 184.9 204.2 169.6 172.3 168.6 ' 157. 9 168.0 183.7 204.8 173.4 ' 175. 1 172.6 1.094 1.105 1.137 1.136 1.157 1.174 1.201 1.198 1.209 1.230 1.240 1.240 1.062 .995 1.058 .991 1.060 .982 1.086 1.053 .992 1.061 1.065 1.070 .693 .991 .693 .982 .707 .994 .697 .988 .709 .995 .727 1.020 .738 1.037 .744 1.039 .993 1.073 .926 .750 1.066 1.003 1.085 .931 .757 1.057 1.011 1.086 .941 .750 1.054 1.069 1.105 .947 .749 1.074 .795 .796 .824 .972 .800 .828 .809 .824 .976 .818 .818 .993 .829 .819 1.005 .836 .829 1.004 .840 .833 1.027 .847 .835 1.023 .856 .835 1.023 .852 .840 1.019 .843 .844 .540 .471 .559 .478 .570 .486 .572 .481 .572 .482 .580 .487 .588 .496 .601 .502 .608 .510 .601 .513 .624 .524 .617 .517 .843 .852 .850 .862 .870 .878 .879 .893 .609 .884 .645 .843 .650 .911 .780 1.54 1.54 .788 1.54 .796 1.55 .803 1.56 .823 1.59 .823 1.59 .826 1.59 .832 1.60 .832 1.60 .832 1.61 .832 1.61 .835 .826 56.97 .825 .839 59.25 .832 .850 .845 62.43 .850 .860 .56 .71 .42 .61 .68 .64 .92 .46 .57 .43 .59 .75 .41 .69 .71 .69 .95 .48 .60 .41 .72 .82 .70 1.04 .52 .72 .47 .66 . 83 .47 .75 .87 .75 1.06 .54 .77 .46 .67 .88 .46 .82 .88 .80 1.02 .56 .69 .48 .63 .89 .47 .84 .95 .81 1.03 .52 .66 .49 101 96 .840 50.54 I. .834 | .47 .68 .37 .57 .62 .52 .82 .37 .52 .42 .49 .65 .37 .64 .63 .62 .89 .40 .52 .44 159 150 64 48 19 64 48 17 .53 .67 .41 .60 .68 .65 I .90 : .43 | . 55 ' .42 ! .61 .76 .43 .66 .77 .65 .97 .50 .60 .46 .63 .77 .46 .64 .74 .66 1.08 .50 .66 .44 110 105 101 | 65 50 13 66 ! 52 ! 12 i .61 .91 .49 .79 .86 .82 1.03 .52 . 75 .49 j Total public assistance and earnings of persons j employed under Federal work programs! j mil. of dol_ . L. Old-age assistance, and aid to dependent j children and the blind, total-.mil. of dol.. _ j Old-age assistance do ! General relief do ! 136 I 64 I 49 i 15 i 64 49 14 65 50 14 65 50 ! 13 ! | 67 i 52 ! 12 67 j 52 11 I 66 52 10 FINANCE BANKING Acceptances and com'l paper outstanding: Bankers' acceptances, total mil. of dol 183 130 177 163 156 139 119 116 118 120 174 ; 123 127 Held by accepting banks, total do 139 146 101 102 133 122 119 108 97 94 90 93 95 Own bills do 62 89 71 86 77 63 61 60 60 64 82 ! 78 64 Bills bought do 38 39 57 53 51 I 44 42 37 33 31 29 34 35 Held by others* do 29 37 25 25 24 25 38 41 41 38 26 31 26 Commercial paper outstanding do 209 384 373 354 I 305 261 201 230 220 315 297 282 271 ' Revised. •None held by Federal Reserve banks. URates as of Apr. 1: Common labor, $0,858; skilled labor, $1.61; farm wages without board, $67.21. §Includes earnings of persons employed under Federal emergency work programs shown separately in the April 1943 and earlier issues; for the most part, these programs have been liquidated or are in liquidation. The series on earnings on regular Federal construction projects formerly shown along with the public assistance data (though not included in the total) has been dropped from the Survey; this series was originally included because of the interrelation of employment on emergency projects and on regular Federal work and construction projects, which were greatly expanded in depression years, and to provide a complete record of Federal work programs. In recent years, however, the regular Federal projects have largely represented war construction; the data were in large part duplicated in employment series shown elsewhere. t Revised scries. The index of weekly earnings in Massachusetts has been revised to a new base; earlier data will be shown later. *New series. Data beginning 1939 for the Department of Labor's series of hourly earnings in nonmanufacturing industries will be published later. Data for building construction, the mining industries, dyeing and cleaning plants, and power laundries relate to wage earners only; for crude petroleum and natural gas the clerical field force is included; for the public utilities, all employees except corporation officers and executives are included; and for the trade groups, all employees except corporation officers, executives, and other employees whose duties are mainly supervisory. May 1943 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found i n the 1942 Supplement to the Survey S-15 SURVEY OF CURRENT BUSINESS 1942 1943 March April March June May July 1943 August i FINANCE—Continued September October Novem- December ber January February BANKING—Continued Agricultural loans outstanding of agencies supervised b y t h e F a r m Credit A d m . : Total, excl. joint-stock land bks mil. of dol_ F a r m mortgage loans, total do Federal land banks do L a n d Bank Commissioner do Loans to cooperatives, total do Banks for cooperatives, including central bank mil. of dol. Agr. M k t g . Act revolving fund do Short term credit, total do Federal intermediate credit banks, loans to and discounts for: Regional agricultural credit corps., prod, credit ass'ns, a n d banks for cooperatives d1 mil. of doL Other financing institutions do Production credit associations do Regional agr. credit corporations do Emergency crop loans do Drought relief loans do Joint-stock land banks, in liquidation.-do Bank debits, total (141 centers) do New York City do Outside New York C i t y 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 ,do Reserve ratio percentFederal Reserve reporting member banks, condition, Wednesday nearest end of m o n t h : Deposits: Demand, adjusted mil. of d o L . Demand, except interbank: Individuals, partnerships, a n d corporations mil. of doL_ States and political subdivisions do United States Government do Time, except interbank, total do Individuals, partnerships, a n d corporations mil. of d o L . States and political subdivisions _-do Interbank, domestic do Investments, total do U . S . Gov't direct obligations, total--do Bills do--. Certificates do Bonds do Notes do Obligations guaranteed b y U . S. Government mil. of doL Other securities --do Loans, total do Commerc'l, indust'l, and agricult'l . - d o Open market paper do T o 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 Money and interest rates:§ B a n k 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, New York City: Prevailing rate: i Acceptances, prime, bankers, 90 days j percent.-j Com'1 paper, prime, 4-6 months do I Time loans, 90 days (N. Y. S. E . ) ~ d o | Average rate:. I Call loans., renewal (N. Y . S. E.).._do | U . S . Treasury bills, 3-mo do j Average yield, U. S. Treasury notes, 3-5 yrs.:| Taxable* percent--! Savings deposits: j Savings banks in New York State: i Amount due depositors mil. of doL_ U . S . Postal Savings: j Balance to credit of depositors do j Balance on deposits in banks do ! r 2,582 2,023 1,540 483 124 2,876 2,311 1,731 580 125 2,887 2,296 1,721 575 121 2, 869 2, 288 1, 715 572 114 2,864 2,274 1,706 568 115 117 2,818 2,232 1, 679 553 117 111 11 434 106 16 440 102 16 470 99 13 468 101 13 475 104 12 477 275 40 217 14 121 43 18 57,100 22, 373 34,727 247 43 219 4 127 47 30 44,820 17,056 27, 764 258 44 245 4 130 47 29 42,474 16,023 26, 451 257 45 241 4 131 47 28 44, 226 16, 985 27, 241 260 47 248 4 129 47 27 45, 686 17, 394 28, 292 28, 347 5,945 13 5,919 20, 785 20, 413 28, 347 13, 981 12, 759 1,520 12, 758 77.7 24,187 2,355 9 F2, 244 20, 821 20, 495 24,187 14, 268 12, 575 3,073 8,635 90.9 24, 359 2,468 7 2,357 20,824 20, 510 24,359 14, 204 12, 658 2,791 8,821 90.4 24,468 2,634 7 2,489 20, 799 20, 522 24, 468 14, 094 12,405 2,486 9,071 89.8 31,848 24,197 25,358 25,483 31,815 1,913 2,266 5,479 23,673 1,916 1, 869 5,137 24, 636 2,096 1,506 5,128 24,922 1,971 1,301 5,109 5,361 89 9,194 31,935 26,756 4,953 164 8,885 19.100 12, 705 680 4.929 189 8,687 20,111 13,730 r 1,058 611 9,705 2,356 3,755 4,983 13,821 4,197 9,671 2-, 354 2,776 2,207 1, 663 544 126 2,733 2,179 1,645 534 145 2,696 2,148 1,625 523 155 2,659 2,115 1,603 512 159 2,608 2,080 1,579 501 146 2,590 2,057 1,564 494 135 104 12 469 112 12 443 130 13 409 140 13 392 145 13 384 132 12 382 121 12 398 261 47 249 5 130 46 26 45, 615 17,110 28, 505 255 47 243 5 128 46 26 44, 898 17,051 27, 847 249 43 225 5 124 46 125 48,123 18, 593 29, 530 246 39 202 5 118 45 124 49, 950 18, 323 31, 627 253 38 190 5 114 45 23 46, 056 17,016 29,040 273 39 185 4 113 44 21 59, 483 23, 921 35, 562 265 38 185 3 113 44 20 50,140 19,877 30, 263 267 39 197 3 117 43 20 47, 640 19, 635 28,005 24, 672 2,775 3 2, 645 20,830 20, 566 24, 672 13,957 12, 305 2,362 9,376 89.3 25,139 3,245 4 3,153 20, 802 20, 546 25,139 14,159 12, 492 2,130 9,721 87.1 25, 298 3,565 7 3,426 20, 803 20, 575 25, 298 13, 952 12, 338 2,143 10,157 86.3 25, 754 3,774 8 3,567 20, 808 20, 576 25, 754 13, 660 11, 592 1,690 10, 658 85.6 26,953 4,959 11 4,667 20, 813 20, 569 26, 953 14, 313 12, 735 2,644 11, 220 81.5 27, 748 5,714 7 5,399 20, 799 20, 573 27, 748 14, 534 13,208 2,909 11, 756 79.1 29,019 6,679 6 6,189 20,908 20, 554 29,019 15,194 28, 555 6,339 14 5,969 20, 931 20, 520 28, 556 14, 805 13, 630 2,387 12, 265 77.3 28, 515 6,296 16 5,871 20,859 20,476 28, 515 14, 308 13, 067 1,925 12, 627 77.4 25, 502 26,670 27,217 27,424 28,639 28, 257 29, 743 31,305 25, 343 1,803 1,442 5,112 26,236 1,811 1,782 5,115 26,818 1,806 1,511 5,158 27, 344 1,909 2,018 5,285 28,345 1,947 2,696 5,215 28,733 1,867 3,092 5,228 28,709 1,759 6,757 5,256 29,434 1,888 5, 245 5,408 31,162 1,858 2,964 5,467 4,914 175 9,175 20, 774 14,559 ' 1, 281 672 10, 309 2,297 4,955 137 9,090 21, 642 16,200 r 1,447 1,471 10,383 2,899 4.975 120 8,444 22,816 17, 352 r 1.921 l|455 11,118 2,858 5,019 115 8, 681 24,075 18,493 ' 2, 245 2,267 11,228 2,753 5,038 121 8,527 25, 593 19, 948 ' 2, 337 3,029 11,257 3,325 5,087 102 8,898 27,229 21,879 '2,811 2,945 11, 725 4,398 5,102 100 9,454 28,092 22,874 ' 3, 570 3,429 11,634 4,241 5,130 100 9,141 31,148 25,898 r 3, 786 4,958 12,985 4,169 5,268 112 9,197 31,918 26,740 r 4,476 5,059 13,117 4,088 5,333 105 9,509 31,953 26,738 ' 4,244 5,001 13, 394 4,099 2,095 3,487 10,382 6,282 313 493 2,106 3,539 10,361 6,270 282 526 1,907 3,443 10, 320 6,316 265 529 1,934 3,284 10,295 6,192 248 700 1,937 3,313 10, 321 6,065 239 850 1,908 3,270 9,790 5,902 229 637 1.919 3,296 9,517 5,736 227 585 ' 381 1,230 26 1,657 381 1,221 65 1,616 369 1,217 46 1,578 389 1,207 22 1,537 382 1,199 53 1, 533 358 1,184 46 1.434 342 1,176 57 1,394 2.66 3.25 1.00 4.00 1.50 1.00 4.00 1.50 1.00 ! 4.00 I 1.50 j 1.00 4.00 1.50 1.00 4.00 1.50 1.00 4.00 1.50 .44 .69 1.25 .44 .69 1.25 .44 .69 1.25 .44 .69 1.25 .44 .69 1.25 .44 .69 1.25 1.00 .372 1.00 .371 1.00 .303 1.00 .367 1.00 .372 1.28 1.34 5,570 I ' 2,846 ' 2, 252 r 1, 692 -•560 1,940 3,229 9,456 5, 695 217 617 2,684 3,711 11,394 7,003 424 2,675 3, 706 11,094 6,726 409 441 2,667 3,548 10,905 6,542 382 528 2,032 3,410 10,740 6,469 341 519 2,035 3,429 10, 696 6,432 336 569 344 1,162 54 1,367 407 1,245 29 1,878 395 1,246 30 1,847 403 1, 243 28 1, 779 393 236 36 1 746 407 1,230 29 1,693 2.36 2.76 P3.25 1.00 4.00 1.50 1.85 .07 3.20 1.00 4.00 1.50 1.00 4.00 1.50 1.00 i 4.00 I 1.50 ! 3.34 !_ 1.00 i 4.00 ] 1.50 1.00 4.00 1.50 1.00 4.00 1.50 .44 .69 1.25 .44 .63 1.25 .44 .63 1.25 .44 .63 ! 1.25 j .44 .69 1.25 .44 i .69 ! 1.25 | .44 j .69 1.25 I 1.00 .373 1.00 . 212 1.00 .299 1.00 ; .364 : 1.00 . 363 1.00 ! .368 1.00 .370 1.00 .370 1.33 .93 .98 1.03 1.15 1.20 ! 1.25 1.27 5,663 5,392 5,373 ! 5,374 | 5,422 1,492 14 !.56 1,305 25 1, 306 ! • 25 I 1, 307 24 1,316 24 5,411 1,329 ! 21 ! 5,427 I 1,344 20 I 13,117 1,988 12,193 76.3 :, 852 2.09 5.63 3 26 S - 5,449' 5,459 j 5,492! 1,358 i 19 1,377 18 1,396 i ' I , 417 I 17 ! r IG | 1.24 r 5,594 1 5,622 1,445 1,409 15 Revised p Preliminary Amount estimated for 1 bank. cPTo avoid duplication these loans are excluded from the totals. §For bond yields see p . S-20. * New series. Earlier data for the series on taxable Treasury notes appear on p . S-14 of the April 1942 Survey; there were no tax-exempt notes outstanding within t h e m a t u r i t y range after M a r . 15, 1942. 1 S-16 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey Mav 1943 1943 1942 March April May June July August September October Novem- December ber Janu- 1 February ; ary FINANCE—Continued CONSUMER SHORT-TERM CREDIT Total consumer short-term debt, end of month* mil. of doL. Instalment debt: Sale debt, total* do Automobile dealers* do Department stores and mail order houses* mil. of doL. Furniture stores* do Household appliance stores* do Jewelry stores* do All other* do Cash loan debt, total* do Commercial banks, debt* do Credit unions: Debt§ __do.-_. Loans made do Repayments! do Industrial banking companies: Debt do___. Loans made do Repayments do Personal finance companies: Debt do.... Loans made do Repayments do Repair and modernization debt* do Miscellaneous debt* do Charge account sale debt* do Open credit cash debt* do Service debt* do Indexes of total consumer short-term debt, end of month:* Unadjusted . . . . 1935-39 = 100.. Adjusted do 8,334 | 7,961 7,547 7,096 6,761 6,559 6, 337 6,169 6,156 '•5,705 I 5,493 3,104 1,513 2,919 1,369 2,706 1,239 2,475 1,120 2,248 1,004 1,862 1, 704 664 1,571 573 312 396 561 258 91 244 1,967 586 367 543 240 85 231 1,908 564 332 512 219 79 213 1,858 546 300 475 202 71 196 1,789 521 460 253 408 154 61 164 551 1, 421 247 392 141 61 157 1,483 393 1,495 482 254 391 130 78 160 1,428 370 r 1, 317 404 228 '359 116 66 144 1,346 345 1,193 351 406 567 272 95 251 2,005 601 2,032 874 277 449 183 67 182 1,716 491 127 22 21 196 25 27 190 19 25 184 18 24 179 20 25 173 18 24 166 16 23 160 16 22 152 14 22 145 14 21 141 18 22 132 11 20 126 13 19 184 38 39 282 42 45 277 37 42 268 34 43 261 36 43 253 34 42 246 33 40 236 31 41 222 30 44 211 25 202 31 40 193 25 34 185 26 34 387 86 521 85 85 304 101 1,680 1,186 616 517 71 75 297 100 1,660 1,171 617 504 58 71 289 99 1,575 1,151 621 493 68 79 281 98 1,466 1,125 623 481 63 75 264 97 1,322 1.112 625 466 60 75 252 95 1,285 1,102 626 452 60 74 240 94 628 437 59 74 227 92 1 365 1 088 629 428 59 68 215 91 1,386 1,085 644 424 82 86 200 91 1,513 1,072 648 403 45 66 184 89 r 1,333 1,058 651 387 50 66 170 88 1,333 1,038 654 '143 144 138 139 132 132 125 125 118 119 112 114 109 110 105 105 102 102 102 1,048 48 77 188 6 4 43 7 8 25 10 24 4 36 3 18 650 85 12,011 1,194 896 3,739 299 22 1,102 166 204 390 191 493 124 427 25 296 4,813 1,369 938 38 65 146 4 8 36 4 5 15 2 18 3 29 3 19 624 65 9,282 335 1,033 2,953 48 156 936 64 53 263 58 429 98 316 204 328 3,829 1,132 955 42 63 134 7 5 17 3 4 20 5 20 3 20 5 25 647 69 9,839 471 1,175 2,924 234 49 622 95 69 246 63 562 39 623 48 274 4,392 877 804 48 67 135 1 4 23 5 6 18 11 18 7 23 2 17 486 68 9,906 673 945 3,327 222 118 632 99 63 829 300 403 124 180 78 279 3, 752 1,209 764 52 63 120 5 5 19 8 3 11 5 20 5 24 1 14 465 64 8,548 915 584 2,078 85 177 265 161 18 191 156 224 129 486 9 177 3, 950 1,021 698 47 66 119 5 5 23 5 4 10 8 12 5 20 2 20 405 61 6,781 538 520 2,249 237 33 421 76 50 207 163 341 53 262 22 384 2,475 999 556 27 54 77 5 4 5 2 2 10 5 11 5 15 0 13 355 43 585 27 63 98 4 5 10 5 2 18 2 16 3 16 2 15 352 45 5,245 267 717 1,823 198 64 176 297 49 185 12 132 62 467 17 164 2,009 429 506 22 47 86 2 3 11 4 3 11 4 12 4 19 3 10 307 44 6,950 526 1,189 1,997 7 12 195 120 40 272 288 77 49 216 525 196 2,392 846 8,591 I 769 261 428 169 63 172 1,642 1,336 1,095 r 210 338 103 58 133 1,275 319 91 INDUSTRIAL AND COMMERCIAL FAILURES Grand total number,. Commercial service, total do Construction, total do Manufacturing and mining, total do Mining (coal, oil, miscellaneous) do Chemicals and allied products.'. do Food and kindred products do Iron and steel 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 Liabilities, grand total thous. of dol.. Commercial service, total do Construction, total do Manufacturing and mining, total do 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 Treasportation equipment do Miscellaneous do Retail trade, total do Wholesale trade, total do 410 23 41 79 2 4 8 4 1 12 7 10 4 16 1 10 232 35 7,282 305 903 4,144 100 52 169 97 20 368 2, 441 165 76 162 244 250 1,540 390 268 646 673 40 61 102 0 7 17 1 3 9 7 13 3 20 4 18 405 65 7 181 525 756 1,661 2, 374 519 28 90 17 29 217 131 110 100 0 146 352 7 21 81 69 580 125 0 140 2,276 622 170 195 2,660 866 5,473 458 28 53 79 2 4 14 2 1 11 5 14 1 16 267 31 5,515 396 698 2,249 206 34 469 105 52 139 333 498 4 252 42 115 1,800 372 422 28 38 67 3 2 9 2 10 255 34 4,163 331 379 1,342 69 44 195 132 97 128 269 107 45 79 54 123 1,782 329 LIFE INSURANCE Association of Life Insurance Presidents: 27, 209 27, 341 27, 462 27, 598 27, 725 27, 909 28, 083 28, 236 28, 394 28, 572 Assets, admitted, total! mil.ofdol 5,223 5,224 5,230 5,225 5,220 5,105 5,134 5,164 Mortgage loans, total .do 5,212 5,194 661 667 675 680 685 681 684 685 Farm . _.. ' . .do. 687 688 4,562 i 4,557 4,555 4, 545 4,535 4,424 4, 450 4,479 Other do. 4,525 4,506 1, 302 1,308 1, 356 1, 370 1,382 1,436 1,423 1,410 1, 392 Real-estate holdings do 1.400 2,068 2,045 2,092 2,110 2,129 2,202 2,188 2,176 2,144 2,158 Policy loans and premium notes do Bonds and stocks held (book value), total 16, 944 17, 391 17, 431 17, 415 17, 843 17, 905 17, 904 17, 882 18, 641 18, 672 mil. of dol. 9,797 8,929 9,756 8,938 8,908 8,014 8, 453 Gov't. (domestic and foreign), total, do 8,443 8,453 8, 888 8,089 7,196 8,060 7, 204 7,132 6, 595 6, 592 U. S. Government 1 do 7,093 6, 156 6, 587 4, 438 4,4o2 4,434 4,443 4,444 4,378 4, 396 Public utility do 4,409 4, 369 4, 405 2, 515 2,566 2,581 2,517 2,597 2, 650 Railroad ..do 2, 659 2,630 2,623 2,616 1,922 1,955 1, 951 1,925 1, 956 Other do.... 1,902 1,910 1,952 1,944 1,930 716 868 , 1,074 537 690 Cash do 921 597 712 876 574 614 602 604 i 616 583 Other admitted assets do I 555 601 608 569 560 r Revised. J36 companies having 82 percent of the total assets of all United States legal reserve companies. §Revisions in 1941 data for credit unions are shown on p. S-15 of the January 1943 Survey. *New series. Earlier figures and a description of the data appear on pp. 9-25 of the November 1912 Survey; subsequent revisions in 1941 data for total short-term debt (dollar figures and indexes), total cash loan debt, and commercial banks are shown on p. S-15 of the February Survey. Minor revisions in the figures prior to December 1941 for service debt are available upon request. May 1943 S-17 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey 1942 March April May June July 1943 August September October 592 42 364 186 535, 016 83, 304 112,240 339, 472 247,852 18,935 14, 291 58, 855 155, 771 594 55 356 184 532, 294 84, 799 111, 795 335, 700 253, 735 20, 092 15, 382 58, 805 159, 456 679 46 428 204 588, 237 78, 094 135, 727 374, 416 262, 368 21, 753 16, 073 56, 836 167, 706 Novem- December ber January February FINANCE—Continued LIFE INSURANCE—Continued Association of Life Insurance Presidents—Con. Insurance written:® Policies and certificates, total thousands _ 754 Group do 75 Industrial do 432 Ordinary do 248 Value, total^ thous. of doL_ 752,561 Group do 130, 390 Industrial do 136,083 Ordinary^ do 486, 088 Premium collections, total® do 316,139 Annuities do 27, 602 Group . do 18,918 Industrial do 68,170 Ordinary do 201, 449 Institute of Life Insurance:* Payments to policyholders and beneficiaries, total thous. of doL. Death claim payments do Matured endowments do Disability payments do Annuity payments do Dividends do Surrender values, premium notes, etc.do Life Insurance Sales Research Bureau: Insurance written, ordinary, total do 631,863 New England do 48,103 Middle Atlantic do..._ 166, 717 East North Central do 146, 476 West North Central do 60, 335 South Atlantic do 62,379 East South Central do 26,192 West South Central do 44,098 Mountain do 17,803 Pacific d o . . . . 59, 760 Lapse rates 1925-26= 100__. MONETARY STATISTICS Poreign exchange rates: Argentina dol. per paper peso. _ .298 Brazil, officiate? dol. per cruzeiro .061 British India dol. per rupee.. .301 Canada, free rate§ dol. per Canadian dol... .899 Colombia dol. per pcso__ .572 Mexico do_ .206 United Kingdom, official rate§ dol. per £__ 4.035 -Gold: Monetary stock, U. S mil. of dol. 22, 576 Net release from earmark^ thous. of dol. Production: Reported monthly, total do-_. Africa do.-_ Canadaf do.. . United States do.— •Currency in circulation, total mil. of doL_ 16,250 :Silver: Price at New York dol. perfineoz._ .448 Production: Canada thous. of fine oz United States do Stocks, refinery, U. S., end of month___do BUSINESS INCORPORATIONS New incorporations (4 States) number. _ 962 PROFITS AND DIVIDENDS Industrial corporations (Federal Reserve): Net profits, total (629 cos.) mil. of dol._ Iron and steel (47 cos.) do Machinery (69 cos.) do Automobiles (15 cos.) do Other transportation equip. (68cos.)__do Nonferrous metals and prod. (77 cos.) do 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 Electric power companies, net income (28 cos.) (Federal Reserve)* mil. of dol._ Railways, class I, net income (I. C. C.) do Telphones, net operating income (Federal Communications Commission).-.mil. of dol._ 724 55 456 213 661, 681 97,826 140, 735 423,120 291, 538 24,130 18, 789 64, 257 184, 362 721 68 454 200 636, 493 124,823 139, 021 372.648 276, 007 23,113 14, 968 66, 272 171, 654 705 48 461 196 593,839 87, 773 141, 378 364, 688 270, 516 25, 363 14, 496 59,133 171, 524 585 54 340 191 576, 435 ' 93,818 103, 873 378,744 281, 077 33, 984 19,312 57, 639 170,142 623 42 380 201 593, 733 90, 690 117, 563 385,480 279, 445 23, 504 19, 334 59, 376 177, 231 222, 927 92, 558 23, 931 8,489 13, 759 38,891 45, 299 227, 512 92, 409 23, 404 7,943 13, 694 46, 647 43, 415 188,894 203, 882 204, 396 165, 866 176,104 189, 326 176, 247 244,909 203, 604 75, 533 80, 702 89, 707 71. 785 76, 726 84, 114 80, 109 97,826 93,442 21, 644 22, 478 20,444 17; 449 20, 283 22, 464 22,132 21,802 25, 777 7,600 7,414 8,823 8,360 7,218 8,302 7,930 8, 053 7,021 12, 727 14,173 14, 549 10, 607 12, 978 13, 968 12, 763 13,192 17, 015 37, 221 32, 252 24,851 34, 377 31.187 27, 510 27, 258 25,880 68,314 36, 361 24, 691 40, 203 40, 485 39, 084 33, 244 31, 586 33, 469 28,145 187,853 85, 549 24, 237 7,135 12,796 33, 817 24, 319 552,044 42, 030 138,708 126, 330 53,182 52,173 24,960 46, 534 14, 533 53, 594 462,761 37,131 118,591 106,487 44, 931 45, 968 18,950 32, 604 11,998 46,101 457, 926 463, 325 459, 499 430, 297 432,679 467, 814 477, 749 521, 524 485, 782 508,908 36, 248 37, 029 37,051 39, 396 36, 761 34, 983 33, 590 37, 408 34, 767 36,426 114, 230 117, 577 115,844 100, 695 101,125 118, 351 119, 590 143,961 137, 295 136,677 106, 445 106, 796 105, 599 97, 929 96,148 106, 057 100, 774 114, 554 108, 316 117, 268 48,833 47, 660 46, 746 44, 693 45, 203 47, 518 44, 357 52,563 46, 684 49, 563 44, 679 44, 407 44,696 44, 285 46, 426 47, 720 45,188 50, 307 43, 661 49, 708 17, 758 19,182 19, 722 18,549 17, 515 18,413 18, 867 17,410 20, 220 18,131 31, 825 32, 247 32,199 32, 785 35,445 32,234 30, 565 38,142 34,133 37, 235 12.188 12, 288 13,165 16,069 12,798 13,752 12,123 12, 390 13, 059 12,703 45, 720 46,139 45, 650 45, 289 43, 939 46,600 42, 395 49, 282 45, 368 48. 222 77 .061 .301 . .877 .570 .206 4.035 .298 .061 .301 .872 .570 .206 4.035 .298 .061 .301 .886 .570 .206 4.035 710 87 425 198 662,506 161, 061 129, 863 371, 582 ' 277,493 25, 654 r 15, 698 64, 014 172,127 .298 .061 .301 .900 .570 .206 4.035 630 66 366 199 635, 789 151, 343 112,917 371, 528 278,011 30, 999 16, 297 56, 368 174, 347 .298 .061 .301 .899 .571 .206 . 4. 035 22, 714 22, 737 22, 744 -38,196 -14,792 -24, 383 • 85, 346 • 80,263 - 80,943 ' 79,106 r 83,202 47,518 47,460 46,366 47,347 46,665 14,881 14,852 15, 372 14,728 14,864 11,164 10,504 11,316 12, 754 11,415 12,074 12,383 11,566 12, 739 11,767 22,687 -65, 525 22,691 -20,068 628 72 358 197 584, 743 114,180 111,801 358, 762 260, 427 22,128 16, 857 58, 539 1G2, 903 165 315 200 817, 547 '317,373 97,863 402,311 387,033 60, 577 17, 775 97, 855 210, 826 .298 .061 .301 .881 . 570 .206 4.035 22, 756 22, 754 22,740 -21, 763 -27, 759 -56,440 22,743 10, 752 22, 726 22,683 22,644 30,974 -76,063 -63,411 ' 78,150 r 70,269 43,473 45,459 12,693 13,365 7,828 12,013 14, 210 14,805 68,103 v 64,986 v 62,156 42,851 v 41,922 p 39, 724 12, 597 11,708 11,459 6,209 5,179 4,820 15,410 15, 590 16,088 .298 .061 .301 .878 .571 .206 4.035 ' 77,255 '76,692 46,052 45,044 14,100 13,212 10,163 11,837 13,200 13,703 .351 .351 .351 .351 .351 .351 1,606 5,285 3,152 1,613 5,606 2,930 1,624 4,948 3,270 1,537 4,528 2,685 1,966 5,048 3,744 1,505 4,412 4,510 1,758 4,561 2,922 1,279 1,194 1,094 832 818 .298 .061 .301 .879 .572 .206 4.035 .448 .448 .448 .448 .448 1,623 3,292 3,128 1,634 3,673 3,150 1,606 3,542 2,851 3,176 2,714 784 939 1,032 810 564 70 51 ••458 51 36 36 19 32 35 39 39 32 204 174 '218 289 21 134 23 136 21 '126 158 33 96.7 25 199.2 28 284.1 35 383. 66.0 34 22 42 42 41 35 59 .061 .301 .896 .572 .206 4.035 1,870 3,819 3,505 ••364 52 35 25 i'48 32 18 32 27 35 27 34 ••419 52 .298 .061 .301 .900 .572 .206 4.035 .298 .061 .301 .876 .570 .206 4.035 .298 .061 .301 .895 .572 .206 4.035 i »-55 36 31 43 47 49 39 53 66.2 r Revised. v Preliminary. i Partly estimated. • Or increase in earmarked gold ( - ) . ®39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. 6"Prior to Nov. 1, 1942, the official designation of the currency was the "milreis." §The free rate for United Kingdom shown in the 1942 Supplement was discontinued after F e b . 1,1943; the official a n d free rates (rounded to thousandths) were identical from January 1942 to January 1943. T h e official rate for Canada has been $0,909 since first quoted in March 1940. JData for Mexico, included in the total through March 1942, are no longer available for inclusion. Revised monthly averages for 1941 and 1942, excluding Mexico a n d including certain other revisions, are a s follows: 1941, 88,452; 1942, 78,038. Revised 1941 monthly average for Canada, 15,590 (monthly revisions available on request). ^Revisions not shown above, beginning December 1938, are available on request. *New series. T h e series on payments to policyholders and beneficiaries, compiled b y the Institute of Life Insurance, represents total payments in the United States, including payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beg i n n i n g September 1941 are available in the November 1942 Survey; earlier data will be shown in a subsequent issue. For data beginning 1929 for profits and dividends for .152 companies, see p . 21, table 10, of the April 1942 Survey. Earlier data for net income of electric power companies will be published in a subsequent issue. S-18 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey May 1943 1943 1942 March April June May July August September October Novem- December ber January Febru ary FIN AN CE—Continued PUBLIC FINANCE (FEDERAL) War program in the United States, cumulative totals from June 1940: * Program mil. of doL. 246,147 146,744 I 167,264 !168, 764 175, 599 220,237 221,968 221, 918 237, 913 237, 659 237, 949 238, 398 238, 952 99,497 i 110,436 I 121,225 133, 853 144, 735 153,052 160,155 168, 313 177,913 183, 802 190,108 197, 523 204,118 Commitments do 80,543 23,422 I 26,883 I 30,707 34,921 87,655 Cash expenditures do 55. 972 62,084 68, 208 74,461 39, 628 44,791 50,250 887 735 1,014 944 558 I 531 I 634 1,240 War savings bonds, sales* do 814 901 734 634 838 115, 507 72, 495 77,136 Debt, gross, end of month® do 62,464 | 65,018 ! 68.617 81, 685 86, 483 92,904 96,116 108,170 111,069 114,024 I Interest bearing: 104, 284 64,156 Public issues do 68,569 j 72,982 77, 338 83,680 86, 671 98, 276 100, 852 103, 286 54, 652 57,196 ! 60,637 Special issues to government agencies and 9,172 9, 565 8,787 8,509 9,032 7, 333 7,358 | 7,518 7,885 | 8,125 8,262 8, 585 trust funds mil. of dol.. 10,284 1,219 1,045 1,173 479 639 657 Noninterest bearing do 464 | 462 454 I 442 441 637 862 Obligations fully guaranteed by U. S. Gov't: Total amount outstanding (unmatured) cf 4,275 4,277 4,244 mil. of doL. 4,350 5,666 4,548 4,243 4,283 5,666 5,667 4,551 4,567 4,552 By agencies:^ 780 782 779 749 749 788 754 738 Commodity Credit Corp do 701 738 701 701 701 930 930 930 Federal Farm Mortgage Corp do 930 930 930 930 930 930 930 930 930 930 1,533 1,533 1,533 Home Owners' Loan Corporation._do 1,533 1,533 2, 409 1, 563 1,533 1,533 2, 409 1,533 1, 533 2,409 896 896 896 Reconstruction Finance Corp do 971 896 1,219 1,216 896 1,492 1,216 1, 492 1,216 1,492 6,119 6,372 Expenditures, total do 7,354 6,363 6, 501 4,531 5, 931 5,937 3.436 5,215 5,162 3, 755 3. 955 5,770 5,947 6,744 6,042 5,825 War activities* do 3,829 5,384 5,481 2,809 4,884 3 238 4,498 3,560 92 86 103 66 Agricultural adjustment program do 35 48 81 31 30 70 47 66 62 29 23 21 Unemployment relief do 35 31 96 72 52 12 91 68 40 82 35 2 Transfers to trust accounts* do 56 3 22 1 19 25 249 5 1 48 (a) 54 Interest on debt do 77 28 35 205 390 7 353 35 224 70 19 262 (a) (a) (a) (a) (a) Debt retirements do 15 1 1 (ffl) 2 2 2 (*} 194 222 242 247 Allothert do.... 208 206 224 215 198 234 230 223 263 824 2,528 648 Receipts, total . do 3, 548 2,494 830 2,702 1,190 797 732 764 5, 207 794 788 2,527 607 Receipts, net do 3, 547 2,492 601 2,701 955 695 587 563 5,206 747 25 24 Customs do 28 23 24 26 33 22 20 32 30 32 24 724 603 Internal revenue, total do 2,424 784 2,649 1,075 3.493 684 748 708 2,476 5,154 742 306 206 199 1,972 380 Income taxes do 3,083 2,086 155 2,126 335 216 4,732 273 248 52 343 Social security taxes do 232 42 43 49 50 43 *>22 50 53 Government corporations and credit agencies: 23, 437 22,643 Assets, except interagency, total., mil of dol.. 24,151 20,992 17, 962 19, 974 21,715 15,750 16, 656 17,343 18, 482 19,401 20, 534 8,691 Loans and preferred stock, total do 8, 565 8,813 8,746 9,218 8,588 9,026 9,005 8,948 9,065 8,781 Loans to financial institutions (incl. pre858 ferred stock) mil. of doL. 953 920 833 1,029 964 949 957 1,046 1,030 1,002 1,020 974 474 Loans to railroads do 489 469 496 500 502 486 498 497 498 497 497 2,219 Home and housing mortgage loans do 2,265 2, 237 2,197 2, 392 2 372 2,241 2,357 2,286 2,297 2,344 2, 352 Farm mortgage and other agricultural 2,871 2, 912 2,878 loans mil. of dol.. 2, 869 2,916 3,272 2,925 3 100 3,076 2,994 3,092 2,949 3,038 2,167 2,149 2,168 Allother do ._ 2,151 2,196 2,124 2,026 2,067 2,096 2,067 2,041 2,042 2,117 U. S. obligations, direct and fully guaran1,375 1 222 1,219 ' 1, 272 1.284 teed mil. of doL. 1, 424 1, 060 1,097 1,113 1,144 1,197 1,076 1,088 1,359 1,' 001 1,041 Business property do 1,020 976 1,408 859 952 792 815 924 833 879 5,883 4,701 5,187 5,638 Property held for sale do 3,512 6.074 4, 287 4,710 2, 262 2,717 3, 067 3,808 4,177 6,232 5,989 All other assets do 5,489 4,725 6,681 3,468 4,848 2,571 2,830 3, 349 3, 735 4, 295 5,288 Liabilities, other than interagency, total 10,345 10,533 10,791 mil. of dol. - 10, 850 10,161 9,863 10, 268 9,275 9,620 9,776 10, 078 9,482 I 9,728 Bonds, notes, and debentures: 4,332 4,291 4,301 Guaranteed by the U. S do 4,574 4, 265 4,264 4, 365 4, 568 4, 592 5, 688 5, 690 5,687 4,581 1,383 1,413 1,414 1, 434 1,404 1,375 1,442 1,413 Other do 1,431 1, 445 1,433 1,443 1,440 5,076 4,630 4,829 4,154 4,601 3, 265 4,185 Other liabilities, including reserves.._do 5,109 2,656 2,497 3,691 2, 950 3,457 440 439 439 443 439 438 442 Privately owned interests do 441 436 435 439 438 437 12, 206 9,373 8,249 11,671 U. S. Government interests do 6,444 13, 321 5,694 10, 230 10, 281 10,931 8,562 9,234 Reconstruction Finance Corporation, loans outstanding, end of month :\ Grand total thous. of dol. _ 6,107,850 3,361,947 3,556,094 3,819,280 4,085,264 4,273,373 J4,545,609 4,628,502 4,848,279 4,916,226 5,312,352 5,604,641 5,805,976 Section 5, as amended, total do 706,147 734, 696 738, 384 733,596 I 734,070 733, 316 735, 862 735,093 735, 685 735, 209 723, 554 723, 906 706,520 Banks and trust companies, including 63, 362 63, 876 receivers thous. of dol. - 62, 576 68, 265 67, 514 66, 420 65, 803 65, 575 67, 449 66, 793 66, 434 65, 711 65, 082 4,218 4,315 Building and loan associations do 4,574 5,060 4,671 3, 835 5,792 5,170 4,705 6,434 5,630 5, 037 5,817 522 529 529 529 Insurance companies do 519 725 600 597 659 714 686 669 702 204,161 193, 993 196, 512 197, 401 198, 926 199, 280 200. 562 199, 737 200, 522 202,044 201, 689 200,686 198, 689 Mortgage loan companies do 450, 499 453, 432 438, 668 434, 378 464, 842 466,182 462, 316 462, 088 461, 826 461, 563 462, 470 462, 050 Railroads, including receivers do 1,061 1,069 912 1,085 920 1,079 1,028 924 All other under Section 5 do 939 928 Emerg. Rel. and Constr. Act, as amended: Self-liquidating projects (including financ16, 954 16,809 16,960 17, 382 17, 310 17,195 17,194 17,153 17,133 17,056 ing repairs) thous. of dol.. 16, 824 17, 452 17,415 Financing of agricultural commodities 204 157 339 403 349 349 349 117 368 368 352 349 thous. of doL. 349 Loans to business enterprises (including participations) thous. of doL _ 111.206 142,915 140, 290 139,465 I 135,961 134,278 ! 132,942 131,349 129,187 126,516 123, 775 117,536 115,250 4,405,119 1,191,436 1,395,212 i 1,670,157 1,940,4992,129,933 |2,409,243 2,484,112 3,082,347 3,136,522 3,548,003 3,853,321 4,094,028 National defense § do Total, Bank Conservation Act, as amended thous. of doL. 677,112 710,029 702, 408 700, 693 699, 708 698,494 I 693,213 690, 851 689, 429 688, 208 687, 421 683.069 679. 830 65, 469 64, 444 66,832 66, 665 63, 366 71,859 71,168 70, 464 70, 359 68, 794 69, 357 69, 076 67,115 Drainage, levee, irrigation, etc do 127, 958 493,156 490,849 487,154 487,004 491, 014 487, 450 500, 519 127,034 145, 533 145, 635 144,181 128,937 Other loans and authorizations do SECURITIES ISSUED {Securities and Exchange Commission)] 1,389 994 1,092 2,531 6,951 Estimated gross proceeds, total mil. of dol.. 4,975 779 2, 965 809 3,099 2,068 709 | By types of security: 1,389 994 2,519 4,973 778 6,951 693 2, 952 792 3,099 2,066 1,078 701 Bonds, notes, and debentures, total..do 9 49 50 15 27 26 112 87 86 ! 115 126 52 I Corporate do. _.. 84 0 9 0 0 2 3 I 0 4 9 10 Preferred stock do 16 I 0 0 (a) ! (a) 3 0 2 0 Common stock . do 3 («0 I ' Revised. * Preliminary. « Less than $500,000. ® Figures beginning July 1942 are on the basis of Daily Treasury Statements (unrevised); earlier figures are on the revised basis as shown in the Public Debt Statement which was discontinued after June 1942. cf The total includes guaranteed debentures of certain agencies not shown separately. *For revisions beginning July 1941, see p. S—17 of the November 1942 issue. •Jlncludes repayments unallocated, pending advices, at end of month. §Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations." fSee note marked " t " on p. S-19. *New series. The series on the war program has been revised in this issue to cover the United States Government only; cumulative totals (preliminary) through March 1943 for the series formerly published, including foreign orders placed in the United States and payments by foreign purchasing missions, are as follows (millions of dollars): Program, 250.287; commitments, 208,158; cash exnenditures, 91,397. For a description of the data see n. 21, table 9, of the April 1942 Survey; earlier figures comparable with the data shown above will be published later. The series on war savings bonds is from the Treasury Department and represents funds received during the months from sales of series E, F, and (1; for earlier data see p. S-16 of the October 1942 Survey; the August figure has been revised to include $37,000,000 representing reports for August received during first few days of September. I («) I S-19 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey 1942 1943 March April March June May 1943 Au ust July ? tefZr October Novem- December ber January February FINANCE—Continued SECURITIES ISSUED—Continued (Securities and Exchange Commission) f Estimated gross proceeds—Continued. By types of issuers: Corporate, total mil. of dol. Industrial do Public utility do Rail do_.._ Other do Non-corporate total ® do U. Government and agencies do State and municipal do New corporate security issues: Estimated net proceeds, total do Proposed uses of proceeds: New money, total do Plant and equipment do Working capital do Repayment of debt and retirement of stock, total mil. of dol__ Funded debt do Other debt do Preferred do ee stock 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. 61 22 15 0 994 944 50 102 47 49 6 0 607 558 49 121 110 11 0 0 587 531 56 126 104 21 0 1 2,839 2,809 30 142 63 70 9 1 666 634 32 0 3,046 2,998 47 96 100 118 124 139 52 39 6 32 39 35 4 70 15 55 59 27 33 72 57 15 14 11 3 39 33 6 61 41 15 5 12 36 0 64 11 53 0 1 66 55 5 2 37 29 8 37 34 3 0 12 107 59 102 49 61 51 48 11 11 0 0 0 (a) (a) 46 25 40 53 47 3 (a) (a) 89 19 68 2 0 1,979 1,932 47 46 9 18 4 53 21 10 37 3 2 3 68 34 11 0 0 1 2 2 62 16 45 1 0 2,469 2,444 24 18 6 3 9 0 4,958 4,919 38 27 12 15 0 0 752 735 17 26 3 20 4 0 6,925 6,906 18 60 17 27 26 49 23 8 15 2 2 1 2 8 7 1 12 10 2 29 26 1 15 15 0 17 13 37 34 3 0 0 (a) 24 24 (a) (a) 9 9 0 0 0 1,380 1,240 49 49 3 39 8 0 945 887 57 (a) 4 (a) 12 2 (a) (a) 2 2 10 15 (a) 39 2 (a) 14 0 0 37 (Commercial and Financial Chronicle) Securities issued, by type of security, total (new capital and refunding) thous. of doL. 199,837 New capital, total do 89,645 Domestic, total do 87,395 Corporate, total do 56,943 Federal agencies do 0 Municipal, State, etc do 32,702 Foreign do 2,250 Refunding, total do _ - - 110,192 Domestic, total do-_. 110,192 Corporate do 38,447 Federal agencies do 54,830 Municipal, State, etc do 16,915 Domestic issues for productive uses (Moody's): Total mil. of doL Corporate do Municipal, State, etc do (Bond Buyer) State and municipal issues: Permanent (long term) thous. of doL. 50, 670 Temporary (short term) do 69,092 COMMODITY MARKETS Volume of trading in grain futures: Wheat mil. of bu_. Corn do 15 SECURITY MARKETS Brokers' Balances (N. Y. S. E. members carrying margin accounts) H Customers' debit balances (net) mil. of doL_ Cash on hand and in banks do_ Money borrowed do. Customers' free credit balances do 181,961 2 0 M 2 2 142, 322 161, 739 100,977 115,001 129, 500 96, 516 40,750 103,133 28,145 45,085 129,500 96, 516 28,145 40,750 103,133 45,085 103,842 76,827 27, 510 58, 600 28,446 2,434 2,715 0 2,060 2,515 0 0 22,944 17,628 44,533 10,725 16,639 25, 711 0 0 0 0 0 0 52, 461 104,906 101,572 58,606 55, 893 86,856 52, 461 104,906 101, 572 58,606 55, 393 86,856 30,437 5,807 61, 686 32,719 6,018 43,846 38,800 28, 455 32,260 49, 925 18, 400 30, 645 6,556 7,855 14, 766 36, 593 2,663 12, 365 197, 359 109,749 109,749 79,085 8,860 21,804 0 87, 610 87, 610 39,209 21,315 27,085 265, 603 158,579 158,579 97,114 9,720 51,745 0 107,025 107,025 18, 527 80, 540 7,958 78 58 20 50 10 40 35 20 15 28 18 10 51, 235 183, 744 61,308 113, 745 28,759 59,916 36, 723 48,096 75,400 133, 530 178 111 249 148 226 126 267 145 390 104 350 340 531 195 306 249 515 195 300 247 502 177 300 238 496 180 309 240 98.24 99.42 70.90 95.97 97.98 58.95 95.63 97.54 60.29 95.64 97.46 61.16 116.7 117.8 106.1 101.8 88.6 27.6 122.2 110.2 99.3 107.1 102.3 88.4 26.7 124.5 110.5 610 26 17 9 97,871 144,808 176, 420 102, 360 29,029 36, 696 6,670 57,900 29,029 36.696 6,670 57,900 4,679 10, 621 2,798 11,330 17,125 16, 720 0 0 7,225 9,355 3,872 46,570 0 0 0 0 68,842 108,113 169, 750 44, 406 68, 842 108,113 44. 406 79, 750 13,531 64,829 1,865 7,517 45, 520 34, 245 26,805 31,875 9,792 45, 428 10, 666 5 2 3 7 4 3 4 2 2 53 10 43 28,862 60,862 53, 672 203, 704 36,036 79,815 24,188 6,905 34,486 45,464 257 141 261 85 190 81 146 94 224 125 212 103 491 172 307 238 490 500 510 520 550 310 240 310 250 320 250 543 160 378 270 540 300 240 290 280 320 310 95.50 97.28 61.72 95. 76 97.49 61.68 96.08 97.75 62.51 96.18 97.83 62.97 96.48 98.08 63.16 96.11 97.59 65.24 97.47 98.72 68.88 97.79 99.03 70.01 117.7 118.0 118. £ 118.7 119.0 119.3 119.5 118.9 119.5 120.0 98.9 107.4 102.2 87.1 26.4 124. 5 110.7 98.1 107.7 103.5 83.0 24.0 125.7 110.7 108.4 104.5 83.9 25.5 126.7 110.2 99.3 108.7 104.1 85.2 27.1 127.6 109.9 100.7 109.8 105. 8 86.4 29.4 128.1 109.8 102.1 111.2 107.1 88.0 30.3 128.6 109.5 103.2 113.8 108.3 87.6 29.6 129.0 109.4 103. 6 115.3 109.1 86.5 29.9 127.8 108.9 105.4 115.7 110.5 89.9 31.7 127.7 109.4 106. 4 115.9 111.4 92.0 33.5 128. 6 109.4 61,173 ' 61.336 145, 734 • 59,482 [188 30 Bonds Prices: Average price of all listed bonds (N. Y . S. E.) dollars-Domestic do Foreign do Standard and Poor's Corporation: Industrial, utilities, and rails: High grade(15bonds)..dol. per $100 bond• M e d i u m and lower grade: Composite (50 bonds) do Industrials (10 bonds) do Public utilities (20 bonds) do. Rails (20 bonds) do~ Defaulted (15 bonds) do. Domestic municipals (15 bonds) f doU. S. Treasury bonds do~ 1 r Less than $500,000. Revised. ® Includes for January 1943 a Canadian Government issue of $90,000,000 and, for certain months, small amounts for nonprofit agencies not shown separately. 1 Complete reports are now collected semiannually; data for August-November 1942 and beginning 1943 are estimates based on reports for a small number of large firms. § Small amounts for "other corporate," not shown separately as formerly, are included in the total net proceeds, all corporate issues, above. f Revised series. For an explanation of changes in the data on security issues compiled by the Securities and Exchange Commission and revised 1941 monthly averages for selected series, see p. S-18 of the April 1943 Survey; all revisions for years prior to 1942 are available on request. The price indexes for domestic municipals are converted from yields to maturity, assuming a 4-percent coupon with 20 years to maturity instead of 3%-percent coupon with 22 years to maturity, as formerly. Earlier data will be shown in a subsequent issue. S-20 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey SURVEY OF CURRENT BUSINESS 1942 1943 March May 1943 March April May June July August 1943 September October Novem- December ber January February FINANCE—Continued SECURITY MARKETS—Continued Bonds—Continued Sales (Securities and Exchange Commission): Total on all registered exchanges: 99,075 81 804 80,306 83,842 124,075 134, 771 91,838 98,513 114,943 144,737 Market value thous. of dol.. 260,794 137,003 580,038 306, 812 202,862 179,690 151 865 155,111 173, 629 316, 526 303,128 207, 713 233,873 329,565 Face value do On New York Stock Exchange: 71, 249 86, 629 72, 623 75, 610 112, 301 122,448 243, 869 121,066 80, 772 87,421 101, 549 132,378 Market value do Face value do 554, 858 286, 211 186,165 165, 276 139 586 142, 932 162, 734 300, 306 285, 683 192, 439 214,320 310, 531 Exclusive of stopped sales (N. Y. S E . ) , face value, total thous. of doL. 497, 869 263, 055 174,011 156,658 133 776 125, 605 159, 938 276,812 266,931 169,301 207,079 302,817 449 248 245 229 199 407 299 U. S. Government do _._ 197 251 879 545 953 Other than U. S. Govt., total, do .._ 497, 672 262,176 173, 467 155, 705 133 369 125, 306 159,490 276, 567 266,684 169,072 206, 880 302, 566 Domestic do 481, 522 249,192 162, 311 138, 597 124 676 119,068 152,418 268, 643 258, 361 157, 269 195,834 290,890 7,072 17,109 7,924 8,323 11,046 Foreign do 11, 676 11,156 8 694 6,238 16,150 12, 984 11, 803 Value, issues listed on N. Y. S. E.: 63,992 60, 572 61 899 65, 277 61, 956 65, 256 67, 207 72,993 67,156 Face value, all issues mil. of dol.. 72, 856 72, 880 60, 579 62,198 62,182 64,139 69,934 69,835 57, 466 58, 852 58, 804 60,903 64,088 69,831 Domestic do 57, 471 3,074 3,068 3,079 3,059 3,021 3,067 3,105 3,105 3,049 Foreign do 3,108 qo, OQfi q noq uyo o, Uoy 62, 766 64,844 62, 720 70, 584 71, 575 57, 924 59, 258 64, 544 71, 039 Market value, all issues do 58,140 112 59 201 61, 278 60, 830 62,906 59,372 57, 60, 796 68, 562 69, 433 62, 543 56, 051 57, 359 68, 939 Domestic do 56, 308 1,936 1,938 1,924 2,142 1,872 1,899 1,905 2,022 1, 911 2,001 2,100 Foreign do 1,832 Yields: Bond Buyer: j2.21 2.15 2.13 2.33 2.15 2.16 2.12 2.08 2.33 2.16 2.17 Domestic municipals (20 cities) .__ percent.. 2.38 | Moody's: 3.34 3.32 3.34 3.36 3.31 3.37 3.35 3.33 3.31 3.20 3.27 Domestic corporate do— 3.37 | i By ratings: 2.81 2.80 2.79 2.81 2.85 2.83 2.85 2.83 2.79 2.80 2.76 Aaa do---. 2.86 ! 2.99 2.95 2.96 3.01 2.99 2.94 2.98 3.00 2.98 2.93 2.88 Aa do 3.00 3.27 3.24 3.23 3.31 3.30 3.31 3.28 3.26 3.24 3.14 3.20 A . do..._ 3.32 4.28 4.24 4.33 4.30 4.27 | 4.26 4.28 4.01 4.25 4.16 Baa do 4.30 By groups: 2 94 2.94 2.94 2.94 2.97 2.96 2.97 2.95 2.93 2.87 2.90 Industrials . do -. 3.00 3.09 3.07 3.12 3.13 3.07 3.13 3.08 3.06 3.00 3.05 Public utilities do-. 3.17 4.02 3.92 4.03 3.95 3^98 3.97 3.95 3.96 3.93 3.73 3.86 Rails do . 3.94 Standard and Poor's Corporation: 2.22 2.32 2.28 2.38 2.45 2.25 2.26 2.20 2.27 Domestic municipals (15 bonds) do_. 2.58 U. S. Treasury bonds: 2.02 2 00 2.05 ! 2.09 1.98 1.97 1.97 2.03 2.06 2.08 2.06 Partially tax-exempt do2.00 2.34 2.34 2.33 I 2.33 2.34 2.34 2.34 2.35 2.36 2.32 2.33 Taxable* do 2.35 Stocks Cash dividend payments and rates (Moody's): Total annual payments at current rates (600 companies) mil. of dol. 1, 680. 77 1, 850.15 1, 805. 62 1,701.40 1,675.01 1, 675. 81 1, 646.14 1, 643. 75 1, 645.97 1,647.36 [1,677.20 1,682.83 938.08 938.08 938. 08 ~ ~ ~~ 938.08 938.08 942. 70 938.08 938.08 Number of shares, adjusted millions.. 942. 70 942. 70 938.08 Dividend rate per share (weighted average) 1.75 1.75 1.92 1.75 1.79 1.79 1.76 1.79 1.78 1.81 (600 companies) dollars.. 1.78 1.97 2.81 2.81 2.81 2.81 2.81 2.81 2.81 2.82 2.82 2.81 Banks (21 cos.) do 2.82 2.81 1.70 1.71 1.70 1.79 1.76 1.75 1.69 1.71 1.93 1.71 Industrials (492 cos.) do 1.71 1.98 2.69 2.69 2.69 2.69 2.69 2.69 2.69 2.64 2.64 2.69 Insurance (21 cos.) do 2.64 2.69 1.75 1.73 1.74 1.73 1.74 1.74 1.74 1.75 1.75 Public utilities (30 cos.) do 1.74 1.77 1.80 1.66 1.85 1.75 1.79 1.66 1.75 1.96 2.12 I 2.12 Rails (36 cos.) do___. 2.18 1.77 1.77 Dividend payments, b y industry groups:* 143.4 296.8 282.1 320.5 118.3 340.5 155.7 675.7 392.5 Total dividend payments mil. of doL. 312.8 318.8 343. 9 67.0 128.1 91.9 189.4 66.2 142.9 101.7 369.6 219.5 Manufacturing do 135.9 198.5 209.4 3.1 1.7 25.3 5.0 3.3 3.5 54.9 29.7 1.4 Mining do 4.7 23.0 22.6 3.2 16.2 25.4 15.4 44.5 25.5 15.7 3.4 3.8 22.1 16.7 Trade do 23.2 26.6 73.3 21.0 47.7 53.9 26.2 74.2 8.5 8.3 47.3 Finance do 16.0 24.7 8.0 16.7 9.3 12.2 64.2 29.9 11.7 1.4 3.3 12.5 Railroads do 12.1 7.7 34.3 33.7 30.3 36.9 47.2 38.7 40.2 35.4 32.1 44.3 Heat, light, and power do 29.7 32.9 .1 46.0 12.5 46.5 13.6 14.3 46.9 .1 .2 46.9 C ommunications do 9.5 15.9 1.1 2.6 7.3 27.8 8.7 5.6 5.0 2.8 1.9 Miscellaneous do 4.5 7.9 7.5 Prices: Average price of all listed shares (N. Y. S. E.) 48.2 47.2 51.1 46.6 50.6 44.6 45.3 52.6 42.6 62.1 Dec. 31, 1924=100.. 44.5 Dow-Jones & Co., Inc. (65 stocks) 38. 37 33.12 35.54 35.46 36.00 38.81 38.81 32.92 34.20 44.64 dol. per share. . 34.54 40.73 113.51 98.42 106.94 106.08 107. 41 115.31 117.16 103. 75 97.79 121.52 131.15 101. 62 Industrials (30 stocks) do 13.35 11.68 11.75 11.51 11.76 14.16 14.02 11.06 11.93 15.57 17.58 12.15 . Public utilities (15 stocks) do 28.65 24.29 25.63 26.19 26.76 28.13 28.59 26.83 23.59 24. 56 32.47 26.09 Rails (20 stocks) do 79.06 68.30 73.26 73.10 74.40 80.13 81.51 67.52 71.07 84.67 91.13 69.17 New York Times (50 stocks) do___. 136.56 119. 25 129.42 126.93 128.65 139. 23 142.86 125.05 117.45 147. 75 157.06 119.65 Industrials (25 stocks) do 21.55 17.35 18.71 19.26 20.16 21.03 20.18 17.59 17.10 25.21 21.59 18.69 Railroads (25 stocks) do Standard and Poor's Corporation: 74.2 68.2 68.3 69.4 63.2 75.2 79.7 75.9 66.1 63.3 88.2 66.0 Combined index (402 stocks) .1935-39= 100.. 76.5 70.6 70.5 71.6 64.7 77.2 78.5 68.2 82.3 64.8 67.2 Industrials (354 stocks) do 77.6 71.5 71.0 71.8 66.3 77.3 77.7 81.1 69.0 67.8 70.8 Capital goods (116 stocks) do 72.7 69.2 68.9 69.6 62.9 74.1 75.8 67.6 79.7 61.8 63.9 Consumer's goods (191 stocks) do 63.7 58.4 58.8 59.5 57.2 66.2 65.2 69.3 58.8 56.5 76.2 60.5 Public utilities (28 stocks) do 72.7 62.9 65.4 66.7 60.3 73.0 69.3 59.0 73.7 61.1 65.0 86.4 Rails (20 stocks) do Other issues: 75.7 70.5 74.1 74.2 67.9 73.1 77.9 62.5 66.3 60.4 62.6 Bank?, N . Y. C. (19 stocks) do Fire and marine insurance (18 stocks) 98.5 104.7 104.9 108.4 97.2 98.5 100.6 104.4 90.6 89.5 95.9 1935-39=100-. Sales (Securities and Exchange Commission): Total on all registered exchanges: Market value .thous. of d o L . 996, 931 341, 230 272, 889 265,455 273, 279 302,181 253,211 284, 995 465, 937 411,312 629,403 507,440 12, 553 15, 381 24, 753 22,053 14,033 33,651 28,067 12, 625 13, 613 12, 838 16,391 Shares sold thousands,. 63,006 On New York Stock Exchange: Market value thous. of dol__ 861, 091 287, 785 226,187 226,102 232,947 258, 535 214, 217 241,517 400, 475 352, 283 536, 509 432,974 9,932 19, 610 10, 964 9,489 11,903 25,160 21,682 17,310 9,685 10,079 12,175 Shares sold thousands-. 48,026 Exclusive of odd lot and stopped sales 15,933 8,374 7,387 18,032 7,229 9,450 13,437 19,313 7,589 (N. Y. Times) thousands.. 36, 997 8,580 Shares listed, N . Y. S. E . : 34,444 34,872 35,605 37,738 , 37,374 I 38, 812 41,411 32,914 33, 419 32,844 Market value, all listed shares mil. of doL. 45, 846 31,449 1,471 1,471 1,471 1,471 I 1,471 ; 1,471 1,470 1,470 1,469 Number of shares listed millions-. 1,469 1,469 1,469 134, 433 276, 381 122, 202 259,290 252,254 253 252,001 245, 656 6,345 72, 962 69,837 3,125 71,346 69,159 2,188 2.08 3.23 2.77 2.89 3.17 4.08 2.88 3.02 3.78 2.22 2.06 2.32 1, 686. 26 942.70 j 1.79 2.82 1.72 2.64 1.75 2.16 140.7 60.4 .7 5.9 28.1 7.1 36.4 .1 1.9 59.0 42.78 127. 40 16.87 29.80 88.18 153. 76 22.61 84.8 87.7 86.1 84.8 73.3 77.5 84.7 111.0 | 014,765 j 38,457 I 527,643 j 29,388 24, 434 43, 539 1,470 *New series. The new bond series represents the average yield of taxable Treasury bonds (interest subject to both the normal and surtax rates of the Federal income tax) neither due nor callable for 12 years; this average started Oct. 20, 1941, following the issuance of the second series of such bonds; the 2y2 percent bonds of 1962-67 and the 2]^ percent bonds of 1963-68 are excluded because of restrictions on their purchase and negotiability. The series on dividend payments has been revised because of certain shifts in the industrial classifications, principally a shift of leased railroad lines from "railroads" to the "finance" group. Revised data for January 1941-February 1943 will be published later. For a description of the data see p p . 26-28 of the November 1942 Survey. S-21 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey 1943 Janu- February ary 1942 March April June May July August September October Novem- December ber FIN AN CE—Continued SECURITY MARKETS—Continued Stocks—Continued Yields: Common stocks (200), Moody's percent.. Banks (15 stocks) _ . do Industrials (125 stocks) _ . . _._ _ _ _do Insurance (10 stocks) do Public utilities (25 stocks) . do Rails (25 stocks) _ _ __ do Preferred stocks, high-grade (15 stocks), Standard and Poor's Corp percent 4.8 4.0 4.5 3.9 6.2 6.8 7.7 6.0 5.0 8.5 8.2 7.8 6.1 7.7 5.3 8.9 8.3 6.9 5.7 6.7 4.9 8.2 7.8 6.6 5.6 6.4 4.8 8.4 7.8 6.4 5.5 6.1 4.7 8.2 6.3 5.1 6.0 4.7 8.0 7. 5 6.1 4.9 5.8 4.5 7.9 7.3 5.8 5.0 5.5 4.4 7.2 7.0 5.9 5.2 5.5 4.5 7.1 8.0 4.38 4.52 4.48 4.40 4.32 4.27 4.27 4.23 4.23 5.7 4.2 8.6 7.2 5.4 4.5 5.0 4.1 6.8 7.9 5.1 4.4 4.7 4.1 6.3 7.3 4.19 4.17 4.10 180 180 77 77 5-S 0.3 Stockholders (Common Stock) American Tel. & Tel. Co., total number__ 645,084 637,020 Foreign do 5 150 5 230 205, 304 Pennsylvania R. R. Co., total _ _ do . . Foreign do 1.409 IT. S. Steel Corporation, total do 163, 586 164,013 Foreign do 2,573 2, 596 Shares held by brokers percent of total 24 90 25 20 639,152 5 214 205, 259 1,374 164 039 2,580 24 90 641,301 5 184 205, 405 1,367 163 754 2, 577 24 88 642, 631 5 159 205, 965 1,360 163 296 2, 577 25.45 1 FOREIGN TRADE INDEXES Exports of U. S. merchandise: Quantity Value Unit value Imports for consumption: Quantity Value Unit value VALUE* 1923-25 - 1 0 0 , do_ _. do_ - _ 246 do.. _ _ do. _ _ d o . _. Exports, total incl. reexports Exports of U. S. merchandise General imports I m p o r t s for consumption thous. of dcL_ 930,661 do j 916,541 do | 248, 470 do I 263,171 190 162 85 205 185 90 153 139 91 183 165 89 110 79 95 70 78 58 86 63 73 610,973 695,355 525,116 604,945 687,658 519,168 272,111 | 234,085 |r 190, 592 252,029 I 222,819 ^ 186,428 I'618,092 k612,699 I 214,919 | 205,024 199 ! 185 | 93 ! | 195 | 168 ! 86 '"626,806 / 6 2 1 , 895 I 214,384 [ 210,257 215 191 89 225 206 92 84 62 74 95 70 74 I 694,466 ! 718,187 j 088,124 712,135 ! 184,432 195,689 j 191,759 199.221 776,036 768,912 199,392 224,012 208 200 96 241 I 226 I 94 I 79 X! 166 I 127 I 76 | ! 749,623 I1853. 226 ! 743,806 1*844,994 | 173,745 1J35G, 280 ! 193,555 ( ] 405,345 ! 698,245 1 678,850 | 691,975 671,211 j 228,388 j 234,293 ! 245,827 \ 245,288 TRANSPORTATION AND COMMUNICATIONS TRANSPORTATION Commodity and Passenger* j U n id justed i n d e x e s Coiiibini'd iii'ic \ . ,.11 U p u s 1935 3 9 - 1 0 0 J.\( h i d i r v local n msit lines do Coin n o u n \ do PdW>!><><) " (j ) h \ ( l i h l m u loc il t i i p s i t l i n e s do I l \ i\ p e s of l i u i s n o i f ' ( i o n . , \n,tonibi'H1 i m d e \ do ( '».'Pir ' i}\\ v do I 1 , M i<vi * do Ji'l n i f \ n m l d i b u s a n d t i t u k , c o n i b ' - ' > d iTi'ii \ 19 55 .iU = T)O ' 1 oi-hnc (rudv «ii Moioi b u s U, l.t ( il I' insil Un, s d ) Oil 111(1 L\1S pi IM 11 PS (I > R.ulio.ids, ( omt r < d index d( C< m n i ( dil \ d > Pai-senret in V, akibont (doiM ^ i c \ (omnux'it \ d(» A d j u s t e d ind (> xes C o m b i n e d r>dex. '11 I \ pes do K x c l u d m u i ' \ U liar.sit l n u s do JV-semut J' \< lndiiisz 1 >(<il l i a n s ' t H \ {\ p e of 11 uisi)'>it H i o n \i), (om'/jr ed index CommndiU lines I'JW..«M I n t ( H i l \ m o t o i ))iis a n i t i u c k , l"d(\ ](• I oi-Mno t.iK'k M o t M \u< ! o( <\ t l n i s i t l u . e s O i l a n d j.'c s p i p e J i m s R niro a s Commodit » 167 172 169 160 192 174 180 175 168 211 311 202 •JL't 349 303 380 326 311 337 K.s 170 176 174 183 135 135 185 185 184 198 206 195 207 280 203 211 202 207 276 190 203 192 209 284 343 i 406 i 301 | 351 431 298 337 | 438 ! 270 | 217 200 273 134 134 218 209 289 84 220 211 250 142 141 224 214 304 226 224 235 149 145 230 221 290 218 216 227 147 152 221 209 314 05 187 192 185 194 248 190 I 219 184 189 183 185 229 197 187 203 271 261 316 225 287 325 236 296 372 245 407 ! 184 178 207 139 135 202 199 225 66 196 189 198 196 210 149 142 i ! | i I 185 192 184 189 255 324 263 302 349 270 32f> I 372 I 175 165 207 134 128 197 196 205 84 191 180 227 137 129 202 I 198 I 201 185 252 134 132 209 203 175 1S1 176 172 221 I 1/7 183 178 1 ">."> 191 172 178 174 163 205 33«» 2s2 372 353 298 388 316 j 308 ; no 183 178 198 129 132 192 191 197 84 173 174 02 234 I 86 ; i ! i 193 201 190 202 284 180 186 179 181 233 ] . 296 ! I | | ! | | i 81 i 187 191 178 217 286 201 206 193 226 301 320 I 466 I 224 | 323 454 ! 236 378 517 ! ! i i ; i ! | ! 222 | 207 199 232 160 156 21.1 197 317 30 217 210 241 j 05 162 229 215 332 33 | 194 200 187 218 295 195 200 186 224 303 208 215 200 232 320 345 447 277 394 492 329 432 522 373 233 225 232 154 150 214 199 328 67 22(5 235 219 285 159 149 234 220 341 71 ! I ! i | 191 195 181 226 302 1X1 9C 321 j 180 I 165 218 132 132 201 1QO 211 149 140 208 204 238 64 211 205 264 62 ! ! | | 313 i 251 I 201 ' 201 227 147 140 216 206 294 01 195 202 191 210 285 | 218 307 j 323 421 258 356 I 210 209 247 147 149 221 210 307 211 I 208 I 245 145 451 I 293 151 I 221 205 340 57 j i i j | 240 I 162 155 212 195 339 42 i 162 17" {,, Vv atei b( I i e Moipestu ) , commodit \ l.V 1H i:,') j I i | ! 212 271 159 148 214 201 318 67 ! I ! ! | ! | | Express Operations 12, 106 14, 295 12, 922 Operating revenue thous. of do!; 12, 134 14, 773 12, 312 12,168 ! 12,170 18, 071 11, 976 153 61 ; 79 88 157 67 76 Operating income do I. 72 i Local Transit Lines j 7.8060 7. 8060 7. 8060 7. 8060 7.8060 : 7.8060 7.8060 i 7.8060 ; 7. 8060 7. 8060 Fares, average, cash rate . _. _ cents._! 7. 8060 7. 8033 7. 80fi0 r Passengers carri >d§ thousands _; 1,254,163 l,008,981 1,005,945 1,031,013 1,023,544 1,033,348 1,037,054 11,059,727 11,152,868 1,100,451 [1,254,329 1,239,428 (1,147,971 72,561 72,668 ! 75,512 \ 76,494 ! 77,400 I 78,399 I 78,782 | 85,257 81,356 ! 94,248 ! 93.600 | 87,326 Operating revenues thous. of doL_ r Revised. 1 Figures overstated owing to inclusion of an unusually large volume of shipments actually exported and imported in earlier months. |Data revised for 1941; for revised 1941 monthly averages see note 2 on p. S-20 of the April 1943 Survey. Revised monthly data available on request. §For 1941 figures revised to cover the same companies as for 1942. see note marked "f" on p. S-21 of the April 1943 Survey. *New series. For data beginning 1929 for the transportation indexes see pp. 26 and 27, table 5, of this issue. SURVEY OF CURRENT BUSINESS S-22 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey y 1943 1942 March April May June July 1943 August September October Novem- December ber Janu- j February ] ary TRANSPORTATION AND COMMUNICATIONS—Continued TRANSPORTATION—Continued Class I Steam Railways Freight carloadings (Federal Reserve indexes): Combined index, unadjusted,..1935-39=100, Coal do__. Coke do... Forest products do. _. Grains and grain products do.. _ Livestock . _ _.do... Merchandise, 1. c. 1 do.-_ Ore do... Miscellaneous do. _. Combined index, adjusted do... Coal do... Coke do... Forest products do... Grains and grain products do -.. Livestock do... Merchandise, 1. c. 1 do._. Ore do__. Miscellaneous do.... Freight-car loadings (A. A. R.):H Total cars thousands. Coal . do... Coke do... Forest products do. _. Grains and grain products do_-_ Livestock do... Merchandise, 1. c. 1 do... Ore do.-Miscellaneous do... Freight-car surplus, total do... Boxcars do... Coal cars _„ do... Financial operations: Operating revenues, total thous. of dol. Freight do... Passenger do. -. Operating expenses do... Taxes, joint facility and equip, rents...do... Net railway operating income do... Net income do._. Operating results: Freight carried 1 mile mil. of tons. Revenue per ton-mile cents _ Passengers carried 1 mile millions. Financial operations, adjusted: Operating revenues, total mil. of dol Freight. do_Passenger do. - Railway expenses do... Net railway operating income do -. . Net income do... 130 144 189 133 131 92 62 56 138 136 140 182 133 152 117 61 216 141 129 125 175 149 102 77 92 73 139 136 122 168 149 119 97 92 282 143 136 135 176 159 100 90 81 218 142 143 160 200 159 117 101 80 289 141 138 139 181 161 99 89 62 303 144 143 164 197 155 115 98 62 289 142 139 135 179 165 111 81 60 318 145 141 160 199 159 113 103 60 183 144 142 132 177 173 138 76 57 325 148 142 155 205 172 95 90 57 180 149 136 175 173 129 100 57 308 152 143 154 208 165 106 106 57 176 152 152 142 184 167 139 135 57 304 62 136 135 188 154 126 102 55 174 146 3,073 706 60 164 187 52 389 63 1, 452 35 15 7 3,175 610 55 184 146 43 584 75 1,477 58 23 17 3,351 645 56 196 141 50 525 235 1, 503 56 28 12 4,171 830 70 245 174 62 492 420 1.878 70 42 10 3,386 661 57 204 154 45 378 359 1,528 82 55 9 3,322 605 54 203 194 40 346 363 1,517 71 46 7 4,351 825 69 270 228 68 449 440 2,001 59 40 5 3,504 661 56 199 188 71 347 336 1.647 43 28 4 540, 300 445, 669 59,106 360,152 r 89, 576 ' 90, 572 46, 888 572, 531 4G8, 007 66,116 366, 756 103, 741 102, 034 57, 890 601,002 487, 982 74, 345 375, 440 115.933 109, 628 63, 668 623,637 501, 343 82, 268 378, 472 123, 484 118,731 77, 691 665, 182 533, 036 91,939 390, 477 141, 703 133, 001 89, 632 683, 807 537, 412 103, 463 399, 292 149, 250 135, 264 89, 243 51,853 .924 3,070 53, 631 .937 3,427 58, 517 .900 3,822 57, 304 .931 4,238 60, 713 .936 4, 765 511. 7 443.0 63.0 445.7 96.1 52.4 584.2 474.8 71.3 471.5 112.7 70.3 617.8 499.4 81.0 486. 5 131.2 87.9 627.4 503.6 79 4 499.5 127.9 84.2 0 100 201 206 401 251 756. 251 585, 252 121, 448 449, 440 177,163 129, 647 140 139 186 138 123 144 59 206 150 134 125 176 140 126 114 58 221 144 126 132 193 122 130 113 56 59 135 134 116 177 137 143 117 59 210 146 124 135 193 117 138 98 55 50 132 135 119 161 130 157 102 57 202 149 130 145 189 129 142 90 58 48 137 141 127 154 135 170 113 61 193 153 4,512 837 71 244 247 118 460 373 2,162 30 17 5 3,236 649 57 164 168 78 356 230 1, 534 53 23 14 2,834 612 57 148 176 63 340 66 1,371 68 35 20 3,531 790 75 172 237 66 421 71 1,698 67 35 20 3,056 705 60 169 203 51 370 55 1, 453 41 19 9 697, 792 546, 791 104, 971 399, 706 143. 455 154,632 105,190 745, 584 537, 612 103, 322 416, 430 144, 439 184, 715 135, 538 690,108 534, 762 108, 060 406, 389 134, 770 148,949 111,310 702, 995 531, 918 119,151 431, 873 100, 271 170, 851 137,101 671, 334 514,316 111, 725 424, 201 141, 829 105, 304 62, 980 663,534 513, 191 107, 224 403. 459 148, 942 106,133 61,819 62, 405 .917 5,395 61,934 .941 5,500 66, 019 .946 5,508 60, 464 .939 5,663 58, 356 .987 6,314 58, 929 .934 5,914 58,102 642. 8 519.4 82.0 518.7 124.0 79.2 668.9 534.2 92.3 539.3 129.5 84.6 662.6 517.9 100.4 534.7 127.9 81.8 660.8 501.9 113.0 533.3 127.5 80.9 722.5 553.5 120.4 563.2 159.3 120.3 708.4 551.0 109.2 553.6 154.9 109.3 710. 4 553.8 107.5 576.6 133.8 92.0 743. 7 576. ] 117.6 591.0 152.8 111.4 584 257 461 247 544 196 436 222 451 140 0 103 10, 847 7,353 8,079 8,451 11,340 3,076 2,884 3,927 3,097 3, 534 428,153 369, 776 240,916 262, 715 283,145 158, 218 144,947 109, 253 116,104 127, 393 8,099 4,375 273,022 125,327 8,408 4,341 273,162 128,329 150 I 138 j 180 158 139 169 58 260 163 133 121 180 149 130 110 56 221 144 W a t e r w a y Traffic Canals, N e w York S t a t e . - t h o u s . of short tonsRivers, Mississippi (Gov. barges o n l y ) . . . d o . _ . . Travel Operations on scheduled air lines: Miles flown thous of milesExpress carried thous. of lb. Passengers carried number... Passenger-miles flown thous. of mi les Hotels: Average sale per occupied room dollars Rooms occupied percent of total Restaurant sales index 1929=100 Foreign travel: U. S. citizens, arrivals numberU. S. citizens, departures do... Emigrants do.. . Immigrants do . _ Passports issuedcf do... National parks: Visitors do... Automobiles do . . Pullman Co.: Revenue passenger-miles thousands Passenger revenues thous. of dol. COMMUNICATIONS Telephone carriers :J Operating revenues thous. of dol. Station revenues do.. Tolls, message do . Operating expenses do.. _ Net operating income do . . Phones in service, end of month_thousands.. Telegraph and cable carriers:t Operating revenues, total thous. of d o l . . Telegraph carriers, total do Western Union Telegraph Co., revenues from cable operations thous. of dol... Cable carriers do Operating expenses do. Operating income do N e t income do. Radiotelegraph carriers, operating revenues thous. of dol _ 11,352 2,560 371,398 139,061 462 225 7,777 7,292 3,974 3,634 240, 705 202,623 112, 488 96,308 7, 508 3,600 3.56 83 140 3.30 70 100 3.64 71 121 3.26 72 121 3.43 71 128 3.45 69 125 3.74 75 143 C. 70 78 134 3.73 80 135 3.79 79 137 3.56 74 132 81 131 3.66 82 136 7,298 6,807 462 1,699 7,923 7, 569 11,145 389 1,673 .12,178 8,745 10,222 532 1,560 6,881 7,459 5,147 585 2,593 16, 244 9,263 4,935 419 2,195 15,042 7,031 5,005 344 1,932 11,635 10,393 4,400 423 2,336 19,128 7,902 5,190 463 2,147 14,667 7,474 5,077 563 1,915 11,173 8,995 5,152 460 1,837 8,247 6,442 4,879 398 1,782 11,628 6,969 5,527 480 1,504 12,679 221, 697 342,043 67,454 98,147 330,540 94,102 210,020 62,910 76,659 24,178 51,976 11,865 13,211 14,638 60, 808 17, 760 94,192 137,187 28, 203 41,196 (a) 1,288,858 1,380,255 1,445,506 1,496,048 1,471,500 1,843,328 1,925,459 1,961,986 1,906,714 1,869,952 2,036,175 1,849,643 8,092 6,935 10,052 9,638 10,080 11,018 10,151 10,444 8,509 10,169 8,903 7,784 130,347 131, 727 133,076 134,216 135, 652 135, 328 138,015 79, 698 80, 264 80,070 78, 897 80,413 80,078 79,415 39,471 40, 207 41,616 44, 666 45,680 42, 379 44,579 84, 365 84, 372 85,655 85, 542 89, 370 86,439 87,832 21,647 21, 596 22, 264 22,167 22,632 21,339 22, 846 21,595 21, 702 21,815 21,888 21, 941 22,048 22,146 142, 864 140,447 146,483 82, 507 81, 576 82, 891 50, 766 46,566 48,161 97,411 89, 260 87,940 24, 310 21, 588 20,337 22, 284 22, 400 22, 544 13,074 11,940 13, 587 12, 553 13, 877 12,824 14, 398 13,151 14, 375 13,296 14, 282 13,254 14,617 13,600 14,956 13, 875 14,250 13,151 15,970 14, 667 14,253 13,138 663 1,134 10,889 918 480 661 1,035 11,188 1,088 572 658 1,053 11,639 905 380 678 1,248 11,718 1,216 787 709 1,080 11,967 958 454 712 1,028 11,932 1,031 501 755 1,018 11,912 1,384 946 819 1,082 12,179 1,336 812 863 1,099 11,625 1,237 658 1,104 1,303 13,182 1,927 947 894 1.115 11, 762 915 1,032 1,108 1.204 993 961 998 1,007 1,184 1,092 a ' Revised. d Deficit. Discontinued for the duration of the war. ^Data for May, August, October 1942, and January 1943 are for 5 weeks; other months, 4 weeks. cf Includes passports issued to American seamen. JSlight revisions have been made in the data for 1941; the revisions are available on request. S-23 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey 1943 1943 February CHEMICALS AND ALLIED PRODUCTS CHEMICALS Methanol, prices, wholesale: 0.58 Wood, refined (N. Y.) dol. per gallon.. .28 Synthetic, pure, f. o. b. works do Explosives, shipments thous. of lb_. 39, 337 Sulphur production (quarterly): Louisiana long tons _. 139,505 Texas do Sulfuric acid, price, wholesale, 66°, at works 16.50 dol. per short ton-. FERTILIZERS Consumption, Southern States 1,281 thous. of short tons_. Price, wholesale, nitrate of soda, crude, f. o. b. cars, port warehouses«._dol. per cwt_. 1.650 Potash deliveries short tons,. Superphosphate (bulk):§ Production do Shipments to consumers do Stocks, end of month do NAVAL STORES Rosin, gum: Price, wholesale " H " (Savannah), bulk dol. per cwt_Receipts, net,3ports bbl. (5001b.)-Stocks, 3 ports, end of month do Turpentine, gum, spirits of: Price, wholesale (Savannah)f.--dol. per gal._ Receipts, net, 3 ports bbl. (50 gal.).. Stocks, 3 ports, end of month do OILS, FATS, AND BYPRODUCTS Animal, including fish oils: Animal fats:t Consumption, factory thous. of lb__ Production do Stocks, end of month do Greases:! Consumption, factory do Production do Stocks, end of month do Fish oils:t Consumption, factory do Production do Stocks, end of month do Vegetable oils, total: t Consumption, crude, factory mil. of lb__ Production do Stocks, end of month: Crude do Refined do Coconut or copra oil: Consumption, factory: + Crude thous. of lb. _ Refined do Production: Crude! . do Refined do Stocks, end of month:$ Crude do Refined do Cottonseed: Consumption (crush) thous. of short tons__ Receipts at mills ..do Stocks at mills, end of month do Cottonseed cake and meal: Production short tons. _ Stocks at mills, end of month do Cottonseed oil, crude: Production thous. of lb_. Stocks, end of month do ... Cottonseed oil, refined: Consumption, factory $ do In oleomargarine .-do Price, wholesale, summer, yellow, prime (N. Y.) dol. per lb_. Production thous. of lb__ Stocks, end of month do Flaxseed: Duluth: Receipts thous. of bu._ Shipments do. Stocks do. Minneapolis: Receipts do. Shipments do. Stocks do- 0.58 .28 36, 453 0.58 .28 41,045 0.58 ! 0.58 .28 I .28 40,545 42,101 110,115 725, 579 16.50 0.58 .28 40,409 0.58 .28 41, 709 148,570 739, 665 163,810 774, 706 16.50 16.50 16.50 0.58 .28 33,392 0.58 .28 35,282 16.50 16. 50 340 1,006 1,325 1.650 67,876 1.650 61,647 1.650 56,586 0.58 .28 42, 571 147,850 645, 380 16.50 16.50 16.50 16.50 169 200 1.650 59, 224 1.650 59, 371 1.650 56,439 1.650 59,846 1,061 678 287 148 1.650 56,386 1.650 44,994 1.650 29, 714 1.650 62,959 480,018 204,855 911,507 431, 634 254, 239 730,135 440,685 147, 473 760,761 453,095 78,577 915,172 445,603 501,592 520,558 504,852 525,960 545,936 546,606 72,332 98,287 150, 599 179, 252 160, 799 126, 632 91,986 ,067,747 1,070,785 1,175,835 1,158,092 1,120,646 1,094,877 1,081,061 3.57 7,572 251, 799 3.06 3,733 250,110 2.89 16,353 239,817 2.82 18,449 245,086 2.95 21,686 237,420 3.10 26,872 229,436 2.91 35,415 245, 937 3.30 24,713 250, 079 3.50 18,922 263, 434 3.46 19, 432 267,144 3.43 20,108 277, 546 3.50 7,817 276, 791 3.48 7,728 265,912 .64 1,548 51,321 .67 784 16, 675 4,550 17,010 .55 6,554 17, 758 .57 8,021 22,817 .58 11,466 32,164 .55 10, 421 39, 821 .60 9,290 45, 705 .64 6, 474 49, 525 .64 6,047 51,913 .64 6,806 55,900 .64 2,102 57, 627 .63 1,105 55,071 395, 967 776,542 445,114 379, 256 699, 673 365, 870 104,890 247,889 393,452 120,265 213, 963 368, 527 137,997 220, 217 311, 526 136, 624 223, 747 289,743 108,682 255, 989 286, 358 114, 466 290, 597 306,055 114,315 110,671 263, 560 237,931 295, 350 298,988 125,047 140,105 100,330 135,020 141,187 102,044 39,945 46,259 106,004 46, 245 41,313 107,787 42, 549 42,086 104,028 51, 239 45,084 96, 432 41, 333 45, 693 104,916 44,716 50,942 108, 570 49, 935 45,599 107,104 57,593 45,136 96, 683 i 50,176 i 7,128 171,398 i 42, 798 i 11,713 160, 540 16, 067 10,342 162,869 14, 570 27, 575 178,219 15, 319 27,291 178, 247 14, 496 20, 895 207,131 11,568 23, 845 208,237 16, 549 15, 373 215, 619 13,164 6,420 204, 804 13,890 4,304 204,704 i 1, 048 i 1,018 i 744 1710 210 214 212 212 266 333 342 432 355 419 362 416 332 402 339 359 1895 i 513 i 761 i 521 729 458 726 373 764 312 834 299 354 914 407 922 438 936 438 113, 643 i 49, 437 i 35, 085 i 12, 995 9,316 3,294 10,026 5,218 7,352 2,742 8,058 2,259 7,639 2,151 7,442 3,900 6,132 3,922 7,117 3,423 45, 392 65,072 i 17, 740 i 13,512 (a) (a) 3, 715 4,289 1,822 9,111 2,370 5,208 2,684 7,472 4,293 8, 362 2,675 8, 924 3,434 135, 790 i 15,131 126, 087 i 10,017 129, 703 128, 602 121,262 6, 988 8,141 9,325 126, 739 7,243 138,142 7,243 134,971 6,415 136,684 5,109 146, 491 4,732 529 738 1,635 1,598 714 833 1,714 652 340 1,401 528 178 1,049 397 107 759 ' 32, 083 40, 845 224,921 190,100 133,495 146, 533 330, 025 134,136 317, 338 117, 778 291, 922 92, 672 176,317 58, 800 '64 '28 '82 93 157 145 1.650 54,855 332 61 483 '319 '53 '497 '223 '23 '296 '143 '26 ' 179 146, 393 39,853 140, 278 337, 796 ' 96, 969 312,038 ' 60,675 104, 833 116, 640 102, 449 136, 764 ' 71, 931 105, 456 • 46,042 ' 27, 866 • 81, 838 ' 49,901 21, 532 34, 460 28, 233 161, 748 27, 907 90, 601 232, 888 133, 726 217,103 157, 849 200, 882 157, 212 234, 952 75, 866 165, 824 153, 873 292, 882 13, 837 11, 883 10, 235 232, 482 10, 352 90, 054 10, 400 99, 522 129,952 11,312 13, 487 135, 377 15, 612 119,374 19,126 137, 469 21,035 132, 710 30,050 145, 702 26,132 .140 119,766 318, 303 .140 127,483 391, 040 .140 ' 98, 801 399,053 .141 ' 72, 844 394, 533 .138 ' 53, 735 369, 205 .139 .136 .140 36, 328 32, 942 80, 512 310,191 230, 569 199, 396 .137 169,490 201,427 .140 181, 960 254, 713 .140 185,433 300,519 .140 151,406 327,618 .140 134,595 318, 380 10 0 972 5 46 1,026 4 105 925 56 455 527 129 233 423 241 566 98 517 236 379 2,438 750 2,066 2,646 2,398 2,304 828 1,695 1,437 366 887 916 24 0 940 24 2 963 154 2,634 490 144 2,120 585 90 1,078 633 130 447 164 468 5,438 483 835 5,678 465 2, 734 5,564 554 1,320 252 2,535 744 110 2,269 581 186 1,865 627 165 1,288 '25 '118 ' 38, 825 249,452 123,138 140,655 i Quarterly data. Data compiled monthly beginning July 1942. ' Revised. « Not available. •Price of crude sodium nitrate in 100-pound bags, f. o. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series shown in the 1940 Supplement; figures beginning August 1937 are the same as published in the Supplement; earlier data are as follows: 1935—Jan.-Dec, $1,300; 1936—Jan. $1,300; Feb., $1,313; Mar.-Sept., $1,350; Oct.-Dec, $1,400; monthly average, $1,355; 1937—Jan.-June, $1,400; July-Dec, $1,450; monthly average $1,425. Prices are quoted per ton and have been converted to price per bag. §Data beginning September 1942 include a certain amount of superphosphate formerly reported in dry base and mixed goods and wet base goods not previously included with bulk superphosphate. The stock figure as of August 31, comparable with September data, is 1,129,790 tons; no other data are available for comparison. Data are currently reported on an 18 percent A. P. A. basis and are here converted to a 16% basis so that they are comparable with prior figures. $Data for the indicated series on oils and fats revised for 1941; revisions forfishoils are shown in note marked " | " on p. S-22 of the April 1943 Survey; revisions for all other series were minor and are available on request. fRevised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represented price for turpentine in barrels and can be converted to a comparable basis with the current data by deducting 6 cents. S-24 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey 1942 1943 March Mav 1943 March April May June July 1943 August September October Novem- December ber January February CHEMICALS AND ALLIED PRODUCTS—Continued OILS, FATS, AND BYPRODUCTS-Con. Elaxseed—Continued. Oil mills:f Consumption thous. of bu__ Stocks, end of month do Price, wholesale, No. 1 (Mpls.)-dol. per bu._ Production (crop estimate) thous. of bu_. Linseed cake and meal: Shipments from Minneapolis--.-thous. of lb__ Linseed oil: j C onsumption, fact or yt do__ Price, wholesale (N. Y.) dol. per 1b Production! thous. of 1b Shipments from Minneapolis do-_ Stocks at factory, end of month do._ Soybeans: Consumptionf thous. of bu Production (crop estimate) do... Stocks, end of month do... Soybean oil: | Consumption, refinedt ..thous. of lb__j Price, wholesale, refined, domestic (N. Y.) dol. per l b . . | Production: j Crudet thous. of l b . . | Refined.. do I Stocks, end of month: j Crude do ' Refinedf do Oleomargarine: Consumption (tax-paid withdrawals)f __do Price, wholesale, standard, uncolored (Chicago) dol. per lbProductiont thous. of l b . . Shortenings and compounds: Production thous. of l b . . Stocks, (Mid of month!..._ do Vegetable price, wholesale, tierces (Chicago) j dol. p e r l b . J PAINT SALES 3.17 .153 170 .165 i Calcimines, plastic and cold-water paints: j Calcimines thous. of dol _j Plastic paints. do ] Cold-water paints: j In dry form do j i In paste form, for interior use do Paint, varnish, lacquer, and fillers: { Total. do__.-| Classified, total do.... | Industrial do I Trade - - - do | Unclassified do j 162 43 161 | 51 i 193 49 173 i 32 | 183 412 261 | 466 I 260 594 01/ 1,070 !, 617 .,898 i, 719 50,530 44,849 19,009 25, 840 5,681 I i ' | 49,204 44, 141 18,140 26,000 5, 064 43. 982 39, 513 17, 082 22, 430 4, 469 103 | 29 117 36 235 I 219 406 j 385 I 42,221 | 41,106 37, 987 i 36,935 17, 173 | 16,748 20,813 20, 187 4,234 ; 4, 170 147 I 33 | 100 45 196 I 410 I 190 481 43,028 37,782 17,243 | 20,540 5, 246 44,122 39, 186 17, 906 21, 280 4.935 r 177 456 104 33 153 394 38, 122 | 37,141 34,315 I 33, 518 n ! 16,221 ! 16, 905 18,094 ! 16, 612 3,807 ! 3, 623 104 34 114 45 154 360 37. S43 33, 677 16, 221 17,456 4,166 169 443 38, 392 34, 530 16, 726 17, 804 3, 862 ELECTRIC POWER AND GAS ELECTRIC POWER j Production, total mil. of kw.-hr . - J 17, 842 By source: j > ue 1. _. . do I 11,219 Water power do ; 6, 623 By type of producer: I Privately and municipally owned electric \ utilities mil. of kw ,-hr_ _ j 15, 377 Other I>rocluccrs _ _ . . _ _ _. _. do j 2, 4(55 Sales to ultimate customers, total (Edison Electric Institute) mil. of kw.-hr_ Resident ial 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 I Other public authorities do i Railways and railroads do i Interdepartmental do . _ j Revenue from sales to ultimate customers | (Edison Electric Institute) thous. of dol_.: | Manufactured gas: ; Customers, total thousands _ J Domestic do j House heating do | . Industrial and commercial do _ - _ j Sales to consumers, total mil. of cu. ft_.! _ _ _ Domestic do | I louse heating do | Industrial and commercial do • Revenue from sales to consumers, total | thous. of doL_; Domestic do i House heating do \ 15,053 | 14,588; 9, 438 5,615 S, 979 5, 609 13,322 1,731 12,558 2, 244 168 2, 199 6,828 181 306 560 230,766 12,949 j 1, 639 j 12,536 I 2,139 | 206 I 14,991! 15,182! 10,005! 10,262 9. 632 . 9, 831 < 10, 877 I 10, 946 5, 360 j 5, 352 , 5, 128 j 5. 315 13,320 j 13,394 j 14.047 1, 665 S 1, 788 j 1, 958 12,487 12,670 ! 13, 166 j 2.047 2. 025 ! 2,053 i 216 270 | 335 i 2, 156 I 2, 124 I 6, 988 i 7, 074 158 i 143 294 294 525 520 69 69 I I 227, 610 | 225, 602 I 14, 047 2,214 13,650 2, 104 386 16,114 ; 16, 753 16,459 I 17,681 • 17,651 10, 895 5, 219 11, 244 5, 509 10, 726 ' 5, 733 11, . 571 0. 110 13,804 | 2,310 • 13.712 I 2, 157 i 355 j 14,282 2,470 13,970 2,224 269 14, 086 ' 2, 373 15. ''37 2, , 144 14, 097 ! 2, 343 : 197 do i 14. 747 2 522 187 ; I 10, 454 9, 626 343 471 41, 296 17, 629 10, 224 13,129 36, 526 21,663 6,937 7,734 10, 463 9, 621 359 470 38,161 16, 875 7,722 13, 280 10,544 j 10,542 9, 694 j 9, 706 372 ! 359 466 I 466 34,873 31,983 16,534 i 17,125 5,296 2,604 12.794 ! 12,035 ! 34, 286 33, 143 ! 31, 245 ! 21,574 22.407 | 22,210 i 4,881 I 3,083 I 1,918 j 7,649 ! 7,506 | 6,996 10,608 9,785 344 467 30,383 16,475 1,719 11,919 I 10,656 I 9,830 348 I 466 i 29, 608 i 15, 954 I 1,344 : 12,105 10,688 i 10, 667 9,850 | 9,819 366 387 464 450 31,100 34, 926 17,191 18,152 1,418 3, 296 12, 267 13,195 30. 202 21,740 1,332 7,007 ' 29, 656 i 31, 196 33, 978 ' 21,375 | 22,574 J 23,576 ! 1, 119 | 1,316 | 2,571 I 7,023 | 7, 178 1 7,667 r Revised. Quarterly data. D a t a compiled monthly beginning July 1942. 2 Dec. 1 estimate. t Small revisions have been made in the data for 1941 for the indicated series on oils and oilseeds. 1 1\ 170 2. 4S1 i 2 i 36*i ; 2,160' 2, 247 ! 2,328 2 322 2 272 2, 308 j 948 j 7,205 I 7,482 ! 7, 727 7, 735 ?, 957 8, 1SS 2 u; 132 137 I 151 157 197 . 185 391 j 439 302 I 322 I 365 373 385 671 , 509 ! 522 i 522 523 568 , 560 92 144 i 66 ! 69 ! 66 ] 5S 118 j I 240,253 I 243,094 246,749 255,711 227, 057 j 232, 460 | 238, 059 GAS I n d u s t r i a l a n d commercial 11.2" 6. :-;';<! Revisions are available on request. KK641 9,793 394 445 38.572 16,387 8,133 13,725 10, 711 ! 9, 852 | 404 ! 447 j 46, 128 | 17, 517 j 13, 635 ! 14, 561 35, 888 I 40, 166 22.741 23,504 4,767 i 7,812 8, 188 i 8,622 r 16, 110 May 1943 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey S-25 SURVEY OF CURRENT BUSINESS March 1943 1942 1943 March April May June August July September October Novem- December ber February January ELECTRIC POWER AND GAS—Continued GAS—Continued Natural gas: 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 Kevenue from sales to consumers, total thous. of doL_ Domestic do Ind'l. com'l., and elec. generation do 8,230 7,610 618 171,979 61,451 107, 491 61, 848 37, 312 21, 901 8,272 | 8,286 7, 656 7,676 613 607 152, 971 133,665 33, 400 46, 305 97, 756 105, 232 52, 552 30, 084 22, 253 43, 738 23, 243 20,135 8,242 8,192 7,664 7, 615 574 575 120,783 119,940 23. 898 20,180 94,151 97, 251 8,231 7, 667 562 118,136 18, 485 96, 742 268 702 564 041 558 828 8,340 7,746 591 137, 071 26, 637 107,813 8, 630 7,991 637 159,474 39, 721 116, 754 7,804 661 179,419 56, 292 119,349 34, 909 15, 708 18, 760 33, 754 14, 683 18,695 766 903 424 40, 916 19,122 21,428 50,302 26,017 23,856 61, 922 34, 887 26, 479 5, 770 5, 626 8, 483 705 4 717 8. 253 813 4 699 8 159 36, 893 18, 018 18, 525 FOODSTUFFS AND TOBACCO ALCOHOLIC BEVERAGES Fermented malt liquors:f Production thous. of bbl.. Tax-paid withdrawals rio Stocks, end of month do Distilled spirits: Apparent consumption for beverage purposes thous. of wine gal.. Production! thous. of tax gaL 811 Tax-paid withdrawals! do 10, 056 Stocks, end of month! do 461, 146 Whisky :f Production __do 0 Tax-paid withdrawals .do i, 649 Stocks, end of month do :,878 Rectified spirits and wines, production, totalf thou-. of proof gal._ >, 536 Whisky do. :, 785 Still wines:f Production thous. of wine gaL. Tax-paid withdrawals do Stocks, end of month do Sparkling wines:f Production do Tax-paid withdrawals-.. do Stocks, end of month do 5 227 ! 4^652 ' 8,491 4,421 4,236 8,121 5, 778 5, 077 8,947 6,157 5, 990 8, 837 6,212 5, 860 8, 935 6, 803 6,814 8, 651 6, 984 6,864 8,487 13,749 11,066 11,304 542, 881 12,984 9,104 9, 620 543, 525 12, 762 7, 881 9,163 543,095 12, 891 7,331 9, 212 538, 910 15,829 7, 90S 12, 801 537, 737 16,611 6, 893 15,380 529,089 1 19,284 1 26, 421 I 1 13.195 J 15, 480 11,904 876 1, 571 7,528 ! 4,071 6, 526 10,273 16, 596 8. 583 10,100 15,129 521,243 507, 226 499, 350 489,418 479,196 10,515 7.493 520, 762 8, 445 6, 631 521, 485 6.970 5,848 521,017 6,536 6,324 516,919 7,039 8, 585 515, 847 5, 744 10,144 507, 493 4,945 10,068 500,147 6,721 5, 865 4, 758 4, 029 4, 700 3, 982 4, 478 3. 843 6,199 | 7, 548 6,499 6, 652 7, 756 6,753 7,952 6,926 1,843 9, 450 158,030 1,310 8,131 150,019 1,063 7,027 142, 542 555 7,538 133,195 3,542 7,916 124, 765 3, 940 8,416 116,168 19,225 10,747 113,962 85, 753 11,473 142, 851 894 120 33 978 115 44 1,050 44 54 1.037 55 69 1,019 58 93 979 64 121 916 .38 188,665 148, 504 .41 169,620 152,198 .47 . 44 140,130 126,265 86, 981 123, 599 157 6, 587 6, 208 8. 593 5,218 4, 550 8, 565 1 12, 568 1,179 9,054 470, 259 0 6,873 471,026 0 7,114 461,686 0 6,138 453, 387 5,399 4,628 5,177 4, 619 4, 836 4,238 12,458 48, 360 11,498 9, 963 152, 288 141, 403 5, 422 9, 009 132, 012 5, 327 8, 564 122,707 68 119 854 75 159 761 41 65 730 77 62 736 .47 107,480 45, 937 .47 116,735 24, 979 '•.47 122, 880 15,607 .47 121,995 ' 12, 327 0 1, 797 5, 656 11,439 487, 550 480,325 4,982 i 4,228 DAIRY PRODUCTS Butter, creamery: Price, wholesale, 92-score (N. Y.)_dol. per lb__ Production (factory) t thous. of lb... Stocks, cold storage, end of month _ do CheesePrice, wholesale, American Cheddars (Wisconsin) dol. per lb.. Production, total (factory)f thous. oflb.American whole milkf do Stocks, cold storage, end of month do Ainerican whole milk.. __ do Condensed and evaporated milk: Prices, wholesale, U. S. average: Condensed (sweetened) dol. per case.E vaporated (unsweetened) do Production, case goods:! Condensed (sweetened) thous. of lb... Evaporated (unsweetened) do i Stocks, manufacturers', case goods, end of mo.: Condensed (sweetened) thous. of lb . Evaporated (unsweetened) . _ __ do Fluid milk: Price, dealers', standard grade.dol. per 100 lb_. Production mil. of lb_ _ Utilization in manufactured dairy productst mil. of lb__ Dried skim milk: Price, wholesale, for human consumption, U. S. average dol. per lb._ Production, totalf thous. of lb,. For human consumptionf do Stocks, manufacturers', end of month, total thous. oflb_. For human consumption ...do .47 140,075 16, 402 .35 135, 920 45,045 .38 149,585 37, 228 .38 203,360 64, 720 .37 2G3,860 117,111 . 233 74, 345 58,035 77, 783 65, 084 .208 • 93, 695 190,158 165,704 .202 105, 880 88,810 208,171 182,613 .202 138, 620 117,085 227, 689 200, 460 . 205 .210 . 202 86,100 131,630 115,385 104,008 70, 675 97,005 87, 225 110,430 261.935 296,763 279,905 259, 078 228,478 261,535 ! 243,596 224, 861 5.84 4.15 5.64 3.02 5. Go 3.55 5. 65 3.52 10,004 252,869 5. 65 3. 50 5. 83 3.66 6. 782 ! 8, 970 9 832 o, i()o o, bib o, Ooi 339,522 I 358,443 I 449,330 402,584 '317,007 277| 969 8, 589 226, 695 7,198 77, 807 6. 469 233,550 3.09 9, 759 2.75 9,641 4,353 .138 42,150 40,150 30,652 29, 884 I 8,292 8,178 222,485 ' 294,579 5.65 i 3.49 5. 65 3.49 .271 75, 300 58, 800 195, 378 169,913 .233 60,375 46, 945 93, 379 76, 678 . 233 . 233 . 233 60,155 56,650 57, 660 40, 545 42,040 43,170 153,806 131,398 113,797 97,103 134, 332 112,348 5.83 3.85 5.84 4.15 5.84 4.14 5, 506 * 7, 268 208, 445 163, 648 7, 033 178, 024 8, 250 203, 786 9,820 207,192 5.83 3.75 5.83 3.73 6, 733 4,124 5, 412 7, 445 330, 810 292, 911 211,001 136,985 2, 445 97, 706 2, 586 90, 678 4,226 82, 672 5, 286 94,071 6, 395 89, 499 2.82 9, 498 2.85 8, 903 2.93 8,172 2.95 8,473 3.00 8, 773 3.08 8,380 4, 366 * 3, 931 ' 3, 238 3,478 3, 713 3, 705 2.75 10,305 2.75 12,124 2.75 12,555 2.75 11, 765 ' 4, 585 r r r 6, 546 r 5, 873 ' .128 54,070 48, 535 .127 61, 435 55, 800 .126 79, 745 74,330 .127 61,035 56, 330 .129 55,140 51, 435 .132 . 131 i . 133 29, 010 44,025 i 36,010 27, 310 40, 620 34, 010 .134 32, 000 30,000 .137 30, 800 29, 000 .137 31, 900 29, 200 61,604 j 48, 597 54,855 I 42, 822 41,160 36,331 32,017 28,084 19,063 16,847 17,567 16,066 27, 060 25, 728 27, 729 26, 673 26,164 24,995 5,267 I 11,034 11,105 I 32,706 8,758 S 11,476 7,294 35, 761 12, 227 4, 744 j 3, 840 30,577 j 23, 663 19,231 j 19,005 4,812 r 16, 549 17,242 225,104 I 221,727 I 206,396 I j 117,796 I 115,810 ! 115.845 188,041 \172,103 1 5,035 6, 700 .126 78, 230 70,615 ' 39, 004 47, 459 60, 595 54, 305 '35,510 i 42,378 2.76 10, 766 r FRUITS AND VEGETABLES Apples: Production (crop estimate) thous. of bu._ Shipments, carlot no. of carloads.. Stocks, cold storage, end of mo -thous. of bu__ Citrus fruits, carlot shipments, .no. of carloads.. Frozen fruits, stocks, cold storage, end of month thous. of lb_. Frozen vegetables, stocks, cold storage, end of month _ thous. of lb._ Potatoes, white: Price, wholesale (N. Y.) dol. per 100 lb_. Production (crop estimate) t thous. of bu._ Shipments, carlot no. of carloads.. 4,001 I 3,315 8,207 ! 3,521 20,831 I 19,592 1,840 L259 19,312 783 0 15, 894 696 I 0 I 119,982 ! 101,810 I 106,538 |129,334 i 186,003 61,781 ! 53,416 1.920 ! 1.894 21,989 i 19,827 724 0 12,140 I 9,701 207,767 49,548 j 65,358 j 88,248 I 102,186 2.581 I 2.883 j 2. 919; I 2.150 21,016 ' 2 4 , 4 7 3 ' 11,294"' "9,909 103,333 92, 344 2.275 2.379 1.615 I 1.950 1 2.206 ! J_. 237^150 L14,928 ' 22,564 ' 15,606 ' 15,564 21,048 145, 272 r 74, 821 2.800 21,351 r 2 Revised. 1 Not including data for Georgia beginning October 1942. December 1 estimate. ! N o t including data for unfinished and high-proof spirits, which are not available for publication. Monthly data for 1941, revised to exclude these items, are shown on p. S-24 of the February 1943 Survey. S-26 SURVEY OF CURRENT BUSINESS Mav 1943 1942 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey March I April j May 1943 June FOODSTUFFS AND TOBACCO—Continued GRAINS AND GRAIN PRODUCTS Barley: Prices, wholesale (Minneapolis): No. 3, straight dol. per bu_. 0.86 No. 2, malting do Production (crop estimate) t thous. of bu__ Receipts, principal markets do 8, 969 Stocks, commercial, end of month do Corn: Grindings, wet process do 10. 513 Prices, wholesale: No. 3, yellow (Chicago) dol. per bu._ 1.01 No. 3,"white (Chicago) do 1.20 Weighted avg., 5 markets, all grades-.do .96 Production (crop estimate)! thous of bu._ Receipts, principal markets do 30, 568 Stocks, domestic, end of month: 42, 326 Commercial do Onfarmsf do 1.395,112 Oats: Price, wholesale, No. 3, white (Chicago) dol. per bu._ .64 Production (crop estimate)t-_-thous. of bu_. Receipts, principal markets do 8,568 Stocks, domestic, end of month: 6,182 C ommercial do 508, 208 Onfarmsf do Rice: Price, wholesale, head, clean (New Orleans) dol. per lb_. Production (crop estimate)f thous. of bu_. California: Receipts, domestic, rough bags (100 lb.) _ _ 528, 399 Shipments from mills, milled rice do 326, 014 Stocks, rough and cleaned (in terms of cleaned rice), end of mo bags (100 lb.) _ _ 416, 408 Southern States (La., Tex., Ark., and Tenn.): Receipts, rough, at mills thous. of bbl. (162 1b.).. 530 Shipments from mills, milled rice thous. of pockets (100 lb.).. 1,331 Stocks, domestic, rough and cleaned (in terms of cleaned rice), end of month thous. of pockets (100 lb.) - 1,954 Rye: Price, wholesale, No. 2 (Mpls.).-dol. per bu-_ .83 Production (crop estimate)! thous. of bu~^ Receipts, principal markets do 2, 943 Stocks, commercial, end of month do 20, 458 Wheat: Disappearance, domestic!.. do Prices, wholesale: No. 1, Dark Northern Spring (Minneapolis) dol. per bu._ 1.44 No. 2, Red Winter (St. Louis) do No. 2 Hard Winter (K. C.) do.--Weighted av., 6 markets, all grades.-do 1.41 Production (crop est.), total!---thous. of bu_. Spring wheat do Winter wheat do Receipts, principal markets do 47, 528 Stocks, end of month: Canada (Canadian wheat) do 420,863 United States, total It do 212,131 Commercial do Country mills a,nd elevators! do 174,591 Merchant mills 1 do 327,667 On farms| do Wheat flour: Grindings of wheat do Prices, wholesale: Standard patents (Mpls.) dol. per bbLWinter, straights (Kansas City) do 6.20 Production (Census): Flour, actual thous. of bbLOperations, percent of capacity Offal thous. of lb-. Stocks held by mills, end of month thous. of bbl.. _ '0.70 .86 0.71 .88 0.76 .92 4,813 I 6,064 6,344 | 4,541 5,770 8,324 11,228 I 11,023 i 11,067 .82 .97 .81 0.65 0.68 ! .80 .89 i 6,916 I 4,118 3,600 ! 3,015 10, 752 .85 .98 .84 10, 679 .86 ! l.oo ! 0.64 .82 18, 872 5,691 0.64 15,566 I 14,963 10,551 11,887 10,749 I 10,642 .84 | 1.02 .86 I .84 1.06 .85 24,098 30,570 j 25,755 22,448 23, 578 20,126 22,183 60,973 1,289,588 63,363 | 64,408 57,012 761, 363 49, 747 43, 697 38. 641 '423,758 .54 .55 5,253 5,614 5,893 432, 020 4,642 .070 .080 .55 .49 | .48 .49 .49 | 5,813 | 3,671 6.642 I 16,918 17,414 i i ' i 3, 776 2,109 | 2,191 5. 132 10.123 1,132,933 2 192,398 ! .073 .070 .070 .069 278, 245 499, 886 437,981 479,241 196.964 162, 316 420, 205 200, 430 398, 201 167, 716 40, 293 69, 944 364, 795 242, 690 299, 986 197, 938 152,048 107, 281 70, 919 105 14 298 253 187 253 1,295 781 844 439 282 677 190, 319 1.19 1.21 1.15 1.14 1.20 1.20 1.15 1.16 109 158 .59 .65 .59 1,269 17, 212 2,508 17, 288 2,393 18, 477 237, 957 3,846 19, 295 17,457 12, 669 17,354 446, 983 420,880 •398,178 810,482 237, 777 229,407 221,804" 181,099 122,461 269,145 1.14 1.19 1.11 1.11 1.14 1.22 1.08 1.10 23,416 61, 645 1.13 1.26 1.11 1.11 43, 407 2,277,332 .54 '1,358,730 6,783 7,456 9,000 * 7, 725 9,771 r .97 1.09 .92 10, 581 1.15 '.93 35, 929 37, 303 42, 829 48, 769 .59 .60 i, 353 7,894 9,534 887, 575 ,649 7, 608 .067 .067 i 66,363 .067 .067 917 630 543,339 383, 414 .59 .70 i 57, 341 1,061 19,889 484,751 I 541,602 319,526 I 290.039 247, 027 457, 565 I 428, 358 367,863 j »• 421, 529 j I !, 717 1,297 | 9652,293 I 2,902 2,091 1,730 I 1,009I 1,764 ,947 i !,787 3,100 2,769 | 2,680 1,908 .61 178,1 1.24 1.30 1.21 1.19 .50 493 394, 062 36, 666 60,150 70 861 17,034 40, 734 .062 .067 471 1,133 17, 240 27, 835 1.08 .85 13,175,154 30, 999 ' 41,389 10,451 198 566 17, 333 1.04 I 0.83 .97 0.80 .96 10, 922 •11,387 .81 1.07 .79 12,106 1,256 1,091 17, 551 .77 i 0.74 .95 ^426,150 9,436 9,967 12,154 10, 743 6,209 664 .75 I 11,276 I 0.65 .90 13,125 1. 397 1,885 0.61 - 75 I .79 802 1,34519,924 I 19,645 212, 806 1.19 1.33 1.20 1.18 1.19 1.38 1.21 1.15 38,951 j 53,694 45,416 1.32 1.48 1.31 1.28 1981,327 1278,074 703,253 32, 261 31,811 1.20 1.32 1.23 1.17 1.39 1.54 1.37 1.36 1.41 1.55 1.37 1.38 35, 398 36,106- 384, 746 390, 572 378,091 386,956 425,614 435,180 447,960 447,094 631,854 1,162,418 1,375,224 224, 441 261,422" 266,149 269, 290 268," 658" 259,487 245,150 230,639 257, 765 142, 583 235,221 96,837 151,927 139,385 163, 584 644,146 494,662 438, 615 38,194 36, 878 36,141 37, 842 41,465 6.17 5.63 5.95 5.40 5.84 5.26 5.51 5.09 5.60 5.01 40,920 | 44,563 5.73 ! 5.13 ! 5.95 5.45 214,954 47,703 I 43,3 46,069 49, 959 44. 28fr 6.04 5.60 6.09 5.60 6.18 5.60 6.33 6.12 6.35 6.16 i 8,378 I 8,058 55.7 I 53.6 657,985 641,182 4,002 9,075 7,903 8, 279 54.6 | 55.0 60.4 628,939 ! 656,814 718,093 | | 3,619 8,968 [ 9,793 10,497 59.6 | 67.9 67.4 705,516 ! 765.128 817.014 11,037 9,516 | 10,152 68.8 I 67.9 73. 743,560 ! 787,629 a, 171 9, 780 70.7 752, 936 3,925 3,* LIVESTOCK Cattle a n d calves: Receipts, principal markets thous. of animals. Shipments, feeder, to 7 corn belt States thous. of animals. Prices, wholesale: Beef steers (Chicago) dol. per 100 lb-_ Steers, stocker a n d feeder ( K a n . City) .do Calves, vealers (Chicago) do r 1,811 1,741 1,815 126 I 119 2,398 ! 2,605 1,684 j 1,953 j 1,831 | 91 ! 80 | 74 | 173 j 13.63 ! 11.09 ! 13.13 i 14.87 i 12.05 i 13.70 I 2,535 1,845 294 2,995 | 486 | 314 180 14.84 11.64 14.00 15.21 | 15.30 11.83 ! 12.62 13.50 ! 13.50 14.85 12.24 13. 50 1,613 1,541 72 i 15.54 14.49 15.00 12. 59 11.47 13.80 13.26 ! 13.22 11.93 [ 12.00 13.13 ! 13.50 13.11 11.83 13.00 14.84 12.67 14.25 j 15.14 13.49 14.63" Revised. 1a December 1 estimate. No quotation. 2 Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats until the crop year begins in July. ^The total beginning June 1942 includes comparatively small amounts of wrheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins, not included in the break-down of stocks. June figures include only old wheat; new wheat not reported in stock figures until crop year begins in July. fRevised series. The indicated series have been revised as follows: All crop estimates and corn and oat stocks on farms beginning 1929; domestic disappearance of wheatbeginning 1934; wheat stocks beginning 1926. Revised 1941 crop estimates and December 1941 stock figures are on pp. S-25 and S-26 of the February 1943 Survey; revised 1941 quarterly or monthly averages for all series other than crop estimates are given on pp. S-25 and S-26 of the April 1943 issue, in notes marked "f". All revisions are available on request. S-27 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the scurces of the data, may be found in the March 1842 Supplement to the Survey 1942 March April May June July 1943 August September October Novem- December ber January 3,431 February FOODSTUFFS AND TOBACCO—Continued LIVESTOCK—Continued Hogs: Receipts, principal markets thous. of animals. Prices: Wholesale, average, all grades (Chicago) dol. per 100 lb_. Hog-corn ratiof bu. of corn per cwt. of live hogs. Sheep and lambs: Receipts, principal markets thous. of animals. Shipments, feeder, to 7 corn belt States. .do Prices, wholesale: Lambs, average (Chicago)..dol. per 100 lb_. Lambs, feeder, good and choice (Omaha) dol. per 100 1b.. 2, 694 2,638 2.630 ! 15.59 13.37 14.18 14.07 14.19 15.5 16.0 16.9 16.3 16.3 1.738 174 1,860 87 ], 866 118 1,855 163 1, 832 105 16. 24 12.00 14. 91 10.92 12. 78 1, 490 907 78 1,282 1, 345 1,046 118 1,338 1,376 941 108 2,452 2,187 2,529 | 2,687 3,310 4,225 14.25 14.37 14.45 14.98 13. 96 14.01 16.9 16.4 18.2 17.7 16.5 ie. o 16. 2 2. 772 387 3, 657 720 3,741 i 2 , 7 452 976 2,379 1, 939 159 1,670 173 14.18 14.60 ! 14.10 j 14.30 14.53 12.52 12.94 12.89 ' 12.20 12. 35 1,447 1,531 823 112 1.403 1. 447 729 109 1,326 1.329 '607 94 1,406 1,449 519 80 1,413 I 1, 532 ! 521 72 1.404 1, 553 579 73 2,896 j 14.75 16.6 i 2. 138 ' 135 175 15.39 15.35 15.86 1 15.91 13. 59 14. 26 1.557 1,887 829 86 1, 404 1,632 913 81 1,213 1,380 -956 84 13.12 MEATS Total meats (including lard): Consumption, apparent mil. of lb__ Production (inspected slaughter) do Stocks, cold storage, end of month do Miscellaneous meats do Beef and veal: Consumption, apparent thous. of lb_. Price, wholesale, beef, fresh, native steers (Chicago) dol. per lb.. Production (inspectedslaughter).thous. oflb.. 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 Production (inspected slaughter) do Pork: Prices, wholesale (Chicago): Hams, smoked dol. per l b . . Fresh loins, 8-10 lb. average do Production (inspected slaughter).thous. of lb_. Stocks, cold storage, end of month do Lard: Consumption, apparent do Prices, wholesale: Prime, contract, in tierces (N. Y.) dol. per lbRefined (Chicago) do Production (inspected slaughter).thous. oflb.. Stocks, cold storage, end of month do 1,328 I 1,374 I 893 ! 110 560, 617 598, 990 562, 214 632, 756 606, 544 614, 900 634, 822 675, 290 535, 969 557,014 546, 821 499, 481 .220 534,147 97,127 .200 545, 801 147, 514 .214 566, 213 126, 884 .213 530, 200 99, 075 .210 609, 840 81, 556 .209 606. 516 82, 647 .210 613,620 83, 288 .210 641, 531 95,146 .210 686, 028 116,892 .210 548, 612 130, 454 .216 547,100 127, 034 .220 522, 960 107,185 .220 489, 664 • 102, 246 64, 804 12, 522 73,311 73, 422 8, 180 69, 433 68,331 7,108 62, 497 61,158 5, 711 58, 964 58. 899 5, 313 66, 734 66,916 5, 487 70, 790 72, 821 7.602 83, 407 86, 982 11,260 84, 404 90.733 17,896 72, 380 82, 547 26, 462 r 76, 839 87, 881 34, 819 58, 877 71, 225 24, 885 52, 424 63,412 r 19, 748 il, 478 648, 483 725, 295 669, 803 741,802 702, 864 782, 338 755, 213 861'804 729. 544 773, 247 640, 109 642, 827 687, 628 720. 437 653, 932 755, 565 795,162 923, 282 797, 985 922, 019 1,251,573 1,037,942 660, 876 826, 672 .293 .284 703, 700 590, 858 .315 .262 544, 368 590, 416 .321 .288 567, 754 572, 799 .300 .291 597, 129 559, 849 .295 .293 654, 697 522, 173 .295 .294 582, 774 433, 547 .303 .298 496, 360 336, 634 .325 .310 557, 953 270, 287 .325 .311 590, 541 257, 445 .293 .284 721, 781 291, 841 .293 .284 952, 397 490, 476 .293 .284 793, 048 588, 419 .293 .284 638,132 627, 399 72,194 103,281 86, 333 85, 093 86, 356 82, 097 87,170 66, 631 108, 432 153,448 125, 961 100, 203 .125 .138 132,114 182, 004 .126 .144 126, 877 126, 284 .126 .143 135, 081 117,995 151,017 102,260 . 128 .129 . 139 .139 139,042 106, 98, 349 85, 274 .129 .139 118, 236 62,143 .136 .142 119,978 57, 547 .139 .146 145, 578 57, 434 .139 .146 218,107 91,333 .139 .146 178,549 111,867 .139 .146 137, 304 122, 240 .235 20, 509 139, 677 .230 23,123 96, 716 .218 29, 762 80, 242 .206 32, 493 79, 200 .209 34, 435 79, 346 .224 37, 307 86, 645 .230 46, 666 115,505 .210 58, 910 161,011 .209 78,661 193.263 .234 64,495 187,943 .245 28, 484 142, 002 .245 19,009 101, 741 .283 ' 5, 507 .293 6,005 .299 5,782 .304 4,745 .316 4,095 .337 3,547 .351 3,019 .390 2,725 . 390 2, 558 .390 3, 006 .384 3,769 .355 4,577 1,798 107, 397 4,638 159, 585 6,945 223, 831 7.935 278, 499 7,754 290, 529 6, 751 272, 042 5,421 I 3,117 1.170 j 273 234, 876 180, 329 j 126, 321 j 82,948 214 59, 781 '974 ' 56, 508 591 471 680 1,006 842 773 635 560 418 269 136 519 366 716 508 510 384 506 378 414 248 732 682 .134 383 .134 850 .134 852 .134 825 .134 1,079 .134 973 .134 795 .134 | 539 j .134 381 .134 361 .134 703 .134 247 .134 554 .037 .037 .037 .037 .037 .037 .037 .037 .037 .037 .055 .066 .053 .066 .055 .065 .055 .066 .055 .066 .055 .068 I .055 | .068 .055 .068 | .055 | I 33, 831 28, 914 27,179 22, 830 19,177 20,136 23,962 29, 234 29,217 38, 918 62,160 42, 366 49, 079 48, 682 55,036 49,195 63,411 | 48,887 81,496 49, 307 100,088 40, 021 109, 428 1,961 1,863 2,519 2,269 2, 147 3,640 2,164 2,162 3,642 2, 116 1,940 3, 819 1,860 2,151 3,528 1,962 2.292 3,198 1,715 2,130 * 2, 783 1,712 1,907 2,588 .139 .146 136, 444 127, 744 .127 (a) POULTRY AND EGGS Poultry: Price, wholesale, live fowls (Chicago) dol. per lb.. .245 Receipts, 5 markets -thous. of lb._ 14, 290 Stocks, cold storage, end of month do 58,173 Eggs: Price, wholesale, fresh firsts (Chicago)t dol. per doz__ .374 Production . .millions. _ 6,462 Stocks, cold storage, end of month: Shell thous. of cases. _ 3,200 Frozen thous. of lb_ _ 98, 773 TROPICAL PRODUCTS Coffee: Clearances from Brazil, total..thous. of bags. To United States do Price, wholesale, Santos, No. 4 (N. Y.) dol. per lb._ Visible supply. United States.thous. of bags.. Sugar, United States: Raw sugar: Price, wholesale, 96° centrifugal (N. Y.) dol. per lb_. Refined sugar, granulated: Price, retail (N. Y.) do Price, wholesale (N. Y.) do 453 | 348 ! .037 .037 .037 .068 .055 .068 .055 .068 .055 32,099 32, 741 28, 212 29, 676 28, 449 114,198 13, 370 105, 343 15, 733 74, 949 17, 526 52, 831 2,128 i 2,217 2, 050 j 2, 339 2, 666 j 2, 544 2,014 2,054 2,504 1,913 1,927 2.490 2,078 MISCELLANEOUS FOOD PRODUCTS C a n d y sales b y manufacturers thous. of dol Fish: Landings, fresh fish, prin. ports._thous. of l b _ . Stocks, cold storage, end of m o n t h J do Gelatin, edible: M o n t h l y report for 7 companies: Production do Sh ipments do Stocks do r a 35,665 | 38, 659 115,128 2,147 2, 421 Revised. No quotation. % Data compiled by the Department of Labor from a trade journal have been substituted above for the Department of Agriculture's series formerly shown which has been discontinued. January 1943 figure from the same source, $0,329; February, $0,289; except for the difference in source, the series is the same as that published in the 1942 Supplement. 1 Prior to January 1943, data are as of the 15th of the month. + Revised series. Data revised for 1913 through March 1942. Revisions are available on request. S-28 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey Mav 1943 1942 March April May 1943 July J August. June Jtofe October Novem- December ber January | Februj ary FOODSTUFFS AND TOBACCO—Continued TOBACCO Leaf: Production (crop estimate) mil. of lb._ Stocks, dealers and manufacturers, total, end of quarter mil. of 1b 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 20, 612 Large cigars thousands. _ 427, 836 Mfd. tobacco and snuff thous. of lb._ 26,856 Prices, wholesale (list price, composite): Cigarettes, f. o. b., destination...dol. per l,00C._ 6.006 Cigars, delivered do (-) Production, manufactured tobacco: Total thous. of l b . . Fine-cut chewing. do Plug do i Scrap chewing .. do ! Smoking _ _. do Snuff do..... Twist do 11,417 3,510 1 3,177 i 437 303 2.663 4 426 280 2, 366 4 ! 21 81 3. 260 i 1 22 78 1 3,432 381 249 2,519 3 336 242 2 752 3 24 85 92 77 17,016 489, 727 27, 919 17,380 ! 18,455 503,536 | 457,767 27,825 25,181 20, 004 532, 390 27, 807 20, 875 510. 823 27, 013 20, 941 498, 872 25, 329 21. 978 519,976 27, 329 23, 075 633, 350 30,956 20, 447 474, 348 25, 882 19, 716 685, 002 24, 081 20, 370 436, 744 25, 297 17,678 410,599 22, 691 5. 760 46. 592 5. 760 5. 760 46.592 ; 46.592 5. 760 46. 592 5. 760 46. 592 5. 760 46. 592 5. 760 (2) 5. 760 (2) 6. 006 « 6.006 6.006 (2) 6.006 (2) 28,656 411 4, 445 4,117 15,240 3, 916 528 27,745 I 25,950 398 I 420 4 347 | 4 297 3,913 ; 3,768 14, 782 ! 13, 705 3,827 j 3,302 478 1 459 28. 207 29, 443 446 481 4 QS3 4.878 4,047 i 5.243 14,912 15, 025 3, 366 3, 26-1 522 534 26, 475 437 4, 749 4,724 13. 259 2, 799 506 27, 535 437 5,128 4,260 14, 035 3,169 507 29, 845 28, 209 426 425 4 687 5 036 4, 624 4, 033 15,980 1 15.247 3,252 ! 3,297 526 ' 522 25, 636 429 4 061 3.795 13,046 3,783 522 26, 273 413 4, 684 3. 676 13,317 3, 681 503 LEATHER AND PRODUCTS HIDES AND SKINS Livestock slaughter (Federally inspected): Calves thous. of animals Cattle . . do.. Hogs do Sheep and lamb do. _ _ Prices, wholesale (Chicago): Hides, packers', heavy, native steers dol. per lb. Calfskins, packers', 8 to 15 lb do..__ 410 923 4, 661 1, 495 471 885 ! 4,320 j 1,475 ! 475 1, 039 4, 554 1,481 461 1, 048 3, 886 1,705 . 155 .218 . 155 .218 .155 .218 .155 .218 1. 006 2. 692 4, 327 4. 532 989 2, 590 3, 637 1,031 2, 549 3, 498 4.514 491 929 4,134 1, 669 502 956 4, 196 1,570 . 155 .218 1. 040 2, 639 4, 419 4,444 460 1,103 3, 223 1,840 513 1. 159 3, 843 2, 923 155 218 * 578 1,280 4,218 2,344 ! 501 476 | 1,018 982 I 5,023 6, 778 j 2,126 2,175 . 155 .218 .155 .218 . 155 .218 1. 009 2. 460 2, 660 4, 860 1, 045 2, 647 3, 169 4, 543 .440 .440 340 928 5,431 1, 724 . 155 - 218 331 854 4,335 1, 499 . 155 .218 LEATHER Production: Calf and kip _ _ Cattle hidest Goat and \cidt Sheep and lambf Prices, wholesale: Sole, oak, bends (Boston)f Chrome, calf, B grade, black, thous. of skins thous. of hides.. thous. of skins.. do j .440 I dol. per l b . . composite dol. per sq. ft,. Stocks of cattle hides and leather, end of month:! Total thous. ofequiv. hides.. Leather, in process and finished do Hides, raw do LEATHER 1 j 4, 989 i .529 j 14. 294 8, 947 5.347 13.657 8. 933 4. 724 .440 .529 1,093 2,402 2,433 ! 4 287 .440 440 440 440 . 529 .529 529 529 12 519 8, 639 3. 880 12, 590 8,623 3. 967 12,930 I 12.485 8,951 8. 789 3,979 3.696 13, 217 8, 933 4,284 j 4 150 1,073 2,647 2, 933 4,462 ! | I I i .440 ! 969 ! 973 2,451 j r 2, 436 3.017 ! * 2, 984 4,844 | 5, 033 .440 j .529 12, 597 8, 680 3,917 12, 429 8,652 3, 777 .440 .529 12, 225 8, 591 3,634 11. 964 •11.827 8. 420 rr 8 , 174 3,544 3, 653 MANUFACTURES Gloves a n d mittens: Production (cut), total dozen pairs._ Dress and seraidress do Work do Boots, shoes, and slippers: ! Prices, wholesale, factory: | M e n ' s black calf blucher dol. per pair..) M e n ' s black calf oxford, corded tip do I Women's colored, elk blucher do j Production, boots, shoes, and slippers: I Total __ thous. of pairs.-| Athletic do j All fabric (satin, canvas, etc.) do j P a r t fabric and part leather do I High and low cut, leather, total do Government shoes do Civilian shoes: Boys'-and youths' do In (an t s' do Misses' and children's do Men's do. Women's do_ Slippers and moccasins for housewear thous. of pairs. _ | All other footwear do i r .440 1,029 2,401 2,735 053 616 045 147 1 2 3 4 283, 112 I 296,553 | 313,765 180, 237 ! 183. 210 | 198, 438 102.875 113,343 115,327 6.75 4. 00 (3) 6. 40 4. 60 3. 60 6. 75 4.65 3.00 6. 75 4.61 3.60 45, 487 576 643 1,247 38, 486 2, 954 45, 816 620 535 1, 056 38. 539 3, 869 40, 982 512 478 892 34,196 3,614 1,474 2,340 3,810 9,625 18, 282 I 1, 536 j 2, 372 ! 3, 751 | 9, 698 ! 17, 314 1, 422 2, 187 3,344 8. 530 15,098 3.399 ! 3,657 1, 137 i 1. 410 3, 621 1,283 289. 850 178,452 111,398 295, 243 I272, 256 268, 191 295, 715 260, 337 274, 695 177,707 159, 056 150,056 166. 831 146,021 156, 680 117,530 1J3. 200 117, 535 128, 884 114,316 118,015 6. 75 4. 60 3. 60 6.75 4.60 3.60 6.75 4. 60 3.60 ! 39,094 | 41,800 492 460 395 147 555 671 33,411 36. 022 3, 675 3, 763 38,812 424 175 613 33, 054 3,879 37, 119 460 227 39, 986 475 368 1,007 33,041 3,960 1,467 2,124 3, 603 8, 263 14,280 j 1,401 2,136 3,224 7,410 15,003 6. 75 4.60 3. 60 6. 75 i 4.60 ! 3.60 1.571 2, 161 3,602 8, 552 16, 374 3,823 | 3, 850 1,018 i 650 3 31,092 3, 333 1, 379 1, 549 2,079 2,048 3,080 | 3, 259 7,561 8, 310 13.660 j 13,916 4,083 ! 4, 219 ! 462 ! 395 i 4,447 647 6.75 4.60 3.60 6.75 4. 60 3.00 6.75 4.60 3.60 6.75 4.60 35, 247 415 305 901 28. 974 3, 424 38, 501 453 317 1, 003 32, 351 3,831 37. 504 341 899 801 31, 992 3, 913 37, 583 327 1,144 700 31, 567 3, 960 1,164 2,003 2,743 7,119 12, 521 1,323 2, 101 3, 236 7,814 14, 047 1, 630 2,095 2,773 7,086 14, 49(3 1, 485 2, 019 2,787 7, 133 14.183 3, 989 664 3,682 695 2,749 722 3, 097 748 Revised. December 1 estimate. 2 N o t available; data are being revised. N o quotation. f Revised series. T h e price series for sole oak leather is shown on a revised basis beginning with the October 1942 Survey; revisions beginning July 1933 are available on request. D a t a on production and stocks of leather revised beginning Jan. 1942. Revisions not shown above (February appears in the April 1943 issue) are as follows: Production—cattle hides, Jan., 2,672; monthly average, 2,569; goat and kid, Jan., 4,231; monthly average 3,427; sheep and lamb, Jan., 4,158; monthly average, 4,469. Stocks—total, Jan., 15,148; monthly average, 13,250; leather in process and finished, Jan.. 8,965; monthly average, 8,802; raw, Jan., 6,183; monthly average, 4,447. S-29 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey 1942 March April 1 May June July 1943 August September October Novem- December ber January February LUMBER AND MANUFACTURES i LUMBER—ALL TYPES National Lumber Manufacturers Assn.:f 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 2,497 440 2,057 2,803 458 2,345 6,310 1,986 4,324 2,771 473 2,298 3,188 470 2,718 5,960 1,991 3,969 2.766 431 2,335 3, 035 496 2,539 5, 720 1, 925 3, 795 2,924 423 2,501 3,108 501 2, 607 5,536 1, 846 3,690 3, 051 465 2,586 3,296 538 2,758 5,283 1,773 3,510 2,939 471 2,468 3,060 510 2,550 5,152 1,734 3, 418 2,845 451 2,394 2, 975 523 2,452 5, 048 1, 662 3,386 2,794 442 2,352 2, 936 541 2,395 4,899 1, 563 3,336 2,398 410 1,988 2,564 490 2,074 4,761 1, 485 3,276 2,083 381 1,702 2,364 434 1,930 4,413 1, 432 2, 981 1.900 '384 1,516 2,213 465 1,748 4,129 1, 350 2, 779 1, 976. 388 1, 589 2, 222 438 1,784 3, 950 1,329 2,621 8, 575 10, 550 7, 275 7,500 14, 000 7,300 10,125 7,500 7,700 13, 850 7,200 8,750 7,150 8,850 12, 000 7,875 8, 950 7,625 7,675 12,100 7,325 8, 650 7,500 7,675 12, 000 6,950 8,100 6,850 7,500 11,500 5, 900 7,200 8,000 6,950 12, 500 6,000 5,700 6,500 7,500 11, 500 5,850 5,500 7,250 6,300 11, 275 6,600 6,150 5,050 5, 750 10, 650 6,900 6, 550 5, 500 6, 300 9,800 5, 8507,400 4,500 5,050 9, 450 34, 45, 38, 37, 59, 32, 560 42, 673 40, 656 37, 027 63,333 27, 732 37, 488 36, 283 32, 917 66, 699 17,911 30, 479 30, 562 24, 920 72, 341 17,616 24, 957 • 26, 491 22, 720 27, 771 19, 288 18, 906 76,422 22, 609 22, 631 18,633 21,214 73, 841 23, 249 19,101 20,174 26, 779 65, 236 18, 19, 18, 18, 63, 17, 641 20, 053 18, 007 17, 064 64, 506 15, 797 20, 824 15, 948 15,026 65, 428 29, 612 27,626 15, 535 19, 810 51,153 FLOORING Maple, beech, and birch: Orders, new Orders, unfilled, end of month Production Shipments Stocks, end of month Oak: Orders, new Orders, unfilled, end of month Production Shipments Stocks, end of month M bd. ft_. do do do do.-. do do do do do 32, 295 33, 637 17, 806 26, 284 42, 675 SOFTWOODS Dousrlas fir: Prices, wholesale: Dimension, No. 1, common, 2 x 4—16 dol. per M bd. ft-. 32.340 Flooring, B and better, F. G . , l x 4, R. L. dol. per M bd. ft-. 44.100 Southern pine: 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.. 32. 000 Flooring, B and better, P. G., 1x4..do 55. 000 Production! mil. bd. ft-. Shipments! do Stocks, end of month do Western pine: 460 Orders, new do Orders, unfilled, end of month do 565 Price, wholesale, Ponderosa, boards, No. 3 31.47 common, 1x8 dol. per M bd. ft.. 350 Production f mil. bd. ft-. 438 Shipments t do 853 Stocks, end of month f do West coast woods: Orders, new t do Orders, unfilled, end of month do Production f do Shipments f do Stocks, end of month do Redwood, California: Orders, new M bd. ft_ Orders, unfilled, end of month do Production do Shipments do Stocks, end of month do 972 481 691 588 704 21, 071 76, 763 626 476 400 251 563 32. 340 32. 340 32. 340 32. 340 32.340 32. 340 32. 340 32.340 32. 340 32. 340 32. 340 32. 340 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 936 940 957 943 758 887 794 871 826 840 731 793 740 794 755 818 600 736 615 726 721 771 653 747 30.770 53. 798 749 854 1,202 30. 000 55. 000 759 954 1, 007 30.000 55.000 745 814 938 30.000 55.000 753 810 881 30. 000 55.000 807 857 831 30. 000 55. 000 738 778 791 30. 000 55.000 706 739 758 30. 000 55.000 705 731 732 30. 000 55. 000 675 682 725 30.000 55.000 640 625 740 30. 000 55. 000 635 676 699 32. 000 55. 000 657 677 679 482 473 684 614 575 635 664 671 597 626 564 578 586 562 640 578 474 566 439 539 370 512 397 542 31.52 374 474 1,311 31.04 484 543 1,252 31.35 522 553 1,221 31.51 691 628 1,284 31.36 695 642 1,337 31.53 666 612 1,391 31.53 637 602 1,426 32.01 650 615 1,443 31.38 432 486 1,389 31.83 343 466 1,192 31. 54 244 374 1,062 31.36 246 367 941 765 891 717 771 929 1,062 1,029 819 939 875 977 1,097 825 893 835 867 1,067 806 887 756 1,075 1,171 818 945 622 842 1,145 820 858 572 847 1,150 812 830 578 711 1,095 757 768 578 684 1,106 669 673 596 580 1,057 524 624 497 513 1,063 459 506 474 529 1,045 506537 463 55, 75, 38, 43, 240, 566 009 808 560 342 39,445 39,407 64,152 66,073 37,960 37, 397 46, 562 41, 205 228,068 220, 602 44, 631 65,359 41, 666 43,307 213,124 50, 047 58,135 73,137 87,154 42, 008 38, 790 46, 673 48, 647 207, 588 195, 721 44,983 88, 086 38, 462 48. 738 182, 697 58,278 90,997 41,163 51, 567 170,197 44, 868 91, 542 35, 399 40,979 163,457 38, 864 85,128 33,571 38,830 158,153 42,188 88, 984 31, 946 35, 030 155,145 46,176 96, 319 31,198 41, 734 144, 593 FURNITURE All districts: Plant operations percent of normal-. Grand Rapids district: Orders: Canceled percent of new order. New no. of days' productionUnfilled, end of month do Plant operations percent of normal.. Shipments no. of days' production.. Prices, wholesale: Beds, wooden 1926 = 100Dining-room chairs, set of 6 do Kitchen cabinets do Living-room davenports do Steel furniture (see Iron and Steel Section). 79.0 78.0 78.0 74.0 72.0 72.0 74.0 73.0 67.0 66.0 67.0 8.0 18 50 75.0 25 5.0 29 58 79.0 21 10.0 23 53 78.0 22 8.0 21 50 75.0 20 5.0 23 52 73.0 19 4.0 ' 25 55 60.0 18 5.0 30 63 51.0 20 2.0 26 58 58.0 26 8.0 24 54 69.0 26 7.0 22 46 73.0 25 2.0 56 85 71.0 21 5.0 25 89 72.0 21 101.0 118.9 102. 6 104.2 101.0 118.9 102.6 104.2 101.0 118.9 102.6 104.2 101.0 118.9 102.6 104.2 101.0 118.9 102.6 104.2 101.0 118.9 102.6 104.2 101.0 118.9 102.6 104.2 101.0 118.9 102.6 104.2 100.0 118.9 102.6 104.2 101.0 118.9 102.6 104.2 100.9 118.9 102.6 104.2 100.9 118.9 102.6 104.2 69.0 6.0 23 91 74.0 22 0) 118.9 102.6 0) METALS AND MANUFACTURES IRON AND STEEL Iron and Steel Scrap 4,680 5,031 5,342 5, 037 4,930 5, 006 4,955 5,015 5,156 5,225 5,000 5 221 Consumption total * thous. of short tons 2, 600 2,779 2,856 2,796 3,034 2,792 2,812 2,846 2,932 2,763 2,919 Home scrap * do 2,956 2,080 2, 258 2,175 2,134 2,308 2,214 2,109 2,237 2,293 2,237 2,203 Purchased scrap * __ . __ do 2,265 6, 209 6,274 6, 233 6,078 4,579 5,530 3,682 3,972 4,993 4,297 4,780 Stock, consumers', end of mo., total * do 3, 460 1,699 1,653 1,544 1,286 1,460 1,105 1,185 1, 337 1,077 1,114 1,600 Home scrap * do 1,388 4,674 4,510 4,534 4,580 3,112 3,605 4,070 2,895 3,293 3,443 Purchased scrap *._ . . _ . do. ._ 2,346 2,577 r l Revised. No quotations. f Lumber statistics for 1941 and 1942 have been revised to data from the 1941 Census of Forest Products. Revisions have been made also in earlier figures for total lumber stocks, hardwood stocks, and softwood stocks, and new orders, production, and shipments of west coast woods; see pp. 27 and 28 of the March 1943 issue. * New series. The data on scrap iron and steel and pig iron consumption and stocks are estimated industry totals compiled by the U. S. Department of the Interior, Bureau of Mines. Data for January-October 1941 are shown on p. S-30 of the April 1942 Survey. For available 1939 and 1940 data, see note marked "*" on p. S-29 of the November 1942 issue. Consumers' stocks of pig iron include suppliers' and producers' stocks. S-30 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey May 1943 1942 April j May March June July 1943 August September October January Novem- December ber February METALS AND MANUFACTURES—Continued IRON AND STEEL—Continued Iron Ore Lake Superior district: Consumption by furnaces. _thous. of long tons.. Shipments from upper lake ports do Stocks, end of month, total do At furnaces do On Lake Erie docks do 7,109 793 20,190 17, 561 2,629 7,007 7, 857 20, 065 17, 536 2,529 7,230 12,677 25,199 22, 310 2,889 7,034 12, 625 30, 931 27, 664 3,267 7,176 13, 405 37, 327 33, 289 4,038 7,155 13, 236 43, 236 38,124 5,112 7,140 11,848 48, 422 42, 548 5,874 7,599 11,417 52,667 45, 883 6,784 7,456 7,582 53, 703 46, 552 7,151 7,759 636 47, 424 40,604 6,821 7,765 0 39, 743 33, 815 5,927 7, 104 0 32, 743 27. 642 5,101 62, 979 69, 737 65, 866 60, 398 71, 256 68, 459 54, 219 60, 696 61, 783 55, 032 59, 990 59,144 63, 651 61, 434 59,120 63, 978 56, 304 56, 651 87, 697 61, 021 58, 977 70, 907 68, 251 65, 457 74, 080 59, 287 58, 484 93,824 66,177 63, 703 73, 524 63, 572 59, 557 88, 970 66, 401 67, 895 Pig Iron and Iron Manufactures Castings, malleable: Orders, new, net short tons.. Production do Shipments do Pig iron: Consumption* thous. of short tons.. Prices, wholesale: Basic (valley furnace) dol. per long ton.. Composite do Foundry, No. 2, Neville Island* do Production* thous. of short tons.. Stocks, consumers', end of month* thous. of short tons.. Boilers, range, galvanized: Orders, new, net number of boilers._ Orders, unfilled, end of month do Production do Shipments do Stocks, end of month do Steel, Crude and Semimanufactured Castings, steel, commercial: Orders, new, total, net short tons.. Railway specialties do Production, total do Railway specialties do Steel ingots and steel for castings: Production thous. of short tons...; Percent of capacity § Prices, wholesale: Composite, finished steel dol. per lb. Steel billets, rerolling (PiUsburgh) dol. per long ton__ Structural steel (Pittsburgh) dol. per lb.. Steel scrap (Chicago) dol. per long ton. _ U. S. Steel Corporation, shipments of finished steel products thous. of short tons.. Steel, Manufactured Products Barrels and d r u m s , steel, heavy types: Orders, unfilled, end of m o n t h thousands.. Production do Percent of capacity | Shipments thousands. _ Stocks, end of m o n t h do Boilers, steel, new orders: Area thous. of s q . f t . . Quantity number.. F u r n i t u r e , and shelving, steel: Office furniture: Orders, new, net thous. of dol. J Orders, unfilled, end of m o n t h do I Shipments do | Shelving: j Orders, new, net do i Orders, unfilled, end of m o n t h do j Shipments do | Porcelain enameled products, s h i p m e n t s ! j thous. of d o l . . Spring washers, shipments do ! NONFERROUS METALS Metals Prices, wholesale: Aluminum, scrap, castings (N.Y.) dol. per lb. Copper, electrolytic (N. Y.) do... Lead, refined, pig, desilverized (N.Y.). do Tin, Straits (N. Y.) do... Zinc, prime, western (St. Louis) do... Miscellaneous Products Bearing metal (white-base antifriction), consumption and shipments, total (59 manufacturers) thous. of lb. Consumption and shipments, 37 mfrs.: Consumed in own plants ..do... Shipments do. Sheets, brass, wholesale price, mill..dol. per lb.. T 5,100 4,944 5,030 4,869 4,959 4,935 4,836 5,145 4,883 5,001 5, 057 4, 661 23.50 24.17 24.00 5,056 23.50 24.20 24.00 4,897 23.50 24.20 24.00 5,074 23.50 24.20 24.00 4,936 23. 50 24.20 24.00 5,051 23. 50 24.20 24.00 5,009 23.50 24.20 24.00 4,937 23.50 24.20 24.00 5, 237 23.50 24.20 24.00 5, 084 23.50 24.23 24.00 5,201 23.50 24.23 24.00 5,211 23.50 24. 23 24.00 4,766 1,286 1, 232 1,221 1,257 1,296 1,272 1,284 1,266 1,334 1,425 1,458 1, 534 62, 010 76, 750 64,847 62, 450 19, 841 38,014 68, 884 42, 427 45, 880 16,388 31,458 62, 709 33, 627 37, 633 12, 382 30, 481 52, 652 39,171 40, 538 11,015 22, 955 34. 672 40. 181 40, 935 10, 561 46, 025 39, 324 40, 454 41, 373 9,646 41, 779 35, 879 43, 410 45, 224 7,832 43, 829 42, 597 35, 681 37, 111 6,402 40,130 45, 737 37, 353 36, 990 6, 765 33, 700 36, 474 42, 913 42, 963 6,715 55, 239 56, 687 M l , 266 40, 926 ' 7, 259 58, 646 66, 704 47, 919 48, 629 6, 549 191,195 199,619 26, 558 11,025 149. 625 131.492 45,158 25, 644 211,081 43,997 146. 507 48,335 7,670 100 r j r 7, 392 7,121 ' 7, 383 98 208, 11, 132, 21, 885 218 053 658 '7, 015 96 202, 334 141,239 3,610 i-13,480 135, 700 139,184 16,251 12, 988 r 7,145 95 >• 7, 2 2 8 95 177,478 179,537 172,862 9,278 13, 546 7, 708 139, 774 152,080 139,213 12, 051 13, 979 10,744 T 7, 058 '96 ' 7, 580 100 r 7,180 172,263 ('•206,737 I 191,214 15,446 ! 23,008 17,649 143, 860 ' 149,368 144. 586 10,785 11,428 12,823 r 7, 305 97 r 7, 424 r 6, 826 .0265 .0265 .0265 .0265 .0265 . 0265 .0265 .0265 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 . 34. 00 .0210 18.75 34.00 .0210 18.75 34.00 .0210 18.75 1,781 1,759 1,834 1,774 1,766 1,704 1,788 1,666 1,850 1,686 1,692 4,201 2,005 103.6 1,990 60 1,893 2,416 132.4 2,420 29 1,797 2,067 113.3 2,046 50 1,551 1,780 97.6 1,796 34 1, 652 1,749 95.9 1,741 42 1,402 1, 760 96.5 1,760 42 1,506 1,536 84.2 1,538 40 1,704 1,838 100.7 1,823 56 1,215 1,498 82.1 1,504 49 1,671 1,388 76.0 1,386 2,696 1,426 78.2 1,419 56 3,448 1,269 65.6 1,279 48 4,139 1.574 81.3 1,595 45 1,211 1,029 9,636 2,699 3,663 1,558 3,192 1,308 2,130 1,162 2,298 1,076 1,812 888 3,956 2,338 2,772 1,086 1,914 874 2,201 819 2.464 917 596 733 381 2,318 513 3,751 ! 2,551 5,530 j 3,951 4,560 4,130 2,817 3,119 4,204 1,203 1,820 2,256 1,707 1,744 1,784 1,278 1,898 1,124 537 1,456 979 379 1,279 554 443 1,223 499 583 1,345 460 269 1,254 361 1,587 2,449 392 63 43 84 1,510 1,870 1,130 1,418 2,273 1,015 j 1,606 2,763 1,115 1,459 2,788 1,434 638 2,385 1,040 * —225 1,565 596 i -512 935 118 i -379 393 158 74 323 144 52 239 135 86 203 122 42 ' 163 48 2,603 5,841 341 5,560 334 4,521 317 4,239 302 4,023 324 3,357 317 3,104 321 3,195 382 2,652 336 2,489 353 2,460 334 2, 324 300 .0813 . 1178 . 0650 .5200 .0825 .0875 .0875 .1178 i .1178 .0650 .0650 .5200 .5200 .0825 .0825 .0875 .1178 .0650 .5200 . 0825 .0875 .1178 .0650 .5200 .0825 .0875 .1178 .0650 .5200 .0825 .0875 .1178 .0650 .5200 .0825 .0875 .1178 .0650 .5200 .0825 . 0857 .1178 .0650 .5200 .0825 . 0813 .1178 .0650 .5200 . 0825 .0813 .1178 .0650 .5200 .0825 .0813 .1178 .0650 .5200 .0825 .0813 .1178 .0650 . 5200 . 0825 4,175 4,599 | 3,578 j 3,541 3,163 3,605 I 2,907 3, 296 3,459 3 176 3, 605 3,453 r 544 2,262 594 i 2,198 ! . 1951 667 : 1,484 i .195j 463 1,646 .195 657 i 1,826 | .195; 649 j 1,310 I .195! 699 1, 453 .195 744 1,760 .195 596 1 623 .195 528 1, 970 .195 641 1,526 .195 * 513 ' 2,013 .195 I 528 1,711 .195 .0265 .0265 3, 687 Revised. i Cancelations exceeded new orders by the amount shown above as a negative item. § Beginning January 1943, percent of capacity is calculated on annual capacity as of Jan. 1,1943, of 90,288,860 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings; earlier data are based on capacity as of Jan. 1 or July 1, 1942, see note in October 1942 Survey. 1 Based on 25 working days per month of one 8, 9, or 10-hour shift, whichever is normal in the respective plant. As some plants operate more than one shift, this results for some months m a ratio of production to capacity in excess of 100 percent. X Of the 99 manufacturers on the reporting list for Jan. 1, 1942, 23 have discontinued shipments of these products for the duration of the war. * New series. For sources of earlier data on pig iron consumption and stocks and a description of the data see note marked "*" on p. S-29. The new series on blast furnace production of pig iron, including blast furnace ferro-alloys, is from the American Iron and Steel Institute and is approximately comparable with data from the Iron Age in the S-31 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey 1942 March April May June July 1943 August September October Novem- December ber January February METALS AND MANUFACTURES—Continued MACHINERY AND APPARATUS Blowers and fans, new orders thous. or d o l . . Electric overhead cranes: Orders, new do Orders, unfilled, end of month do Shipments do F o u n d r y equipment: New orders, net total 1937-39=100.New equipment do Repairs do. Fuel equipment and heating apparatus: Oil burners: Orders, new, net number.. Orders, unfilled, end of m o n t h do Shipments do Stocks, end of m o n t h do Mechanical stokers, sales:f Classes 1, 2, and 3 do Classes 4 and 5: N u m b e r . , - .. Horsepower Unit heaters, new orders thous. of dol_ _ Warm-air furnaces, winter air-conditioning systems, and equipment, new orders thous. of d o L . . Machine tools, shipments * do P u m p s and water systems, domestic, shipments: Pitcher, other hand, and windmill p u m p s units.. Power pumps, horizontal type do Water systems, including p u m p s do P u m p s , steam, power, centrifugal, and rotary: Orders, new thous. of doL_ 22, 500 10, 295 13, 658 10, 685 9,624 28, 563 2,577 6,378 32, 265 2,561 6,236 34, 471 2,511 2,835 34,190 2,768 4,058 34,958 2,722 3,355 35,072 2,701 1,160 32,883 3,002 2,170 31,436 3,030 1,228 29,118 2,912 551 26,413 3,112 1,581 25, 358 2,534 502 22, 699 3,131 562.7 538.6 635.2 1,122. 3 1. 352. 7 428.8 1, 033.8 1, 233. 7 432.1 653.6 730.2 423.3 774.0 884.4 441.5 800.8 909.1 474.0 510.8 536.7 433.0 446.4 452.4 428.4 540.6 552. 2 505.5 338.8 286.1 497.7 382.5 319.8 371.3 429.8 394.9 534. 9 399.5 348.1 554.4 6,347 23,146 7,361 35,429 14,844 17, 051 14,412 29, 947 10,883 16, 334 11, 600 34, 509 10, 680 17,843 9,171 41, 277 19,176 8,441 40,170 8,484 19,000 8,660 39,122 8,100 19, 066 8,034 39, 323 8,589 18,430 9,225 36, 858 10, 761 20, 799 8,392 37, 416 7,945 21,138 7,606 37,149 7,910 20, 713 8, 335 36, 513 1,960 10, 972 9,573 4,722 11,365 7,040 7,961 8,723 5,548 1,994 1,447 676 123, 378 294 77, 384 5,754 415 88, 938 331 77, 635 419 98, 027 4,507 428 105, 278 389 90, 344 373 81, 991 6,094 7,423 98, 358 103,364 43,117 167 26, 721 42,179 219 27,989 33, 234 97 24, 204 29, 958 86 22, 662 42, 932 131 22, 459 32,163 126 18,610 24,148 68 20,052 26.192 104 19, 792 7,041 67 3,393 4,334 4,634 5, 703 5.797 6,417 5,494 5,243 161 169 91 169 65 167 66 161 90 155 151 148 205 145 279.1 281.9 689.5 285.3 696.6 312.3 779.0 330.6 805.4 198.5 107,297 5,463 111,090 9,617 7,285 22. 827 24,160 7,503 5,952 36, 661 ' 41, 221 1.764 ' 2,183 591 80,071 '682 118,531 117,432 114, 593 14, 305 188 4,965 18,122 163 8,106 25, 381 159 7,311 8,229 9,421 8.318 7,309 221 142 202 144 211 146 178 152 151 149 371.7 366.7 212.8 390.0 322.0 376.0 394.0 388.0 697.0 372.0 653.0 382.0 661.0 5,966 113, 596 117, 342 119,883 453 109, 598 5, 282 5,452 130, 008 120, 871 131,960 ELECTRICAL EQUIPMENT B a t t e r y shipments (automotive replacement only): Unadjusted 1934-36=100-Twelve-month moving total do Electrical products:! Insulating 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 d o L . Electrical goods, new orders (quarterly) thous. of doL . Laminated fiber products, shipments do Motors (1-200 h p ) ; Polyphase induction, billings do. Pqlyphase induction, new orders do Direct current, billings do. Direct current, new orders do. Power cable, paper insulated, shipments: Unit thous. offt_Value thous. of dol Rigid steel conduit and fittings, shipments short tons Vulcanized fiber: Consumption of fiber paper thous. of lb._ Shipments thous. of d o L . 215.3 325.9 627.0 223.4 160.0 188.0 104. 0 107.0 16,265 1,197 45,674 4,551 148,556 10, 367 34, 210 3,177 70, 507 5,100 24,796 2,133 31,310 2,378 26, 528 2,237 20,297 1,534 13,321 1,357 29,879 1,845 10,541 928 17,201 1,287 5,813 759,063 3,641 3,699 3,722 1,057,954 4,116 4,557 4,475 965,120 5,028 5,279 ~5,~l63" 1,095,565 5,302 5,015 5,191 6,743 13,189 3,097 8,313 7,604 12, 697 4,418 10,196 7,471 11,174 3,395 12,761 7,855 11,932 3,225 13,494 8,052 10,949 3,413 8,407 7,710 9,272 3,857 10,377 8,257 4,584 4,341 8,287 7,291 4,433 3,614 7,484 6,098 5,300 6,946 8,753 9,296 6,892 9,214 7,079 6, 750 4,336 3,267 6,982 7,854 4,082 4,794 605 1,062 578 934 576 978 1,375 1,716 1,549 2,050 899 1,123 1,074 1,435 942 1,269 888 978 879 928 1,256 1,173 25,572 26,499 22,987 22, 656 21, 449 21,420 17, 452 14,509 12,389 12,126 9,102 9,613 3,987 1,107 3,900 1,145 4,228 1,215 4,303 1,378 4,067 1,204 4,219 1,351 4,364 1,581 4,832 1,614 4,314 1,465 4,707 1,595 5,056 1,650 4,551 1,620 279.9 5,026 1,852 PAPER AND PRINTING WOOD PULP Production:! Total, all grades short tons.. 794,214 976,926 942, 373 934,007 861,066 774,014 819,372 774,144 838, 520 763,414 736, 670 755,069 719,634 Chemical: Sulphate, total do 367,501 438, 596 424,052 440,900 404,112 370,810 398, 460 371,796 392,821 348,313 332,679 349,217 331,060 Unbleached do 304,713 369,834 357,899 373,608 341,677 309, 654 329, 413 299,910 317,980 278,360 266,238 278, 534 271, 264 Sulphite, total do 215,974 277,023 265,126 258,406 251, 380 224,179 239, 660 226,093 241,946 216,902 208,883 208, 302 210, 685 138, 506 r157, 666 149,831 147.165 147, 651 132,224 144,930 132,724 147, 973 134, 214 127, 291 129,033 126, 549 Bleached do 35, 533 34, 794 36,716 r 33,810 36, 545 44, 706 41,978 40,084 Soda do 31, 099 33, 284 33, 391 38,898 34,946 151,169 194,063 189, 528 175.166 155, 326 131,706 130,761 126,037 144,933 143,421 141,909 140,500 133,485 Groundwood do Stocks, end of month:! Total, all grades do 97,728 '134,380 130, 257 160,515 166,318 170,104 185, 828 175, 241 159,357 149,299 143,983 129,405 111,459 Chemical: 46, 464 r 31,589 74,274 65, 248 59,205 Sulphate, total do 16, 536 ' 19, 473 16,041 61, 576 72,816 22, 627 28, 521 39,215 Unbleached do 12, 388 • 14, 381 11, 890 16, 868 22,190 56, 988 66, 067 67,118 56, 480 50,250 37, 776 25, 074 35,258 38,963 35, 694 30,336 41, 345 35, 745 36,843 Sulphite, total do 28, 771 • 43,043 29, 589 41,654 39,610 41,492 47,838 21,382 22,089 r 16,898 20,136 25, 969 21,434 Bleached do 17,800 • 28, 218 16,125 25,631 23, 263 26,892 31,948 3,529 3,398 ' 3,175 4,392 3,717 4,395 Soda do 2,858 r 3, 061 4,386 3,619 4,064 2,765 3,933 43,048 39, 624 40,940 42,404 40,865 54,754 46, 435 • 67, 504 80, 536 90, 752 92,694 70,174 Groundwood do 84,155 r Revised. HOf the 101 firms on the reporting list in 1941, 19 have discontinued the manufacture of stokers; some manufacture stokers only occasionally. fRevised series. A new method has been employed in the construction of the indexes for electrical products to overcome a strong upward bias in the two series on orders received, and, in addition, the number of products composing the individual indexes has been increased. For revised 1941 monthly averages see note marked " t " on p. S-30 of the April 1943 Survey; earlier data will be published in a subsequent issue. Wood pulp production statistics have been revised beginning January 1940 and stocks beginning January 1942. Revised 1941 monthly averages for production: Total, all grades, 837,417; sulphate, total, 366,195 (unbleached, 309,026); sulphite, total, 243,232 (bleached, 141,928) ; soda, 51,418; groundwood, 158,500. All revisions will be published later. *New series. For 1940 and 1941 data for machine tool shipments and a description of the series, see p. S-30 of the November 1942 issue. S-32 SURVEY OF CUEEENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey May 1943 1943 1942 March April May June July August September October Novem- December ber January February PAPER AND PRINTING—Continued PAPER Total paper, inch newsprint and paperboard: Production short tons. Paper, excl. newsprint and paperboard: Orders, new short tons. Production do Shipments do Fine paper: Orders, new do. Orders, unfilled, end of month do Production do.. _ Shipments do. Stocks, end of month do... Printing paper: Orders, new do Orders, unfilled, end of month do Production do._. Shipments do_ _ _ Stocks, end of month do Wrapping paper: Orders, new do. _ _ Orders, unfilled, end of month do... Production do Shipments do Stocks, end of month do... Book paper: Coated paper: Orders, new..percent of standard capacityProduction do Shipments do Uncoated paper: Orders, new do Price, wholesale, " B " grade, English finish, white, f. o. b. mill dol. per 100 lb. Production ...percent of standard capacity. Shipments do.._ Newsprint: Canada: Production short tons. Shipments from mills do... Stocks, at mills, end of month do-__ United States: Consumption by publishers short tons. 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: Orders, new do _.. Orders, unfilled, end of month do... Production do. _ _ Percent of capacity Waste paper, consumption and stocks: Consumption short tons. Stocks at mills, end of month do _. ,371,545 1,319,538 1,222,421 1,088,223 62.6 59.5 59.7 990,386 ! 1,076,589 11,067,024 1,205,873 11,097,445 1,107,547 ! 1,130,428 11,096,488- 532,647 565,157 548, 779 477, 792 559,411 543, 273 434, 419 532, 802 514,568 55, 029 104,915 62, 468 61,052 38,120 46, 505 79, 757 62,167 59, 693 40, 529 40, 339 64, 360 58,953 56, 505 43, 205 35, 479 49, 485 52,850 50, 403 46, 064 39, 486 40, 782 46, 763 45,071 47,002 42, 805 36, 354 45, 917 44, 285 48, 775 174, 548 124, 895 190, 265 183, 473 r 80, 537 149, 581 101, 239 183, 905 173, 237 91,086 130,506 85, 432 165, 640 157, 244 99, 299 137,689 87,107 141, 595 139, 881 100,832 134, 508 78, 511 133, 798 141,394 92, 881 203, 361 160,881 208,188 203, 323 74,091 199, 272 151,056 210,318 209,120 75, 598 187, 460 131,933 207,863 204, 402 79, 244 167, 470 111,161 191,782 187, 537 80, 963 49.0 61.5 60.9 47.9 55.3 55.1 31.8 40.1 39.9 30.2 37.0 35.1 423, 978 402,993 485,029 434,626 473,008 431, 207 452, 683 457,365 452,323 497,048 •512,385 484, 727 473,162 • 484, 260 463, 493 490,217 •480,838 463, 025 554,191 514,-231 511,460 510, 260 467,090 471,924 612 657 360 448 553 64, 588 44, 983 52, 787 53, 935 48,614 52,106 48,101 48, 274 47,885 49, 017 50,495 55,949 49, 892 53,169 48, 545 r 50,151 49, 578 ' 51, 345 45, 692 ' 42, 935 53, 250 59,166 47, 501 47,996 42, 383 143,837 80, 572 143, 658 141,885 94, 650 153,122 82, 249 148, 520 151,884 91, 502 192, 283 99,025 177, 981 175,194 90,829 174, 633 111,631 160,457 164, 263 86, 651 174, 515 163, 549 121, 551 119,959 157,532 • 163,033 167,963 164, 377 75, 524 73, 233 160,598 119,783 157,357 155,418 75, 455 160,105 100, 290 175, 557 167,497 86, 815 158,618 93, 863 182, 836 164,092 102,317 165, 769 99, 334 169, 643 161, 266 111,204 195, 215 116,100 183, 488 180,037 116,007 187,773 138, 215 163, 393 164, 521 118, 742 174,198 140, 841 166,015 172,137 112,061 190,145 156, 074 173, 517 179,100 107, 581 179, 799 166, 202 165, 274 168, 757 104,012 32.3 30.7 32.7 36.4 34.0 35.8 47.4 45.2 59.7 51.3 51.8 50.3 54.0 55.3 52.6 53.0 53.7 54.4 55.9 60.8 55.3 59.5 425, 825 463,337 437, 946 43, 35, 45, 44, 49, 105. 3 84.1 69.7 74.9 78.6 97.5 86.1 92.6 7.30 92.5 92.1 7.30 105. 0 102.6 7.30 98.2 96.1 7.30 89.4 87.0 7.30 73.9 74.7 7.30 72.7 76.7 7.30 79.2 79.5 7.30 85.3 7.30 96.3 95.0 7.30 90.7 92.9 7.30 86.1 91.4 7.30 89.6 89.9 7.30 93.6 90.4 246,855 248, 469 108, 324 295,835 308,166 144, 626 277,741 238, 346 184, 021 251,831 266,443 169, 409 242, 762 253, 283 158,888 241,178 243,620 156, 446 253,239 255, 563 154,122 257, 618 292,405 119,335 271, 555 295,625 95, 266 251,147 255,087 91,325 244,191 243, 530 91,986 233, 544 215, 016 110, 514 221. 807 222, 383 109, 938 237, 111 54.00 71, 357 71, 824 251, 042 238,493 50.00 50. .Q0 82, 669 80,923 81,182 82,176 242, 372 50.00 80,0.40 76,612 222, 244 50.00 79,386 78,413 210,549 50. 00 76, 952 76,181 223,189 50.00 79,885 79, 556 231, 691 254, 349 50,00 5.0. 00 77,962 84, 217 83, 560 85,458 260, 542 50. 00 75, 065 76, 207 252,399 226, 741 208,143 50. 00 50.00 50. 00 69, 792 64, 358 74,655 75, 222 69, 691 60,147 10,168 447, 396 60,108 9,601 429, 255 50,094 94.1 13,446 11,161 377, 790 368, 520 47, 376 53, 774 12,648 383, 384 44, 843 17,049 1&076 384, 758 402/401 36,442 39,025 17,820 418,985 35,454 18,149 430,409 40, 270 12, 551 455, 263 52, 538 11,310 470,852 58,655 723, 296 511,220 670,257 94 673, 880 436,029 725,465 101 611,967 371, 365 677,458 93 528, 026 466,173 288, 516 223,809 609, 579 523,808 82 464, 293 213,443 478,808 523,648 212,953 529, 214 75 555, 071 236, 208 535, 850 660, 89,0 613, 746 615,184 629, 900 616,167 272,006 321,885 379, 573 413, 084 454, 308 607,425 555, 290 559, 730 576,376 568,637 81 82 77 86 393,634 341,097 438,591 241,178 411,110 308, 963 352,972 371,086 296,938 414,775 283,040 428, 067 304, 215 422,958 312, 279 420, 465 343,460 424,451 316,454 408, 753 331,895 394, 527 344,388 374,301 350,885 355,044 Book publication, total no. of editions. 743 782 1,036 637 New books . do _.. 657 818 537 586 125 New editions do... 218 100 157 Continuous form stationery, new orders thous. of sets. 1451,613 300, 717 206,078 169,904 188,437 20, 604 22, 878 Sales books, new orders thous. of books. 19, 672 18,101 20,051 709 537 172 642 167 582 157 969 821 148 842 693 149 702 594 108 671 602 731 528 203 9,702 391,102 66, 707 13,913 381,466 63,166 PRINTING 150,392 16,450 227,722 |i 238, 529 1283,108 236,362 17, 235 i 16, 047 I i 21, 602 i 23, 229 I 230,646 '209,460 !,i 250,410 16, 726 i 19,196 | i 25, 707 PETROLEUM AND COAL PRODUCTS COAL Anthracite: Prices, composite, chestnut: 12.48 Retail dol. per short ton.. 10,811 10. 281 Wholesale do 5,085 5,822 Production thous. of short tons.. Stocks, end of month: 216 656 In producers' storage yards do In selected retail dealers' yards 15 number of days' supply,. Bituminous: Industrial consumption and retail deliveries, 46, 533 total thous. of short tons.. 53,386 41, 516 36, 443 Industrial consumption, total do 1,174 1,024 Beehive coke ovens do 7,647 7,372 Byproduct coke ovens do 552 543 Cement mills do 149 153 Coal-gas retorts do 5,975 Electric power utilities do 5,011 11,693 Railways (class I) do 9,723 1,046 Steel and rolling mills do 957 Other industrial-. do 13,280 11, 660 Retail deliveries do 11, 870 10,090 Other consumption, coal mine fuel do 273 251 Prices, composite: Retail (35 cities) dol. per short ton.. 9.51 Wholesale: Mine run _do 5.020 4. 753 Prepared sizes _.__do 5.238 4.897 r Revised. i Beginning September 1942, 3 companies, formerly 12.29 10. 124 5 153 12.49 10. 314 4, 843 466 292 140 27 24 28 42. 591 34, 501 1,099 7,451 647 144 5,103 9, 398 819 9,840 8,090 256 40, 269 33, 289 1, 059 7? 229 640 139 5 175 8 921 766 9 360 6 980 257 43,306 I 34, 526 1, 029 7, 173 571 144 4, 717 9, 189 863 10, 840 8, 780 260 12.48 12.48 10.346 i 10.346 122 5,341 181 i I 35 | 39, 856 34, 306 1,080 7.504 '660 125 5, 712 9,077 758 9,390 5, 550 253 12.48 10. 344 5,180 12.48 10. 344 5,426 289 472 12.49 10. 344 5,101 12.49 10 344 4, 795 12.49 10. 383 4, 611 13.13 10. 661 4, 314 13.14 10.801 5,092 792 798 542 379 64 33 21 19 407 707 041 334 678 146 5 570 10, 271 867 11 800 7 700 229 52, 272 41, 142 1, 071 7, 583 645 155 6, 159 11, 155 1, 034 13, 340 11, 130 234 53, 407 41,437 1, 044 7,682 571 157 5,981 11,443 1,049 13,510 11,970 228 • 49, 217 ' 38, 207 1, 055 r 6, 969 547 137 r 5, 370 • 10, 568 1,021 12, 540 11,010 237 9.56 9.63 9.68 4.866 ! 5.180 ! 4.949 5. 208 608 i 39 40, 296 34, 686 1,087 7,508 663 139 5,672 9,368 769 9,480 5,610 250 42, 228 35, 038 1,088 7,294 678 137 5,661 9, 465 775 9,940 7,190 258 45, 500 37, 800 1,126 7,542 714 149 5,787 10, 279 843 11.360 7,700 247 45 37 1 7 9.43 9.46 5.49 9.52 9.52 9.54 9.54 }.55 4.774 4.819 4.773 4. 858 4 775 4 939 4. 782 ! 4.989 i 4.787 5.021 4.797 ! 5.050 4.805 5.097 4.815 5.131 i accounting for about, 7 percent of the total, discontinued reporting. 4.85 5.17 S-33 SURVEY OF CURRENT BUSINESS May 1943 Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey 1943 March 1943 1942 March April May June July August September October Novem- December ber January February PETROLEUM AND COAL PRODUCTS—Continued COAL—Continued Bituminous coal— Continued. 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 COKE Price, beehive, Connellsville (furnace) dol. per short ton__ Production: Beehive thous. of short tons__ Byproduct do Petroleum coke do Stocks, end of month: Byproduct plants, total do At furnace plants _do At merchant plants do Petroleum coke do PETROLEUM AND PRODUCTS •Crude petroleum: Consumption (runs to stills). __thous. of bbl__ Price (Kansas-Okla.) at wells...dol. per bbL_ Productionf thous. of bbl Refinery operations pet. of capacity. _ Stocks, end of month: Refmable in U. S.f thous. of bbl_. At refineries do At tank farms and in pipelines do On leasesf do Heavy in California do VVells completed! number._ Refined petroleum products: Gas and fuel oils: Consumption: Electric power plants thous. of bbl.. Railways (class I) do Price, fuel oil (Pennsylvania)—dol. per gal.. Production: Gas oil and distillate fuel oil thous. of bbl.. Residual fuel oil do Stocks, end of month: Gas oil and distillate fuel oil do Residual fuel oil do Motor fuel: Prices, gasoline: Wholesale, refinery (Okla.)-dol. per gal_. Wholesale, tank wagon (N. Y.) do Retail, service stations 50 cities do Production, totaltt thous. of bbl. . Straight run gasoline do Cracked gasoline do Natural gasoline-it do Natural gasoline blended do Retail distribution mil. of gal -. Stocks, gasoline, end of month: Finished gasoline, total thous. of bbL. At refineries do Unfinished gasoline do Natural gasoline do Kerosene: Price, wholesale, water white, 47°, refinery (Pennsylvania) dol. per gal. Production thous. of bbL _ Stocks, refinery, end of month do Lubricants: Price, wholesale, cylinder, refinery (Pennsylvania) dol. per gal Production thous. of bbLStocks, refinery, end of month do Asphalt: Production do Stocks, refinery, end of month do Wax: Production thous. of lb-_ Stocks, refinery, end of month do Asphalt prepared roofing, shipments: Total thous. of squares. Grit surfaced do Ready roofing do Shingles, all types do r 56,450 47, 796 48, 332 47, 860 48, 220 47,832 47,851 49, 843 51, 791 47, 474 49,595 47, 029 77, 292 70.412 9,851 817 361 19, 204 12,149 1,120 26, 910 6,880 57, 221 51, 761 7, 881 743 293 13, 891 9,910 1,013 18.030 5,460 61, 836 55, 746 8,409 813 301 14, 767 10,816 1,050 19,590 67,418 60, 618 9,179 876 331 15, 854 11,479 1,099 21,800 6,800 73, 271 65, 691 9,866 972 369 16,876 12, 223 1,145 24,240 7,580 77, 583 69,003 9,922 1,040 386 17, 339 12,898 1,178 26,240 8,580 73,186 10, 238 1,074 402 18,165 13, 462 1,235 28,610 9,500 87, 311 77. 261 10,566 1,081 409 19,872 13, 542 1,251 30, 540 10, 050 89, 937 79,057 10, 998 1,092 413 20, 452 13, 683 1. 239 31, 200 10, 880 90,874 79, 244 11,151 1,052 435 20, 607 13,293 1,206 31, 500 11, 630 85, 889 75, 699 10. 721 998 439 19,982 12,579 1,140 29, 840 10,190 79, 379 71,079 9.958 851 414 19, 276 11, 575 1,085 27, 920 8,300 6.500 6.000 6.000 6.000 6.000 6.000 6.000 6.000 6.000 6.000 6. COO 748 5,427 690 5,226 108 5,055 91 696 5,260 83 714 5,100 688 5,278 101 692 5,315 111 693 5,163 108 718 5,339 123 663 5,191 122 866 636 230 1,430 920 509 252 1,448 963 485 201 1, 432 975 457 191 1, 405 969 435 182 999 470 175 1,564 1,026 539 179 1,614 1,021 593 173 955 651 184 1,200 .063 .059 .161 .145 .066 48,920 76, 626 69, 366 ' 9, 778 818 371 19,056 • 11,364 1,069 26, 910 7,260 1 6.375 5,368 142 664 5,395 113 672 4,903 93 1,646 917 728 198 1, 511 882 629 234 1, 269 816 453 273 1,069 757 312 276 110,565 1.110 114, 473 76 104, 882 1.110 105, 053 75 106,883 1.110 110,192 74 105, 376 1.110 108, 595 77 111,555 1.110 111, 782 114,135 1.110 120, 429 80 113,474 1.110 115,801 83 116, 381 1.110 120,311 82 112, 368 1.110 116,101 82 113, 342 1.110 120,519 111, 606 101,935 1. 110 1.110 117, 227 108, 399 79 79 261,832 50,050 199, 240 12, 542 11, 737 778 257, 761 49, 525 195, 937 12.299 11, 434 825 254, 577 48,454 193,334 12, 789 11,168 847 251, 421 47, 551 191, 353 12,517 10, 892 726 245, 026 46, 919 185, 797 12,310 10, 950 833 244,125 46, 435 184, 757 12, 933 10, 706 745 240, 043 44, 569 182, 825 12. 649 10,167 836 237, 361 43, 552 181,203 12, 606 10, 868 817 234,100 42, 699 178, 405 12, 996 10,724 765 234,354 43, 620 177,904 12,830 10, 865 804 234, 423 44, 213 176,956 13, 254 10, 804 688 237, 075 44, 874 179,119 13, 082 10, 394 638 1, 304 6,595 .055 1,012 6,399 .057 923 6,427 .059 1,211 6,747 .059 1,349 6,985 .059 1,431 7,131 .059 1,331 7,798 .059 1,112 7,808 .059 1,281 I 1,317 8,341 ! 8,145 .059 .059 j r 1,108 16, 214 28,095 14,002 29,440 13, 436 30,971 15,210 28, 352 16,149 30,096 17, 052 30,446 18,062 30,402 18, 858 31, 239 17 562 31 311 18, 073 31, 890 17, 306 32, 544 16,240 30,799 30,205 70,098 28, 792 67,658 30, 281 68,388 32, 501 66, 341 37, 729 66,935 42,918 67,613 45,817 69, 264 49, 701 68, 873 50 709 66 664 44, 940 61, 783 39,014 60,808 35, 298 59, 657 .055 .153 .143 52,902 20,609 25,629 7,020 4,414 1,979 .054 .157 .144 47, 528 18, 339 23,504 6,257 4,046 2,015 .055 .161 .144 48,938 19,573 23,130 6,718 4,272 2,092 .056 .166 .154 45, 887 17, 404 22,423 6,558 4,423 2,079 .058 .186 .153 49, 302 19,088 23,946 6,804 4,577 2,202 .059 .166 .144 51,105 19,192 25, 387 7,028 4,909 1,998 .059 .161 .144 49, 389 19,088 23,882 6,998 5,108 2,038 .059 .161 .144 51,495 19, 997 24, 905 7, 256 5, 455 2,056 .059 .161 .144 50,018 19,116 24,433 7,156 4,989 2,112 .059 .161 .145 48,800 18,891 23,225 7,516 4,929 r 1,465 .059 .161 .145 47, 236 17,309 23,391 7,360 4,425 1,376 .059 .161 .145 43,280 ] 5, 322 21,947 6, 840 4,430 99,184 73, 556 7,549 5,620 94,127 67,182 7,695 6,043 87, 461 62, 597 7,220 6,568 80,080 55,213 7,437 6,571 71,657 48,585 7,789 6,588 71, 403 47, 924 8,123 6,405 69, 293 46,736 8, 853 6,056 67, 669 46,158 8, 953 5,424 64, 224 44,623 4,996 70, 772 49,054 9,354 4,632 78,475 56,617 10,202 4, 904 82,867 61,873 9,981 4,996 .063 6,035 5,460 .063 5,529 5,630 .064 5,302 6,419 .064 4,929 6,940 .063 5,134 7,480 .063 5,340 8.261 .063 5,421 8,203 .063 5,907 8,599 .063 5,759 8,770 .063 5,351 7,537 .063 5,602 5,146 .063 5,852 3,996 .160 3,533 8,470 .160 3,438 8,470 .160 3,439 .160 3,231 8,756 .160 3,133 8,945 .160 3,141 9,301 .160 2,951 9,278 .160 3,057 9,421 .160 2,983 9,336 .160 3,049 9,424 .160 2,935 9,725 .160 2,780 9,771 428,200 740,700 452,900 719,400 500,500 617,300 517,800 513,800 629,300 436,000 619,500 396,500 631,800 366,900 656, 900 343,100 549,100 340,200 545,800 411,000 436,000 499,800 390,500 552, 700 61,600 75,040 52,080 69, 720 51,800 69,160 57,960 69,720 50,680 68,040 61,040 77,000 57,120 77,840 75,320 86,240 59,920 86, 520 64, 960 85, 400 57,680 84,000 54,600 81, 480 3,692 969 1,592 1,132 4,198 1,178 1,509 1,511 4,391 1,227 1,467 1,697 4,397 1,286 1,528 1,582 4,908 1,726 1,751 1,431 5,152 1,823 1,918 1,411 5,440 1,802 2,091 1,547 5,774 1,847 2,283 1,644 4,926 1, 555 2,060 1,311 5,400 1,547 2,666 1,187 3,767 1,269 1, 733 765 3,516 1,182 1, 567 767 946 6,624 I . 058 .062 Revised. J F i g u r e s for t h e p r o d u c t i o n of n a t u r a l gasoline include t o t a l sales of liquefied p e t r o l e u m gas as follows (thous. of barrels): 1942—Mar., 556; A p r . , 572; M a y , 483; J u n e , 498; J u l y , 536; A u g . 502; Sept., 579; Oct., 663; N o v . 687; D e c , 832. 1943—Jan., 824; F e b . , 829; these d a t a h a v e n o t been included in t h e total for m o t o r fuel; similarly sales of liquefied p e t r o l e u m gas are included in t h e t o t a l p r o d u c t i o n of n a t u r a l gasoline b u t excluded from total m o t o r fuel p r o d u c t i o n in t h e revised 1941 figures t o which reference is m a d e in t h e note m a r k e d "f". f R e v i s e d series. P r o d u c t i o n of b i t u m i n o u s coal revised beginning J u n e 1939. Revised m o n t h l y averages ( t h o u s a n d s of short t o n s ) : 1939, 32,905; 1940, 38,398; 1941, 42,846. F o r revised m o n t h l y figures for 1939-40, see n o t e m a r k e d " t " on p . S-27 of t h e S e p t e m b e r 1942 S u r v e y a n d for 1941, note m a r k e d " t " on p . S-32 of t h e M a r c h 1943 issue. D a t a for t h e indicated series of p e t r o l e u m p r o d u c t s revised for 1941; for revisions see notes m a r k e d "f" on p . S-33 of t h e M a r c h a n d A p r i l 1943 issues. See also n o t e m a r k e d "t" •above. S-34 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey Mav 1943 1942 March April May 1943 September July June Octo- | Novem- December ber ber January February 120, 953 126, 874 157,573 125,258 119,776 STONE, CLAY, AND GLASS PRODUCTS ABRASIVE PRODUCTS Coated abrasive paper and cloth: Shipments ~ - .reams. 109,568 105,808 110,645 115,910 121,187 135, 030 142, 985 11,392 54 10,108 24, 269 12, 733 61 12, 563 25,832 6,571 14,067 69 14, 774 25,112 6,656 16,119 77 16,349 24,886 6,241 16,022 79 18, 250 22,609 5,809 16,833 80 20, 501 18,979 5,528 17, 605 85 21, 282 15,268 4,493 17, 527 87 20,145 12,697 3,595 18, 258 87 20,345 10, 617 2,723 13. 260 13.187 13. 249 13. 216 13 224 13. 263 13 265 13. 255 13.213 ! 13.215 2, 075 18,992 1,983 19,615 2,680 19, 647 3 682 19 461 3,711 18, 760 3 682 19, 215 6,935 103.1 7,073 588 1,517 49 503 737 983 1,806 514 243 106 9,450 6,921 102.9 6,830 454 1,554 51 479 868 838 1,757 448 234 125 9,417 7,192 111.2 6,997 419 1,489 49 508 1,158 814 •1, 733 441 259 104 9,489 6,723 99.9 6,356 331 1,405 43 451 1,065 759 1,482 433 272 90 10,008 i 5,946 88.4 6,333 383 1,577 40 416 837 853 1.379 '328 295 195 9,528 6,585 97.9 6,902 546 1,828 33 320 723 1,164 1,253 329 270 401 9,139 6,297 97.3 6,879 815 1,629 31 315 636 1,095 1,286 361 286 395 8,490 6,837 97.9 6,975 505 1,830 49 350 618 1,171 1,662 455 276 6,206 99.9 6,252 449 1,645 39 331 672 816 1,508 520 236 13 8,119 6,268 93.2 6,528 418 1,715 39 362 814 862 1,491 516 272 16 7,774 7,361 112.8 7,246 491 1,841 41 366 849 796 1,924 551 267 100 7,775 6,672 110.7 7,060 471 1,808 18 386 862 731 1,708 609 217 227 7,288 4,804 '4,672 9,260 4,558 4,610 9,156 4,134 4,315 8,879 3,779 3, 845 9,140 3,183 3,915 8,411 4,498 4,532 8,196 3,880 3,829 8,239 4,500 4,888 7,837 3,778 3,535 8,076 3,837 3,746 7,177 4,475 3,763 7,877 4,190 4,210 7,803 3,278 2,876 2,927 2,494 2,397 3,048 3,606 3,909 3,744 3,585 3,713 5,565 1,583 97.5 5,570 1,644 101.3 4,310 1,557 95.9 4,726 1,223 75.3 4,194 1,274 78.5 3,863 1,075 66.2 4,741 1,097 67.6 4,924 i 960 59.2 4,612 1984 60.6 5,001 4,910 i 1, 297 i 1,166 79.9 71.8 4,775 i 1,113 68.6 PORTLAND CEMENT Production Percent of capacity Shipments Stocks, finished, end of month Stocks, clinker, end of month thous. of bbl. thous. of bbl_ do___ do... 16, 241 80 14, 627 12, 234 2,831 14, 090 67 8,923 17, 428 3,509 12, 560 10, 293 60 54 8,641 8,656 21, 368 ' 22, 985 ' 4, 566 3,771 CLAY PRODUCTS Common brick, price, wholesale, composite, f. o. b. plant dol. per thous.. Vitrified paving brick:J Shipments thous. of brick Stocks, end of month do. GLASS PRODUCTS Glass containers: 7,561 Production thous. of gross. 111.5 Percent of capacity 8,154 Shipments, total thous. of gross. 499 Narrow neck, food do... 2,144 Wide mouth, food do... 46 Pressed food ware do... 478 Pressure and nonpressure do.__ 952 Beer bottles do... 857 Liquor ware do. _ _ 1,906 Medicine and toilet do._. 671 General purpose do... 235 Milk bottles do... 334 Fruit jars and jelly glasses do _ _. 6,631 Stocks, end of month do._. Other glassware, machine-made: Tumblers: 4,284 Production thous. of doz _ 5,338 Shipments do _ _. 6,870 Stocks do... Table, kitchen, and household ware, shipments thous. of doz. Plate glass, polished, production 5,237 thous. of sq. ft. Window glass, production thous. of boxes. i 1, 249 76.9 Percent of capacity 13.236 13. 243 13.219 I ! GYPSUM AND PRODUCTS Gypsum, production: . short tons Crude Calcined Gypsum products sold or used: Uncalcined do Calcined: For building uses: Base-coat plasters do Keene's cement do All other building plasters do Lath thous. of sq. f t . . Tile.._ do Wallboard do Industrial plasters short tons. _ ,066,362 817, 856 285,755 ! 275,886 5,904 '6,430 348,061 6,490 .... 1,234,293 829,206 | 399,192 252,860 ! 3,781 80,320 I 254,690 ',523 | ! ! 256,755 34,114 i I. |. i 365,166| 35,736 I . . . !. |. 1,213,817 754,911 1,119,863 658, 053 384, 730 388. 625 199, 061 2, 905 77, 483 197, 845 11, 577 404,896 36, 399 129,468 2,258 61, 695 159,123 12,328 408,044 38, 301 TEXTILE PRODUCTS CLOTHING Hosiery: Production thous. of dozen pairs.. Shipments .. -- -do Stocks end of month do 12, 951 13, 506 21,160 12,729 13,533 20, 346 11,913 11, 500 20, 748 12, 033 10,990 21, 781 12, 067 11,251 22, 585 11. 982 12, 118 22,435 12, 335 12, 649 22,110 12. 650 13, 012 21, 736 11,711 12,059 21, 369 12,178 12, 441 21,100 12,186 12, 937 20, 350 12, 255 12, 975 19, 630 COTTON Cotton (exclusive of linters): Consumption _. _ bales 995, 512 967, 406 999, 749 957, 864 967, 523 994, 552 925, 089 966,149 972, 490 913, 038 935, 511 915, 479 878,154 .189 .199 .181 .192 .183 .186 .192 .197 .190 .180 .196 .197 Prices received by farmers _.dol. per lb_. .186 Prices, wholesale, middling iMe", average, .189 .202 .200 .212 .196 .194 .189 .193 .204 10 markets dol. per lb_. .186 .187 .197 .207 Production: Ginnings (running bales)§ thous. of bales 3 12, 445 3 10, 495 49 5,009 11,539 12,100 738 9,726 11, 743 Crop estimate, equivalent 500-lb. bales thous of bales 3 12, 826 3 10, 742 Stocks, domestic cotton in the United States, end of month:! 8,421 9, 364 7,594 7, 502 Warehouses _. . thous. of bales. 10, 358 12, 624 13, 587 13. 540 12, 340 11, 438 11,306 9,676 13, 036 2,541 2,340 2,418 2,406 2,518 2,156 1,848 2,006 2,330 2,467 2,443 2,481 1,711 Mills do Cotton linters: 109 132 122 132 127 122 115 111 131 116 114 108 98 Consumption do 99 27 97 41 221 67 26 2^ 154 215 200 162 120 Production do 873 806 732 653 490 505 698 854 577 588 868 893 Stocks, end of month. . . . _ _ .do 810 r ! 2 3 Revised. Partly estimated. Total ginnings of 1942 crop. Total ginnings of 1941 crop. 1 Data are being compiled on a revised basis. § Total ginnings to end of month indicated. t Revised figures for Aug. 1941-February 1942 areas follows:—Warehouses: 1941—Aug. 9,234; Sept. 11,455; Oct. 13,250; Nov. 13,915; Dec. 13,659; 19 \2—Jan. 12,805; Feb. 12,169. Mills: 1941—Aug. 1,619; Sept. 1,548; Oct. 1,906: Nov. 2,164; Dec. 2,301; 1942—Jan. 2,390; Feb. 2,468. The revisions previously published for this period erroneously included foreign cotton as the series shown represent American cotton only. The total stocks of American cotton in the United States on July 31, 1942, including stocks on farms and in transit, was 10,505,000 bales; stocks of foreign cotton in the United States on that date totaled 135,000 bales. S-35 SURVEY OF CURRENT BUSINESS May 1943 1942 Monthly statistics through December 1941, to- 1943 gether with explanatory notes and references to the sources of the data, may be found in the March 1942 Supplement to the Survey March April June J July May 1943 August September October Novem- December ber January February TEXTILE PRODUCTS—Continued COTTON MANUFACTURES Cotton cloth: Prices, wholesale: Mill margins cents per l b . Denims, 28-inch dol. per y d . P r i n t cloth, 64 x 60 do 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 h r . Average per spindle in place hours. Operations percent of capacity. Cotton yarn, wholesale prices: Southern, 22/1, cones, carded, white, for knitting (mill)t dol. per lb_ Southern, 40s, single, carded (mill) dc__ 19.60 .192 .090 0) 20.25 .193 .088 .105 191,654 145,169 6,010 88,674 20. 28 .196 I . 107 21.82 ! 21.27 20. 95 .196 .196 .196 ! .090 ! .090 .090 .108 .108 I .108 22.03 .192 .090 .108 21.85 .192 .090 .108 21.47 . 192 .090 .108 21.08 .192 .090 .108 20.32 .192 .090 0) 20. 05 .192 .090 (0 194, 328 192,142 192,091 189, 214 178,185 179, 363 182,176 168, 349 182,841 175,919 148,023 145, 423 147, 654 150,832 149,159 157,074 167, 390 143,165 145,133 140,098 5,295 5,730 5,860 5,338 5, 573 5,196 5,121 5,472 5,503 4,608 75, 962 72,813 61, 287 55,732 60, 073 65,606 70, 935 63,144 84, 216 71, 033 23,095 I 23,110 11 OOK 11 AQA 11,295 11, 471 479 133.7 130.2 22,974 10,981 458 136.4 22,956 11,191 23,012 11,429 478 136.9 22,948 10, 558 443 133.4 22,887 10,734 450 127.9 22,890 10, 820 455 138.8 22,859 10, 246 435 135.9 .421 .515 .421 .515 .421 .515 .420 .515 .414 .515 .414 .515 .414 .515 .414 .515 .414 .515 37.6 12.7 39.0 13.7 39.9 12.6 38.2 12.7 38.4 12.5 41.1 12.6 38.8 12.4 41.0 13.2 37.9 12.7 .550 .250 .550 i .250 i .550 j .250 I .550 .250 .550 .250 .550 .250 .550 .250 .550 .250 .550 .250 .550 .250 .550 .250 4.1 2.3 5.4 1.7 6.9 2.1 7.0 ! 2.3 I 6.5 3.1 7.4 3.9 8.0 4.3 7.7 4.1 8.1 4.4 8.7 3.3 8.9 3.0 '7.1 2.5 53, 880 6, 555 44, 740 2,544 44 320 388 53, 510 4.280 45, 896 3,236 45, 372 2,000 52, 305 3, 045 45,100 3,240 44, 388 3,036 45, 504 3,168 56, 160 2,665 49,120 2,856 2,602 95 2,754 86 2 789 81 2 668 78 :,853 70 2,744 70 2,657 65 2,650 71 2,805 07 59 80 64 76 53 72 45 66 40 2,7 ,711 68 64 42 2, 676 63 98 79 2,703 75 69 44 63 40 65 41 125, 659 125 175 114, 464 116, 750 241 239 119, 375 115, 368 233 , 337 124,120 ,958 112,927 206 205 it), 099 217 22, 925 11,647 495 134.4 23,109 11, 379 473 134.3 23,102 11,459 476 135.2 23,117 11,197 465 138.5 .414 .515 .414 .506 .420 .516 .421 .515 42.7 13.9 40.0 12.6 37.6 13.0 .550 .250 .550 .250 6.8 2.8 RAYON Consumption: Yarn mil. of lb_ Staple fiber do.._ Prices, wholesale: Yarn, viscose, 150 denier, first quality, minim u m filament dol. per lb_ Staple fiber, viscose, 1H denier do__. Stocks, producers', end of month: Yarn mil. of lb_ Staple fiber do.. - 22.17 .193 .090 .108 r 39.0 '12.6 WOOL Consumption (scoured basis):! Apparel class thous. of lb__ Carpet class do Machinery activity (weekly average):! Looms: Woolen and worsted: Broad thous. of active hours _ Narrow do Carpet and rug: Broad do Narrow do Spinning spindles: Woolen do Worsted do Worsted combs do Prices, wholesale: Raw, territory, fine, scoured dol. perlb_. Raw, Ohio and Penn., fleeces do Australian (Sydney), 64-70s, scoured, in bond (Boston) dol. per lb__ Suiting, unfinished worsted, 13 oz. (at mill) dol. per yd__ Women's dress goods, French serge, 54"" (at mill) dol. per y d. _ Worsted yarn, %2's, crossbred stock (Boston) dol. per lb_. Stocks, scoured basis, end of quarter:f Total thous. of lb_. Wool finer than 40s, total do Domestic do Foreign do Wool 40s and below and carpet do 116, 996 99, 935 231 1.175 .515 1.205 .535 1.195 .515 1. 195 I 1. 195 .503 I .515 243 .195 .496 125, 473 121,812 120, 250 112,150 237 217 .790 2.599 2.599 0) (0 1.559 1.559 1.559 1.559 1.556 1.800 1.800 1.800 1.800 1.800 552 1.205 .535 .205 .535 .790 .790 0) 0) 1. 558 1.559 1.559 1.800 1.800 1.800 1.199 .527 (0 (0 1.552 1.800 .790 351, 485 276, 295 141, 409 134, 886 75, 189 247, 083 172,438 66,182 106, 256 74, 645 128, 423 125,194 118, 676 115, 344 207 217 1. 205 .535 1.195 .790 .790 .755 0) .765 127, 143 122, 324 66 42 1. 205 .535 .765 I .765 0j 0) 1.559 1.559 I 1.800 335, 796 254,817 126, 612 128, 205 80, 979 1. 205 .535 1.559 1.800 MISCELLANEOUS PRODUCTS Fur, sales by dealers . _ _thous. of doL. Pyroxylin-coated textiles (cotton fabrics) : Orders, unfilled, end of mo. thous. linear yd.. Pyroxlin spread thous. of lb__ Shipments, billed thous. linear yd._ 6,947 9,231 3, 731 4,686 6,617 5,387 6,667 6,496 5,554 6,384 1,460 ! I 5, 798 I 5,371 5, 877 j 1, 313 I 5, 563 4,605 5, 279 1, 518 4 937 4 430 4 530 3,197 2,630 2,626 3,096 4,037 5,120 4, 686 4, 275 4, 734 5,752 4, 855 4,720 8,913 4, 621 4,950 9, 959 3, 570 4,248 9, 658 3, 776 4,510 10,212 3,747 4,283 10, 036 3.217 4,260 TRANSPORTATION EQUIPMENT AUTOMOBILES Indexes of retail financing: Passenger car financing, volume:f Total J a n . 1942 = 100.. New cars do Used cars do Retail automobile receivables outstanding, end of month Dec. 31, 1939=100 Automobile rims, production thous. of rims T 36 30 37 73 46 81 58 42 62 56 60 55 58 55 60 22 638 116 669 105 665 95 617 86 664 59 ! 573 17 53 54 54 42 45 42 32 26 34 26 16 28 20 11 22 11 19 21 13 23 67 586 59 33 51 547 44 488 37 554 31 567 27 527 1 Revised. No quotation. tFor revised figures for all months of the cotton year 1941-42 see p. S-35 of the November 1942 Survey. i p a t a for June and September 1942 and January 1943 are for 5 weeks; other months, 4 weeks. da stocks In the hands of country dealers and in country warehouses; stocks in the hands of country dealers and in country warehouses are not included in the earlier data. All given in footnote 5 to p. 170 of the 1942 Supplement. S-36 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1941, together with explanatory notes and references to the sources of the data, may be found in the 1942 Supplement to the Survey May 1943 1942 April | May June July 1943 August September October Novem- December ber Janu- I February I ary TRANSPORTATION EQUIPMENT—Continued RAILWAY EQUIPMENT | ! American Railway Car Institute: | Shipments: J Freight cars, total ._.number__ j 5,584 1,469 Domestic do 0 Passenger cars, total do 0 Domestic do Association of American Railroads: Freight cars, end of month: 1, 742 Number owned thousands.. Undergoing or awaiting classified repairs 44 thousands-2.6 Percent of total on line 20, 712 Orders, unfilled cars. _ 17,393 E quipment manufacturers do 3,319 Railroad shops do.,_. Locomotives, steam, end of month: Undergoing or awaiting classified repairs 2,081 number,. 5.3 Percent of total on line 392 Orders, unfilled number_ _ 288 Equipment manufacturers do 104 Railroad shops do U. S. Bureau of the Census: Locomotives, railroad: 2, 296 Orders, unfilled, end of mo., total do 1. 544 Steam do 752 Other do 286 Shipments, total do 202 Steam do 84 Other do Locomotives, mining and industrial: 328 Shipments (quarterly), total do 136 Electric, total do 124 For mining use do 192 Other do I 7,781 7,781 28 28 7.957 7 273 10 10 7, 573 5,700 41 41 5,253 2,851 23 23 2, 860 1,370 16 16 955 574 10 10 1,718 1,726 1,731 1,736 1, 737 1,737 60 3.5 68, 316 47, 985 20, 331 62 3.6 58,129 39,804 18, 325 63 3.7 48, 351 31, 440 16,911 57 3.3 37, 891 25, 062 12, 829 55 3.2 35. 442 24, 974 10, 468 53 3.1 34,195 24, 626 9, 569 3,228 8.2 426 372 54 3,114 7.9 357 51 2,930 7.5 395 348 47 2,747 7.0 350 304 46 2,669 6.8 334 284 50 1,332 589 743 125 57 68 1, 425 669 756 132 62 70 1, 586 716 870 111 50 61 1, 554 658 896 142 59 83 1,720 854 866 132 56 76 2,142 1,970 0 0 2,202 1, 896 8 1 2,244 1, 428 0 1,737 1, 737 46 2.7 35, 637 28, 352 7,285 42 2.4 29, 204 22, 419 6, 785 2,593 6.6 323 256 67 2,381 6.1 314 238 76 1. 649 783 866 147 61 86 1,932 1, 065 867 177 83 94 1, 575 1, 408 0 0 0 3, 061 1,447 0 0 3, 365 1, 321 3 0 1,739 1,739 1,740 1,741 45 2.6 27,308 22,167 5, 141 42 2.4 27, 061 20. 065 6, 996 46 2.6 19, 281 15, 069 4,212 45 2.6 19, 329 15, 417 3, 912 2, 143 5.5 289 216 73 2,098 5.4 369 356 13 1,932 4.9 355 263 92 1, 95/ 5.0 335 322 13 1. 975 5.0 352 270 82 1, 839 979 860 177 96 81 938 884 124 81 43 1, 967 1,139 828 146 63 83 2,043 1, 249 794 159 104 1.973 1,221 752 219 155 64 285 280 5 342 309 33 i 205 104 102 101 266 116 112 150 261 136 i: 125 INDUSTRIAL ELECTRIC TRUCKS AND TRACTORS Shipments, total D omestic Exports number. do do 435 425 10 371 336 35 400 383 17 384 373 11 400 391 9 360 343 17 382 344 38 i 438 415 23 420 418 2 367 352 15 411 ! 380 ; 31 j CANADIAN STATISTICS Physical volume of business, adjusted: Combined indexf 1935-39 = 100_. Industrial production, combined indexf 1935-39 = 100 __ Construct ion t do Electric power do Manufacturing! do Forestry! do M iningf do Distribution, combined indexf do Tons carried* do Agricultural marketings, adjusted:! Combined index do Grain do Livestock do Commodity prices: Cost of living do 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_. Commercial failures number.. Life-insurance sales, new paid for ordinary thous. of dol._ Railways: Carloadings thous. of cars-. Financial results: Operating revenues thous. of dol_. Operating expenses do Operating income do... _ Revenue freight carried 1 mile _ mil. of tons. 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._ r 196. 2 198.1 195.5 200.0 203.7 205.7 206.1 207.2 207.8 221.2 ••217.9 145.0 141.7 r 225. 8 148.0 234.2 151.2 177.4 220.8 143.0 144.3 231. 0 137.8 226.9 151. 3 189.3 217.3 95.8 146.1 232. 5 132.7 211.3 150. 2 182.3 222.1 157.1 146. 6 235.7 131.2 196.3 153.9 188.1 229.4 118.7 145. 8 246. 2 128.5 213.3 150. 5 176.2 232.5 114.3 142.8 248.8 120.7 216.6 150.4 163.0 235.1 127.8 140.0 253.3 116.2 225.8 145. 8 127.1 238.6 97.8 138.5 262.6 126.7 195.7 142.1 127.9 293.3 106.9 137.3 263.4 116. 7 192.0 142.7 142.0 250.8 101.5 140.1 276.2 124.7 209.6 160.6 173.4 ' 254. 6 '95.0 142.5 279.0 ' 105. 6 225.3 166.3 155.1 267.8 140.7 141.8 290.8 120.7 226.1 143.3 175.5 81.6 74.9 110.8 84.8 84.2 87.0 83.7 84.3 80.9 88.6 82.8 113.8 237. 7 270.9 93.4 99.6 98.8 102.9 43.6 33.9 85.7 106.6 112.9 78.9 95.4 90.4 117.0 141.7 146.4 121.2 133.5 149.8 62.8 110.3 113. 3 97.2 115.9 '95.0 115.9 95.0 116. 1 95.2 116.7 95.8 117.9 ••96. 1 117.7 95.5 117.4 '95.8 117.8 '96.6 118.6 '97.0 118.8 97.0 117.1 97.1 116.9 97.5 165. 1 103.7 195.7 176. 4 169.1 151.7 97.5 165.2 98.0 199.4 175. 0 172.8 153.0 99.0 167.4 109. 3 202.3 173.5 176. 3 153. 5 104.1 171. 7 123.3 205. 9 173. 1 180.6 153.7 106. 4 175.7 137. 7 209.5 174.1 184.8 152.8 108.1 177.8 146.8 212.4 172.3 189.4 152.5 110.4 179.3 146. 5 215. 6 166.8 188.2 152.3 110.0 181.3 149.6 218.3 164.3 185.1 153.5 111.7 183.3 154. 9 218.6 163.0 182.6 156.5 110.6 186.5 151.3 221.7 ' 162.0 182.0 164.5 109.4 183.7 132. 1 219.6 162.4 180.5 169.9 107.8 35 4, 177 56 3, 733 46 3,791 53 3. 767 46 3,704 47 3.480 42 3, 516 39 4,073 47 4,967 56 4, 195 36 3,900 25 3,712 29 46, 730 35, 876 36, 232 40, 336 43, 898 44, 868 39, 963 55, 798 57, 795 52, 042 45, 576 40, 420 40, 420 271 273 283 287 294 282 290 323 291 273 237 247 50, 858 37,338 10, 036 4,580 325 50, 597 36, 526 10, 303 4,439 361 53. 036 37, 606 11,510 4,891 375 55, 247 39, 419 11, 696 4,807 412 57, 529 42. 004 10. 582 4,705 511 58, 881 43, 371 10, 753 4,593 532 58, 590 42, 670 11, 803 4,550 452 61, 281 43, 742 15, 424 5,171 404 56, 926 41, 885 11,509 5,077 385 63, 593 45, 750 13, 284 4,750 652 50, 679 41,146 6,190 4,063 411 3,221 149 237 1,807 3,083 143 237 1, 961 3, 175 153 243 1,481 3,043 150 227 1,335 2,966 154 229 1,590 2,990 145 222 1,820 2,947 139 219 1,737 3,166 157 242 1,851 3,181 152 242 1,973 3,249 147 241 2,063 3,218 104 185 1,963 117.2 98.5 143 242 227.3 2,951 '123 219 1.991 ' Revised. f Revised series. The revision of the index of physical volume of business is due mainly to a change in the weighting and in the list of components, so as to present a picture of the expansion in industries engaged in war production. Revised data were first shown on p. S-36 of the December 1942 Survey; subsequently the construction index was further revised in the March 1943 Survey. The index of grain marketings is based on receipts at country elevators instead of receipts at head of Lake and Pacific ports, as formerly. For revised monthly averages for 1941 see note marked " f ' o n p . S-36 of the April 1943 Survey. Revisions for agricultural marketings beginning 1919 and for other series beginning January 1940 are available on request. *New series. The index of tons carried has been substituted for the index of carloadings; data beginning 1928 will appear in a subsequent issue; 1941 monthly average, 154.4. Components included in the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports. U . S . GOVERNMENT PRINTING OFFICE: t»43 INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36 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 Leather and products Lumber and manufactures Metals and manufactures: Iron and steel Nonferrous metals and products Machinery and apparatus Paper and printing Petroleum and coal productsStone, clay, and glass products.. Texrtle products Transportation equipment Canadian statistics Page S-l S-3 S-4 S-6 S-8 S-14 S-21 S-21 S-23 S-24 S-25 S-28 S-29 S-29 S-30 S-31 S-31 S-32 S-34 S-34 S-3 5 S-36 CLASSIFICATION, BY INDIVIDUAL SERIES Pages marked S Abrasive paper and cloth (coated) 34 Acceptances, bankers' 14 Advertising 6 Agricultural income, marketings 1 Agricultural wages, loans 14, 15 Air mi il and aii-line operations 7, 22 Aircraft 11,13 Alcohol, methyl 23 Alcoholic beverages 1, 2, 25 Aluminum 30 Animal fats, greases 23 Anthracite 2, 3, 10,11,12,14, 32 Apparel, wearing 3, 6, 7, 9, 10, 11,12, 13, 34, 35 Asphalt 33 Automobiles 1, 2, 6, 7, 9, 11,12,13, 17, 35 Banking 14,15 Barley 26 Bearing metal 30 Beef and veal 27 Beverages, alcoholic 1,2,25 Bituminous coal 2,3, 10,11, 12,14,32,33 Boilers 30 Bonds, issues, prices, sales, yields 19, 20 Book publication 32 Brass, bronze, and copper products 30 Brick 3,34 Brokers' loans 15,19 Building contracts awarded 4, 5 Building costs 5 Building expenditures (indexes) 4,5 Building-materials, prices, retail trade 3, 7 Butter 25 California, employment and pay rolls 10,12 Canadian statistics 17, 36 Canal traffic.22 Candy _ _ 27 Capital flotations 18,19 For productive uses 19 Carloadings 22 Cattle and calves 26 Cement 1, 2,3,34 Chain-store sales 7, 8 Cheese _ 25 Chemicals 1. 2, 3, 9, 10,11,12,13,14,16, 17, 23 Cigars and cigarettes „ 28 Civil-service employees 10 Clay products 1, 2, 9, 11, 12, 13, 16, 34 Clothing 3, 6, 7, 9,10,11, 12,13, 34, 35 Coal 2, 3,10,11,12,14, 32, 33 Coffee 27 Coke 2,33 Commercial failures 16 Commercial paper 14 Construction: Construction estimates 4,5 Contracts awarded 4, 5 Costs __ 5 H ighways and grade crossings 5 Wage rates _._ _ 14 Consumer credit 16 Consumer expenditures 7 Copper 30 Copra or coconut oil 23 Corn 26 Cost-of-living index 3,4 Cotton, raw, and manufactures 1, r 2,3,9,10,13,34,35 Cottonseed, cake and meal, oil 23 Crops 1, 23, 24, 25, 26, 27 Currency in circulation 17 Dairy products 1, 2,3, 25 Debits, bank 15 Debt, United States Government 18 Delaware, employment, pay rolls, wages. 10,12,14 Department stores, sales, stocks, collections. 8 Deposits, bank___ __ 15 Disputes, industrial 11 Pages marked S Dividend payments and rates 1, 20 Earnings, weekly and hourly 13,14 Eggs and chickens. _„ 1,3,27 Electrical equipment 2,6,31 Electric power production, sales, revenues, _ 24, 25 Employment, estimated 8 Employment indexes: Factory, by cities and States.. 10 Factory, by industries 9,10 Nonmanufacturing 10 Employment, security operations II Emigration and immigration 22 Engineering construction 5 Exchange rates, foreign 17 Expenditures, United States Government 18 Explosives 23 Exports 21 Factory, employment, pay rolls, hours, wages. 8, 9,10,11,12,13,14 Fairchild's retail price index 3,23,24 Farm wages 14 Farm prices, index ,. _. 3, 4 Fats and oils 3 Federal Government, finance 18 Federal Reserve banks, condition of 15 Federal Reserve reporting member banks.. 15 Fertilizers 3, 23 Fire losses 6 Fish oils, and fish 23, 27 Flaxseed 23,24 Flooring 29 Flour, wheat 26 Food products.-1, 2,3,4, 6, 7, 9, 10, 11, 12,13,14,16, 17, 24, 25, 26, 27 Footwear 1,2,4,9, 10, 12, 13,14,28 Foreclosures, real estate 6 Foundry equipment 31 Freight cars (equipment) 36 Freight carloadings, cars, indexes 22 Freight-car surplus 22 Fruits and vegetables 3,25 Fuel equipment and heating apparatus 31 Fuels 2,3,32,33 Furniture 1, 4, 9,11,12,13, 29,30 Gas, customers, sales, revenues 24, 25 Gas ana fuel oils 33 Gasoline 33 Gelatin, edible . 27 Glass and glassware. 1, 2, 9, 11, 12,13,16,34 Gloves and mittens 28 Gold.__ . __ 17 Goods in warehouses . 6 Grains 3,19,26 Gypsum 34 Hides and skins.-. 4,28 Highways, and grade crossings, Federal aid. 5 Hogs _-_ 27 Home-loan banks, loans outstanding 6 Home mortgages 6 Hosiery . . 4,34 Hotels 10,12,22 Hours per week 11 Housefurnishings 3,4,6, 7 Housing 3,4 Illinois, employment, pay rolls, wages 10,12,14 Immigration and emigration 22 Imports . 21 Income payments . 1 Income-tax receipts 18 Incorporations, business, nevr 17 Industrial production, indexes 1,2 Installment loans.16 Installment sales, department stores 8 Insurance, life 16,17 Interest and money rates 15 Inventories, manufacturers'and trade 2,3 Iron and steel, crude, manufactures 2,4, 9.11,13,16,17,29,30 Kerosene .. 33 Labor force . 8 Labor, turn-over, disputes 11 Lamb and mutton . 27 Lard 27 Lead 30 Leather 1, 2,4, 9,10,11,12, 13,14,16, 28 Linseed oil, cake, and meal 24 Livestock 1,3,26,27 Loans, real-estate, agricultural, bank, brokers' (see also Consumer credit) 5, 6,15,18,19 Locomotives 36 Looms, woolen, activity 35 Lubricants 33 Lumber 1,2,3,9,11,12,13,16,29 Machine activity, cotton, wool 35 Machine tools 11,13,31 Machinery .. 1,2,9,11,12,13,16,17,31 Magazine advertising 6 Manufacturers' orders, shipments, inventories 2,3 Manufacturing production indexes 1, 2 Maryland, employment, pay rolls 10,12 Massachusetts, employment, pay rolls, wages. 10, 12,14 Meats end meat packing 1, 2, 3,9,10,12,13,14,27 Metals 1, 2,4, 9,11,12,13,17, 29 Methanol 23 Milk 25 Minerals... 2,10,12,14 Naval stores 23 New Jersey, employment, pay rolls, wages. 10. 12,14 Newspaper advertising . ^ 6 Newsprint _ --32 Pages marked S New York, employment, pay rolls, wagCB_10,12,14 New York canal traffic .— ' 22 New York Stock Exchange 19,20 Oats —.-.26 Ohio, employment, pay rolls . . . . — 10,12 Oils and fats , 3,23.24 Oleomargarine .... 24 Orders, new, manufacturers' ..._..-._ 2 Paint and paint materials - - - 3, 24 Paper and pulp_ ..2,4,9,10,11,12,13,14,16,31/32 Passports issued 22 Pay rolls: Factory, by cities and States .. 12 Factory, by industries . . . . 11,12 Nonmanufacturi ng industries 12 Pennsylvania, employment, pay rolls, wages. 10, 12,14 Petroleum and products 2, 3,9,10,11,12,13,14,17,33 Pig iron >. 30 Porcelain enameled products 30 Pork. 27 Postal business 7 Postal savings 15 Poultry and eggs - 1,3, 27 Prices (see also individual commodities): Retail indexes . 3 Wholesale indexes3,4 Printing 2,9,10,11,12,13,14,16,32 Profits, corporation 17 Public relief.. _ 14 Public utilities 4,10,11,12,14,17,19, 20 Pullman C o . . . 22 Pumps... 31 Purchasing power of the dollar. . . 4 Radio-advertising . .— 6 Railways, operations, equipment, financial statistics, employment, wages . . . . . . . . . 10, 11,12,14,16.17,18.19, 20, 21,22,36 Railways, street (see Street railways, etc.). Rayon _ 2,4,9,10,12,13,35 Receipts, U. S. Government 18 Reconstruction Finance Corporation, loans. 18 Rents (housing), index ;.• - 3 Retail trade: All retail stores, sales ..... 7 Chain stores. __ 7,8 Department stores— . 8 Mail order 8 Rural, general merchandise -8 Rice 26 River traffic 22 Roofing, asphalt . 33 Rubber products 2,4,9,10,11,12,13,14 Savings deposits . ...— 15 Sheep and lambs 27 Shipbuilding 11,13 Shipments, manufactures . . 2 Shoes 1,2,4,9,10,12,13,14,28 Shortenings 24 Silver . 17 Skins 28 Slaughtering and meat packing ...... 1, 2,9,10,12,13,14,27 Soybeans and soybean o i l . . ..... 24 Spindle activity, cotton, wool •. 35 Steel and iron (see Iron and steel). Steel, scrap * 29 Stockholders 21 Stock, department store (see also manufacturers' inventories) . 8 Stocks, issues, prices, sales, yields 18,19,20,21 Stone, clay, and glass products . . 1, 2,9,11,12,13,16,34 Street railways and busses 10,11,12,14 Sugar . . 27 Sulphur . .. 23 Sulphuric acid 23 Superphosphate . . . . . . . . . -23 Telephone, telegraph, cable, and radio-telegraph carriers 10,11,12,14,17,22 Textiles 2,4. 9,10,11,12,13,16,34,35 Tile 34 Tin 30 Tobacco 2,9,10,11,12,13,14,28 Tools, machine— 11,13,31 Trade, retail and wholesale .3, 7,8,10, 11,12,14,16 Transit lines, local . '21 Transportation,Commodity and passenger.- 21, 22 Transportation equipment . ........ 1» 2,9,11,12,13,10,35,36 Travel.. * 22 Trucks and tractors, industrial, electric . 36 Unemployment .-' ... 8 United States Government bonds— 19, 20 United States Government, finance.—.-_ 18 United States Steel Corporation - - - - - 21,30 Utilities 4,10,11,12,14,16,17,19, 20 Variety-store sales i n d e x . . . . ..... .-• 7,8 Vegetable oils. 23 Vegetables and fruits . . . . — . . 3, 25 Wages, factory, and miscellaneous.... 13,14 War program and expenditures... .. 18 War Savings bonds ..... 18 Warehouses, space occupied.. *•„ .. 6 Water transportation, employment, p a y rolls.. 10,12 Waterway traffic 22 Wheat and wheat flour 26 Wholesale price indexes „ 3,4 Wisconsin, employment, pay rolls, wages. 10,12,14 Woodpulp.^-.i 4,31 Wool and wool manufactures.. 2,4,9,10,12,13,35 Zinc... 30