Full text of Survey of Current Business : May 1945
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MAY 1945
SURVEY OE
Ct ENT
BUSINESS
UNITED STATES DEPARTMENT OF COMMERCJE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
urvey of
CURRENT
BUSINESS
MAY 1945
25, No. 5
Functions "The Bureau of
nd Domestic Commerce • • • to
mote, and develop the foreign
stic commerce of the United
|L M creating the Bureau, Aug.
j« 7
\s7Stau408].']
Contents
Page
THE BUSINESS SITUATION
rtment of Commerce
Field Service
a., 603 Rhodes Bldg.
lass., 1800 Customhouse.
Y., 242 Federal Bldg.
3, S. C, Chamber of Commerce
SjHl., 357 U. S. Courthouse.
|2, Ohio, Chamber of Commerce.
II14, Ohio, 750 Union Commerce
^ ^
xM Chamber of Commerce Bldg.
olo., 566 Customhouse.
Mich., 1018 New Federal Bldg.
, Tex., 603 Federal Office Bldg.
i 1, Fla., 425 Federal Bldg.
r 6, Mo., 724 Dwight Bldg.
12, Calif., 1540 U. S. Post Office
thouse.
\ Tenn., 229 Federal Bldg.
11, Minn., 201 Federal Bldg.
s 12, La., 408 Maritime Bldg.
J18, N. Y., 17th Floor, 130 W. 42d St.
L 2, Pa., 1510 Chestnut St.
19, Pa., 1013 New Federal Bldg.
Oreg., Room 313, 520 S. W. Mor|19, Va., Room 2, Mezzanine, 801
' St.
|Mo., 107 New Federal Bldg.
sco 11, Calif., 307 Customhouse.
;jiGa., 403 U. S. Post Office and
iBldg.
Fash., 809 Federal Office Bldg.
1
Recent Trends in Employment
2
Record Consumer Expenditures
4
CORPORATE EARNINGS BY SIZE OF FIRM..
6
NEW CONSTRUCTION BY STATES, 1939-43.... 13
PROBABLE POSTWAR SALES IN MICHIGAN.. 16
STATISTICAL DATA:
Business Population Expands in 1944
18
New or Revised Series
19-20
Monthly Business Statistics
S-l
General Index
Inside back cover
—Content* of this publication are not copyrighted and
may be reprinted freely. Mention of source will be appreciated.
Published by the Department of Commerce, HENRY A. WALLACE, Secretary, and issued through the Bureau
of Foreign and Domestic Commerce, Amos E. Taylor, Director. Subscription price of the monthly SUBVET OF
CURRENT BUSINESS, $2; Foreign, $2.75 a year. Single copy, 20 cents. Price of the 1942 Supplement is 50 cents.
Make remittances only to Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.
The Business Situation
By Division of Research and Statistics, Bureau of Foreign and Domestic Commerce
marked the close
chapter
in the
A PRILon economic historyofofa the war.
Pressure
aggregate munitions output
is now generally recognized as a thing
of the past, and no longer is there even
speculation on the possibility of a new
high in munitions output this year. The
sole question from the economic point of
view is how rapidly will munitions production decline, and how well can the
release of resources be dovetailed into
expansion of the output of nonmilitary
goods.
The final stage of the period now
closed, which period dates from the last
German counteroffensive toward the end
of 1944, was marked by renewed efforts
to expand numerous munitions programs
on the basis that the two-front war would
continue indefinitely. As previously
pointed out, this tended to stabilize output with little change in the distribution
of resources between war and nonwar
uses, by emphasizing the continuing high
requirements for materials and manpower for military purposes. But the decisive defeat of all German armies
throughout Germany and in Italy by the
end of April made the ending of largescale military operations in Europe a
matter of days at most.
Certainly the need for a large flow of
supplies of other than maintenance
goods, such as food, to the armies in
Europe had already ended.
Cutbacks Had Little Effect in April.
The new phase of the war economy
was reflected in April in a reorientation with respect to future procurement
plans, resulting in the cancelation of
expansion ahead. It did not immediately slow down the flow of munitions
from factories, or the flow of material
and components into them. Consequently, the volume of economic activity was little altered in April, with manufacturing and primary distribution
continuing substantially unchanged.
As a matter of fact, events were robbing VE-day of some of its dramatic quality by reason of the fact that the Germans, by insisting upon the pulverization of many of their cities, including
Berlin, have made the fact of final defeat a wavering point in time, insofar as
the actual definite planning of our military procurement ahead is concerned.
Nevertheless, it was clear that reprogramming of munitions production was
underway.
What has happened to date is a series
of individual cuts in procurement for
later months without fixing the limits
of the large reductions ahead in actual
production and without translating
these cuts into canceled orders.
The Magnitude of the Reduction.
While the general outlines of the period ahead are clear, the uncertainty
that exists stems from the fluid state of
638154—45
the procurement program. Though
there is no question that average
monthly munitions production for the
remainder of the year will be considerably below that of the first 4 months, the
magnitude of the reduction has not yet
been determined.
The problem confronting the business
community is clearly illustrated in the
chart on this page. While the production and purchasing policies of business
are tied to the outlook for particular
products, in general the programming
for munitions producers was motivated
by the outlook as seen in the chart.
Orders for materials, components, and
subassemblies, inventory accumulation,
and hiring policies were geared to mu-
Chart 1.—Monitions Production
(Average per Month)
BILLIONS OF DOLLARS
8
6 h
1st
HALF
2nd
HALF
1943
1st
HALF
2nd 1st 4
HALF MONTHS
1944
-1945-
Sources : War Production Board and U. S.
Department of Commerce.
nitions production projections for the remainder of the year at approximately the
same levels that have persisted for over
a year and a half. The schedule shown
on the chart—as of March 1, projected
on the assumption of a two-front war—
has in recent months been the basis for
future planning and is now recognized as
having little meaning.
While the cutbacks thus far announced
will take time to work out, the effect on
productive activity will soon become apparent. The change in outlook from
one of maintaining aggregate output, as
seen in the last bar on the chart, to an
uncertain Wt significant decline, will
soon begin to show up in declining orders,
inventories, and theflowof materials and
components. Owing to large inventories
of many intermediary products, the decline in manufacture of parts and subassemblies will tend to be more rapid
than the reduction in deliveries of finished products.
Thus, even though the reduction in
output of munitions may be gradual in
the coming weeks, the repercussions in
manufacturing as a whole of the change
in outlook will be mounting rapidly. The
prospect is that the real impact of the
change in military procurement will be
felt in the last half of the year.
Some indications of the magnitude involved for individual segments after
VE-day were given in a report by the
WPB Chief of Operations at the end of
last month. For example, the critical
field artillery items then scheduled at
$34,000,000 for the fourth quarter are
expected to be almost wiped out, with
only $1,500,000 remaining in the schedule for that quarter. The fourth quarter schedule for tanks was curtailed in
April from roughly 9,000 to 6,000. However, after VE-day, it is expected that the
schedule for the same period would be
cut in half down to 3,000.
Although the over-all cuts will not be
so large as indicated by these individual
cases, there is little doubt that the release of resources from munitions activity will be very large and the shifts in
resources significant. The individual
cases cited above are also illustrative of
the likelihood that very large segments
and, in some instances, entire facilities
formerly engaged in civilian production
will be released from production of military goods.
Reconversion Steps.
Recognition of the impending shifts in
resources is found in the steps taken recently to prepare the automotive industry for reconversion to peacetime production. The automotive companies
were permitted last fall to place orders
for machine tools that would be needed
for the resumption of passenger car production. Deliveries on these had been
delayed due to the prior claims for additional facilities to meet rising munitions
schedules. Since the orders for reconversion tools did not carry a preference
rating, they were placed at the tail-end
of the order boards.
At the end of March, there were close
to $90,000,000 of unrated orders for machine tools, including tools for the production of war-supporting items as well
as for consumer items. There were at
the same time over $200,000,000 of rated
orders for direct military and export
needs. At the current production rate,
the unrated orders represented a backlog of close to 3 months added to the
rated order backlog of over 6 months.
Undoutedly the accumulating contract
terminations will involve subsequent
cancellation of a substantial part of the
rated order backlog.
But, as will be the case for many intermediate and finished product manufacturers, the unravelling of the order
boards and rearrangement of production
will take time. In the light of this situa-
2
SURVEY OF CURRENT BUSINESS
Chart 2.—Industrial Distribution of Nonagricultural Employment 1
MILLIONS OF PERSONS
20
MILLIONS OF PERSONS
-
10 -
-
1939
1940
1941
MONTHLY AVERAGES
1942
*•
10
1945
D. D. 45-329
1
Includes all full-time and part-time wage earners and salaried workers in nonagricultural establishments who are employed during the pay period ending nearest the 15th of the month. Proprietors,
self-employed persons, domestic servants, and personnel of the armed forces are not included,
self-employed persons, domestic servants, and personnel of the armed forces are not included.
2
Includes all metal-using industries, the rubber industry, selected chemical industries, and Government-operated navy yards and manufacturing arsenals.
3
"Other manufacturing" represents total manufacturing less the munitions industries.
4
Includes Federal, State, and local Government. Government-operated navy yards and manufacturing arsenals, and Federal force-account construction are excluded.
5
Includes trade, finance, service, construction (including Federal force-account construction), and
miscellaneous.
Sources : U. S. Department of Labor and War Manpower Commission.
tion and the impending release of resources, the War Production Board
granted permission for the automotive
industry to receive preference ratings for
$50,000,000 of machine tools. Moreover,
preference will also be given to $35,000,000 of new construction and $40,000,000
of other types of equipment.
While this action may speed up delivery of some of the tools and equipment needed, delay can still be expected
in the retooling of the automotive plants
as long as large backlogs for other customers remain on the books of the equipment manufacturers.
The general policy on reconversion
had not been fully formulated by the
end of April. Some of the orders restricting the use of materials were modified and there was some easing in the
issuance of spot authorizations in the
tighter labor market areas. However,
aside from the steps taken to expedite
the retooling of the automotive industry, the actions that will involve substantial resumption of civilian output—
made feasible by reduced military schedules—were still in the offing.
Recent Trends in Employment
Shifts in the utilization of manpower
will be a prominent feature of the transition to one-front-war production. The
impact of declining munitions production on employment will be seen in a
shortening of the work-week, in an
exodus of workers from war plants to
other occupations, and in some withdrawals from the labor force as a result
of retirements or to return to school
and the home. The net result will be
an easing of the labor situation and an
increase in unemployment.
Although manpower has been in a high
state of flux throughout the war years,
the adjustments now under way are taking place in a considerably changed environment. The wide swings of employment that have occurred in munitions
industries while aggregate output was
maintained are symptomatic of the incidence on employment during the
impending decline in output.
As production for war gradually gives
way to production for peacetime living,
the pressure on the manpower supply
will be modified. The amount of munitions to be provided in the first year
after VE-day is still very large; nevertheless, it is evident that a sizable release of manpower is in the offing.
There will be demands for reabsorbing
these workers, but these demands will
not always be immediately effective.
The necessary complement of raw materials, plant facilities, machinery, and
May 1945
qualified manpower will not always be
simultaneously available. Some delays
will occur in rehiring workers because of
the time needed for reconverting facilities to civilian output. Moreover, many
of the workers that will be released from
shipbuilding, aircraft, and ammunition
plants will be located in areas affording
few alternative job opportunities.
The Setting for the Transition.
Almost a third of our labor force is
now engaged in direct war work—some
12 million persons in the armed forces
and about 9 million workers in munitions
industries. Also dependent on war procurement programs are several million
additional workers in other industries
whose output is largely being diverted
either directly or indirectly to the military agencies.
Chart 2, showing the industrial pattern of nonagricultural employment
since 1939, provides the general setting
for the manpower shifts already in
process.
From an over-all standpoint, and putting aside the rapid expansion of the munitions industries, this chart seems to
belie the great changes that have occurred in the civilian sector of the economy during the war. If the top, crosshatched area, representing employment
in the munitions industries, is removed,
the industrial pattern of employment
appears to have remained remarkably
stable for several years. One must go
behind the broad industry groups shown
to detect large ups and downs in employment trends.
Aside from the channelling of 12 million persons into the armed forces, the
major distortion in the industrial distribution of manpower occasioned by the
war has been the disproportionate exChart 3.—Employment in
Munitions Industries 1
MILLIONS OF PERSONS
1.0
O.5
—
A
0.0
9.5
9.0
8.5
—
1
i 11 i t 1.
\
—
V
\
.. . •
1943
11
, < 11 <
1944
*
—
1 1 1 1
1945
D.D. 45-336
1
See chart 2, footnote 2.
Sources: U. S. Department of Labor and WarManpower Commission.
SURVEY OF CURRENT BUSINESS
May 1945
pansion of the munitions industries—
chiefly the metal-using industries—and
the accompanying restriction of employment in other industries—chiefly construction and trade.
The 9 million persons employed in the
munitions industries in March 1945 constituted 24 percent of total nonagricultural employment. Monthly average
employment in these same industries in
1939 was 3V2 million workers, or roughly
12 percent of that year's nonagricultural
total.
Less striking but nevertheless substantial gains in employment since 1939
were made in transportation and public
Utilities and in Government (excluding
Government employment in navy yards
and manufacturing arsenals which are
included in munitions industries). For
the most part, these gains were of a warsupporting character.
The remaining industries, with the
exception of construction, are currently
employing only slightly more workers
than in 1939, despite large increases in
business volume in almost all cases. The
construction industry, which is not
shown separately in the chart, has been
reduced to roughly one-third of its 1939
complement of employees.
Some reversal of trends is evident
from the chart. Munitions employment
has been declining since the latter part
of 1943, and all of the nonmunitions
groups—except Government and transportation and public utilities—are currently below their average employment
in 1942-
Distribution of Munitions Workers.
The approximate distribution of munitions workers in March 1945 was as
follows:
Ordnance
-,
Aircraft (prime and subcontractors and parts suppliers)
Shipbuilding
Iron and steel
Machinery, other than electrical-Electrical machinery
Communication and electronic
equipment
Nonferrous metals
All other 1
1, 650, 000
1,650,000
1, 350, 000
1,200,000
1,050,000
500,000
450,000
300,000
850,000
Total
9, 000, |000
1 Residual item reflecting employment in
the rubber industry, the professional and
scientific instruments industries, and certain
miscellaneous groups. The figure is not an
accurate measure of the size of these groups
because of incomparabilities between the estimates of employment in the component
industries and the estimate of over-all munitions employment.
The aircraft and shipbuilding industries were employing 3 million workers in
March—one-third of all munitions workers. This concentration of employment
was somewhat less than in November
1943. As noted below, the aircraft and
shipbuilding industries have been releasing workers at a faster rate than any of
the other major munitions industries.
Drop in Munitions Employment.
The swings in munitions employment
in recent years are traced in chart 3. At
their peak in November 1943, the munitions industries employed about 10 V
2
million workers. Since then, these industries have been a net supplier of
manpower, releasing about IV2 million
persons through March of this year.
However, few of those released have been
reflected in a net expansion of nonmunitions employment because of the continued expansion of the armed forces.
The brief period from December 1944
to February 1945 interrupted the downtrend in munitions employment. In
these months, intensive recruiting for
the critical production programs fullyoffset the number of workers being released from industries with declining
production schedules, notably shipbuilding.
In March, reduced manpower requirements once again dominated the net
movement in munitions employment.
The decline is currently being accelerated as a consequence of the military
decisions reached in Europe.
Contrasting Trends in Employment.
The recent trends in employment in
different sectors of the munitions industry are contrasted in chart 4. The divergent patterns which are indicated reflect
a combination of factors—production
cutbacks, changes in product designs,
shifts in the work-week, and manpower
savings.
Employment in most of the munitions
industries has tended to conform to the
pattern reflected in the over-all munitions employment figures. The downward movement has been dominated by
the 460,000 workers released from aircraft production between November
Chart 4.—Employment Trends in Munitions Industries x
MILLIONS OF PERSONS
MILLIONS OF PERSONS
2.5
MILLIONS OF PERSONS
2.5
MILLIONS OF PERSONS
2.5
IRON AND STEEL
AND THEIR PRODUCTS
ORDN/ WCE
2.0
2.0
-
-
-
N
1.5
1 O
.III.
h i Ml
2.0
1.5
M i l l . MM n n l !
1.0
1
6
1
COMMUNICATION
AND ELECTRONIC
EQUIPMENT
NONFERROUS
METALS AND
THEIR PRODUCTS
MACHINERY OTHER
THAN ELECTRICAL
.5
.5
•
.4
.4
~
mil.
1943
1944
1945
1943
1944
1945
1943
1944
1945
s
.3
.4
1.0
mi'in in
1943
,
—
"
!
1944
.....In...
1945
D.D. 45-337
1
Data for shipbuilding and ordnance are for the pay period ending nearest the 15th of the month; aircraft data are for the end of the month. Data
for the other groups are bimonthly estimates as of the 1st of the month through November 1944 and as of the 15th of the month thereafter. All series
except shipbuilding and aircraft are based upon ES-270 reports to the War Manpower Commission. Percentage changes shown in reports for identical
plants were used in computing bimonthly estimates.
2
Includes employment in airframe, engine, propeller, glider, and special-purpose aircraft plants, and modification centers. Prime contractors, subcontractors, and parts suppliers are included.
3
Includes construction and repair of naval and cargo vessels in U. S. navy yards and private shipyards.
4
Excludes "communication and electronic equipment" which is shown separately.
Sources : War Manpower Commission and U. S. Department of Labor.
SURVEY OF CURRENT BUSINESS
1943 and March 1945 and by the 380,000
workers dismissed from shipbuilding.
The singularly stable movement in the
iron and steel group and the rising employment trend in the communication
and electronic equipment industry are
the chief examples of employment trends
contrary to the over-all movement.
The effect of the Belgium Bulge of
last December on military procurement
schedules and hiring policies is evident
in the chart in the levelling-off of aircraft employment and in the small
increases in several other munitions programs. However, the increases are more
marked in chart 5, which shows the detail on employment in the ordnance
group.
Employment in Ordnance Programs,
Factories producing guns, ammunition, motorized equipment, and other
combat materiel classified as ordnance
accounted for about 1.7 million of the
9 million munitions workers in March.
Because of the diversity of products, employment trends have varied considerably in different segments of the industry. This is brought out clearly by the
indexes shown in chart 5.
Chart 5.—Employment Trends in
Ordnance Production 1
INDEX, JANUARY 1943 = 100
140
GUNS AND FIRE CONTROL
\ /
^.SIGHTING AND
FIRE CONTROL
40 I i i i i i I i i i I i
140
AMMUNITION
120 _
ARTILLERY AND
r OTHER
100
80 -
EXPLOSIVES
AND FIREWORKS
\
_
\
\
60
40
SMALL ARMS
1 I I i I 1 I i i i i
* * \
,
i i i i i 1 i i I i I i i i i i 1 i i I i i
140
MOTORIZED EQUIPMENT
120
100
80
Employment in the small arms ammunition plants has fluctuated very
widely during the past two years. The
employment index reached a peak of 117
in mid-1943 (January 1943=100) and
then fell steadily to 48 in November
1944.
By March, the index had recovered to 60.
In contrast, the index of employment
in plants producing motorized equipment other than tanks rose 19 percent
during 1943 and has remained practically
stable since then, with the exception of
the small rise in 1945.
Unemployment Compensation Payments.
A further indication of the dynamic
nature of employment trends in recent
years is supplied by information on recipients of unemployment compensation
payments. Chart 6 presents data on the
number of beneficiaries by labor-market
areas, classified as of January 1945.
In areas where an acute labor shortage
which would endanger essential war production either existed or was anticipated,
the weekly average number of beneficiaries in the last quarter of 1944 and the
first quarter of 1945 was appreciably
above the corresponding periods of the
preceding years. In all other areas, on
the other hand, the number showed
practically no year-to-year changes until February and March of this year,
when it fell about 15 percent below the
number of beneficiaries in the corresponding months of 1944.
At first glance, the picture shown in
the chart is difficult to comprehend.
Why should the number of workers
drawing unemployment benefits increase so much more in acute-shortage
areas than in other areas? With the
preceding discussion as a background,
however, the answer to this question
should be apparent.
Most of the areas of acute labor shortage are the important centers of munitions production. They have been the
areas particularly affected by cut-backs
and the continual shifting of military
procurement programs. The chart is
merely a reflection of the fact that these
changes have become more important in
the past year.
It should be noted, however, that the
relative number of persons drawing benefits has been lower in the acute-shortage
areas than in the country as a whole. In
January 1945, for example, the shortage
areas accounted for 40 percent of the
total employment in plants reporting to
the War Manpower Commission, but for
only 29 percent of total number of workers drawing benefits.
Record Consumer Expenditures
6 0
40 I I i i i i I i i i i i I i i i i i I i i i i i I i i i i i I M I I I I
1943
1944
1945
a D. 45-328
1
Bimonthly estimates based upon ES-270 reports to the War Manpower Commission, except
data for "explosives and fireworks," which are
compiled by the U. S. Department of Labor.
Percentage changes shown in ES-270 reports
for identical plants were used in computing bimonthly estimates.
Sources : Indexes computed by the TJ. S. Department of Commerce from data of the War
Manpower Commission and the U. S. Department
of Labor.
In the light of the impending changes
in the economy as a result of the shift to
a one-front war, it is of interest to consider the status of consumer expenditures for goods and services which will
become an expanding component of national expenditures.
Continuing the strong upward trend
of the past 3 years, consumer expenditures for goods and services rose to an
annual rate of 104 billion dollars during
the first quarter of 1945, after adjust-
May 1945
Chart 6.—-Unemployment Compensation Beneficiaries by LaborMarket Areas
THOUSANDS OF BENEFICIARIES
100
ALL OTHER AREAS
8 0 -j
60
ACUTE-SHORTAGE AREAS
20
I
I I I 1 I I I
A M J J A S
— WEEKLY AVERAGES -
0
N
D
DO. 45-327
1
Areas in which acute labor shortages existed,
or were anticipated, which would endanger essential production. (Classified as group I areas
by the War Manpower Commission in January
1945.)
Source : Social Security Board.
ment for seasonal variations. This
represents a gain of 4 percent from the
seasonally adjusted rate of the fourth
quarter of last year, and of 9 percent
over a year ago. Indications are that
in April there was no slackening in this
rate of gain from a year ago. The detailed data are shown in table 1.
Expenditures for services, which at the
present time constitute about one-third
of all consumer expenditures, increased
5 percent in the first quarter of this year
from a year ago. This increase was
matched by a similar rise in the prices of
services which in effect suggests that
consumers did not secure more "real"
services for their expenditures and, if
quality considerations are weighed, they
probably got less this year. Expenditures for services include housing, home
maintenance, household utilities, personal services, transportation, medical
care, recreation, and miscellaneous
services.
Consumer expenditures for goods, on
the other hand, increased much more
than those for services—11 percent above
the first quarter of 1944, and 5 percent
above the fourth quarter 1944 on a seasonally adjusted basis. The striking
feature of the increase since the first
quarter of 1944 is that about 90 percent
of the increase of 1.7 billion dollars was
accounted for by the rise in expenditures for two major items of consumption—food and clothing (including
shoes).
These are the very areas where certain
goods, particularly the low-priced items,
have been more difficult to obtain this
year and in which trading-up, either
forced or otherwise, was prevalent.
Does the dollar increase in consumer
expenditures for goods this year indicate
SURVEY OF CURRENT BUSINESS
May 1945
that more goods were available? No
definite answer is possible. Data on
physical quantities of goods purchased
are not available except for a few commodities. Under such circumstances, a
method which is very frequently resorted
to in evaluating the changes in physical
quantities is to adjust the dollar expenditures for price changes.
Adjustment for Price.
Using as the basic price data the reported indexes included in the cost of
living of the Bureau of Labor Statistics
and reweighting the commodity group
prices so that they are appropriately
combined in terms of the relative importance of the various component items
of consumer expenditures, the average
increase in the prices of commodities
purchased by consumers in the first
quarter of this year is found to be 4 percent above the average for the first quarter of 1944. Since the dollar increase in
consumer expenditures for goods was 11
percent in this period, use of the index
as a deflator suggests an increase in
quantities but, as has been stated in our
previous discussions of this subject, such
methods under existing conditions do
not necessarily yield the correct answer,
if indeed there can be said to be a correct
answer with so much shifting and ineffective quality controls.
Other evidence suggests that the quantity of goods purchased by consumers
was not more than a year ago, and indeed may have been somewhat less. This
evidence is based on (1) the stability of
Table 1.—Consumer Expenditures for
Goods and Services 1
1939
Item
First quarter,2 at annual rate
1941
1944
1945
I Billions of current dollars
Total goods and services
61.7
61.7
74.6
95 5
104.0
Total goods
Nondurable goods
Food
Clothing
Tobacco
Gasoline and oil
Other nondurable goods.
Durable goods
Furniture, furnishings
and household equipment
Automobiles and parts.._
Other durable goods
Total services
39.0
32.6
18.1
6.8
1.8
2.1
3.8
6.4
49.2
40.1
22.3
8.4
2.2
2.4
4.7
9.1
65 5
59.0
35. 0
13. 0
3. 0
1. 6
6. 4
6. 5
72.5
65.3
38.5
15.6
2.7
1.7
6.8
7.2
3.0
2.3
1.1
22.7
4.3
3.3
1.5
25.4
3. 6
6
2'. 3
30. 0
4.1
.7
2.4
31.5
Billions of 1939 dollars
Total goods and services
61.7
69.7
72.5
Total goods
Nondurable goods
Food
Clothing
Tobacco
G asoline and oil
Other nondurable goods- _
Durable goods
Furniture, furnishings
and household equipment
Automobiles and parts--..
Other durable
Total services
39.0
32.6
18.1
6.8
1.8
2.1
3.8
6.4
44.9
36.6
19.8
7.7
2.1
2.4
4.6
8.3
47.5
42.7
24.0
9.2
2.6
1.5
5.4
4.8
50.8
45.9
26.0
10.3
2.3
1.6
5.7
4.9
3.0
2.3
1.1
22.7
4.0
2.9
1.4
24.8
2.7
.4
1.7
25.0
2.8
.4
1.7
24.9
i
1 Detail will not necessarily add to totals due to rounding.
Digitized 2 Seasonally adjusted.
for FRASER
Source: U. S. Department of Commerce.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
production for civilian use and (2) the
fact that consumer goods inventories
showed only a small decline during the
past 12 months.
The dollar value of manufacturers'
shipments for civilian use in the first
quarter of this year is estimated at 60
billion dollars. The details underlying
this estimate were given in last month's
SURVEY. In the first quarter of 1944, the
civilian shipments were almost the
same—60 billion dollars. Since wholesale prices increased only slightly from
last year, these results indicate that the
quantity of goods shipped by manufacturers for civilian use was about the same
this year as a year ago.
Available data on mineral production
also indicate that the amount destined
for civilian use was not larger in the first
quarter of this year than last year.
Furthermore, the volume of agricultural
output for civilian use was definitely less
this year than in the early part of 1944,
principally because of the reduced flow
of meats to civilians.
Thus, the production indicators point
to a volume of goods for civilian use in
the first quarter of this year which was
perhaps as large as in the first quarter
of 1944—certainly not larger.
Although production was supplemented in some lines by reducing retail inventories, the total contribution to the
total new supply from this source was
not significant—the value of retail inventories at the end of March was only
2 percent below that of a year ago. This
would account for only slightly more
than 1 percent of the increase in purchases of goods of 1.7 billion dollars
which occurred from the first quarter of
1944 to the first quarter of this year.
The discrepancy between these results
obtained by dividing the sales by the
price index, and by estimating the supply of goods available to consumers, may
be attributed to a combination of three
factors: (1) Possible errors in the basic
estimates of prices, consumer expenditures and production, (2) some further
increase in trading-up, and (3) increased
purchases at prices above ceilings established by the Office of Price Administration.
That the rise in consumer expenditures is not overstated is confirmed by
the consistency of sales reports from
many sources—reports made to the Federal Reserve banks by department
stores, reports collected by Dun and
Bradstreet on retail trade, and reports
to the Department of Commerce by independent and chain organizations. All
of these point to the substantial increase in consumer expenditures for
goods in the first quarter of this year
from a year ago.
There is very little information available from which the trend in trading-up
during the war period can be determined. The principal incentive to voluntary trading-up has been the steady
and sharp rise in the consumer income.
Shortages of certain types of low-priced
goods, particularly wearing apparel,
were an important factor in the involuntary trading-up.
Voluntary trading-up probably did
not increase since the first quarter of
Chart 7.-—Consumers'
Expenditures
BILLIONS OF 1939 DOLLARS
80
1929
•«
1933
1939
A N N U A L TOTALS
1941 1945-^
*•
AT ANNUAL
RATE
DO 45-316
1
Seasonally adjusted.
Source: U. S. Department of Commerce.
1944 since the disposable income of individuals (exclusive of pay to the armed
forces) was not greater in the first quarter of this year than a year ago. That
the disposable income did not increase
was due to the higher tax payments
falling due in the first quarter of 1945.
Despite the higher level of taxes and consumers' purchases, however, net savings
of individuals were still at the high annual rate of about 36 billion dollars.
How much additional involuntary
trading-up occurred because of further
shortages of low-priced goods in the first
quarter is impossible to determine.
However, the involuntary trading-up
that did occur appears to have been
largely centered in certain types of
wearing apparel the supply of which was
smaller this year.
Thus, it appears that in addition to
some further trading-up, an important
reason for the difference between the
"real" consumer expenditures for goods,
as measured by adjusting the dollar expenditures by the reported price change,
and the physical quantities purchased is
increased purchases by consumers at
over-the-ceiling prices, though it is impossible to measure the magnitude of
this factor. It may be noted that the
reported prices include some over-ceiling
quotations although admittedly not all
such transactions.
Expenditures in Reconversion Period.
The fact that consumer expenditures
are currently at record levels raises the
question of their probable volume in the
reconversion period. Great reliance has
been placed by many on the stimulating
effects of deferred demands for such
consumer durables as automobiles, radios, refrigerators, and other electrical
appliances.
It is true, of course, that pent-up demands are large and that consumers
have accumulations of savings to make
them effective. The areas where such
deferred demands will have their greatest impact, however, are rather limited.
{Continued on p. 15)
SURVEY OF CURRENT BUSINESS
May 1945
Corporate Earnings by Size of Firm
By Joseph L. McConnell
business has
been renewed and reinforced by the
THE concern for small this segment
reduction in the ranks of
of the Nation's economy which has
occurred during the war with improved
alternative sources of employment
and goods shortages. These wartime
changes in concentration of industry
were analyzed in an article that appeared
in last month's SURVEY.1 It was indicated
there that the immediate postwar outlook was for a reversal in trend in concentration and a substantial growth in
the number of small businesses.
Encouragement of this trend and the
preservation of opportunities for small
business enterprise in the postwar decades is requisite for the general economic
health of the country, since it serves as
a proving ground for new technologies
and new, vigorous entrepreneurial talent;
often serves as an automatic check on
the size of monopoly profits; and provides
a framework of leadership which supports and stabilizes the basic institutions
of our society.
Regardless of the importance of noneconomic considerations, any program of
general aid to small business must be
drawn in the light of the fullest possible
knowledge of its earning power in both
prosperity and depression. To subsidize
and protect economic inefficiency would
be socially wasteful and its cost would
have to be weighed carefully against the
noneconomic values to be gained from
the prevention of further concentration
of industry. Furthermore, it would be
a continuing process and might even endanger the very goals which we seek to
attain, especially the long-run goal of
increasing the Nation's economic productivity by sifting out the more efficient
firms for survival.
Comparative Earnings
The purpose of this study is to compare
the earning power of small, medium
sized, and large scale industry at different levels of industrial production.
For this purpose the statistics of corporate income, compiled for the years
1931 to 1941 by the Bureau of Internal
Revenue from corporate income tax returns, were analyzed to obtain the
ratios of net income to stockholders'
equity, by asset size classes, for the various industrial divisions and the 21 manufacturing groups at different levels of
business activity.
It cannot be asserted positively that
the 200,000 corporations with assets under 50 thousand dollars reporting to the
Bureau of Internal Revenue and supplying balance sheets can be taken to repNOTE.—Mr. McConnell is a member of the
Business Structure Unit, Bureau of Foreign
and Domestic Commerce.
1
"Industrial Concentration of Employment," SURVEY OF CURRENT BUSINESS, April
1945.
resent all small business, the bulk of
which is unincorporated. But at least
trends in the earnings of small corporations with changes in the volume of
business activity can be taken as roughly
indicative of the direction and extent
of changes in the earnings of unincorporated firms.
Stockholders' equity was chosen as the
base for expressing earnings as a rate,
since the dissimilarities of small and
large firms in proportions of direct labor
and capital equipment used are such as
to greatly impair the meaningfulness of
the "profits ratio"—net income as a
ratio to sales. This fact plus the difficulty of computing or estimating the
costs to small firms of nonequity capital
makes the ratio of net income to assets
of little value for present purposes.
Moreover, the rate of return on equity
capital is favored because it is the rate
that stockholders are able to obtain in
practice which ultimately determines
survival.
There are two principles of significance for the future of small business
which must stand out in any analysis
of the statistical tables and charts in
this study. First, from any level an increase in business activity results in an
improvement in the earnings of smaller
corporations relative to the earnings of
the larger throughout the size range.
Second, it is only at production levels
substantially above that of 1939 that the
smallest firms in most industries can be
expected to yield any return on investment after paying a reasonable wage for
the managerial services of the owner.
Profits and the Business Cycle.
The broad outlines of the effects of
varying levels of industrial activity on
the relative profitability of corporations
of different sizes can be observed by reference to the "net profit" column of
table 1 and to chart 1. Reported net
profit of all corporations is here presented by asset size classes without adjustment for the tendency of the salaries
of officers of small corporations to absorb
a large part of net income in good years.
At the bottom of. the depression in
1932 the largest corporations—those
having assets above 50 million dollars—
were, in the aggregate, able to hold on to
a slender margin of profit. But the reported losses in the smaller size classes
extended in unbroken procession down
to a loss of over 30 percent of equity in
the smallest size class.
As our economy recovered through the
ensuing nine years to 1941, this curve of
reported corporate profit by size gradually changed in shape as it rose. By
1936 the corporations of size 1 to 50 millions in assets began to exceed the industrial giants in average profit rate, while
the smallest reported losses of only 6
percent.
With the recovery after the 1938 recession the highest earnings rate moved
Chart 1.- -Percentage Ratio of Net Profits Before Taxes to Equity for All
Corporate Industries, by Assets-Size Classes
PERCENT
+ 20
+ 10
-
0
-
-10
-30
~
-40
50,000
AND
OVER
*D.D. 45-324
Source : U. S. Department of Commerce, based upon data of the U. S. Bureau of Internal Revenue.
UNDER
50
50
TO
99
100
TO
249
ASSET-SIZE
250
500
1,000
5,000
10,000
TO
TO
TO
TO
TO
499
999
4,999
9,999
49,999
CLASS (THOUSANDS OF DOLLARS)
May 1945
progressively downward through the
size classes, until in 1941 it was reported
by the firms just under 1 million dollars
in asset size. In the same year the rate
reported by the smallest corporations
was up to 3 percent—6 percent below
the giants and 12 percent below the
medium-sized firms.
Officers' Compensation.
The complete story of the changes in
the relative earnings position of the
smaller firms is not revealed by an examination of reported net income alone.
The smaller corporations exist as much
to provide an income in the form of a
managerial wage to corporate officers
who are owners as well as workers as to
pay dividends to all stockholders.
In fact, in each of the first three size
classes—up to 500 thousand dollars in
assets—officers' compensation is a larger
amount than net profit even in a year as
prosperous as 1941. For those under 50
thousand dollars in assets the compensation was about 15 times as large as reported net profit in that year.
Most of this compensation of officers
must be regarded as a true cost and not
as a distribution of residual profit, even
though important parts of profit are absorbed in increases in the salaries of the
officer-owners of small firms in certain
industries as the more profitable levels of
operation are attained.
Profit Plus Officers' Compensation
In the "total return" columns of table
1 and in chart 2, the sum of officers' compensation and net profit is presented as
a ratio to equity to demonstrate, in a
rough way, the extremity of the depression-prosperity swing in the return to
the owners of small business for their
investment of capital and for their labor.
The fact that total return fell below
zero in 1932 in the smallest size class
means that in the aggregate these firms
incurred losses in excess of one-third of
their labor cost—for the compensated
officers comprise about one-fifth of the
labor force by number and are normally
rewarded at a higher rate than the hired
laborers.
In the second size class, the fact that
total return was negative is less significant since salaried officers in firms of
this size—50 thousand dollars to 100
thousand dollars of assets—comprise
only about 5 percent of the labor force
by number and normally receive less
than one-fifth of the "wages" paid.
By 1941 the percentage ratio of officers' compensation plus net profit to
equity for firms with less than 50 thousand dollars of assets had risen to 46
percent in all industries combined, to 65
percent in all industries except finance
(table 2), and to 70 to 90 percent in
some of the more prosperous component
industrial divisions. By comparison,
the return to the officers and owners of
the largest companies was relatively stable, increasing only 9 percent in the
same period.
In terms of dollars per firm the total
return to the owners of a typical corporation with assets under 50 thousand
dollars rose from below zero to 3,200 dol-
SURVEY OF CURRENT BUSINESS
Chart 2.—Percentage Ratio of Net Profits Before Taxes and Officers' Compensation to Equity for All Corporate Industries, by Assets-Size
Classes
PERCENT
4-50
+ 40
+ 30
+ 20
1938-"
1934
+ 10
- !O
50,000
AND
OVER
• D.D. 45-322
Source : U. S. Department of Commerce, based upon data of the U. S. Bureau of Internal Revenue.
UNDER
50
50
TO
99
100
TO
249
ASSET-SIZE
250
500
1,000
5,000
0,000
TO
TO
TO
TO
TO
499
999
4,999
9,999
49,999
CLASS (THOUSANDS OF DOLLARS)
lars between 1932 and 1941. If finance
corporations are excluded, the rise was
from below zero to 4,600 dollars.
Adjustment of Reported Profit.
The unrefined analysis of net profit
and net profit plus officers' compensation, which has been presented in tables
1 and 2 and charts 1 and 2, serves only
to show the broad outlines of the variations between 1931 and 1941 in relative
positions of small and large corporations
with respect to earnings. To analyze
the earnings with shifts in basic economic conditions, it is necessary to concentrate upon particular years, after
adjustment of the reported net profit to
show the earnings of small and large
corporations on a comparable basis.
Corporate income data for the years
1939 and 1941 were chosen for the detailed analysis of separate industry
groups. Since we had attained in 1941 a
level of industrial production 60 percent above the average for 1935-39 and
had not yet encountered—except in metals manufacturing—the widespread dislocations of production which followed
upon our entry into the war, the data of
corporate income for that year represent the nearest approximateion to immediate postwar conditions of production which we have experienced in
recent years.
The data for 1939, which are analyzed
in detail for contrast with 1941, represent conditions in a year when business
activity was much lower and relatively
stable. It is near enough to 1941, however, to minimize problems of comparability due to basic long-term changes
in the structure of American industry.
Officers' Compensation in Small Firms.
The most difficult problem involved in
measuring the relative earning power of
large and small corporations springs
from the fact that the smaller corporations are usually wholly owned by one,
two, or three corporate officers who are
also full-time workers in their own concern. This is true of 70 percent of the
nonfinancial corporations with assets
under 50 thousand dollars and 50 percent
of the nonfinancial corporations with
assets between 50 thousand dollars and
250 thousand dollars.
As workers these officer-owners are
recipients of wages the amount of which
is determined not by bargaining in the
market but by the recipients. This is
because there is no outside stock interest
to limit the corporate officers' compensation paid or credited to a drawing account and claimed as a deduction on the
tax return as the market value of the
services rendered.2
2
The statistics of corporate income compiled and published by the Bureau of Internal
Revenue are compiled from income tax returns as originally filed with the Bureau.
The disallowance of portions of the claimed
officers' compensation deductions is not reflected in the available statistics. Therefore, all statements made herein with respect
to reported officers' compensation have no
necessary relevance to amounts allowed by
the Bureau of Internal Revenue as deductions
in the computation of taxable net income.
Moreover, since the method used in this study
involves the pooling and redivision of profit
and officers' compensation, the disallowance
of claimed officers' compensation deductions
increases taxable income and has no effect
on the conclusions reached here.
SURVEY OF CURRENT BUSINESS
8
May 1945
Table 1.—Reported Corporate Net Profit Before Taxes and Total Return to Officers and Owners: Percentage of Equity, All
Industries, 1931-41
1932
1931
Assets size
(Thousands of dollars)
Under 50
50-99
100-249
250-499
.
500-999
1,000-4,999
5,000-9,999
10,000-49,999
50,000 a n d over
50,000-99,999
Net Total Net
reprofit turn profit
— 21 6
-8.9
-G.3
-4.4
-3.6
-2.7
— 1.5
-.2
2.4
5 7 —32 8
4.1 - 1 3 . 8
1.7 - 9 . 7
.8 - 7 . 1
-6.1
-.2
-.9
-4.1
— 4 -3.8
-2.4
.6
2.7
.5
1934
1933
1935
-.3
1.5
-2.6
1938
1939
1941
1940
Total Net Total Net Total Net Total Net Total Net Total Net Total N e t Total N e t Total Net Total
rererererererererereturn profit turn profit turn profit turn profit turn profit turn profit turn profit turn profit turn profit turn
-6.9 -20.6
-3.1 -5.2
-3.1 -4.0
-3.0 -2.6
-2.9
-1.8
.7
— 1.7
— 1.5
—1.3
-.3
1.1
5.9
5.3
2.5
1.5
1.0
0
—.5
.2
1.3
-1.1
-.5
1.0
-3!o
14 7
-2.2
-.6
.4
.9
1.5
1.7
3.0
3.1
17.9
9.8
6.4
4.7
3.6
2.9
2.5
3.5
3.2
10.9
2.1
3.6
4.9
4.7
25 3
12.3
9.3
7.3
6.0
5.1
4.3
5.4
4.8
6 2
2.7
5.0
5.8
6.1
6.4
6.6
6.6
5.4
6.8
5.1
4.0
5.6
5.7
-.5
1.5
2.6
2.9
3.6
3.5
100,000 and over
Total
1937
1936
35 5 -8.2
1.8
18.6
3.9
14.5
11.4
4.9
5.3
9.8
6.0
8.3
7.5
6.0
7.2
6.9
5.4
5.6
6.2
7.2
5.3
5.2
7.6
5.5
34.5 — 13 1
18.1 - 1 . 0
13.8
1.1
10.8
2.2
9.1
2.8
7.9
3.2
7.0
3.4
7.5
4.2
5.6
3.2
6.6
4.0
5.4
3.1
7.4
3.0
26 5 —8 2
13.9
2.0
10.3
4.3
7.7
5.2
5.4
6.5
5.0
6.2
4 4
6 1
4 8
6.8
3.4
4.9
4.4
5.8
3.2
4.7
4.8
5.3
33 4 —6 6
17.4
2.8
13.9
6.0
11.1
7.2
9.4
7.3
8.2
7.9
7 2
7 6
7.4
8.0
5.1
6.5
6.1
8.0
4.9
6.2
7.2
6.8
36 2
19.6
16.8
13.9
11.9
10.2
8 7
8 7
%
6.7
8.4
6.4
3 0
9.9
12.2
14.2
14.9
14.7
14 7
13.0
9.8
12.8
9.2
46 4
29.0
24.9
22.6
20.6
17.6
16.1
13.9
10.0
13.3
9.3
8.9
11.6
14.0
Source: U. S. Department of Commerce. Based on data from U. S. Bureau of Internal Revenue.
Role of Depreciation.
Since the small firm's depreciable assets usually consist of single units of
various items of equipment, the making
good of depreciation occurs only irregularly. Therefore, in the absence of genuine losses the owner-officer can, without
impairing working capital, disburse to
himself as salary not only the market
value of his services and the net income
of the corporation but also additional
amounts equal to the annual depreciation charge on the longer-lived pieces of
equipment.
This tends to facilitate the reporting
of annual losses by a few corporations in
each of the smaller asset classes and depresses the average reported net profit
(or increases the average reported net
loss) of all firms in the asset class. It
does not, however, affect total return—
officers' compensation plus net profit (or
less net loss)—since all such increases in
officers' compensation result in a decrease in net profit or increase in net
loss.
As some corporations in the group
under consideration make good the depreciation of past years or expand operations by acquisition of noncapital assets, the reinvestment does not appear
as an offset to the net losses being reported by the others. On the contrary,
it appears in the balance sheet only, the
increment in assets being matched by a
credit to the capital stock account, to
donated surplus, or even to a liability
account "due to officers."
In summary, the reporting of a small
net loss in several successive years by
all corporations having assets below 50
thousand dollars, or between 50 thousand dollars and 100 thousand dollars, is
not necessarily inconsistent with a moderate prosperity among this group of
firms.
Officers' Compensation in Larger Firms.
On the other hand, the true rate of
return on stockholders' investment in
medium-sized corporations is not greatly
affected by overstatements (relative to
the market value of their services) of
officers' compensation. For instance,
the statistics of an aggregate of corporations of asset size between 1 million
dollars and 5 million dollars are dominated by those whose stock ownership
is dispersed, so that the interest of nonofficer stockholders serve as a check on
salaries paid.
Furthermore, in this size class reported officers' salaries in a good year
amount to only about 3 percent of stockholders' equity. Even if all corporations
of this size were closely held and the
reported officers' compensation were 100
percent above the market value of their
services, the resultant effect on the rate
of return on equity would be to understate it by only 1.5 percent.
Redistribution of Officers' Compensation.
That reported officers' compensation
does in fact vary to absorb the profits of
small corporations is empirically determinable. An examination of variations
in average profit and average officers'
compensation per firm from industry to
industry and from year to year in the
same industry reveals that in the smallest size class changes in net income before the deduction of officers' salaries are
absorbed about equally by changes in net
profit and reported officers' compensation. Among aggregates of larger firms
this absorption decreases with increases
in size and becomes insignificant in the
expression of the profit rate for aggregates of firms with more than 1 million
dollars in assets each.
Thus, in order to measure industrial
variations in the change in profits of
small business between 1939 and 1941
and to estimate the absolute level of
those profits on a basis comparable to
that of the million dollar and larger
firms, it was necessary to adjust the reported profit figures of the firms under
1 million dollars in total assets.
The method followed in making this
adjustment is described in some detail in
the discussion of methods below. In
brief, it consisted of transferring to net
profit the balance of reported officers'
compensation after an allowance had
been made for, first, the actual amounts
paid to officers who are actually employees and only nominally owners, and,
second, the probable market value of the
services of the officers who were owners.
The number of "officer-owners" per
firm, their percentage of stock ownership and the portion of their time devoted to the business, was determined
from a study of a sample of 1941 cor-
poration income tax returns. The probable market value of their services was
determined largely from an analysis of
the rates of pay of the officers of those of
the corporations in the sample with sufficient nonofficer stock ownership to restrict the salaries to their market value.
Table 2 gives the ratios of profit and
officers' compensation plus profit to
equity before adjustment. The rates
after adjustment are presented in table
3 and chart 3.
Adjusted Profits
The fact that improvements in the
level of industrial activity bring relative
improvements in the earning position of
small firms is demonstrated in the "all
industries except finance" sections in
table 3 and chart 3. In 1941 as compared with 1939, firms with assets over
5 million dollars enjoyed an increase in
profit rate of 8 percent; the 1 million to
5 million dollar firms; 12 percent; and
the firms under 50 thousand dollars, 18
percent. After these changes were
made, the smallest firms matched the
earnings rate of the largest, and those
ranging from 50 thousand dollars to 5
million dollars in size operated most
profitably at rates approximating 20 percent. These figures, however, represent
a composite of widely divergent trends
in the separate industrial divisions.
Areas of Low Earnings.
For the manufacturing division the
pattern of earnings by size resembled
that of all industries except finance, but
was on a higher level in 1941. The improvement of the small firms relative to
the large was scarcely present in mining
and quarrying, and was not present at
all in the two manufacturing groups—
products of petroleum and coal, and
stone, clay, and glass—which, although
classed as manufacturing, are in part
extractive.
The smaller firms in the extractive industries owe their poor earnings position, and usually also their small size,
to a natural limitation on their supplies
of raw material and to partial exhaustion of whatever deposits they once
owned. In addition, the small "prairie
dog" refineries in petroleum have been
unable to keep pace with the sweeping
technological changes which occurred
SURVEY OF CURRENT BUSINESS
May 1945
9
in the industry in recent years. Yet
principally in the wholesale section of
to 10 percent in the fifth size class—
beyond the half-million mark the avertrade and among the service industries
firms with assets between 1 and 5 milage rate of profit declines with increases
that the small firms show to best advanlion dollars.
in size.
tage at the high level of business activBy 1941 this portion of the curve had
ity prevailing in 1941. In 1939, the averreversed itself and the range was steadAreas of High Earnings.
ily downward from the 32 percent return
age rates of return to wholesalers ranged
Of the broad industrial divisions, it is
for the firms under 50 thousand dollars
from 7 percent in the smallest size class
Table 2.—Reported Corporate Net Profit Before Taxes and Total Return to Corporate Officers and Owners: Percentage of Equity, by
Industries, 1939-41
Assets size (thousands Year
of dollars)
All industries
All industries except
finance
Net JTotal Net Total Net
profit return profit
profit
50-99
100-249
250-499
500-999
1,000-4,999
5,000-9,999. _______
10,000-49,999
50,000-99,999
100,000 and over _
_
Total
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
-8.2
3.0
2.0
9.9
4.3
12 2
5*2
14.2
5.4
14.9
6.2
14.7
6.1
14.7
6.8
13.0
5.8
12.8
4.7
9.2
33.4 - 7 . 9
46.4
17.4
3^0
29.0 13.0
13.9
5.5
24.9 15.8
11.1
6.9
22.6 18.4
9.4
7.5
20.6 19.8
8.2
8.2
17.6 20.2
7.2
8.1
16.1 20.4
7.4
8.0
13.9 17.8
6.1
6.7
13.3 16.7
4.9
5.1
9.3 11.4
1939
1941
U n d e r 50
5.3
11.6
6.6
15.3
Year Total manufacturing
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
1939
1941
-9.6
9.1
18.3
Food and
kindred
products
2.6
7.4
100-249
250-499
500-999
1,000-4,999
-_
5,000-9,999 _____ _
10,000-49,999 ._50,000-99,999____
100,000 a n d over
Total
Under SO-
100-249-.
250-499-.
500-999
1,000-4,999.
5,000-9,999,
10,000-49,999
50,000-99,999
100,000 and over..
Total
1
2
9.8
22.3
8.9
26.0
7.4
17.5
1
7.2
5.2
12.4
8.6
14.6
8.8
14.8
10.5
15.9
8.0
15.8
10.1
14.2
13.9
17.8
7.0
10.5
23.4
30.3
18.4
24.2
16.2
24.3
15.8
22. 7
13! 5
20.6
12.9
19.0
9.2
17.3
10.8
14.9
14.4
18.3
7.3
10.8
13.3
14.4
21.2
21.0
18.5
25.4
10.3
21.3
12.8
20.2
16.2
20.8
20.3
17.6
17.1
22.4
12.0
16.9
1939
1941
8.4
21.3
10.6
24.0
9. 2;
13.6
13.4
16.0
16.2
20.7
Printing
and publishing
9.6
24.2
1939 -17.3
1941 - 1 .
1939
2.5
1941
8.0
1939
5.6
1941
10.3
1939
8.3
1941
11.4
1939
7.2
1941
10.7
1939 10.2
1941
14.5
1939 10.4
1941
13.6
| 1939 11.1
1941
13.3
1939
6.3
1941
7.2
1939
|
1941
1939
1941
Chemicals
and allied
products
53.4 - 9 . 3
62.9
4.6
25.7
4.3
33.7 13.5
20.1
8.5
26.7 17.4
18.1 11.2
21.9 20.5
13.2 10.5
17.6 21.4
13.4 14.0
18.2 23.2
12.0 15.6
15.6 25.7
12.1 11.8
14.4 18.4
6.6 14.5
7.4 26.2
2.1 15.9
2.1 24.0
2.9
7.6
"Wholesale
Retail trade
trade
38.7
58.9
23.4
40.6
18. 7
36.1
16.1
33.2
13.5
31.8
12.5
28.6
10.9
26.0
10.6
23.3
9.3
20.6
7.6
17.7
7.8
13.3
11.6
15.4
10.7
18.7
8.2
14.3
6.6
12.0
6.8
10.2
6.0
9.8
4.3
8.9
3.3
5.1
-5.4
12.5
4.1
15.4
6.4
17.6
8.0
19.7
93
2l'. 6
9.8
22.5
10.5
22.2
9.2
22.3
7.2
-1.9
.5
5.3
8.4| 10.6
21.3 24.0
3.5
8.4
4.0
6.8
7.3
18.6
Tobacco
manufactures
44.7 - 2 7 . 3
8.1
47.1 - 1 5 . 1 2 24.0
37.7 - 1 . 9 14.6
38.8
1.4 14.3
28.7
3.1 14.6
37.2
6.8 16.2
15.6
9.1
3.0
28.4 - 2 . 1
5.2
16.8
6.4 11.6
25.2
21.4
14.
18.7
7.6
5.5
23.6
6.5
4.3
21.7
8.5
7.4
19.2
11.4 12.
18.1
12.4 13.0
23.4
11.1 11.8
13.1
14.7 14.
17.5
21.7 22.0
17.0 17.5
22.0 22.3
19.7
24.3
Petroleum
and coal
psoducts
29.4 2- 2 4 . 9
49.5 - 6 3 . 4
21.2 2 4.8
34.5 - 6 . 7
19.7 U 2 . 5
16.5
30.3
18.3 2 1.5
30.3
18.4
15.4 2 12.2
28.0
21.4
16.6 25.
26.3
19.9
17.1 2 8.5
27.2
13.8
12.5
11.3
19.3
11.5
15.1
1.0
26.9
15.1
16.0
2.3
24.1
6.
15.3
24.4
-9.6
5.0
3.0
14.7
6.2
19.3
8.3
22.1
8.5
24.3
9.8
25.0
9.6
24.2
9.8
22.3
8.9
26.0
7.4
17.5
Beverages
38.7
58.9
23.4
40.6
18.7
36.1
16.1
33.2
13.5
31.
12.5
28.6
10.9
26.0
10.6
23.3
9.3
26.6
7.6
17.7
5.0
3.0
14.7
6.2
19.3
8.3
22.1
8.5
24.3
9.8
25.0
Public
utilities
Service
Finance
Agriculture,
Construction forestry and
fisheries
N e t Total Net Total Net Total Net Total Net Total Net Total Net Total Net Total
profit [return profit [return profit return profit .return profit return profit return profit return profit return
Total
1
|
38.3|i—14.4 - 5 . 2
*4. 5
65.0 - 7 . 0
21.6 i - 3 . 8 1 1.6
18.9
36.0 11.7
17.1 i - . 5 13.7
31.2 15.7 i 111.7
i .2
3.1
14.3
28.7 i 7.7 i 11.5
14.4
12.3 12.2
26.8 16.8 19.5
10.6
1.9
23.6
5.6
6.
9.3
1.3
1.8
22.0
5.8
6.5
2.6
8.7
3.0
7.1
18.6
7.5
2.8
7. 1
3.1
8.4
17.1
8.7
4.6
5.2
4.7
11.5
9.0
9.0
Year
Under 50
50-99
Manufacturing
Mining and
quarrying
14.7
18.7
15.5
19.3
I Stone,
clay,
and glass
products
25.I - 6 . 3
-28.5
-.1
2 18.6
3.8
2 16.7 10.
2 21.1
6.8
29.0
13.8
2 6.7
7.7
26.7
15.2
2 15.7 10.4
27.7
19.4
2 8.1
7.6
22.4
16.6
2 9.3
7.3
14.7
10.6
11.8
10.8
23.8
12.0
12.6
1.2
28.6
15.4
11.2
2.4
23.5
6.4
3.1
7.8
9. 3
20. 3
I
Textile
mill
products
-16.5
.2
-2.5
16.4
2.0
20.2
4.5
23.7
5.3
23. 0
5.6
21.3
6.9
19.6
7.5
17.0
10.7
9.1
47.0 - 5 . 8
70.2
5.8
26.1
3.1
42.3 12.3
20.4
4.5
35.8 14.6
17.3
5.8
32.6 15.2
16.4
5.8
31.3 15.2
13.2
7.7
28.2 16.5
12.4
6.3
24.4 14.7
10.4
8.1
24.3 14.2
8.1 10.0
-.9
11.7
.5 14.8
5.6 22.2
14.4
28.1
Apparel and
products
made from
fabrics
7.1
15.2
28.5 -10.0
6.4
42.9
4.0
19.2
32.3 12.1
15.7
5.9
29.3 11.1
13.3
6.2
25.1 11.0
11.2
6.6
22.3 10.6
10.8
5.4
20.3 10.3
0
16*. 6
9.1
15.4
10.5
12.3
15. 0
22.4
1.4
3.4
9.2
7.5
7. 2
4.4
6.2
13.
22.6
4.3
9.0
Leather
and
products
50.8 -19.3
74.
6.0
27.8
.4
49.6 11.4
24.3
2.0
42.2 14.3
20.8
7.5
36.5 15.1
19.1
6.2
35.4 17.2
14.4
7.7
27.8 18.5
6.2
8.6
17.3 15.7
13.6
6.5
17.3 13.4
11.2
12.0
33.4
59.7
23.5
40.7
16.4
34.7
17.2
27.3
11.5
24.
10.8
22.4
10.0
17.5
7.2
15.0
11.4
12.3
8.9
23.3
7.8
33.0
11
21.2
Iron and
steel and
products
6.4
Nonferrous
metals and
products
24.1 - 3 . 0
36.3 16.8
18.7
3.3
28.0 26.2
15.9
9.3
25.2 29.6
13.5
9.5
22.5 32.8
14.
8.2
25.0 35.1
9.6
9.9
19.3 34.0
8.5 10.2
11.7 40.6
11.6
7.2
24.9 28.2
13.1
5.8
29.4 25.8
11.7
3.6
24.1 21.7
44.0 - 3 . 9
70.9 14.
3.7
24.3
56.5 26.3
9.7
22.3
49.2 24.1
17.3 12.4
46.0 30.
13.3 11.3
33.5
43.
12.5 13.3
38.4 28.
11.8 11.2
43.0 21.9
8.0 10.7
29.4 29.7
6.0
6.0
26.1 22.3
3.9 15.6
22.0 23.1
11.6
22.
8.2
30.4
6.2
27.5
12.2
25.6
7.0
15.4
17.6
24.6
13.5
20.2
11.9
17.0
8.8
13.
1.2
2.4
4.3
10.8
7.9
7.9
5.0
-9.6
-8.9
-1.2
-.1
.8
.9
.1
1.8
.1
1.9
2.5
2.1
2.5
2.7
4.1
2.0
3.8
4.1
3.8
4.8
5.0
22.3
61.1 - 8 . 5
1.7
87.9
27.0 - 2 . 4
4.6
50.8
18.5 - . 2
41.8
6.7
15.3
.1
40.0
6.2
11.1
1.8
36.3
5.2
12.
.5|
32.3
4.7
23.5 - . 4 ,
36.0
6.7
8.2
1.8
23.4 18.8
7. 4
16.9
4.5
13.2
3.9
12.0
2.6
9.1
3.2
7.0
1.2
5.6
.2
7.4
1.9
19.0
8.2
8.6
8.2
6.8
1.6
6.7
3.5
8.9
18.8
38.6
Lumber and
timber basic
products
.2
15.1
12.9
16.2
13.4
26.1
12.2
24.6
14.0
33.
13.
26.6
10.4
9.4
10.4
21.3
-12.6
43.
10.6
74.6
37.4 - 1 . 6
48.6
18.2
28.0
1.
43.2
24.2
21.7
2.6
38.3
21.
19.6
3.3
43.7
21.3
16.5
2.7
30.1
18.2
11.7
1.1
14.6
11.1
-.2
10.8
22.3
8.8
21.2
52.3
13.5
37.7
10.8
38.5
7.5
29.8
6.3
26. 1
4.0
20.2
1.5
15.4
.0
9.3
7.6
17.5
4.4
12.2
8.9
19.0
10. 1
20.6
4.3
12.1
3.8
18.1
Paper and
allied
products
-14.5
2.5
2.1
11.8
3.5
14.0
6.4
17.6
6.4
19.4
8.6
22.5
5.0!
17.9
8.4
18.4
7.7
11.5
6.1
18.0
32.3 -4.6 37.0
53.1 13.5 58.1
19.6
5.2 28.0
35.3 17.8 44.9
14.
8.2 21.4
28.2 20.9 38.1
13.7 10.3 19.7
27.2 22.0 33.6
11.0
9.3 14.5
26.3 22.9 29.6
10.8
11.6
8.
20. 0 22.6 26.0
6.4
8.8 10.1
19.4 23.2 24.8
9.0
6.0 6.8
19.3 16.8 17.6
8.3 -4.0 -3.7
12.3 12.2 13.1
4.5
4.7
10.0 10.2
11.6
24.7
TransportaElectrical
machinery Machinery, Automobiles tion equipand
except
ment, except
and equipequipment automobiles
electrical
ment
51.5 -12.3
78.7 11.4
26.4 - . 9
63.0 20.6
25.2
8.8
45.3 29.2
24.1 12.8
47.0 33.6
17.3 13.0
44.2 38.1
16.3 13.8
32.8 42.4
12.3 15.0
23.4 41.2
11.
11.4
30.8 34.4
6.1
22.8 29.4
15.8 12.6
23.3 41.2
30.6 - 7 . 4
82.1 16.9
3.7
22.4
52.6 23.4
6.0
24.3
52.2 29.1
8.9
22.9
51.3 32.0
9.5
19.0
48.2 36.5
17.1 10.8
47.4 36.6
16.9 11.9
43.7 37.5
12.4 10.0
35.9 37.2
12.4
30.6 34.9
12.7
39
41.3 ll! 7
2-19.9
70.7 2 8.9
21.8
2.4
51.7 2 11.2
17.3 - 4 . 8
48.3 2 20.0
11.4
16.5
25.7
44.6
10.1
14.
27.7
45.7
11.1
13.5
38.6
41.1
13.5
8.3
39.9
34.2
10.9
8.4
38.6
30.0
13.0
9.7
35.7
36.3
4.1
15.6
12.0
22.
14.7
28.9
14.5
41.7
11.4
34.3
12.6
41.7
30.8
13.8
25.5
Capital assets have been substituted for equity to partially correct for the distorting effect of prior-year losses.
Ratio to a hypothetical equity obtained by applying the equity-assets pattern of total manufacturing to assets of the class to be adjusted.
Department of Commerce. Based on data of the U. S. Bureau of Internal Revenue.
Source: U. S.
http://fraser.stlouisfed.org/
638154—45
2
Federal Reserve Bank of St. Louis
4.2
4.4
3.2
3.4
13.2
Rubber
products
11.3 -14.7
4.8
10.4
-.5
4.6
15.4
6.1
2.2
4.7
17.8
5.2
2.8
3.7
22.7
4.7
4.3
2.1
24.1
4.3
8.3
3.
25.4
3. 6
21.2
3.3
32.1
3.6
7.4
4.7
21.3
2.7
4.2
4.5
4.1
5.1
7.4
17.3
35.8 -13.9
71.2
2.6
20.6
22
45.3 12.9
14.4
4.7
36.9 16.4
11.0
8.1
33.8 19.5
9.3 10.0
22.6
28.
9.8
7.8
24.1 21.8
4.8
8.1
21.2 15.1
8.3 12.6
16.2
17
11.3
9.5
"26." 3
6.2
20.0
73.5
92.0
25.6
35.7
2
2
2
2
19.6
62.
17.7
34.6
8.1
2 38.0
19.9
40.6
15.6
37.2
13.9
42.
10.4
36.3
9.4
31.5
10.3
36.9
15.7
22.8
14.4
26.3
-25.8
.5
-24.3
18.2
2.1
3 14.0
3.0
2 19.1
5.7
*30.2
9.7
2 29.2
18.8
2 31.5
13.3
2 13,
6.3
2 26.5
.7
2 37.7
214.0
43.8
-3.7
36.0
11.7
2 29.4
10.9
2 30.6
10.4
2 37.8
12.2
2 32.3
19.9
2 33.2
14.2
2 14.4
6.8
2 26.9
-.4
2 38.0
7.8
2 27.1 2 28.0
6.3
18.4
8.9
21.1
Miscellaneous
-9.7
7.0
-2.6
13.1
5.2
18.6
7.7
23.3
8.4
28.5
10.3
24.1
8.3
28.5
14.8
28.1
37.8
65.9
15.7
41.8
17.5
38.3
15.3
35.9
13.4
38.5
13.2
28.5
9.4
30.9
15.9
29.6
!59.0 2 59.8
12.0 12.4
12.1 12.6
24.1
14.5
3L.2
10
in assets to an average rate of return of
22 percent which prevailed for the firms
in each size class between 250 thousand
dollars and 50 million dollars of assets.
The earnings curve for the service industry in this two-year period also reversed itself in the smaller size classes.
In the smallest size group the earnings
rate went up more than 20 percent,
while the firms falling in the 100 thousand dollar to 5 million dollar range improved their position by only about 5 percent. In both wholesaling and service
the largest firms had the lowest average
rates of return.
In retailing, the very largest firms had
the highest average earnings rates in
both 1939 and 1941, and the 1941 gains
of the medium and smaller firms relative
to these were only moderate. Likewise,
the general pattern of size and earnings
remained the same in both years in public utilities,3 although the firms with assets of less than a half-million dollars
gained noticeably on the larger firms.
The constancy of this pattern with a
change in the total business activity in
the Nation is to be expected, since in
most of the branches of public utilities,
markets tend to be exclusive to each firm
and shifts of demand to the services of
small firms previously operating at undercapacity output are limited, if not
impossible.
Manufacturing.
Among the 21 industries of the manufacturing division there are discernible
many different patterns of profits rates
by size of firm. Exclusive of the petroleum refining, and the stone, clay, and
glass industries, which have already been
discussed, and the metals groups, food
products and tobacco are outstanding
examples of industries in which large
size and high profits coincide.
These two classes of products have one
point in common. When they are produced by large companies they are
usually marketed nationally, or at least
over a wide area, and come to the ultimate consumer under the manufacturer's brand. Under these conditions,
the fact that the larger companies are
able to spread advertising and other
marketing costs over a larger output
may be a strong contributing factor in
their higher earnings.
Between 1939 and 1941, food manufacturing corporations under 1 million dol3
The reported profit rates of the four divisions, mining and quarrying; public utilities; finance; and agriculture, forestry, and
fisheries; and for the three manufacturing
industries, food, tobacco, and petroleum refining, are not adjusted but are presented as
reported to the Bureau of Internal Revenue.
Several factors operate to minimize the need
for adjustment in these groups. Among
these factors are the low level of profits to
the small firms in 1939 and the small increase in earnings in 1941 as compared with
1939; the prevalence of the parent-subsidiary
relationship and ownership dispersion in
public utilities; the fact that many small
finance corporations exist for legal purposes
and are merely nominal in their operations;
and the prevalence of dispersed ownership
among the cooperative agriculture service
companies in the agriculture, forestry, and
fisheries division. There is no evidence that
profits have been diminished by significant
amounts in any of these industries by the
payment of excessive officers' compensation.
SURVEY OF CURRENT BUSINESS
May 1945
Chart 3.—Percentage Ratio of Adjusted Corporate Net Profits Before
Taxes to Equity, by Assets-Size Classes and Industry Groups
AGRICULTURE,
FORESTRY, AND
FISHERIES
FINANCE,
INSURANCE
AND REAL
ESTATE
ASSET-SIZE CLASS (THOUSANDS OF DOLLARS) -
1
Capital assets have been substituted for equity in all assets-size classes under $1,000,000 to
partially correct for the distorting effect in prior years.
Source: U. S. Department of Commerce, based upon data of the U. S. Bureau of Internal Revenue.
lars in assets increased earnings slightly
relative to the larger firms, and in both
years the firms in the 50 million to 100
million-dollar size class had the highest
earnings rates. All others down to the
smaller firms had the lower average
earnings rates.
Not much change in the entire food
industry could be expected over this
period since the product is essentially an
inelastic demand good, considerable increases in the national income producing
only slight increases in the output of the
industry.
The beverage industry is unique in two
respects. The smaller firms, except for
those with assets under 50 thousand dollars, seem to earn the larger rates of
profit at both high and low levels of industrial activity. Furthermore, it is the
medium and large firms which were
helped most by the upswing in 1941.
The small-firm portion of the industry
is composed for the most part of soft
drink manufacturers, who sell at a customary price in a market where limitations on transportation provide protection against profit-destroying competition.
Textiles, apparel, leather, and rubber
products are outstanding illustrations of
industries in which the small firms earn
the highest rate of profit with high business volume. But even at the lower
levels of production prevailing in 1939,
the profits of the small apparel and rubber firms equalled or exceeded those in
the larger size classes.
It should be remembered, however,
that in such an industry group as rubber products the meaningfulness of the
comparative earnings data is even more
limited than in most industries because
of the noncomparability between the
small and large firms in product, type of
market in which the product is sold, and
other economic conditions surrounding
production and marketing.
In both lumber and furniture the small
firms were lifted in 1941 from a low income level to equality with the mediumsized firms—and in the case of lumber
to a position well above the largest
firms. The slope of the curve in the
paper industry remained the same in
both years—the highest earnings rates
among the small corporations and the
lowest among the largest. As in many
industries, however, the 1941 prosperity
brought the very smallest firms up to
full equality with the second size class.
In chemicals manufacture, size and
profits are closely correlated at a low
level of production, but in 1941 all save
the smallest firms pulled up to a comparable profit level with the largest.
Generalization with respect to the reasons for the shape of the size-profits
curve in chemicals is not possible since
the industry consists of very diverse
sections, industrial chemicals being sold
on a competitive basis to industrial buyers while drugs and toilet articles are
marketed largely under brand names to
nonindustrial users under conditions of
imperfect competition.
SURVEY OF CURRENT BUSINESS
May 1945
In the examination of the 1941 earnings rates in the five metals groups, it
must be borne in mind that whereas the
1939-41 business improvement was normal in most industries, in the sense that
the usual assortment of goods was produced under the usual conditions except
for the stimulus of a greatly increased
demand, in the metals group the rearmament program had caused some dislocations. Where and to what extent the relative earning power of corporations of
different sizes was affected is difficult to
judge.
Of the six groups, the small firms in
iron and steel and nonferrous metals, in
a position of equality of earnings with
the larger firms in 1939, improved to a
superior earnings rate in 1941. In electrical machinery and machinery other
than electrical, the small firms moved
from a definitely inferior position to near
equality with the larger firms. In automobiles and transportation equipment
other than automobiles (aircraft and
boats and ships), the small firms improved from a very inferior position but
did not attain a rate of earnings comparable to that of the most profitable
firms in the two industries.
Conclusion
In summary, it can be said that in almost all branches of industry the earning power of the small firms relative to
the medium and large firms is markedly
11
improved when the economy moves
toward higher operating rates. The exceptions consist of certain industries
which are largely or partly extractive—
mining and quarrying, petroleum refining, and stone, clay, and glass manufacturing—and the manufacture of food
and tobacco products.
In several industry groups the small
firms are definitely superior in earning
power to the medium-sized and large
firms at a high level of production.
Outstanding among this latter group of
industries are wholesale trade, the service division, and certain manufacturing
industries such as textiles, apparel,
leather, paper, iron and steel and nonferrous metals.
The principal instance of an industry
in which small corporations abound but
in which they do not attain a profit rate
comparable with that of the larger firms
is the broad field of retailing. But even
in this field it was only the smallest
firms, those with assets under 50 thousand dollars, which failed to achieve approximate equality with the larger
firms in 1941.
The explanation lies, in part, in the
fact that retailing, at least in most of its
branches, is one in which entry is relatively easy, and the smaller size firms
may remain in business because of prolonged absence of prospects of adequate
work as an employee of others.
Under these circumstances, evein if
the only reward in prospect is a reason-
able compensation for the labor of the
owners, new firms may be established
and old ones continued in operation. If
competition is imperfect, the adverse effect on the profits of the larger firms in
the same industry group may not be
significant.
No attempt is made in this study to
appraise the factors other than earning
power which contribute to long-run tendencies toward concentration. But to
the extent that ability to earn a relatively high rate of profit on stockholders'
equity is the determinant of survival, and
with the exceptions noted above, the medium-sized and small firms seem able to
hold their own with the very largest
firms so long as a high level of production
is maintained.
Methods
The basic data for this study were
taken from the Statistics of Income, published by the Bureau of Internal Revenue
for the years 1931 to 1941, and from the
Source Book, an additional compilation
of statistics of income which is unpublished but which was made available for
purposes of this study by the Bureau of
Internal Revenue. Statistics of corporation income are not available by asset
size before 1931 and had not been made
available for 1942 at the time of the completion of this study.
The ratio of net income to stockholders' equity was chosen as the means of
Table 3.—Adjusted Corporate Net Profit Before Taxes by Assets Size: Percentage of Equity, by Industries, 1939-41
Assets size (thousands of dollars)
Industry
Under 50
1939
1941
100-249
50-99
1939
1941
1939
1941
All industries, exceptfinance._ - 3 . 4 1 14.7 1 7.6 121.2 6.0 19.6
_
Mining and quarrying
1.7 i - . 5 i 5.7
i —14.4 —7.0 —3.8
8.4 25.4
.8
21.1 10.0 26.3
Total manufacturing . _*. -2.1
7.8 13.3 11.6 15.4
7.7
Public utilities
7.4
32.1 11.8 27.3
9.0 24.0
Wholesale trade
4.5 17.6
—5 5
9 4
5.9 18.3
Retail trade
4.7 10.8
—1.4
21.0
8.8 19.1
Service
.9
.8
—9 6 —8 9 —1.2
Finance
4.8 28.0
.6
27.4
9.0 32.9
Construction
Agriculture, forestry, fisheries
6.7
—8 5
4 6 -.2
1 7 —2.4
Manufacturing industries:
Food and kindred products.- - 8 . 9
5.2 12.4
7.2
1.8
-.8
Beverages
19 1 20 6 25 2 25 6 17 4 26 1
6.8
1.4
3.1
Tobacco manufactures . . - 2 7 . 3 2-15.1 - 1 . 9
-3.2
5.6 28.7
2.9 25.4
26.8
Textile mill products
Apparel and products made
from fabrics
10 0 31 9 16 8 32 5 J9 5 28 6
Leather and products
—3 6 24 4 10 0 25 0 5 5 22 8
82
32 9 23 2 33 3 18 2 34 1
Rubber products
Lumber and timber basis
products
-13.9
19.6 - . 5
23.1 - . 1 27.0
Furniture andfinishedlumber products
— 5 6 17 2
6 5 21 3 4 7 17 6
Paper and allied products
8.8
31.0 14.7 31.0 11.7 28.6
Printing and publishing
7.7
17.7 12.8 20.3 10.3 16.6
Chemicals and allied products
. ... - 1 0 . 1
9.2 21.7 10.6 20.7
8.6
Petroleum and coal products
2 -24.9 2-63.4 24.8 2-6.7 2 12.5 16.5
Stone, clay and glass prod6.4
15.4
5.9 15.5
ucts
-4.1
6.9
Iron and steel and products,.
8.5
38.2 11.2 43.0 12.7 39.8
Nonferrous metals and products
13.0
40.3 12.8 47.7 15.3 35.0
-5.2
7.2 37.2 13.6 40.7
32.7
Electrical machinery
38.3
Machinery, except electrical- - 2 . 5 36.5 9.6 37.9
Automobiles and equipment- 2 - 1 5 . 1 2 26.7 2 3.8 2 20.0
2 27.8
Transportation equipment,
except automobiles
2.1 H 9 . 0
2-19.8
8.0 - 1 7 . 6 22.5
Miscellaneous
.3
26.4
3.7 27.5
6.6 26.7
250-499
1939
7.3
i .2
8.8
10.7
9.6
5.8
6.2
1
1939
7.8
12.2
9.2
8.2
9.8
5.8
6.6
.1
5.0
1941
20.3
16.8
25.0
14.3
22.6
16.1
10.6
1.9
25.7
5,0009,999
1,000
4,999
1939
1941
1939
8.2
1.9
9.8
6.6
9.8
7.7
5.4
2.5
8.3
20.2
5.6
25.0
12.0
22.5
16.5
10.3
2.1
25.4
8.1
1.3
9.6
6.8
10.5
6.3
-.2
2.5
21.2
4.7
-.4
10.5
16.2
5.5
5.6
15.9
20.8
4.3
21.3
8.0
20.3
7.4
6.9
4 8
8.6
10.4
5.5
20.0
i 7.7
25.2
18.7
22.6
16.5
11.0
1.8
26.4
.1
6.2
1.8
5.2
8.6 14.6
12 5 22 7
3.0 - 2 . 1
4.5 25.0
8.8
13.5
6.4
5.3
14.8
21.0
14.9
23.7
9 8
7.7
13 8
21 8
18.5
26 6
i
1:1
1941
500-999
50,00099,999
10,00049,999
1941
1939
1941
1939
8.0
2.6
9.8
6.0
9.2
8.1
3.4
4.1
7.4
17.8
7.1
22.3
9.8
22.3
14.2
9.2
2.0
21.3
6.7
1.8
18.8
15.8
17.6
11.4
19.6
10.1
17.1
12.4
7.5
14.2
22.4
11.1
17.0
13.9
12.0
14.7
10.7
17.8
16.9
21.7
9.1
15 1
15.7
9 4
12 6
6.5
10 4
16 2
13.4
21.3
11.2
6.7 16.7
2.8
8.4
8.9 26.0
8.9
4.3
7.2 - 1 . 9
10.0 11.7
7.5
7.2
4.1
3.8
1939
1941
11.4
9.0
17.5
5.1
5.3
22.2
6.2
4.8
12.0
20.4
5.8
24.2
10.2
22.2
14.7
1.4
2.7
32.1
5.1
4.6
7.4
3.3
.5
14.8
4.4
3.8
5,000
and over
1939
6.2
3.4
8.5
3.9
6.8
10.4
3.8
3.8
14.2
1941
14.3
7.9
20.6
6.4
15.8
16.7
6.4
4.0
26.3
8.2
8.6
5.5
9.8
7.0
10.5
17.0
22.6
26.3
9.6
17.4
15.5
7.6
13.3
20.2
19.6
18.5
7.4
17.3
9.2
8.7
8.0
15.7
13.7
17.2
4.3
12.1
1.3
11.1
16.5
16.5
10.2
22.6
11 0
8 5
13 5
24 0
18 0
26 7
10 4
7.0
14 2
23 0
J8.1
34 5
2.6
22.8
3.3
21.8
2.7
18.2
1.1
14.6
-.2
7.0
12.0
9.5
19.0
24.0
14.0
6.8
10.0
8.0
20.5
23.2
12.0
8.6
8.5
10.2
22.5
22.6
14.5
5.0
8.8
10.4
17.9
23.2
13.6
8.4
6.0
11.1
7.7
18.4
16.8 - 4 . 0
6.3
13.3
11.5
12.2
7.2
4.5
2.1
10.0
2.0
6.9
5.1
8.4
8.8
11.2
21.5
10.5
22.0
14.0
23.2
15.6
25.7
11.8
18.4
14.5
26.2
15.9
24.0
14.0
2 1.5
18.4 2 12.2
21.4
2 5.9
19.9
2 8.5
13.8
11.3
11.5
1.0
15.1
2.3
6.3
2.8
7.3
7.7
10.2
16.0
36.0
10.4
8.7
19.4
35.7
7.6
9.9
16.6
34.0
7.3
10.2
10.6
40.6
10.8
7.2
23.8
28.2
12.6
5.8
28.6
25.8
11.2
3.6
23.5
21.7
10.4
5.1
22.5
25.3
13.2
14.0
8.9
11.4
32.8
38.0
35.5
27.4
11.8
13.7
9.5
10.1
34.0
40.0
37.0
29.0
13.3
13.8
10.8
11.1
28.9
42.4
36.6
38.6
11.2
15.0
11.9
8.3
21.9
41.2
37.5
34.2
10.7
11.4
10.0
8.4
29.7
34.4
37.2
30.0
6.0
12.4
9.7
22.3
29.4
34.9
36.3
15.6
12.6
3.9
15.6
23.1
41.2
11.7
22.6
12.5
12.6
8.6
14.2
24.6
39.1
29.0
25.0
8.0
12.4
27.1
20.7
3.0 2 21.0
8.3 25.8
5.7 2 30.2
9.0 29.0
9.7 2 29.2
10.3 24.1
18.8 3 31.5
18.3 28.5
13.3 -13.8
14.8 28.1
Capital assets have been substituted for equity to partially correct for the distorting effect of prior year losses.
Ratio to a hypothetical equity obtained by applying the equity-assets pattern of total manufacturing to assets of the class to be adjusted.
Digitized forSource: U. S. Department of Commerce. Based on data from the U. S. Bureau of Internal Revenue.
FRASER
2
1941
100,000
and over
6.3 2 26.5
2
59.0
.7 2 37. 7
12.0 12.1
12
expressing earnings as a rate since the
heterogeneity among the size classes
with respect both to the use of capital
equipment and the equity-assets relationship was so great as to render other
ratios less meaningful.
"Compiled net profit or loss" was used
as reported by the Bureau of Internal
Revenue to represent the net income of
the corporations. It is slightly defective
for present purposes since it includes
some nonoperating items, such as dividends and interest income and gains and
losses from the sale of capital and other
assets. While the inclusion of these
items in a comparison of individual corporations would cause the results to be
misleading, the effect of their inclusion
in a study of relative rates by size aggregates of corporations is negligible.
Stockholders' equity is the total of preferred stock, common stock, surplus reserves, and surplus and undivided profits
less surplus deficits. Equity is reported
as of the end of the reporting corporation's fiscal year and, with the exceptions
noted below, was used without adjustment. Obviously, average equity for the
entire year is the correct base for the
computation of the profit rates. For a
group of corporations which are classified in a particular asset size class, equity
at the end of the year may deviate from
the average equity for the year. If the
corporations with income are treated
separately from those incurring deficits,
this deviation may get to be of significant
proportions in each separate group. The
principal factors making for a divergence between average equity and equity
at the end of the year are the earning of
profits or the incurring of losses (both of
which are presumed to alter true equity
evenly through the year), the declaration of a dividend, the donation of surplus or sale of stock, and part-year operation. Statistics are available for the
adjustments to correct for the effect of
profits, losses, and dividends, but not for
the other factors, all of which operate in
the same direction: to cause end-of-theyear equity to overstate average equity.
Hence, on the assumption that, in the
absence of extreme dynamic factors affecting the entire economy, the increase
or decrease during the year in stockholders' investment in a composite of
income and deficit corporations would
have a negligible effect on the profit rate,
equity at the end of the year was used in
lieu of average equity.
Even in 1932, when loss rates were
high in the smallest size class, it was
deemed that part-year operation of discontinuing firms would offset a large
portion of the losses which cause equity
at the end of the year to understate average equity for the year.
There were, however, instances in
which reported equity could not be accepted as a base for the computation of
the profit rate. Where large losses in
prior years had reduced equity to an abnormally low ratio to assets in particular
industries and size classes of manufacturing, a hypothetical equity which was
"normal" (for firms of that size) in its
relation to assets was substituted for the
reported equity.
substitution was made among
This
http://fraser.stlouisfed.org/ smaller firms in tobacco, pesome of the
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
troleum, automobiles and equipment, and
transportation equipment except automobiles, as indicated in table 3. No adjustment was made to compensate for
increased costs of nonequity capital.
In 1941, the shoe-string expansion
among the larger firms in aircraft and
shipbuilding made the same adjustment
necessary. No compensatory adjustment to correct for the added costs of
nonequity capital was necessary, since
the cost of this additional capital was
borne by the Government. In the mining and quarrying division capital assets
were used in lieu of a reasonable equity
figure for the small firms.
The problems of method involved in
making proper adjustments for the tendency of reported officers' compensation
to absorb true profit were critical. It
was necessary to obtain information separately for each of the smaller size classes
with respect to the number of officers
per firm, their employee-ownership
status, the extent to which they render
services for which compensation is due,
and the market value of their services
in the years subject to analysis.
To obtain the answers to these questions a random sample containing 215
corporation income tax returns in the
first three size classes was drawn from
among the returns filed for the year 1941.
The sample in each size class was closely
representative of the universe in average
assets, reported profit, officers' compensation, and stockholders' equity. The
adequacy of a sample of 215 returns for
the statistical purpose for which it was
used is discussed below.
From the sample the following pertinent data were derived:
1. In the first three size classes, in order from the smallest to the largest, 20,
9, and 1 percent of the reported officers'
salaries in 1941 is the wage of employees
who are at best only nominal owners.
These amounts are to be regarded in their
entirety as bona fide costs.
2. Excluding the above "employeeofficers," the average number of compensated full-time "owner-officers" per firm,
all firms included, was 1.1, 1.2, and 1.7 in
the first, second, and third size classes
respectively. The few who were reported as working "part-time" were recorded as being employed half-time. It
must be remembered that for those corporations that had compensated officers
the average number per firm was larger.
For instance, in the second size class the
68 percent of the firms which had compensated officers at all had an average, on
a full-time basis, of 1.7 per firm.
The variation among the firms in
number of officers was so slight that the
sample was deemed adequate for the
purposes. The standard errors of the
means 1.1, 1.2, and 1.7 were respectively
0.07, 0.13, and 0.2. Translated into terms
of percentage of equity these standard
errors are equivalent to 1.8, 1.3, and 1.2
percent.
As explained immediately below and
in the last paragraph, the adequacy of
the sample for the determination of the
fair market value of the services of the
"officer-owners" was not a critical question because of the inevitability of arbitrariness in the final decision on this
value.
3. The average wage of full-time
May 1945
"owner-officers" in those firms in which
there was a substantial dispersion of
stock ownership beyond the control of
the officers was 2 thousand dollars for
the firms with less than 50 thousand dollars of assets; 3,800 dollars for the 50
thousand dollar to 100 thousand dollar
firms; and 6 thousand dollars for the
firms with assets between 100 thousand
dollars and 250 thousand dollars.
Since these salaries represent the
amounts paid when the officers were not
free to determine their own rate of compensation, they were taken to be representative of the market value of the services rendered. However, in the application of these salary allowances 4 thousand dollars was substituted for the 3,800
dollars of the second size class when
trial computations revealed that it gave
results more nearly consistent with those
obtained in the adjoining size classes.
In judging the fairness of 2 thousand,
4 thousand, and 6 thousand dollars as the
average market value of the labor services of each of the "officer-owners" in
the first three size classes, several considerations should be borne in mind.
First, it is very likely that in taking the
actual compensation of those who do not
have complete ownership of their firm a
slight bias is introduced, since those who
were able to bring their firm to its present size without seeking outside capital
are probably the more efficient managers
and therefore should command a higher
wage. This probable bias is offset by the
fact that in each of the first three size
classes the corporations with a substantial dispersion of ownership were well
above the average in size.
Finally, the adoption of these amounts
for purposes of adjusting reported corporate profit does not represent an attempt to dispense justice, nor is it an
estimate of the value of the services of
hypothetical, ideally efficient managers.
It is the probable market value at 1941
wage levels of the managerial services of
those who were actually managing the
corporations under consideration.
In brief, the adjustment of reported
profit was made by redistributing reported officers' compensation—first, to
the wage of "employee-officers" with an
allowance for the change in wage levels
between 1939 and 1941; second, to necessary remuneration of working "officerowners"; third, the balance, to profit.
As indicated in a text footnote above,
the adjustment was not made in those
industries where the adjusted figures
were not significantly different from the
reported figures, nor in those industries
where there was reason to believe that
the number of compensated officers per
firm deviated from the general pattern.
The same allowance for the cost of the
services of "owner-orficers" was made in
both 1939 and 1941.
Classes 4 and 5—corporations with
assets between 250 thousand dollars and
1 million dollars—were adjusted by
graphic interpolation, due allowance
being made for variations in the level of
profit and reported officers' salaries. At
this size level, the adjustments were
necessarily very small when expressed as
a ratio to equity because of the prevalence of dispersed ownership and the
large equity base.
SURVEY OF CURRENT BUSINESS
May 1945
13
New Construction by States, 1939-43
By William H. Shaw
ORDER TO PROMOTE a better unINderstanding of the geographic patterns of new construction, the Bureau of
Foreign and Domestic Commerce has developed annual estimates by states from
1939-43. These estimates reflect a synthesis of the best available basic statistics, and it is believed that they are
generally representative of prevailing
geographic patterns.1 As the basic data
Chart 1.—New Construction
Activity, by Selected Classes
BILLIONS OF DOLLARS
gram of military and industrial construction. By spotlighting the wartime distortions, some of the possible effects on
the geographic distribution in postwar
years are suggested.
Before the major developments in new
construction by regions and States are
examined, it is desirable to review briefly
the historical record of the United States
totals.
As the nation girded for defense from
1939 to 1941, the volume of new construction rose from 6 billion dollars to
10.5 billion, or 75 percent. By 1942 the
imperative need for military and naval
establishments and new industrial
plants to implement the war effort had
brought about an all-time peak of 13.4
billion dollars. As chart 1 indicates, the
1942 volumes of the two categories most
directly related to the war alone exceeded
the 1939 total of all new construction by
almost 50 percent and even that of 1940
by almost 30 percent.
Though 1943 witnessed a sharp drop
in total volume to 7.7 billion dollars, the
task of implementing the war still continued on a large scale. Military and
naval and industrial construction approximated 4.5 billion dollars or nearly
three-fifths of the total. And much of
the "all other" component was also
directly related to the war.
Table 1.—-New Construction Activity, by States and Regions, 1939-43
Do lar value (millions of dollars)
Percentage distribution
Division and State
1939
1939
1940
1941
1942
0.0 45-304
Sources : U. S. Departments of Commerce and
Labor and War Production Board.
are improved, it is hoped not only correspondingly to improve the over-all
State figures but also to develop separate
estimates for the more important types
of new construction.
The shifts in geographic patterns since
1939 have particular economic significance because they show the contrast between the patterns in peace and war—a
contrast which reveals clearly the regional impact of the tremendous war proNOTE: Mr. Shaw is a member of the Divi-
sion of Research and Statistics, Bureau of
Foreign and Domestic Commerce.
1
State data from the following sources
were exploited: Census of Construction 1939;
contracts awarded data for 37 States, compiled by the F. W. Dodge Corporation; Public Roads Administration data on highway
construction; Department of Agriculture data
on cash income from farm marketings; Federal Power Commission data on gross additions to electric plant; estimates of wages
and salaries originating in the contract construction industry prepared from Social Security Board data by the Bureau of Foreign
and Domestic Commerce; War Production
Board data on manufacturing, military and
housing facilities expansion since July 1,1940.
Estimates for 1944 will be released as soon as
all data needed for their compilation are
available.
Southeast
Alabama...
Arkansas
Florida _
Georgia
Kentucky
Louisiana...
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
Northwest
Colorado
Idaho
Kansas
Montana
Nebraska
North Dakota
South Dakota
Utah ._
Wyoming
Far West
California.. .
Nevada
Oregon.
Washington...
1939
1940
1941
1942
6,991
10,496
13, 383
7,675
100. 00
100. 00
100. 00
100.00
100. 00
431
133
35
440
120
25
682
210
55
592
150
61
276
78
38
184
202
107
21
57
15
293
235
25
36
18
36
70
18
31
106
9
6
43
4
7.17
2.21
58
3.06
.42
.60
.30
6.30
1.72
36
2.89
.30
.82
.21
6.49
2.00
52
2.79
.34
.67
.17
4.43
1.12
46
1.76
.23
.79
.07
3.60
1.02
50
1.39
.08
.56
.05
1,812
25
102
173
246
777
2,451
22
136
298
372
863
2,492
34
138
258
361
825
1,149
22
47
162
155
339
68
96
105
56
27.41
.37
1.18
1.80
3.51
13.58
6.12
.85
25.91
.36
1.46
2.47
3.52
11.11
6.02
.97
23.35
.21
1.30
2 84
3.54
8.22
6.33
.91
18.61
.25
1.03
1.93
2.70
6.16
5.76
.78
14.98
29
.61
2.11
2.02
4.42
4.80
.73
915
73
1,282
84
2,088
186
2,868
261
1,741
151
15.22
1.21
18.34
1.20
19.90
1.77
35
45
89
194
.58
.64
.85
206
146
139
230
214
146
337
249
234
81
231
151
80
135
119
2.95
2.09
1.99
1.43
1.00
1.62
.92
1.74
2.76
2. 19
2.04
1 39
1.53
2.43
1.23
2.03
3.52
21.43
1.95
1.45
2.52
1.86
1.75
1.99
1.39
1.48
.97
2.23
3.84
22.69
1.97
1.06
3.01
1.97
1 04
1.76
1.55
2.07
.90
4.14
3.22
6.89
.36
7.25
.43
9.88
1.02
.35
.43
12.64
.99
368
421
664
771
368
1943
103
72
100
70
161
96
266
186
103
47
255
129
198
130
213
299
318
137
113
64
122
193
369
514
247
1.65
1.45
1.42
1.71
1.20
1.71
.78
1.23
2.28
372
27
481
25
761
45
1.322
136
970
76
6.19
.45
23
56
21
78
37
136
57
193
34
183
.38
.93
266
357
543
936
677
4.43
1.12
5.11
1.30
5.17
1.44
6.99
2.39
8.82
1,613
374
1,831
411
2,740
536
170
110
328
416
166
458
3,222
725
1,639
437
158
118
246
54
116
26.18
5.88
2.43
1.57
4.69
1.70
2.43
5 65
1.83
26.10
5.11
3 96
1.58
4.36
1.49
2.74
5 27
1.59
24.09
5.42
3.89
252
242
26.84
6.22
2.63
1.96
4.09
2.18
2.20
4.98
2.58
21.33:
5. 691
2 89
.83'
3.07
.70
1.51
5.00
1.64
5.22
4.36
4.36
.97
.73
.80
.37
1.05
.24
1.07
.19
1.29
7.81
1.59
1.00
2.04
.53
.98
.27
.30
.46
.80
.23
.29
.26
.57
.22
.23
1.11
99
87
85
_ _ _ _.
74
Southwest
Arizona.
New Mexico
Oklahoma
Texas
Central States .
Illinois.
Indiana
Iowa. _.
Michigan...
Minnesota
Missouri
Ohio
Wisconsin
1943
51
Middle East
Delaware
District of Columbia
Maryland
New Jersey
New York...
Pennsylvania
West Virginia
1942
1,647
22
71
108
211
816
..
1941
6,009
United States
New England
._
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
1940
_.
. . . . . .
159
69
520
122
437
222
64
236
553
167
641
283
384
126
.30
.92
.91
3.27
1.88
1.81
4.79
2.12
.44
... _
305
51
457
84
1,047
213
624
49
20
135
134
273
47
198
32
59
16
18
32
56
16
20
27
60
23
24
37
149
10
38
17
120
6
24
.07
.28
.08
.31
27
18
._
395
128
313
58
.
119
170
299
155
___ _
... ..
131
132
22
16
61
23
141
22
.45
.30
.31
.23
.58
.22
1.23
.21
1.84
718
840
1,317
1,276
534
620
972
11
53
120
12
60
148
25
105
215
165
28
1,840
1,182
154
175
329
11.95
8.89
.18
.88
2.00
12.02
8.87
.17
.86
2.12
12 55
9.26
.24
1.00
2.05
13.75
8.83
1.15
1.31
2.46
16.63.
10. 90:
22
63
17
75
156
288
Source: Estimates by U . S . Department of Commerce.
836
53
107
280
.28
8.13
.64.
.61
2. 58:
.22:
1. 56
.29
.69
1.39
3.65
SURVEY OF CURRENT BUSINESS
14
Chart 2.—Percentage Increase in New Construction Activity by Regions,
1942 From 1939
0
50
100
PERCENT
150
200
1
REGION
|
1
1
1
250
300
1
1
UNITED STATES
• • 1• •
•••
SOUTHWEST
•••I
wmm
••i • • • • •
NORTHWEST
SOUTHEAST
• • • MM
FAR WEST
•i
CENTRAL
MIDDLE EAST
NEW ENGLAND
1
1
i
1
i
1
D. D.
45-305
Source : U. S. Department of Commerce.
Regional Changes
That all the regions reflected the war
expansion is indicated by the large increases from 1939 to 1942. But these
increases varied markedly, ranging from
37 percent in New England to 255 percent in the Southwest. Even in 1943
when new construction fell off sharply,
the dollar volume was less than that of
1939 in only two regions: New England
and the Middle East. In the other five,
the 1943 volume was still far above the
1939 and 1940 levels.
The widely varying changes in dollar
volumes cumulated to significant shifts
in the percentage shares of the different
regions. Three of the seven regions
registered persistent gains in their percentage share of the United States total
in all years following 1939.
The Southeast increased its share
from 15 percent in 1939 to 23 in 1943,
the Southwest from 6 to 13, and the Far
West from 12 to 17. In contrast three
regions experienced continuous declines,
New England from 7 to 4 percent, the
Middle East from 27 to 15 and the Central States from 27 to 21. The share of
the seventh region, the Northwest, fell
from 5 percent in 1939 to 4 in 1940 and
1941, then rose sharply to 8 in 1942 and
1943.2
The reasons for these large regional
shifts are clear. In all three of the continuously expanding regions, climatic
and other geographical advantages are
such as to have made them natural locations for military training establishments
and other installations. From July 1940
2
The regional shifts in new construction
correspond to those in income payments, but
as might be expected, are much more accentuated. Thus from 1939 to 1943, the Southeast increased its share of total income payments only from 11.9 to 13.8 percent, the
Southwest from 5.3 to 5.9, the Par West from
9.5 to 12.0 and the Northwest from 4.4 to 5.0.
Similarly the share of New England declined
only from 8.1 to 7.4 percent, that of the
Middle East from 32.3 to 27.5 and that of the
Central States from 28.5 to 28.3 ("State In-
come Payments in 1943," SURVEY OF CURRENT
BUSINESS, August 1944).
through June 1944, for example, almost
three-fifths of new military facilities
were placed in the Southeast, Southwest,
and Far West.
Moreover, substantial amounts of certain types of new industrial facilities
were located in the expanding regions.
In particular there were large concentrations of new facilities for ship construction and repair, for aircraft assembly,
for explosives and ammunition loading,
for nonferrous metals, and for chemicals
and petroleum.
State Changes
The variations in the State dollar volumes of new construction are extraordinarily wide. On the basis of 1939 to 1942
comparisons, a period in which the
May 1945
United States dollar total rose by almost
125 percent, two States, Vermont and
North Dakota, actually registered declines, 17 registered increases of less than
100, 15 increases of 100-199 and 15 of
200 or more. And of those in the 200 or
more class, seven registered gains exceeding 300 percent. As map 1 indicates,
the States when grouped by percentage
increases, cluster among the different regions, giving rise to the regional shifts
discussed earlier.
In five States, Arkansas, Arizona,
Idaho, Utah, and Nevada, new construction in 1942 was more than five times
that of 1939. These huge percentage
increases, of course, partly reflect the
relatively small dollar volumes in 1939
and the consequent effect of even a few
extensive military or industrial projects.
But even States like Virginia, Texas and
California, which started with fairly
sizable construction volumes in 1939,
registered remarkable gains.
Only five States, Arkansas, Tennessee,
Oklahoma, Texas, and Kansas, gained
in relative importance in every year
since 1939. Four of these are in regions
whose shares expanded continuously
throughout the period. The increases in
the importance of the fifth, Kansas, stem
from the development of sizable amounts
of military facilities, and of aircraft and
explosive and ammunition plants in that
State.
Pour more States, Alabama, Florida,
Utah, and Oregon, registered persistent
gains since 1940. Three are in the
Southeast or Far West. The fourth,
Utah, owes much of its expansion to the
erection of the large iron and steel plant
at Geneva.
Postwar Implications
In view of the extraordinary geographic shifts during the war, it is pertinent to ask to what extent they may
Map 1.—Percentage Change in NewConstruction Actvity by States, 1942
From 1939
i TO 99
' TO 199
) AND OVER
UNITED STATES 123
Source : U. S. Department of Commerce.
SURVEY OF CURRENT BUSINESS
May 1945
Chart 3.—Percentage Distribution
of New Construction Activity, by
Regions
This probability poses a serious problem for the business analyist interested
in hypothesizing a postwar State distribution of construction activity. For
neither the wartime pattern nor the immediate prewar pattern, i. e., 1939, can
be taken as a simple guide. First the
apparently strong trends prevailing in
prewar years must be examined.4 Then
allowance must be made both for the direct repercussions of the wartime geographic distribution of construction and
for the indirect repercussions of other
elements of a war-distorted economy.
4
This could be done fairly satisfactorily by
using the detailed contracts awarded statistics of the F. W. Dodge Corporation for the
37 Eastern States together with relevant date
from Engineering News Record reports on
contracts for the 11 Western States and from
building permit statistics for urban areas in
these States.
Business Situation
1939
1942
1943
a a 45-306
Source: U. S. Department of Commerce.
influence postwar patterns. It has already been noted that much of the new
construction during the war reflected
special needs and cannot be treated as
the extension of earlier trends. Nor is
it likely that the peculiar geographic
concentration of military construction
will have much influence on postwar
geographic patterns. However, to the
extent that at least some of the new industrial facilities play a dynamic role in
postwar industrial activity and to the
extent that the population shifts stemming from the war are permanent, the
geographic pattern of postwar construction will be decidedly affected.
For example, under the most favorable aspects of the conditions just cited,
the Southeast, Southwest, and Far West
should experience a relatively high demand for new residential and commercial construction as well as for various
types of community facilities. In fact
this demand could be so extensive as to
enlarge considerably the postwar share
of total new construction going to these
regions in comparison with the prewar
share.
In other words, it is probable that
even if the influence of military construction is discounted completely, the
wartime distortions will effect an accentuation of prewar trends. For although
detailed construction statistics are lacking, it is evident from general income
data that, relative to the rest of the nation, large segments of the South and
Far West are the beneficiaries of a favorable longer trend.3 If the longer
trends in new construction bear a relationship to trends in income payments
corresponding to that observed during
the war, a significant trend in favor of
the South and Far West is suggested.
3
See "State Income Payments in 1943," SUR-
VEY OF CURRENT BUSINESS, August 1944.
(Continued from p. 5)
They are concentrated largely in automobiles and parts, in furniture and
housefurnishings and materials required
for building.
There are obvious deferred demands
to be satisfied in certain nondurable
goods areas such as shoes, men's clothing
and certain types of women's apparel.
But once military needs are cut these
latter demands will be quickly filled. It
may be noted that consumer expenditures for goods do not include expenditures on new houses which are considered as part of total private investment.
The following table gives estimates of
the gap between the purchases that could
have been expected of automobiles and
parts and furniture and housefurnishings, if these goods were available, and
the actual purchases of these goods in
1942, 1943, and 1944. The amount consumers would have bought is estimated
on the basis of the relation between the
expenditures and consumer incomes in
the period 1929-41:
Table 2.—Consumer Expenditures:
Actual and Expected
[Billions of dollars]
Automobiles Furniture and
housefurand parts
nishings
Actual expenditures:
1942
1943
1944
Expected expenditures:
1942
1943_
... .
1944.
Deficiency in purchases:
1942
1943
1944
0.6
.6
.6
" \
F1
1:
3.9
3.7
3.8
4.6
5.5
6.1
5.7
6.5
7.5
4.0
4.9
5.5
1.8
2.8
3.7
15
The filling of deferred demands for
durables, however, will have only a limited effect on total consumption expenditures. As chart 7 shows, consumer
expenditures for durables constituted a
relatively small part of total consumer
expenditures.
In 1929 these expenditures (in terms
of 1939 dollars) amounted to about 7
billion dollars, or 12 percent of all consumer expenditures. They dropped to
a depression low of 4 billion dollars in
1933 and then recovered to about the
1929 level in 1941 when they constituted
12 percent of total consumer expenditures. The cut in production of many
important durables during the war resulted in a cut in the proportion of durable goods to all consumer expenditures
in the first quarter of 1945 of 7 percent.
During the first 2 years following VEday the problem in many durables will
be a supply problem. Even if 2 million
passenger cars could be produced in the
first year after VE-day and 5 million in
the second year—and this is in no sense a
forecast—the proportion of durable
goods expenditures would not exceed the
12 percent of 1929 and 1941.
Thus, while the deferred demand for
consumer durables will be an important
element in the maintenance of a high
volume of consumption, its effects must
not be exaggerated. Under the most
favorable conditions these expenditures
account for slightly more than oneeighth of total consumer expenditures.
For example, it appears that this would
be the case even under conditions of full
employment in the postwar years.
The extension of the peacetime relation between consumer expenditures and
incomes indicates that should consumer
expenditures in 1950 approximate a volume consistent with full employment,
they would amount to about 128 billion
dollars in terms of current price levels.
Of this total, expenditures on durables
would be projected at 17 billion dollars,
or 13 percent. Such a 1950 total for durable goods implies large purchases of important commodities—6 million automobiles, 16 million radios, almost 5 million
refrigerators, 3 million vacuum cleaners,
6 million flatirons, over 2 million washing machines, 900,000 electric ranges,
and over 300,000 ironing machines.
Even with such large purchases the aggregate expenditures for consumer durables constitute only a part—and not a
very large part—of total expenditures.
It is clear that business must be dependent both in the transition period and
after, not only on a larger volume of
durable goods demand, but also on purchases of the much larger total of nondurable goods and services and, importantly, new housing which is not
included in the category of consumer
expenditures.
Source: U. S. Department of Commerce.
This table can by no means be used to
determine the volume of deferred demand since much of it is gone forever—
it will never represent economic demand. It does, however, point to the
considerable magnitude of the volume
of such goods that will be demanded
when available.
Business Is the
Greatest Single Force
for Social Good
SURVEY OF CURRENT BUSINESS
16
May 1945
Probable Postwar Sales in Michigan
By Mabel A. Smith
For the United States as a whole,
fluctuations in total retail sales in peacetime periods are explained almost entirely by changes in 2the aggregate incomes of consumers. A similar close
dependence of retail sales to incomes has
been found to be the case for the State
of Michigan.
In chart 1 the retail sales for the
State are plotted against income payments received by its residents for the
years 1929, 1933, and 1935-43. These
data are shown in table 1. Each point
on the chart is located by the sales and
income for the particular year. The
close relationship between sales and income is apparent.
It may be noted that for the peacetime years 1929-41, the points indicating
the sales and income for each year fall
very closely about a straight line. In
fact, the degree of association between
the two series is so close that practically
all of the variations in retail sales are explained by the variations in income payments.
NOTE.—Miss Smith is a member of the
Business Statistics Unit, Bureau of Foreign
and Domestic Commerce.
1
"Retail Sales and Consumer Incomes,"
SURVEY OF CURRENT BUSINESS, October 1944.
2
"Retail Sales and Consumer Incomes,"
loc. cit.
3
Based on a linear regression between sales
and income payments using data for the
years 1929, 1933, 1935-41. Sales (millions of
dollars) = —239.6 + 0.671 X income payments
(millions of dollars).
peacetime years, this was not the case
during the war period. The chart clearly
indicates the effects of wartime shortages
of goods. In contrast to peacetime years
when all points are close to the line of relationship, the points for 1942 and 1943
are considerably below the line.
The increase in income payments in
Michigan during the war years is largely
attributable to its pattern of economic
activity, overwhelmingly dominated by
industries contributing to the war effort.
In this State, as in the Nation as a whole,
consumer purchases during the war period have failed by a wide margin to
keep up with the wartime expansion in
incomes.
Assuming that consumer purchases
would have been in line with the past relationship with income payments if supplies had been available, then sales in
1942 and 1943 respectively would have
been 670 million dollars and 1,280 million
Chart 1.—Relationship Between Sales of Retail Stores and Income
Payments in the State of Michigan
3.5
1
1
1
I I
3.0
#
DOLL .ARS)
Retail Sales Determined by Income
For this peacetime period the salesincome relationship is represented by
the line shown on the chart. This
straightline relationship indicates that
during this period an increase of 1 billion dollars in income payments to individuals was accompanied by an increase of 670 million dollars in retail
sales.3
The close correspondence in movement
of retail sales and consumer incomes
throughout the peacetime period is further brought out by the fact that the
average percentage error in sales as computed by the formula and actual sales
amounts to only 3 percent.
Although sales and income in Michigan
have followed a closely related pattern in
'43
/
y
2 5
i - —
£
/
/
CO
z
o
-
/
ixJ
QC
•39 / • .
Q
r~
CO
37
fAIL
I
A'38
LES OF
N AN EARLIER ARTICLEx an analysis
was made of the relationship between
retail sales and consumer incomes in
the United States. The study showed
the effect of changes in the purchasing
power of consumers on the volume of
sales of various kinds of business, and
demonstrated the manner in which these
relationships could be used as a guide
in the analysis of postwar markets.
It is the purpose of this report to indicate how this method of analysis can
be applied to retail sales in a particular
geographic area, Michigan being used for
illustrative purposes. The problem resolves itself into two parts: (1) The analysis of Michigan sales in terms of the
major economic factors within the State
influencing such sales, and (2) the relation of the factors operating within this
State to general factors operating in the
country as a whole.
While there are at present no official
data on sales of retail stores currently
reported by States, it is possible to estimate some of the State totals from available information. In the case of Michigan, the annual sales estimates were
derived from sales tax data. Details on
the method of utilizing such data are
given at the end of the article. Similar
methods may be applied to estimate sales
of the 21 other States with sales tax
laws.
-
r'35
NOTE.- Z.//V£ Or REGRESSION WAS FITTED
TO DATA FOR SELECTED YEARS 1929-41,
SHOWN IN CHART.
/
CO
1.0 -
'33
/
/
1
1
I
3
.5
4
5
INCOME PAYMENTS
Source : U. S. Department of Commerce.
(BILLIONS OF DOLLARS)
1
7
D. D. 45-293
SURVEY OF CURRENT BUSINESS
May 1945
dollars larger than actual sales in those
years.
In order to use the sales-income relationship for postwar years, it is necessary
to assume that this same peacetime relationship will hold in those years. In the
years immediately following the end of
the war, some modification may be necessary since there is a gap to be filled in
the purchase of durable goods not available during the war.
However, once this accumulated consumer demand has been met, it may be
expected that the usual peacetime relationship will once more prevail. It then
becomes a matter of determining the
probable income payments for the State
in the postwar years in order to arrive
at an estimate of the volume of retail
trade.
Relation of State to National Income
Since Michigan is engaged in a wide
variety of activities producing farm
products, industrial products and products of mines, both for consumer and
producer use, and since its products are
marketed throughout the entire country,
it can be expected that the activity of
the State is closely related to national
activity.
As a matter of fact, a considerable
part of the State is engaged in producing
durable goods and the demand for such
goods fluctuates much more violently
than the demand for all goods. As a
consequence, income payments for the
State, while paralleling the changes in
national income payments, also tend to
fluctuate more widely.
Chart 2 presents the relation of income
payments in Michigan to national income payments. Here again the pattern
of points is along a straight line, and
the close degree of association between
the two series is apparent.
It is striking that this relationship did
not materially change over the entire
period 1929 to 1943. During the war
years the tremendous volume of war contracts awarded in Michigan has led to
the expansion of manufacturing activities which in peacetime were already a
relatively more important source of income in the State than in the Nation.
In 1939, over 45 percent of all salaries,
Table
1.—Retail Sales and Income
Payments
[Billions of dollars]
Michigan
Year
1929
_.._
1930
1931 1932
1933
1934 .
1935
1936
1937,...
1938
1939
1940
.
1941...
1942
1943
1944
retail
sales
2.2
.9
_.
...
1.4
1.7
1.9
1.5
1.8
2.1
2.6
2.7
2.9
3.2
Michigan
income
payments
3.5
2.9
2.4
1.8
1.6
2.1
2.5
2.9
3.3
2 7
3.1
3.4
4.3
5.4
6.7
Source: U. S. Department of Commerce.
http://fraser.stlouisfed.org/ 3
638154—45
Federal Reserve Bank of St. Louis
United
States
income
payments
82.6
73.3
62.0
47.4
46. 3
52.9
58. 6
68.1
72.4
66.2
70.8
76.2
92.7
117.3
143.1
156.8
17
Chart 2.—Relationship Between Income Payments in the State of Michigan
and in the United States
6 —
o
o
CO
•z.
O
LfJ
CO
NOTE.- LINE OF REGRESSION WAS FITTED
TO DATA FOR /929-43.
>
Q_
bJ
O
O
/m'33
_L
40
_L
60
80
100
120
140
INCOME PAYMENTS, UNITED STATES (BILLIONS OF DOLLARS)
160
D D. 45-295
Source : U. S. Department of Commerce.
wages and entrepreneurial net income in
Michigan was derived from manufacturing, mining an,d construction, as compared with 35 percent for similar incomes in the entire United States.
Moreover, during the war period Michigan has shown a substantially larger
increase in income payments from manufacturing sources than the national
average.
The line of relationship shown in
chart 2 indicates that for each change
of 1 billion dollars in national income
payments, income payments in the State
changed by about 50 million dollars.4
The close correspondence in movement
of the two series is further brought out
by the fact that in no year is the error
in the estimated income payments more
than 6 percent and the average percentage error for the entire period is
only 3 percent.
The foregoing analysis points to the
close interrelationship between prosperity in Michigan and that for the United
States as a whole. This fact can be used
in determining the probable volume of
income payments for the State which,
4
Based on a linear regression between income payments in the United States and
Michigan using data for the years 1929-43.
Michigan income payments (millions of dollars) = —626.5+ 51.34xUnited States income
payments (billions of dollars).
together with the relationship of the
latter to Michigan retail sales, can then
be used to estimate the probable volume
of retail trade.
Probable Postwar Volume.
In order to use this method in determining the volume of retail trade in
Michigan in postwar years, estimates
must be made of the probable level of income payments for the Nation as a whole.
This, of course, cannot be done precisely,,
but a probable range will serve as a guide
to the methodology. Business and government are concentrating on achieving
and maintaining a high level of activity
in the postwar years. If the Nation is
successful in this goal, then income payments should exceed the total of any
peacetime year.
As a guide, a range has been selected
for national income payments to individuals varying from a national activity
of almost full employment to one which
corresponds to 6 million unemployed.
Such a range of income payments would
be from 110 billion dollars to 140 billion
dollars in terms of current prices and
wage rates. Such a range represents a
reasonable framework in which to work
out the future relationship.
This range of income can be translated
into the corresponding totals of income
payments and retail sales in Michigan
SURVEY OF CURRENT BUSINESS
18
on the basis of charts 1 and 2. The estimates for this range are given in the
following table:
Postwar Retail Sales and Income Payments for Michigan
[Billions of dollars]
If United States income payments
are assumed at
Then, income payments for Michigan would be calculated at
And retail sales for Michigan
would approximate
140
3.8
Michigan retail sales even at the lowest figure of the range of United States
income payments—110 billion dollars—
would exceed sales of the best peactime
year (1941) by almost 20 percent. At the
volume of income payments corresponding to almost full employment retail sales
would exceed the total of any year to
date by a considerable margin, half
again as much, for example, as in 1941It should be kept in mind that for a
period immediately after the end of the
war retail sales are not likely to fall off
so sharply as income payments because
consumers will try to satisfy their needs
for goods which were difficult or impossible to obtain during the war period.
This is the reverse of what is observed
on chart 1 for the war years, and in-
dividual judgment is necessary to estimate how far off the line of relationship
sales might be during the transition period. Such an estimation would involve,
among other things, a calculation as to
how rapidly the new supply of durable
goods can be increased.
These relationships are a guide only—
and in this particular case and many
others, they provide very good basic
guides. They are not, however, a substitute for understanding and judgment
with respect to the fundamentals of economic fluctuations. Properly applied,
within limits, they can be an exceedingly
useful analytical tool.
Sources of Data
A three percent tax on retail sales has
been effective in Michigan since 1933.
Every person or firm in the business of
selling tangible personal property at retail is required to file a tax return and
to pay the sales tax by the 15th of each
month on his sales in the preceding calendar month. These sales tax returns
are tabulated according to the principal
type of business of the taxpayer.
Sales tax collections have been used
as the basis for the annual estimates of
Michigan retail sales given in this article.
In utilizing the sales tax data those kinds
of business were included which corre-
May 1945
sponded reasonably well to the Census
definition of retail store. Exemptions
under the State sales tax law are minor
and present no problem.
In order to obtain the volume of sales,
the amount of sales tax is capitalized at
the effective rate of tax. Since collections rather than tax liability were reported, the data were lagged one month
to represent sales. Michigan sales estimates for 1929, 1933, 1935, and 1939 were
obtained from the Census of Retail Trade
for those years. Beginning with 1935,
annual sales tax collections were adjusted to the 1935 and 1939 Census levels
of retail sales.
Sales tax collections in Michigan reflect with surprising accuracy changes
in the sales of retail stores. In 1935, and
again in 1939, capitalized sales tax accounted for 93 percent of total retail sales
in Michigan as shown by the Census.
The fact that this percentage remained
so constant over the 5-year period indicates that any bias incurred in the use
of sales tax data as a measure of the volume of retail sales in Michigan is very
small.
Estimates of income payments by
States are available annually from 1929.
The latest data appear in the article,
State Income Payments in 1943, in the
August 1944 issue of the SURVEY OF CURRENT BUSINESS.
Business Population Expands in 1944
The accompanying tables continue the
series on the business population of the
United States which the Department of
Commerce inaugurated in 1944. Data is
presented on the number of operating
firms and the number of new, discontinued, and transferred business for the
first two quarters of 1944. Such information relating to the years 1939
through 1943 was published in the May
and July 1944 issues of the SURVEY OF
CURRENT BUSINESS.
In these articles data was included for
detailed industry and size (as measured
by number of employees) classifications.
Subsequent issues of the SURVEY have
carried summary data as they have become available in the statistical section
under the heading "Business Population."
The 2-year decline in the number of
business firms operating in the United
States came to a halt early in 1944.
During the first 9 months of the year
there was a net increase of nearly
100,000 in the business population. Indications are that by the end of 1944 at
least a fourth of the wartime net decline of 500,000 firms was recouped.
The reversal in trend of the business
population resulted from a decrease in
the rate of discontinuances and to a
smaller degree from increases in the
number of businesses opened. Business
liquidations, which rose sharply in the
first two war years, began to decline
at the end of 1943. During the first 6
months of 1944 they were but a third
of the number in the comparable period
of 1943. The number of firms discon
tinuing business in the latter part of
1944 increased slightly in accordance
with the usual seasonal movement.
In spite of shortages in manpower and
materials, increasing numbers of new
businesses were opened in 1944, thus reversing the downward trend in new ventures which had characterized the earlier
war period. The actual number of busi-
ness enterprises started in the first half
was more than double the number
opened in the similar period of 1943.
The rising trend in new businesses continued throughout 1944. Businesses
purchased, reorganized or taken over by
new owners, however, declined during
the year.
Estimated Number of Operating Businesses, New Businesses, Discontinued Business
and Transferred Businesses, Third Quarter 1943 to Second Quarter 1944
(In thousands)
Number of operating
firms
Industry
Dec.
31,
1943
Total, all industries
Mining and quarrying.
Contract construction _
_
Manufacturing
Food
Leather, apparel, textiles
Lumber, furniture
Paper, printing, publishing... .
Chemicals . . .
. _ ...
Rubber
Stone, clay, glass
Iron and steel
Nonferrous metals
Machinery and transportation
equipment
Miscellaneous (including petroleum and tobacco)
Mar.
June
31, ! 30,
1944 ! 1944
2, 839. 9 2, 849. 3 2, 893. 9
26. o!
147. ll
52.01
25. 8 :
41.31
41. 1:
7.0
•h
5.8!
15.2;
21.7
25. 7
139.1
226. 3 226. 4
50.4!
51. 1
25.3J
25. 5
42.1
41.6
41.1
41. (
6.9
6. 9
.9
1. 1
8.7
8. 1
8.8
8. 8|
5.8
5.81
Oct.-'.Jan.- Apr.-: Oct.- Jan.- Apr.- Oct.-J Jan. Apr.Dec. ! Mar. June Dec. ; Mar. June
1943 1944 1944 1943 j 1944 1944
Dec. ! Mar. I June
1943 1944 1944
43.4!
65.4
81.4|
65.2!
.1!
4.8
.i|
4.8
.1
6.1
.3!
15.8:
4.2
.3
.3
1.5
4.3!
5. 8i
.4!
.3!
•51
(0
.1
21. 5I
21.7
187. 9
5.5!
1.2!
36.81
50.2
.4:
7.8
.3
4.2
1.0
.4
1.0
.6
.1
3.3
0)
(0
6|
(0' I
. 1
. li
.11
.,1
. 0
189.01 193.0
0)
.3
114. O 114.6
i
12! 8J
i
L2J
0)
.4
14.7
Wholesale trade
1.4;
56.0
.9!
2
0)
14.9
Transportation, communication,
public utilities
Retail trade
General merchandise group
General merchandise
General stores with food
25. 5
137.4
Discontinued bus- Transferred busiinesses
nesses
New businesses
.3;
1.0
0)
4
.3
.3
.5
. 1
8.6
.2
.6
9i
0)
. 1 0)
'2
41.9
'.1
0)
.1
(0
(0
2.9
.5
.9
.6
.5
.1
0)
.1
0)
0)
. 1
.1
3.0
4. 1:
6.9
3.1
3.o|
2.8
4. 1
2.0
116.0
2.5
3.3
3.6
3.3
2.7
2.1
1.7
2.6
1.7
1, 324. 7! 1,330. 9 1, 355.1
63.5
63.4
63.1
35.0
34.3
34.5
28.7
28.5
28.9
12.8
.4
30.2
18.5
1.2
16.3
1.1
(
6.0
.4
21.6
21.4
.6
.61
23.5
2.5
SURVEY OF CURRENT BUSINESS
May 1945
Estimated Number of Operating Businesses, New Business, Discontinued Businesss
and Transferred Businesses Third Quarter 1943 t o Second Quarter 1944. Con.
(In thousands)
19
Estimated Number of New, Discontinued, a n d Transferred Businesses During First Half of 1943 and of 1944
[In thousands]
Number of operating
firms
New businesses
Industry
Dec.
31,
1943
Retail trade—Continued.
Food and liquor
Groceries
Meat and seafood
Other food
Liquor
Automotive group
Dealers (new-used cars)
Other
Apparel and accessories
Apparel
_
_
Shoes
Eating and drinking places
Filling stations
Other retail trade
Home furnishings
Appliances and radio
Drugs
Hardware—farm implements-.
Lumber—building materials-._
Miscellaneous retail
416. 1
283.3
28.3
90.
13.7
45.5
31.3
14.2
76.8
67.0
9.8
250. 5
172.7
299.7
28.5
10.1
47.1
34.5
25.7
Mar.
31,
1944
June
30,
1944
O c t - Jan.Dec. Mar.
1943 1944
153.
415.9
283.2
28.3
90.
13.7
47.
33.4
14.3
76.7
66.9
9.8
251.9
177.1
298.5
28.0
10.5
46.3
33.1
26.7
153. 9
422.0
4.0
288.7
28.0
91.5
13.8 ( )
51.2
1.0
35.6
15.6
)
77.6
.6
67.9
9.8| (
256.0!
2.0
184.41 3.3
300. 6
1.5
28.4
10.8
45.8
33.5
27.2
154.9
Finance, insurance and real estate-
267.5
275.5
286.
Service trades
Hotels, etc
Personal services
Laundries
Barber and beautyOther
Business services...
Automobile repair
Miscellaneous repair..
Amusements
Motion pictures
Other amusements-.
545.1
21.4
349.0
93.9
181.4
73.7
21.
55.0
60.8
37.0
12.5
24.5
548.2
19.8
354.9
99.0
183.6
72.3
22.4
52.5
62.3
36.4
12.3
24.1
553.8
18.4
361.9
98.2
190.0
73.6
22.9
50.5
64.4
35.8
12.2
23.6
1
Transferred businesses
Jan.Mar.
1944
Jan.Mar.
1944
Apr.June
Oct.Dec.
1943
8.6
6.9
)
.9
()
3.5
5.
2.
()
4.9
7.8
3.4
2.6
5. 5
5. 6
Apr.June
1944
)
.9
)
.9
()
2.3
1.5
4.5
(
i„
7. 7
()
2. 1
1.3
3.9
.9
.5
1.4
2. 2
3.
7.1
.4
4.4
16.1
.9
9.5
()
17. 5
1.0
10.1
)
()
1.0
1.
2.8
.2
2.1
2.3
1.6
5.2
()
9.1
2.5
3.8
4.3
16.3
3.4
4.8
12.
2.5
3.7
11.9
2.4
3.1
13.3
1. 1
7.0
8.2
.7
4.7
()
()
()
()
.9
2.1
3.2
.2
.5
4. 1
1.3
4.8
1.7
1.1
.6
1.3
1.9
1.2
4.1
1.0
12.7
1. 1
7.0
()
1.3
1.6
1.2
Not available.
New or Revised Series
Production of Woolen and Worsted Woven Goods, Except Woven Felts: New Series
for Page S-36 *
[Thousands of linear yards 2J
Apparel fabrics
Total
Total
Men's wear
Women's
and
children's
wear
General
use and
other
fabrics
Industrial group a n d
size of firm
All industries
No employees
1-3 employees
4-7 employees
8-19 employees
20-49 employees
50 or more employees..
68.0 268. 8 136. 9 146.8192.8 90.5
45.9j49. 2J32.4
22. 3 158.1 58.
35.8 91.4 57.1 86.3 35.8 41.4
5.8 10.2 12.0
110.1
4.0
2.5 6.1 5.1 3.4
1.8
1.2 1.8 2.5 1.0
.4
. 5 1.2 1.3
Mining and q u a r r y i n g , . 1.0
No employees
(0
]-3 employees
.4
4-7 employees
8-19 employees
20-49 employees
0)
50 or more employees-. 0)
Contract construction
12.5
No employees
7.2
1-3 employees
3.6
4-7 employees
.9
8-19 employees
.4
20-49 employees
.2
50 or more employees.. . 1
M anuf acturing
No employees
1-3 employees
4-7 employees
8-19 employees
20-49 employees
50 or more employees..
Total
Quarterly average
1943:
January-March
April-June
July-September
October-December
Blankets
Other nonapparel
fabrics
Total
Quarterlv average
370,963
92, 741
312,961
78, 240
3 182, 858
3 45, 714
95,153
23, 788
3 34, 951
3 8, 738
* 16, 299
4
4,075
* 41, 703
4 10, 426
371, 848
92, 962
321,007
80,252
178, 854
44, 714
107,080
26, 770
35, 073
8,768
19, 575
4,894
31, 266
7,816
133, 696
133, 274
127, 070
119,142
113, 273
105, 230
69,069
71, 835
67,031
29, 094
24,511
24, 903
20, 979
16,927
13, 296
13,115
18,023
19, 843
1,439
1,978
1,997
527, 736
131,934
456, 787
114. 197
277,004
69,251
107, 602
26, 901
72,181
18,045
64, 096
16,024
6, 853
1,713
134,084
135, 275
131,552
135, 518
108,184
110, 768
107,145
114, 476
67,162
67, 289
59, 859
62, 459
28,027
30, 370
33, 301
40, 399
12.995
13, 109
13, 985
11,618
24,
22,
22,
19,
392
850
368
692
1,508
1,657
2,039
1, 35D
536, 429
134,107
440,573
110,143
256.769
64,192
132,097
33,024
51, 707
12,927
89, 302
22, 326
6,554
1,639
.
1 Compiled b y t h e U. S. Department of Commerce, Bureau of the Census. D a t a for 1942-44 were compiled for t h e
War Production Board from reports of manufacturers who account for 98 percent or more of t h e total production of
woolen and worsted woven goods (defined as fabrics containing b y weight 25 percent or more wool fiber); estimates are
included for a few manufacturers from whom reports were not received. D a t a for 1937 and 1939 are from reports of t h e
Census of Manufactures. F o r 1944 d a t a see p . S-36.
2
Yardage is on an equivalent 54-inch linear yard measure for fabrics other t h a n blankets a n d a 72-inch linear yard
measure for blankets; t h e 1937 a n d 1939 data were reported in square yards a n d have been converted to these
equivalent linear yards.
3
N o t strictly comparable with data for later years; men's wear fabrics made on commission, which represented
2 percent of total men's wear in 1939, are included in "general use and other fabrics."
4
Crib blankets included in "other nonapparel fabrics"; crib blankets accounted for less t h a n 1 percent of t h e total
yardage of blankets
Digitized 6for FRASER in 1939.
Quarterly average; separate figures were not collected for t h e first and second quarters.
1.0
(0
0)
(0
.5
'.3
.1
.1
.2
0)
0)
0)
0)
47.0 2.6 10. 9 20.
.8 4.0
21.5
19.8 1.0 5.1
.4 1.2
2.5
.4
1.8
.2
.7
.1
.1
.6
14.5 12.3
3.3 4.2
6.
7.0
2.4
.5
1.2
.4
.8
.2
.2
.1
9.7|
1.51
3.6
1.6
1.2
1.1.
.7
8.6
1.3
4.4
1.5
.8
.5
.1
0)
0)
1.1
.3
.4
.2
.1
0)
0)
5.0
.6
2.5
.4
9.7 11.0 5.9
7.3 6.5
2.8
1.8 4.0
1.2
.3
.2
.3
.1
.1
.1
.1
.1
.1
. 1 0)
.1
Wholesale trade
2.7 16. 6
No employees
1.2 5.1
1-3 employees
1.3 9.2
4-7 employees
1.2
8-19 employees
.8
20-49 employees
.2
50 or more employees..
.1
3.7
.8
1.8
.6
.4
.1
.1
Retail trade
9. 3 109. 2
No employees
1.4171.3
1-3 employees
6.8 31.6
4-7 employees
.8 3.9
8-19 employees
. 2 2.1
20-49 employees
0)1 -3
50 or more employees..
(0
1937:
Total
Quarterly average
1939:
Total
Quarterly average
1942:
January-June 5 ._ .
July-September
October- December
First 6
m o n t h s , 1944
Transportation, communication and other
public utilities
11.5 20.5
No employees
6.9 16.3
1-3 employees
4.1 3.5
4-7 employees
.3
.4
8-19 employees
.1
.2
20-49 employees
.1
.1
50 or more employees.. 0)
.1
NOTE.—The detailed items do not necessarily add to the totals because of rounding.
Year and quarter
First 6
m o n t h s , 1943
6.1
(
C2)
(2)
12.
1.2
.1
A p r . - Oct.June Dec.
1944 1943
()
3.5
()
2.3
10.3
2
Less than 50.
Discontinued businesses
Finance, insurance, and
real estate
No employees
1-3 employees
4-7 employees
8-19 employees
20-49 employees
50 or more employees. _
.3!
.1
(0
(0
Service industries
10.9
No employees
1.0!
8.9
1-3 employees
.6
4-7 employees
.3
8-19 employees
.1
20-49 employees
.1
50 or more employees,.
J
-2
16.9
9.9
6.5
1.8
4.2
.6
.2
(0
0)
4.3
1.7
1.6
.6
.3
.1
(0
68.9 52.7 22. 3 44.9
28.2 13.8 17.5 14.9
~ 31.0 33.6 4. 0 22. 0
6.7 3.9
5.8
1.7
1.2
.4
0) . 1
9.1 23.0
4.0 5.0
4.6 16.9
A
0) 0)
0) (')
45.5 32.2 33. 6 24. 8
30.0 16. 3 13. 5 12. 9
13.4 12.9 18. 0 10. 2
1.3 1.8 1.3 1.1
.6
.71
.5! .4
. l ! .2
• 2| .31
.1 . 1
.1
|
8.8
4.1
4.0
.4
.2
(0
0)
20.
8.1
9.9
1.8
.6
.3
.2
Less than 50.
NOTE.—The detailed items do not necessarily add to
the totals because of rounding.
Advertising
Holds Friendship
of Those
You'll Sell Tomorrow
SURVEY OF CURRENT BUSINESS
20
May 1945
Income Payments to Individuals, 1942—44: Revised Series for Page S—1 *
Indexes adjusted
(1935-39=100)
Amount (millions of dollars)
1
Year and month
Total
income
payments
Salaries and wages
Salaries
and
wages
Total
nonagricultural
income
Total
income
payments
TotaJ
2, 521
2, 601
2,703
2,821
2,968
3,112
3,258
3,415
3.517
3, 607
3, 683
3, 691
1,310
1,294
1.321
1,327
1.339
1,347
1,353
1,359
1,378
1,428
], 444
1, 509
958
964
968
974
982
990
990
993
993
1,016
1,039
1,052
816
840
897
960
1,008
1,148
1,077
1,122
1.266
1,414
1,480
1,568
77
72
75
68
58
53
45
35
30
26
24
23
117. 285
80,407 !
37.897
16,409
11,919
13,596
586
6, 701
3.158
1,367
993
1,133
49
11,032
10,687
11,465
11,439
11,253
12,327
11,918
11,729
12,541
12. 766
12,420
13, 557
7. 837
7. 947
8,105
8, 2,c0
8, 328
8, 519
8, 483
8. 548
8, 723
8.912
9,012
9,127
3,634
3, 703
3. 774
3, 868
3, 927
3,971
4, 009
4.042
4.108
4.158
4.161
4, 098
1,423
1,422
1,460
1.479
1,487
1,037
1.047
1,050
1,065
1,077
1,115
1,107
1,101
1.097
1,119
1,128
1,152
1,724
1,760
1,810
1.831
1.833
1,904
1,824
1,842
1,957
2,038
2,102
2,166
19
15
11
143,134
101,791
47, 453
18,394
13,095
22. 791
58
11,928
8, 483
3. 954
1, 533
1,091
1,899
224.2
228.7
228.7
228.4
229.2
231.1
232.3
232.3
231.9
233.6
235.3
236.9
12, 541
12, 206
12,979
12, 582
12, 387
13,573
12,928
12, 586
13,670
13, 684
13, 253
14,405
9,039
9,180
9,138
9,145
9, 223
9,344
9, 284
9,304
9,375
9,541
9,508
9, 653
4, 050
4,044
4,009
3, 995
4,008
4,051
4,045
4, 056
4,039
4,066
4,010
4,002
1, 645
1,773
1,724
1, 693
1,707
1,730
1,749
1,759
1,755
1,798
1,808
1,890
1,153
1,168
1,174
1,183
1,212
1, 223
1,241
1,234
1,213
1,224
1,234
1,258
2,191
2,195
2,231
2,274
2,296
2,340
2,249
2,255
2,368
2,453
2, 456
2, 503
i 156,794
i
13,066
111, 734
48,375
21,031
14,517 !
27,811
231.1
9,311
4,031
1,753
1,210 i
2,318
153.7
156.2
158.8
162.0
164.7
169. 2
172.7
175.9
178.8
183.6
188.4
191.4
174.5
188.2
171.2
9,774
1943: January
February
March
April
-. -.
May
June
July
August
September
October
November
December
199 6
203. 5
206. 9
208.8
209. 4
212.8
214.8
216.7
216.8
219.3
222.9
224.7
221.9
225. 7
228.8
231. 5
233. 0
237.8
240.8
242. 6
244.5
247.3
251.3
253.4
196.0
199.1
201.4
203. 6
204. 6
208.6
211.1
212.3
213.8
216.3
220.1
221.8
Total
Monthly average
213.0
238.2
209.1
227.2
232.4
231.9
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
239.0
255. 7
261.1
258. 8
258.3
259.1
261.7
263. 0
263.1
262.0
263.4
264.7
266.9
233.3
261.5
Total
Monthly average
1944: January
February
March
April
May
June
July
August
September
October
November
December
TotaL..
Monthly average
Government
Work
relief
wages
5, 682
5.771
5, 964
6.150
6, 355
6, 650
6,723
6,924
7,184
7,491
7, 670
7,843
163.8
167.7
171.3
175.6
179.6
186.0
190.3
194.8
198. 3
204.7
211.4
216.3
_
Service
industries
8,568
8,144
8,870
9,005
8, 864
9,879
9,807
9, 693
10, 659
11,053
10,846
11,897
156.4
159.0
161.2
165.4
167.8
172 3
175.5
179. 5
182.5
187.2
192.8
1S6.1
1942: January
February
March
April
May
June
July
August
September
October
November
December
Commod- Distribuity pro- tive inducing
industries dustries
Public
assistance and
other
relief2
1', M3
1, 563
1, 561
1, 597
1,621
1,711
Dividends
and
interest
94 |
95
94
92
89
87
86
86
85
85
84
84
Entrepreneurial
Other
income
and net income
payrents
ments 3
and
royalties
Total
nonagricultural
income
823
442
924
813
492
1,150
899
449
914
794
512
1,559
,795
,663
,711
,779
,762
.826
1,928
2, 069
2.290
2,495
2, 396
2,219
174
173
177
171
166
166
171
165
186
188
184
192
7,734
7,430
8,113
8,174
8,033
8,961
8,783
8,538
9,282
9,471
9,394
10, 623
1, 061
9,771
23, 933
2,113
104, 536
88
814
1,994
176
8,711
83
81
78
77
76
77
78
78
78
79
817
456
953
790
498
1,387
904
470
1,024
850
518
1,722
2,086
1,993
2,111
2,097
2,126
2,113
2,219
2, 393
2,468
2, 672
2, 546
2,337
209
210
218
225
225
231
235
241
248
254
266
292
9,939
9,705
10, 358
10,334
10,100
11,179
10, 650
10, 278
11,004
11,034
10,868
12,224
939
10,389
27,161
2.854 i
127.673
78
866
2,263
238 i
10,639
79
79
79
78
78
78
78
78
78
79
79
80
834
459
1,161
811
494
1,554
914
486
1,317
829
509
1,827
2, 275
2,137
2,186
2,127
2,175
2,189
2,241
2,300
2,474
2,801
2,716
2,396
314
351
415
421
417
408
411
418
426
434 !
441 :
449 !
11,324
11,118
11,852
11,496
11, 242
12, 396
11,681
11, 269
12,178
11,877
11,583
13,082
943
11,195
28, 017
4,905
141,098
79
933
2,335
409
11,758
4
2
|
1 Compiled b y the U. S. Department of Commerce, Bureau of Foreign avd Domestic Commerce. The revisions were occasioned principally by the adjustment of the monthly data
to the Bureau's revised annual estimates of national income for 1942-43 and the estimate for 1944. For revised data for 1939-41, see p . 16 of the April 1944 Survey; monthly data for
1938 and earlier monthly averages are available in the 1942 Supplement to the Survey. For a description of the data see footnotes 1-12 for page 6 on page 177 of that volume. A table
showing monthly data for all years, 1929-44, is available on request.
2
Formerly designated "Direct and other relief."
s Formerly designated "Social security benefits and other labor income"; in addition to the data enumerated in the note on this item in the 1942 Supplement to the Survey, the
series includes Government's contribution to allowances paid to dependents of enlisted military personnel beginning September 1942 and mustering-out pay to veterans beginning
February 1944.
Employment, Pay Kolls, Hcurs and Farnings in the Telephone Industry: Revised Series for Pages S—11, S—12, and S-141
Jan.
Feb. Mar. Apr. M a y June July
Aug. Sept,
Oct. Nov. Dec.
Year
Mo.
avg.
Jan.
Feb. Mar. Apr. M a y June July
98.2
102.7
98.6
100.1
106.0
119.3
123.9
98.7
100.7
98.2
100.3
106.9
119.7
123.8
99.5
100.0
98.4
100.5
108.2
120.3
123.9
101.1
99.7
99.2
101.3
110.0
121.3
124.6
102.7
99.7
100.0
102.2
112.0
122.0
125.1
103.8
99.6
100.8
102.9
114.1
123.0
126.7
105.4
99.9
101.0
104.0
117.0
124.5
129.0
105.6
99.9
101.2
104.7
119.1
125.2
129.6
105.6
100.0
100 9
104.4
120.1
124.9
129.0
105.1
99.5
100.9
104. 5
120.3
124.3
128.4
104.2
99.0
100.6
104.8
119.7
124.2
128.2
103.1
99.0
100.1
105.3
119.4
124.1
128.2
102.7
100.0
100.0
102.9
114.4
122. 7
126.7
89 7
99.9
98.1
101.6
108.3
126.1
137.3
88 2
96.1
97.9
101.3
108.9
126. 5
138.0
93.3
99.0
98.2
102.6
111.2
127.5
137.2
92.6
98.1
98.4
103.1
112.1
128.1
139.9
95.1
97.0
100.0
103.3
115.4
131.0
144.3
94.2
97.1
99.9
104.4
118.1
131.3
145.6
98.0
97.1
101.0
105.8
121.0
132. 0
148.6
98.1
97.6
100.7
104.9
121.9
133. 6
149.0
Mo.
avg.
39.6
39.5
39.0
39.2
39.7
40.3
41.2
37.9
38.0
38.9
39.1
39.6
39.9
41.0
39.2
39.0
38.9
39.4
39.9
39.9
40.9
39.3
39.3
38.9
39.3
39.9
40.0
41.3
39.3
38.3
39.2
39.3
40.3
40.5
42.2
37.9
38.4
39.0
39.4
40.3
40.4
42.0
39.4
38.4
39.3
39.5
40.5
40.5
42.3
38.9
38.6
39.1
39.3
40.3
40.7
42.2
38.5
39.0
39.4
39.7
40.4
41.5
42.4
39.4
39.8
39.1
39.6
39.9
40.7
42.1
37.7
39.1
39.0
39.9
40.0
40.8
42.5
39. 1
39.1
39.4
39.7
40.9
40.7
42.1
38.8
38.9
39.1
39.5
40.1
40.5
41.9
Average hourly earnings (dollars)
Pay rolls (1939=100)
1937
1938...
1939..
1940...
1941___
1942...
1943...
Oct. Nov. Dec.
Average hours worked per week
Employment (1939=100)
1937.._
1938...
1939.._
1940__.
1941...
1942.
1943...
Aug. Sept,
98.3
99.0
101.4
106.4
123.0
137.0
149.9
101.3
102.0
101.7
106.9
122.6
134. 7
148.9
97.3
99.5
100.8
108.0
123.9
135.4
150. 9
100.8
98.4
101.8
108.2
128.9
134.5
149.3
95.6
98.4
100.0
104.7
118.0
131.5
144.9
0.746 0.759 0.772 0.754 0.761 0.774 0.767 0.776 0.781 0.788 0.800 0.806 0 774
.794 .809 .819 .808 .822 .820 .816 .815 .816 .829 .826 .819 .816
.822 .825 .825 .819 .821 .816 .817 .820 .819 .828 .826 .830 .822
.830 .829 .832 .830 .825 .825 .825 .818 .822 .828 .827 .829 .827
.824 .824 .825 .817 .815 .819 .814 .809 .809 .813 .823 .842 .820
.836 .844 .846 .841 .845 .840 .834 .834 .844 .848 .850 .849 .843
.856 .861 .862 .865 .869 .872 .865 .868 .873 .878 .883 .883 .870
1
Compiled by the LT. S. Department of Labor, Bureau of Labor Statistics. Data for the telephone industry were formerly combined with the telegraph industry, and separate
figures are available only beginning 1937. Employment and pay-roll indexes (on a 1929 base) back to 1929 for the two industries combined are on pp. 46 and 52 of the 1942 Supplement
to the Survey. Data relate to all employees except corporation officers and executives.
SURVEY OF CURRENT BUSINESS
May 1945
S-l
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That
volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it
also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where
historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer
to adjustment of monthly figures for seasonal variation.
Data subsequent to March for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in t h e
1942 Supplement to the Survey
1944
1945
March
March
April
May
June
July
1945
August
September
October
Novem- December
ber
Janu
ary
February
BUSINESS INDEXES
INCOME PAYMENTS t
Indexes, adjusted:
244.8
Total income payments
1935-39=100.
269.7
Salaries and wages
do
239.7
Total nonagricultural income
do
13, 725
Total
.mil. of dol.
Salaries and wages:
9, 580
Total §
do....
3,944
Commodity-producing industries
do
80
Public assistance and other relief ^
do
1,344
Dividends and interest
do
Entrepreneurial income and net rents and roy2,253
alties
...mil. of dol..
462
Other income payments..
do
12, 588
Total nonagricultural income
do
231.9
258.8
228.7
12, 979
231.1
258.3
228.4
12, 582
232.1
259.1
229.2
12, 387
233. 9
261.7
231.1
13, 573
233.2
263.0
232.3
12, 928
234.0
263.1
232. 3
12, 586
232.5
262.0
231.9
13, 670
235.5
263.4
233.6
13, 684
237. 5
264.7
235.3
13, 253
239.0
266.9
236.9
14,405
241.9
268.6
238. 7
13, 357
' 245. 2
269.8
239.6
12, 743
4,009
79
1,161
9,145
3,995
78
811
9,223
4,008
78
494
9,344
4,051
78
1,554
9,284
4,045
78
914
9,304
4,056
78
486
9,375
4,039
78
1, 317
9,541
4,066
79
829
9.508
4,010
79
509
9,653
4,002
80
1,827
9, 516
3,954
80
936
'9,526
' 3,957
80
490
2,186
415
11,852
2,127
421
11,496
2,175
417
11,242
2,189
408
12, 396
2,241
411
11,681
2,300
418
11, 269
2,474
426
12,178
2,801
434
11,877
2,716
441
11, 583
2,396
449
13,082
2,369
456
12,124
' 2,190
'457
11, 678
121
93
142
127
83
160
123
74
161
133
80
173
127
80
163
131
114
145
138
131
143
159
180
143
189
238
153
164
178
154
•136
131
139
131
126
135
113
105
'119
157
169
148
156
143
165
146
133
156
154
139
165
141
116
160
135
117
150
133
105
154
129
109
144
142
142
142
150
155
'147
137
127
144
144
147
142
144
150
' 140
1,510
1,450
1,528
1,433
1,480
1,402
1,546
1,452
1, 558
1,504
1,649
1,602
1, 741
1,690
2,007
1,954
2,460
2, 427
2,256
2,188
1,747
1,697
1,658
1, 571
1,399
1,351
218.0
305.0
377.0
258. 0
224.0
273.0
293. 0
215.5
274.0
276.5
272.0
199.5
322,5
283.5
211.0
270.0
282.0
262.0
209.5
306.0
252.0
218.5
276.0
284.0
271.0
219.0
308.0
278.0
226.5
275.0
283.0
270.0
213.5
316.0
260.5
241.0
252.0
264.0
244.0
207.0
266.5
260.5
254. 5
261.0
272.0
253. 5
202.0
288. 5
265.5
294.0
243. 5
258.5
233.5
200. 0
240.0
287.5
365.5
262.5
308.0
232.5
197.5
235.5
298.5
' 329.0
267.0
298.0
246.5
'191.0
265.0
308.5
' 255. 0
263. 5
295.0
242.5
192.0
255.0
313.0
237.0
278.0
327.0
246. 0
196.0
267. 0
290. 0
408.0
248.0
207.0
264. 0
285. 0
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings
1935-39=100.,
Crops
do
Livestock and products
do
Indexes, adjusted:
Total farm marketings
do...
Crops...
-.do—
Livestock and products..
do
Cash farm income, total, including Government payments*
..mil. of dol..
Income from marketings*
_
do
Indexes of cash income from marketings:!
Crops and livestock, combined index:
Unadjusted
1935-39=100.
Adjusted
do
Crops
do
Livestock and products
do
Dairy products
do
Meat animals
do
Poultry and eggs
do
203.0
312.0
PRODUCTION INDEXES
Industrial Production—Federal Reserve Index
232
230
234
236
236
232
235
'232
230
237
234
v 232
238
Unadjusted, combined index!..
1935-39=100.
252
252
'250
248
248
248
255
251
249
250
248
v 250
257
Manufactures!
do...
357
' 345
354
348
342
343
349
346
341
361
343
v 346
363
Durable manufactures!
do...
210
202
198
202
203
206
201
202
197
204
213
v 211
214
Iron and steel!
do...
127
114
125
133
v 113
130
113
113
124
135
128
125
120
Lumber and products!.
do...
142
' 146
142
142
142
146
139
143
141
v 145
149
143
144
Furnituref
..do...
119
97
117
109
116
123
129
'97
P97
99
110
123
127
Lumberf..
do...
437
'436
445
v 434
452
435
431
431
434
427
428
422
442
Machinery!
do...
279
292
257
229
'253
287
245
233
234
243
238
263
Nonferrous metals and products!
do...
282
247
284
293
252
283
243
252
246
'280
252
268
Fabricating*
._.do._.
273
289
297
' 191
244
186
187
226
205
200
191
252
' 195
Smelting and refining*
do...
165
163
163
159
167
163
165
167
P158
'156
164
169
'161
Stone, clay, and glass products!_.do...
79
74
68
66
94
82
71
100
100
102
95
90
Cement
do...
122
122
126
124
120
116
' 118
125
122
121
120
125
Clay products*.-_ do...
225
227
216
213
202
213
218
210
196
206
204
228
Glass containers!
do...
726
730
734
709
704
704
'697
699
707
695
'706
716
Transportation equipment!
do
226
232
233
'242
235
'230
223
229
235
226
229
*>239
228
Automobiles!
_
do.
168
169
171
'172
173
171
171
173
167
173
'170
*>172
169
Nondurable manufactures!
do.
127
127
128
' 157
159
168
146
151
198
159
'191
133
143
Alcoholic beverages!
-..do_
323
325
344
'320
309
308
313
310
315
310
307
316
Chemicals!
do.
410
408
405
MOO
395
394
396
408
408
396
400
411
*>399
Industrial chemicals*
do.
112
116
112
'125
103
121
115
118
113
' 114
111
114
p 121
Leather and products!
do.
110
116
106
112
116
114
107
112
128
107
118
111
Leather tanning*
do.
114
116
116
'122
100
122
117
119
113
114
114
117
v 123
Shoes
do.
p Preliminary
' Revised.
^Formerly designated "Direct and other relief."
§The total includes data for distributive and service industries and government not shown separately.
•New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes through 1942 were computed
by the Department of Commerce in cooperation with the Department of Agriculture; later data are from the latter agency. Data for 1913-41 for the dollar figures on cash farm incomeare shown on p. 22 of the May 1943 Survey but the annual totals have been revised beginning 1940; revised monthly averages based on the new totals are as follows (millions of dollars):
Cash farm income, total including Government payments—1940, 759; 1941, 979; 1942,1,339; 1943, 1,660; income from marketings—1940, 695; 1941, 930; 1942,1,281; 1943, 1,604; the monthly
figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial production are shown on p. 18 of the December 1943 issue.
!Revised series. Data on income payments revised beginning January 1939; for figures for 1939-41, see p. 16 of the April 1944 Survey and for 1942-44, p. 20 of this issue. The indexes
of cash income from farm marketings have been completely revised; data beginning 1913 are shown on p. 28 of the May 1943 Survey. For revisions for the indicated series on industrial
production, see table 12 on pp. 18-20 of the December 1943 issue.
S-2
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes m a y he found in the
1942 Supplement to the Survey
1945
March
May 1945
1944
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
BUSINESS INDEXES—Continued
PRODUCTION INDEXES—Con.
Industrial Production—Continued
Unadjusted—Continued.
Manufactures—Continued.
Nondurable manufactures—Continued.
Manufactured food products!
1935-39=100..
Dairy products!
_
...do
Meat packing
_
do
Processed fruits and vegetables*
do
Paper and products!
do
Paper and pulpt
do
Petroleum and coal products!
do
Coke
do....
Petroleum refining!
do
Printing and publishing!
do
Rubber products!
do—
Textiles and products!
_do
Cotton consumption
do
Rayon deliveries
.-do....
Wool textile production
do
Tobacco products
do
Minerals!..
do
Fuels!
do.._.
Anthracite!
do
Bituminous coal!
do
Crude petroleum
do
Metals
....do...
Adjusted, combined index!
do
Manufactures
do
Durable manufactures
_
_.do
Lumber and products
dO-_.
Lumber
_
do...
Nonferrous metals.
.do...
Stone, clay, and glass products
_._do.-.
Cement
do
Clay products*
do...
Glass containers
.do...
Nondurable manufactures
_do.._
Alcoholic beverages
do...
Chemicals
_
do
Leather and products
do...
Leather tanning*
do
Manufactured fofld products
do...
Dairy products
___
do...
Meat packing
_
...do...
Processed fruits and vegetables*
.._do...
Paper and products
do...
Paper and pulp
do...
Petroleum and coal products.
._
do
Petroleum refining..
do...
Printing and publishing
do
Textiles and products...
do...
Tobacco products
.do...
Minerals
do.-_
Metals
_
do...
v 140
p 116
135
171
v 106
P246
v 153
150
212
v
v
v
v
v
117
136
147
115
149
149
v 236
*>252
P347
P 119
p 105
»266
142
P113
187
85
137
134
234
174
243
101
242
151
r 151
191
155
117
133
141
123
155
138
86
211
259
364
129
119
287
167
83
v 121
P176
151
v 121
159
v 138
146
p 179
P
p 104
p 153
123
v 142
131
216
175
137
341
112
107
159
*135
202
155
137
134
234
243
100
151
123
139
126
143
p 143
183
92
138
134
233
176
242
104
231
151
151
196
153
120
138
143
129
155
139
112
239
256
361
126
118
292
165
78
125
227
172
123
323
116
117
158
rl37
198
152
138
134
233
242
101
151
126
140
122
147
*185
180
94
142
137
237
175
246
100
230
147
142
195
152
124
146
146
134
159
153
*225
172
105
141
137
242
172
252
100
228
145
140
196
148
126
146
146
128
158
142
144
143
148
236
235
253
251
354
127
356
124
115
279
161
76
122
210
169
116
324
112
110
154
*139
180
145
142
137
237
246
98
147
124
143
120
163
P221
162
169
132
128
247
172
259
89
227
139
139
193
131
127
143
143
118
151
142
142
230
246
347
124
118
114
263
168
84
127
230
169
244
165
p 178
147
213
141
137
251
171
264
98
231
141
140
189
140
129
147
147
124
154
146
145
232
248
348
127
118
245
162
88
115
113
153
165
86
124
222
165
128
314
105
113
153
p 153
v 151
* 139
173
136
140
175
If 59
112
142
119
319
136
242
252
130
133
129
247
142
259
95
139
122
139
120
117
100
145
121
122
204
168
186
314
112
108
147
137
251
264
102
141
126
142
114
166
v 155
148
236
141
137
258
168
272
100
230
147
148
196
144
131
147
148
129
151
149
138
230
246
342
120
11!
238
159
86
lf
it
200
1H8
150
307
121
120
146
v 147
161
121
142
137
258
272
99
147
124
143
113
159
*125
156
180
143
139
266
170
281
105
231
146
140
199
150
125
144
148
133
152
148
123
232
248
344
120
109
233
161
88
115
212
169
166
307
115
HI
156
v 152
154
139
143
139
266
281
103
146
120
143
111
155
v 108
175
133
143
138
268
170
283
107
231
149
149
209
143
137
140
148
126
155
148
89
232
248
341
122
J12
234
160
88
116
208
173
184
307
116
112
1M i
v 165 I
145
143
138
268
283
103
149
135
143
112
150 j
143
P88
184
114
134
132
268
167
283
106
'239
152
146
215
152
121
131
141
109
138
146
68
232
249
343
122
111
229
163
90
116
218
173
169
312
114
15.5
v 145
158
146
135
132
268
283
104
152
131
137
111
171
106
136
132
'273
167
'289
99
'247
150
145
215
' 146
121
134
145
96
151
148
07
234
251
'345
126
118
'253
'162
87
125
200
'174
'213
316
' 114
113
155
p 132
146
163
136
132
270
'289
102
150
121
140
111
Munitions Production
108
106
107
115
111
' 103
111
' 106
' 110
Total munitions*
1943=100.
' 104
103
120
109
Aircraft*
do...
148
136
143
138
132
127
115
108
112
103
103
114
101
110
105
112
ShipvS (work done)*
do...
103
'99
'92
'84
-"86
81
85
95
91
84
88
Guns andfirecontrol*
do...
84
79
'79
'80
r
' 122
114
116
123
110
P 146
112
' 113
Ammunition*
do...
125
125
' 129
136
82
79
82
76
Combat and motor vehicles*
do...
73
76
82
75
88
95
'83
r
' 118
'118
' 116
126
121
P 128
122
' 125
Communication and electronic equipment*
do...
122
M21
117
122
' 101
111
' 111
' 112
106
v 123
105
' 1C7
Other equipment and supplies*
do...
124
116
' 119
'113
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES
314
302
271
280
293
299
351
301
316
New orders, index, total
Jan. 1939=100
316
344
326
487
455
429
562
436
461
Durable goods
do-_.
384
403
445
455
529 I
469
330
429
439
381
569
257
272
366
416
Iron and steel and their products
do
415
504
409
396
326
395
339
440
316
Electrical machinery...
do...
389
389
398
401
386
' 266
501
370
559
361
455
441
450
407
440
Other machinery
do...
439
497 !
'510
592
589
595
605
613
Other durable goods
do.-.
611
577
621
590
556
657 i
614
202
215
215
198
201
201
208
204
223
Nondurable goods
do._.
226
225 !
234
263
269
283
273
ShJpments,index, total!
avg. month 1939=100.
268
274
273
264
278
264
261 j
284
373
372
384
374
Durable goods
do...
380
377
389
371
383
366
354 '
'390
289
282
308
302
Automobiles and equipment
do
292
278
290
295
309
314
292
'303
253
289
249
245
252
Iron and steel'and their products
.do
244
248
235
248
243
242
'260
267
289
282
279
Nonferrous metals and products
.do...
275
275
273
274
272
263
257
292
521
503
492
483
513
515
492
Electrical machinery
do...
434
452
485
' 566
508
389
410
390
392
425
408
Other machinery
do...
385
411
401
427
402
'416
2,372
2,163
2, 412
2,414
2,310
2,644
2,468
2,561
190
Transportation equipment (exc. autos)
do
2, 526
2,436
' 2, 449 |
213
223
210
221
219
210
208
207 |
Other durable goods
do.
204
215 {
207
219
r
198
213
203
208
193
193
194
196
196 I
Nondurable goods
do.
190
187
210
207
226
211
218
209 j
200
Chemicals and allied products.,„
do
' 214
206
204
204
208
207
216
219
217
227
206
212 !
203
Food and kindred products
do
200
204
208
200
' 225
r
172
182
179
180
171 I
179
Paper and allied products
_do.
177
176
172
174
165
178
187
202
189
192
194
185
184 j
192
Products of petroleum and coal
do.
178
184
179
208
297
293
342
311
295
295
288
290
316
Rubber products
do.
293
341
T
184
189
189
176 I
202
195
162
184
200
Textile-mill products
.do
190
190
185
181
189
189
180 !
169
165
175
Other nondurable goods
do
207
180
174
172
' 196
r
* Preliminary.
>
Revised.
_._.
*New series. Indexes of munitions production for 1940-43 are shown on p. 24 of the February 1945 Survey; subsequent revisions in the 1943 data are available on request.
!Revised series. issue. Seasonal adjustment factors for a indexes and all seasonally adjusted industrial production series industrial production series, see table 12 on pp. 18-20
of the December 1943 For revisions for the indicated unadjustednumber of industries included in the indexes shown above for theshown in the Survey have beenfixedat 100 beginning
. _„
various months from January 1939 to July 1942; data for these industries are shown only in the unadjusted series as the "adjusted" indexes are the same as the unadjusted. The
re the take as the una
indexes of shipments have been revised beginning 1939 to incorporate corrections in company reports due to renegotiations and other revisions and tosame account of changes in the
weighting factors; the series "products of petroleum and coal" has been substituted for "petroleum refining" shown prior to the March 1945 Survey; data for other series are shown on
the revised basis beginning in the February 1945 Survey and annual totals back to 1939 are on p. 22 of that issue; complete monthly revisions are available on request.
p
r
T
T
r
r
r
r
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
S-3
1945
1944
March
March
April
May
August
July
June
September
Novem- December
ber
October
January
February
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES—Continued
Inventories:
Index, total.
avg. month 1939 = 100
Durable goods
._
do.
Automobiles and equipment
do
Iron and steel and their products do
Nonferrous metals and products* . . . . do
Electrical machinery
do *
.
Other machinery
. .
do
Transportation equipment (except automobiles)
avg. month 1939=100..
Other durable goodsf
do .
Nondurable goods
do
Chemicals and allied products..
do
Food and kindred products
do
Paper and allied products
do
Petroleum refining.
__
. d o
Eubber products . _
_ _ . do
Textile-mill products
do
Other nondurable goods
. .
.
do
Estimated value of manufacturers' inventories*
mil. of. doL.
176.7
207.2
244. 7
126.8
155.6
338.1
227.2
175.2
204.9
241.5
124 1
154.7
330.3
229.2
173.7
204.0
240.3
125.7
153.6
341.2
226.9
173 3
203.6
234.1
126.7
154.6
338.9
224.9
173.2
201.9
229.9
129.0
152.7
335.5
225.1
173.7
200.9
228.0
128.1
153.0
334.8
218.4
172.4
198.8
229.8
127.5
148.6
327.8
218.9
172 0
197.1
229.6
126.3
145.8
318.6
219.4
170.8
194.6
220.2
124.4
146.7
320.5
216.2
775.4 1,012.6
106.7
104.4
150.0
143 4
161.4
151.8
173.8
148.1
136.1
134 3
107.5
107 5
187.6
123 5
122 9
156.7
164 0
991.3
106. 5
149. 2
1C3.8
170.8
139.0
108.4
160.6
120.6
155.3
943.7
107.4
147 2
163.6
166.2
138.8
112.0
188.1
118.5
152.0
954.1
106.5
146 9
164.9
170.7
139.8
108.1
182.1
116.1
149.3
910.2
106.2
148.1
164. 2
177.7
143.4
108.3
174.7
116.2
147.5
929.3
107.4
149.9
162.5
185.7
144.7
109.0
172.9
115.0
147.9
607.0
105.5
149.4
159. 2
187.0
142.7
109. 7
174.3
112.5
147.9
895.2
105.9
150.1
156.8
188.3
139.9
110.9
174.3
115.6
149.0
873.8
106. 4
149.9
154.8
184.7
136.2
110.8
176.1
118.3
151.8
17, 562
17,414
17, 268
17, 229
17,215
17, 266
17,139
17,100
164 6
188.9
231.5
111 9
148 5
317.3
223 1
16, 361
' 168. 4
r 192. 3
r 232. 5
M20.8
r
148.1
r 313.7
r
213. 9
r 837. 1
107.3
* 147.5
r
157.1
r
173. 6
• 134. 3
•
' 109. 7
169.6
»-119. 5
'153.3
M«fi.9
r
189. 6
' 228.1
r
117.9
145. 0
310. 9
217.8
165.8
189.0
229.9
116.1
145.9
309.3
219.3
793. 6
104. 4
147.0
152.1
164. 4
131.8
108.1
170.6
123.8
162. 2
789. 6
105.1
145.6
151.8
154.4
133.0
108.5
176.7
123.5
165. 8
r
r
r
r
•
16, 973 ' 16, 737 « 16, £89 ' 16, 481
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
(17. <S. Department of Commerce)
Operating businesses, total, end ofquart< r t.hnn sands
Contract construction
do
Manufacturing
do
Wholesale trade .
do
do .
Retail trade
... . .
.
Service industries
do
All other
do
New businesses, quarterly
do
Discontinued businesses quarterly
do
dn
Business transfers, quarterly
INDUSTRIAL AND COMMERCIAL FAILURES
(Bun and Bradstreet)
Grand total _.
number.
Commercial service
do
Construction
_
.doManufacturing and mining
do
Eetaii trade. _
do
do. .
Wholesale trade..
Liabilities, grand total
thous. of doL.
. do
Commercial service
Construction
do
Manufacturing and mining..
...
...do....
Eetaii trade
do .
do
Wholesale trade
85
5
10
96
9
11
7
5
3,880
69
l,4f0
173
175
115
3,067
409
26
37
ieo
28
43
P2, 938. 4
2,893. 9
137 4
226.4
116.0
1, 355.1
553 8
505 1
81 4
36 7
48 6
2 849 2
139 0
226 3
114.5
1, 330.8
548.2
490 1
65 3
56 0
41 8
131
9
20
148
14
26
34
63
vl, 381.0
82.1
P37. 6
38.9
110
9
12
91
10
9
77
3
9
23
41
28
32
7
8
5
31
51
75
8
12
74
4
11
5
4
24
26
30
25
2,697
102
1,854
224
249
1,293
903
159
801
303
37
56
9
3,524
57
318
2,676
338
1,071
305
2,451
291
557
272
3,288
161
3,521
156
68
135
150
95
159
86
188
1,119
1,024
1,248
1,222
1,142
1,146
11
75
12
18
93
6
4
18
21
36
36
6
11
80
8
10
34
26
2
3,559
514
1,054
16
4,065
155
3,819
43
3,008
1,663
1,804
67
5,883
2,622
144
123
273
80
482
41
855
06
11
8
17
2ft
4
1,557
809
241
513
115
1,076
385
2,128
254
301
142
19
235
235
24
C4
1,159
1,460
1,506
1,520
1,682
1,341
200
196
167
160
364
168
206
228
215
202
198
203
201
200
169
163
365
163
205
262
214
202
203
202
199
197
169
164
360
161
211
223
215
201
209
200
BUSINESS INCORPORATIONS
New incorporations (4 states)
number
1,552
COMMODITY PRICES
PRICES RECEIVED BY FARMERS!
U. S. Department of Agriculture:
Combined indexf
- 1909-14= 1C0..
Crops
do
Food grain
do.-.
Feed grain and hay
do
Tobacco
do. _.
Cotton
.
do .
Fruit
do
Truck crops
. . . . . .
_ do. .
Oil-bearing crops
do
Livestock and products
. . do
Meat animals
_
_
do
Dairy products
do
Poultry andeggs
do
168
196
171
166
359
163
211
203
215
200
211
198
175
186
198
169
171
351
161
215
242
207
194
203
199
162
196
200
171
172
352
163
237
220
207
191
203
196
194
198
170
173
350
160
232
225
208
190
201
194
193
197
165
170
350
163
228
231
210
189
200
192
192
194
161
168
350
164
230
195
209
190
197
194
193
191
156
166
355
162
214
186
209
194
201
196
192
188
155
162
358
170
206
166
207
196
200
198
194
187
164
161
357
171
205
153
211
199
201
201
196
189
165
157
368
168
195
188
215
202
200
203
151
153
154
165
171
179
190
207
211
199
183
COST OF LIVING
National Industrial Conference Board:§
105.5
105.7
105.7
105.0
105.0
105.0
104. 2
104.5
105.0
104.6
105.3
103. 5
Combined index
1923 = 100..
105. 4
94.2
93.0
94.3
93.2
94.0
92.5
93.6
93.9
92.3
92.5
91.9
91.7
Clothing. . . .
. .
do
94. 5
112.3
112.1
111.2
109.3
110.1
110.6
110.5
111.7
111.6
111.3
110.8
111.1
Food
do
110 8
95.8
96.1
95.7
95.8
95.8
95.8
95.8
95.7
95.9
95.7
95.9
SO 1
95.9
Fuel and light
do
91.0 • 91.0
91.0
90.9
90.9
90.9
91.0
91.0
90.8
90.8
90.8
Housing
_ _ _. d o . .
90.8
91.0
114.8
114.9
115.1
113.5
113.6
113.6
113.8
114.2
114.6
Sundries
.do
115.2
113.1
111.8
m.5
r
Eevised.
P Preliminary.
§ Beginning in the April 1945 Survey, indexes are computed with fixed budget weights; the wartime budget weights used in computing indexes shown in the June 1943 to March
1945issues have been discontinued, as indexes computed with these variable weights differed only slightly from those with fixed budget weights.
* New series. Data for inventories of nonferrous metals and their products were included in the "other durable goods" index as shown in the Survey prior to the May 1943 issue;
revised figures for the latter series and the index for nonferrous metals beginning December 1938 are available on request. For the estimated value of manufacturers' inventories for
1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. For earlier figures for the series on operating businesses and business turn-over and a description of the
data, see tables on p. 10 of the May 1944 Survey and pp. 8-11 of the July 1944 issue and the accompanying text and notes on sources and methods.
The indexes of
by farmers are shown on
basis
in the March
1913 will
in a subsequent
Digitized fort FRASER Apr.prices received follows: Total, 203; crops, a revised grain, beginninggrain and hay,1944 Survey; revised data beginning 221; truck be published oil-bearing crops,
issue. Data for
15,1944, are as
204; food
172; feed
162; tobacco, 362; cotton, 163; fruit,
crops, 259;
215; livestock and products, 201; meat animals, 215; dairy products, 194; poultry and eggs, 176. See note marked "*" in regard to revision of the index of inventories of "other
http://fraser.stlouisfed.org/
durable goods" industries.
Federal Reserve Bank of St. Louis
S-4
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
May 1945
1944
March
April
May
June
July
1945
SepAugust tember
October
Novem- December
ber
January
February
COMMODITY PRICES—Continued
COST OF LIVING—Continued
U . S . Department of Labor:
Combined index
Clothing
Food>
Fuel, electricity and ice
Honsefurnishings
Rent
M iscellaneous
1935-39=100 __
do
do
do
do
do
do -
126. 8
143.7
135.9
110 0
144.5
108.3
123 6
123.8
136.7
134.1
109.9
129.0
108.1
119.1
124.6
137.1
134.6
109.9
132.9
108.1
120.9
125.1
137.4
135.5
109.8
135.0
108.1
121.3
125.4
138.0
135.7
109.6
138.4
108.1
121.7
126.1
138.3
137.4
109.7
138.7
108.2
122.0
126.4
139.4
137.7
109.8
139.3
108.2
122. 3
126.5
141.4
137.0
109.8
140.7
108.2
122.4
126.5
141.9
136.4
109.8
141.4
122.8
139.6
135.1
136.3
137.0
137.5
138.2
138.6
138.9
99.5
105.1
135. 9
108.7
133. 5
169.5
130.8
99.9
103.8
134.1
108.0
133.6
162.9
130.6
99.9
104.0
134.6
108.0
133.6
168,8
130.0
99.3
104.3
135.5
108.1
133.5
172.8
130.3
98.6
104.4
135.7
108.4
133.5
174.0
129.8
98.5
104.4
137.4
108.6
133. 6
176.9
129.3
98.5
r 104.5
137.7
108.5
133.6
175.7
129.0
98.5
104.6
137.0
108.6
133.6
169.9
129.0
113.4
113.4
113.4
113.4
113.4
113.4
113.4
108.2
105.4
113.5
115. 6
112.2
108.2
105. 3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105. 3
113. 7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112. 2
126.6
142.1
136.5
109.9
141.7
122.9
127.0
142.8
137.4
109.4
143.0
i 108. 3
123.1
' 123. 3
' 123. 4
138.8
139.0
139.6
139.7
139. 6
98.6
104.7
136.4
108.6
133.6
162.9
129.4
98.6
104.7
136.5
108.6
133.6
160.7
129.7
98.7
104.8
137.4
108.6
133.5
164.2
129.9
98.7
104.8
137.3
108.7
133. 5
168.9
130.2
99.7
105.0
136.5
108.7
133.5
168.9
130.7
113.4
113.4
113.4
113.4
113.4
113. 4
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.6
115.6
112.2
108.2
105.3
113.6
115.6
112.2
108.2
105.4
113.5
115.6
112.2
108.2
105. 4
113. 5
115. 6
112.2
108.2
105.4
113.5
115.6
112.2
0)
0)
127.1
143.0
137. 3
109.7
143.6
0)
r 126. 9
143.3
136.5
110.0
' 144.0
0)
RETAIL PRICES
U. S. Department of Commerce:
All commodities, index*
1935-39=100..
U . S . Department of Labor indexes:
Anthracite.-.
..1923-25=100..
Bituminous coal
do
Food, combined index
1935-39=100
Cereals and bakery products*.
_
do
Dairy products*
do
Fruits and vegetables*
do
Meats*
do
Fairchild's index:
Combined index
.Dec. 31,1930=100..
Apparel:
Infants'
_.
do
Men's
do
Women's
_
do
Home furnishings._
_
..do __Piece goods. _
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
v 105.3
Combined index (889 series)
1926=100
Economic classes:
Manufactured products
do
P 101. 6
115.7
Raw materials
do
95.0
Semimanufactured articles
do
127.2
Farm products
_ do
129.8
Grains
do
135.6
Livestock and poultry _
do
P 100. 4
Commodities other than farm products
do
104.6
Foods
_.
do
95 1
Cereal products
do
110.8
Dairy products
do
115.9
Fruits and vegetables
do
107.7
Meats
._
do
Commodities other than farm products and foods
1926=100.. P 9 9 . 2
117.1
Building materials
do . .
110.7
Brick and tile_
do
99.4
Cement
_.
do
153. 8
Lumber...
do
106.3
Paint and paint materials. . . .
do . .
94.9
Chemicals and allied products!
-do
Chemicals
do
95.8
106.8
Drugs and Pharmaceuticalsf
do
81.9
Fertilizer materials
do
102.0
Oils and fats
do
83.4
Fuel and lighting materials
.do
Electricity
do
Gas _
do
64.3
Petroleum products
.
do
117.8
Hides and leather products.
do
116. 4
Hides and skins
do
101.3
Leather
do
126 3
Shoes
do
104.5
Housefurnishing goods
do
107.5
Furnishings...
. _
do
101 5
Furniture
do
P 104. 2
Metals and metal products
do
98.1
Iron and steel
do
85.9
Metals, nonferrous.
, _.
do . .
92.4
Plumbing and heating equipment
do
99.7
Textile products
do
107.4
Clothing
do
119.9
Cotton goods..
_
..do
71.5
Hosiery and underwear
do
30.2
Rayon
do
112.7
Woolen and worsted goods
do
94.6
Miscellaneous.__ .
do
73.0
Automobile tires and tubes
do. 108.0
Paper and pulp
do
Wholesale prices, actual. (See respective commodities.)
103. 8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
104.9
P
100.5
113.4
93.7
123.6
129.5
125.6
99.3
104.6
95.1
110.5
123.3
106.0
100.8
113.2
93.6
123.2
129.6
123.6
99.6
104.9
95.2
110.2
126.5
106.2
100.9
113.0
93.7
122.9
129.7
122.6
99.7
105.0
95.0
110.3
126.8
106.6
100.9
114.2
93.8
125.0
127.2
123.0
99.6
106.5
94.7
110.3
137.7
106.1
100.9
113.6
93.9
124.1
125.2
123.4
99.6
105.8
94.3
110.3
129.9
105.9
100.9
112.7
94.1
122.6
122. 5
125.4
99.7
104.8
94.3
110.5
122.8
105.9
100.9
112.8
94.7
122.7
121.7
127.6
99.7
104.2
94.4
110.7
115.9
106.0
101.0
113.2
94.8
123.4
125.1
127.1
99.8
104.2
94.7
110.7
112.7
106.0
101.1
113.8
94.8
124.4
124.8
127.0
99.9
105.1
94.7
110.7
113.7
106.1
101.1
114.6
94.8
125.5
127.5
126.9
100.0
105.5
94.7
110.7
116.2
106.2
101. 3
115. 1
94.9
126.2
129.3
131.1
100.1
104.7
94 7
110.8
114.4
106.4
P
98.1
114.2
100.3
93.6
150.7
104.4
95.0
96.3
106.4
81.4
102.0
83.0
59.0
76.7
64.0
116.9
111.2
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
91.8
97.8
107.0
113.6
70.5
30.3
112.5
93.5
73.0
107.2
98.4
115.2
100.3
93.9
153.4
104.4
95. 6
96.3
112.0
81.4
102.0
83.0
59.9
77.1
64.0
116.9
111.2
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
91.8
97.8
107.0
113.9
70.5
30.3
112.5
93.5
73.0
107.2
98.5
115.7
100.5
96.4
154.0
104.7
95.fi
96.3
112.0
81.4
102.0
83.2
59.0
78.4
64.0
117.0
111.9
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
92.4
97.8
107.0
113.9
70.5
30.3
112.5
93.5
73.0
107.2
98.5
115.9
100.6
96.4
154.0
105.7
95.3
96.2
112.0
79.9
102.0
98.5
115.9
100.7
96.4
154.2
105.5
95.5
96.2
112.0
81.1
102.0
83.3
83.2
59.3
79.3
64.0
116.4
108.4
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
92.4
97.8
107.0
113.9
70.6
30.3
112.5
93.5
73.0
107.2
59.5
78.9
64.0
116.2
106.8
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.7
92.4
98.0
107.0
114.0
70.6
30.3
112.9
93.6
73.0
107.2
98.6
116.0
100.7
96.4
154.4
105.5
95.5
96.2
1J2.0
81.2
102.0
83.2
59.0
76.0
63.9
116.0
105.7
101.3
126.3
104.4
107.4
101.4
103.8
97.1
85.8
92.4
98.4
107.0
115.9
70.6
30.3
112.9
93.6
73.0
107.2
98.6
116.0
101.5
96.9
154.0
105.5
94.9
96.0
106.9
81.2
102.0
83.0
60.3
76.8
63.8
116.0
106.1
101.3
126.3
104.4
107.4
101.4
103.8
97.2
85.8
92.4
99.2
107.0
118.7
70.8
30.3
112.9
93.6
73.0
107.2
98.7
116.3
104.8
97.5
153.8
106.0
95.0
96.0
106.9
81.8
102.0
82.9
59.6
76.0
63.8
116.2
107.3
101.3
126.3
104.4
107.4
101.4
103. 7
97.1
85.8
92.4
99.4
107.4
118.8
71.5
30.3
112.9
93.6
73.0
107.2
98.8
116.4
105.0
97.7
153.8
106.3
94.8
95.5
106.9
81.8
102.0
83.1
60.1
77.3
63.8
116.2
107.1
101.3
126.3
104.4
107.4
101.5
103.7
97.1
85.8
92.4
99.4
107.4
118.8
71.5
30.2
112.9
94.0
73.0
107.2
98.9
116.4
105. 3
97.5
153.8
106.3
94.8
95.6
106.9
81.8
102.0
83.1
59.9
74.6
63.8
117.4
114.0
101.3
126.3
104.4
107.4
101.5
103.8
97.2
85.8
92,4
99.5
107.4
119.2
71.5
30.2
112.9
94.2
73.0
107.3
99.1
116. 8
110.4
97.4
153. 8
106. 3
94.9
95.8
106.9
81.9
102.0
83.3
60.0
77.5
80.8
74.5
54.3
77.4
80.3
74.2
54.3
77.4
80.0
73.7
54.8
77.1
79.7
73.6
55.1
77.3
79.3
72.7
55.4
77.4
79.1
72.9
55.4
77.3
79.1
73.2
54.8
77.1
79.0
73.2
54.3
76.8
78.7
72.7
53.2
76. 7
78.7
72.7
53.0
64.3
117.5
114.8
101.3
126 3
104.5
107.5
101 5
104.0
97.7
85.9
92.4
99.0
107.4
119.7
71.5
30.2
112.7
94.2
73.0
107.6
105. 2
101. 5
115.6
95.0
127.0
129.8
133.8
p 100. 2
104.7
94.9
110.8
118.1
106.5
P99.2
117.0
110.5
99.0
153. 9
106.4
94.9
95.8
106.9
81.9
102.0
83.3
P
76.9
64.3
117.6
115.4
101. 3
126 3
104.5
107.5
101 5
104. 2
98.0
85.9
92.4
99.7
107.4
119.9
71.5
30.2
112.7
94. C
73. C
108. (
PURCHASING POWER OF THE DOLLAR
As measured b y Wholesale prices
Cost of living
Retail food prices
Prices received by farmersf..
v Preliminary.
r
..1935-39=100-.
do
_
do
do _
76.4
78.9
73.5
77.4
79. 1
72.5
55.1
76. c
'78.$
73. S
53. c
Revised.
or revisions have been made in
the figures published prior to the Februaryl945 Survey; 1939-43 revisions are available on request. Data beginning 1923 for the indexes of retail prices of the food subgroups are available on request; the combined index for food, which is the same as the index under cost of living above, includes other food groups not shown separately.
t Revised series. The indexes of wholesale prices of chemicals and allied products and drugs and Pharmaceuticals have been revised beginning October 1941 owing to a change
he method of computing the net tax applicable to the quoted price of undenatured ethyl alcohol and a reduction in the weight assigned to this commodity; revised figures
1941-43 will be published later; the revision has not been incorporated in the all-commodities index, which would be affected only fractionally, or in the indexes for manufactured
products, commodities other than farm products, and commodities other than farm products and foods. The index of purchasing power of the dollar based on prices received by
p
te
p
http://fraser.stlouisfed.org/ been ->howi on a revised basis beginning in the April 1944 Survey.
farmers has
Federal Reserve Bank of St. Louis
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1945
March
S-5
1944
March
April
May
June
July
August
1945
September
October
Novem- December
ber
January
February
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
310
125
44
320
127
45
333
130
45
340
138
46
'343
141
45
357
142
42
344
141
39
328
136
35
311
130
32
284
126
30
'286
' 124
'25
'294
'130
'23
43
gg
J-75
v 14
v 16
26
17
12
43
185
21
54
73
63
IS
19
26
17
13
43
193
20
60
71
62
22
20
28
18
14
43
203
19
67
68
58
26
23
30
20
15
47
202
17
62
67
57
32
24
31
20
18
47
202
16
68
62
50
34
22
33
20
21
46
215
13
68
75
63
34
25
35
20
19
48
203
9
59
79
64
32
24
37
21
16
48
192
8
52
78
65
31
22
39
23
13
46
181
8
49
'81
67
25
19
44
27
10
42
158
7
40
77
65
17
17
'50
'32
9
'40
'162
7
'81
'70
r 14
' 17
'58
'39
8
'41
'164
6
'44
'86
'77
12
' 16
v 13
p 54
v 12
40
18
40
17
41
19
36
17
40
19
33
16
41
16
34
15
43
14
38
14
43
13
41
13
40
13
39
13
39
13
42
13
40
13
46
13
40
12
51
14
39
11
48
14
'50
'12
'59
' 13
894
874
44S
426
9,927
176,383
133, 264
43,119
9,877
179,286
132, 845
46, 441
10,115
144, 202
97,958
46, 244
8,309
163,866
121,924
41,942
8,830
190, 539
148,191
42,348
8,204
169, 341
124,913
44, 428
9,105
175, 739
127,001
48, 738
9,266
144,845
101,612
43, 233
8,848
164,850
102, 522
62,328
7,441
188, 481
114,175
74, 306
7 210
140,949
74 960
65 989
6,853
146,957
74,153
72, 804
4 088
25, 407
?11 317
2,546
11,863
79,960
2,616
12, 289
69,491
2,888
8,027
63,897
2,726
10, 265
62, 520
3,435
14, 508
84,199
2,831
12,127
76,637
3,148
15, 674
87,175
3,099
11,485
68,841
3, 271
17,173
93,604
2,788
19,193
97, 933
2 227
11,374
81 614
2,114
11,873
95, 681
4 650
5, 331
26, 943
5,914
7, 533
35,164
5,886
8,225
37, 772
5,499
7,251
34,476
3,942
6,477
30,622
3,854
4,964
25, 813
3,886
4,902
23, 273
4,217
4,444
24,470
4,764
6,298
23, 805
4,481
4,734
23, 288
3,393
4,872
23,902
4 268
3,703
19, 536
4,221
4,139
19, 300
829
38 ; 431
1,059
32,596
995
40,097
1,355
36,137
1,264
38,929
1,203
47,143
1,168
48,693
1,371
40, 353
973
34,462
720
22,686
831
38, 784
445
23,836
302
11, 407
327
52,183
408
28,663
380
31, 926
373
19,692
377
31, 795
338
33, 384
319
20,738
369
23, 741
430
17,737
376
25, 272
429
27, 862
270
15, 963
216
20, 569
46. 4
71.9
55.3
64.3
67.5
50.3
47.5
38.6
43.7
46.1
46.4
29.1
'35.6
59 2
40 5
60.0
98.8
52.6
55.5
39.2
80.7
51.3
43.7
47.5
78.2
62.2
51.4
60.8
90.1
66.3
55.1
64.1
97.5
51.7
42.0
41.9
98.5
48.9
39.7
41.3
88.5
46.4
31.9
39.1
97.6
57.0
32.5
61.4
100.2
51.4
32.9
46.8
104.7
39.8
32.5
33.0
73.6
38
21
36
80
3
8
3
4
'44.9
'30.3
'47.4
'70.9
on na-i
8 039
6 422
899
718
48,925
12, 361
10, 261
1,165
935
9,592
7,423
1,003
1,166
10,923
8,161
956
1,806
48, 278
11, 558
9,139
1,393
1,026
9,180
7,603
860
717
8,238
6,408
655
1,175
38, 608
6,686
5,406
575
705
7,573
5,979
733
861
7,950
6,468
612
870
33,174
8,045
7,029
568
448
5 046
4 095
'213
738
' 6,168
' 5,168
'368
632
thous. of dol._ 182, 498
175, 726
145,040
138,857
157,811
158,561
211, 251
117, 919
127,195
129,740
93, 257
88,193
109, 516
3,317
2,753
238
325
1,863
1,109
334
421
2,607
1,352
672
583
5, 743
3,289
1,611
843
3,966
2,736
808
423
2,812
1,046
1,124
642
2,712
962
1,186
564
1,204
456
238
510
2,644
1,497
713
435
2,342
[:839
1,092
411
1,070
541
342
187
826
708
20
98
New construction, total
mil. of dol
Private, total
__
do
Residential (nonfarm)..... _
do
Nonresidential building, except farm and public
utility, total _ .
mil. of dol.
Industrial . .
_ _ do
Farm construction
do
Public utility
. . .
do . . .
Public construction, total
_ .do
Residential
do _
Military and naval
_
do. _
Nonresidential building, total
do
Industrial
do
Highway.
__,
do _
All other
do
P310
P 144
v 25
*>45
v 11
*45
* 166
>
p
p
CONTRACT AWARDS, P E R M I T S , AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100..
Residential, unadjusted
__
do
Total, adjusted
do
Residential, adjusted .
do
Contract awards, 37 States (F. W. Dodge Corp.):
Total projects
.
number
Total valuation
thous. of dol_.
Public ownership
do
Private ownership
_
do
Nonresidential buildings:
Projects . .
number
Floor area
thous. of sq. ft..
Valuation
thous of dol
Residential buildings:
Projects
number
Floor area
...thous. of sq. ft..
Valuation
thous. of dol._
Public works:
Projects
number
Valuation
thous. of dol
Utilities:
Projects
number
Valuation
thous. of doLIndexes of building construction (based on bldg. permits,
U. S.Dept. of Labor) :f
Number of new dwelling units provided. 1935-39=100..
Permit valuation:
Total building construction
.
do
New residential buildings
do
New nonresidential buildings
do
Additions, alterations, and repairs
do
Estimated number of new dwelling units in nonfarm
areas (U. S. Dept. of Labor):
Urban, total?
1-family dwellings
....
2-family dwellings
Multifamily dwellings.
Engineering construction:
Contract awards (E. N . R.)§
do
do
do
do
9,
328,
221
107.
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:!
Total . . .
_
thous of sq yd
Airports
_
do
Roads
do
Streets and alleys
do
1, 066
464
429
173
CONSTRUCTION COST INDEXES
231
Aberthaw (industrial building
1Q14 Iflft
227
227
232
221
American Appraisal Co.;
260
263
259
260
261
262
265
266
267
258
260
Average, 30 cities
_
__ .1913=100. „
266
267
267
268
270
267
267
271
273
268
Atlanta
do
267
267
271
267
273
266
268
269
262
266
262
268
266
266
270
270
New York
_ _ ..
do
270
270
236
238
239
239
241
236
234
236
241
241
237
San Francisco
.do
241
241
252
252
252
252
252
252
254
254
255
256
258
256
St. Louis
__
do
259
223.8
223.8
223.8
224.2
224.2
225.0
222.0
223.0
223.8
227.4
225.7
Associated General Contractors (all types)...1913=100..
226.8
227.8
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
122.1
121.8
Atlanta
IT. 8. av., 1926-29=100^
121.6
121.8
118.0
118.4
119.0
119.0
116.0
116.8
116.8
118.0
122.6
153.1
154.8
New York
„ do
153.4
151.9
151.4
153.1
151.7
151.9
145.5
150.8
150.8
151.4
155 8
143.2
143.5
143.2
143.2
142.0
San Francisco
do
140.5
140.8
142.0
137.3
139.6
140.5
139.6
143.5
142.4
143.2
142.4
138.1
140.0
134.2
136.7
138.1
135.3
135. 7
135.3
135.7
144.1
St. L o u i s . . . . . . .
______do....
' Revised.
v Preliminary.
§ Data for March, June, August, and November 1944 and March 1945 are for 5 weeks; other months, 4 weeks.
JData published currently and in earlier issues of the Survey cover 4- and 5-week periods, except that December figures include awards through December 31 and January figures
begin January 1; beginning 1939 the weekly data are combined on the basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when it
is included in figures for the preceding month (exceptions were made in the case of weeks ended Apr. 3,1944, and Feb. 3,1945, which were included in the preceding month).
^The data for urban dwelling units have been revised for 1942-43; revisions prior to March 1943 are available on request.
*New series. Data beginning January 1944 for the series on new construction are revised joint estimates by the U. S. Departments of Commerce and Labor and the War Production Board; see note marked '•*" on page S-5 of the January 1945 Survey for sources of earlier data. The series on residential (nonfarm) construction has been revised back to January
1939 to exclude additions, alterations, and repairs, and the revision incorporated in the totals (for revised annual data for 1939-43, see p. 22 of February 1945 issue). Except for this
, re vision, data for 1929-43 are correct as published in issues of the Survey referred to in the footnote on p. S-5 of the January 1945 issue; however, additional minor revisions in the 1942
and 1943 data are expected. The quarterly estimates of total nonfarm dwelling units include data for urban dwelling units shown above by months and data for rural nonfarm dwelling units wtiich are compiled only quarterly; for 1940 and 1941 data, see p. S-4 of the November 1942 Survey (revised figures for first half of 1942—1st quarter, 138,700; 2d quarter,
166,600); annual estimates for 1920-39 are available on request.
fRevised series. Data have been revised for 1940-43; revisions prior to March 1943 are available on request
638154—45
S-6
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
May 1945
1945
1944
March | April
1
March
May
June
July
August
September
October
Novem- December
ber
January
February
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION
COST
INDEXES—Continued
E. H. Boeckh and Associates, Inc.—Con.
Commercial and factory buildings:
Brick and concrete:
Atlanta..
U. S. average 1926-29=100..
New York
do
San Francisco
...do
St. Louis
_
—
do
Brick and steel:
Atlanta
do
New York
_
.
do
San Francisco
_
do.
St. Louis
do
Eesidences:
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:
Standard6-room frame house:
Combined index
1035-39=100.Materials
do.
Labor...
do.
122.2
357.5
145. 9
140. 8
115.7
147.8
140.4
136.0
116.8
154.4
143.1
136.7
116.8
154.4
143.1
136.7
118.4
154.8
143.8
136.9
118.4
154.8
143.8
136.9
118.6
155.0
144.0
137.9
119.3
155.2
145.0
138.1
119.3
155.2
145.0
138.1
121.4
156.3
145.0
139.6
121.5
155.9
145.7
144.9
121.5
155.9
145. 7
144.9
123.0
154.9
147.4
144.8
117.2
145.1
139.0
134.6
118.2
151.0
142.4
136.8
118.2
151.0
142.4
136.8
119.1
151. 6
143.4
137.1
119.1
151.6
143.4
137.1
119.6
152.0
143.8
137.8
119.8
152.4
146.1
139.4
119.8
152.4
146.1
139.4
122.1
153.6
147.1
141.1
122.1
153. 3
147.2
143.2
122.1
153. 3
147.2
143.2
131. 6
159. 5
145. 5
150.1
122.3
150.1
3 26.6
137.7
122.5
152.6
137.5
137.7
122.5
152.6
137.5
137.7
124.1
154.2
140.0
138.6
124.1
154.2
140.0
138.6
126.2
155.7
141.4
140.9
126.5
156.5
143.4
141.8
126.5
156.5
143.4
141.8
129.9
158.6
145.3
144.7
129.4
157. 9
145.3
146.7
129.4
157.9
145. 3
146. 7
133.6
101.1
143. 6
149.3
306. 4
123.6
151.6
134.2
137.7
297.7
123.8
153.1
134.7
137.7
298.0
123.8
153.1
134.7
137.7
298.7
125.4
155.1
137.8
138.9
299.9
125.4
155.1
137.8
138. 9
300.4
128.1
157.3
139.6
141.8
300.5
128.3
157.9
141.2
142.3
301.1
128.3
157.9
141.2
142.3
301.1
131.6
160.3
143.4
145. 0
302.0
131.2
159. 5
143.4
14H.2
302.5
131.2
159 2
143.4
140. 2
303.7
134.7
132.0
140. 2
131.7
129.1
136.8
132.2
129.7
137.0
132.7
130.3
137.3
133.0
130.8
137.5
133.1
131.0
137.3
133.3
131.3
137.3
133.7
131.2
138.5
133.9
131. 3
139.1
134.4
131.5
139.9
24,103
6,174
52,334
60,747
5,544
57,926
5,601
65, 333
5,653
41,429
5,713
42,457
5,782
33,865
5,845
37,982
5,910
29,661
5,970
369, 268
405,095
421,631
411,136
430,776
416,185
422,839
393,639
122,643
132, 523 140, 709 125, 036 138,674
134,455
135, 228
118, 374 111,138
5,923
101,884
14,495
3,160
8,993
6,095
101,461
15, 253
2,699
9,720
134.5
134.4
'131.5 '131.6
' 140. 0 ' 140. 0
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Gross mortgages accepted for insurance-thous. of dol.
Premium-paying mortgages (cumulative).mil. of dol_.
Estimated total nonfarm mortgages recorded ($20,000
and under)*
thous. of dol_.
Estimated new mortgage loans by all savings and loan
associations, total
thous. of doL.
Classified according to purpose:
Mortgage loans on homes:
Construction
do
Home purchase
-_._.do
Refinancing
do
Repairs and reconditioning
do
Loans for all other purposes
do
Loans outstanding of agene'es under the Federal Home
Loan Bank Administration:
Federal Savings and Loan Assns., estimated mortgages outstanding!
mil. of dol_.
Fed. Home Loan Banks, outstanding advances to
member institutions
mil. of doL
Home Owners' Loan Corporation, balance of loans
outstanding
mil. of dol..
Foreclosures, nonfarm :f
Index, adjusted.-.
.1935-39=100.
Fire losses
__thcus. of doL j
5,494
433, 337
368, 240
141, 481
116,130
7, 406
105,307
15,922
2, 559
10, 287
9,127
81,846
14,422
2,266
8,469
2,082
1,927
13, 484
85, 568
13,491
2,679
7,421
7,338
98,872
14,415
2,967
9,663
103, 276
14, 963
2,957
9,850
7,078
7,589
93, 232 105,050
13, 871 14,152
2,841
3,067
8,014
8,816
4, 635
90,182
13, 265
2, 507
7,785
26,960
6, 025
360, 227 354, 578
5,244
81, 508
13, 555
2,127
8,704
1,973
2,025
128
61
29, 998
6, 082
95
102, 301
3,772
70,495
12,167
1,808
7, 999
131
2,058
1, 027
1,279
1,220
1,155
1,091
10.8
40,876
12.7
39,084
11.4
30, 555
11.2
31,448
10.9
48, 694
I
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
Printers' Ink, combined index
Farm papers
Magazines
Newspapers
Outdoor
.,
Radio
Tide, combined index*
Radio advertising:
Cost of facilities, total
.
Automobiles and accessories
Clothing
Electrical household equipment
Financial
Foods, food beverages, confections
Gasoline and oil
Housefurnishings, e t c . .
Soap, cleansers, etc
Smoking materials
,
Toilet goods, medical supplies
All other
Magazine advertising:
Cost, total
Automobiles and accessories
Clothing
Electric household equipment...
1935-39=100.,_do
do
do
do
do
1935-39=100..
thous. of dol—
do . .
.do
-do
-.._.do.
do.
do
do
do
do
do
do
203. 0
143.1
125.1
133.6
130.4
104.3
144. 5
252.5
135.5
122.3
133.4
130.0
98.7
122.7
288.6
135.1
124.7
137.3
141.8
100.4
113.2
285.3
142.6
131.7
153.4
160.8
105.1
107.5
299.9
149.4
137.1
166.3
183.4
105.9
112.8
326.8
161.2
143.5
169.2
184.7
112.3
114.0
339.5
176.4
135.6
165.8
160.3
105.1
154. 5
329.2
166.2
128.9
162.1
158.2
103.1
123.7
275.8
149.4
133.6
159. 4
152.1
107.9
155.5
280.6
150.3
127.0
154.2
168.4
98.0
167.2
270.0
145. 3
130, 3
148.0
171.9
107. 0,
200. 0
r 267.8
161. 5
16, 658
700
109
234
203
4,092
003
181
1,155
1,502
4. 904
2,136
15,993
782
179
81
172
4,502
675
108
1,008
1,817
4,379
2,291
15,652
811
167
110
178
4,375
663
136
920
1,628
4,208
2,456
16,138
819
159
88
153
4,652
640
115
1,017
1, 657
4,573
2,265
15,128
796
115
89
162
4,409
588
122
944
1, 555
4,212
2,136
15, 340
893
119
111
180
4,158
612
164
935
1,580
4, 293
2,296
15, 543
784
136
89
167
4,194
628
158
1,133
1,623
4,563
2,067
15,712
716
151
97
189
4,272
589
161
1,091
1,551
4,419
2,476
17, 470
821
150
106
192
4,671
643
155
1,151
1,517
4,746
3,317
16,626
779
161
91
169
4,575
604
155
1,109
1,511
4,537
2,936
16, 947
772
156
114
213
4,679
715
178
1,083
1,569
4, 952
2,516
16, 756
709
147
172
175
4, 699
567
142
1,126
1, 518
5, 240
2,201
do
25, 802
do. _
2,110
.do I 2, 553
do I
22, 851
1,417
1,963
636
24,894
1,721
1,962
705
24, 280
1,844
1,724
713
21, 703
1,773
1,192
609
20,027
1,831
609
531
19, 921
1,694
1,382
627
25,127
1,859
2,445
694
27, 247
2,038
2,351
871
24,952
1,906
1,932
832
23,174
1,573
1,530
801
• 18, 643
1,500
894
£09
142. 9
140.1
103. 3
p
,
e arked
on p. S 5 of the November 1942 Survey. The new index of advertising is compiled by J. K. Lasser & Co. for Tide magazine; the index
gazine;
includes magazine and newspaper advertising, radio (network only prior to July 1941 and network and national spot advertising beginning with that month), farm papers, and outdoor
d
d
advertising for which separate indexes are computed by the compiling agency; the newspaper index is based on linage and other component series on advertising costs- data beginning
g
pt
1936 are available on request
'
& &
1936 are available on request.
fRevised series. The index of nonfarm foreclosures has been revised for 1940 and 1041; revisions are shown on p. S-6 of the May 1943 Survey. Indexes of advertising from Printers'
Ink have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later.
May 1045
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
S-7
1944
March
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
DOMESTIC TRADE—Continued
ADVERTISING-Continued
Magazine advertising—Continued.
Cost—Continued.
Financial
thous. of dol.
Foods, food beverages, confections.._
.do...
Gasoline and oil
do...
Housefurnishings, etc...do...
Soap, cleansers, etc
do.._
Office furnishings and supplies..
do...
Smoking materials
do...
Toilet goods, medical supplies
_..do. .
All other
do. Linage, total
—
_
thous. of Hues.
Newspaper advertising:
Linage, total (52 cities)
•-declassified
do.__
Display, total
_
do_._
Automotive
do...
Financial
do
General.do...
Retail....
do...
452
3.597
'408
805
687
357
836
3,930
7, 763
3,537
481
3,581
545
1,061
804
426
969
4,219
8,417
3,709
476
3,619
593
1,154
697
440
959
4,086
7,973
3,456
417
3,153
498
985
722
313
830
3,863
7,348
2,993
365
3,088
528
485
558
254
794
3,658
7,326
3,277
281
2,822
493
585
551
301
667
3, 584
6,935
3,541
475
3,324
488
1,145
59S
526
901
4, 119
8, 553
3,992
497
3, 855
423
1,417
750
379
1,050
4, 744
8,873
4,088
441
3, 691
385
1,059
641
456
1,001
4, 588
8,019
3,772
110,028 117,751
2o, 480 26,377
90,147
91, 374
2,354
2,040
1,837
1,638
20,045
21,769
65,911
65,927
116,471
27,168
89,303
3,026
1,587
21,713
62,978
117,776
27,854
89,922
3,527
1,327
22,164
62,904
112,631
25, 929
86, 702
3,256
1,497
21,062
60,887
97,130
24,139
72, 991
2,923
1,758
18,234
50, 076
105,892
25, 883
80, 009
2,786
1,222
17,881
58,120
112,592
26, 009
86, 583
2, 283
1,278
19, 870
63,151
129,177
27, 390
101, 787
3,243
1,588
25, 599
71, 357
128, 243
25, 317
102, 926
3,219
1,560
25,163
72, 984
86,7
86.1
86.6
87.4
87.5
87.9
86.4
86.4
7,339
7,009
8,078
8,379
8,672
8,088
182, 796
5,938
110, 676
5,639
111, 672
5,481
112,130
5, 297
110,964
5,532
126,553
5. 383
120,021
-thousands.. 16, 503 19, 792
thous. of dol— 264,121 329,082
15,596
238,989
13,715
171,884
13,318
175,852
11,915
161, 568
12. 964
179, 272
13, 195
185,190
485
3, 080
388
1,144
688
440
771
4. 213
8, 554
4, 109
422
2,865
183
599
444
326
771
2,933
7,137
3,572
430
' 3, 453
345
656
676
'395
688
4,279
' 7, 746
3,916
751
058
693
949
534
631
578
97,927
24,090
73, 837
1,868
2,004
17,124
52,841
95,804
22, 735
73,070
1,607
1,366
17,411
52,687
87.3
87.2
86.3
'86.9
5,783
129, 732
5,879
129, 781
6, 639
144, 872
7,166
153,951
6,001
128, 977
13, 639
194, 334
14,281
200, 810
14,120
197, 557
15,141
208, 793
13,506
189, 330
379
3, 293
279
1,051
487
436
973
3, 977
8, 395
3,212
121,
24,
97,
1,
1,
20,
73,
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total..
POSTAL BUSINESS
Air mail, pound-mile performance
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value
86.4
.millions..
7,051
-thousands..
thous. of dol._ 188,305
CONSUMER EXPENDITURES
Estimated expenditures for goods and services:*
Total-.
.mil. of dol.. v 24, 380 22, 440
v 16, 410 14, 778
Goods
do
Services (including gifts)
_.
do
* 7, 970 7,602
Indexes:
152.7
Unadjusted, total
1935-39 = 100- v 165.9
157.9
p 175.3
Goods
do
143.6
p 149.4
Services (including gifts)
do
v 176.5
Adjusted, total
do
J6 9 7
174.5
Goods
.
do
v 192.8
Services (including gifts)
do
p 147.9
142.0
24,045
16, 327
7,718
24. 499
16,741
7, 758
163.6
174 4
144.6
162 5
172 7
144.5
166. 7
178. 8
145.4
16S. 2
180.6
146.5
26, 646
18, 839
7, 807
181 3
01 2
146 3
170 4
183 8
146.8
9
RETAIL TRADE
All retail stores :f
5,981
6,214
5, 462
' 5,166
5, 513
5,717
5,487
5,856
6,135
6,346
5, 581
5.710
7, 445
Estimated sales, total
__mil. of doL.
892
848
838
830
898
870
1,004
742
' 689
774
111
914
Durable goods stores
_._.do
840
229
'207
223
229
222
273
258
247
228
234
286
244
Automotive group
do
240
172
178
156
142
163
145
195
170
167
151
214
Motor vehicles
do
160
165
62
63
72
78
80
77
73
77
77
81
66
'62
Parts and accessories
do
75
312
307
288
268
244
272
296
333
314
336
340
Building materials and hardware
do....
316
340
193
205
192
192
187
158
169
150
160
171
217
Building materials__
..do
187
211
29
26
25
33
31
25
42
33
36
39
41
37
Farm implements
do
35
88
88
90
103
74
68
86
99
86
92
77
94
Hardware
__
do
94
191
195
226
209
189
208
214
236
240
282
182
178
Homefurnishings group
do
214
192
144
141
165
171
226
156
168
149
188
172
184
Furniture and housefurnishings
do
150
42
42
43
43
48
49
56
39
37
39
41
Household appliance and radio
do
43
40
101
75
82
62
60
61
52
213
Jewelry stores.
do
89
70
70
70
70
4,878
5,150
5, 237
5,338
0, 441
4, 720
' 4, 477
4,807
4,941
4,817
4,665
Nondurable goods stores
do
4,710
5, 50(5
508
421
487
605
637
680
046
509
484
574
567
660
Apparel group
do
756
102
135
173
267
110
100
154
128
128
93
117
130
Men's clothing and furnishings
do
159
297
256
256
210
188
240
291
302
308
406
249
244
Women's apparel and accessories
do
380
61
85
91
100
148
71
67
72
77
79
79
70
Family and other apparel
do
102
96
79
75
94
90
99
126
79
73
83
104
90
Shoes
_do
117
241
246
239
328
228
216
233
235
237
217
230
225
Drugstores
do
243
743
749
774
769
778
818
812
840
805
844
802
746
Eating and drinking places
_do
1,612
1,641
1.6S7
1,604
1,582
1, 799
1, 539
1,468
1,493
1,494
1,579
1,661
1, 665
Food group
_
do
1,193
1, 356
1, 162
1,093
1,248
1, 284
1,209
1,138
1,138
1,197
1,229
1,267
1,240
Grocery and combination
.do
382
382
393
403
394
389
443
378
375
355
356
394
425
Other food
do
224
225
220
223
207
190
235
232
227
231
232
207
201
Filling stations
do
1.041
859
834
884
819
735
833
940
1,011
1,116
1. 464
773
••764
General merchandise group
.do
593
651
744
929
488
••487
508
683
552
543
494
416
507
Department, including mailorder
do
General, including general merchandise with
96
143
121
101
121
116
112
116
118
120
118
108
120
food
mil. of dol—
Other general merchandise and dry goods
84
80
117
168
105
94
110
110
102
96
87
94
90
mil. of dol—
135
224
100
101
122
130
111
130
121
119
112
114
115
Variety
do—
642
675
695
836
661
611
732
635
648
681
644
604
707
Other retail stores
do
218
181
176
181
188
195
174
170
162
222
226
196
217
Feed and farm supply
__—do
117
144
170
140
138
107
116
117
116
118
122
101
150
Fuel and ice
—
do
139
123
125
128
131
179
122
118
112
123
107
109
116
Liquors
do
253
339
199
' 191
236
229
243
206
212
219
220
203
227
Other
___do
9 Preliminary. ' Revised. § See note marked " § " on p . S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
*New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14), are now compiled quarterly only (data are
quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series (see p. 5 of the February 1945 Survey for 1941-44
dollar totals and p. 13, table 10, of the April 1944 issue for 1939-40 totals); the quarterly data are shown on the revised basis beginning in the February 1945 issue; quarterly data beginning 1939 are available on request.
fRevised series. The following unpublished revisions have been made in the data on sales of retail stores as shown in the Survey prior to the February 1945 issue: Dollar sales
and indexes—all retail stores, total nondurable goods stores, total "other retail stores," and liquor stores, 1940-43; total durable goods stores, all series in the home-furnishings group
and feed and farm supply stores, 1941-43; filling stations, 1942-43; general merchandise group and department stores, 1943 (general merchandise group index revised also for 1941-42)
indexes only—automotive group, 1942-43; apparel group, November and December 1942: jewelry stores, November and December 1942 and November 1943. Revised 1941-43 data
for drug stores are shown on p. 16 of the November 1944 Survey. The unpublished revisions listed and January-May 1943 revisions for other series, also unpublished, are available
on request. Revised figures for 1929, 1933, and 1935-42, except as indicated above, are available on pp. 7 and 11-14 of the November 1943 Survey.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
May 1945
1944
1945
March
March
April
May
June
July
SepAugust tember
1945
October
Novem- December
ber
January
February
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail stores—Continued.
Indexes of sales:!
179.4
177.7
169. 5
168.0
171.9
185. 3
172.7
189.7
197.3
Unadjusted, combined index
.1935-39=100-.
227.1
188.0
168.7
113.6
111.6
93.4
100.0
108.5
101.1
106.9
111.6
113.1
Durable goods stores
_
_do
128.5
104.1
92.2
200.9
199. 3
192. 3
195.3
189. 4
196.1
210.8
224.7
Nondurable goods stores
_
_
do
215.1
259. 3
215.4
193. 6
175. 5
175.0
177.6
169.9
178.7
178. f
>
177.4
183.6
191.5
Adjusted, combined index...
_.do_
187.9
195. 6
193. 9
129.6
129.0
133.1
126.2
130.8
130.1
129.3
133.9
139.5
136.4
Index eliminating price changes.
do.
142. 2
140.6
106.3
106.0
105.0
100. 5
109. 6
102. 5
103.5
107.4
107. 6
105.0
Durable goods stores
do.
116.0
111.5
63.8
59.7
53.3
57.7
56.2
54.3
53.3
56.5
48.9
53.7
Automotive.--.
-do.
63. 3
56. 7
145.6
151.2
141.9
163. 5
144. 3
138. 7
144.5
143.2
148.8
147.0
Building materials and hardware
do
165. 4
164.0
148.5
153.8
146.8
156.0
144. 9
151.4
164. 5
175.6
176.3
171.0
Homefurnishings
_
.do
164. 6
168. 4
285. 7
275.1
460. 7
310. 2
264.0
321.1
347.3
345.4
327.0
345.3
Jewelry
-___
_
do
355.1
317.4
198. 0
197.5
201. 3
201.2
192.5
201.5
214.9
203.3
208. 4
218.9
Nondurable goods stores..
do.
221. 6
220. 8
211.8
201.0
226. 6
216.8
204. 7
240. 5
233.2
212.9
218.7
245. 8
258. 7
Apparel
_
.do.
192. 8
195.3
192.5
192.9
188.0
218.0
193. 5
199.3
207.3
209.5
206. 6
Drug
_
do.
20()'. 4
296. 2
299.1
301. 4
294.6
301.5
328.1
304.8
336.1
291.7
320.2
339. 9
Eating and drinking places
_-.__do_
3.53 3
199.9
203. 2
194.7
203.3
190.8
215.4
209.1
204. 7
204.5
208.1
212.1
Food....
_do_
212.8
103. 3
104.8
106. 3
101.2
112.3
98.6
98.1
100.7
105.4
117.5
108.5
Filling stations
do
114.9
168.4
163. 5
172.1
173.4
176.3
161. 5
199.1
176. 6
172.6
178.6
1C0. 2
General merchandise
_
do.
186.0
218. 3
218.7
233.9
225.3
234.2
216.5
240. 6
223. 5
218.8
230.7
246.0
Other retail stores.
_do
242.3
6.361
6, 314
6,381
6,166
5,869
6,343
6.270
6,521
6, 602
6.779
Estimated inventories, total*
mil. of dol__
6, 665
5, 906
1,910
1,869
1,820
1,849
1,627
1,874
1,878
1,906
1,909
1,914
1, 869
Durable goods stores*
do
1,686
4,451
4, 445
4,561
4,317
4,242
4,469
4,392
4, 693
4,615
4,865
4. 796
Nondurable goods stores*
_do
4,220
Chain stores and mail-order houses:
1,296
1,266
1,214
1,246
1,252
1,338
1,239
1,392
1,404
1,726
Sales, estimated, total*
_
----do_.1,442
1,168
24
27
27
21
19
26
26
27
31
Automotive parts and accessories*
do___
30
23
20
49
52
41
45
36
46
48
54
39
Building materials*
_do_._
48
43
40
13
12
13
14
12
14
13
21
17
Furniture and housefurnishings*
do
18
15
11
165
134
185
178
179
180
143
186
Apparel group*
_do___
193
260
145
249
25
16
27
26
Men's wear*
„
do
16
26
32
32
43
21
36
80
70
91
90
94
Women's wear*
_
do...
80
96
131
98
78
136
46
38
52
48
40
Shoes*
do...
35
45
42
46
64
35
55
54
55
53
55
57
Drug*
do...
55
56
58
57
78
53
57
42
42
41
43
42
43
44
Eating and drinking*
_
do...
43
46
42
44
45
400
405
386
397
381
404
399
Grocery and combination*
do...
444
387
383
374
406
320
297
328
340
322
370
404
General merchandise group*
do__.
332
560
290
429
392
Department, dry goods, and general merchan187
175
174
159
162
174
197
215
dise*
„
mil. of dol.
228
296
208
145
42
39
41
59
60
68
Mail-order (catalog sales)*
do._31
50
76
60
62
103
105
99
97
105
Variety*
....do...
99
113
194
116
113
87
Indexes of sales:
169. 7
162. 2
172.4
167.4
159. 9
176.4
162.2
187.1
Unadjusted, combined index*
1935-39=100—
192.8
225.7
181.1
156.9
168.1
170.4
169.9
163. 4
172.2
175. 8
172.7
182.6
178.0
Adjusted, combined index*.
do.
177.3
185.6
185. 4
126.7
117.7
127.4
119.5
140.5
Automotive parts and accessories*
do.
127.3
141.8
153.4
173.6
156.1
139. 5
131.0
166. 6
152.8
150.6
159.4
190.7
149.4
146.3
159.7
163.9
Building materials*
do.
178.1
179.2
180.0
133.0
119.3
120.3
120.0
132.4
114.1
127.4
134.0
141.0
. Furniture and housefurnishings*
...do.
141.7
139.7
135. 2
199.9
229.1
217. 2
212.6
213.5
223.6
221). 7
Apparel group*
_
.-do.
235.5
226.8
270.7
242.2
270.2
169. 0
204.9
190. 9
171.2
162.6
196.2
200. 4
1P7.1
Men's wear*
do.
187.1
220.7
200. 0
181. 1
272. 2
316.8
301.4
296. 6
283.8
300.1
Women's wear*
do.
403. 9
329.4
326.4
324. 0
330.7
385.2
144.1
152. 6
145.8
151.1
170.7
141. 7
177.7
Shoes*
do.
132.8
161. 4
165.1
177.0
204. 8
184.7
191.2
182.7
182.1
186.7
195.4
Drug*
_do.
189.4
186. 5
187.6
190.1
ISO. 4
181.5
189.2
176.4
184.2
175. 2
188.6
174.0
Eating and drinking*
do
188. 8
187. 5
182.7
177.9
180.9
193. 1
182.1
169.8
178.7
169. 3
182.6
183.6
Grocery and combination*
do
170.8
183.4
179.6
186.5
179.4
ISO. 3
161. 7
172.8
168.7
160. 2
165.2
168.9
General merchandise group*
do...
197.5
173.1
177.3
188.1
178.5
190.7
Department, dry goods, and general merchan^
188. 6
179.1
183.8
170.8
184.3
dise*
„ 1935-39 =100. _ 223.5
192.2
182.7
210.6
194.0
191.0
208. 4
116.1
114.3
158.4
124.0
126.3
Mail-order*
do...
1G3.3
135.6
157.2
158. 5
123.3
174.1
173 2
165.5
159.1
162.0
161.7
Variety*
do_._.
155.6
161.8
164.0
175.7
169.6
157.8
171.2
170.5
Department stores:
Accounts receivable:
34
38
40
Instalment accounts§
1941 avera?e = 100.
32
33
35
46
40
82
79
79
Open accounts§
do
70
81
90
102
128
78
Ratio of collections to accounts receivable:
33
36
31
31
34
39
35
39
36
Instalment accounts§
percent.
64
65
63
63
61
64
64
65
67
61
61
Open accounts§
.do...
178
170
163
••173
142
157
209
212
196
248
150
320
Sales, unadjusted, total U. S.f
1935-39=100.
228
199
228
••221
197
218
273
315
281
257
215
418
Atlantaf...
_
___do_..
162
144
161
144
110
118
170
184
207
188
132
300
Boston!
do.__
170
160
166
151
185
231
159
139
197
200
147
2<5
Chicagof
do
179
157
r 172
167
140
159
193
204
244
214
145
303
Cleveland!
do__.
228
203
228
265
272
314
227
194
220
269
211
421
Dallasf do.,.
194
177
182
191
226
220
182
168
'2f4
232
r 178
33P
Kansas Cityf
do
160
151
159
154
184
179
218
' 141
130
130
186
26v?
Minneapolis!
do...
142
132
173
137
110
158
207
139
100
124
176
270
New York!
do...
161
143
159
123
173
190
231
162
117
200
305
Philadelphia!
do
210
183
176
231
248
294
174
193
203
151
251
365»
Richmond!
._.do_-_
197
170
173
183
178
212
221
268
185
154
233
333
St. Louis!
_
_
do...
203
193
202
299
197
192
226
238
197
185
232
373
San Francisco
do...
181
175
172
187
183
194
185
192
210
200
223
If 3
Sales, adjusted, total U. S.f
do—
233
237
222
245
269
'228
263
247
260
208
273
258
Atlanta!
_
do__.
164
151
157
154
165
177
162
160
156
102
202
174
Boston!
_
do...
167
163
165
173
187
180
168
192
201
193
213
180
Chicago!
_
do...
181
166
166
182
203
183
191
180
190
180
222
190
Cleveland!.
do...
228
245
232
247
266
250
241
252
264
283
263
Dallas!..
_
__
_do___
192
192
181
193
212
204
200
215
244
239
241
208
Kansas City!.
..do...
158
151
159
157
165
162
158
189
205
173
181
175 i
Minneapolis!
_
_
do...
150
142
158
140 !
149
195
lf.O
151
149
152
164
155 '
New York!_
do . .
168
159
173
162
170
204
168
183
173
158
170
171
Philadelphia!
do...
211
203
212
199
214
249
238
213
214
224
251
Richmond!
do...
208
197
189
195
208
173
235
211
193
215
235
207
St. Louis!
._
..do...
207
216
210
218
223
24
247
201
221
228
San Francisco
.do...
217
253
233
* Preliminary. r Revised.
§ Minor revisions in the figures prior to November 1941 are available on request.
* New series. Data for 1929, 1933, and 1935-42 for the new chain store scries are available on pp. 15 to 17, tables 2, 3, and 4, of the February 1944 Survey except for subsequent
revisions a? follows: The totalsand furniture and house furnishings (dollar figures and indexes) have been revised back to January 1940 and the indexes for all series in the general
merchandise group, except mail-order, back to January 1942; indexes for the apparel group and women's wear for November and December 1942; the latter revisions and revisions
beginning December 1943 for other series are in the February 1945 Survey; earlier revisions for the series listed and January-March 1943 revisions for other series, which have not been
published, are also available on request. Data beginning 1939 for the new estimates of retail inventories will be published later.
tRevised series. See note marked " t " on p. S-7 regarding revision of the indexes of retail bales and the source of earlier data. The indexes of department store sales for the United
States and the indicated districts have been revised for all years; the revisions reflect primarily enlargement of the samples, adjustment of indexes to 1929 and 1939 census data, where
necessary, and a recalculation of seasonal factors; in addition, all series have been computed on a 193.5-39 base. The Boston index is a new series from the Board of Governors of the
Federal Reserve System. Revised data beginning 1919 or 1923 for three series are published as follows- United States, December 1944 Survey, p. 17; Dallas, February 1944, p. 20;
Richmond, June 1944, p 22. Complete data for other districts will be published later; indexes for Atlanta have been shown on the revised basis beginning in fhe Fpbruarv 1Q44 Sur and for other districts beginning <n the June 1944 issue (further revisions in July 1943 index for New York-unadjusted, 92; adjusted, 137). D e g I U U m g W lDe * e D r u a r y i y 4 4 b u r
vey
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics t h r o u g h 1941
a n d descriptive notes m a y be found in t h e
1942 S u p p l e m e n t t o the Survey
1945
S-9
1944
March
March
April
May
June
August
July
1945
September
October Novem- December
ber
January
February
DOMESTIC TRADE—Continued
RETAIL TRADE-Continued
Department stores—Continued.
Sales by type of credit:*
Cash sales
—
percent of total sales.
Charge account sales
do...
Instalment sales
do...
Stocks, total U. S., end of month:f
Unadjusted
_ .1935-39* 100.
Adjusted
do...
Other stores, ratio of collections to accounts receivable,
instalment accounts:*
Furniture stores
percentHousehold appliance stores—
.
do
Jewelry stores
.
do...
Mail-order and store sales:
Total sales, 2 companies
thous. of dol.
Montgomery Ward & Co
____do.._
Sears, Roebuck & Co
„
.do...
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31 = 100.
East
do...
South
do...
Middle West
do...
Far West
do...
Total U. S., adjusted__
do...
East
.
do...
South
-_do_._
Middle West
_
.do...
Far West
...
...do—
62
34
4
62
34
4
62
34
4
62
34
4
63
34
3
65
31
4
64
32
4
63
33
4
63
33
4
62
34
4
64
32
4
63
33
4
63
33
4
v 148
151
148
150
145
151
147
150
157
148
165
163
170
167
161
172
154
166
144
127
136
133
148
141
148
24
26
34
23
26
34
23
26
28
25
26
30
24
28
30
23
29
31
24
32
31
24
33
32
26
36
34
24
37
34
23
39
49
21
34
'31
21
31
'30
158,574
65,572
93,002
132, C07
53,383
78,624
123,675
48, 247
75, 428
131,971
50,160
81,810
123,969
47,105
76,864
111,687
43,888
67, 799
131, 234
52, 208
79,026
153, 349
63,686
89,662
172, 499
70, 475
102, 024
184, 434
74,749
109, 684
196, 291
76,468
119, 823
120,127
45,633
74,494
114,463
44, 562
69, 901
233.3
234.8
320.9
205.0
236. 2
265.7
261. 5
355. 4
231.4
287.0
197.1
200.0
261.5
177.6
193.8
224.5
222.7
289.6
200.5
235.5
172.7
164.0
228.0
151.2
188.4
187.9
172.0
258.8
161.9
211.0
161.4
151.8
205.4
143.0
181.1
175.8
165.0
242.2
151.0
201.4
155.4
141.5
198.4
138.2
194.4
170.6
154.1
246.8
146.4
204.0
133.9
109.7
171.2
120.4
173. 6
183.5
154.1
252.2
163.1
211.7
180.3
169.9
224.4
162.5
210.0
220.4
213.1
311.2
197.0
228.1
222.7
210.3
324.5
186.2
250.8
210.7
213.9
294.0
181.6
214.4
246.1
246.6
345.0
212.4
258.3
189. 5
191.6
232.8
167.2
215.1
285.0
286.1
294. 9
245.0
324.3
219.0
221.9
287.6
186.9
267.4
245.5
213.7
327.1
217.8
296.7
153.5
128.3
217.8
139.6
181.8
183.2
174. 4
2.-8. 9
158.1
203.4
240.8
229.5
327. 3
206.7
276.8
199. 6
200.6
304.1
168.1
199.1
246.7
245.2
333.5
211.4
269.1
3,658
911
2,747
3,923
3,625
866
2,759
4,097
3,314
840
2,474
4,121
' 3,465
'868
2, 597
4,146
3,486
882
2,604
4,088
3,282
813
2,469
4,043
3,490
893
2,597
3,987
r 3,430
854
' 2, 576
3,995
r 3, 610
878
r 2, 732
3,999
' 3, 551
861
' 2, 6C0
3,987
' 3, 505
802
' 2, 703
4,002
' 3,548
807
' 2. 741
3,978
' 3,212
796
' 2,416
3,927
P145
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total
mil. of dol.
Durable goods establishments
do...
Nondurable goods establishments
.
do...
All wholesalers, estimated inventories*
do...
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the Census):*
52,060 52,840 54, 220 55,000 54,010 53, 030 52,870 52,210 51, 250 50,960
51,360
51,430
Labor force, total.
_
_
..thous.. 51,660
34, 480 34,880 34,910 35, 540 35,890 35, 570 34,590 34, 410 34,060 33, 720 33.650
33, 660
Male
.d o . . . . 33,720
17,930
18, 460 18,150 17, 530 17,310
17, 770
17,180
18, 680 19,110 18,440 18,440
17, 940 16,880
Female
do
50,490
50, 550
51, 290 51, 960 53, 220 54, 000 53,170 52, 250 52, 240 51,530 50, 570 50,120
Employment
„
_...>_do...- 50,830
33,170
33, 710 33,320 33,160
33, 230 34,010
34,440 34,490 35,040 35,410 35,140 34,190 34,100
Male.
do._.
17, 470 18,180 18, 590 18,030
16,480
17,380
17,820 17, 250 16,960
17,600
18,060 18,140
16,850
Female
_
...do...
8,600
8,570
6,910
8,750
6,790
8,140
7,260
8,670
7,500
9,670
6,690
Agricultural
__
do
9,560
7,090
43, 580 43, 790 43, 360 43,660 44,330 44,600 43, 580 43, 490 43, 390 43, 480 43,430
43,760
43,540
N on agricultural
.,
___.do
880
840
870
680
830
780
1,000
Unemployment
do
770
840
1,000
Employees in nonagricultural establishments:!
Unadjusted (U. S. Department of Labor):
' 37, 934 • 37,936
Total
thous.. 37,998 • 38, 725 38, 689 38,672 38, 846 38, 731 38,744 38, 571 38, 360 38, 347
16,122 16,093
Manufacturing
...do
16,013 16,023
15,843 15, 692 15, 607 ' 15, 632 ' 15, 555 • 15,525
15,401 • 16, 559 16,309
806
••800
839
834
Mining
_
...do
852
844
833
796
816
826
812
'801
844
594
686
700
'564
Construction
do
683
686
598
678
671
652
629
'•564
691
3,744
3,768
3,809
3,818
Transportation and public utilities
do
3, 785
3,723
3,791
3,771 r 3, 770 r 3, 740 ' 3, 769
3,767
3,803
7,611
6,962
6,942
6,918
' 6, 980
7,048
6,968
6,994
' 7,030
6,919
7,299
Trade
do
6,977
7,148
4,304
4,582
' 4,360
4,377
4,236
4,363
' 4, 350
4,123
4,618
4,315
Financial, service, and miscellaneousdo
4,542
4, 488
4,340
6,172
5,869
5,993
5,905
5,932
5,894
5,938
5,830
5,914
Government
..do .
5,871
5,896
5,958
5,945
Adjusted (Federal Reserve):
38,865
38, 749 38,766 38, 700 38, 654 38,400 38,159 38,044 ' 38,164 ' 38,406 ' 38,434
38,388 39,123
Total
„
do
15.478
Manufacturing
do
16, 642 16, 391 16,203
15, 764 15,614 15,529 ' 15, 554 ' 15,633 • 15,603
16,013
16,093
15,943
'•SOS
796
848
843
852
822
808
Mining
„
_.do
833
848
812
802
'804
830
'613
650
719
673
737
627
611
653
Construction
do
677
609
619
'620
648
3, 843
3, 763
3, 768
3,735
3,771 ' 3, 789 ' 3,797 ' 3,846
3,780
3,753
3,765
Transportation and public utilities
do_.,__
3,748
3,762
6,982
6,997
' 7, 210
7,052
7,177
7,084
7,065
7,046
7,012
Trade
do
7,077
7,015
7,059
' 7,159
Estimated wage earners in manufacturing industries,
r
13,191 ' 13,117 ' 13,083
13,814
13, 652 13,610
13,544 13, 562 13,406 13, 250 13,161
total (U. S. Department of Labor) *
..thous.. 12, 952 14,056
7,804
' 7, 770
7,672
' 7,797
7,789
8,315
8,105
8, 421
8,246
8,144
7,968
8,570
Durable goods
do....
7,854
1,651
1,654
1,657
' 1,666
1,637
1,669
1,675
1,659
1,680
1,672
1,669
1,704
1,646
Iron and steel and their products.—
do
Blast furnaces, steel works, and rolling mills
475
478
475
474
491
482
482
482
477
474
481
thous..
702
'696
698
692
707
767
755
747
745
732
716
736
726
Electrical machinery
...do..__
1,159
' 1,165
1,163
1,153
1,149
1,251
1,227
1,211
1,210
1,183
1,158
1,194
1,169
Machinery, except electrical
do....
450
454
452
446
484
476
470
468
461
450
462
454
Machinery and machine-shop products
do
74
75
74
74
83
80
79
79
76
75
77
76
Machine tools
do
677
'680
682
670
669
739
724
710
703
697
673
691
691
Automobiles
.do
2,096
' 2,042
2,082
1,980
2,108
2,486
2,442
2,401
2,334
2,236
2,139
2,275
2,179
Transportation equipment, exc. automobiles..do
645
638
636
633
784
764
742
710
688
648
692
660
Aircraft and parts (except engines)§
do
216
215
215
219
259
259
255
251
241
226
248
234
Aircraft en gines§
do
973
1,021
1,046 ' 1,037
1,213
1,193
1,179
1,152
1,092
1,054
1,117
1,074
Shipbuilding and boatbuilding^_„
do
397
'403
395
432
423
415
409
444
426
416
405
Nonferrous metals and products
do
' Revised.
» Preliminary.
§ For 1941-43 data for"shipbuilding, see p . 19 of December 1944 Survey; revisions prior to March 1944 for aircraft will be shown later.
*New series. The new series on department store sales by type of credit have been substituted for the series relating to instalment sales of New England stores shown in the Survey
through the July 1944 issue; data beginning January 1941 will be published later. Collection ratios for furniture, jewelry, and household appliance stores represent ratio of collections
to accounts receivable at beginning of month; data beginning February 1941 are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on request; the amount
of instalment accounts outstanding are shown on p. S-16 under consumer credit. Data beginning 1939 for estimates of wholesale sales will be published later; for estimates of wholesalers' inveutories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. Estimates of civilian labor force, employment, and unemployment are shown on a
revised basis beginning in the May 1944 Survey; revisions for 1940-1943 are shown on p. 23 of the February 1945 issue. See note marked " • " on p. S-10 regarding the new series on wage
earners in manufacturing industries.
fRe\ised series. The index of department store stocks published on a 1923-25 base through the May 1944 Survey has been recomputed on a 1935-39 base. The estimates of
employees in nonagricultural establishments have been revised beginning 1939, by months, to adjust figures to levels indicated by data through 1942 from the Bureau of Employment
Security, Federal Security Agency, and to other data collected by government agencies; annual data for 1929-38 have been revised to a comparable basis; monthly averages for 1939-43
and 1943 monthly figures for the unadjusted series are available on p. 3 of the June 1944 Survey; all revisions will be published later. The estimates for manufacturing employees are
not comparable since December 1942 with the series on wage earners in manufacturing shown above, since the latter have been further adjusted to preliminary 1943 data from the
Federal Security Agency.
SURVEY OF CUREENT BUSINESS
S-10
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
May 1945
1944
March
April
May
June
July
August
1945
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Estimated wage earners in mfg. industries-—Continued. *
Durable goods—Continued.
Lumber and timber basic products
thous—
475
476
482
474
484
471
462
452
447
459
450
232
234
235
233
240
238
234
227
226
Sawmills
do
221
219
347
354
345
342
348
339
346
339
337
338
Furniture and finished lumber products
do
340
'339
159
164
158
156
157
153
Furniture
do
157
153
153
-•154
'153
339
343
338
327
328
335
335
Stone, clay, and glass products..
-do
337
329
325
330
328
5,486
5,372 ' 5,387 ' 5, 320
5,364
5, 337
5,457
Nondurable goods.
...do
5,280
5,438
5,396
5,400
Textile-mill products and other fiber manufactures
1,128
1,065
1,151
1,104
1,083
1,076
thous. ,
1,072
1,092
1,110
1,088
1,081
1, 083
445
455
Cotton manufactures, except small wares... do
436
424
438
434
431
429
434
433
428
91
Silk and rayon goods
do
90
90
90
89
Woolen and worsted manufactures (except dyeing
155
and
finishing)
thous..
158
152
151
145
146
146
146
147
148
147
879
906
862
Apparel and other finished textile products..-do
867
858
856
838
861
854
851
837
214
217
213
Men's clothing
-do
214
211
208
208
208
206
205
201
221
231
213
Women's clothing
.do
217
215
216
205
219
218
217
215
315
318
312
313
312
309
309
312
308
Leather and leather products
-do
310
312
311
175
176
174
175
174
172
174
171
172
Boots and shoes
do
173
173
1,002
1,002
1,005
1,038
1,163
1,170
1,120
1,113
1, 074
Food and kindred products
do
"978
1,054
1, 013
255
257
254
257
259
256
258
262
265
265
Baking
-do
257
100
100
111
220
244
177
180
134
90
114
Canning and preserving
do
105
156
155
158
156
151
159
148
149
162
155
Slaughtering and meat packing
do..-_.
155
83
82
83
85
82
83
82
Tobacco manufactures
do
82
83
83
82
84
314
318
312
311
311
304
307
310
306
Paper and allied products
.do
311
309
308
146
148
147
145
146
145
147
144
Paper and pulp
do
146
147
145
332
336
335
329
330
325
329
331
331
Printing, publishing, and allied industries
do
333.
333
••331
110
110
111
110
110
109
110
110
110
Newspapers and periodicals
-do
111
110
133
135
136
131
132
130
133
133
135
Printing, book and job
do
135
' 134
601
624
621
592
584
593
589
601
584
640
607
Chemicals and allied products
do
628
120
120
116
120
120
117
118
116
119
115
Chemicals
do
115
128
127
133
130
132
133
135
132
134
132
~1~34
Products of petroleum and coal
do
133
91
86
85
Petroleum refining
do
89
91
91
87
91
90
90
92
197
202
193
193
192
"197
195
192
••195
Rubber products
do
192
192
'197
92
94
92
'94
Rubber tires and inner tubes
do
89
92
90
91
90
'97
Wage earners, all manufacturing, unadjusted (U. S.
168.6
171.6
158.1
166. 7
166.1
165.3
165.6
163.6
161.7
161.0
Department of Labor)f
1939=100..
160.7
160.1
212.5
237.3
233.2
230.3
228.4
225.5
224.5
220.7
216.1
Durable goods..
do
217.5
215.7
215.9
1C6.8
171.9
169.4
168.3
168.7
166.5
168.3
168.9
167.3
Iron and steel and their products.
do
165.2
166.0
167.1
Blast furnaces, steel works, and rolling mills
126.4
125.0
122.7
1939=100.124.0
124.1
121.9
122. 2
124.0
123.8
122.0
122.2
266. 9
295.9
291. 5
280.4
Electrical machinery
do—
288.4
282.4
271.1
287.7
284.0
276.3
272.9
269. 2
232.2
236.7
221.2
Machinery, except electrical
do
229.2
223.9
219.2
225.9
219.2
217.5
220.0
229.0
218.2
235.1
239.2
224.3
Machinery and machine-shop products
do
232.1
227.7
222.2
228.4
222.3
220.2
223. 3
231.3
227.1
206.5
219.4
216. 0
207.4
202.8
Machine toolsj.
do
210.2
202.2
202. 8
214.4
204.0
171.8
166. 6
176. 5
173.2
168.3
183.7
180.1
171.8
166.3
169. 4
Automobiles
do
174.6
167.4
1,566.5 1,538.3 1,512.7 1,470. 7 1,433.4 1,408.8 1,373. 2 1,347. 8 1,327.8 1,320.7 1,311.7
1, 247. 2
Transportation equipment, exc. automobiles.do
1,975.3 1, 925.1 1, 869. 9 1, 789. 3 1, 744. 7 1, 733.1 1, 663.4 1,632. 5 1, 594. 8 1, 603. 5 1. 608. 5
Aircraft and parts (excluding engines) §___do
2, 915. 5 2,912.5 2, 872. 3 2,822.1 2, 787. 9 2, 708. 5 2, 626. 4 2, 545. 8 2, 466.1 2, 422. 0 2, 414. 7
Aircraft engines §
do
1, 752. 4 1, 722. 5 1, 703. 2 1. 664. 2 1,612.7 1, 577.1 1,551.4 1, 522. 5 1,510.2 1,498. 0 1, 474. 2
Shipbuilding and boatbuilding§
do
178. 4
193.5
Nonferrous metals and products
do
188.3
185.7
184.5
176.8
173.1
173. 6
181.4
173.6
172.1
180.9
Lumber and timber basic products--.
do
106. 3
114.7
113.1
112.9
113.3
112.1
107.6
107. 1
114.2
109.8
109.2
115.1
r
81.2
80.4
Sawmills
do
80.7
81.7
76.7
' 75. 9
82.5
81.1
78.9
78.5
83.4
103. 3
107.9
105. 8
Furniture and finished lumber products
do
104.3
105.3
103.6
105.3
103.4
103.1
106.0
102.8
' 103. 3
103.1
100.1
Furniture
do
'96.5
97.9
98.3
99.0
96.3
95.8
93.8
95.9
' 96.1
1J1.9
116.8
115.6
Stone, clay, and glass products
do
112.3
114.2
114.7
110.9
114.2
112.2
111.4
111.6
115.0
r
119.8
Nondurable goods
do
117.7
117.0
116.5
117.9
115. 3
119.1
117.3
117.1
118.7
117.8
116.1
Textile-mill products and other fiber manufactures
93.1
1939=100.100. 6
97.1
96.6
95.1
95.5
94.7
94.1
93.7
94.5
94.7
115.0
Cotton manufactures, except small wares ..do
112.5
110.6
110.0
109.6
109.5
108.0
107.1
108.3
109.3
108.9
77.5
76.3
Silk and rayon goods
do
74.8
74.7
73.9
75.0
74.1
73.7
73.6
74.1
74.4
Woolen and worsted manufactures (except dyeing
105.8
103.9
99.4
102.0
101.4
and
finishing)
.1939=100..
97.8
97.7
98.4
98.3
97.0
97.8
105.9
114.7
111.3
109. 2
109.8
Apparel and other finished textile products, .do
106.1
108.4
108.1
107.8
108.7
109.0
106.0
99.2
97.9
97.3
97.8
Men's clothing
_do95.2
95.2
94.1
93.5
96.3
95.3
92.0
84.9
81.5
78.6
79.7
Women's clothing
do_
75.5
79.6
80.1
79.8
79.0
80.5
79.0
89.0
91.7
90.9
89.9
90.3
Leather and leather products
.do.
90.0
88.9
89.4
89.8
89.9
88.8
89.5
80.8
80.3
79.7
80.2
Boots and shoes
do.
79.8
78.9
79.0
79.5
79.7
78.5
79.4
"114.'5
117.3
117.2
117.6
121.5
Food and kindred products
.do.
131.1
137.0
125.7
123.3
136.1
130.3
118.6
111.5
110. 5
110.1
111.6
Baking
do.
112.0
110.8
114.8
114.8
112.0
113.3
111.4
67.0
74.1
74.3
82.2
Canning and preserving
.
do.
131.8
181.8
99.9
84.6
163.4
133.9
78.3
134.0
129.6
128.3
130.9
Slaughtering and meat packing
do_
131.7
125.0
123.7
129.0
129.7
122.7
128.4
87.6
89.5
89.4
88.3
89.4
Tobacco manufactures
do_
88.6
88.0
90.1
90.7
88.2
89.2
88.1
115.9
119,9
118.3
117.1
117.0
Paper and allied products
do.
117. 2
114.7
116.0
117.4
116.8
115.1
116. 5
107.3
106.2
105.4
106.2
Paper and pulp
do.
106.4
105.7
105.5
107.1
106.8
104.7
107.2
100.3
102.4
101.2
100.2
100.7
Printing, publishing, and allied industries
do
101.5
99.2
101.4
102.3
101.0
100.8
' 100. 8
92.9
92.9
92.7
93.1
Newspapers and periodicals§
do.
92.5
92.1
93.3
93.8
92.9
92.9
92.3
r
106.7
104.9
103.6
104.6
Printing, book and job§.._
...do
106.9
103.2
106.4
107.2
105.5
105.5
105. 9
222.2
216.6
208.6
205.4
202.7
Chemicals and allied products
do
202.5
205.6
210.6
215.4
204.5
208.7
217.8
172.5
172.7
172.5
171.8
Chemicals
do
170.9
168.1
165.5
166.0
170.0
166.6
165. 5
"126.6
120.1
121.0
122.7
124.2
Products of petroleum "and coal.
do
126.6
126.1
125.1
125.3
127.2
125.0
126.0
116.2
117.9
120.0
121.8
Petroleum refining.._
do.
124.3
124.6
124.0
124.7
125.5
123.6
125.6
r
167.2
162.8
" 162.9
161. 2
159.2
Rubber products.
do.
158.8
159.0
159.1 '161.6
159.5
158.5
163.2
172.9
169.3
166.5
164.8
Rubber tires and iDner tube*?
.do
165.6
170.6
171.4 ' 174.1 r 178. 5
168.5
170.6
r
172.1
169.4
158.6
167.7
166.7
T age earners, all mfg., adjusted (Fed. Res.)t
V
do
165.2
162.6
160.3
164.1
161.0
160.7
161.0
237.7
233.4
230.3
228.2
Durable goods
do
212.8
225.3
220.4
215.6
224.1
217.3
216.1
216.3
120.4
118.9
118.3
118.3
Nondurable goods
do
117.9
117.0
116.7
115.8
116.8
116.6
117.0
' 117. 3
' Revised.
t For data for December 1941-July 1942 see note marked "t" on p. S-10 of the November 1943 Survey.
§ For revised 1941-43 data for shipbuilding see p. 19 of the December 1944 Survey; data for aircraft and parts have also been revised beginning 1941; revisions through February 1944
for this industry and data for 1939 to February 1944 for aircraft engines, not included in the Survey prior to the current issue, will be published later. Data beginning 1939 for the
printing and publishing subgroups will also be shown later (see November 1943 Survey for data beginning August 1942).
•New series. Data beginning 1939 for the new series on wage earners in manufacturing industries will be shown in a later issue; data for the individual industries shown in the
Survey beginning with the December 1942 issue, except as indicated in note marked " § " on p. 8-9, are comparable with figures published currently; thefiguresfor all manufacturing,
durable goods, nondurable goods, and the industry groups are shown on a revised basis beginning in the 'March 1945 issue and are not comparable with data in earlier issues.
fRevised series. The indexes of wage-earner employment and of wage-earner pay rolls (p. S-12)'in manufacturing industries have been completely revised; for 1939-41 data for the
individual industries (except as indicated in notes marked " t " and " § " above) and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry groups, see
pp. 23-24 of the December 1942 Survey; for 1941 data for the totals and the industry groups, see p. 28, table 3, of the March 1943 issue. Data beginning 1942 for the totals and the
industry groups have recently been revised to adjust the indexes to levels indicated by final 1942 and preliminary 1943 data from the Bureau of Employment Security of the Federal
Security Agency; data beginning January 1944 were revised in the March 1945 Survey; 1942-43 revisions will be published later. The seasonally adjusted employment indexes are
shown on a revised basis beginning in the March 1945 Survey; the adjusted indexes are available only for the totals shown.
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
S-ll
1945
1944
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Nonmanufacturing, unadjusted (U. S. Dept. of Labor):
Mining:!
Anthracite
1939=100..
Bituminous coal
_ _ _ _.
do
Metalliferous
„ - . do _
Quarrying and nonmetallic
do
Crude petroleum and natural gas!
- do
Public utilities:!
Electric light and power...
_ do _
Street railways and busses..
do
Telegraph
do
Telephone
. do
Services:!
Dyeing and cleaningdo
Power laundries
_ « _ do, _
,
Year-round hotels
do
Trade:
Retail, total!
do
Food*
. __
do
General merchandising!...
_ _ _ _ do. _
Wholesale!
do
Water transportation* .
do
Miscellaneous employment data:
Federal and State highways, totalt
number
Construction (Federal and State)
do
Maintenance (State)
__
_ do...
Federal civilian employees:1!
United States
_
thousands
District of Columbia
do
Railway employees (class I steam railways):
Total
.
_
thousands.
Indexes: Unadjusted!
1935-39=100...
Adjusted!
_ do
903"
77 5
83.5
98.7
98.3
82.8
81.6
82.6
97.1
96.2
84.1
82.0
82.7
96.0
93.6
84.5
82.5
83.0
96.1
91.1
85.8
83.6
77.9
94.7
87.6
86.4
84.1
77.9
95.0
85.5
86.7
84.1
81.5
93.9
82.4
84.3
83.0
80.5
92.3
80.4
83.0
82.7
79.9
91 8
79.2
82.2
82.1
79,2
91.3
78.5
79.6
82.1
82.2
118 8
119.3
127.1
83.5
119.6
123.9
128.1
83.1
119.2
122.3
128.1
82.8
119.1
121.9
128.2
83.1
119.1
123.1
128.5
83.2
118. 8
123.9
129.7
83.2
118.9
122.8
129.6
82.6
118.6
122.2
128.2
82.1
117.7
122.1
127.1
82.1
117.7
121.7
127.1
82.0
117.7
121.7
126.7
117.1
105 8
109.1
117.3
110.3
109.2
120.7
109.5
109.2
124.8
110.1
109.0
126.9
112.4
109.4
122.3
112.1
109.2
118.4
109.0
109.4
118.4
106.8
109.0
119.8
108.0
109.6
117.1
107.6
110.3
98.8
96.9
107.8
108.6
95.4
211.7
97.7
106.9
110.9
95.1
226.1
96.9
107.3
108.5
94.4
233.6
96.6
106.3
107.7
95.0
238.9
95.5
106.4
104.5
95.1
249.1
94.1
104 6
102 4
95.5
255.3
99.7
108.8
116.7
96.0
257.2
103.2
109.0
127.4
96.8
267.7
122, 340 127,889
15, 610 20, 353
84, 005
83,056
136,050
24,802
87,446
150,133
16,103
109,546
96.6
106.3
109.2
95.0
258.7
154,836
31, 392
98, 458
153, 913
30, 228
99, 742
95.0
290.8
156, 865 159,944
33,528 33,828
98,190 100,724
79.0
91 3
78 2
75.6
82.1
79.2
r 9] 0
75.4
82.4
82.0
117 3
120.2
126. 1
'82.2
' 118 4
' 119. 2
127.0
114.5
107 8
110.5
112. 0
106 3
110. 2
112.8
r 105 4
' 109. 6
111.9
110 2
152 2
97.1
274.5
98.3
107 2
114 2
95.7
272.6
'97.2
106 7
111 4
95.7
' 281. 6
r
144,368 126, 312 125,122 122, 435
22, 981 16, 959 11,994
10, 853
97, 246 85 559 89, 512 88 006
256
2,838
264
2,853
264
2,866
264
2,918
270
2,941
271
2,909
265
2,881
259
2,878
258
2,876
257
2 860
255
2,889
256
2,919
256
139. 3
142.9
1,428
137.2
140.6
1, 440
138.4
140.6
1,453
139.6
140.2
1,476
141.8
139.9
1,471
141.4
138.4
1,477
142.0
139.1
1, 454
139.7
136.3
1,438
138.2
133.7
1,435
137.9
136.7
1 431
137 2
139.4
1,421
' 136.6
142.0
1 441
138 4
141.9
45.8
45.3
46.7
46.9
45.2
45.0
46.5
46.5
45.5
45.3
46.6
46.8
45.9
45.4
46.8
46.8
45.4
44.6
45.7
46.0
45.6
45.2
46 6
46.7
45.6
44.8
46.1
46.6
45.7
45.5
47.1
47.2
45.6
45.3
46.7
46.8
45.8
45.6
47.1
47.4
' 46. 2
45.4
46 8
46.9
46 0
45. 5
46 9
47.0
46.0
46.7
49.1
48.7
51.0
46.3
47.0
47.0
47.6
46.6
46.9
43.2
44.5
43.6
43.2
45.9
46.2
48.8
48.1
50.7
46.4
47.1
46.7
47.7
47.3
46.6
43.2
43.7
43.2
42.5
46.1
46.3
48.7
48.4
50.8
45.5
47.4
46.8
46.1
48.1
46.6
43.3
44.4
43.7
43.2
46.4
46.6
49.1
48.7
51.0
45.9
47.3
47.1
46.8
47.4
47.1
44.5
44.6
43.8
43.3
45.9
45.7
47.5
46.8
50.2
43.7
46.8
47.2
44.9
47.1
46.0
42.4
43.6
42.4
43.0
46.3
46.3
48 3
48.1
50 4
45.1
47.4
47.1
46 8
47.8
46.5
44 7
44.8
44.0
43 0
46.3
46.2
47.9
47.6
49.9
43.5
46.9
46.2
45.8
47.6
46.3
43.3
44.0
43.4
43.0
47.1
46.3
48.8
48.7
51.2
45.6
48.1
47.1
46.1
49.1
47.2
44.7
45.0
44.7
43.3
46.6
46.3
48.2
48.2
50.5
45.5
47.8
47.2
45.2
48.8
46.9
43.0
44.4
44.1
43.2
47.0
' 46. 6
48.9
48.7
51.8
45.7
48.4
47.6
46. 0
49.3
'47.6
42.3
'44.3
'44.1
43.5
46.2
46. 6
' 48 6
48.5
51 6
45.2
' 48. 0
47.7
46. 6
r
48. 7
47.2
' 42. 6
44.4
'43.5
43.4
46 3
46.7
48 9
48.7
51 5
46 5
47.4
47.1
47.0
47.7
47.4
43 2
44.8
43.9
43 4
41.9
41.2
41.6
42.0
41.7
41.8
41.8
42.2
42.3
42.8
42.3
42.3
38.9
41.4
45.3
40.9
45.8
37.3
41.1
44.8
39.0
45.5
38.1
41.3
45.8
42.0
46.0
38.2
41.6
45.9
42.3
46.3
37.3
41.2
45.6
42.4
45.7
37.7
41.2
45 0
42.3
46 2
38.1
41.5
44.5
43.4
46 2
38.2
41.6
44.8
43.3
46.7
38.0
41.2
45.2
44.2
46.5
37.7
41.6
46.0
45.0
46.6
38.2
41.9
45.6
43.4
46 3
38 9
42.2
44 9
43.1
46 3
40.8
45.8
46.6
45.6
40.6
45.6
46.3
44.7
40.9
46.0
47.0
45.1
41.3
45.8
46.8
45.2
41.2
45.5
46.9
45.0
41 1
45.6
46.9
45 6
41.4
45.6
46.4
45.7
40.9
45.9
47.9
45.9
41.3
45.7
46.9
45.7
41.4
45. 7
'47.1
46.6
'41 5
45.6
' 46. 6
47.3
41 0
45. 6
47.3
47.3
38.5
38.7
40.4
40.2
40.6
40.0
40.1
40.7
39.7
39.4
38.8
39.1
41.7
44.6
44.5
45.4
45.5
38.2
43.0
44.0
45.6
44.9
41.9
44.0
44.4
47.4
45.5
40.9
44.0
44.6
47.7
45.6
35.8
39.5
42.9
46.3
45.3
40.8
44.0
44.7
47.9
46.1
39.9
42.0
43.9
46.8
45.9
42.6
44.1
45.0
48.9
44.9
38.6
42.6
43.7
46.8
45.9
41.5
43.1
44.8
44.9
45.4
38.9
45.4
44.2
44.6
45.5
41.7
45.7
45.2
45.5
45.8
43.0
49.8
45.0
41.6
42.3
49.4
45.9
41.6
43.4
50.6
46.3
42.0
43.8
50.9
46.5
42.2
42.7
50.7
46.5
42.6
43.9
51.0
46 8
42.6
43.7
50.2
46.5
43.0
43.1
50.2
45.8
42.9
43.4
50.8
45.3
42.3
43.3
51.8
45.4
42.7
43.4
'51.6
45.0
42.4
44.0
51.9
44.7
42.4
44.0
43.7
43.7
43.7
44.7
43.9
44.3
43.6
44.4
44.1
43.9
43.8
44.3
43.9
43.8
43.7
43.5
43.4
43.4
43.5
43.7
' 43. 5
43.3
43.4
40.2
42.8
40.0
42.5
39.9
42.8
42.4
43.0
41.7
42.8
41.9
43.1
40.4
42.9
40.4
43.2
39.4
43.0
39.8
43.3
39.5
'42.7
39.7
42.8
2,920
LABOR CONDITIONS
Average weekly hours per worker in manufacturing:
Natl. Indus. Conf. Bd. (25 industries) .
_ hours
U. S. Dept. of Labor, all manufacturing!
do
Durable goods*
do
Iron and steel and their products*
do _
Blast furnaces, steel works, and rolling
mills*
hours
Electrical machinery*
do...
Machinery, except electrical* .
do
Machinery and machine-shop products*—do
Machine tools*
do
Automobiles*
do
Transportation equipment, except autos*__do
Aircraft and parts (excluding engines)*___do
Aircraft engines*
do
Shipbuilding and boatbuilding* __
do
Nonferrous metals and products*
do
Lumber and timber basic products*
do
Furniture and finished lumber products*---do._
Stone, clay, and glass products*
do
Nondurable goods*- _
do
Textile-mill products and other fiber manufactures*
hours
Apparel and other finished textile products*
hours
Leather and leather products*...
do
Food and kindred products*
do
Tobacco manufactures*
do
Paper and allied products* _ . _ . _ _ do
Printing and publishing and allied industries*
hours
Chemicals and allied products*
do
Products of petroleum and coal*
do
Rubber products*
do
Average weekly hours per worker in nonmanufacturing
industries (U. S. Department of Labor):*
Building construction
.
_ hours.
Mining:
Anthracite
do
Bituminous coal
_
_ _ .do
Metalliferous
do
Quarrying and nonmetallic
. . . __ do. _
Crude petroleum and natural gas
do
Public utilities:
Electric light and power
__
do..-.
Street railways and busses
.
do
Telegraph
do
Telephone
_
do
Services:
Dyeing and cleaning
do
Power laundries
_
_
do
Trade:
Retail
do_
Wholesale
do
' Revised.
JTotal includes State engineering, supervisory, and administrative employees not shown separately.
JSee note marked "f" on p. S-ll of the July 1944 Survey regarding changes in the data beginning June 1943 and November 1943. Data cover only paid employees. Excess temporary Post Office substitutes employed only at Christmas are not included in the December 1944 figures.
•New series. Indexes beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning
March 1942 for all series on average hours, except for the telephone, telegraph, and aircraft engines industries, are available in the May 1943 Survey and data back to 1939 will be published later; data back to 1937 for the telephone industry are shown on p. 20 of this issue of the Survey; data back to 1939 for the aircraft engine industry, will be published later;
data for the telegraph industry are available only from June 1943 (for data beginning that month see note on p. S-ll of the January 1945 issue).
!Revised series. For data beginning 1939 for the Department of Labor's revised indexes of employment in nonmanufacturing industries (except for the telephone and telegraph
industries), see p. 31 of the June 1943 Survey. Separate data for the telephone and the telegraph industries have been computed beginning 1937; for telephone industry data see p. 20.
For revision in the Department of Labor's series on average weekly hours in all manufacturing industries, see note marked " ! " on p . S-13 of the July 1944 Survey. The indexes «\l
railway employees have been shifted to a 1935-39 base and the method of seasonal adjustment revised; earlier data not shown in the May 1943 Survey will be published later.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
May 1945
1945
1944
March
April
May
June
July
August
September
October
January
November
December
280
85
380
February
240
44
228
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITION S—Continued
Industrial disputes (strikes and lockouts):
Strikes beginning in month:§
Strikes
number..
Workers involved
thousands..
Man-days idle during month
do....
U. S. Employment Service placement activities:
Nonagricultural placements!
thousands..
Unemployment compensation (Social Security Board):
Continued claims©
thousands..
Benefit payments:
Beneficiaries, weekly average
do
Amount of payments
thous. of dol...
Labor turn-over in manufacturing establishments:^
Accession rate
monthly rate per 100 employees. _
Separation rate, total
-.-.
..-do
Discharges
do
Lay-offs
do
Quits
do
Military and miscellaneous
-.
...do
PAY R O L L S
Wage-earner pay rolls, all manufacturing, unadjusted
(U. S. D e p a r t m e n t of Labor)t
.-.1939=100_.
Durable goods
—do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills
1939=100...
Electrical machinery
.do
Machinery, except electrical
...do
Machinery and machine-shop products
do
Machine toolsj
.-do
Automobiles
do
Transportation equipment, except automobiles
1939=100..
Aircraft and parts (excluding engines)A
do
Aircraft enginesA
do
Shipbuilding and boatbuildingA
do
Nonferrous metals and products
do
Lumber and timber basic products.__
.do
Sawmills
.do
Furniture and finished lumber products
do
Furniture
do
Stone, clay, and glass products
.do
Nondurable goods.
.do
Textile-mill products and other fiber manufactures
1939=100..
Cotton manufactures, exc. small wares
do
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing
and
finishing)
1939= 100..
Apparel and other finished textile products.-do
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 piilp
do
Printing, publishing, and allied industries
do.
Newspapers and periodicals*
..do
Printing, book and job*
do
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
E u b b e r products
Ido
Rubber tires and inner tubes
do
Nonmanufacturing, unadjusted (U. S. Dept. of Labor):
Miningrf
Anthracite
1939=100..
Bituminous coal
do.
Metalliferous
.do.
Quarrying and nonmetallic
do.
Crude petroleum and natural gasf--do.
Public utilities:!
Electric light and power
_
do.
Street railways and busses
do.
Telegraph
__do.
Telephone
___.do.
Services:!
Dyeing and cleaning
_.._._do.._.
Power laundries
.do
Year-round hotels
.do
Trade:
Retail, t o t a l t —
do.
Food*
do.
General merchandising!
do.
Wholesale!
do.
Water transportation*
do.
400
210
860
360
115
415
973
778
528
592
103
7,242
112
7, 351
435
155
610
290
1,400
600
155
680
470
145
680
485
190
935
185
660
440
220
690
375
200
710
833
580
973
1,093
1,259
1,172
1,127
1,034
833
1087
514
423
348
370
417
453
477
83
5,471
397
407
593
87
5,771
78
5,225
66
4,348
72
63
4,246
64
4,350
71
4,918
75
5,194
105
7, 299
5.76
7.33
.65
.87
5.00
.81
5.53
6.78
.59
.58
4.90
.71
6.39
7.08
.63
.50
o.27
7.1
.7
.5
5.4
.5
6.3
6.6
.7
.5
5.0
.4
6.3
7.8
.7
.5
6.2
.4
6.1
7.6
.6
.6
6.1
.3
6.0
6.4
.6
.5
5.0
.3
6.1
6.0
.6
.5
4.6
.3
4.9
5.7
.6
.5
4.3
.3
'7.0
'6.2
.7
.6
'4.6
.3
341.3
481.6
316.5
335.0
474.8
310.9
334.3
470.9
310.9
334.6
469.0
313.3
326.8
453.8
308. 5
330.3
458.1
311.5
329.1
453.3
314.3
330.3
455.6
313.2
327.3
450.3
308.8
331.8
' 455. 9
316. 7
' 330. 4
' 454. 3
316. 3
222. 2
524.7
443.4
441.1
400.5
342.1
221.2
513.2
434.4
429.2
383. 6
336.5
221.1
512. 2
428.8
426.1
381.3
324.4
224. 5
518. 9
434.1
429.1
383.8
325.3
224.9
505.2
414.7
408.6
370.6
308.8
222.7
507.2
417.5
415.1
369.2
313.7
226. 7
512.1
414.3
410.3
366.8
305.9
225.3
503.7
417.4
415.5
372.6
307.8
221.9
498.7
409.0
408.4
363.2
307.6
225. 5
504. 3
422.9
419.4
381.0
312.6
224. 4
504.8
421.9
421.3
378.6
319.3
3,171.9
3, 728. 4
5, 194. 0
3,599. 2
362.9
204.0
146.7
191.5
183.4
191. 5
204.1
3,152. 7
3. 627. 0
5. 239. 2
3,621.1
351.7
205.8
149.1
186.0
175.7
189.4
198.2
3,127.3
3. 557. 3
4. 940. 3
3, 645.0
347.9
208. 4
152.1
187.7
175.7
189.8
200. 7
3, 028. 8
3.433.2
4, 943. 3
3, 497. 7
349.0
215.8
159.3
190,8
177.9
191.9
203.2
2, 930. 9
3, 337. 8
4, 761.1
3, 386. 5
336.6
206.4
151. 5
187.1
173. 9
186. 2
202.6
2,933.1
3, 334. 4
4.819.7
3,379.1
338.1
220.6
164.8
194.8
181.0
191.2
205.2
883. 7
175. 4
628. 3
399. 3
331. 7
209.8
154.3
189. 6
175. 0
188. 4
207.5
2, 916.1
1,185. 8
4, 460. 3
3,468. 7
332.2
212.8
156.5
193.1
178.5
192.1
207.8
2, 905. 9
3,135.8
4, 278. 4
3,497.8
326.9
199.3
143.8
190.7
177.2
189.5
207. 0
2, 893. 7
3. 197. 6
4. 294. 0
r
3,446. 4
336. 2
193.7
' 138. 8
194.0
' 179. 7
192. 2
210.5
2,852. 5
3,252. 0
4, 379. 6
r
3,313. 4
337,7
192.9
' 137. 9
' 194. 0
' 180. 4
188.6
' 209. 4
173.7
202.2
138.2
169.8
201.3
134.7
171.0
202.4
136.1
172.3
204.7
135. 8
168.3
206.6
130.7
108.1
203.7
133.7
169.0
204.4
132.8
170.4
203. 5
138.5
172.2
206.8
139.4
176. 6
212. 3
142.3
173.9
210. 3
138. 4
199.6
200.2
167.3
152.9
155.8
139.0
185.7
163.0
126. 8
212.3
146. 5
190.5
17G. 4
135.1
114.1
146. 5
372.1
294.1
203.9
195.7
297. 0
299.3
192.5
181.0
158.2
132. 0
154.9
138.3
185.1
159. 9
141.2
206. 3
142.7
187.6
175.1
133.5
113.8
144.4
358. 8
295. 0
206.4
199.6
281.3
280.0
192.9
182.8
166.4
128.1
156.1
139.8
191.6
163.8
US. 2
216.9
152.8
188.8
177. 2
134.9
116.1
144.8
358. 7
296. 5
212.4
205. 2
283. 3
283.0
194.8
186.4
166.5
134.8
158.6
142.8
197.6
166.8
156.7
217.5
157.4
193. 2
179. 8
137.3
117.1
149.5
355. 1
296. 5
215. 5
207. 5
281.4
278 5
184. 3
175.6
154. 6
125.6
155.8
139.8
209.2
168.0
242.8
219.6
157. 0
189.4
178.6
137. 9
117.1
151.9
355. 2
297. 6
222.8
215.6
279.7
280.9
181.1
187.4
160. 6
139. 6
156. 0
140.2
213.1
167.5
306. 2
210. 7
157. 5
190.6
180.6
137.8
118.4
149.4
356. 6
295.1
220. 5
214.0
287.9
294.3
185.1
195.6
166.3
148.4
158.5
143.1
212. 8
168. 7
336.4
200.3
163. 0
189.8
180.0
138.9
119. 6
151. 5
360. 8
292.8
220.8
213. 3
291.4
300.8
188.0
196. 9
169.6
147.4
158.0
142.7
207.4
171.4
262.3
200.2
165.7
192.9
182.6
139. 5
119.3
153. 7
364.5
288.6
224.4
219.7
290.2
297. 5
189.4
192.3
169.2
141.1
157.4
141.9
203.8
174. 5
188.7
211.4
172.7
194.0
182.0
142.2
120.8
156.8
366. 2
289.2
219.2
214.2
289.9
298.2
194.9
191.8
164.5
143.5
160.8
145.7
205.0
176.5
162.9
227.6
177.8
197. 0
185.0
144.1
121.5
159. 6
377.8
291.1
220.4
214.9
305. 2
319. 4
193. 5
195. 2
165.3
149.1
162. 5
147. 9
195.8
168.2
153. 9
221.9
166. 4
194. 9
183. 3
142. 8
118. 4
160. 3
384. 2
293. 2
220.1
213. 4
319. 8
342. 4
157.8
225.0
155.5
144.9
125. 7
142.3
214.2
152. 5
150.0
129.5
155. 8
215.5
148.5
157.4
127.9
151.8
217. 9*
145.7
162.2
131.1
130.6
194. 4
135.1
160. 7
136,5
145.8
215.6
136.6
165. 3
132.7
150.1
207. 8
130. 8
158.2
135. 4
159. 8
210. 2
130.7
163.7
129.6
137.7
197. 7
125. C
153. 8
130.9
148.8
199.8
127.7
144.3
131.7
137.7
215. 5
125. 1
135. 8
132.2
112.5
164.9
171.5
151.6
112.9
164. 9
173.4
152.1
112.9
168. 5
176.1
153.5
114,8
170.4
177.9
153. 2
114.6
170.3
179.3
156.8
115.4
171. 5
177.9
156. 6
115.6
168.9
177. 9
159.4
114.3
168.3
174.9
159.0
114.2
170.1
172.1
156.9
114.6
173.5
174.0
158.6
115. 2
' 175.1
172.3
157.8
173. 7
155. 2
153. 6
179.9
155. 7
154.5
194.2
101. 3
155.3
195.7
163.6
157.2
187.3
165.1
157.4
178.6
159. 8
158.8
185.5
159.5
159.0
188.0
161.3
161,9
181. 9
160. 7
164. 6
r 176. 7
162.3
169.5
' 175. 3
161. 5
166.8
122.6
131. 5
131. 2
133. 4
490. 5
124.3
134.4
134. 6
134.0
524.6
124.2
135. 2
132.4
133. 4
552. 6
127.4
139. 6
136. 6
135.4
571.7
128.3
142.4
136.7
135. 9
585. 6
126.8
141.7
132.7
136.3
585.2
128.0
139.2
138.9
136.4
602. 6
132.0
141.6
147.1
140.4
599. 0
134.2
141. 9
155. 9
140. 0
651.9
146.8
145. 0
190.7
142. 3
672.9
130. 7
141.4
144.3
139. 1
685.2
761
2,
3,
4,
3,
'
'
'
'
'
'
'
'
'
'
©Small revisions have been made in the data for 1940-43; these are available on request, 1 Data computed to tenths only beginning June.
y revisions for January 1944: Workers involved, 113,000; man-days idle, 710,000.
beginning January 1943 refer to all employees rather than to wage earners only and are therefore not strictly comparable with earlier data.
e marked "t" on p. S-10. A See note marked " § " on p. S-10.
nd printing, book and job, industries will be shown in a later issue. Indexes ol
* Revised.
tde agricultural placements which are
rroation regarding the revised indexes
1-T
idexesof pay rolls in nonmanufacturthe telephone industry are on p. 20).
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
S-13
1944
March
April
May
June
July
August
1945
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES
Factory average weekly earnings:
48.41
48.09
49.42
48.86
49.42
49.30
' 49. 91
49.39
48.98
50.80
Natl. Ind. Con. Bd. (25 industries)
dollars.
48.46
50.48
45.55
45.64
46.24
46.02
46.24
46.94
46.85
45.43
45.88
' 47. 44
47.52
47.43
U. S. Dept. of Labor, all manufacturing!
do...
51.67
51.89
52.14
51.07
51.54
51.84
52.18
53.39
53.04
53.68
' 53. 58
53.18
Durable goods!..
do__.
50.07
50.41
50.65
50.98
50.01
50.25
50.18
51.27
'• 51. 66
51.62
51.48
' 51. 84
Iron and steel and their products!
do...
Blast furnaces, steelworks, and rolling
53.12
54.55
52.74
54.32
54.58
55.43
55.04
55.33
53.43
55.46
53.80
54.58
millsf
_-.
dollars.
46.84
47.18
48.55
47.28
47.88
48.42
48.54
47.22
47.76
r 49.37
' 49. 81
49.78
Electrical machinery!
__do__.
54.40
54.54
54.72
54.47
53.33
54.37
55.06
54.15
' 55. 94
55.48
56.05
56.23
Machinery, except electrical!-—do...
52.53
53.28
53.10
53.18
53.70
53.84
51.85
52.94
54.76
54.92
55.02
54.37
Machinery and machine-shop products!..do...
56.54
56.97
57.18
57.08
57.33
60.08
57.77
58.95
58.05
56.80
60.81
60.21
Machine tools.-.
.do...
58.56
58. 37
55.98
57.68
56.43
56.90
58.41
58.23
59.63
58.48
57.85
59.38
Automobiles!
do...
59.41
58.73
60.80
59.87
60.36
61.76
59.66
63.04
59.29
r 63. 33
' 62. 76
62.53
Transporation equipment, except autos!-_-do._.
53.55
53.70
54.31
64.10
54.73
54.43
56.21
54.61
57.35
55.64
56.45
Aircraft and parts (excluding engines)..-do
55.39
62. 53
61.93
60.92
59.73
61.51
61.92
61.35
59. 21
61.18
62.28
59.90
60.64
Aircraft engines*
do
62.89
61.46
65.23
64.02
63.96
65.03
62.69
r 68. 22 ' 66.19
Shipbuilding and boatbuilding
do62.80
68.68
67.69
48.65
48.96
48.99
48.83
48.69
50.90
r 50.86
' 50.85
Nonferrous metals and products!
do.
49.33
49.66
48.34
49.99
34.05
33.30
34.82
34.54
35.78
34.31
33.74
33.62
' 33.72
Lumber and timber basic products!
do.
35.56
34.00
36.11
33.14
32.26
33.91
33.59
35.21
32.96
34.72
32.66
32.73
' 32.43
Sawmills
_
do.
'32.28
35.29
35.23
35.47
36.51
36.04
36.58
38.07
' 37. 40
35.39
' 37. 55
36.26
Furniture and finished lumber products!_do.
36.97
37.48
35.93
36.29
36.83
36.72
37.15
38.70
35.94
' 37.87
' 38.16
36.71
37.51
37.81
Furniture^
do.
38.45
38.46
39.52
38.98
39.33
40.19
38.12
39.19
40.82
40.10
' 40.30
' 39. 81
Stone, clay, and glass products!
do
36.16
36.56
37.66
37.03
37.15
38.71
37.05
' 38.39
37.30
' 38. 63
37.87
Nondurable goods!
_.do
37.97
Textile-mill products and other fiber
r
' 30. 99
28.85
29.64
28.88
30.54
30.10
30. 77
30.87
29.74
29.87
29.51
30.49
manufactures!
dollars..
Cotton manufacturers, except small wares!
r
27.12
27.91
25.75
27. 78
27.63
27.26
25.26
26.33
27.49
26.76
27.37
26.90
dollars..
30.16
28.27
30.04
28.33
30.41
' 29. 76
28.53
29.13
28.92
28.89
29.07
Silk and rayon goods!..
do
30.20
Woolen and worsted
manufactures
r
36. 63
36.79
35.32
34.79
36. 73
36.04
35.35
35.50
36.00
34.95
35.51
(except dyeing and
finishing)!
dollars..
35.96
A pparel and other finished textile products!
32.42
31. 35
33.46
30.72
31.34
31.74
29.28
28.70
29.45
29.95
30.44
dollars..
31.83
33. 25
34.78
31.77
32.93
' 33. 90
30.46
33.95
32.28
31.65
30.86
32.29
Men's clothing!.
do
33.54
41.96
37.83
39.82
38.45
40.35
34.16
34.39
37.77
35.46
37.67
35.89
Women's clothing!
do
39.12
35.25
32.36
34.02
32.48
33.02
33.16
33.01
34.27
34.75
33.70
33.35
Leather and leather products!
do
34.06
33. 66
30.43
32.15
32.55
33.12
30.39
30.95
31.87
31.18
31.43
30.99
32.29
Boots and shoes..
do
38.84
38.04
37.67
37.87
39.08
37.95
39.80
39. 50
38.52
39.09
38.86
38.39
Food and kindred products!.do
38.65
37.42
38.93
37.00
38.06
38.31
38.21
38.86
38.42
39. 24
' 38. 57
Baking
_do
38.58
32.05
30.56
29.98
30.76
31.27
30.27
30.84
29.75
30.49
31.10
31.73
Canning and preserving!._.
do
31.67
r
42.80
43. 56
43.98
43.70
46.41
44.69
45.87
48.16
47.18
45.73
46.81
Slaughtering and meat packing.
...do
44.68
31.77
27.75
31.43
27.00
29.34
30.27
33.20
' 31. 93
29.82
32.49
30.04
Tobacco manufactures!
do
31.53
40.05
38.20
39.65
38.09
38.77
39.10
38.72
' 40. 22
40.11
' 40. 09
39.17
40.26
Paper and allied products!
do
43.03
41. 50
43.07
41.59
42.49
42.67
43.73
42.42
' 43.72
' 43.19
42.83
44.24
Paper and pulp
.
do
Printing, publishing, and allied industries!
44.12
45.84
r 46. 01
45.67
42.93
45.60
44.43
42.82
43.84
44.37
45.56
45.06
dollars. .
48.65
49.85
' 49.20
49.39
47.07
49.92
49.63
47.06
48.29
48.45
48.88
49.21
Newspapers and periodicals*
...do
44.19
41.35
44.26
44.52
42.70
44. 75
45.14
41.18
42.09
42.97
42.67
43.93
Printing, book and job*
.do
44.06
44.33
44.31
43.01
44.08
42.99
43.91
43.79
43.86
44.00
43.70
43. 94
Chemicals and allied products!
do
53.63
51.20
52.22
52. 64
53.31
51.07
51.42
51.90
52.15
52.48
51.65
51.99
Chemicals
_do
56.58
54.36
55.70
54.24
55.14
55.27
55.30
55.61
* 56. 52 r 56. 20
56,27
56.99
Products of petroleum and coal!
_do
59.14
57.83
58.24
57.62
58.27
58.00
59.08
' 59. 28
' 58. 55
58.66
57.98
Petroleum refining
do
60.37
54.38
48.12
50.99
49.53
48.98
50.24
49.30
49.17
' 52. 64
' 54. 50
50.59
50.92
Rubber products!
_.
_do
64.04
55.63
59.33
58.38
57.11
58.62
57.01
' 61. 62
64.29
56.78
58.54
58.30
Rubber tires and inner tubes
.do
Factory average hourly earnings:
' 1. 086
'1.095
1.072
1.093
1.079
1.069
1.057
1.070
1.053
1.079
1.062
Natl. Ind. Con. Bd. (25 industries)
do
1.043
1.018
1.040
.032
1.035
'1.046
1.017
1.016
1.013
1.006
1.031
1.017
U. S. Dept. of Labor, all manufacturing!
do
1.138
.132
1.112
1.116
' 1.140
' 1.145
1.110
1.129
1.136
1.113
1.112
1.103
Durable goods!
.-do
1.098
1.075
1.095
.101
1.101
1.086
1.081
1.091
1.089
1.077
1.070
1.077
Iron and steel and their products!
do
1.181
1.163
.198
1.170
1.189
1.179
1.191
1.170
1.160
1.176
1.148
1.158
Blast furnaces, steel works, and rolling mills!.do.
1.065
1.032
.051
1.032
1.059
' 1. 069
1.049
1.026
1.021
1.014
1.046
1.010
Electrical machineryt
do.
1.150
1.121
.136
1.134
1.123
1.146
1.151
1.122
1.116
1.137
1.115
1.110
Machinery, except electrical!
do.
1.129
1.100
1.132
.116
1.124
1.103
1.116
1.105
1.099
1.095
1.116
1.092
Machinery and machine-shop products!, do.
1.173
1.138
.144
1.173
1.172
1.150
1.122
1.131
1.131
1.150
1.114
1.116
Machine tools
do.
1.283
1.261
1.287
1.280
1.291
1.279
1.314
1.266
1.275
1.262
1.270
1.261
Automobiles!
do.
1.302
1.272
1.297
1.309
1.318
'1.307
1.264
1.262
1.301
1.207
1.261
1.251
Transportation equipment, except autos!_..do
1.193
1.161
1.177
1.178
1.155
1.187
1.203
1.158
1.159
1.177
1.148
1.143
Aircraft and parts (excluding engines)...do
1.330
1.317
1. 330
1. 330
1. 350
1.326
1. 296
1.315
1.312
1. 318
1.310
1.302
Aircraft engines*
do
1.373
1.339
1.370
1.331
1.384
' I . 368
1.332
1.324
1.379
1.407
1.330
1. 319
Shipbuilding and boatbuilding..
do
1.074
1.047
1.058
1.058
1.069
1.077
1.059
1.047
1.049
1.051
1.G45
1. 044
Nonferrous metals and products!...
do
.793
.801
.794
.791
.803
.791
.807
.796
.798
.799
.788
.771
Lumber and timber basic products!
do
.775
. 793
.795
.798
.776
.779
.773
.788
.792
.788
.775
.757
Sawmills
....do
.850
.816
.833
'.844
.846
.829
.833
.813
.812
.812
.805
.797
Furniture and finished lumber products!..do
.875
.835
.868
.853
.847
.849
.832
'.864
.833
.827
.816
Furniture
_do
.915
.895
.912
.910
.899
' .913
' . 916
.910
.894
.891
.882
Stone, clay, and glass products!...
do
r
.864
.883
.877
.878
.876
.861
.862
.891
.858
.850
.846
Nondurable goods!
_
do.
Textile-mill products and other fiber
.725
.728
.722
.730
.710
.721
.711 |
.723
.712
.701
.710
.690
manufactures!
dollars..
Cotton manufactures, except small
' .652
.646
.648
.652
.646
.647
.639
.637
.637
.605
.623
wares!
_
dollars..
.711
.707
.708
.706
.700
.691
.693
.672
.697
.686
'.709
Silk and rayon goods!
...do.
Woolen and worsted manufactures
'.856
.852
.849
.849
.840
.841
.849
.842
.858
.833
.837
.845
(except dyeing and
finishing)!
dollars..
Apparel and other finished textile products!
.849
.824
.831
.832
.832
.807
.785
.772
.784
.789
.770
dollars.
.864
.861
.871
.857
.846
.823
.811
.821
.817
'.867
.800
Men's clothing!
do...
1.075
1.017
1.027
1.001
1.035
.963
.927
.918
.946
1.054
Women's clothing§
do...
.824
.836
.819
.819
.801
.806
.820
.802
.829
.790
.782
.800
Leather and leather products!..
do..,
.787
.794
.789
.771
.788 1
.765
.7o4
.767
.799
.747
.766
Boots and shoes.do...
7
Revised.
t Sample changed in November 1942; data are not strictly comparable with figures prior to that month.
§ Sample changed in July 1942; data are not strictly comparable with figures prior to that month.
* New series. Data beginning 1932 for the newspapers and periodicals and printing, book and job, industries will be published later; see November 1943 Survey for data beginning
August 1942. Data for the aircraft engine industry beginning 1939 will also be published later.
! Revised series. The indicated series on average weekly and hourly earnings have been shown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked " ! " on p. S-13 of the July 1944 Survey); there were no revisions in the data for industries which do not carry a reference
to this note. Data prior to 1942 for all revised series will be published later.
S-14
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
March
May 1945
1944
1945
March
April
July
June
May
1945
August
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
1
WAGES—Continued
Factory average hourly earnings—Continued.
IT. S. Dept. of Labor, all mfg.f—Continued.
Nondurable goods—Continued.
Food and kindred products!dollars..
Baking
do
Canning and preserving!
.do
Slaughtering and meat packing
do
Tobacco manufactures!-...
...do
Paper and allied products!-..
do
Paper and pulp...
do
Printing, publishing, and allied industries!.do
Newspapers and periodicals*
do
Printing, book and job*..
...do
Chemicals and allied products!
do
Chemicals
...do
Products of petroleum and coal!
..do
Petroleum refining
.do
Rubber products!...
do
Rubber tires and inner tubes
...do
Nonmanufacturing industries, average hourly earnings
07. S. Department of Labor):*
Building construction
.dollars..
Mining:
Anthracite
...do
Bituminous coal
_
.do
Metalliferous
.do
Quarrying and nonmetnllic..
do
Crude petroleum and natural gas
_.._do._
Public utilities:
Electric light and powor
.do
Street railways and busses.
do
Telegraph
do
Telephone
do
Services:
Dyeing and cleaning
do
Power laundries
do..
Trade:
Retail
do....
Wholesale
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):t
Common labor
._
dol. per hr.
Skilled labor
do....
Farm wages without board (quarterly)0
dol. per month.
Railway wages (average, class I ) © . .
dol. per hr..
Road-building wages, common labor:
United States average
do
PUBLIC ASSISTANCE
Total public assistance
..mil. of dol.
Old-age assistance, and aid to dependent children and
the blind, total.
mil. of dol.
Old-age assistance.
do...
General relief
._
do...
0.839
.829
.759
.903
.679
.834
.871
1.049
1. 226
.973
.938
1.094
1.163
1.235
1.086
1. 256
0.845
.830
.779
.918
.691
.837
.875
1.059
1.232
.983
.944
1.097
1.174
1.247
1.075
1.234
0.854
.839
.777
.934
.698
.842
.879
1.072
1.248
.994
.954
1.101
1.174
1.242
1.087
1.257
0. 851
.841
.770
.924
.706
.845
.884
1.075
1.248
1.001
.958
1.101
1.181
1.248
1.092
1.254
1.296
1.297
1.310
1.162
1.174
1.166
1.182
1.012
.848
1.168
1.159
1.175
1.C05
.849
1.131
1.092
.922
.796
.904
1.110
.928
.800
.708
.601
0.845
.839
.743
.921
.709
.847
.886
1.072
1.253
.997
.966
1.114
1.199
1.265
1.094
1.256
0.844
.839
.765
.922
.715
.847
.884
.080
.258
.001
. 961
.106
.170
.245
.102
.264
0.847
.850
.764
.921
.724
.858
.891
1.101
1.265
1.030
.966
1.119
1.202
1. 268
1.117
1.273
0.857
.849
.790
.930
.728
.862
.901
1.102
1.262
1.037
.957
1.117
1.190
1.257
1.108
1.263
?.859
.855
.773
.933
.735
.863
.899
1.104
1.268
1.037
.956
1.121
1.186
1.253
1.107
1.258
0. 865
.854
.786
.933
.738
.864
.897
1.108
1.268
1.042
.964
1.125
1.200
1.270
1.130
1.2S0
0. 866
.848
.795
'.927
'.736
-.867
'.898
r 1. 110
r
1, 264
' 1.049
.971
1.133
' 1. 206
r
1. 271
1. 152
'1.317
1.300
1.302
.323
1.339
1. 342
1.349
1.359
1.364
1.144
1.182
1.009
.857
1.138
1.194
1.199
1.010
.871
1.187
. 179
. 190
.003
.861
1.130
1.187
1.213
1.016
.871
1.172
1.197
1.1.91
1.015
.881
1.156
1.156
1.173
1.015
.871
1.146
1.176
1.187
1.020
.884
1.162
1.154
1.205
1.018
.873
1.166
1.094
.928
.807
.907
1.097
. 933
.804
.900
1.118
.935
.805
.903
1.102
.939
.802
.902
1.120
.942
.812
.921
1.127
.945
.809
.928
1.116
.946
.809
.930
1.119
.955
.815
. 935
« 1.116
•
'.962
.826
.934
.722
.606
.725
.620
.724
.617
.722
.621
.719
. 626
.736
.637
.745
.641
.747
.641
r . 746
.644
.749
.649
.711
.690
.697
.979
.701
.986
.732
.989
.730
.736
.994
.741
1.008
.736
.996
.728
1.002
.751
r 1. 006
,870
1.62
.874
1.63
.874
1.63
.877
1.64
.882
1.64
.882
1.64
.883
1.64
.886
1.64
.886
1.64
.890
1.64
.891
1.64
.944
81.15
.950
.943
"."939"
89.54
.947
.938
"."955"
86.80
.952
".959"
".'966"
88.90
.961
.76
.77
.79
.80
.79
.78
.74
.70
78
78
78
79
79
80
80
71
57
7
71
58
7
71
58
7
71
58
7
72
58
72
59
7
7
72
59
7
1.121
0.895
1.64
fc 92. 70
.72
.64
79
78
78
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised
by the Farm Credit Administration:
2,172
2. 041
2,079
2,058
2,105
2,214
2,124
2,260
2,243
2,289
2,319
2,033
Total, excl. joint-stock land banks
mil. of dol..
1,614
1,443
1,591
1,567
1,544
1,518
1,400
1,467
1,630
1,651
1,673
1,407
Farm mortgage loans, total
do
1,274
1,258
1,245
1,119
1,228
1,211
1,194
1,175
1,155
1,137
1,091
1,290
Federal land banks
_.
...do
372
369
324
363
357
351
343
336
330
383
378
316
Land Bank Commissioner
do
220
135
207
217
143
135
176
146
155
175
202
211
Loans to cooperatives, total
do
Banks for cooperatives, including central bank
132
213
216
203
172
152
143
140
132
171
197
208
mil. of dol_.
3
3
3
3
3
3
3
3
3
3
3
2
Agr. Marketing Act revolving fund
do
482
375
378
475
481
469
445
412
382
462
444
415
Short term credit, total
._
do
31
30
32
28
28
35
35
30
36
34
36
30
Federal intermediate credit banksd1..
do
269
192
197
269
263
246
221
198
249
260
233
229
Production credit associations
do
12
11
20
18
15
21
19
21
20
21
22
9
Regional agricultural credit corporations...do
119
102
103
116
112
107
104
118
119
119
116
110
Emergency crop loans
.
do
39
37
37
38
38
38
38
37
39
39
39
36
Drought relief loans
.do
1
1
2
2
2
2
2
2
2
3
1
3
Joint-stock land banks, in liquidation
do
76,192
83,168
75, 282
66,062
62. 497
63,625
66, 894
70,397
60, 241
69,056
73, 599
60, 757
Bank debits, total (141 centers)!
.do.
33, 563
37, 678
34, 990
28,474
26,165
26, 860
28, 558
30,016
31,884
25, 297
24, 708
29, 644
New York City
.
do
45, 490
40, 292
36,332
38,336
37, 588
40,381
42,629
36, 765
34,944
39,412
Outside New York City
.
d o " I . 41,715
36,049
Federal Reserve banks, condition, end of month:
40, 269
39,929
39,854
36,678
38,700
35,815
35,542
36,132
37,492
34,870
33,808
Assets, total
.mil. of dol.. 40, 544
19,552
19, 745
15, 325
16, 201
17,113
18, 325
19,357
15,272
14,759
12, 571
13, 800
Reserve bank credit outstanding, total
do
20,311
176
237
13
37
95
473
80
49
345
118
Bills discounted
_ do
245
63
19,006
18,846
15, 806
17, 647
18,388
14, 251
14, 901
14, 915
16, 653
13, 220
12,115
19,669
United States securities
do
18.66R
19,287
19,104
19,028
18, 770
18, 687
18,915
18, 802
19,362
19,546
18,519
19, 736
Reserves, total
do
18,373
18, 444
18,759
18, 552
18,528
18, 647
19,010
18,823
19, 265
19, 423
19, 097
Gold certificates
do
18, 261
v Preliminary.
' Revised.
O Weighted averages for 1942-43 revised as follows: 1942, $55.91; 1943, $72.51.
& Farm wages as of April 1.
© Wage increases which became effective December 1943 (retroactive to February or April 1943) and January 1944 are not fully reflected in the figures until March 1944. The
figures do not include accruals of back pay.
IRates as of April 1: Construction—common labor, 0.904; skilled labor, $1.65. & Excludes loans to other Farm Credit Administration agencies.
* New series. Data on hourly earnings beginning August 1942 for the newspapers and periodicals and printing, book and job, industries and beginning March 1942 for the nonmanufacturing industries, except the telephone and telegraph industries, are available, respectively, in the November 1943 and May 1943 issues; figures beginning 1937 for the telephone industry are shown on a revised basis on p. 20 of this issue of the Survey; data back to 1939 for other series, except the telegraph industry, will be published later; data for
the telegraph industry are available only from June 1943 (for data beginning that month see p. S-14 of the January 1945 issue).
!Revised series. See note marked "f" on p. S-13 in regard to the series on hourly earnings in manufacturing industries. Bank debits have been revised beginning May 1942 to
include additional banks in the 141 centers; see p. S-15 of the September 1943 Survey for revised figures beginning that month and note marked " ! " on p. S-15 of the July 1944 Survey
for monthly averages for 1942 on the new basis.
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
S-15
1944
March
April
May
June
July
1945
August
September
October
November
December
January
February
FINANCE—Continued
BANKING—Continued
Federal Eeserve banks, condition, end of month—Con.
Liabilities, total
_
._.
mil. of dol_.
Deposits, total
do
Member bank reserve balances
_.do
Excess reserves (estimated)
do
Federal Eeserve notes in circulation
_.do
Eeserve ratio
percent..
Federal Eeserve reporting member banks, condition,
Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. of doi_.
Demand, except interbank:
Individuals, partnerships, and corporations-do
States and political subdivisions
do
United States Government
do
Time, except interbank, total..
.do
Individuals, partnerships, and corporations.do
States and political subdivisions._
.do
Interbank, domestic
.do
Investments, total
...do
V. S. Government direct obligations, total_..do
Bills
do....
Certificates
_
.do...
Bonds
_
do
Notes
do
Obligations guaranteed by U. S. Government do
Other securities
.do
Loans, total
do
Commercial, industrial, and agricultural§__.do
To brokers and dealers in securities
do
Other leans for purchasing or carrying securities
mil. of doL.
Eeal estate loans
.do
Loans to banks
__.do
Other loans
_
.do
Money and interest rates:^
Bank rates to customers:
New York City
.percent-.
7 other northern and eastern cities
do
11 southern and western cities
_ _ _ _ do
Discount rate (N. Y. F. R. Bank) •
do....
Federal land bank loansd"
do
Federal intermediate credit bank loans
do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers', 90 days
do
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)
do_...
Average rate:
Call loans, renewal (N. Y. S. E.)__
do
U. S. Treasury bills, 3-mo
do___.
Average yield, TJ. S. Treasury notes, 3-5 yrs.:
Taxable*
...do....
Savings deposits, New York State savings banks:
Amount due depositors
mil. of dol
U. S. Postal Savings:
Balance to credit of depositors
.__do
Balance on deposit in banks..
do
40, 544
16,174
14,166
786
22,319
48.1
23, 808
14, 478
11,889
512
17, 559
61.6
34,870
15, 090
12, 684
773
17,9G9
59.1
35, 542
15, 299
13,046
711
18,532
57:2
36,132
15,386
12,866
1,306
18, 899
56.3
35, 815
15, 022
12,855
1,188
19,127
55.9
36,678
15, 206
13,072
846
19, 735
54.5
37,492
15, 508
13, 548
1,035
20,215
52.9
38, 700
16,017
14,148
880
20,792
51.1
39,854
16, 427
14,728
1,179
21,391
49.6
40,269
16,411
14,373
1,773
21.731
49.0
39,929
16,165
13,884
982
21, 748
49.2
40,434
16,270
14,228
949
22,162
48.4
38,539
34,667
36,076
37,018
36,251
1,859
12,314
7, 860
7,697
117
8,856
47,139
43,657
2,553
9,971
21, 937
9,196
600
2,882
12,107
6,350
1,869
37, 347
1,939
10, 523
8,052
7,883
125
8,915
46,867
43, 555
2,140
9,994
22, 215
9,206
357
2,955
11,634
6, 251
1,737
37,347
32,660
34, 649
36,208
33,008
33, 597
35,097
35,435
37, 587
37,198
2,077
9,222
8,197
8,028
125
8,944
46,617
43,228
2,082
11,312
22,384
7,450
337
3,052
11,180
6,088
1,614
32,649
1,782
10, 235
6,487
6,306
123
8,036
40, 994
37,434
3,247
8,910
18,026
7,251
653
2,907
11,018
6,305
1,482
34,357
2,005
7,196
6,622
6,445
129
7,954
40, 418
36, 972
2,773
86,184
2,054
4,934
6,753
6,575
130
8,146
39, 907
33, 650
1,777
13, 602
6,962
6,798
119
8,691
45, 430
41,875
18,105
7,126
641
2,805
10, 256
6,035
1,253
36,413
2,299
8,886
18,134
7,094
616
2,878
]0,G81
5,846
1,192
33,170
1, 765
12, 589
6,810
6,643
119
8,796
42,872
39, 288
2,942
10,341
18, 743
7,262
629
2,955
.2,164
6,027
2,032
11,057
19,435
7,502
613
2,942
11,487
6,015
1,446
35,111
1,756
11,100
7,120
6,952
122
8, 515
44, 635
41,075
3,077
11,057
19,537
7,404
600
2,960
11,065
5,984
1,393
35,4S9
1,762
9,221
7,289
7,131
122
8,691
43,693
40,140
2,473
10, 757
19, 569
7,341
584
2,869
10,980
6,076
1,523
37, 808 38,823 35,219
1,735
1,954
2,039
5,804
5,757 13,870
7,741
7,602
7,611
7,584
7,450
7,436
112
116
120
9,875
9,688
9,105
42, 543 43,428 47,257
39,057
39,920 43,708
1,774
1,768
2,864
10, 247 • 10,392 '10,069
19, 762 • 20,366 '21,471
7,274 r 7,424 r 9,305
599
594
615
2,887 r 2,884 r 2, £03
11,371
11,665
12, 630
6,274
6, 247
6,415
2,118
1,806
1,869
1,084
1,040
63
1,291
880
1,081
55
1,215
629
1,074
62
1,203
589
1,073
55
1,326
1,616
1,073
53
1,363
1,547
1,071
87
1,321
1,255
1,071
54
1,308
957
1,062
32
1,330
1.99
2.73
2.91
1.00
4.00
1.50
2.10
2.75
3.12
LOO
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
2.23
2.55
3.18
3.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
2.18
2.82
3.14
1.00
4.00
1.50
.44
.75
1.25
.44
.69
1.25
.44
.69
1.25 f
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
1.00
.375
1.00
.375
1.00 I
.375
1.00
.375
1.00
1.00
.375
1.00
1.00
.375
.375
.375
1.18
1.36
1.36
1.35
7,408
6,322
6,383
6,464
2, 513
8
1, 906
9
1,947
9
1,994
9
6,570
2,034
9
2,084
8
v 5, 588
v 1,990
p 732
p 184
5, 057
1,864
696
167
5, 037
1,847
680
171
5,148
1,859
700
181
5,209
1,882
707
192
5,148
1,889
706
204
p 163
P 238
p 11
p 50
v 86
p 1, 258
*>373
144
231
19
52
83
1,168
316
142
229
18
48
82
1,157
319
141
235
16
45
82
1,159
325
138
237
15
44
81
1.175
335
P23
121
26
118
16
118
20
172
v4\
164
38
164
30
*>382
v 94
v 128
p 87
v 1,676
v 1,180
369
94
112
86
1,376
1,115
702
363
61
108
85
1,346
1,139
705
1.31
1.34
*116
P
P742
1.31
6,810
1,770
1,054
107
1,315
1,462
1,049
72
1,305
1,245
1,044
71
1,286
1.00
4.00
1.50
1.00
4.00
1.50
1.93
2.61
'2.65
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
. 75
1.25
.44
.75
1.25
1.00
1.00
.375
1.00
1.00
.375
1.00
.375
. 375
.375
1.31
1.22
7,204
7,295
* 2,404
8
2.457
8
1.34
1.35
1.35
6,978
7,116
2,198
8
6,897
2,257
8
2,305
8
5,192
1,896
709
210
5,272
1,912
720
210
5,412
1,937
743
210
5,595
1,973
773
208
5, 790
2,083
836
200
r
5,481
••2,013
778
192
p 5, 322
v 1,963
132
234
14
43
79
1,183
339
132
233
13
42
79
1,187
343
138
236
13
43
80
1,192
342
148
244
13
44
84
1,194
344
162
253
13
48
89
1,200
345
184
269
13
70
100
1,247
357
172
249
12
61
92
' 1. 235
'358
P163
119
22
119
19
118
20
118
19
116
18
119
23
116
16
p 114
165
35
169
38
170
33
172
35
172
33
172
34
175
37
172
33
p 168
362
72
104
85
1,390
1,189
710
365
75
102
85
1,370
1,241
716
367
73
103
85
1,287
1,250
722
363
70
106
85
1,330
1,239
727
364
67
111
85
1,402
1,231
727
117
18
172
34
361
68
115
85
1,516
1,231
728
365
77
117
85
1,664
1,231
727
388
106
120
88
1, 758
1.220
729
378
58
r 124
87
1,528
1,206
^734
372
56
r 125
6,709
C O N S U M E R SHORT-TERIVI C R E D I T
Total consumer short-term debt, end of m o n t h * . . d o
I n s t a l m e n t debt, total*
.do
Sale debt, total*
do
Automobile dealers*
__
.do
D e p a r t m e n t stores and mail-order houses*
mil. of dol_.
F u r n i t u r e 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 m a d e
...do
Industria. r a n k i n g companies:
Debt
..do
Loans m a d e
do
Personal finance companies:
Debt
_do.___
Loans m a d e
__do
Insured repair and modernization debt*
do
Miscellaneous debt*
do
Charge account sale d e b t * . .
do
Single-payment loans, d e b t * . .
_.do
Service debt*
_
do
Index of total consumer short-term debt, end of month:*
Adjusted
_
.__
1935-39= 100 _.
1.30
6,623
836
1,061
64
1,312
851
1,060
81
1,326
2,140
8
2,342
8
p 186
v 240
v 11
']>221
p 1,432
v l, 189
'85
87
82
84
87
85
83
82
80
81
79
83
88
'Revised.
» Preliminary.
.Includes open market paper.
IFor bond yields see p. S-19.
JSee note marked "*".
•A rate of 0.50 became effective October 30, 1942, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.
d* The temporary rate of 3}_ percent established by legislation for instalments maturing after July 1,1935, expired July 1,1944; effective that date the banks voluntarily reduced
their rates to 4 percent on all loans in the United States, some of which bore a contract rate as high as 6 percent.
*New series. Earlier data for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and succeeding issues of the Survey. Data on consumer credit beginning 1929 are available in the November 1942 Survey, pp. 16-20, and subsequent issues, except for unpublished revisions as follows: Total consumer short-term debt (dollar figures and
index), 1929-43; single payment loans, 1929-October 1943; total instalment debt, total cash loan debt, commercial bank debt, 1934-43; insured repair and modernization debt (series now
represents insured FHA loans), 1934-September 1943; credit union data, 1941-September 1943; total instalment sale debt and automotive dealers, 1941; charge account sale debt, December 1941-April 1942; service debt, January 1941-April 1942. Except as indicated, the 1929-41 figures on pp. 16-20 of the November 1942 Survey are correct and the estimating procedure is essentially the same as that used originally; revisions resulted largely from adjustment of the monthly series to new bench-mark data and improvement in the method of
reporting consumer credit by commercial banks. Recent revisions are explained in detail in the December 1944 and January 1945 issues of the Federal Reserve Bulletin.
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1945
March
May 1945
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
LIFE INSURANCE
Life Insurance Association of America:©
.mil. of dol. _
Assets, admitted, total* A
_ do
Mortgage loans, total
do....
Farm
do
Other
Real-estate holdings
_ . . . __ do ._
Policy loans and premium notes
do
Bonds and stocks held (book value), total
do
do...
Govt. (domestic and foreign), total _
do.__.
U. S. Government
do
Public utility
do.__.
Railroad
_ _.
do
Other
Cash
_ do
do...
Other admitted assets
..
Insurance written:®
. . thous
Policies and certificates, totalf
do_.__
Group
_
-.
do
Industrial f
do_.._
Ordinary!
Value, totalf
thous. of dol._
Group
_
do
do....
Industrial!
do
Ordinary!
do .
Premium collections, total®
-- do
Annuities
do
Group
do .._
Industrial __ . . .... .
do
Ordinary
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thons. of dol
Death claim payments
do
do
Matured endowments
Disability payments
do
do
Annuity payments
Dividends
do
Surrender values, premium notes, etc
do
Life Insurance Sales Research Bureau:
. . do .
Insurance written, ordinary, total
do
New England
do
Middle Atlantic
do . .
East North Central
.._
West North Central
do
do
South Atlantic . .
East South Central
do
West South Central
do.....
Mountain _
. . do
do
Pacific
34,103
5,218
581
4,637
804
1,618
25,114
16,141
14,735
4,431
2, 536
2,006
587
762
31,473
5, 256
611
4,645
1,018
1,793
22,252
13, 279
11,687
4,497
2,495
1,981
506
648
31,661
5,258
615
4,643
995
1,777
22, 234
13, 297
11,728
4,481
2,473
1,983
671
726
31,848
5,252
618
4,634
976
1,762
22, 296
13, 365
11, 762
4,476
2,473
1,982
811
751
32,102
5,263
620
4,643
954
1,746
23,055
14,149
12, 575
4,464
2,456
1,986
398
686
32, 295
5,261
620
4,641
936
1,733
23, 242
14, 346
12, 797
4, 454
2,452
1,990
457
666
32, 454
5,259
617
4,642
921
1,719
23, 381
14,447
12, 904
4,466
2,473
1,995
466
708
32,658
5,258
616
4,642
902
1,707
23,531
14,574
13,054
4,471
2,492
1,994
521
739
32, 864
5, 249
612
4,637
893
1,693
23,619
14,646
13,172
4,497
2,471
2,005
665
745
33, 063
5,239
605
4,634
876
1,678
23,569
14,631
13,165
4,468
2,460
2,010
947
754
r 33, 418
5,257
602
4,655
854
1,662
24, 409
15,547
14,090
4,434
2,462
1,966
490
746
33, 683
5, 235
595
4, 640
844
1,646
24, 704
15,772
14, 338
4, 438
2.529
1,965
549
705
33,865
5,225
591
4, 634
831
1,632
24,911
15,938
14,518
4.443
2,534
1,996
534
732
752
66
398
288
892,667
103, 202
145, 258
644, 207
378, 659
44,956
25, 302
73,077
235,324
701
53
382
267
791,695
88,179
137,811
565, 705
350,926
32,649
24, 514
71,006
222, 757
691
95
346
250
774,292
126,479
124, 535
523, 278
272,833
27,106
18,927
53, 558
173,242
693
54
376
263
820, 098
136, 333
136,127
547, 638
308, 760
29, 633
21, 070
63, 752
194, 305
698
89
340
269
842,991
125,675
125,183
592,133
339,600
35,319
21,680
70,116
212,486
586
42
304
241
722,960
80,220
112, 395
530, 345
285,072
33, 842
19, 258
57, 309
174, 663
627
70
313
244
746,819
110,319
115,490
521,010
312,031
39, 567
21, 330
59, 522
191,612
562
35
300
227
648,376
64,796
111,226
472,354
306,311
27,139
20,532
69,974
188,666
678
46
367
264
777, 793
97, 910
134,171
545,712
292, 693
32,665
20, 833
61,419
177, 776
645
44
344
258
776,801
101, 755
124, 976
550, 070
309, 284
36,898
20,407
57,036
194,943
589
70
290
230
908, 377
222, 532
140,421
545,424
458, 763
120,990
24, 566
84, 430
228, 777
573
37
299
236
747, 853
64, 376
123, 724
559,753
351, 354
49,069
31,312
68,424
202. 549
617
35
334
248
739,162
60, 212
123,130
555,820
333,056
37,897
23 598
63,992
207, 569
238,284
115,183
34,601
7,772
15,499
42, 913
22,316
198,176
98,960
29,048
6,879
13,845
31, 352
18,092
208, 273
101,597
31,101
7,746
14, 099
33, 304
20, 426
210,972
95,739
29,807
7,626
15,460
41,357
20,983
189, 589
91, 629
25,920
6,976
14, 429
32, 598
18, 037
199, 500
103, 802
26,162
7,068
14, 335
29,014
19,119
188,026
90,148
25,591
6,758
14, 791
33,153
17, 585
200,236
101,612
30, 515
7.083
13, 955
29, 072
17,999
201,985
101, 740
31,133
6,972
14, 942
30,167
17, 031
224, 886
101, 773
29, 437
6,188
13, 339
54, 071
20, 078
241.157
115,096
37, 596
8,104
19, 390
42, 923
18, 048
210, 979
106,100
30, 375
7, 215
14, 232
36, 229
16, 828
753,498
56, 382
200, 503
164, 710
72, 237
76,290
31,118
52,336
22,003
77,919
676,653
49,426
182, 624
150,163
64,158
67,647
27,074
46,144
20,293
69,124
717, 341
51,019
190, 254
159,814
70,093
72,400
27, 605
48, 777
21,503
75, 876
771,832
54, 219
196, 325
161, 592
76, 048
74,900
30, 372
54,664
23, 274
100,438
696, 046
49, 896
178, 969
150, 976
71,311
70, 826
28, 082
46,734
22,595
76,657
701, 705
48, 553
165, 996
157, 726
74, 816
75, 315
28, 945
50,456
22,103
77, 795
636, 518
44,821
152, 249
143,620
67, 355
66,398
27,172
47,761
20,322
66,820
724, 840
51, 959
187, 461
159, 629
71, 442
76,669
27, 550
50, 450
22, 230
77, 450
726,452
52,499
192, 674
159,734
72,174
74,901
29, 268
50,119
21, 356
73,727
740, 329
52,148
181, 927
161, 278
75,129
76,083
31,870
55, 339
25, 423
81,132
737, 564
58,092
204,556
159,399
70,450
71,948
27,466
49,991
22, 608
73, 054
730,926
54,244
193, 730
160,472
70. 979
74, 258
27,014
52, 676
22, 970
74,583
.298
.061
.301
.904
.573
.206
4. 035
.298
.061
.301
,902
.573
.206
4.035
.298
.061
.301
.900
.573
.206
4.035
.298
.061
.301
.894
.573
.206
4.035
.298
.061
.301
.897
.573
.206
4.035
.298
.061
.301
.898
.573
.206
4. 035
.298
.061
.301
.897
.572
.206
4.035
.298
. 061
.301
.000
. 572
.206
4. 035
.298
.061
.301
.906
.571
.906
4.035
869,490
63,176
225,674
191, 395
83,792
89,700
35, 290
63,309
28, 249
88,905
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
Argentina
.
.
dol. per paper peso
.061
.061
.061
.061
Brazil, official c?
dol. per cruzeiro
.301
.301
.301
.301
British India
dol. per rupee
.893
.900
.903
.905
Canada, free rate§ _ _
dol. per Canadian dol
.573
.573
. 570
.573
Colombia
dol- ner nfisn
.206
.206
.206
.206
Mexico
do
4.035
4.035
4.035
4. 035
United Kingdom, official rate§
dol. per£_.
Gold:
21, 600
21, 429
20, 419
21,264
Monetary stock, U. S .
mil. nf dol
Net release from earm ark*
thous. of dol.. - 4 6 , 9 2 4 - 4 8 , 718 - 7 0 , 5 4 2 - 9 3 , 1 1 0
Production:
53,887
57,152
57, 227
Reported monthly, total?
^o
39, 547
38,260
Africa
40, 245
do
9,333
8,568
8,989
Canadaf
do
2,933
2,936
2,881
United States! do
Money supply:
21,115
21, 552
25,899
22,160
Currency in circulation
mil. of doL
Deposits adjusted, all banks, and curre ncy outside
127,900 127, 500 128, 000
banks, total*
mil. of d o L Deposits, adjusted, total, including U. I deposits*
3.
m i l . of dol_.
Demand deposits, adjusted, other thf in U . S.*
mil nf c\ri\
108, 400
107,600
107, 500
59,600
62,100
65,100
20, 996
21,173
—6, 395 —96, 627
20,825
20, 926
20, 727
20,688
20.506
20, 619
20, 550
2,690 - 2 7 , 3 7 8 —22, 647 - 3 4 , 6G9 - 4 6 , 255 - 5 8 , 1 6 0 - 3 7 , 3 9 2
54, 775
39,401
8,397
2,431
55,607
39, 593
8,247
2,959
57, 226
40, 224
8,290
2,779
54,826
39,074
8,274
3,028
54, 461
39,110
8,051
2,863
r 53, 675
38, 525
7,809
2,974
53, 404
38,196
••8,012
2,769
T 39, 576
22, 504
22,699
23, 292
23,794
24, 425
25, 019
25, 307
25, 290
p 55, 295
p 51, 582
p 37,023
8, 066 i P 7, 455
2, 342
2. 463
!
25,751
136,169 p 139, 200 P139, 000 *>138,900 T> 139, 300 ^142, 600 *>150, 700 P150.400 P 1 5 0 , 3 0 0
115,288 P118,100 P117, 300 "116,700
60, 065
* 61, 500
v 64, 200
P116, 600
* 65, 400 v 69, 300
»
*>119,300 P127, 200 3*126,800 ! P 1 2 6 , 200
p 72, 000
P66, 900
p 68, 200
*69, 400
34,100
34, 600
35, 300
35,717 v 36, 300 p 37,000 P 37, 800 v 38, 700 v 39,100 P39, 700 v 40,400 HI, 300
Time deposits, including postal savings*--.do
Silver:
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
Price at New York
dol per fine oz
.448
448
j
Production:
1,192
1,072
830
1,367
1,230
905
1,227
1,030
1,054
Canada
thous- offirmCM
1,160
1,019
3,119
4,005
3,105
3,071
3,511
3,538
2,889
3,247
2,892
2,291
United States
.
. .
2, 564
do .
2,157
5,154
5,118
Stocks, refinery, U. S., end of month...
do_...
0)
r
Revised.
» Preliminary.
J36 companies having 82 percent of the total assets of all United States legal reserve companies.
* Discontinued by compilers.
A In January 1944 one company was replaced by a larger one and the 1943 data revised accordingly; revisions for January-September 1943 are available on request.
®39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. # O r increase in earmarked gold (—).
o*Prior to Nov. 1,1942, the official designation of the currency was the "milreis." ©Formerly "The Association of Life Insurance Presidents."
§The free rate for United Kingdom shown in the 1942 Supplement was discontinued after Feb. 1,1943; the official and free rates (rounded to thousands) were identical from January
1942 to January 1943. The official rate for Canada has been $0,909 since first quoted in March 1940.
TData for Mexico, included in the total as published through March 1942, are no longer available. For revised monthly averages for 1941 and 1942 for the total and Canada and for
1942 for United States, see note marked "If" on p. S-17 of the March 1944 Survey. Monthly revisions for 1941 and January-May 1942 are available on request.
•New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, including
payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beginning September
1941 are available in the November 1942 Survey; earlier data are available on request. The new series on bank deposits and currency outside banks are compiled by the Board of
Governors of the Federal Reserve System and are partly estimated. Demand deposits adjusted exclude cash items in process of collection. The figures for time deposits include postal
savings redeposited in banks and amounts not so deposited. The amount of U. S. deposits can be obtained by subtracting the sum of demand and time deposits from figures for total
deposits. Monthly data beginning January 1943 and earlier semiannual and annual data will be. published later.
fData for the indicated series have been published on a revised basis beginning in the February 1944 Survey and are not comparable with data in earlier issues (see note in
March 1945 Survey for explanation of the revision, which extended back to January 1941, and the effect on the 1941-42 data); revisions for January 1941-October 1942. also earlier
small revisions in value data for ordinary and the total back to December 1938, are available on request.
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
S-17
1944
March
April
May
June
July
August
1945
September
October
Novem- December
ber
January
February
FINANCE—Continued
PROFITS AND DIVIDENDS (QUARTERLY) •
Industrial corporations (Federal Reserve):
Net profits, total (629 cos.)
.mil. of dol..
Iron and steel (47 cos.)
do
Machinery (69 cos.)
do
Automobiles (15 cos.)
.do
Other transportation equip. (68 cos.)._.
do
Nonferrous metals and prod. (77 cos.)
-do
Other durable goods (75 cos.)
do
Foods, beverages and tobacco (49 cos.)
do
Oil producingand refining (45 cos.)
do
Industrial chemicals (30 cos.)
...do
Other nondurable goods (80 cos.)
_do
Miscellaneous services (74 cos.)__
do
Profits and dividends (152 cos.) :*
Net profits.
.__
do
Dividends:
Preferred
do
Common
do
Electric utilities, class A and B, net income (Federal
Reserve)*
.mil. of doL.
Railways, class I, net income (I. G. C.)
do
Telephones, net operating income (Federal Communications Commission)
mil. of dol__
452
47
40
52
158
29
20
40
49
42
36
39
464
46
40
55
» 53
30
22
43
52
43
37
43
478
46
37
56
150
28
22
41
58
51
34
55
528
54
55
61
153
28
24
43
67
53
37
52
222
227
236
281
20
142
22
149
20
137
135
145.0
123
168.4
111
173.3
23
178
130
164.8
58.9
58.2
58.3
PUBLIC FINANCE (FEDERAL)
U. S. war program, cumulative totals from June 1940:*
Program
.mil. of dol_ 388,806 341,330 341, 757 341,605 343,514 392, 377 392, 453 392,479 391,096 390,389 390, 506 390,350 389,056
Cash expenditures
- d o . . . 267, 320 176, 515 184,008 191,926 199,883 207, 238 215,035 222,140 229, 586 236,682 244, 516 252,036 259,000
U. S. Savings bonds:*
Amount outstanding
,
do...
42,160 31,974 32,497 32,987 34,CC6 36, 538 36,884 37, 323 37, 645 38,308 40,361
41,140
41, 698
739
709
Sales, series E, F, and G
do...
889
751
695
1,023
2,386
1,842
602
692
2,125
1,074
848
237
464
268
279
Redemptions.
do...
401
382
365
248
279
283
341
227
323
Debt, gross, end of month®
d o . . . 233, 950 184,715 184,967 186, 366 201, 003 208,574 209,802 209,496 210, 244 215,005 230, 630 232, 408 233, 707
Interest bearing:
Public issues
d o . . . 214,459 169,842 169,715 170,753 185, 256 192,156 192,827 191,873 192,438 194,192 212, 565 213,984 214,724
17, 567 13, 507 13,697 14,122 14.287
Special issues§
do
16,583 16,326
15, 461 15, 976 16,170
14,961
16, 688
17,130
1,654
1,367
1,492
1,636 2 4,230
Noninterest bearing
do.
1,923
1,739
l , 460
'
1,514
1,645
1,456
1,736
1,853
Obligations fully guaranteed by U. S. Gov't:
2,258
2,258
Total amount outstanding (unmatured)__
do.
1,529
1,119
1,480
1,470
1,470
1,475
1,616
1,468
1,480
1,496
1,114
Expenditures and receipts:
7,859
8,525
8,292
Treasuiy expenditures, total._
do.
9,433
8,024
7,828
8,625
8,416
8,119
7,930
8,202
7,460
8,110
7,346
7,726
8,246
7,479
War activities}
do.
7,879
7,567
7,401
7,503
7,571
6,998
7,551
7,201
6,948
40
7
Transfers to trust accounts}
..do
45
26
47
18
22
40
22
57
69
451
48
117
449
133
628
52
56
Interest on debt
do.._
560
747
581
77
191
86
91
355
343
334
365
353
All other}
do__.
513
332
271
415
329
390
372
373
3,119
6,576
3,256
2,054
2,506
Treasury receipts, total
do...
6,908
5,418
6,249
2,859
5,927
3,587
2,2J2
3,987
3,087
6,573
2,950
6,892
2,001
2,240
Receipts, net
do...
5,416
6,247
2,568
5,926
2,163
3,556
3,767
39
42
38
29
27
Customs
do
33
29
28
23
25
28
36
23
2,935
6,353
3,024
2,300
Internal revenue, total
do
6,431
1,880
4,945
5,734
2,702
5,749
3,042
1,585
3,815
2,475
5,911
Income taxes
...do...
5,818
2,167
1, 240
1,501
4,347
5,241
1,552
5,174
2,422
1,247
2,922
39
Social security taxes
do
69
60
293
96
337
63
75
319
65
341
48
Net expenditures of Government corporations and
87
2,002
148
95
credit agencies*
mil. of dol_.
-71
164
254
-21
-35
193
313
Government corporations and credit agencies^
Assets, except interagency, total._
..-do
30, 263 31,083
31,153 31, 666 31,097 32, 6S0 31,959
32,028
7,809
Loans and preferred stock, total
do
7,743
7,656
7, 621
7,228
7,370
7,504
7,405
Loans to financial institutions (incl. preferred
652
682
632
621
stock)
.mil. of dol-.
674
631
606
667
416
406
409
Loans to railroads
.do
405
343
387
388
405
1,732
1,754
1,773
Home and housing mortgage loans
do
1,706
1,643
1,568
1,681
1,636
2,653
2,708
2,761
Farm mortgage and other agricultural loans-do
2,591
2,474
2,532
3,407
2,233
2,220
2, 235
All other
do
2,177
2,244
1,311
2,219
1, 368
1,750
2,161
1,592
U. S. obligations, direct and guaranteed
do
2,090
1,701
1,630
1,578
1,603
1,685
3,747
1,671
1,677
1,702
3,742
16, 275
Business property
do
15, 776
9,220
8,042
8,4C6
7,829
7,985
8,392
2 993
Property held for sale
_
do
3,050
9,776 10, 761
10,858
11, 524 12,020 12, 250
3,'901
All other assets
do
4,126
9,131
8,722
8, 663
8,550
9,164
9,364
7,127
Liabilities, other than interagency, total
do
9,167
Bends, notes, and debentures:
2,274
2,274
1,672
1,537
1,766
1,565
Guaranteed by the U. S__
do
1,571
1,571
1,302
1,326
1,427
1,395
1,413
1,204
Other
do
1,200
1,229
5,589
4,950
4,196
5,623
6,185
6,360
Other liabilities, including reserves
do
6,398
5,863
504
433
435
435
443
444
Privately owned interests
do
498
444
23,857
21,280 21,484 21,996 21,858 21, £90 23,114 21, 771
U. S. Government interests
do
Reconstruction Finance Corporation, loans outstanding,
9,174
9,330
9,051
9,704
9,865
9,713
9,711
9,428
9,473
9,607
9,84$
end of month, totalt
mil. of dol-.
9,867
379
372
390
335
322
302
330
357
338
351
342
Banks and trust cos., incl. receivers
do
314
307
221
222
224
208
205
182
222
207
218
209
208
Other financial institutions
do
204
372
383
375
343
312
251
372
371
354
340
353
Railroads, including receivers
do
287
Loans to business enterprises, except to aid in national
38
37
36
34
32
31
33
31
33
33
defense
mil. of dol._
28
25
7,295
7,449
7,627
7,749
7, 807
8,104
8,265
8,294
8,329
National defense
do
7,977
8, 089
8,370
8,387
722
713
702
664
674
681
Other loans and authorizations
do
651
693
692
665
690
664
657
r
Revised. §Special issues to government agencies and trust funds. ® Figures are on the basis of Daily Treasury Statements (unrevised).
1
Partly estimated. 2 November data include prepayments on securities dated Dec. 1,1944, respectively, sold in the Fourth and Sixth War Loan drives.
•In addition to data shown above, quarterly estimates of profits of all corporations are published in special tables in the Survey as follows: 1940-43 and the first quarter of 1944,
p. 6 of the July 1944 issue of the Survey; 1939, June 1943 issue, p. 25; the latter includes also on p. 24, annual data back to 1929 and, on p. 28, a description of the data; it should be
noted that these estimates are in line with profits compiled from income tax returns and thus include reserves not allowable as deductions in computing taxes.
JFor 1941 revisions see p. S-17 of the November 1942 issue. Data for the agricultural adjustment program, shown separately through the February 1944 issue, and unemployment
relief, shown separately through the July 1944 issue, are included in the "all other" item. Debt retirements, which have been comparatively small, are excluded.
^Beginning September 1944 data are reported quarterly and for some items (notably farm mortgage and other agricultural loans, all other loans, business property, property held
for sale, all other assets) are not comparable with earlier data owing to changes in Treasury Department regulations governing reports from the agencies and to shifts between classifications.
•New series. For data beginning 1929 for profits and dividends of 152 companies, see p. 21, table 10, of the April 1942 Survey. Data for net income after taxes of class A and B
electric utilities have been substituted for ~ata for 28 companies;. they include affiliated nonelectric operations and cover 95 percent of all electric power operations. Data beginning
.
.
..
.
„
A
o
1939 are available on request. Data beginning July 1940 for the series on the war program are shown on p. 29 of the June 1943 issue; a comparatively small amount of intercompany
duplication in the figures for R. F. C. and its subsidiaries has been eliminated beginning October 1943; see footnote marked "*" on p. S-18 of the April 1944 issue. The series on war
savings bonds is from the Treasury Department; amounts outstanding are at current redemption values except series G which is stated at par; this item and redemptions cover all
savings bonds series, including pre-war issues; sales represent funds received during the month from sales of series E, F, and G, the series issued since April 1941 (for sales beginning
May 1941, see p. S-16 of the October 1942 Survey). The series on expenditures of Government corporations and credit agencies includes net transactions on account of redemptions
of their obligations and other net expenditures by the Reconstruction Finance Corporation, the Commodity Credit Corporation, and other lending agencies; transactions of these
agencies are not included in Treasury direct budget expenditures and receipts shown above; since October 1941 funds for these agencies are provided by the Treasury.
DigitizedtRevised series, see note in the December 1943 Survey regarding changes in the classifications; the figures include payments unallocated, pending advices, at end of month.
for FRASER
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1945
May 1945
1944
March
March
April
May
June
July
August
1945
September
October
Novem- Decem
ber
ber
January
February
FINANCE—Continued
SECURITIES ISSUED
Securities and Exchange Commission:!
Estimated gross proceeds, total
mil ofdol..
By types of security:
Bonds, notes, and debentures, total
-do-_.
do
Corporate - .
Preferred stock
_. - d o Common stock
do
By types of issuers:
do
Corporate, total
do
Industrial
. .
_
Public utility
- d o Rail
do
Other (real estate and financial)..
. do . .
Non-corporate total®
do
U. S. Government
.
. . . do
State and municipal
_
-do...
New corporate security issues:
Estimated net proceeds, total
..do . .
Proposed uses of proceeds:
New money, total . .
_. - d o .
Plant and equipment
do
Working capital
do
Retirement of debt and stock
..doFunded debt
do
Other debt
_
..do
Preferred stock
do
Other purposes
do
Proposed uses by major groups: §
Industrial, total net proceeds .
do
do- _
New money
.
Retirement of debt and stock
do
Public utility, total net proceeds
do
-do New money
Retirement of debt and stock
...do
Railroad, total net proceeds
do
-doNew money
.
Retirement of debt and stock
do
Commercial and Financial Chronicle:
Securities issued, by type of security, total ft(new
capital and refunding)
thous. f dnl
do
New capital, total
Domestic, total . .
—do
Corporate
do
Federal agencies
do
..do .
Municipal, State, etc
Foreign
do
Refunding, total . . . _.
. . . do .
Domestic, total
do
Corporate
do
Federal agencies
..do .
Municipal, State, etc
do
Foreign
..do
Domestic issues for productive uses (Moody's):
Total
. . mil. of dol
Corporate
..doMunicipal, State, etc
do
Bond Buyer:
State and municipal issues:
Permanent (long term)
thous. of dol
- do
Temporary (short term)
1,289
937
916
1,069
12,109
2,353
897
1,148
1,538
1,441
14, 732
1, 583
1,093
1,236
173
41
12
899
166
32
6
804
43
96
16
1,045
125
15
9
12,097
151
3
9
2,312
152
20
20
882
214
12
2
1,085
375
54
9
1,489
686
39
10
1,410
315
18
13
14, 685
107
2
45
1,531
229
37
15
1,080
202
2
11
226
96
125
155
122
28
0
4
761
739
17
148
87
58
2
1
920
751
160
163
60
24
45
34
11,946
11,914
31
192
112
59
21
4
1 063
889
174
203
30
142
29
3
734
709
25
2,161
2,125
36
229
68
26
135
0
668
602
65
438
88
153
191
6
710
692
18
735
191
505
37
2
803
695
108
347
31
262
53
1
1,095
1,023
71
154
18
10
83
42
14, 579
14, 544
34
281
84
66
121
10
1 302
1 074
113
215
27
61
109
18
878
848
15
221
199
150
146
160
188
226
429
722
340
152
275
212
48
28
19
172
158
1
13
2
48
32
16
150
129
3
18
1
53
24
28
94
55
1
38
3
23
17
6
123
115
3
5
23
8
15
135
103
18
13
1
60
36
24
122
109
0
13
6
57
24
33
166
147
27
17
10
396
357
1
38
5
123
9
114
592
566
2
24
7
24
11
13
316
207
54
4
50
96
96
0
1
1
35
14
21
240
221
28
16
12
182
160
5
17
I
93
41
50
124
2
122
0
0
0
28
14
14
140
6
134
29
29
0
118
49
66
28
58
17
40
24
0
23
45
4
41
109
34
70
58
5
52
21
21
0
66
38
27
26
28
0
0
0
85
19
65
58
0
58
2
2
0
24
134
19
115
85
10
75
149
5
139
189
10
179
186
113
73
498
8
484
36
2
35
29
16
12
259
4
255
52
4
48
18
12
5
10
0
10
82
0
82
82
28
54
65
0
65
119
0
119
27
9
16
60
0
60
108
12
96
269
046
046
044
0
24, 002
0
471, 223
471, 223
295, 766
25, 475
149, 982
0
210, 242
58,045
68,045
45,456
0
12,589
0
152,196
119, 743
77, 535
30,055
12,153
32,454
234,729
79,994
79,994
73,464
0
6,530
0
154, 735
149, 235
107, 636
31,460
10,140
5,500
418,587
54,091
54, 091
32,616
605
20, 871
0
364,495
355,345
184,091
32, 270
138,984
9,150
238, 982
63,481
42,481
15,373
4,125
22,983
21,000
175, 501
170, 251
78,754
83,025
8,471
5,250
274, 420
70, 425
68,925
57, 328
0
11, 597
1,500
203,995
203, 795
153, 917
27,455
22,423
200
331, 720
145,073
145,073
105, 573
0
39,500
0
186,647
186,647
140,608
20,315
25,724
0
478, 271
41, 874
41, 874
29,208
0
12,666
0
436, 397
436, 397
400, 717
30,010
5,670
0
898, 654
177, 599
177, 599
130,618
0
46,981
0
721,055
714. 055
610, 535
42, 370
61,150
7,000
479, 670
39, 270
39, 270
22,816
10, 090
6,364
0
440, 401
440, 401
335, 894
39, 425
65, 082
0
193,296
38,231
38,231
18,681
0
19, 550
0
155,065
155,065
114,104
26, 715
14, 246
0
633, 217
142,943
135, 900
42, 741
1,505
98, 697
0
490, 274
490. 274
272. 280
195. 460
22, 534
0
244, 580
41,936
41,936
26,925
8,670
6,341
0
202, 645
162, 645
136, 332
17, 950
8, 363
40, 000
49
34
15
29
17
12
63
57
6
33
27
6
19
9
10
53
45
8
93
55
38
30
17
13
56
16
40
17
11
6
25
7
18
117
27
90
22
16
6
173, 644
93, 680
25, 740
64,852
16,933 166,138
52, 845 20,292
37,391
45,354
32, 695
122, 700
56, 733
5,100
23, 441 rll3,957
68,661
28,199
97, 431
7,700
48,288 '•117,508
19, 366 '"131,434
12, 470
15, 449
1,034
820
780
790
940
630
380
600
390
550
400
887
196
619
424
940
722
553
660
420
630
410
640
420
670
430
102. 53
103. 09
79.30
100. 32
101.11
74.45
100.31
101.10
74.62
100. 62
101. 41
75.29
100. 53
101. 26
76.32
100. 71
101. 40
75.50
100. 74
101.41
76.04
100. 61
101. 29
75.55
122.7
120.5
120.7
120.9
120.9
121.3
121.2
118.1
122.9
116.5
114.8
68.9
140.7
101. 6
113.7
119.8
115.9
105.3
60.1
136.0
100.3
114.4
121.0
116.6
105.5
59.0
135.8
100.3
114.7
121.5
116.0
106.5
58.9
135.6
100.2
114.5
121.5
115.9
106.2
61.2
135.5
100.2
114.7
121.1
116.3
106.8
61.3
136.1
100.2
114.8
120.9
116.2
107.3
57.3
136.5
100.4
o
557,
86,
86,
62,
0
C)
19
3
109
o
19
o
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members carrying
margin accounts)^
Customers' debit balances (net)
f^ash on hatid and in bank<?
Money borrowed
Customers'free credit balances
mil. nf dni
do
-dodo
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.) .dollars..
Domestic
do .
Foreign
do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds)
dol. per $10()bond_.
Medium and lower grade:
Composite (50 bonds)
. do—
..do—
Industrials (10 bonds)
Public utilities (20 bonds)
do—
Railroads (20 bonds)
.
do
Defaulted (15 bonds)
. do—
Domestic municipals (15 bonds)f
..do—
U. S. Treasury bonds (taxable)t
- -do—
r
'1,070
' 1,100
640
430
1,041
209
726
472
730
530
730
540
100. 71
101. 38
76.11
100.92
101.60
76.15
101. 35
101. 97
76.33
101.91
102. 51
77.27
102. 58
103.15
79.22
121.2
121.1
120.9
121.4
121.6
121.9
114.5
120.1
116.5
107.0
55.5
136.2
100.4
115.5
119.9
116.9
109.6
59.1
135.5
100.3
115.9
119.9
116.8
111.1
61.7
135.2
100.3
116.9
120.7
116.8
113.2
65.8
135.5
100.3
117.3
121.2
117.0
113.7
68.6
136. 6
101. 0
117.6
121.9
116.5
114.3
68.1
138.7
101.8
940
950
940
Revised. • Less than $500,000.
(^Includes for certain months small amounts for nonprofit agencies not shown separately.
§Small amounts for "other corporate", not shown separately, are included in the total net proceeds, all corporate issues, above.
^Beginning March 1945 data are from the New York Stock Exchange; earlier data were compiled by the Board of Governors of the Federal Reserve System and, except for June
and December, data are estimates based on reports for a sample group of firms.
fRevised series. For an explanation of changes in the data on security issues compiled by the Securities and Exchange Commission and revised 1941 monthly averages for selected
series, see p. S-18 of the April 1943 Survey; there have also been unpublished revisions in the January-July 1943 and January-May 1942figuresand in the July-December 1942 figures
for U. S. Government and the totals that include this item (July-December 1942 figures for other items are correct in the August 1943 Survey); all revisions are available on
request. The price index for domestic municipals is converted from yields to maturity, assuming a 4 percent eoupon with 20 years to maturity; revised data beginning February 1942
are on p. S-19 of the April 1943 Survey; earlier data will be shown in a later issue. Revised data beginning November 1941 for the price series for U. S. Treasury bonds are shown
on p. 20 of the September 1944 issue.
SURVEY OF CURRENT BUSINESS
May 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may bo found in the
1942 Supplement to the Survey
1945
March
S-19
1944
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—C ontinued
Sales (Securities and Exchange Commission);
Total on all registered exchanges:
Market value
.thous. of dol_.
Face value..
_.
do
On New York Stock Exchange:
Market value
do
Face value
do
Exclusive of stopped sales (N. Y. S. E.), face
value, total
..thous. of dol..
U. S. Government
do
Other than U. S. Government, total..-do
Domestic.
do
Foreign
_
_
do
Value, issues listed on N . Y. S. E.:
Face value, all issues
_._
_mil. of dol..
Domestic
_
_
do
Foreign
do
Market value, all issues
do
Domestic
do
Foreign
_
do
Yields:
Bond Buyer:
Domestic municipals (20 cities)
percent..
Moody's:
Domestic corporate
do
By ratings:
Aaa
do
Aa.
do
Ado....
Baa
do
By groups:
Industrials
_
..do
Public utilities.
_.
do
Railroads
do
Standard and Poor's Corporation:
Domestic municipals (15 bonds)
do
U. S. Treasury bonds:
Partially tax-exemptf
do
Taxable!
do....
177,485
249, 721
185,281
307,972
144,881
221,137
166,046
234, 544
184, 358
296,029
170, 406
258,532
115,386
164,549
100, 214
143,273
141, 242 ••138,318
197,373 208,588
194,057
308, 571
237, 830
411,818
156, 187
226, 548
165, 095
231, 927
169,339
286,625
133,606
206, 364
153, 442
218,886
169,220
267,881
158, 655
243,004
104, 051
149,718
90,966
131, 764
130, 747
185, 232
129,013
196,075
183, 545
293,799
223, 579
384,803
143,104
201, 689
206, 776
585
206,191
197, 883
8,308
260, 533
472
260,061
249, 255
10,806
191,157
400
190, 757
180,680
10,077
213, 749
915
212, 834
204,161
8, 673
243,784
436
243,348
231,087
12, 261
193, 748
503
193, 245
182,523
10, 722
137,613
331
137, 282
130,104
7,178
132, 211
461
131, 750
124,941
6,809
166,619
247
166,372
160, 202
6,170
196,864
365
196,499
189,948
6,551
266, 532
349
266,183
257,840
8,343
341, 960
788
341,172
332, 366
8,806
191, 747
395
191, 352
177, 922
13, 430
112, 001
109, 331
2, 670
114, 832
112, 714
2,118
95, 409
92, 575
2,834
95, 713
93, 604
2,110
95,013
92,181
2,832
95,305
93,192
2,114
93, 272
90,442
2,830
93,849
91, 719
2,130
95, 729
92, 929
2,799
96,235
94,099
2,137
101, 559
98,856
2,703
102, 285
100, 244
2,041
101,581
98,881
2,700
102, 329
100, 276
2,053
101, 399
98, 704
2,694
102,017
99,981
2,036
101,088
98, 400
2,688
101,801
99, 756
2,046
100,450
97,765
2,685
101,378
99,333
2,044
111,116
108,438
2,678
112, 621
110,577
2,044
111,885
109, 219
2,667
114, 020
111, 959
2,060
111,995
109, 329
2,667
114, 882
112, 769
2,113
1.38
1.65
1.69
1.65
1.64
1.59
1.59
1.66
1.64
1.63
1.62
1.53
1.46
2.91
3.09
3.08
3.06
3.05
3.04
3.02
3.03
3.02
3.02
2.98
2.97
2.93
2.62
2.72
2.92
3.38
2.74
2.82
3.10
3.70
2.74
2.82
3.09
3.68
2.73
2.81
3.07
3.63
2.73
2.81
3.07
3.59
2.72
2.80
3.05
3.57
2.71
2.79
3.04
3.55
2.72
2.79
3.05
3.56
2.72
2.81
3.01
3.55
2.72
2.80
3.01
3.53
2.70
2.76
2.98
3.49
2.69
2.76
2.98
3.46
2.65
2.73
2.94
3.41
2.68
2.94
3.11
2.83
2.97
3.48
2.83
2.97
3.45
2.81
2.97
3.41
2.79
2.96
3.40
2.79
2.95
3.37
2.79
2.94
3.34
2.79
2.94
3.35
2.79
2.96
3.32
2.77
2.98
3.29
2.74
2.96
3.25
2.73
2.97
3.23
2.69
2.95
3.16
1.61
1.84
1.85
1.86
1.87
1.84
1.82
1.83
1.87
1.88
1.87
1.81
1.71
1.70
2.40
1.91
2.48
1.94
2.48
1.94
2.49
1.91
2.49
1.89
2.49
1.90
2.48
1.93
2.47
1.93
2.48
1.90
2.48
1.87
2.48
1.81
2.44
1.75
2.38
Stocks
Cash dividend payments and rates, Moody's:
Total annual payments at current rates (600 companies)
.mil. of doL. 1,867. 88 1,761.55 1,763.92 1,818. 36 1,818.13 1, 817. 90 1,819.87
Number of shares, adjusted
millions.. 941. 47
941.47
941.47
941.47
941.47
941.47
941.47
Dividend rate per share (weighted average) (600 com1.92
1.87
1.87
1.93
panies).
dollars..
1.93
1.93
1.98
2.81
2.81
2.81
Banks (21 cos.)
do
2.93
2.81
2.81
2.81
1.79
1.80
1.88
1.88
Industrials (492 cos.)
do
1.92
1.88
1.88
Insurance (21 cos.)
do
2.54
2.54
2.54
2.54
2.54
2.54
2.57
1.80
1.80
Public utilities (30 cos.)
do.....
1.81
1.81
1.80
1.80
1.80
Railroads (36 cos.).
._
do
2.40
2.40
2.42
2.42
2.42
2.66
2.42
Dividend payments, by industry groups:*
118.4
307.4
361.7
350.5
Total dividend payments
_
mil. of dol..
460. 7
133.7
371.9
Manufacturing
do
224.2
131.4
66.9
264.6
144.3
61.4
232.9
22.1
4.1
1.0
43.4
3.9
Mining
do
21.1
1.2
24.1
23.0
16.4
4.1
25.7
17.6
Trade
do
3.8
22.4
11.0
45.7
78.5
25.9
Finance
do
23.1
30.8
14.2
17.2
1.4
Railroads
do
37.3
14.8
7.9
15.9
Heat, light, and power..
do
31.8
40.2
31.2
32.7
37.7
31.4
31.1
14.4
46.4
.2
Communications
do...
.1
14.5
46.5
13.7
Miscellaneous
do...
9.6
2.6
7.2
6.0
11.7
10.0
2.0
Prices:
Average price of all listed shares (N. Y. S. E.)
67.4
64.3
74.7
65.3
69.2
69.8
70.2
Dec. 31,1924=100
Dow-Jones & Co. (65 stocks)
dol. per share. 58.62
49.99
49.26
49.85
51.85
53.03
52.60
139. 07
137.19
139. 22
145.46
148. 37
146. 72
Industrials (30 stocks)
. d o . . . . 157. 22
23.60
22.72
22.74
27.89
24.74
23.96
23.47
Public utilities (15 stocks)...
do
51. 43
39.00
39.36
40.58
41.85
41.12
39.28
Railroads (20 stocks)
do
97.02
96.06
96.95
102. 25
110. 43
103. 34
New York Times (50 stocks)
...do
101.46
182. 02
163.87
162. 27
164.04
171. 88
173. 59
173. 42
Industrials (25 stocks)
do___
38.84
30.18
29.86
29.88
31.09
31.04
31.73
Railroads (25 stocks)
....do....
Standard and Poor's Corporation:
97.2
96.6
95.1
101.5
102.7
104.3
111.8
Combined index (402 stocks)
_ _. 1935-39=100. _
114.0
98.2
96.5
99.0
103.9
104.7
106.7
Industrials (354 stocks)...
do
103. 2
88.1
86.5
87.8
94.3
96.1
92.7
Capital goods (116 stocks).
do
119.3
102.3
100.9
103.6
110.2
113.1
111.7
Consumer's goods (191 stocks)
do...
96.1
88.4
87.3
87.8
92.1
89.6
91.3
Public utilities (23 stocks)
do....
97,3
99.3
98.7
102.5
123.6
100.8
105 3
Railroads (20 stocks)
.do
Other issues:.
100.7
99.6
106.2
100.7
110.9
103.9
106.7
Banks, N. Y. C. (19 stocks)
do....
113.9
113.6
116.4
125.4
113. 3
116.9
112.3
Fire and marine insurance (18 stocks)
.do
Sales (Securities and Exchange Commission):
Total on all registered exhanges:
Market value
...thous. of dol 1,255,582 980,399 562,816 686, 237 1,159,179 1,055,963 735, 302
46,916
26,370
29, 409
59,069
53, 995
38,826
Shares sold
thousands.. 55, 324
On New York Stock Exchange:
1,060,085 831, 575 472,164 578.183 997,805 898, 478 610,477
Market value
-thous. of dol._
34,932
19,682
21, 633
45,854
40,055
27, 530
Shares sold
thousands.. 38, 516
Exclusive of odd lot and stopped sales (N. Y.
27,643
13,847
17,228
20, 753
28, 220
Times)
..thousands.. 27, 492
37,713
' Revised.
*New series. Data for 1941 and 1942 for dividend payments are shown on p. 20 of the February 1944 issue.
tRevised series. The revised yield series above and the price series on p. S-18 for long-term Treasury bonds consists
through December 1943 are shown on p. 20 of the September 1944 issue.
1, 822.01 1,833. 24 1,860.07 1.843.45 1, 843. 52 1,851.69
941.47
941.47
941.47
941.47
941. 47
941. 47
1.94
2.82
1.88
2.54
1.80
2.42
1.95
2.82
1.89
2.54
1.80
2.55
1.98
2.82
1.92
2.54
1.80
2.56
1.96
2.82
1.90
2.57
1.80
2.56
1.96
2.82
1.90
2.57
1.80
2.57
379.6
239.2
20.8
25.7
24.2
11.9
31.9
14.0
11.9
300.4
127.5
4.7
17.2
48.5
12.8
38.1
46.5
5.1
129.2
70.9
2.9
5.4
12.9
2.9
31.9
.2
2.1
794.8
451.4
68.5
45.8
72.0
59.5
52.7
16.1
28.8
' 301. 0
' 100. 2
1.8
' 19.8
'77.1
16.6
' 35.7
'45.9
'3.9
138.9
'60.6
1.0
'7.9
'24.5
'7.0
35.3
'.2
' 2 4
69.5
51.81
145. 20
24.67
39.75
100.60
171.24
29.97
69.7
53.15
147.68
25.61
41. 52
103. 03
174. 72
31.33
70.3
53.11
146.88
25.45
42.11
102. 71
173. 52
31.89
72.6
55.32
150.35
25.80
46.34
106.45
177.38
35.52
73.8
57.11
153. 95
26.53
48.87
107. 79
179. 07
36.51
77.8
58.64
157.13
27.90
50.39
110.96
183. 30
38.63
100.7
102.6
92.6
110.7
91.4
98.7
103.5
105.6
95.6
113.2
92.7
103.4
102.7
104.6
94.5
112.0
92.1
104.9
104.7
106.4
96.0
113.4
92.4
113.9
108.4
110.4
99.4
116.3
93.8
120.7
113.0
115.2
103.6
121.0
96.8
125.3
105.0
115.5
107. 3
117.7
109.4
118.0
114.6
117.8
114.4
120.8
113.3
124.6
' 623,194
28, 275
749, 411
33, 554
742, 746 1,154,134 1,472,624 1,259,442
31,371
51,026
69, 879
60, 376
518, 521
20,284
617,187
23, 480
617,307
22,139
rfiac Qf\a
38,418
1,049,411
51,208 i 41,887
15, 946
17, 534
18,019
31, 260
38,995 '
1.97
2.82
1.91
2.57
1.80
2.63
32,613
of all issues not due or callable for 15 years; revised data
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
May 1945
1944
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—C ontinued
Shares listed, N . Y. S. E.:
Market value, all listed shares
mil. of dol__
Number of shares listed
...millions.Yields:
Common stocks (200), Moody's
percent..
Banks (15 stocks)
do
Industrials (125 stocks)
..do
Insurance (10 stocks)
-do
Public utilities (25 stocks)
-do
Railroads (25 stocks)
.-_
-do
Preferred stocks, high-grade (15 stocks), Standard and
Poor's Corporation
percent..
575 383
1,504
49, 422
1,492
48, 670
1,494
50,964
1,493
53,068
1,493
52,488
1,497
53,077
1,499
52,930
1,481
53,087
1,481
53, 592
1,483
55, 512
1,492
56,586
1,496
59,680
1,498
4. 6
3. 6
4.4
3.5
5.1
6.2
A fi
4. o
3.8
4.6
3.7
5.5
6.9
4.9
3.8
4.6
3.8
5.6
7.0
4.8
3.6
4.7
3.7
5.4
6.7
4 6
3^5
4.4
3.7
5.2
6.6
3.6
4.5
3.7
5.3
6.6
3.5
4.5
3.7
5.2
6.7
3.5
4.5
3.7
5.3
6.7
3.5
4.5
3.6
5.3
7.0
3.3
4.6
3.6
5.3
6.8
4. 6
3.3
4.5
3.7
5.2
6.1
4.6
3.3
4.4
3. 6
3.73
4.04
4.03
4.04
3.98
3.94
3.96
3.95
3.95
3.92
3.87
6.3
r
4.3
3.3
4.2
3.4
5.0
5.9
3. 82
3.78
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
Value
Unit value
Imports for consumption:
Quantity
Value
Unit value
292
309
106
296
318
107
348
379
109
305
339
111
290
320
110
276
320
116
276
319
116
259
304
117 I
269
316
117
?lf>
248
115
240
235
132
112
85
131
111
85
136
117
86
118
101
86
106
90
86
111
93
84
104
87
84
122 |
103
85 !
121
101
84
124
104
84
111
103
1,029,295 1,196,966 1,226,108 1,455,397 1,295,336 1,197,188 1,187,725 1,192,680 1,142.274 1,184,849
724, 714 951,445 986, 717 1,193,139 1,035,397 936,-178 927, 576 953, 923 "895, 234 901, 990
120,675 123,170 132,223 131,541 130,197 133,138 116, 505 122, 359
82, 516
85, 589
82, 003
99,688
95, 870
97, 832
80, 752
87,053
2, 661
1,839
2,084
2, 680
2,338
3,242
1,677
2,885
29,028
14, 949
26, 712
13, 901
20,183
17, 327
14, 088
14, 951
4,656
5.205
2,295
4,529
5,206
4,016
3,353
3,601
14,956
11,387
13, 442
13', 301
16,022
13,397
11,745
13,349
19, 537
24,804
24,884
21,481
25, 638
23, 763
21, 639
19, 299
1,016,285 1,187,293 1,216,289 1,446,084 1,286,840 1,190,137 1,180,515 1,186,502 1,136,901 1,176,439
370, 871 358, 715 359, 364 385, 988 330, 280 293,184 302,445 280, 365 327,187 321,922
106,225 124, 797 120,818 102, 952
90, 873 121, 281
99, 342 114. 239
162,695 142, 095 157,179 128, 360 126, 793 131,315 101,058 136, 985
17,545
11,067
13,391
11,942
18,415
16, 602
15, 282
11,683
13, 983
21,234
33,661
22, 810
24, 449
40,364
21, 652
23,763
13.011
11,980
13, 952
7,745
18,179
12,731
11, 088
10,000
51, 015
39, 581
27, 579
34,175
33,102
33,010
24, 815
32,185
22, 275
15, 359
14,479
22,913
18, 040
13,435
13, 541
16, 242
364,854 357, 428 355, 526 372, 210 322,061 288, 696 297,417 278, 503 330, 278 323, 779
933,752
683,487
901,407 !'881, 638
649, 672 •658,987
925,208
336,082
895.465 k 872, 762
331,973 '323,783
332," 721
~353~2l5~|'329,"697
1923-25=100.
.do...
do...
-
273
do...
do
do.--
VALUE
Exports, including reexports, total!
Lend-lease*
Canada§
Latin American Republics!
Argentina!
Brazil§
Chile§
.—
Cuba§...
Mexico§
Exports of U. S. merchandise!
General imports, total?
.._
Canada§
.
Latin American Republics!
Argentina!
Brazil§
Chile§
Cuba§
Mexico§
Imports for consumption!
_
.thous. of d o l . .
do
do
.do
do
do
_._do_ —
do
do_,_.
do
do
do
do
do
do
do
do
.do
do
TRANSPORTATION AND COMMUNICATIONS
TRAN SPORTATION
Commodity and Passenger
Unadjusted indexes:*
Combined index, all typesf
1935-39=100
Excluding local transit linesf
do
Commodityf
.
do
Passengerf
___do _._
Excluding local transit lines.
.
do
By types of transportation:
Air, combined index
do
Commodity
. do
Passenger
__
do
Intercity motor bus and truck, combined index
1935-39=100
For-hire truck
do
Motor bus
do __
Local transit linesf
_
do
Oil and gas pipe linesf
do
Railroads, combined index
do
Commodity
.
do
Passenger
do
Waterborne (domestic), commodity!
...do
Adjusted indexes:*
Combined index, all typesf
do
Excluding local transit linesf
.
do
Commoditv
_
do _.
Passengerf
do
Excluding local transit lines
do
By type of transportation:
Air, combined index
do
Commodity
do ._
Passenger
do
Intercity motor bus and truck, combined index
1935-39=100_.
220
226
207
265
366
222
228
206
276
389
226
233
212
272
383
231
237
212
288
418
226
234
208
287
426
232
241
216
286
424
225
238
214
260
409
229
236
216
272
379
225
231
211
•"270
373
213
217
195
272
378
r 212
916
r 197
r
264
r 354
222
227
464
674
326
488
662
373
544
731
421
594
791
464
613
797
492
670
884
529
674
874
542
696
910
556
679
917
522
647
ttO6
475
r
659
r 919
487
68C
968
489
225
212
268
181
246
247
224
419
42
220
199
290
181
244
248
223
441
62
223
202
292
180
239
252
229
428
83
235
209
321
181
249
254
227
465
84
226
191
338
172
246
251
223
467
83
241
211
339
172
250
256
229
461
88
236
216
303
179
261
250
225
447
87
236
223
283
183
260
248
226
417
87
235
226
275
184
277
241
'219
414
72
216
203
'276
185
275
229
204
424
46
29<l
228
218
262
188
290
239
219
3Q8
226
233
212
272
386
228
235
211
281
405
229
237
214
279
400
228
235
212
281
401
224
230
208
277
394
225
232
211
272
384
223
228
206
277
389
222
229
206
276
391
223
229
206
279
394
216
221
200
267
373
r 218
223
203
r 967
r
363
470
674
336
483
662
365
537
731
409
576
791
434
599
797
469
646
884
489
650
874
502
687
910
539
696
917
549
679
906
528
r 695
'919
547
702
235
226
229
229
221
231
225
228
234
219
237
238
213
189
282
225
203
r
395
47
r
20<5
265
357
51
027
°34
214
9
70
37°
968
526
218
203
206
207
195
211
For-hire truck
.
do
206
209
203
218
224
224
287
301
300
306
308
290
300
286
271
Motor bus
do
'
288
277
284
t See note marked "*".
'Revised.
For data beginning 1929 for the transportation indexes, see pp. 26 and 27, table 5, of the May 1943 Survey (small scattered revisions have been made in the data
beginning 1940 for the series marked " t " , as published in the Survey prior to the December 1943 issue; revisions are available on request). See p. 22 of the February 1945 Survey for
annual totals on lend-lease exports for 1941-44; monthly data prior to December 1943 will be shown later.
t For revised data for 1941 and 1942, see p. 22, table 4, of the June 1944 Survey.
! Revised security regulations now permit publication of data for Latin American Republics, Canada, and Mexico on a 6-month delayed basis; publication of totals for the selected
countries formerly shown in the Survey has therefore been resumed beginning in the August 1944 issue; revised figures for 1941 and data for January 1942 to May 1943 will be published
later.
SURVEY OF CURRENT BUSINESS
April 1945
Unless otherwise stated, statistics through 1941 1945
and descriptive notes may be found in the
March
1942 Supplement to the Survey
S-21
1944
March
April
May
July
June
1945
August
September
Octo- November
ber
December
January
February
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Commodity and Passenger—Continued
Adjusted indexes*—Continued.
By type of transportation—Continued.
Local transit lines
.
1935-39=100.
Oil and gas pipe lines
do
Railroads
do...
Commodity
do...
Passenger
do
Waterborne (domestic), commodity...
.do...
179
239
252
228
439
68
Express Operations
Operating revenue
._
.thous. of dol.
Operating income
do...
Local Transit Lines
Fares, average, cash rate
cents.. 7.8115
Passengers carriedf
.thousands.. , 704,580
Operating revenuesf
thous. of doL.
Class I Steam Railways
Freight carloadings (Fed. Reserve indexes):
Combined index, unadjusted
1935-39=100. Coal
do....
Coke
do
Forest products
_.
do
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1
do
Ore.
do
Miscellaneous
do
Combined index, adjusted!
do...
Coalf
do...
Coket
do...
Forest products
do
Grains and grain products!
do...
Livestockf
..do...
Merchandise, 1. c. 1
_
do
Ore!
.do...
Miscellaneous!
..do
Freight carloadings (A. A. R.):1
Total cars
.thousands.
Coal
do...
Coke
do...
Forest products
do...
Grains and grain products
do...
Livestock
do...
Merchandise, 1. c. 1
_
do...
Ore
_
do...
Miscellaneous
do...
Freight-car surplus and shortage, daily average:0
Car surplus
thousands.
Car shortage
_
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 in comet-._
...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...
178
241
256
229
460
65
179
244
258
232
451
67
182
257
253
228
447
65
180
256
249
225
434
63
179
260
247
225
421
181
269
241
216
434
70
20,168
249
19, 888
73
20,783
79
20, 613
78
20, 222
75
20,838
74
21,692
75
7.8004
7.8004
,611,740 1,553,130
114, 400 112, 700
182
265
242
217
433
71
22,092
123
184
274
239
213
439
73
180
268
232
208
416
69
22,826
75
26, 953
93
188
271
'229
207
r
396
77
185
271
244
223
408
80
23,183
71
23, 253
76
r
7.8143
7. 8143 7.8198 7. 8198 7. 8115 7.8115
7.8143
7.8143
7. 8115
7. 8115
,608,130 :,558,280 1,526,710 1,527,760 1,527,520 1,616,870 1,567,130 ,634,230 1,648,350 1,517,610
116, 600 113,100 111, 700 111, 300 111,200 117,100 113,600 122,100 117, 500 107, 900
136
137
192
134
124
102
68
63
151
145
139
190
134
134
129
67
218
159
132
140
187
141
125
103
67
51
142
140
140
185
141
136
131
67
174
149
135
141
186
141
108
107
68
168
144
138
141
190
141
123
120
67
195
146
141
147
188
146
113
106
67
281
145
138
147
190
140
128
118
67
195
144
144
148
191
154
137
100
66
291
147
139
148
194
148
135
124
67
187
143
147
143
188
157
172
102
66
302
151
143
143
194
156
144
124
66
189
150
146
146
178
162
141
115
68
281
151
142
146
185
155
131
121
68
188
149
150
147
181
148
142
151
70
276
158
139
147
182
137
126
114
67
184
146
148
143
178
140
147
184
69
237
156
137
143
182
133
147
120
66
153
143
144
143
181
135
147
170
70
138
155
141
143
181
138
150
135
68
153
149
128
127
175
120
126
124
65
41
142
137
127
166
135
134
128
68
133
151
132
141
185
128
128
115
63
40
143
143
141
176
142
128
120
66
161
157
130
139
188
128
117
97
64
42
142
139
139
178
133
119
121
66
168
152
4,019
828
76
207
218
72
536
88
1,994
'3,916
'843
' 74
'217
'223
'73
'531
72
1,882
4,069
850
74
217
194
75
537
214
1,910
3,446
711
59
181
160
60
422
318
1,534
3,445
710
60
183
180
55
410
328
1,520
4,361
838
72
236
295
69
505
412
1,934
3,580
710
57
203
203
64
427
324
1,593
4,428
862
69
222
241
100
534
379
2,022
3,599
695
57
173
208
104
435
272
1,654
3,366
665
56
163
204
93
424
176
1,585
3,699
755
67
181
219
88
499
58
1,833
3,002
661
56
150
176
63
383
45
1,467
3,050
671
59
160
167
54
395
46
1,499
10
19
19
2
26
1
17
2
12
10
4
14
9
13
16
797,029
596,953
147, 759
527,433
175, 741
r 93, 853
53, 653
799, 475
585,128
159, 584
518, 467
181,187
99,822
61, 337
809,038
593, 829
162,198
525,057
185, 348
98,633
57, 362
11
5
836,183 799, 229 818, 737 780,672
617,348 591,104 612,020 585,432
162, 070 152,971 146,369 140,288
538,489 521,264 539,157 524,450
196,329 188,838 182,234 164, 644
101,366 89,126
97,346
91,579
60,346 55,545
59,822
63,506
14
3
813,328
623,184
133,630
544,810
168, 634
99,885
24
1
759,534 804,056
561,093 600,069
146, 583 150,076
509,004 526,767
162,856 178,783
98,505
87,674
59,020
48,033
23
0)
756,858
555, 810
146,412
555, 775
131,499
69, 584
41, 474
751,337 712,806
558,874 536,821
139,243 125,857
530,232 499,643
148,088 '140,000
73,016
73,163
39,048
37,378
66,960
.953
7,823
64,450
.931
7,973
68,376
.934
7,979
65, 695
• .948
8,405
66, 754
.950
8,706
68,454
.958
65,065
.967
8,067
67,679
.859
7,790
63,203
.983
7,468
61,107
.971
7,908
60,681
.984
7, 372
58,954
781.6
577.5
149.9
690.1
91.5
53.4
780.1
574.0
152.1
688.7
91.4
53.9
778.8
573.3
152.2
687.7
91.2
52.6
153.7
700.7
108.1
70.6
803.5
601.5
149.2
705.9
97.6
59.0
781.3
579.5
145.0
710.3
71.0
29.7
789.9
581.4
154.0
709.8
80.1
40.1
791.2
584.7
150.0
709.5
81.7
43.3
788.5
587.2
147.1
697.2
91.3
53.5
780.3
586.2
144.1
711.3
69.0
29.8
766.4
566.9
145.3
673.2
93.2
'59.5
781.2
584.6
139.5
678.3
102.9
65.8
Travel
Operations on scheduled air lines:
13,651
14,596
13,942
11, 236 11, 674 12, 770 13, 555 13,570
9,505
9,902
14, 290
12,985
Miles
flown
thous. of miles
6,730
6,149
4,536
5,756
6,202
6,449
5,331
6,763
4,776
4,323
6,850
6,813
Express carried
thous. of lb_.
369,649 389,017 441, 712 476,808 464, 536 497,664 455, 726 414, 992 430, 233 401, 581
293, 523 318,560
Passengers carried
number..
142,834 155, 412 181,038 193, 289 211, 704 227,351 225,472 239,022 217,338 204, 513 209, 239 190,120
Passenger-miles
flown
thous. of miles.Hotels:
3.77
4.16
3.84
4.04
4.07
3.77
4.09
3.97
3.92
3.85
Average sale per occupied room
_
dollars..
89
89
83
82
88
90
88
88
90
88
90
Rooms occupied
percent of total214
194
192
174
178
193
194
167
174
184
173
169
Restaurant sales index
1929=100
Foreign travel:
12,206
14,814
15, 523
11, 710 16, 498 16, 297 16, 611
15,136
9,636
10, 205
12,820
13,169
TJ. S. citizens, arrivals
number
8,221
8,283
6,749
8,101
7,016
7,925
8,307
8,091
5,346
5,253
8,408
7,652
U. S. citizens, departures
.do__
619
487
844
458
490
735
458
716
453
314
429
455
Emigrants
.do..
3,199
2,499
3,402
2,794
2,209
2,391
3,261
3,246
2,125
2,370
2,751
2,703
Immigrants
do..
13,111
10,195 15, 855 10, 094 12,163
10, 694 10,302
9,772
2,309
13,434
14,819
13,883
Passports issuedcf
do_.
t Revised data for February 1944, 48,758.
•- Revised.
» Less than 500.
cf Includes passports to American seamen.
T Data for March, April, July, September and December 1944 and March 1945 are for 5 weeks; other months, 4 weeks.
!The indicated seasonally adjusted series for freight carloadings have been shown on a revised basis beginning in the October 1943 Survey, and for financial operations of railroads
beginning in the June 1944 issue (see those issues for periods affected); all revisions are available on request. Beginning in April 1944 Survey, revenue data for local transit lines cover
all common carrier bus lines except long-distance interstate motor carriers; similarly, data for passengers carried, beginning in the current issue, represent estimated total revenue passengers carried by all local transit lines; revised data beginning 1936 for both series will be published later; small revisions have been made in the 1944 data for revenues (January 1944
revised, $112,100,000; February, $106,400,000).
• New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (small scattered revisions have been made in the indexes for local
transit lines, oil and gas pipe lines and waterborne transportation, beginning 1940 as published in the Survey prior to the December 1943 issue; revisions are available on request).
• Data for freight-car surplus and shortage are daily averages for weeks ended within the month. Comparable data for January-September 1943 for surpluses, shown only for the
last week of the month prior to the December 1944 issue of the Survey, and for the new series on shortages are shown on p. S-21 of the December 1944 Survey.
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1945
March
May 1945
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION-Continued
Travel—Continued
National parks, visitors
number..
Pullman Co.:
Revenue passenger-miles
thousands..
Passenger revenues
thous. of dol..
COMMUNICATION S
34, 520
26,363
35,809
50,990
90,304
192,694
174,076
114,622
69,816
34,705
21,230
20,075
2,570,780 2,475,173 2,301,964 2,344,949 2,321,047 2,339,036 2,406,237 2,414,808 2,249,627 2,240,875 2,282,407
12,893
13,247
13, 403 13,672 12, 790 12,909 13, 445
12,992 13,291
13,828 13,381
Telephone carriers^
Operating revenues
thous. of doL.
Station revenues
do
Tolls, message
do
Operating expenses
.do
Net operating income
_
do
Phones in service, end of month
.thousands. _
Telegraph and cable carriers:§
Operating revenues, total
thous. of dol_.
Telegraph carriers, total..
...do
Western Union Telegraph Co., revenues from
cable operations
thous. of doL.
Cable carriers._
_
do
Operating expenses.
do
Net operating revenues...
.do
Net income trans, to earned surplus
.do
Ttadiotelegraph carriers, operating revenues
.do
161,807
89,001
60,775
104,095
20,093
24,094
158,691 162, 260 161, 297 159,385
87,847 88, 741 88,473 86,430
58, 578 61,054 60,313 60,313
101,615 104, 584 103, 399 105,021
19,400
19, 427 19, 371 18,964
24,085 24,147 24,161 24,183
164,169 161, 352 166,857 165, 244 171,044 174, 063
87, 709 87, 654 90,405 89, 916 91,088 93,140
63, 852 60,920 63,110 62,179 66,396 67, 455
105,617 104, 973 105, 485 105,081 117,036 107, 271
19, 972 19, 356 20, 663 19,987 23,348 20, 785
24, 231 24, 264 24,303 24, 340 24, 382 24, 515
17,655
16,111
16,764
15,350
17, 543
16,016
17,072
15,654
16,429
15,091
17, 202
15,805
16, 515
15,163
16, 943
15,668
16,218
14,876
17,767
16,190
17,120
15,651
1,125
1,545
12,797
2,981
1,122
1,295
1,036
1,414
12,515
2,413
769
1,201
1,028
1,527
13, 544
2,097
733
1,346
951
1,418
13,079
1,913
699
1,376
1,337
13,407
965
530
1,386
935
1,397
13, 365
1,940
830
1,397
941
1,352
13,093
1,515
714
1,368
1,041
1,274
13,033
2,029
848
1,552
1,012
1,341
12,866
1,483
1,691
1,657
1,085
1, 577
13,104
2,438
1,363
1,766
1,469
12,917
2,265
1,014
1,675
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS*
Ammonia, synthetic anhydrous (100% NHs):
Production.
short tons..
Stocks, end of month
_
.do
Calcium carbide (100% CaCj):
Production.
do
Stocks, end of month
do
Carbon dioxide, liquid, gas, and solid (100% COa):©
Production.
thous. of lb__
Stocks, end of month
do
Chlorine:
Production.._
.short t o n s . .
Stocks end of month
_
.do
Hydrochloric acid (100% HC1):
Production.
do
Stocks, end of month
do
Hydrogen, production
.mil. of cu. ft..
Nitric acid (100% HNOj):
Production.
short tons..
Stocks, end of month
...do
Oxygen, production
mil. of cu. ft.
Phosphoric acid (50% H1PO4):
Production
_
.short tons..
Stocks, end of month
.do
Soda ash, ammonia-soda process (98-100% NasCOj):
Production, crude
.short tons..
Stocks, finished light and dense, end of month., do
Sodium hydroxide (100% NaOH):d"
Production
_
do
Stocks, end of month
..do
Sodium silicate: •
Production...
_
_
.short tons..
Stocks, end of month
...do
Sodium sulfate, Glauber's salt and crude salt cake:
Production
short tons..
Stocks, end of month
do
Sulfur:
Production...
long t o n s . .
Stocks, end of month
_
do
Sulfuric acid (100% H1SO4):
Production
short tons..
Stocks, end of month
.do...
Acetic acid: X
Production.
_
thous. of lb__
Stocks, end of month
do
Acetic anhydride:
Production
.do
Stocks, end of month.
...do
Acetylene:
Production
.thous. of cu. ft._
Stocks, end of month...
do
Acetyl salicylic acid (aspirin):
Production
thous. of lb_.
Stocks, end of month
do
l
49, 089
4,649
43,242
2,884
43,191
2,834
3,766
40,071
2,488
42,927
3.614
44, 931
3,579
45,292
2,764
49,113
4,802
49, 721
5,064
50,833
6,120
49, 863
7,409
62, 753
22, 649
68,794
27,108
69,324
29,605
67,481
29,707
63,043
29,643
64,131
28, 484
65, 685
30,043
62,591
31,078
67,807
31,706
65,806
32,705
63,713
30,382
61, 759
28,307
71, 599
12, 462
70,318
16,546
70,241
23, 488
83, 487
22, 570
86,676
15,997
90, 060
11,202
90,697
9,005
84,963
9,437
76,134
9,108
65, 225
9,397
58,747
8,940
57, 716
9,066
107, 466
5,634
108, 524
6,572
106,835
7.942
109, 415
9,053
104,641
6,414
106, 657
6,028
104, 074
4,812
102,190
5,023
103, 517
4,966
101,999
5,059
107,065
6,506
103, 953
8,127
37,639
3,300
2,063
29,975
2,428
2,090
29,607
3,133
2,061
31,451
2,575
2,068
31,170
2,533
1,879
32, 325
3,126
1,998
31, 519
2,902
2,102
32,131
3,162
2,085
34,454
3,261
2,075
35,106
3, 590
2,114
34,346
3,751
2,086
35,155
3,004
2,071
37, 962
6,529
1,458
36, 509
7,534
1,637
38,161
6,887
1,552
38,968
7,047
1,556
39,275
6,555
1,490
38, 974
6,795
1,505
38,471
6,189
1,582
39, 349
5,905
1,568
41,955
5, 795
1,551
42, 571
6,249
1,530
41, 328
7,380
1,497
40, 876
7,027
1,395
53, 381
11, 728
65,484
15,030
58,754
12,885
60, 526
14,647
56, 743
15, 636
58,529
15,067
52, 255
14, 438
52,039
14, 360
52, 487
12,892
54,626
11,684
58, 237
12,973
51, 264
13,378
380, 371
64,187
399,758
27,210
385,085
34,049
393,823
32,209
371, 754
35,959
373, 921
41, 737
368, 833
36, 445
365, 362
38,260
379, 472
37,113
374, 453
39,725
368, 588
58,161
365,718
76, 658
167,443
1 58,104
158,974
45,900
157,089
50,477
158, 286
46,869
152,106
45, 713
159, 403
50, 646
156,663
51, 761
152,147
49,821
153,929
1 59,226
155, 219
1 57,479
166,029
163,932
1
66, 941
66,919
65,178
72,930
77,698
70, 418
77,421
66,625
79,800
63,629
83,976
68, 526
79,931
65,185
77,693
67,838
78,905
68,109
83, 735
67,490
87, 283
229,799 271,903
4,251,744 4,244,827
860, 403
243, 014
161,100
64,204
64, 336
86, 665
278,751 280, 545 305,064 306,146 293, 963 312,060 293, 551 280, 580 275, 722
4,200,031 4,168,394 4,154,349 4,161,012 4,140,976 4,110,395 4,089,622 4,100,320 4,034,453
760,848
278,088
743,807
287,962
765,922
266, 448
722,000
232, 213
742, 526
218,811
767, 413
202, 785
744, 944
204, 393
814,871
213, 457
820, 958
216,230
853, 254
253,479
853, 930
262, 681
31, 009
10,472
27, 920
10,324
28,663
10,731
26, 303
9,156
25,254
7,621
26, 531
7,594
25, 331
8,513
27, 572
9,281
29.999
11, 235
27,941
9,113
29, 526
12,410
41,686
10,245
41,963
11,534
41, 648
12,026
40,048
10, 867
39,113
41, 361
11, 746
40, 838
12, 295
42,084
12,083
42,327
12, 380
43,900
12,108
483, 545
11,114
469,490
13,170
463, 200
11, 790
452,465
10,955
456,347
11, 323
453, 640
11, 386
438,829
11, 397
482,408
11,615
450,165
9,966
450,991
9,910
830
881
676
596
819
961
744
1,012
691
972
738
916
774
910
846
834
819 I
887
1,114
r Revised.
Not comparable with earlier data, see note marked "cf." ©Revised; not comparfble with data shown in the Survey prior to the March 1945 issue.
cf Production figures represent total production of liquid material, including quantities evaporated to solid caustic. Stock figures represent stocks of liquid sodium hydroxide
only prior to October 1944 (comparable figure for October, 46,839); beginning that month they include stocks of both liquid and solid sodium hydroxide.
• Data are being revised; the new data will be shown in a later issue.
§ Beginning 1943 data have been compiled on the basis of a new accounting system; available comparaDle data for 1942 are shown in footnotes in the September 1943 to April
1944 Surveys; 1942 data on the old basis, comparable with figures for earlier years, are available in the March and April 1943 issues.
1 Data for 3 companies operating outside of United States, included in original reports for 1943 to date are excluded to have all figures cover the same companies.
* The new monthly series for sulfur are compiled by the Bureau of Mines and cover total production and producers' stocks of native sulfur (Texas and Louisiana have been the
only producing States since 1942 and the production figures are therefore comparable with the quarterly figures formerly shown). The new series for acetic acid, acetic anhydride,
acetyl salicylic acid, creosote oil, cresylic acid, ethyl acetate, naphthalene and phthalic anhydride are compiled by the Tariff Commission; the other new chemical series are compiled
by the Bureau of the Census. The monthly data for a number of the chemicals are reported quarterly only.
t Includes synthetic acetic acid and acetic acid produced by direct process from wood and from calcium acetate; statistics of recovered acetic acid are confidential and are not
included.
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
S-23
1944
March
April
May
June
July
August
1945
September
October Novem- December
ber
January
February
CHEMICALS AND ALLIED PRODUCTS— Continued
CHEMICALS-Continued
Creosote oil:*
Production
thous. of galStocks, end of month
do...
Cresylic acid, refined:*
Production
thous. of l b .
Stocks, end of month
do_._
Ethyl acetate (85%):*
Production
do
Stocks, end of month
...
do...
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption
_
.do...
Production
._
do...
Stocks, end of month
do._.
Chemically pure:
Consumption.
do...
Production..
_
do
Stock:, end of month
__
do...
Methanoi:§
Natural:
Production (crude, 80%)..
thous. of galStocks (crude, 80%). end of month*
_do._.
Synthetic(100%):
Production
_
do...
Stocks, end of month*
do...
Naphthalene, refined (79° C and over) :*
Production.
thous. of l b .
Stocks, end of month
do
Phthalic anhydride:*
Production
_
.do...
Stocks, end of month
do...
Explosives, shipments
do...
Rosin, gum:
Price, wholesale " H " (Sav.) bulk
dol. per 100 l b .
Receipts, net, 3 ports
_bbl. (500 lb.)_
Stocks, 3 ports, end of month—
do...
Turpentine, gum, spirits of:
Price, wholesale (Savannah)f
dol. per galReceipts, net, 3 ports
bbl. (50 gal.).
Stocks, 3 ports, end of month
do...
14,618
27,241
14,432
28,478
13,999
28,307
13, 726
26, 361
11,762
24,043
12, 443
18,880
11,055
13,584
M,C81
12, 696
13,484
10,931
14,234
10,712
12, 573
9,695
13,515
11, 395
3,737
2,366
3,343
2,155
3,782
2,016
3,257
2,230
3,553
5,859
3,432
2,720
3,369
2,242
3,424
2.. 023
3,279
1,905
3,077
1,694
2,676
1,472
2,735
1,512
10,176
6,030
7,676
5,323
8,214
5,397
8,772
6,571
7,771
6,135
9,074
6,766
7,767
5,222
9,683
5.721
10,266
4,873
9,852
6,241
9,027
6,873
9,145
7,034
7,373
9,694
34,336
6,382
8,137
36,836
6,079
7,636
37,948
5,861
7,694
38,475
6,488
7,452
6,240
6,713
37, 590
7,611
8,730
38,517
6,814
8,745
38, 598
6,792
9,262
39, 443
6,236
10, 834
40, 515
5,982
7,587
39,348
6,497
7,774
38, 005
7,214
8,719
36,053
7,470
8,249
32,725
7,370
9,079
43,942
6,723
8,015
44,243
6,922
8,281
44,549
6,579
7,173
44,497
6,375
5,501
42,411
7,085
9,823
42,874
7,470
7,785
40,026
8,8J5
8,779
37,423
9,084
7,684
36,605
7,548
8.800
37,237
7,712
8,008
36,089
7,048
7,077
34,179
376
363
257
341
310
364
312
341
331
319
240
334
201
382
264
361
260
350
272
317
278
287
6,270
5,939
6,320
7,128
6,694
6,768
6,563
6,834
315
286
5,838
5,496
4,849
2,344
5,435
1,926
5,671
1,851
6,363
2,388
5,851
2,382
6,455
3,166
5,827
3,743
8,180
2,910
7,579
2,604
7,077
1,786
7,295
1,357
6,351
1,454
6,123
1,972
5,979
1,815
5,907
1,462
6,394
2,535
6,217
2,091
5,381
2,099
5,356
1,767
10,345
1,""
10,608
1,780
35,461
10,714
2,404
38,158
9,664
2,909
38,564
10.644
2,954
37.645
10,600
3,244
39,916
10,611
3,154
38,921
10, 792
3,782
38,042
10,426
2,835
36,276
10,779
1,749
32,863
10, 320
1,512
34,124
9,531
1,655
34, 543
5.81
4,400
11, 741
4.73
3,927
92,878
4.68
6,151
79,813
4.92
7,919
78,313
5.62
10,326
61,165
5.52
9,876
57,190
5.48
10,406
53, 202
5.49
9,345
48,609
5.71
7,881
43, 512
5.81
7, 755
36,657
5.81
6,346
31,900
5.81
4,194
25,876
5.81
2,159
18, 250
505
50,762
.77
358
86,473
.77
2,052
83,597
.77
7,211
85,536
.78
4,147
82,867
.76
3,696
76,973
.79
3,745
77,131
.79
2,798
68,675
.79
2,324
68, 222
.79
2,236
67, 320
.79
1,929
66, 759
.79
1,369
65,195
.81
357
61,467
1,332
'1,224
'692
'373
'131
'90
'138
'285
'246
'474
'540
1,189
' 1, 076
1.650
1.650
75,727
1.650
56,140
1.650
37,398
1.650
81,359
1.650
65,743
1.650
71,981
1.650
67,511
1.650
61,296
1.650
70,630
1.650
79,916
1.650
1.650
664, 538
860,606
617,144
776, 990
685,990
839,121
620,957
872,025
567,891
874, 797
601,487
861, 334
529, 229
870,437
604,519
875, 992
604,673
879,452
599,861 '676, 507
887,921 '936,431
639, 232
936,325
6,791
34,865
279
FERTILIZERS
Consumption, Southern States
thous. of short tons..
Price, wholesale, nitrate of soda, crude, f. o. b. cars, port
warehouses*
_dol. per 100lb._
Potash deliveries
short tons..
Superphosphate (bulk):f
Production
do
Stocks, end of month
do
OILS, FATS AND BYPRODUCTS
Animal, including fish oil:
Animal fats:?
Consumption, factory
thous. of lb__ 136,391 142,628 122,161 129,998 113,703 107,053 150,650 139, 595 152,060 137, 546 118.906 135, 755 135, 378
194,041 346,406 323,984 349,799 308,435 263,085 254,417 193, 700 204, 820 268,802 259,130 243, 439 205,830
Production
do
542,129 533, 508 467,490 390,736
332,341 740,435 799,371 867,192 903,454 876,121 810,479 697,159
Stocks, end of month
do
Greases:j
65,462
58,487
63,343
57,439
60, 440
59, 598
62,854
Consumption, factory
do
58,034
73,179
60, 263
60,438
71,685
63,987
52, 410
57,781
52,164
49,777
Production
do
57,073
63,383
45. 240
50, 275
45,425
47,361
59,138
52, 293 43,921
Stocks, end of month
do
92, 733 127,707 135,940 154,656 168,949 185,421 167, 454 159, 946 147,824 136,001 123, 245 111, 169
99, 249
Fish oils:|
14,793
15,894
16,282
Consumption, factory
do
28,886
30,539
33, 458
16,371
15,896
18,981
24, 700
31,347
39,885
16,976
Production
_
do
23,622
25,843
767
705
14,696
1,791
1,615
32,688
52, 995
7,293
579
12,928
24,857
Stocks, end of month
_
do
151, 751 183,271 170,213 160,227 156,067 169,906 176,846 196,646 222, 733 236, 552 228, 228 214, 442 183,062
Vegetable oils, total:J
361
310
371
314
271
237
287
378
396
370
341
376
Consumption, crude, factory
mill, of lb._
283
311
413
375
273
371
412
377
286
Production, crude
do
270
361
304
358
Stocks, end of month:
952
812
959
791
784
787
815
Crude
do
807
857
845
779
522
305
533
427
353
316
294
397
Refined
do...
444
493
359
527
Coconut or copra oil:
Consumption, factory:?
15, 253
15,613
14, 276
19,600
17,383
13,256
15, 794
Crude
thous. of lb_
14,074
17,148
13,633
19,064
14, 537
12, 566
7,326
7,523
5,164
5,827
Refined
_
_
do...
6,123
5,369
6,712
6,654
6,506
6,268
5,826
8,756
5,681
Production:
8,587
8,392
11.807
13,032
14, 080
8,267
18,720
CrudeJ.
do.._
9,461
13,470
17,652
17,161
0)
0)
8,394
7,063
6,960
4,755
5,953
6,740
6,008
5,676
Refined
_
do
5,603
5,334
6,451
5,348
5,830
Stocks, end of month J
98,412 102, 496 109, 625
Crude.
._..
do
116, 708 122, 534 116,996 114,099 119, 269 113, 050 100,013 103,297 101. 275 94,152
2,714
2,640
3,530
3,392
3,366
2,996
2,372
Refined
do
3,260
2,457
2,307
3,293
3,536
2,278
Cottonseed:
615
436
268
528
576
Consumption (crush)
thous. of short tons..
134
55
354
523
100
376
74
934
156
'46
24
34
361
244
25
908
1,321
Receipts at mills
do
163
105
34
119
1,067
Stocks at mills, end of month
do
'446
1,534
1,852
179
182
735
1,676
1,345
796
140
' Revised.
* Data included in "total vegetable oils" but not available for publication separately.
§ See note marked " § " on p. S-23 of November 1944 Survey.
• 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 1942 Supplement; figures for August 1937 to December 1941 are the same as published in the Supplement; for data for 1935-36 and all months of 1937, see note marked " • " on p.
8-23 of the May 1943 Survey. Prices are quoted per ton and have been converted to price per bag.
JData for the indicated series on oils and fats revised for 1941; revisions for fish oils are shown in note marked"t" on p. S-22 of the April 1943 Survey; revisions for all other series
were minor and are available on request. Data for 1942 also revised; revisions are available upon request.
*New series.
fRevised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represent price for turpentine in barrels and
can be converted to a comparable basis with the current data by deducting 6 cents. Superphosphate is reported on a revised basis beginning September 1942, covering all known
manufacturers of superphosphate, including TVA; the new series include all grades, normal, concentrated, and wet base, converted to a basis of 18 percent available phosphoric acid;
see note on p. S-23 of the July 1944 Survey regarding data prior to September 1942 published in the Survey. Revised January 1944: Production, 653,252; stocks, 978,937.
NOTE FOR ELECTRIC POWER SALES AND REVENUE, p. S-24.—Revisions prior to Mar. 1944: Total—1944, Jan., 16,941; Feb., 16,634. Small light and power—1943, Jan., 2,388; Feb.,
2,306; Mar., 2,253; Apr., 2,269; May 2,229; June, 2,307; July, 2,381; Aug., 2,395; Sept., 2,422; Oct., 2,348; Nov., 2,395; Dec, 2,499; 1944, Jan., 2,464; Feb., 2,482. Large light and power—
1943, Jan., 8,086; Feb., 7,853; Mar., 8,435; Apr., 8,472; May, 8,520; June, 8,863; July, 8,912; Aug., 9,290; Sept., 9,406; Oct., 9,573; Nov., 9,597; Dec, 9,650; 1944, Jan., 9,616; Feb., 9,517. Street
and highway lighting—Feb., 1944,193. Other public authorities—1944, Jan., 859; Feb., 786. Railways and railroads—1944, Jan., 673; Feb., 639. Interdepartmental—1944, Jan., 44;
Feb., 42. FRASER
Digitized for Revenue from sales—1944, Jan., 280,023; Feb., 277,786.
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
May 1945
1944
March
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS,
FATS, AND BYPRODUCTS—Continued
Cottonseed cake and meal:
Production
.short tons.
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production
thous. of lb.
Stocks, end of month.
do...
Cottonseed oil, refined:
Consumption, factoryi
do
In oleomargarine
do
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per lb.
Production
thous. of lb.
Stocks, end of month
..do
Flaxseed:
Duluth:
Receipts
thous. of bu_
Shipments
do
Stocks
do
Minneapolis:
Receipts
__.
do
Shipments.
do
Stocks
_
__.do
Oil mills:t
Consumption
do...
Stocks, end of month
do
Price, wholesale, No. 1 (Minneapolis).._ dol. per bu_.
Production (crop estimate).
thous. of bu_.
Linseed cake and meal:
Shipments from Minneapolis.
thous. of lb..
Linseed oil:
Consumption, factory!
_-do
Price, wholesale (N. Y.)
dol. per lb_.
ProductionJ
thous. of lb_.
Shipments from Minneapolis—.
do
Stocks at factory, end of month
do
Soybeans:
Consumption^..
thous. of bu_.
Production (crop estimate)
do
Stocks, end of month
do
Soybean oil:
Consumption, refinedt
thous. of lb_.
Production:
Crudet
do
Refined
do....
Stocks, end of month:
Crude
do
Refined*
do_.-.
Oleomargarine:
Consumption (tax-paid withdrawals)§
do....
Price, wholesale, standard, uncolored (Chicago)
dol. perlb..
Productions
thous. of lb_.
Shortenings and compounds:
Production
.do—
Stocks, end of monthj
..do
Vegetable price, wholesale, tierces (Chi.)-dol. per lb..
172, 601 127,918
104, 593 ' 63, 687
118,694 '86,505
142,790 -•113,796
110,273
86, 354
18, 991
86, 964
58,121
62, 717
49,345
33,877
37, 741
25, 213
27, 776
61, 266
90,969
43,436
65,050
22, 548
40, 627
17, 964
30,186
90, 485 100,092
15, 497 13, 728
91, 705
11,482
75, 746
10, 911
44, 334 158,014 239, 586 284,201
30, 353 60, 523 69,977 73,674
244,417 264, 559
77,085 84, 326
29, 762 105,402 159, 097 190, 543 164,171 179, 201
29, 589 64, 957 94, 089 125,483 139, 528 159, 993
85, 291 73,598 95,393 105, 766 83, 502 105, 361
13, 755 19,629 24,116
23,318 22, 348 26, 331
.140
.143
.140
.140
.142
.143
.143
.143
123, 930 r 105, 653 78, 619 66, 363 43, 871 25,138 30, 720 58,351
342, 247 '363,494 353,927 333,162 294, 678 241, 270 183,448 164,802
2
66
294
252
243
2,097
48
195
1,950
147
89
817
942
267
2,102
1,930
2,092
3.11
18, 300
.143
.143
.143
.143
111,825 146, 507 145, 640 150, 878
182, 570 220,122 270, 767 313, 968
207
567
905
143
466
583
271
606
249
805
572
496
1,393
444
1,443
807
129
1,610
121
805
1,266
614
123
884
990
152
646
944
147
551
2,540
494
582
4,409
533
1,647
3,519
290
2,651
11, 006
3.05
4,122
8,825
3.05
3,870
9,150
3.05
4,496
7,076
3.05
5,123
5,964
3.05
4,540
5, 541
3.10
3,661
6,295
3.10
3,327
7,456
3.10
2,842
7,645
3.11
2,364
6,825
3.12
i 23,527
2,306
4,800
3.12
55, 500
47,160
47,880
54,120
45,600
44, 640
44,640
42,000
39, 240
30, 540
28, 440
584
1,311
715
65
343
436
13
22
371
443
53
2,494
137
87
1,871
51,994 44,906 49, 575 48, 952 45,566 51,379 49,447 49,431
42,015
47, 585 47, 548 45,180
.151
.151
.151
.151
.151
.151
.153
.155
.151
.155
.155
. 155
37, 765 98, 037 79,182 74,137 87, 729 98, 645 87, 783 70,192 63,370
54,273
44,126 43, 291
39, 960 45,180 34.800 29, 640 24,960 22, 500 20, 340
16, 260 38,160 29, 460 24, 360 29,400
227,143 340, 397 361,382 308,077 335, 902 320, 267 322,952 310,686 303,378 274,832 263, 917 252, 366
13, 868
15, 266
13, 227
12, 506
11,082
11,153
11,261
9,399
9,043
11,713
32, 640
35, 203
30, 958
27,429
23, 712
19, 250
11, 260
5, 214
31,748
48,785
11,097
192, 863
47,429
83, 341
88,041
81,435
93,620
86, 525
72, 852
97,856
90,827
89,277
120, 696 129,867 112,857
107, 657 106, 350 98,822
107,944
107, 265
96, 298.
95, 050
96, 379 97, 220
88,179 108,807
82,862
91, 561
79,449
86,197
86, 439 146,654
60,129 112,478
151,091
129,077
144,287
138,226
129, 373 134,000
140, 714 131,117
106,858
126,923
91, 502
105,252
41,316
35,157
31, 844
28,121
34,353
.165
57,858
122, 521 111,320
44, 710 56,855
.165
.165
.165
44,755
.165
44,459
.165
34, 720
.165
37, 665
.165
103,164
61,477
.165
.165
40,189
112, 569 100,089
65,361 59, 755
.165
.165
12, 717
47, 765
89,259
73,917
78, 256
101,189
82, 572
78, 007 81,882
72,845
51,068
95,856
86,104
111,098
91, 791
71,267
47, 592
48,773
56,496
53,830
52,407
77,807
48, 229
59, 430
.165
51,083
.165
57,182
.165
52,424
.165
59, 330
93, 745 130,292 117,841
63,921 62, 331 56,802
.165
.165
.165
122,189
50,485
.165
.165
55,272
133,026
47,627
.165
111,349
43,108
.165
132,186
48, 688
.165
376
43,992
39,774
20,276
19,498
4,218
126
372
53, 660
48, 262
23, 058
25, 204
5,398
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous, of dol..
Plastic paints
do
Cold-water paints:
In dry form
do
In paste form for interior use
do
Paint, varnish, lacquer, and fillers, total.
...do
Classified, total._
do...
Industrial
do
Trade
do....
Unclassified
do
113
38
185
462
53,651
48, 581
22, 570
26,011
5,070
104
42
119
48
124
37
43
38
95
41
85
44
93
39
196
502
51,064
46,146
20,858
25,288
4,918
233
590
57, 264
51,630
22,497
29,133
5,634
252
538
58,970
52,964
23, 617
29, 348
6,006
216
398
51, 704
46,878
21, 305
25, 573
4,825
215
459
58,712
52,935
24,945
27,990
5,777
196
378
52,110
46, 741
21,661
25,080
5,369
174
329
53, 571
48, 071
23,601
24,471
5,500
137
311
48,152
43,365
21,378
21,887
4,787
ELECTRIC POWER AND GAS
ELECTRIC POWER
19,766
18,613
19,066
18, 780
18, 702
19,226
19,775
19,153
18,981
Production, totalcf
—mil. of kw.-hr.. 19, 527
19,830
20, 280
By source:
12, 760
11,319
11,803
13,988
13,303
13,453
13,454
12,485
12,994
Fuel
.do
12, 048
13,624
13, 822
7,294
7,263
5,773
7,016
6,295
5,699
5,400
Water power
do
6,206
6,457
5,778
5,988
7,478
By type of producer:
16,582
15, 752
16,149
16,009
15,832
16,318
16,702
16,014
16, 265
Privately and municipally owned utilities
do
16, 606
16,800
17, 384
3,184
2,861
2,908
3,073
2,917
2,771
2,870
Other producers
do
2,920
3,031
2,895
2,889
Sales to ultimate customers, total (Edison Electric
16, 460 ' 16, 500
16, 253 ' 16, 251 • 16, 066 • 16, 675 ' 16, 260
• 16, 788 • 16, 390
16,944
17,630
Institute^
mil. of kw.-hr..
2,472
' 2, 402
2,483
2,547
' 2, 689
2,422
2,403
2,685
' 2, 592
2,896
Residential or domestic
do
3,172
432
172
371
304
373
358
242
Rural (distinct rural rates)
..do
'256
224
207
Commercial and industrial:
2,502
' 2,414
2,349
* 2,454
2,474
2,520
r 2, 527
' 2,463
2,547
Small light and poweri
do
2,642
2,708
' 9, 659
' 9, 535
' 9, 910
' 9, 641
' 9, 504 r 9, 559
' 9, 754
' 9, 526
' 9, 487
9,481
9,754
Large light and poweH
do
155
149
160
193
145
174
167
207
186
220
219
Street and highway lighting f
do
'723
'595
'642
'656
'614
'624
'790
'664
696
'812
721
Other public authorities^
_do
'566
'569
593
'553
'584
'604
'562
608
708
'669
751
Railways and railroads J
...do—
'39
'39
'37
'43
'36
78
'41
'41
'60
'43
98
Interdepartmental!
do
Revenue from sales to ultimate customers (Edison
267,132 268,612 1'265,778 '271,054 270,242 273,700 276,959 279, 633 295, 187
275,465 '270,366
Electric Institute)..
thous.of doL.
r
1
Revised.
« Less than 500 bushels.
December 1 estimate.
J Data for commercial and industrial sales revised beginning January 1943, other series beginning January 1944; revisions not shown above are in note at bottom of p. S-23.
t Revisions have been made in the data for 1941 and 1942 for the indicated series on oils and oil-seeds; revisions are available on request.
1942 revisions,
Survey, p.
minor
on
§ For July 1941-Junefor total electric see February 1943see p. S-24 ofS-23;Januaryrevisions, July-December 1942, are available the request. available on request. A small amount
d" For 1943 revisions
power production
the
1945 issue; January-October 1943 revisions for
detail are
of electricity produced by electric railways and electrified steam railroads, included through December 1944, is excluded thereafter.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
May 1945
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to t h e Survey
S-25
1944
March
March
April
May
June
August
July
1945
September
October
Novem- December
ber
January
February
ELECTRIC POWER AND GAS—Continued
GASf
Manufactured gas:
Customers, total
thousands..
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft__
Domestic
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers, total.-thous. of dol._
Domestic
do
House heating
do____
Industrial and commercial
do
Natural gas:
Customers, total,...*_.
—
thousands..
Domestic
do__ _
Industrial and commercial— .
do
Sales to consumers, total
mil. of cu. ft_.
Domestic
do
Indl., cowl., and elec. generation
do
Revenue from sales to consumers, total..thous. of doL.
Domestic
-do
Indl., coml., and elec. generation
do
10,431
9,614
356
447
46,114
19,358
10,849
35,534
40, 230
23, 606
7,563
8,832
10, 410
9,580
371
446
44,029
18, 382
9,504
15,803
38,261
23, 322
5,979
8,736
10, 509
9,669
382
446
39, 705
17, 500
7,224
14, 687
36, 273
23, 619
4, 077
8,401
10, 500
9,678
366
445
35, 252
18,150
2,988
13,840
34,019
23, 755
2,230
7,886
10, £64
9,754
351
447
32, 087
17,047
1,775
12,958
31, 547
22,667
1,384
7,359
10, 614
9,801
353
448
31,386
16, 221
1,475
13, 460
30, 901
21,975
1,211
7,560
10, 609
9,787
369
445
32, 580
17,406
1,472
13,442
32,067
22,889
1,361
7,668
10, 578
9,743
389
435
36, 430
18, 531
3,350
14, 234
34, 998
24, 095
2,661
8,055
10, 575
9,736
400
430
40,854
17, 553
8,090
14, 864
37,402
23, 907
4,666
8,620
10, 639
9,784
411
436
48,115
18. 423
13, 884
15. 389
41, 769
24. 527
7, 968
9,043
8,935
8,879
8,946
9,162
8,919
8,973
8,955
9,043
9,189
9,003
8.290
8,239
8,300
8,294
8,337
8,478
8,397
8,335
8,377
8, 503
643
637
643
623
682
633
624
643
684
618
204,136 190,334 173, 635 156, 407 151, 266 152, 679 155,666 179,007 184, 211 216,731
68, 003 58, 215 42, 606 29, 379 24, 689 23,041
43,897 69,889
23, 924 30,094
131, 306 129, 856 127,411 123,339 123,147 125, 560 128,162 145, 640 136, 907 142, 673
70,071
63, 332 52, 645 44,119
41,430 40,030 40, 779 46, 605 56, 228 70, 520
41,401
36,188
27, 548 20,809 18,154 16,627 16,953
21,038 28, 573 40. 373
28,006
26,846
27, 204 29, 602
24, 638 22, 889 22, 766 22,950 23, 403 25,153
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquonf
Production
thous. of bbL
Tax-paid withdrawals
do-..
Stocks, end of month
do-..
Distilled spirits:
Apparent consumption for beverage purposesf
thous. of wine gal.
Production^
thous. of tax gaL
Tax-paid withdrawalsf
do_._
Stocks, end of months
---do . .
Whiskyrt
Production
do._.
Tax-paid withdrawals
do...
Stocks, end of month
.
dO-_.
Rectified spirits and wines, production, totalf
thous. of proof gal .
Whisky
do...
Still wines:f
Production
.thous. of wine gaL
Tax-paid withdrawals
do...
Stocks, end of month___
do...
Sparkling wines:t
Production
do ._
Tax-paid withdrawals
do-..
Stocks, end of month
dO-__
6, 798
6,289
8. 863
7.462
6,182
8,479
6,782
6,151
8,782
7,261
7,015
8,585
8,171
7,374
8,862
8,092
8,074
8,637
8,275
8,100
8,240
7,683
7,127
8,293
7,561
6,733
8,573
1,298
8,166
338, 733
13.864
772
7,090
381,272
11,532
752
6,050
375, 402
12, 557
733
7,182
368,411
11,909
663
6,925
361,560
12, 627
695
8,221
353,900
14,644
15,151
9,784
361,063
13,749
3,775
9,778
353,845
16, 064
9,241
10, 830
345, 511
16, 466 18,990
16, 031 13, 875
5,206 r 2, 606 28, 281
2,360
10, 925 11,116
11,615
8,406
337, 512 330, 970 350, 316 344, 514
0
4, .564
324, 532
0
5,273
367,717
0
4,536
361,980
0
5, 365
355,261
0
4,950
348,646
0
5,930
341,137
13,585
765
5,610
5,753
347, 868 340,971
0
6,113
333,144
0
6,335
324,453
0
5,789
317,404
9,322
8, 038
6,115
5,093
5, 620
4, 578
6,011
5,212
5,991
5,044
6,695
6,054
8,181
7,195
8,815
7,306
10, 335
8,846
11, 516
11, 568
9,600
5,161
8,219
116,396
5,482
6,936
109,813
4,345
7,701
103,081
4,481
7,054
94,313
4,412
6, 362
88,733
6,410
7,176
82, 780
41,074
6,640
92,258
135,099
7,524
144, 310
202
117
810
169
120
847
133
106
864
170
86
936
134
85
985
140
122
996
97
120
961
84
132
904
6,697
6,228
8,505
6,174
5,701
8,429
6, 295
5,527
8.608
6,106
5,328
8,903
25, 858
1,303
5,523
4,907
336, 092 330, 599
11, 728
9,579
9,362
7,719
56, 478 21, 222 11,154
7,840
7,673
7,825
156,018 150, 263 142, 742
81
168
818
85
152
739
156
61
817
DAIRY PRODUCTS
Butter, creamery:
.423
.423
.423
.423
.423
.423
.423
.423
Price, wholesale, 92-score (N. Y.)t
dol. per 1b...
.423
.423
.423
.423
.423
Production (factory)f
thous. of l b . . 109. 490 124, 833 130, 568 171,467 177, 905 153, 722 130, 547 113,354 100,332
85, 897 87,993
99, 003 r 92, 372
82,118
69, 276
29, 639
69,663 103,164 138,050 137,907 140,276 123, 596
Stocks, cold storage, end of month c?
do
90, 303 60, 767 38, 926 ' 31, 062
Cheese:
Price, wholesale, American Cheddars (Wisconsin)
.233
.233
.233
.233
233
.233
dol. per lb_.
.233
.233
.233
.233
.233
.233
.233
77, 641
88, 965 116,051 121, 066 104,946
63, 719 62, 529 67, 740 r 67, 831
Production, total (factory)t
thous. of lb_. 85, 020
91,477 81, 502 ' 75,781
88,129
58, 222
68, 927
94,713 102, 971
66, 030
48, 795 47, 704 51,149 r 51, 778
American whole milkf
do
76,002 65, 797
59, 672
Stocks, cold storage, end of monthc?
do
107,105 150,198 154, 610 162, 733 203, 785 223, 254 230, 332 186,268 164,690 151,414 144, 553 133, 773 127, 052
American whole milk
do
98, 922 121,869 125,097 137,244 167,173 190, 804 187,289 164,615 148,416 138, 647 131, 379 124, 627 118, 087
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case._
6.33
6.33
6.22
6.33
6.33
6.33
5.86
6.33
6.33
6.33
6.33
6.33
6.33
Evaporated (unsweetened)
do
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
Production:
Condensed (sweetened):
Bulk goods*
thous. of lb._ 40, 718
17,998 22, 776 23, 948 27, 529
35,878
45,083
61,772
60,592
46, 210
32,147 23,816
18,337
Case goodsf
do
11,800
16, 500
16,400
8,811
11, 250
13,990
12,600
11, 650 10, 475
9,660
9, 550
8, 550
8,620
Evaporated (unsweetened), case goodsf
do
266, 552 313,837 412, 315 412, 500 358, 277 312,000 275,176 246,652 212, 362
326, 500
252, 000 255, 500
229,488
Stocks, manufacturers', case goods, end of month:
12,968
Condensed (sweetened)
thous. of lb._
8,652
15,023
8,430
12,811
10, 825
7, 951
9,584
7,404
7,125
6,725
7,328
6, 559
Evaporated (unsweetened)
do . 107, 702 150, 333 180, 938 241,012 307,697 321,083 291, 496 272, 613 254, 721 190, 465 143, 308 131, 743 122, 546
Fluid milk:
3.24
3.24
3.24
3.23
Price, dealers', standard grade
dol. per 100 lb__
3.23
3.24
3.25
3.25
3.26
3.26
3.26
3.26
3.26
Production
mil. of lb._ 10, 062
11, 570
9,765
12, 498
8,372
10,240
10,322
9,334
11,908
9,022
8,658
8,892
8,528
r
Utilization in manufactured dairy productsf-.-do
5,132
4,042
5,956
2,957
3,979
3,865
3,045 ' 3. 380
4,399
4,390
3,473
5.750
3,246
» Revised. c^See note marked "<?" on p. S 27.
•
X Reflects all types of wholesale trading for cash or short-term credit. Base ceiling price comparable with data prior to January 1943 shown in the Survey is $0.4634 through June 3
and $0.4i% effective June 4, 1943; these are maximum prices delivered market; sales in market proper are at permitted mark-ups over these prices.
^August and September 1944 and January and February 1945 production figures include whisky, rum, gin, and brandy (whisky and gin included for September 1944 and February 1945 represent completion of operations authorized during August 1.944 and January 1945); the total production for beverage purposes in January, February, and March 1945, including additional spirits produced by registered distillieries for beverage purposes and production by industrial alochol plants for beverage purposes was 46,308,000, 7,746,000, and
8,983,000 tax gallons, respectively, and in August, at least 50,000,000 tax gallons (see February 1945 Survey for detail for August). Production figures for other months represent rum
and brandy, the only spirits authorized for beverage purposes since October 1942 exept during August 1944 and January 1945. Stock figures exclude data for high-proof and unfinished
spirits which are not available for publication. For revised 1941 data see p. S-24 of the February 1943 Survey.
tData for manufactured and natural gas have been revised beginning 1929 and are not strictly comparable with figures shown in the October 1944 and earlier issues; all revisions
are available on request. Revisions for consumption of distilled spirits for beverage purposes for January 1940-July 1943 are available on request. Revisions in the 1941 and 1942
monthly data for the other alcoholic beverage series not published in issues of the Survey through March 1944 are shown on p. S-2*of the April 1944 Survey; scattered revisions in the
July 1943 to January 1944 data for fermented liquor, rectified spirits and wines, and still and sparkling wines are available on request. 1943 revisions for indicated dairy products
series are shown on p. 13 of the March 1945 issue; see note marked ' T ' on p. S-25 of the February 1945 Survey for sources of 1941-42 revisions, except for the series on utilization of fluid
milk in manufactured dairy products which has been revised for 1920-42; these revisions are available on request.
* Revised data for 1943 are shown on p. 13 of the March 1945 issue; see note marked "*" on p. S-25 of the February 1945 Survey regarding earlier data.
S-26
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
May 1945
1944
March
April
May
June
July
1945
August
Sep.
tember
October
Novem- December
ary
January
February
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Dried skim milk:
Price, wholesale, for human consumption, U. S.
average
dol. per lb_.
Production, total!
thous. of lb_.
For human consumption^.-do—
Stocks, manufacturers', end of month, total
do
For human consumption.
_
do
0.140
57, 750
56, 500
44, 562
43, 279
FRUITS AND VEGETABLES
Apples:
Production (crop estimate).
thous. of bu_.
Shipments, carlot.
no. of carloads..
4,629
Stocks, cold storage, end of month
thous. of bu_. 11, 580
Citrus fruits, carlot shipments
no. of carloads.. 21, 362
Frozen fruits, stocks, cold storage, end of month
tbous. of lb._ 194, 257
Frozen vegetables, stocks, cold storage, end of month
thous. of lb_. 100,181
Potatoes, white:
Price, wholesale (N. Y.)_
,
dol. per 1001b..
2.875
Production (crop estimate)!
.thous. of bu_.
Shipments, carlot
...no. of carloads.. "25,797
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis):
No. 3, straight.
_._
dol. per bu_.
No. 2, malting
do
Production (crop estimate)t
.thous. of bu..
Receipts, principal markets.
do
Stocks, commercial, domestic end of month
do
Corn:
Grindings, wet process
...do
Prices, wholesale:
No. 3, yellow (Chicago)
-dol. per bu_.
No. 3, white (Chicago)
do....
Weighted average, 5 markets, all grades
do
Production (crop estimate) tthous. of bu_.
Receipts, principal markets.._
do
Stocks, domestic, end of month:
Commercial
__
do
Onfarmsf
_do._..
Oats:
Price, wholesale, No. 3, white (Chicago)-dol. per bu_.
Production (crop estimate)!
thous. of bu..
Receipts, principal markets
do
Stocks, domestic, end of month:
Commercialdo
On farmsf
do—
Rice:
Price, wholesale, head, clean (New Orleans)
dol. per lb..
Production (crop estimate)!
thous. of bu_.
California:
Receipts, domestic, rough
bags (100 lb.)..
Shipments from mills, milled
rice
do
Stocks, rough and cleaned (in terms of cleaned),
end of month
bags (100 lb.).
Southern States (La., Tex., Ark., Tenn.):
Receipts, rough, at mills.--.thous. of bbl. (162 lb.)..
Shipments from mills, milled rice
thous. of pockets (100 lb.)--.
Stocks, domestic, rough and cleaned (in terms of
cleaned), end of mo
thous. of pockets (100 lb.)Rye:
Price, wholesale, No. 2 (Minneapolis) __.dol. per bu..
Production (crop estimate)!
thous. of bu..
Receipts, principal markets
do
Stocks, commercial, domestic, end of month
do
Wheat:
Disappearance, domestic!-.
thous. of bu..
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol. per bu._.
No. 2, Red Winter (St. Louis)..
..do....
No. 2 Hard Winter (K. C.)._.
do....
Weighted av., 6 mkts., all grades
do
Production (crop est.)f total!
tbous. of bu__
Spring wheat
...do....
Winter wheat
do
Receipts, principal markets
do
Stocks, end of month:
Canada (Canadian wheat)
_
do
United States, domestic, total? !
do....
Commercial
do
Country mills and elevators!
do
Merchant mills
do
On farms!
_._do
r
8
0.145
48,850
47,800
41, 390
40, 915
0.145
61,650
60, 225
55,684
54, 870
0.146
81,950
78,775
68, 394
66, 482
0.144
82,285
79, 735
75,492
72,810
0.144
69,850
67,450
79, 258
75, 844
0.142
53,100
51, 300
66, 527
63, 594
0.144
42, 350
41,000
59, 342
56, 660
0.142
36,850
35, 775
49,892
47, 373
0.138
30,850
30,000
39, 283
36,781
0.139
37, 575
36, 800
3S, 801
37,873
0.141
43, 475
42, 350
38, 716
37, 342
3,913
5.436
21,702
3.173
2,251
19, 713
463
908
21, 377
182
0
17,547
862
0
12,730
993
261
11, 216
4,830
8,437
7,739
12, 265
30,358
12,959
8,316
34, 951
15, 395
124, 212
6,670
32, 686
23, 600
5,428
25, 377
19, 818
161, 643 130, 906 116,930
129,494
214,460
246, 472 298, 059 301, 590
291, 2C4
268,407
242, 253
98, 910 114,455
138,772
166,355
182,623
166,910
145, 622
3.744
4.116
2.988
3.156
379,436
20, 756
"22," 260'
130, 315 106,176
2.794
2.625
~26,~809"
16," 538'
3.355
3.056
178, 394 186, 984
3.960
3.101
"21^683" "27," 694' "157517" " 18," 847' ~26~313 '~24~086" "20," 939"
1.27
1.28
1.35
1.38
1.35
1.38
1.35
1.38
1.35
1.38
1.31
1.35
1.23
1.31
1.12
1.30
1.15
1.31
1.16
1.31
6,358
21,858
6,210
10,947
9,079
11, 284
8,346
7,850
6,923
11,134
8,261
22, 921
17, 620
21,515
26,032
17,612
31, 421
11,965
10,358
6, 507
9,244
9,449
9,258
10,125
9,411
1.15
1.27
1.01
39,036
1.06
1.16
C)
C)
()
C)
1.13
1.13
14, 323
33, 728
1.20
1.30
284, 426
10,095
30, 886
6,741
27, 542
10,557
11,200
11,064
11,721
1.14
1.14
1.15
1.27
1.01
1.14
1.14
()
11
.1
1.08
1.09
1.28
1.02
C)
C)
()
C)
"i5,~888' "*8,"369
15, 200
22,065
14,607
11,468
12,311
16,165
39, 388
9,406
7,696
11,819
561,181
12,392
10, 296
7,478
3206,621
5,469
13,682
.77
.73
"20," 356"
13, 522
~8~105
14,110
20,872
1,339,780 1,093,083
a
(°)
C)
()
"5," 707" "47863" "8,340" "7,~557
5, 438
415, 576
6,347
.067
.067
8,031
"77684"
3.569
.64
.66
3,228,361
31,291
11,698
2,145,520
1.24
1.30
47, 437
19, 591
.74
.79
1,166,392
9,280 "7,"318
6,547
185,293
4,440
13, 213
17, 328
950,861
17,377
16, 674
14,982
750, 454
13, C62
.067
.067
.067
.067
.067
.067
.067
1 70,237
.066
632, 972
548, 510
690, 228 414,119 464, 543 590,470
401,656 300, 737 321,373 573,966
264,815
275,232
143,465
154, 521
84. 602
57, 482
899,123
156,354
602,864
300,102
394, 584
316, 633
611, 763
416,632
317, 617
424,684
399, 269 380,196
191,378
102,421
48,047
44, 313
499,366
620,139
593,109
567, 268
77
376
168
74
124
37
442
1,288
4,073
3,641
1,313
699
934
1,236
795
509
301
220
1,110
1,826
2,331
1,767
1,710
1,856
1,718
1,143
729
458
193
427
1,207
3,608
5,047
4,707
3,819
1.27
1.24
1.27
1.19
1.12
1.13
1.12
1.03
1.15
1.13
1.23
266
10, 252
1,963
21.148
1,573
22, 977
2,195
21, 635
664
20,150
515
18, 052
875
15,664
1,155
14, 728
1.14
25, 872
639
12,207
8,597
430, 477
.066
1
.067
1
1,176
13,021
303,333
228, 762
272, 735 '273,157
1,090
• 13, 218
1.63
1.67
1.63
1.61
1.56
1.61
1.61
1.57
1.52
1.55
49, 552
57,404
•255,379
1.54
1.55
1.51
1.52
1.54
1.58
1.53
1.52
101,057
68,894
62, 836
55, 675
322,966 317,434 292,508 261,092 265, 751 279,746
3 316,055
563, 259 '544,817
99,644 123,700 i23,"307" 95,640 3 82,912 170,786
3 29, 712
129, 208 ' 66, 535
3
67, 308
96,388
79, 550
H03.742
239,083 219,679
266,402
284,118
1,091,369
200, 736 199, 475
199,441
137,818
532,270
323, 297
330,633
184,983
166,705
1.67
1.67
1.69
(a)
1.66
1.66
C)
1.65
1.66
)
1.64
1.67
15, 502
61,147
51, 341
C)
529
11,116
1.61
1.69
1.61
1.56
1.64
1.71
1.59
1.60
1.64
1.74
1.62
1.60
11,078
1314, 574
1 764,073
28, 629
39, 832
1.67
1.76
1.64
1.63
19, 262
327,046 335, 057
835, 990
152,043 133,905 i 117,440
160,290 I
114,387 !
392,423 i
Revised.
1 December 1 estimate.
• No quotation.
Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until the crop year begins in July.
J The total includes comparatively small amounts of wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins, not included in the
breakdown of stocks.
!Revised series. The indicated grain series have been revised as follows: All crop estimates beginning 1929; domestic disappearance of wheat and stocks of wheat in country mills
and elevators beginning 1934; corn,, oat, and wheat stocks on farms and total stocks of United States domestic wheat beginning 1926. Revised 1941 crop estimates and December 1941
stock figures are on pp. S-25 and S-26 of the February 1943 Survey; revised 1941 quarterly or monthly averages for all series other than crop estimates are given on pp. S-25 and S-26
of the April 1943 issue, in notes marked " t " . All revisions are available on request. For 1941 and 1942 revisions for production of dried skim milk, see p. S-25 of the March 1943
Survey and p. S-35 of the March 1944 issue (correction—total, Feb. 1942,35,064); 1943 revisions are shown on p. S-26 of the March 1945 Survey.
SURVEY OF CURRENT BUSINESS
May 1945
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
March
S-27
1945
1944
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN
PRODUCTS-Continued
Wheat flour:
Grindings of wheat!
Prices, wholesale:
Standard patents (Minneapolis)!
Winter, straights (Kansas City)§
Production (Census):^
Flour
Operations, percent of capacity
Offal
Stocks held by mills, end of month
46,020
40,972
41,984
41,360
46,463
46,485
6.55
6.42
6.55
6.33
6.55
6.25
6.55
5.98
6.55
6.26
6.55
6.30
10,126
64.7
793,659
4,141
9,038
61.9
701,802
9,243
61.2
9,095
60.2
713,902
3,423
10,235
70.1
795, 783
3,469
10,192
69.8
807,183
3,570
2,101
113
1,791
73
1,734
84
2,030
106
2,219
105
2,681
236
2,863
367
3,587
525
2,985
376
2,211
170
2,372
113
1, 951
72
15,64
13.60
15.66
15.12
13.06
14.00
15.04
12.76
14.00
2,010
74
15.44
12.84
14.00
16.06
11.65
14.00
16.06
10.93
13.60
16.07
11.50
13.75
15.78
11.34
14.66
15.95
11.50
15.08
15.78
11.96
14.81
14.87
11.49
14.75
14.71
12.40
14.75
15.12
13.00
14.88
2,082
4,764
3,932
4,161
3,862
3,231
2,704
2,304
2,743
3,390
3,365
3,361
2,013
14.70
13.1
13.94
11.5
13.53
11.3
12.91
11.0
12.66
11.0
13.25
10.9
14.32
11.5
14.42
11.7
14.49
12.2
14.14
12.7
14.19
12.6
14.66
12.9
14.70
13.2
1,725
103
1,571
94
1,465
66
2,455
118
2,704
90
2,563
103
2,765
382
3,421
770
3,732
835
2,801
420
2,134
169
2,297
132
1, 643
77
16.31
13.90
15.84
13.25
15.94
13.09
15.04
12.37
14.55
()
*
13.19
13.51
12.71
13.51
12.43
13.84
12.36
13.87
12.49
14.14
12.50
15.02
12.99
16. 00
13.83
1,424
615
1,672
1,989
1,684
144
1,500
1,746
1,706
135
1,613
1,836
1,650
133
1,609
1,754
1,531
77
1,668
1,554
1,250
72
1,634
1,572
969
65
1,476
1,426
784
53
1,637
1,605
646
40
1,643
1,715
617
35
1, 589
1,761
675
37
1, 575
1,747
r 699
34
1,140
1, 311
' 656
29
593, 516 567,800
593,052
597,293
645,730
709,042
713,631
793,076
725,715
676, 618
r
.200
.200
.200
690,170 762, 573 694,348
143, 530 127,119 114,589
.200
658,443
107,171
.200
678, 745
116, 093
.200
632, 564
133,132
79,080
81,200
20,183
91,211
90, 263
18, 258
69, 346
71,119
r 17,195
451, 085
607, 032
thous. of bu..
dol. perbbl..
.do....
6.55
6.49
.thous. of bbL.
_thous. of lb.
thous. of bbL.
LIVESTOCK
Cattle and calves:
Receipts, principal markets
thous. of animals...
Shipments, feeder, to 8 corn belt Statesf
do...
Prices, wholesale:
Beef steers (Chicago)-.
dol. per 1001b.
Steers, stocker and feeder (K. C.)
...do...
Calves, vealers (Chicago)
do...
Hogs:
Receipts, principal markets.
thous. of animals.
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 lb.
Hog-corn ratiof-bu. of corn per 100 lb. of live hogs.
Sheep and lambs:
Receipts, principal markets
..thous. of animals.
Shipments, feeder, to 8 corn belt Statesf—
do...
Prices, wholesale:
Lambs, average (Chicago)
dol. per 1001b.
Lambs, feeder, good and choice (Omaha) d o . . .
46, 893
MEATS
Total meats (including lard):
Consumption, apparent...
mil. of lb_.
Production (inspected slaughter)
do
Stocks, cold storage, end of month©c?
do
Miscellaneous meats©c?
-do
Beef and veal:
Consumption, apparent.
thous. of l b . .
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per lb_.
Production (inspected slaughter)
...thous. of lb_.
Stocks, beef, cold storage, end of m o n t h © ^
do
Lamb and mutton:
Consumption, apparent
_
_
do
Production (inspected slaughter)
_
do
Stocks, cold storage, end of month© rf1 . . . d o
Pork (including lard):
Consumption, apparent
do
Production (inspected slaughter)
do
Pork:
Prices, wholesale:
Hams, smoked (Chicago)
dol. p e r l b . .
Fresh loins, 8-10 lb. average (New York)
do
Production (inspected slaughter)
thous. of l b . .
1
Stocks, cold storage, end of month©© do
Lard:
Consumption, apparent
do
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
dol. per lb
Refined (Chicago)..
_
.do
Production (inspected slaughter)
thous. of lb_.
Stocks, cold storage, end of monthcf...do
.200
.200
.200
685, 274 609,671 646,898
151, 990 293, 971 270,994
72,941
66, 557
21,659
.200
.200
566, 583 556,169
243,508 207,400
.200
.200
575, 794 704,481
168,446 161,486
680, 247 619,118
73,479
71, 595
12, 721
73,006
75, 469
15,027
1,005,242 870,425 950,105 942,901 948,907
662, 521 ,312,673 1,140,100 1,200,891 1,128,596 906,752
852,196
791,913
683, 753 756. 573 837,517 •833,262 803, 728
655, 519 752, 481 939,194 1,021,414 977, 737
.258
.258
.252
.258
524, 383 970,921
326, 399 791,867
145,920
76, 470
15, 254
61,378
58,683
16, 723
68,780
69,000
14,616
78,762
80,114
16,069
87,694
89,675
17, 882
784,801
.258
.255
871,665
769,138
.258
.255
811,276
803,357
.258
.255
649,075
646,499
.258
.255
582,012
478,224
.258
.257
503,292
359,023
123,621
182,625
155,005
154,814
152, 400
95,010
()
.143
231,877
420,301
()
()
()
()
.138
.138
.140
.138
153, 220 111,344 120,115
188, 897
342, 450 240, 298 168, 251 118,072
.258
.255
.139
.139
.146
.146
.146
1001, 79 249,020 221,830
50, 579 432, 339 498,235
(a)
69,365
68,335
14,479
()
.146
240,789
490,281
POULTRY AND EGGS
Poultry:
233
.250
.228
.255
.219
Price, wholesale, live fowls (Chicago)
.dol. per lb__
.250
.264
38,688
Receipts, 5 markets
_
_
thous. of lb_- 20, 842 18,728 21,779 28,982 38,578 42,059
Stocks, cold storage, end of months 1
.do
141, 759 168,478 130,044 122,729 130,817 141, 654 160,689
Eggs:
Dried, production *
do
17, 845 31,982 32, 056 34,579 32,712 31, 272 34,149
.338
.332
.348
Price, wholesale, fresh firsts (Chicago) t- dol. per doz__
.308
.321
.311
.343
4,010
5,437
Production.
__ .millions..
6,978
4,631
6,704
6,558 ' 6,821
Stocks, cold storage, end of m o n t h s
7,653
9,351
Shell
_
thous. of cases..
4,453
9,632 11,335
1,777
Frozen
thous. of lb_. 115, 344 148, 557 218,032 292,445 354, 223 388, 547 371,627
79,887
81,062
18,874
.258
.258
785,370
371,393
.258
.258
761,150
407,202
.258
.258
480,460
• 366,185
109, 644 125, 590 105,039
128, 966
31,802
(
.146
158,069
81, 494
91, 813
r 64, 770
.258
.258
586,853
296,815
.258
.258
728,945
318,055
()
()
.146
.146
152,956 171,924
90, 536
.242
62,046
268,128
.246
60,236
269,021
.255
!,085
i, 532
.260
18,917
183,889
23,946
.389
3,278
16,835
.423
2,998
10, 610
.418
3,387
i, 192
.380
:, 146
14,134
.349
4,786
5,427
2,905
332, 505 279,175
1,045
220,180
411
165, 933
296
.228
.227
46, 753 62,047
187,959 244,075
25,000
.368
3,515
'521
<• 85, 499
MISCELLANEOUS FOOD PRODUCTS
29,795 34,860 39,043 40,214 37,399 40, 391
Candy, sales by manufacturers
thous. of dol.. 44, 204 37,623 32,356 31,062 28, 266 23,461
38, 775
Coffee:
1,645
1,247
1,185
1,616
1,123
742
731
1,215
Clearances from Brazil, total
thous. of bags..
955
1,118
951
1,207
892
1,395
1,039
972
To United States
do...
563
607
893
996
786
1,127
955
957
831
754
.134
.134
.134
.134
.134
.134
.134
.134
Price, wholesale, Santos, No. 4 (N. Y.)—dol. per l b . .
.134
.134
.134
.134
.133
1,450
1,514
1,516
966
1,352
Visible supply, United States
thous. of bags..
1,609
1,472
1,235
1,233
1,778
1,418
1,380
1,352
Fish:
Landings, fresh fish, principal ports
thous. of lb__
16, 763
18, 071
27,417 32,497 47, 888 49,606 r 52, 542 46, 585 43,015 35,891 25, 746 17,297
r
Stocks, cold storage, end of month
do
88,842 109,841 123, 255 131,584 130,914 128,223 111,956 r 78,971
52,965
39,830 52,969 51, 545 69,672
r
Revised.
• No quotation.
^Compiled by the U. S. Department of Labor; see note in April 1944 Survey.
§Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.
fThe hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revised data beginning 1913 will be published later. The series for feeder shipments
of cattle and calves and sheep and lambs have been revised beginning January 1941 to include data for Illinois; revisions are shown on pp. S-26 and S-27 of the August 1943 Survey.
*New series; annual figures beginning 1927 and monthly figures for 1941-43 are shown on p. 20 of the March 1945 issue.
©Miscellaneous meats includes only edible offal beginning June 1944; trimmings formerly included in "miscellaneous meats" are now distributed to the appropriate meat items.
The total includes veal, shown as a new item in the original reports beginning June 1944 (some of this veal formerly may have been included with trimmings in "miscellaneous
meats"), and also, beginning September 1944, data for sausage and sausage products and canned meats and meat products which were not reported previously; separate data for these
items through January 1945 are given in notes in earlier issues; February and March 1945 data are as follows (thousands of pounds): Veal—February,* 7,030; March, 5,217; sausage
and sausage products—February, 21,584; March, 22,398; canned meats and meat products—February, 17,458; March, 16,808.
IData relate to regular flour only; in addition, data for granular flour have been reported beginning 1943; see note in previous Surveys for data through January 1945. Granular
flour data for February 1945: Wheat grindings, 3,743,000 bushels; production, 809,000 barrels; offal, 67,257,000 pounds; percent of capacity, regular and granular flour combined, 82.1.
Digitized ColdFRASER
cf for storage stocks of dairy products, meats, and poultry and eggs include stocks owned by the D. P . M. A., W. F. A., and other Government agencies, stocks held for the
Armed Forces stored in warehouse space not owned or operated by them, and commercial stocks; stocks held in space owned or leased by the Armed Forces afe not included.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
S-28
March
1945
1944
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
May 1945
March
April
May
June
July
September
August
October November
December
January
February
FOODSTUFFS AND TOBACCO—Continued
I
MISCELLANEOUS FOOD PRODUCTS—Con.
Sugar:
Cuban stocks, raw, end of month§
thous. of Span. tons...
United States, deliveries and supply (raw value):*
Deliveries, total
..short tons-For domestic consumption
_.
.do
For export
do
Production, domestic, and receipts:
Entries from off-shore areas, total
do
From Cuba
-do
From Puerto Rico and Hawaii
do
Other
...do
Production, domestic cane and beet
do
Stocks, raw and refined
-do
Price, refined, granulated, New York:
Retail..
dol. per lb._
Wholesale...
.do
2,480
3,097
649, 495 •588.832
603, 571 551,874
45, 924
36,958
524,064
494,788
29,276
1,776
579, 633
477,157
94, 241
8,235
3,164
2,945
2,666
544,408
44,560
686.001
654, 592
31,409
760, 031
743,815
16, 216
439. 292 493,084 673,458 638,100 437, 600
301,821 389,108 465,193 418,773 270,188
137,216 103,936 207,137 219, 206 159, 821
1,128
121
7,591
255
40
4,001
7,702
4,377
13,455
9,087
1,294,844 1,336,492 1,347,503 1,287,717 972, 577
.066
.054
.066
.055
.055
.066
.055
TOBACCO
Leaf:
Production (crop estimate)
...mil. of l b . .
Stocks, dealers and manufacturers, total, end of
3,052
quarter
mil. of lb_.
Domestic:
370
Cigar leaf
do
275
Fire-cured and dark air-cured...
do
2,317
Flue-cured and light air-cured,
-do
2
Miscellaneous domestic
.do....
Foreign grown:
28
Cigar leaf
_.
do
59
Cigarette tobacco
_
do
Manufactured products:
Consumption (tax-paid withdrawals):
21,065
19,956
18,778
Small cigarettes
millions.. 18, 679
Large cigars
-thousands.. 417, 521 419,291 362, 403 399,992
Mfd. tobacco and snuff
thous. of lb_. 27, 045 22,002 20,036 23,968
Prices. wholesale (list price, composite):
6.006
6.006
6.006
6.006
Cigarettes, f. o. b., destination
dol. per 1,000..
24,862
22, 922
20,903
Production, manufactured tobacco, total.-thous. of lb._
365
311
340
Fine-cut chewing
_
.do
5,217
4,706
5,495
Plug
.do....
Scrap, chewing
Smoking..
Snuff
Twist
_
_
.
do
do
.do
3.682
8,352
3,338
514
4,196
8,380
3,923
588
4,323
10, 720
3,675
561
.066
.055
.066
.055
2,392
2,181
1,913
1,027
1,127
1,130
748, 282 662,419
737, 665 653, 568
10, 617
8,851
649, 792
640, 706
9,086
592, 731
580,186
12, 545
615, 732
589, 507
26, 225
599, 417
559,159
40, 258
378, 550 455, 075 417,485 462,960 471, 258
282, 044 376,110 353, 656 357, 396 439, 055
57, 036
88, 386
72,172
87, 548
27, 678
r
6,793
,850
8,120
6,793
18, 016
4, 525
49,873 391, 506 605, 515 325, 739
10,003
53, 617
715, 572 484, 564 642,165 1,054,005 1,226,474 1,147,957
489,798
273,140
.066
.055
.066
.054
.064
.054
(a)
.054
.054
(a)
.054
i 1,835
2,702
2,731
3,046
360
253
1,991
2
323
231
2,085
298
225
2,436
2
27
68
30
56
21,166
384,171
23, 350
20, 278
352,131
21, 338
22,305
418, 205
26,971
20,021
391, 492
25, 335
19. 771
411,894
28, 793
20, 554
446, 325
30,729
17, 826
395,499
26,017
20, 077
379, 420
27, 519
6.006
23,848
371
5,406
4,508
9,835
3,199
531
6.006
22,853
288
4,683
4,187
10,092
3,122
480
6.006
27,978
374
5,496
5,047
13,290
3,207
564
6.006
26,364
349
4,890
4,407
12,944
3,231
543
6.006
30,637
348
5,365
5,015
15, 491
3,809
610
6.006
32,168
'371
5,687
4,720
16,973
3,850
566
6.006
27,039
341
4,776
4,207
13,934
3,281
499
6.006
29, 770
373
5,115
4, 532
15, 096
4,072
582
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves.
thous of animals
Cattle
do
Hogs
._
.
do
Sheep and lambs
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb._
Calfskins, packers', 8 to 15 lb
do
LEATHER
Production:
Calf and kip
.
»
thous. of skins
Cattle hideK
thous of hides
Goat and kid . ._
thous. of skins
Sheep and Iambi
do
Prices, wholesale:
Sole, oak, bends (Boston) f
dol. per lb
Chrome, calf, B grade, black, composite-dol. per sq. ft.
Stocks of cattle hides and leather, end of month:?
Total
thous. of equiv. hides..
Leather, in process and finished
do.
Hides, raw
_
_
do
575
1 213
3 474
1,723
565
1,057
7,165
1,538
555
939
6,290
1,378
541
989
6,643
1,694
594
1,003
6,095
1,823
634
1,079
4,795
1,898
756
1,339
4,145
1,924
753
1,310
3,521
2,003
920
1,451
4.223
2,238
874
1,336
5,258
2,013
669
1,275
5,663
1,934
560
1,284
5. 299
2,073
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
865
2, 098
2,676
4, 535
952
' 2, 251
3,132
r
4, 572
998
' 2, 266
3,158
T
4, 328
802
' 2,057
2,711
r
3, 771
1,029
' 2, 274
2,901
' 4, 794
940
' 2,222
2, 735
r
4, 334
1,006
' 2, 224
2,900
r
4, 532
948
' 2, 292
2,794
' 4, 523
879
2,178
2,465
' 4, 122
957
2,395
2,543
4, 433
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
1
2
2
4
001
475
526
302
.440
.529
12,030
7,018
5,012
r
r
926
2 243
3,323
4, 882
.440
.529
r
r
' 10,876 ' 11,178
r 6,862
' 6, 792
' 4,084
' 4, 316
r
r
442
1,149
3,267
1, 522
r
.155
.218
r
T
92£
2, 391
2,104
4, 35G
.440
.529
r
.440
.529
.44C
. 52S
11, 857
'r 7, 070
4, 787
11,978
7,057
4,921
'11,991
' 7,051
' 4,94C
' 10, 921
' 6, 342
T
4, 579
' 10, 676
' 6, 384
' 4,292
' 10, 848
' 6,469
' 4, 379
' 10, 605
' 6,455
' 4,150
42 212
206
7,059
940
3,924
36 854
203
6,225
1,093
3,564
39,648
198
7,066
1,459
4,189
40, 682
222
7,184
1,355
4,307
31,774
174
4,732
995
3,697
41, 464
217
6,073
1,257
4,738
38, 786
209
5,061
1,047
4,474
40, 760
256
4,604
873
4,815
39, 507
240
4,386
762
4,671
r 35, 784
r
224
' 4, 548
r
609
» 4, 382
•
39, 670
300
6,344
331
6
4, 326
38, 77;
24
7,15'
43
b
4, 24
25,037
1 508
2,478
3 387
6,516
11,149
4,475
570
21, 071
1,368
2,200
2 988
5,304
9,211
4,179
518
21, 714
1,354
2,304
3,024
5,499
9,532
4,383
640
22, 544
1,405
2,419
3,062
5, 795
9,863
4,542
528
17,991
1,051
2,025
2,562
4,463
7,888
3,870
316
22, 696
1,260
2,666
3,153
5,373
10, 245
6,162
320
21, 789
1,323
2,483
2,974
5,078
9,930
5,936
271
23,046
1,336
2,728
3,163
5,421
10, 398
6,899
266
22,159
1,335
2,676
2,983
5,346
9,818
6,936
353
r 20,556
' 1,153
' 2, 362
' 2, 847
' 5, 041
' 9,153
' 5, 094
'372
23, 355
1,206
2,807
3,372
5, 475
10, 495
4,865
149
21, 88'
1,18
2,59
3,33
5,28
9,49
4,65
15
' 11,193 ' 11,476 '11.658
' 6,970
' 6,974
' 7, 041
r 4, 223
' 4, 502
' 4, 617
LEATHER MANUFACTURES
Boots and shoes:*.
Production, total—
thous of pairs
Athletic—
.
. do
All fabric (satin, canvas, etc.)
do
Part fabric and part leather uppers <>
8
do
Government shoes
do
Civilian work and dress shoes, all leather uppers®
thous. of pairs
Boys' and youths' . . .
do
Infants'
.
do
Misses' and children's
do
Men's ._
do
Women's
.
do
Slippers and moccasins for housewear . . . d o
All other footwear <8)
do
'b Revised.
i December 1 estimate.
° Not available.
Excludes reconstructed shoes (606,000 pairs for January and 663,000 pairs for February); such shoes are included in earlier data.
§ For data for December 1941-July 1942, see note marked " § " on p.. S-28 of the November 1943 Survey.
JData for June to December 1943 were revised in the August 1944 Survey; revisions for January-May 1943 are available on request.
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
S-29
1945
1944
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
National Lumber Manufacturers Assn.:!
Production, total
Hardwoods
Softwoods—
Shipments, total
_
Hardwoods
Softwoods
Stocks, gross, end of month, total
Hardwoods
Softwoods
mil. bd. ftdo_-_
do...
do.-_
do
do...
do._.
do...
.do..,
2,659
590
2,069
2,835
626
2,209
3,932
1,012
2,920
2,654
571
2,083
2,756
631
2,125
3,845
961
2,884
2,972
589
2,383
2,911
687
2, 224
3.732
884
2,848
2,730
591
2,139
2,869
602
2,267
3,794
881
2,913
2,740
652
2,088
2,668
562
2,106
3,880
958
2,922
3,107
735
2,372
2,893
567
2,326
4,051
1,090
2,961
2,682
581
2,101
2,575
536
2,039
4,185
1,125
3,060
2,686
598
2,088
2,617
571
2,046
4,241
1,143
3,098
2,429
544
1,885
2,455
558
1,897
4,177
1,105
3,072
2,170
484
1,686
2,267
490
1,777
4,031
1,030
3,001
2,133
374
1,759
2,373
522
1,851
4,037
1,082
2,955
2,110
457
1,653
2,270
498
1,772
3,684
932
2,752
PLYWOOD AND VENEER
Hardwood plywood, production:*
Cold press
thous. of sq. ft., measured by glue line.
Hot press
do...
Hardwood veneer:*
Production
thous. of sq.ft., surface areaShipments and consumption in own plants
do...
Stocks, end of month
_do...
Softwood plywood:*
Production
thous. of sq. ft., $£" equivalentShipments
do.__
Stocks, end of month
do...
169, 210 149, 455 157,061
81, 568 68,540 70,438
153, 636 144,276
71,625
167,184 154, 292 153,163
80, 604 68,671 71,533
147,505
71,762
138, 915 -•158,106
65,652 '78,022
145,985
69,834
839, 480 746,102 785,759
847, 519 754,003 789,832
516,806 513, 291 525,483
817,392
805,604
542,463
766,521
774,719
568,019
844,009 758, 512 785,800
850, 483 778,558 808,669
589,154 592,612 601,127
762,116
786,856
667, 067 ' 828, 697
707, 387 '873,681
598.447 '602, 339
755, 393
796, 659
593, 720
136, 783 124,168 126,798
137, 669 125, 506 128,157
32, 776 30, 215 30,131
129,821
132,167
27,367
127,368
126,717
31,351
127,192
127,371
31, 080
112,028
114, 774
28, 268
126,886
123, 965
30, 952
118, 570
117, 896
31,684
98, 762 133, 616 124,989
94,767 132, 274 126,606
30,804 30, 910 30,487
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
3,225
8,475
3,125
3,425
2,550
3,600
8,850
3,500
3,800
2,650
3,360
8,800
3,260
3,500
2,350
3,250
7,700
4,000
3,300
3,050
3,650
7,350
3,950
3,950
3,150
3,550
7,825
3,650
3,050
3,725
3,825
7,800
4,075
3,075
4,500
2,725
7,075
3,775
3,775
4,750
3,9C0
6,500
3,775
4,375
4,325
4,675
7,300
3,375
4.050
3,650
3,650
6,925
3,375
3,650
3,325
4, 625
7,925
3,525
3,650
2,900
3,675
8,550
3,100
2,875
2,900
do._.
do...
do...
do...
do...
22,996
45, 345
16,000
16, 899
3,797
13, 658
27, 263
16, 479
15,873
6,902
13, 234
23, 940
13, 905
14,816
5,991
16, 282
21,876
16,438
17,491
4,938
13,010
19,424
15,116
15,462
4,736
19, 397
25, 687
13, 361
13,134
4,963
27,107
32,196
15, 942
18, 281
4,075
17,635
37,169
15, 790
16,464
4, 095
17,644
36,843
17,135
17,970
3,791
17,100
36, 554
17,547
17, 389
3,949
15,135
36, 921
15, 418
14, 716
4,456
16,755
37,823
16, 630
15,905
5,197
16, 382
38, 248
15,656
15,957
4, 696
33. 810
44.100
33.810
44.100
33.810
44.100
34. 790
44.100
34. 790
44.100
34. 790
44.100
34.790
44.100
33.810
44.100
33.810
44.100
33. 810
44.100
33. 810
44.100
33.810
44.100
707
981
747
1,111
639
1,047
654
946
749
970
712
936
734
887
34.300
44.100
634
873
664
876
545
668
909
676
936
609
952
39.234
54. 313
686
709
1,310
41. 394
55. 233
670
703
1,277
41. 394
55.233
737
755
1,259
41.172
55. 233
704
725
1,238
41.172
55. 233
702
746
1,194
41.172
55. 233
742
783
1,153
41.172
55.480
654
648
1,159
41.172
(2)
666
661
1,164
505
433
493
461
526
515
564
529
568
514
524
502
578
468
557
504
34,84
371
434
34.60
397
464
794
34.66
443
473
764
34.91
612
552
824
34.77
646
583
887
34.70
612
538
961
34.64
685
613
1,033
34.52
573
521
1,085
496
475
34.71
556
526
1,115
41.172
(2)
644
612
1,196
417
420
41.172
()
665
678
1,167
1,015
616
635
417
825
1,083
762
814
460
794
1,134
753
735
485
585
1,073
788
678
414
673
1,057
561
718
440
546
1,006
567
594
439
784
1,075
704
692
449
640
1,070
652
654
482
38,752 47, 202 32, 442 28, 724 38,162
96, 628 166, 707 161, 208 151,447 146,607
33, 234 40,365 37,653 41,390 40,181
33, 712 36, 636 36,854 39, 301 37,818
66,105 70, 687 68, 759 68,128 66,682
19, 305
111,518
32,485
36,211
62, 216
38, 510 34,653
99, 793 101,121
SOFTWOODS
Douglas fir, prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
dol. per M bd. ft.
Flooring, B and better, F. G., 1 x 4, R. L
do...
Southern pine:
Orders, newt
mil. bd. ft.
Orders, unfilled, end of monthf
do...
Prices, wholesale, composite:
Boards, No. 2 common, V x 6" and 8"f
dol. per M bd.ft.
Flooring, B and better, F. G., 1 x 4 !
_-_do--.
Productionf
mil. bd. ft.
Shipments!
do...
Stocks, end of month!
-..do.-.
Western pine:
Orders, new!
-do...
Orders, unfilled, end of month!
do__.
Price, wholesale, Ponderosa, boards, No. 3 common
1" x 8"
dol. per M bd. ft.
Production!
mil. bd. ft.
Shipments!
do._.
Stocks, end of month!
do...
West coast woods:
Orders, new!
_
do._.
Orders, unfilled, end of month!
_
do...
Production!
do...
Shipments!..
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._.
41,161
38, 202
59,043
39, 092
34, 901
62, 521
(«)
()
559
568
1,187
650
649
1,188
386
378
394
383
346
362
34.62
413
472
1,057
34.61
367
428
997
34.42
306
388
915
34.73
305
368
852
604
983
652
656
478
602
926
633
624
475
529
884
589
600
470
735
982
638
623
495
614
993
596
614
432
31, 208
77,851
40,747
35,348
63,521
26, 330
70, 478
37, 265
33,049
66,123
29, 631
70,186
29, 562
28,871
74, 311
53, 795
90, 797
34,535
33, 512
72, 074
36, 497
94,155
31,057
33, 037
68, 566
53
54
1
65
72
50
15
4
25
84
50
17
585
593
1,180
FURNITURE
All districts, plant operations
percent of normal.
Grand Rapids district:
Orders:
Canceled
percent of new orders.
New
no. of days' production.
Unfilled, end of month
do-_.
Plant operations
percent of normal.
Shipments
no. of days' production.
54
58
56
24
54
24
58
58
2
23
87
50
18
2
••Revised.
Not available.
*New series. The plywood and veneer series are from the Bureau of the Census and are practically complete. Data beginning September 1941 for softwood plywood are shown
on p. 16 of the September 1944 Survey; data beginning August 1942 and September 1942, respectively, for hardwood plywood and veneer are published on p. 14 of the November 1944
issue; subsequent revisions in the data for hardwood plywood are available on request.
{Revised series. Data for the indicated lumber series as published in the 1942 Supplement and in the statistical section cf the monthly Survey prior to April 1945 issue have been
revised as follows: Totaltlumber stocks, total softwood stocks, and Southern pine stocks and unfilled orders beginning 1929; hardwood stocks, beginning 1937; Western pine new orders,
unfilled orders and stocks beginning 1942; West Coast woods new orders, production, and shipments beginning 1938, and all other series beginning 1941. The revisions reflect largely
adjustment of the monthly series to 1941-43 annual data collected by the Bureau of the Census. Revisions through 1939 for total lumber stocks and total softwood and hardwood
stocks and through 1941 for other series are available in a special table on pp. 27 and 28 of the March 1943 Survey except that 798,000,000 should be added to the published stock figures
for total lumber, total softwoods and Southern pine, and 111,000,000 to Southern pine unfilled orders (these additions are to carry back a revision to include data for concentration
yards); all revisions are available on request. The Census for 1942 and 1943 included many mills in the Eastern States not previously canvassed; this affects the comparability of
current statistics with those for years prior to 1942 for Southern pine and for total lumber, total softwoods, and total hardwoods. U. S. Forest Service estimates of total lumber proDigitized forfor 1939-41, based on census data adjusted for incomplete coverage, and census total for 1942 are shown in the table on p. 22 of the February 1945 issue (revisions for 1943 and
duction FRASER
1944 totals in that table, 34,289
http://fraser.stlouisfed.org/ ofand 32,554, respectively. The revised price series for Southern pine each represents a composite of 9 series; for comparable data beginning August 1942,
see note at bottom of p. S-35 the June 1944 issue.
Federal Reserve Bank of St. Louis
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may befound in t h e
1942 Supplement to the Survey
1945
March
May 1945
1944
March
April
May
July
June
1945
August
Sep.
tember
Novem- December
ber
October
January
February
METALS AND MANUFACTURES
IRON AND STEEL
Iron and Steel Scrap
5,185
5,245
5,406
Consumption, total*..
thous. of short tons..
2,976
2,988
3,089
Home scrap*
do
2,209
2,257
2,317
Purchased scrap*
do
5,340
5,369
5,435
Stocks, consumers', end of month, total*
do
1,560
1,607
1,598
Home scrap*
_
do
3,780
3,762
3,837
Purchased scrap*
...do—
Iron Ore
Lake Superior district:
7,558
7,082
7,273
7,659
Consumption by furnaces.
thous. of long tons..
12,114
0
5,288
0
Shipments from upper lake ports
do
17,892 21, 474
17, 304 21,333
Stocks, end of month, total.
do
18, 356
17,658 14,985
At furnaces
do.... 14,996
3,117
2,907
2,307
3,675
On Lake Erie docks
do---.
Pig Iron and Iron Manufactures
828,648 757,880 790,674
Castings, gray iron, shipments*
short tons,.
Castings, malleable: &
90,038 88,169 92,285
Orders, new, net
_
do
86,175 81,480 69,820 70, 555
Production
..do
85, 307 81, 215 69,360 72, 279
Shipments
do
Pig iron:
5,161
5,218
5,378
Consumption*
thous. of short tons.
Prices, wholesale:
23.50
23.50
24.50
23.50
Basic (valley furnace)
dol. per long ton24.17
24.17
25.17
24.17
Composite
do...
24.00
24.00
25.00
24.00
Foundry, No. 2, Neville Island*
do
5,434
5,228
5,243
5,343
Production*
thous. of short tons.
Stocks (consumers' and suppliers'), end of month*
1,636
1,650
1,658
thous. of short tons.
Boilers, range, galvanized:
62,828
69, 560
Orders, new, net
_
..number of boilers. 102, 712 83,359
67,593 68.106
Orders, unfilled, end of month
_
...do--. 263,820 76,649
74,365 66.107
65, 575 82,066
Production
do
71,884 69,047
56,302 85,692
Shipments
_
_
do
19, 722 16, 782
21,061
17, 241
Stocks, end of month__
do
Steel, Crude and Semimanufactured
Castings, steel, commercial:
162,575 175,053 176,993
Orders, new, total, net.short tons..
44,140 37,807
36, 202
Railway specialties
do
174,626 155,778 161, 783
Production, totaL.
.__
do
27.822 29,974
30, 760
Railway specialties
do
Steel ingots and steel for castings:
7,725
7.58S
7,820
7,697
Production
thous. of short tons..
97
95
Percent of capacity!
Prices, wholesale:
.0265
.0271
.0265
.0265
Composite, finished steel
dol. per lb_.
34.00
34.00
34.00
34.00
Steel billets, rerolling (Pittsburgh) _.dol. per long ton.
.0210
.0210
.0210
.0210
Structural steel (Pittsburgh)...
dol. per lb_
18.75
18.75
18.75
Steel scrap (Chicago)
dol. per long ton.
18.75
U. S. Steel Corporation, shipments of finished steel
1,777
1,757
1,870
1,875
products..
_thous. of short tons
Steel, Manufactured Products
Barrels and drums, steel, heavy types:^
3,432
3,383
3,179
Orders, unfilled, end of month.
thousands.
1,539
1,907
1,610
Production
do_..
1,610
1,531
1,917
Shipments
.do
41
Stocks, end of month_
do
Boilers, steel, new orders:
1,155
853
779
Area
thous. of sq. ft849
602
703
Quantity
number.
2,754
2,664
3,207
3,046
Porcelain enameled products, shipments* thous. of dol.
350
379
408
Spring washers, shipments
do
Steel products, production for sale:^
5,211
5,313
5,616
Total
thous. of short tons.
508
533
554
Merchantbars
do...
496
521
515
Pipe and tube.
do...
1,042
1,073
1,164
Plates
de220
226
197
Rails
do .
831
790
768
Sheets
_do—
96
97
89
Strip—Cold rolled
_ do_._
133
115
115
Hot rolled
do...
357
318
319
Structural shapes, heavy
do__223
231
216
Tin plate and terneplate©
do.-.
379
369
347
Wire and wire products
_do--.
4,995
2,864
2,131
5,376
1,613
3,763
4,954
2,864
2,090
5,343
1,592
3,751
5,077
2,931
2,146
5,444
1,670
3,774
5,008
2,890
2,118
5,370
1,715
3,655
5,246
3,099
2,147
5,080
1,635
3,445
5,070
2,999
2,071
4,791
1,528
3,263
5,025
2,884
2,141
4,425
1,453
2,972
5,048
2,883
2,165
4,173
1,445
2,728
7,112
11,975
26,655
23,289
3,366
7,372
12,909
32,069
28, 237
3,832
7,342
12, 288
37, 243
32, 727
4,516
6,950
11, 329
41,943
36,684
5,259
7,320
10, 595
45. 343
39,546
5,797
4,672
44,722
39,249
5,473
7,090
0
37,824
32,883
4,941
6,983
0
30,889
26,445
4,444
778, 205 744,954
780,453
760,383
741,534
791,395
103,692
70,993
71,758
106,626
61, 320
61,704
71,307
74, 297
70,172
49,502
74, 628
72,821
76, 536
80, 505
76,882
48,149
79, 629
77, 528
69, 972
76,187
76,831
97,153
83, 742
78, 788
4,960
5,062
5,159
4,893
5,108
4,887
4,959
4,911
23.50
24.17
24.00
5,057
23.50
24.17
24.00
5,157
23.50
24.17
24.00
5,210
23.50
24.17
24.00
4,988
23.50
24.17
24.00
5,200
23.50
24.17
24.00
4,904
23.50
24.17
24.00
4,999
23.50
24.17
24.00
4,945
1,536
1,492
1,447
763, 459 689,744
1,663
1,649
1,639
61,099
69,632
59,416
57, 739
13,562
68, 009
80, 696
58,154
56, 945
14, 771
1, 590
1,617
57, 966
66, 272
54, 903
59,800
11,885
51, 288
76,432
54,589
55, 552
13,808
181,816 169,921 171, 309 129,817
14,371
28,147
19, 248 29,921
157, 444 131,940 154,911 144,458
30, 309 24,756 31,864 27,660
74,085
83, 637
69, 389
66,880
16. 317
71,163 76,249 112, 726
91, 616 112,638 170, 727
63,022 52,089 54,550
63,184 56, 606 55,014
16,253
11, 736 ' 11, 228
146,116 120,667 138, 666 210,182
16,173 20,937 30,259 39,121
150,719 146, 411 144,162 157,176
28, 949
25, 660 25, 267
7,229
7,493
94
7,493
94
7,230
94
7,616
96
7,274
94
7,361
93
7,204
.0265
34.00
.0210
18.75
.0265
34.00
.0210
18.75
.0265
34.00
.0210
18.75
.0265
34.00
. 0210
18.69
. 0265
34.00
.0210
16.90
.0265
34.00
.0210
17.00
.0265
34.00
.0210
18.69
.0269
34.00
.0210
18.75
1,738
1,755
1,743
1,734
1,775
1,744
1,768
1,569
3,767
1,509
1,518
40
3,649
1, 439
1,427
51
5,276
1,611
1,619
43
6,666
1,394
1,390
47
6,824
1,575
1,565
57
6,742
1,659
1,665
52
6,747
1,584
1,594
41
7,522
1,837
1,809
70
1,608
839
2,868
382
1,122
728
2,870
319
1,649
1,070
3,152
361
831
757
3,060
904
692
3,302
383
914
699
3,155
414
925
538
2,818
464
2, 417
1,174
3,029
477
5,164
512
504
1,010
192
768
97
119
298
256
363
5,082
498
506
969
201
5,159
510
518
858
195
839
95
121
298
238
377
5,157
497
510
936
214
828
97
121
311
204
360
5,184
471
501
957
214
841
98
127
306
205
369
5,161
499
512
900
204
833
100
121
312
202
354
4,965
474
503
819
209
802
103
113
302
234
342
4,940
451
506
743
199
843
109
118
259
237
348
117
300
246
337
NONFERROUS METALS AND PRODUCTS
Aluminum:
.0362
.0327
.0312
.0317
.0358
.0425
Price, wholesale, scrap castings (N. Y.)_.dol. per lb_.
.0375
.0445
.0425
.0425
.0425
.0420
Production:*
96.8
93.7
160.4
94.9
88.9
152.9
132.8
97.3
106.2
155.6
135.1
123.3
Primary
_
mil. of lb-_
43.4
46.3
47.0
59.3
55.9
48.0
62.3
60.9
59.9
53.5
55.9
Secondary recovery
do
199.2
165.1
211.2
187.9
200.3
232.2
218.3
221.2
199.6
223.6
208.2
Aluminum fabricated products, shipments*
-do
T
Revised.
1 Beginning 1943 data cover virtually the entire industry.
©Designated "tin plate" prior to the July 1944 Survey but included terneplate.
cf Beginning July 1944 the coverage of the industry is virtually complete.; the coverage was about 97-98 percent for September 1942-June 1944 and 93 percent prior thereto.
§ Beginning January 1945, percent of capacity is calculated on annual capacity as of Jan. 1, 1945, of 95,501,480 tons of open-hearth, Bessemer, and electric steel ingots and steel for
castings; data for July-December 1944 are based on capacity as of July 1, 1944 (94,050,750 tons) and earlier 1944 data on capacity as of Jan. 1, 1944 (93,648,490 tons).
+ v,/i i/i-ic * t x i i d l i U i a u t u i C l o vJ i Llio i C p v l ifixi^; Jlob i u i
77
/L
o call* ly
x*7*i^j uw LiQt v v; u i j v u u t i u u c u
O-UX|JU-LVJU-I/0 \jk
I^A-I^OV/ IJL\j\jnj.\s\jtj iv/i
I/J_L\S u u i u t i u u
yji
tuv
?TWI»
• Beginning 1944 data represent net shipments (total shipments less shipments to members of the industry for further conversion) instead of net production for sale outside the
Industry, as formerly. For 1942 data, except for April, see the October 1942 and July 1943 Surveys; for April data see note at bottom of p. S-31 in the September 1943 issue.
* New series. For a description of the series on scrap iron and steel and pig iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November 1942
Survey; later data are available on p. S -30 of the April 1942 and subsequent issues. The new series on pig iron production is from the American Iron and Steel Institute and is approximately comparable with data from the Iron Age in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survey
for further information on this series and data for 1941-42. The new pig iron price, f. o. b. Neville Island, replaces the Pittsburgh price, delivered, shown in the Survey prior to the
April 1943 issue. For data beginning January 1942 on aluminum production see p. 24, table 6, of the June 1944 Survey. Data for aluminum fabricated products cover total shipments
of castings, forgings, sheet, strip, plate, rods, bar, and other shapes, and are available beginning January 1942; data for gray iron castings are based on reports of foundries accounting
for
about 98 percent of the total tonnage of the gray iron castings industry for January-November 1943 and 93 percent thereafter. Both series are from the War Production Board.
SURVEY OF CURRENT BUSINESS
May 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
1944
1945
March
S-31
March
April
May
June
July
SepAugust tember
October
Novem- December
ber
Jamiaiy
February
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS—Con
Bearing metal (white-base antifriction), consumption
4,886
4,588
5,300
4,302
5,439
5,643
4,780
5,543
4,774
5,161
5,283
5,336
and shipments, totalj
thous. of lb_.
6,016
1,129
1,113
1,215
1,314
971
1,221
1,353
1,229
1,154
1,218
1,204
1,318
1,303
Consumed in own plants.
.do
3,773
3,373
4,171
3,809
4,125
3,932
3,082
4,290
3,621
4,065
4,133
4,225
4,713
Shipments
...do
.195
.195
.195
.195
.195
.195
.195
.195
.195
.195
.195
.195
.195
Brass sheets, wholesale price, mill
dol. per lb__
Copper:
.1178
.1178
.1178
.1178
.1178
.1178
.1178
.1178
.1178
.1178
.1178
.1178
Price, wholesale, electrolytic, (N. Y.)
dol. p e r l b .
.1178
Productionrcf
76,466 76, 799 ' 73, 754 r 67, 496
Mine or smelter (incl. custom intake)_.short tons.. 76, 234 101, 247 92, 530 94,534 89,070 86, 224 82, 769 82,776 82,653
89, 068 87,145 82,649 67, 726 69, 950
91,047
99,118 95, 280 98,580 93,958 93,650
76, 395
Refinery
do
218, 488 156,083 156,233 165,887 141,139 121,898 139, 515 118,054 126, 590 127,517 156,800 145,904 172, 585
Deliveries, refined, domesticc?
do—
51,412 49,358
58,051 66, 780 59, 715 57,142
51, 861 37,259 38,382 37,074 42,467 48,050 50,991
Stocks, refined, end of monthcf
do
Lead:
31,395 30,498 33,867 31,046
35,951 36,931 34,255 29,982 34, 873 31,266 31,489
Ore, domestic, receipts (lead content)c?
d o . . . . 34,841
Refined:
.0650
.0650
.0650
.0650
.0650
.0650
.0650
.0650
.0650
.0650
.0650
.0650
Price, wholesale, pig, desilverized (N. Y.). _ dol. per lb.. .0650
55,324 50,154 45,903 39, 755 40,471 38, 436 38,614 42,997 42,842 46,052 49,099 46,616
Production, totalcf
short tons.. 48,029
47,294 46,258 42,663 34,413 33,434 35, 934 35, 717 34,642 36,112 40, 264 45,463 38, 699
39,077
From domestic ored"
do
43,513 50,420 40, 887 44,213
55,449 44,690 48,142 43,485 42,966 40,884 43,586 42,303
Shipmentsd"
d o — 47, 249
34,379 39,830 37,586 33,847 31,344 28, 890 23,911 24, 595 23,915
19, 536 27, 738 30,141
30,909
Stocks, end of monthcf
do
Magnesium production:*
18.5
16.6
30.1
12.5
41.0
34.3
29.4
25.0
8.5
7.7
6.0
37.8
6.7
Primary
mil. of lb..
2.7
2.0
2.8
2.1
3.6
2.1
2.8
2.3
2.8
2.1
1.8
2.5
2.8
Secondary recovery
do
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
Tin, wholesale price, Straits (N. Y.)__
dol. per lb..
.5200
.5200
Zinc, slab:
Price, wholesale, prime, Western (St.
.0825
.0825
.0825
.0825
.0825
.0825
.0825
.0825
.0825
.0825
. 0825 .0825
.0825
Louis)...
dol. per lb..
72,947 71, 281 66,891 68,781
67,432 70,035 70,492 64, 723
73,067
Productiond*
short tons.. 71, 739 86,037 80,405 80,497
84,431
75,213 80,825 65, 785 63,193 64, 295 65,150 67,871
65, 559 78, 732 92,453 82, 855
94, 494
Shipmentsd".
.._.
do
75, 213 80, 540
65,488 63,193 64,158 64,927 67,820
65,519 78,710 89,949 82, 650
94, 296 83,104
Domestlcd"1
do
174,672 212,807 217,999 217,671 224,953 234, 707 241, 693 243,434 244,344 246, 217 237, 520 215, 559 197, 427
Stocks, end of monthcf
.do
MACHINERY AND APPARATUS
13,236
Blowers and fans, new orders
thous. of dol..
Electric overhead cranes:§
430
553
Orders, new
;
do
4,124
3,884
Orders, unfilled, end of month
do
870
783
Shipments
do
Foundry equipment:
498.4
385.7
New orders, net total
1937-39=100...
604.7
457.6
322.2
New equipment
do
586.8
642.6
610.1
Repairs
.do....
667.8
Fuel equipment and heating apparatus:
Oil burners:©
5,786
4,471
Orders, new, net
_
number.. 14, 763
13, 092 12, 483
Orders, unfilled, end of month
do
48,465
6,613
5,080
Shipments
do
9,748
23, 671 22, 576
Stocks, end of month
_
do
7,854
Mechanical stokers, sales:f
1, 793
2,193
Classes 1, 2, and 3
_
do...
6, 473
Classes 4 and 5:
206
252
Number...
_
43, 012 52, 299
Horsepower
„
__. 71,6
2.867
Unit heaters, new orders
thous. of doL
Warm-air furnaces (forced air and gravity flow),
22,418
17, 526
shipments*
numberMachine tools:*
Orders, new, net
do
46, 701 40,950 55, 247
Orders, unfilled, end of month
_
do
309, 650 153, 563 167, 232
41,3'70
Shipments
...do
39, 374 61,907
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units.. 31, 408 39, 431 35,897
241
478
Power pumps, horizontal type
do...
773
Water systems, including pumps
.do
30, 647 30, 463 26,726
Pumps, steam, power, centrifugal, and rotary:
3,912
3,206
3,284
Orders, new
thous. of doL.
13,370
11,780
8,788
766
3,841
810
822
4,032
630
473
3,837
663
680
3,796
700
522
3,714
1,146
4,579
597
518
4,292
795
602
4,226
683
503.9
477.0
466.1
426.8
604.8
375.8
327.5
546.4
450.5
416.3
571.4
388.0
336.5
569.7
526.5
504.0
605.9
369.5
301.7
609.4
397.4
351.7
558.4
4,530
581
422.4
362.2
634.7
4,970
12, 200
5,253
21,419
7,049
12,630
6,619
20,192
5,653
13, 341
4,942
18,996
7,162
14,443
6,060
17, 802
5,988
13,835
6,596
16,061
9,029
14, 398
8,466
13,110
15,866
22, 441
7,823
12,679
12,326
27, 214
7, 553
11, 221
14, 268
39, 331
9,007
8,997
13, 618
43, 749
7,965
8,109
2,515
3,235
3,293
4,368
3,996
5,183
4,768
4,849
5,091
4,914
279
51, 737
352
57, 007
2,591
370
70, 453
474
406
70, 854
3,848
418
74,188
362
63, 288
380
70, 390
4,653
228
••219
44, 322 • 43,075
21,051
22.637
21,022
25,101
27,193
28,684
28,265
22,146
23,739
59,922
185,746
41,819
49, 558 31, 889 41,079
194, 450 191, 295 196, 760
41, 471 32, 753 35,177
33,152 57, 206 58,706
194,125 213, 675 235,396
35,889 37, 516 36,277
807
4,738
599
465.3
423.5
612.9
62, 504 58, 619 58, 024
260, 880 281,252 •302,612
36, 784 37, 353 36, 018
36,701
300
25, 299
29,988
262
28,126
26,671
409
30,142
32,050
418
25,561
22,494
292
23,865
31,229
354
32,171
29,843
392
29,040
22,838
248
20,427
32, 955
556
29, 086
26, 279
476
27,949
4,815
3,096
3,497
4,175
3,635
4,016
2,207
2,242
3,579
3,326
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
number*
.._
--thousandsElectrical products :f
Insulating materials, sales billed_. 1936=100-.
Motors and generators, new orders
do
Furnaces, electric, industrial, sales:
Unit
kilowattsValue
.
thous. of doL.
Laminated fiber products, shipments
.doMotors (1-200 hp):
Polyphase induction, billings.
do
Polyphase induction, new orders
do
Direct current, billings
...do
Direct current, new orders
do
Rigid steel conduit and fittings, shipments..short tons..
Vulcanized fiber:
Consumption of fiber paper
-thous. of lb_.
Shipments
thous. of dol..
r
1,545
1,297
1,324
1,368
1,485
1,938
1,857
1,934
1,741
1,635
1,450
1,158
442
352
404
311
393
434
346
338
365
387
416
351
314
357
242
340
432
323
328
380
391
9,041
750
6,326
16,011
1,055
5,895
20, 608
1,328
5,727
11,156
810
5,861
11, 743
843
4,921
12, 781
1,005
5,519
8,094
711
4,936
6,970
688
5,006
9,531
927
4,854
6,152
491
4,779
371
352
10, 653
870
5,546
5,940
5,532
7,190
5,417
7,747
6,199
6,378
6,654
9,907
7,904
5,557
5,935
6,994
6,602
8,395
5,048
6,221
6,385
7,042
7,967
6,005
7,133
6.839
5,803
8,531
5,420
4,899
6,533
6,743
8.173
5,675
5,402
6,372
2,992
9,842
6,434
5,732
8,101
4,539
7,782
5,965
5,210
6,190
9,293
8,811
6,677
7,490
6,010
3,933
9, 266
5, 073
6, 200
4,730
4, 575
11, 276
14,141
4,407
1,428
4,653
1,393
4,181
1,218
3,953
1,240
4,273
1,276
3,773
1,079
4,184
1,174
4,130
1,156
4,416
1,275
4,038
1,170
3,845
1,149
3,901
1,166
3,825
1,272
6,085
6.168
6,639
11,193
883
5,666
5,911
6,535
5, 231
4,343
Revised.
JThe total and the detail coyer 59 manufacturers; see March 1944 Survey for comparable data for 1942.
c?For data beginning January 1942 for the indicated copper, lead, and zinc series, see p. 24, table 6, of the June 1944 Survey.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 8 companies beginning March 1943.
© 1944 data based on reports of 124 manufacturers (see note in April 1945 Survey); 20 of these reported no production, shipments, orders, or stocks in 1945.
T Of the 101 firms on the reporting list in 1941, 20 have discontinued the manufacture of stokers: some manufacture stokers only occasionally. The manufacture of class 1 stokers
was discontinued Sept. 30,1942, by order of the War Production Board; this accounts for the large reduction after that month in figures for classes 1, 2, and 3.
*New series. For magnesium production beginning January 1942, see p. 24, table 6, of the June 1944 Survey. The series on automotive replacement battery shipments represents
estimated industry totals compiled by Dun and Bradstreet; data beginning 1937 are available on request. For 1940-41 and early 1942 data for machine tool shipments see p. S-30 of
the November 1942 Survey; for new and unfilled orders for 1942 and the eariy months of 1943, see p. S-31 of the August 1944 issue. The data for machine tools cover virtually the entire industry through June 1944; thereafter, reports were no longer requested from 150 small companies which formerly accounted for about 4 percent of total shipments. The new series
on shipments of warm-air furnaces, which replaces the new orders data formerly shown, is compiled by the Bureau of the Census from reports to the War Production Board by 126
manufacturers accounting for almost the entire production; shipments for January and February
21,699, respectively.
The index for motors and generators includes an adjustment for cancelations 1944, the earliest data available, 23,418 and all years for this index and the index for
tRevised series.
reported through December 1944; data for
http://fraser.stlouisfed.org/
insulating materials, as published prior to the April 1945 Survey, have been revised; revisions are available on request.
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1945
March
May 1945
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
PAPER AND PRINTING
WOOD PULP
Production :f
Total, all grades.
Bleached sulphate
Unbleached sulphate
Bleached sulphite.
Unbleached sulphite.
Soda
Groundwood
Stocks, end of month:f
Total, all grades.
Bleached sulphate.
Unbleached sulphate
Bleached sulphite
Unbleached sulphite
Soda
Groundwood-
short tons..
do
do
do
do—
do
do
...do—
-do
._-do
do
..-do
do
do
835,473
71,474
323,911
138,230
74, 261
39, 268
143,667
785,853
65, 796
299, 649
133, 397
' 77,409
' 36, 658
138,960
750,633
61,070 64,365
290,633 319,009
121, 504 131,435
71, 717 75,925
33,233 35,530
134,402 139,677
74,879 r 78, 093 81,879
5,265
4,738
5,247
7,751
9,190
10,055
' 14,803 14,500
12, 050
' 9, 630 9,245
7,252
2,066
' 2, 514
2,748
35,386 ' 35, 564 41,013
91,052
5,084
9,794
16,113
9,183
1,925
46,347
795,840
66, 617
323,855
129,165
73,124
35,306
125, 599
743,904
69, 222
308,015
117, 376
63,141
30, 591
112,241
833, 433
69,071
341,152
138, 404
73, 329
36, 500
125, 443
775, 530
64,872
316,288
127, 017
68,167
34, 211
119, 011
844, 288
73,484
339, 840
137, 247
72, 594
37, 356
134, 858
819, 376
72,190
327, 587
130, 481
71, 720
36,523
135, 584
734,987
65,811
276, 294
122, 264
67, 367
35,188
128, 253
801, 707
70, 006
303, 375
134,182
74, 908
36,984
136,861
88, 204
3,966
9,751
14,131
10,126
2,027
46,158
82, 281
5,350
8,606
12,849
9,246
2,216
41,560
72.561
4,040
10, 704
12, 378
8,536
1,886
32,075
66,643
4,734
10,162
11,717
8,971
2,122
26, 344
64,780
5,276
8,717
11,989
8,529
2,468
24, 351
66,552
5,306
8,690
12, 505
9, 225
1,945
25,002
66,844
4,162
10, 645
12, 360
75,955
7,211
9,471
12, 998
10, 015
2,854
29, 718
2,336
25, 580
PAPER AND PAPER PRODUCTS
All paper and paperboard mills (U. S. Bureau of the
Census) :•
Paper and paperboard production, total^. .short tons._ 1,528,524
725,449
Paper
do
803,075
Paperboard
do
Paper, excl. building paper, newsprint, and paperboard
(American Paper and Pulp Association):!
Orders, new
short tons..
Production
do
Shipments
do
Fine paper:
Orders, new
.do
Orders, unfilled, end of month
-do
Production
do
Shipments
do
Stocks, end of month
.do
Printing paper:
Orders, new
do
Orders, unfilled, end of month
.do
Production
do
Shipments
._
.do
Stocks, end of month
do
Wrapping paper:
Orders, new
..do
Orders, unfilled, end of month
.do
Production
do
Shipments
do
Stocks, end of month
_
do
Book paper, coated:
54.5
Orders, new..
.......percent of stand, capacity..
57.0
Production
do
56.3
Shipments
do
Book paper, uncoated:
83.3
Orders, new
do
Price, wholesale, " B " grade, English finish, white,
f. o. b. mill....
dol. per 100 lb__
7.30
Production
percent of stand, capacity..
82.5
83.0
Shipments
do
Newsprint:
Canada:
Production-.
short tons_. 263, 776
267,] 63
Shipments from mills
do
108,281
Stocks, at mills, end of month
.do
United States:
202,802
Consumption by publishers
do
58.00
Price, rolls (N. Y.)
...dol. per short ton..
Production
short tons.. 64,733
66,166
Shipments from mills
_
-do
Stocks, end of month:
5, 318
At mills
do
253,136
At publishers
_
.do
45, 532
In transit to publishers
do
Paperboard (National Paperboard Association):%
714,741
Orders, new
do
549, 631
Orders, unfilled, end of month.
do
702,416
Production
_
do
97
Percent of capacity
Waste paper, consumption and stocks:§
426, 213
Consum ption
- short tons..
172, 933
Stocks at mills, end of month
do
Paper products:
Shipping containers, corrugated and solid fiber, ship*
merits*
mil. sq. ft. surface area._
Folding paper boxes, value:*
273.3
New orders
1936=100.295.5
Shipments
do
,518,922 1,421,869 1,501,175 1,464,762 1,328,965 1,443,310
1,482,644 1,402,383 1,484,667 1,460,305 1,326,206 1
r
719, 962 '657,571 703,610 '680,840 '621, 394 ••720,152 '679,898 715, 596 699,872 655, 550 6P6/984
r
762, 682 -•744, 812 '781,057 769,465 ••704,812 '798, 770 '741,971 785, 579 764,890 673,415 746,326
585, 763 517,178
582, 739 530,222
588, 385 536,878
537,293 547, 065 496,210
569,074 553, 709 493,254
569, C60 571,676 490,505
86, 972 82,387
148,007 148,181
78,020
88,024
89,078 81,211
46,885 44,010
73,020 79, 322
137, 287 136,946
82,856
79, 709
80,357 84,115
44,823
40,664
179, 222
135,311
173,957
177,091
52, 239
168, 918
143,171
166,017
166,649
52, 533
171, 750
140,808
173, 587
174,990
51, 208
158, 537 141,524
128, 593 126,368
165, 886 144,083
167, 297 143,743
49,490
48,600
182, 929
144, 979
176,434
172, 545
53, 495
158, 566
138, 797
164, 909
167, 538
51,036
172, 243
139,394
172, 531
172,152
53, 291
172,949 178, 981 '207, 898
131, 521 140, 516 154, 505
172, 273 161,505 '173,407
179, 356 171,169 '171,560
53,006 52, 576 '55,843
225, 567
197, 595
227,079
229, 828
06, 585
199, 526
199,886
199, 825
203, 621
63, 584
211,055
189,349
221,429
214, 767
67,002
217,062 207,172
188,679 203,499
219,158 198,265
225, 921 192,602
62, 486 68,127
223, 689
195,112
228, 416
229,867
64,142
217,972
194,127
210, 897
212,312
62,077
224,199
202,175
226, 251
219, 708
70, 288
204, 708 208, 279 '228,898
184,809 198, 948 '217, 260
218,007 199,136 '215, 796
218, 595 206, 364 '207. 989
69.648
'74; 596
52.1
61.5
57.4
56.0
55.3
57.5
51.3
52.3
54.4
51.9
57.0
56.5
48.8
46.2
47.6
53.3
55.7
53.6
57.2
53.4
55.7
52.7
56.5
57.7
53.6
61.7
56.3
84.3
82.2
77.5
73.7
70.1
80.4
78.8
7.30
80.7
81.3
7.30
80.1
81.1
7.30
78.1
78.4
7.30
79.5
SO.O
7.30
71.1
71.5
7.30
81.3
79.7
7.30
80.7
7.30
80.3
80.2
7.30
84.2
83.0
236, 353 262,467
256, 543 276,054
110, 964 97,377
246,864
268,213
76,028
252,092
232,012
131,154
201, 708 201, 136 197,427
58.00
58.00
58.00
ei, 201 54, 636 60,909
56,103 62,319
61,471
8,326
9,793
6,616
278,202 268, 648 275,809
37,182
50,636
569,426 532, 728 553,901 r 624,527
578, 547 564,717 526,181 ' 565,346
574, 494 579, 259 541, 238 ' 556,211
86,106 96, 399 78, 501 90,636 ' 96,259
139,164 151,863 141, 589 138,448 ' 169,965
81, 931 87, 432 85, 970 80, 890 ' 85, 748
83,840 89, 039 87, 733 72, 455 r 84, 702
42,955 42,817 41,080 36, 030 ' 43,666
564, 5P3 533,103
580,177 542,887
577,933 549,797
76, 591 78, 329
148,933 140, 606
69,941
85, 959
69,716
83,912
45,098 45, 794
52.2
54.2
50.6
56. 7
52. 4
57.4
81.6
7.30
78.3
7.30
76.3
76.8
244,406 262, 695 244, 209 258, 301 256, 762 244, 970
249,979 274, 706 252,928 262,998 259,409 230, 780
70, 455 58, 444 49, 725 45, 028 42,381
56, 571
264, 766
232,110
89, 227
191,077 174, 866 182, 432 189, 612 218,137 211,572 205, 952
58.00
58.00
58.00
58.00
58.00
58.00
58.00
61,106 59,875 60, 631 61, 529 61,994 62, 546 61,169
CO, 648 59, 946 61,217 61, G69 62, 537 61,697 61, 295
185,193
58. 00
60, 381
60, 120
7,303
6,634
7,357
7,177
7,483
6,717
325,365 342,122 345,049 332, 393 325,112 296, 784
44, 336 46, 642 51, 997 46, 575 49, 256 45,496
7, 618
272,897
50,160
7,374
300,070
649,058 634, 593 695, 585 635,256 645,895
607, 537 601,880 599,322 544,454 570,626
659, 555 626,877 C97,674 673,808 608,458
95
96
96
403,646 375, 794 411.870 389,217
112, 520 122, 534 122, 779 129,777
683,881 605, 367 704,746 651,974 610,859
549,114 482, 896 486,882 484, 811 471, 289
708, 973 654,104 680, 288 672, 212 596, 214
93
95
95
85
96
733, 751
565, 064
652,913
91
344, 457 406.115 378, 499 398, 559 487,039 353,103
157, 290 164. 211 174, 556 186,949 187, 697 186, 383
393, 004
164, 576
4,305
3,872
4,078
3,756
4,316
4,105
4,271
4,078
3,858
4, 231
275.8
271.6
247.6
248.4
258.4
262.4
241.2
260.3
201.2
228.4
256.4
267.6
223.3
261.1
261.2
276.1
266.0
271.7
281.0
257.2
322. 4
272.5
496
392
104
721
588
133
610
524
538
432
106
562
462
100
461
397
64
544
112
491
428
63
669
555
114
651
552
487
398
89
PRINTING
Book publication, total
New books
New editions
no. of editions..
do.
do.
720
574
146
'Revised.
jFor revisions for 1942 and the early months of 1943, see note for paperboard at bottom of p. S-35 of the July 1944 Survey.
^Revisions for January 1944: Total, 1,411,268; paper, 687,134; paperboard, 724,134.
§Computed by carrying forward March 1943figureson the basis of percentage changes in data for 59 identical companies reporting to the National Paperboard Association.
t Revised series. Revised wood pulp production data beginning 1940 and sulphite stocks for all months of 1943 are shown on page 20 of December 1944 Survey; revised 1942 stock
figures for all series are on pp. 30 and S-31 of the June 1943 issue. The data exclude defibrated. exploded, and asplund fiber. The paper series from the American Paper and Pulp
Association have been revised to coyer industry totals and are not comparable with data shown in the Survey prior to the August 1944 issue; earlier data will be published later.
*New series. The new paper series from the Bureau of the Census cover production of all mills including producers of building paper and building boards; for comparable 1942
monthly averages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers and a description of the series, see p.
20 of the September 1944 Survey. The indexes for folding paper boxes are from the Folding Paper Box Association, based on reports of members accounting for around 50 percent ol
the industry totals; earlier data will be published later.
May 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in t h e
1942 Supplement to the Survey
1945
March
S-33
1945
1944
March
April
May
June
July
| August
September
Octo- j Novem- December
ber
ber
Janu- 1 February
ary
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
Retail
dol. per short ton.
Wholesale
do...
Production
thous. of short tons.
Stocks, end of month:
In producers' storage yards
do.-_
In selected retail dealers' yards.No. of days' supplyBituminous:
Industrial consumption and retail deliveries, total
thous. of short tons.
Industrial consumption, total
do...
Beehive coke ovens.
do.._
Byproduct coke ovens
do...
Cement mills
do_-Coal-gas retorts
_
do.._
Electric power utilities..
do.__
Railways (class I)
do.-.
Steel and rolling mills
do...
Other industrial
_
do...
Retail deliveries
_
do...
Other consumption, coal mine fuel
__do.._
Prices, composite:
Retail (35 cities)
dol. per short ton.
Wholesale:
Mine run
do...
Prepared sizes
do...
Production!
thous. of short tons.
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons.
Industrial, total
___
do...
Byproduct coke ovens
do_,_
Cement mills
do...
Coal-gas retorts
do...
Electric power utilities
do...
Railways (class I).._
do...
Steel and rolling mills
do...
Other industrial
do...
Retail dealers, total
do...
1
13.98
11.430
5,215
14.04
11.481
5,576
14.04
11. 527
5; 202
13.96
11. 574
5,848
13.85
11.435
5,623
13.84
11.419
4,962
13.84
11.419
5,623
13.84
11. 419
5,443
13. 85
11.419
5, 603
13.86
11.424
5,088
13.86
11. 430
4,570
13.87
11.430
4,195
285
13
318
334
11
353
15
348
15
378
18
413
22
442
20
462
22
492
25
445
19
322
11
47,411
37, 753
962
7,925
254
133
5,632
11,204
879
10, 764
9,658
231
44, 260
36, 746
1,006
8,134
293
126
5, 847
10,834
829
9,677
7,514
257
43,072
35, 295
958
7,778
311
112
6,167
10,230
778
8,961
7,777
248
43,171
35, 254
944
7,967
316
117
6,414
10, 248
780
8,468
7,917
228
46, 585
36,958
896
7,978
358
115
7,046
10,445
831
9,289
9,627
252
45, 710
35,967
805
7,606
336
121
6,657
10,095
807
9,540
9,743
233
49, 516
39,003
822
7,985
364
128
6,754
10, 940
8b7
11,143
10,513
235
49,684
39,644
759
7,748
12,110
239
54,417
41, 709
1,046
8,124
264
142
6, 539
12,043
1,020
12, 531
12, 708
253
55,186
41, 813
632
7,984
352
138
7,066
11, 758
1,022
12, 861
13, 373
204
10.36
10.22
10.24
10.27
10.28
10.29
10.31
10.31
10.31
10.32
10.33
10.33
10.35
5,237
5,513
5.240
5.497
54,880
5.246
5.503
49, 510
5.242
5.508
53,930
5.239
5.510
52, 712
5.238
5.512
48, 986
5,239
5.514
54,177
5.237
5.509
50, 480
5.237
5.509
51,813
5.237
5.516
50, 819
5.237
5.516
45, 774
5.237
5.513
52, 200
5.237
5. 513
46, 900
45, 494
41,838
5,452
441
175
12, 519
9,964
725
12, 562
3,656
51,835
6,281
465
208
13, 996
9,893
765
15, 276
4,951
50, 513
46,874
5,930
475
193
14, 802
10,250
758
14,466
3,639
55, 293
50, 591
5,892
472
205
15, 713
11, 737
761
15,811
4,702
59,680
54, 259
6,152
491
206
16, 457
13, 329
785
16,839
5,421
61,413
55, 537
5,711
508
216
16,965
13, 797
811
17, 529
5,876
63,909
58,233
5,928
537
239
17, 505
14,633
775
18, 616
5,676
64,905
59,150
6,174
550
250
17, 773
14, 773
791
18,839
5,755
b5, 074
59, 256
6,397
592
243
17, 962
14, 691
796
18, 57o
5,818
64,020
58, 330
6,737
17,869
5,690
57, 204
52, 470
6,112
538
243
16, 305
12, 918
701
15, 653
4,734
49, 465 45, 773
46,127 42, 643
5,695
5,610
494
448
214
'189
14, 098 12, 916
11,312 • 10,189
665
666
13, 649 12, 625
3,337
3,130
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
525
5,646
667
5,656
144
'613
5,545
137
644
5,691
145
614
5,437
135
605
5,627
158
574
5,633
158
516
5,377
155
527
5,635
181
486
••405
5,603
172
457
5,576
181
'454
5,060
163
677
499
178
622
513
109
173
685
535
149
166
756
569
186
141
784
554
231
127
921
589
332
130
1,040
586
454
137
1,198
390
116
995
565
430
116
1,149
655
494
187
913
609
304
174
779
584
195
131
143,434 143,047 140,453
1.110
1.110
1.110
141, 287 145, 296 142,989
95
95
143, 720
1.110
146, 938
94
140,045
1.110
142,404
94
145,125 145, 071 134, 882
1.110
1.110
1.110
145, 282 147,186 133, 238
95
223, 503 223,901
48,895
50,150
160, 938 160,162
13, 670 13,589
6,186
6,291
1,098
1,200
222,868
48,919
160,216
13,733
6,469
1,357
223.500
50, 323
159,447
13, 730
6,487
1,194
222, 759
49,039
159, 582
14,138
6,482
1,154
220, 663 221, 737 220, 221
48, 576 49, 620 48, 609
158,181 157,808 157, 449
14,105
14, 309 14,163
6,107
6,026
5,791
1,099
1,022
1,024
51, 687
39, 577
819
8, 060
265
138
6,186
11,411
938
11, 760
52, 360
360
129
6,824
10,714
908
12,202
10,040
229
582
261
17,671
14,427
783
14.00
11.430
' 4, 445
289
10
59, 082 • 52, 549
42, 780 • 38, 252
r
714
708
7, 934
7,216
296
245
145
133
7,119 ' 6, 210
12, 014 10, 749
r
1,080
942
13, 478 12,049
16, 302 14, 297
239
214
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.
5,471
164
688
509
162
PETROLEUM AND PRODUCTS
Orude petroleum:
Consumption (runs to stills)f_thous. of bbl
137, 902 132, 330 139,537 139,937
Price (Kansas-Okla.) at wells
dol. per bbl..
1.110
1.110
1.110
1.110
1.110
Production!
-thous. of bbl..
136, 752 133, 593 141, 293 137,251
Refinery operations
pet. of capaeity..
91
92
91
95
Stocks, end of month:
Refinablein U. S.f
thous. of bbl..
236, 530 234,694 235,176 229,631
At refineries
.do
48,911
51,625
50,407
50,190
At tank farms and in pipe lines
do
174,415 169, 574 171,467 166,227
On leasesf—
__
do
13,204
13,495
13,302 13,214
Heavy in California
..do
6,766
6,473
6,254
6,118
Wells completed!
number..
1,056
953
1.033
1,177
Hefined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plants!
thous. of bbl_.
1,491
1,490
1,516
1,640
Railways (class I)_
do
8,574
8,095
7,956
7,579
Price, fuel oil (Pennsylvania)
-dol. per gal.
.066
.066
.066
.066
Production:
Gas oil and distillate fuel oil.
thous. of bbl..
19, 863 19, 604 21, 215 20,028
Residual fuel oil
do
39, 738 37, 281 38,026 37,902
Stocks, end of month:
Gas oil and distillate fuel oil
do
29, 926 30,152 32,484 35, 242
Residual fuel oil
__do
45, 427 44,137
44,682 46,649
Motor fuel:
Prices, gasoline:
Wholesale, refinery (Okla.)
dol. per gal..
.060
.059
.060
.060
.060
Wholesale, tank wagon (N. Y.)
.do
.161
.161
.161
.161
.161
Retail, service stations, 50 cities.
do
.146
.146
.146
.146
.146
Production, total!
thous. of bbl__
60,145 58,384 61,191 61,719
Straight run gasoline.
..do
21,148 21,185
22,352
22, 510
Cracked gasoline
do
31, 905 30,492 31, 510 31, 959
Natural gasoline and allied products!!.
dd...
8,028
8,250
8,477
8,387
Used at refineries!
_
.do
5,377
5,012
5,429
5,198
Retail distribution
mil. of gal..
'__
2,010
2,305
1,979
2,235
Revised.
§ See note marked " § " on p. S-33 of the March 1945 Survey. For revisions for 1941-42 see p. S-33 of
leum gases fo;
total motor fi
Sales of liquified ,
„
. , ,___,___
,
„ ^
, ,_,_
^Revised scries. For source of 1939-41 revisions for bituminous coal, see note marked
April 1945 Survey. For 1941 revisions for the indicated series on petroleum products, see
petroleum production January 1941, 110,683), and for revised 1942 monthly averages, see note
1943 are available on request. Revised February 1944 figure for wells completed, 948.
1,530
5,496
.066
1,505
7,970
.066
1,650
7,750
.066
1,746
8,284
.066
1,825
8,314
.066
2,012
8,863
.066
21, 316
38, 332
20, 593
37, 291
19,110
37,903
21, 697
39,322
18,870
39,370
38, 335
50, 589
40,712
53, 506
43,687
57,849
47, 352
57,420
.060
.161
.146
63,480
22,748
33,062
8,767
6,165
2,163
.059
.161
.146
64,064
22,655
33, 769
8,792
6,084
2,264
.059
.161
.146
63,674
23,827
.059
.161
.146
65, 514
24,421
33,190
9,090
6,020
2,194
32, 283
8,648
5,799
2,223
19,058
41, 278
2,148
8,488
.066
20, 556
41, 862
1,701
7,726
.066
20, 267
37,141
45, 584
55,643
38, 333
50,383
31, 695
44, 347
27, 210
39, 760
.059
.161
.146
64,842
24,019
33,055
9,024
6,109
2,155
.059
.161
.146
65,800
24, 081
34,020
9,197
6,008
' 2,076
.059
.161
.146
66, 662
24, 267
34, 262
9,843
6,380
2,124
.059
.161
.146
63, 503
23, 733
32, 255
8,993
5, 457
the August 1943 Survey and p. S-34 of the July 1944 issue, respectively
S-34
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
May 1945
1944
March
April
May
June
July
1945
August
September
October
Novem- December
ber
January
February
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—Continued.
Motor fuel—Continued.
Stocks, gasoline, end of month:
Finished gasoline, total
.thous. of b b l . .
At refineries
do
Unfinished gasoline
do
Natural gasoline.
do
Kerosene:
Price, wholesale, water white, 47°, refinery (Pennsylvania)
dol. per gal.
Production
-thous. of bbl_.
Stocks, refinery, end of month
do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal.Production
-thous. of bbl__
Stocks, refinery, end of month
do
Asphalt:
Production
short tons_.
Stocks, refinery, end of month
_
.do
Wax:
Production
thous. oflb__
Stocks, refinery, end of month..
do
Asphalt prepared roofing, shipments:!
Total-.
thous. of squares..
Smooth-surfaced roll roofing and cap sheet..-do
Mineral-surfaced roll roofing and cap sheet__.do
Shingles, all types
do
75, 275
52,513
11,825
4,242
76,638
51,830
11,735
4,213
74, 519
49,047
12,193
4,436
70,246
45,468
11,738
4,477
68,921
43, 639
11, 581
4,425
66, 542
41, 752
11, 924
4,211
64,914
40,608
12,072
4,141
65,886
42,145
12,388
4,160
68,107
43, 527
12,467
4,334
73, 622
48, 217
13,208
4,451
78, 877
53, 210
12, 789
4,160
.074
.074
6,960
4,078
.074
6,489
4,142
.074
6,710
4,969
.074
6,246
5,949
.074
6,277
6,665
.074
6,358
7,583
.074
6,339
7,985
.074
6,515
7,847
.074
6,505
6,977
.074
6,461
5,765
.074
6,614
4,674
.160
.160
3,488
8,011
.160
3,273
8,068
.160
3,337
7,771
.160
3,453
7,590
.160
3,364
7,426
.160
3,356
7,169
.160
3,458
7,364
.160
3,672
7,452
.160
3,587
7,562
.160
3,581
7,815
.100
3,504
7,796
711, 600 800, 200 750, 400 677,600
735,600 590,000 495,100 465,800
553.600
534,400
455,400
795,300
455, 500 598,900 690,700
852, 200 889,500 844,600
481,100 471, 200
626, 200 730, 000
79,800
84,560
4,679
2,038
1,176
1,465
76,440
94,080
65, 520
93,800
60,480
91,560
63,560
93, 800
64,120
96,040
62,160
94,920
67, 480
96,880
63,560
94,920
67, 200
93, 800
71, 960
4,526
1,719
1,393
1,414
3,928
1,368
1,160
1,400
4,134
1,337
1,196
1,602
3,976
1,197
1,157
1,622
3,624
1,133
1,035
1,457
4,216
1,318
1,200
1,699
4,004
1,099
1,194
1,711
4,192
1,173
1,221
1,797
4,116
1,295
1,215
1,606
3,662
1,456
943
1,263
3,879
1,518
1,082
1,279
117, 325 128, 272 122,485
122, 517
117, 087
7,387
42
36
7,380
4,595
16,993 . 19,863
4,856
5,329
6, 379
31
4,873
21, 367
5,739
14.586
14. 830 15. 059 15.055
14.109
13.879
13. 939 14. 008 14. 095 14.159
139, 300 139,288 155,065 157,357 157, 870 176, 585 164,682 185, 573 174,069 151,426
142, 458 151,128 181, 649 179,104 177,815 198, 845 183, 078 206,368 183, 506 134,374
424, 546 408, 096 379,011 355, 727 335, 347 312,176 293, 616 272, 569 261,743 277,884
15.259
142, 206
136, 992
281,111
r 8, 074
521
2,341
569
1,032
863
' 1,823
593
268
63
5,361
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments
reams.. 137, 714 134,908
144,198
142,604
123,538
114,484
128,464
6,139
29
6,225
24,995
6,567
6,463
32
7,373
24,080
6,687
7,181
35
8,784
22,455
6,378
7,906
40
9,350
21,008
6,172
8,516
41
9,283
20, 233
5,577
9,003
44
10, 758
18, 482
5,287
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
6,398
31
6,988
21, 581
6,175
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
dol. per thous_.
Production*
_
thous. of standard brick..
Shipments*
.do
Stocks end of month*
do
15. 382
8,739
44
10,121
17,144
5,066
9,194
45
10, 263
16,049
4,862
CLAY PRODUCTS
GLASS PRODUCTS
Glass containers: t
Production—.
—
thous. of gross. _
Percent of capacity
Shipments, total
thous. of gross..
Narrow neck, food
do
Wide mouth, food
do
Pressure and nonpressure
do
Beer bottles.
_
do
Liquor ware
do
Medicine and toilet..
_
-do
General purpose
.do
Milk bottles.
_
.do
Home canning
...do
Stocks, end of month.
_
.do
Other glassware, machine-made:
Tumblers:
Production_
thous. of doz__
Shipments
_
do
Stocks
_
do
Table, kitchen, and householdware, shipments
thous. of doz._
Plate glass, polished, productioni
thous. of sq. ft—
Window glass, productioncf
thous. of boxes..
Percent of capacity cT
9,064
652
2,450
578
1,117
778
2,262
761
288
176
4,803
8,996
8,842
122.1
8,325
623
2,285
628
844
749
1,777
781
255
384
4,779
8,582
127.9
8,393
546
2,236
720
935
725
1,837
735
211
448
4,793
8,866
127.1
8,766
552
2,415
679
982
785
1,806
915
239
394
4,710
128.5
8,431
594
2,106
679
1,061
695
2,008
728
251
309
4,947
8,075
120.4
7,784
624
1,909
657
871
738
1,785
708
251
241
5,082
120.0
8,514
809
2,179
611
811
891
1,963
700
271
278
5,097
7,737
115. 4
7,522
894
1,873
497
661
904
1,640
642
251
159
5,164
8,601
123.3
8,187
774
2,287
536
749
947
1,908
697
247
41
5,394
7,967
118.8
7,787
529
2,310
508
874
908
1,732
652
242
32
5,346
7,667
114.3
7,390
476
2,246
457
919
866
1,545
586
266
29
5,097
5,862
5,756
6,990
8,812
5,512
4,854
7,603
5,912
5,851
7,600
4,679
5,254
7,063
5,120
5,434
6,752
7,027
6,591
7,077
6,561
6,290
7,148
5,860
5,024
7,286
4,697
4,481
7,376
4,657
4,606
7,385
2,164
8,702
2,005
8,079
2,311
9,391
2,014
9,265
2,301
8,246
3,202
9,746
2,820
9,046
3,353
9,105
3,271
7,619
2,901
7,013
8,031
8,915
GYPSUM AND PRODUCTS
Gypsum, production:
936, 423
Crude
short tons
919,692
980,401 _
917,395
552, 394
Calcined
do
629,470
593,985
588,878
Gypsum products sold or used:
308, 302
Uncalcined
do
246,712
260,867
248,199
Calcined:
For building uses:
115, 507
Base-coat plasters
-do
_„ 121,778
— 142,655
140,775
3,379
Keene's cement
do
2,439
2,932
3,671
48, 491
All other building plasters
..do....
52,046
65,282
54,289
146,133
Lath
thous. of sq.ft..
160,176
152,748
165,030
3,929
Tile""
do
3,292
3,553
4,105
364, 575
Wallboarde ".."-"."
do
431,684
361,418
338,527
54,947
Industrial plasters
short tons
44,433
- - 47,566
53,571
f Revised.
^According to the compilers, data represent approximately the entire industry.
cfCollection of data temporarily discontinued.
©Includes laminated board reported as component board; this is a new product not produced prior to September 1942.
fRevised series. See note marked "f" on p. S-34 of the July 1944 Survey regarding changes in data on glass containers and comparable figures for 1940-42; beginning January 1945
data are compiled by War Production Board. Data on asphalt prepared roofing cover all known manufacturers of these products and are total direct shipments (domestic and export); shipments
of
not included; for data for September 1943-January 1944, see note at bottom of p. S-23 of April 1945 Survey.
•New series. to other manufacturers the the same products areand cover all known manufacturers; data beginning September 1942 are shown on p. 24 of the February 1945issue.
Data are compiled by
Bureau of the Census
SURVEY OF CURRENT BUSINESS
May 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
S-35
1945
1944
March
April
May
June
August Septem- October Novem- December
ber
ber
July
January
February
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production.
thous. of dozen pairs.
Shipments.
do._.
Stocks, end of month
do
13,458
13,590
17,197
11,650
11, 761
16,961
12,763
12,657
16,942
12,126
11,974
16,970
75,617
.202
832,812
.200
805,823
.202
.210
.210
.215
10,052
9,982
17,040
12,767
12,966
16,840
11,697
12,118
16,122
11,977
12,603
15,496
10, 432
10,901
14, 672
12, 361
12, 389
14, 645
11,144
11, 398
14, 391
793, 086 795, 379
.210
.213
836, 541
.208
760,740
.209
849,945
.202
781, 559
.200
.216
11,466
11, 764
16, 542
COTTON
Cotton (exclusive of linters):
Consumption
bales..
Prices received by farmers!
dol. per lb__
Prices, wholesale, middling lsA6f', average,10 markets
dol. per lb__
Production:
Ginnings§
thous. of running bales
Crop estimate, equivalent 500-lb. bales
thous. of bales..
Stocks, domestic cotton in the United States, end of
month :t
Warehouses
thous. of bales.
Mills
do....
Cotton linters:
Consumption
do
Production
_
do
Stocks, end of month
do
857, 693
.202
723, 402 841,490
.202
.203
.211
10,840
2,233
10, 205
2,165
9,515
2,054
131
110
462
116
82
797
111
56
746
123
40
661
576
8,788
1,931
8,221
1,820
7,872
1,662
122
21
545
133
23
454
11,429
11,681
2,194
.214
11,129
212, 230
.216
48
.218
•Ul,839
.216
.214
.216
.217
8,282
10, 274
10, 538
11,118
9,703
1,672
11,926
1,927
13,122
2,162
13,343
2,269
12,941
2,244
12, 359
2,232
125
29
357
121
100
328
126
152
342
122
180
373
120
156
414
129
170
440
119
128
464
.214
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 in. in width, production, quarterly*
mil. of linear yards
Prices, wholesale:
Mill margins
__.cents per lb.._
Denims, 28-inch
dol. per yd
Print cloth, 64 x 56cT
_
do....
Sheeting unbleached, 4 x 4O
..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)
do
RAYON
Consumption:
Yarn
_
_.
mil. of lb_.
Staple
fiber.
._.
do
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament.
dol. per lb_Staple fiber, viscose, 1H denier.
do
Stocks, producers', end of month:
Yarn
mil. of lb_.
Staple
fiber
_
do
'2,532
2,294
« 2,413
•
2,318
21.19
.209
.092
.114
19.72
.193
.087
.108
19.78
.199
.087
.108
19.81
.199
.087
.108
19.28
.199
.087
.108
19.81
.206
.092
.108
20.35
.209
.092
.108
21.30
.209
.092
.114
21. 12
.209
.092
.114
21.31
.209
.092
.114
21.41
.209
.092
.114
21.32
.209
.092
.114
21.33
.209
.092
.114
22, 232
9,914
429
121.8
22, 570
10,637
456
123.9
22,412
9,316
400
124.9
22,385
10,058
431
119.0
22, 380
9,711
417
118.5
22,291
8,603
369
115.4
22,241
9,952
428
116.3
22, 280
9,381
404
122.3
22, 228
9,487
410
117.4
22, 257
9,707
420
120.6
22,220
8,763
379
118.5
22, 261
9,956
431
119.7
22, 224
8,925
£386
122. 2
.451
.568
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.451
.568
.451
.568
.451
.568
.451
.568
.451
.568
.451
.568
51.0
14.1
45.6
14.9
43.2
11.3
45.4
14.6
44.0
14.3
41.3
13.6
44.8
14.4
44.8
13.0
47.8
14.6
48.3
13.9
49.0
13.6
47.8
14.4
'45.5
12.8
.550
.250
.550
.240
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
. 250
.550
.250
7.4
3.1
8.1
1.7
7.8
1.8
8.3
2.5
•8.8
2.6
8.8
3.0
9.3
3.2
30
.
8.4
2.7
8.6
2.7
6.1
2.7
8.4
3.1
' 7.4
3.2
WOOL
Consumption (scoured basis):]
Apparel class
thous. of l b . .
59,315
46,892
46,928
51,890
38,752 42,396 52,170 45,752
45,288 '54,415
60,135
r
Carpet class
do
4,315
3,824
4,008
4,435
2,916
3,516
3,795
3,700
4,192
4,915
4,510
Machinery activity (weekly average):
Looms:
Woolen and worsted:*
Broad
_
.thous. of active hours..
2,613
2,512
2,563
2,381
2,322
2,080
2,327
2,426
2,288
r 2,304
2,346
Narrow
_.do
62
63
60
54
63
59
63
63
62
63
74
Carpet and rug: #
Broad..
do
54
53
58
43
50
45
50
50
50
'46
44
Narrow
_.
do
37
37
35
34
31
35
36
32
29
r33
Spinning spindles:
Woolen
_ do
123,552 121,302 120,333 113,128
99, 780 115, 256 110, 238 117,659 114,096 110,629 113,148
Worsted
_
do
114,101 111,032 111, 253 103,880
89,154 95,724 100, 396 103,819 101,520
99, 333
Worsted combs..
__.do
208
202
207
172
195
191
188
196
191
201
Prices, wholesale:
Raw, territory, 64s, 70s, 80s, fine, scoured*..dol. per lb..
1.190
1.190
1.190
1.190
1.190
1.190
1.190
1.190
1.190
1.190
1.190
1.190
1.190
Raw, bright fleece, 56s, greasy*
do
.545
.545
.545
.545
.545
.545
.545
.545
.545
.545
.545
.545
.545
Australian (Sydney), 64-70s, scoured, in bond
(Boston)
dol. per lb_.
.765
.765
.765
.765
.750
.765
.765
.765
.765
.765
.754
.750
.750
Women's dress goods, French serge, 54" (at mill)
dol. per yd_.
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
f
Worsted yarn, H2 s, crossbred stock (Boston)
dol. per lb__
1.800
1.800
1.800
1.900
1.900
1.900
1.800
1.900
1.900
1.900
1.900
1.900
1.900
Stocks, scoured basis, end of quarter:f
Total
thous. of lb.
279, 263
339,369
373. 666
361, 595
Wool finer than 40s, total
_
do...
231,537
287,276
314,824
304, 219
Domestic.
_
do...
115, 225
164,283
189, 277
171, 617
Foreign
do.__
116,312
125, 547
122,993
132, 602
Wool 40s and below and carpet
do
47,726 I
58, 842
52,093
57, 376
' Revised.
i Total ginnings of 1943 crop.
2 Total ginnings of 1944 crop.
§Total ginnings to end of month indicated.
c?Production of 64 x 60 for which prices through June 1943 were shown in the Survey has been discontinued.
©Price of 56 x 56 sheeting.
JFor revised figures for cotton stocks for August 1941-March 1942, see p. S-34 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31,
1944, including stocks on farms and in transit, were 10,626,000 bales, and stocks of foreign cotton in the United States were 118,000 bales.
IData for March, June, September, and December 1944, and January 1945 are for 5 weeks; other months, 4 weeks.
• Data exclude carpet and rug looms operating on blankets and cotton fabrics and, through October 1943, woolen and worsted looms operating entirely on cotton yarns (no separate
data for the latter have been collected since October 1943); for weekly averages for 1942 and 1943, including such looms, see note marked " • " on p. S-35 of the May 1944 Survey.
fRevised series. For monthly 1941 data for the yarn price series see p. S-35 of the November 1942 issue (1941 monthly average, $0,355). The farm price series has been revised
for August 1937-July 1942; for revisions see note marked "f" on p. S-35 of the June 1944 Survey. Wool stocks have been published on a revised basis beginning 1942 (see p S-35 of
the May 1943 Survey); data-include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.
•New series. The series on cotton goods production is from the Bureau of the Census and covers practically total production of cotton broad woven goods (except tire fabrics)
containing by weight 51 percent or more cotton; for data for first half of 1943 see p. S-35 of the August 1944 Survey; earlier data will be shown later. The new wool prices are compiled by the Department of Agriculture; they replace similar, but not identical, series formerly shown in the Survey, compiled from the Boston Commercial Bulletin which discontinued quotations after 1943; earlier data are shown on p. 24 of the February 1945 Survey.
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
March
May 1945
1945
1944
March
April
May
June
July
SepAugust tember
October
Novem- December
ber
January
February
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES
Woolen and worsted woven goods (except woven felts):*
Production quarterly, total thous. of linear yards
Apparel fabrics
139,744
119,219
60,928
46, 263
12,028
18,987
1,538
-do
IVIPD'S wear
do
Women's and children's wear
do
General use and other fabrics
„ _ _ _. do
Blankets
~- do
Other nonapparel fabrics
do
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
thous. of doi._
Pyroxylin-coated textiles (cotton fabrics): §
Orders, unfilled, end of month
thous. lin. yd
Pyroxylin spread
thous. of lb__
Shipments, billed
thous. linear yd..
125,064
103,248
50,194
39,962
13,092
19,307
2, £09
135, £89
113,281
iC), 675
43,879
12,727
20, 440
1,868
128,349
105,898
50, 670
41,151
14,077
20,179
2,272
5,190
3,822
2,381
3,016
2, 620
1,796
1,606
2,321
2,842
6,070
6,925
12,156
5,277
6,328
12,516
4,896
5,735
12,773
12, 987
4,800
5,111
13,027
3,915
4,591
12,478
4,232
5,145
12, 594
4,118
5,117
12, 739
4,939
5, 904
14,266
4,479
5,517
15,118
4,126
5,079
10,029
4,661
5,492
t, 517
4,42^
TRANSPORTATION EQUIPMENT
MOTOR VEHICLES
Trucks and tractors, production, total*
Civilian
Military
...
Light: Military
Medium:
Civilian
Military
Heavy:
Civilian
_
_
Military
RAILWAY EQUIPMENT
number.
do...
do...
do...
74,930
18, 548
56, 382
21, 925
56, 359
4,628
51, 731
21,081
55,719
8,151
47, 568
19, 481
56,920
9, 208
47, 622
19, 338
61,186
11,926
49, 260
20, 830
61, 540
11,243
50, 297
20, 269
68, 545
12,511
56,034
23,441
65,042
12,277
52,765
21,367
64,129
13,075
51,054
18, 534
69,013
14,677
54,336
19,765
70,682
15.653
55,029
20,433
• 67, 065
• 15, 019
• 52, 046
21, 621
_do~.
—- do...
12, 845
3,994
3,317
8,303
6,245
6,649
7,310
7,007
9,319
6,625
8, 582
6,031
10, 248
5,746
10,034
6,300
9,432
6,144
10,153
6,503
9,565
5,326
• 11,183
'3,527
do...
—do...
3,919
30, 463
1,311
22,347
1,906
21,438
1,988
21,277
2,607
21,805
2,661
23,997
2,263
26,847
2,243
25,098
3,643
26, 376
4,524
28,068
6,088
29,270
r 3, 836
26, 898
4,378
3,708
25
25
7,962
1,999
166
166
7,316
713
16
16
7,034
1,501
0
0
6,090
1,698
0
0
6,151
2,197
0
0
4,837
2,662
0
0
4,130
2,807
0
0
4,741
3, 517
0
0
4,595
3,244
5
5
4,395
3,089
12
12
3,943
3,074
18
18
1,770
52
3.0
34,162
27,196
6,966
1,753
43
2.5
35, 581
24,241
11,340
1,754
48
2.8
43,321
32,677
10,644
1,753
53
3.1
42,244
32,859
9,385
1,754
51
3.0
41, 236
33,166
8,070
1,755
54
3.1
37,985
30,955
7,030
1,756
52
3.0
34,064
28,070
5,994
1,758
51
3.0
30,153
25, 285
4,868
1, 759
50
2.9
23, 885
4,500
1,762
51
2.9
28,910
25,154
3,756
1,764
51
3.0
34,417
29, 675
4,742
1,767
51
3.0
34, 579
29,386
5,193
2,302
5.8
138
97
41
2,092
5.3
243
204
39
2,167
5.5
228
191
37
2,182
5.5
203
168
35
2,120
5.4
179
146
33
2,190
5.5
172
139
33
2,194
5.6
150
118
32
2,187
5.5
124
96
28
2,254
5.7
102
77
25
2,300
5.8
90
65
25
2,161
5.5
66
41
25
2,333
5.9
80
32
48
494
450
44
442
419
23
421
375
46
367
321
46
307
271
36
431
413
18
361
341
20
443
415
28
336
303
33
420
393
27
368
342
26
American Railway Car Institute:
Shipments:
Freight cars, total
.number.
Domestic
do
Passenger cars, total
_do.__
Domestic
do.-_
Association of American Railroads:
Freight cars, end of month:
Number owned
_thousandsUndergoing or awaiting classified repairs._.do...
Percent of total on line
Orders, unfilled
carsEquipment manufacturers.—
.do...
Railroad shops
...do...
Locomotives, steam, end of month:
Undergoing or awaiting classified repairs.number.
Percent of total on line
Orders unfilled
numberEquipment manufacturers
do...
Railroad shops.
do...
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Sipments, total..
Domestic
Exports
number.
do_*.
do...
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indexf
1935-39=100..
Industrial production, combined indexf
do
Construction!
do
Electric power,,
...do
Manufacturing!-—
do
Forestry!
do
Mining!
do
Distribution, combined indexf.
.do
Agricultural marketings, adjusted:f
Combined index
_
do
Grain
.do
Livestock
.do
Commodity prices:
Cost of living
do
Wholesale prices
1926=100..
Railways:
Carloadings
thous. of cars..
Revenue freight carried 1 mile
mil. of tons..
Passengers carried 1 mile..
mil. of passengers..
247.8
282.7
201.8
154.7
300.5
125.3
262.6
175.4
241.8
272.3
109.2
165.0
297.3
119.3
238.8
178.6
238.8
266.8
111.8
160.2
292.2
121.1
225.5
180.8
232.2
262.1
98.8
154. 8
287.6
112.8
225.4
170.3
233.1
263.5
91.6
156.4
291.5
121.9
214.5
170.1
231.0
260.4
104.1
153.4
284.5
116.4
205.5
170.3
228.0
259.7
113.4
152.4
285. 8
128.5
208.9
162.4
227.9
255.4
92.7
148.5
284.7
124.6
191.7
171.1
233.0
256.0
122.6
144.7
283.7
126.1
189.3
185.5
228.8
245.8
97.7
151. 6
274.3
116.8
174.0
193.7
220.3
244.2
116.4
118. 7
103.0
239.5
270.0
140.2
153.1
291.3
115.3
247.5
176.2
305.5
352.7
100.7
217.6
238.8
125.3
270.4
307.8
108.3
361.7
420.6
106.0
101.7
94.8
132.0
81.5
76.9
101.6
110.7
111.1
108.9
133.4
135.0
126.7
167.7
168.9
162.5
255.1
278.0
155.8
119.0
103.0
119.1
102.9
119.2
102.5
119.0
102.5
119.0
102.5
118.9
102.3
118.8
102.3
118.6
' 102.3
118.9
102. 4
118.5
102.5
118.6
102.8
312
5,534
506
284
5,342
544
318
5,769
535
315
5,457
297
5,640
714
317
5,520
702
317
5, 563
591
330
5, 815
532
327
5,597
487
272
5,192
662
279
4,750
471
' Revised.
§For 1945, pyroxylin spread includes amount spread on nonfabric materials; shipments and unfilled orders include custom coating of nonfabric materials but not other nonfabric
coating.
fRevised series. The indicated Canadian indexes have been shown on a revised basis beginning in the December 1942, Survey, except for construction and mining which were
further revised in the March 1943 and April 1944 issues, respectively; the revisions affected principally indexes beginning January 1940; the agricultural marketings indexes and the
distribution index were revised back to 1919 and minor revisions were also made in data prior to 1940 for other series. All series are available on request.
*New series. The new series on woolen and worsted goods are compiled by the Bureau of the Census from reports of manufacturers who account for 98 percent or more of total
production; the statistics include estimates for a few manufacturers from whom reports were not received; yardage is reported on an equivalent 54-inch linear yard except blankets
which are on a 72-inch linear yard. Data on trucks and tractors are from the War Production Board and cover the entire industry. Jeeps, military ambulances, and wheel drive
personnel carriers are included but not half-tracks, full-tracks, or armored cars. Light trucks are defined as those up to 9,000 pounds gross weight, mediums, 9,000 up to 16,000 pounds,
and heavy, 16,000 pounds and over. There were some differences in the definitions employed in collecting these statistics and the trucks statistics formerly shown in the Survey; it
should also be noted that the latter were "factory sales." Available data for 1937-43 for woolen and worsted goods are on p. 19; data for other new series will be published later.
U. S. GOVERNMENT PRINTING OFFICE: 1945
INDEX TO MONTHLY BUSINESS STATISTICS, Pages
CLASSIFICATION OF SECTIONS
Monthly business statistics:
Business indexes. __._.
Business population
Commodity prices
._
Construction and real estate
Domestic trade
.
_„
Employment conditions and wages
Finance
..
Foreign trade
..... _
Transportation and communicationsStatistics on individual industries:
Chemicals and allied products
Electric power and gas
Foodstuff* and tobacco
Leather and products
Lumber and manufactures
...
Metals and manufactures:
Iron and steel—
Nonferrous metals and productsMachinery and apparatus
Paper and printing
Petroleum and coal products
Stone, clay, and glass products.. _
Textile products
Transportation equipment
.
Canadian statistics
.
CLASSIFICATION BY INDIVIDUAL
Page
S-l
S-3
S-3
S-5
S-6
S-9
S-14
S-20
S-20
S-22
S-24
S-25
S-28
S-29
S-30
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-36
SERIES
Pages marked S
Abrasive paper and cloth (coated)
34
Acids
22,23
Advertising
6, 7
Agricultural income, marketings
1
Agricultural wages, loans
14
Air mail and air-line operations
7, 21
Aircraft
2, 9,10,11,12,13
Alcohol, methyl.
_
23
Alcoholic beverages
1, 2, 25
Aluminum
30
Animal fats, greases
23, 24
Anthracite
2,4,11,12,14,33
Apparel, wearing
3,4, 6, 7,8,10,11,12,13,35
Asphalt
34
Automobiles
1, 2,3. 6, 7,9,10,11,12,13,17
Banking
14,15
Barley
26
Bearing metal
31
Beef and veal
27
Beverages, alcoholic
1, 2, 25
Bituminous coal
2,4.11,12,14,33
Boilers
30
Bonds, issues, prices, sales, yields
18,19
Book publication
32
Brass and copper products
31
Brick
. - 4,34
Brokers' loans
15,18
Building contracts awarded
5
Building c o s t s . . .
.
5, 6
Building construction (see Construction).
Building materials, prices, retail trade
. 4, 7,8
Businesses operating and business turn-over. _
3
Butter
25
Canadian statistics
16,36
Candy
27
Capital
flotations
18
For productive uses
18
Canoadings
.
22
Cattle and calves
27
Cement
1,2,4,34
Cereal and bakery products
4
Chain-store sales—.
8
Cheese
25
Chemicals— 1, 2, 3,4,10,11,12,13,14,17, 22, 23. 24
Cigars and cigarettes
28
Civil-aervice employees
11
Clay products (see also Stone, clay, etc.)
1, 2,34
Clothing
3,4, 6, 7,8,10,11,12,13,35
Coal.
2,4.11,12,14,33
Coffee
27
Coke
2,33
Commercial and industrial failures
3
Construction:
New construction, dollar value
5
Contracts awarded_„
...
5
Costs
5, 6
Highway
:
5,11
Wage rates, earnings, hours
11,13,14
Consumer credit
15
Consumer expenditures
7
Copper
31
Copra or coconut oil
23
Corn
26
Cost-of-living index
3.4
Cotton, raw, ana manufactures
2,4,10,12,13,35
Cottonseed, cake and meal, oil
23, 24
Crops
1, 23, 24, 25, 26
Currency in circulation
16
Dairy products
1, 2, 3, 4, 25, 26
Debits, bank
14
Debt, short-term, consumer
15
Pages marked S
Debt, United States Government
17
Department stores, sales, stocks, collections..
8, 9
Deposits, bank
_
15,16
Disputes, industrial
12
Dividend payments and rates
1,19
Earnings, weekly and hourly
13,14
Eggs and chickens
1,3, 4, 27
Electrical equipment
2,3,6,31
Electric power production, sales, revenues
24
Employment estimated
9,10
Employment indexes:
Factory, by industries
„
10
Nonmanufacturing industries
11
Employment, security operations
12
Emigration and immigration
21
Engineering construction
5
Exchange rates, foreign
.
16
Expenditures, United States Government
17
Explosives
23
Exports
20
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14
Failures, industrial and commercial
3
Fairchild's retail price index
.
4
Farm wages
14
Farm prices, index
3,4
Fats and oils
__
4,23,24
Federal Government,
finance
17
Federal Reserve banks, condition of
14,15
Federal Reserve reporting member banks
15
Fertilizers
__
4, 23
Fire losses
6
Fish oils and
fish
23, 27
Flaxseed
_
24
Flooring
.
29
Flour, wheat.
27
Food products
2,
3, 4, 6, 7,10,11,12,13,14,17, 25, 26, 27, 28
Footwear
2,4,7,8,10, 12,13,28
Foreclosures, real estate
6
Foundry equipment
.
31
Freight cars (equipment)36
Freight carloadings, cars, indexes
21
Freight-car surplus
21
Fruits and vegetable*
2,3,4,26
Fuel equipment and heating apparatus
31
Fuels-.
I....
2,3,4,33
Furniture
1,4,10,11,12,13, 29
Gas, customers, sales, revenues
25
Gas and fuel oils
33
Gasoline
33,34
Glass and glassware (see also Stone, clay, etc.). 1, 2, 34
Glycerine
23
Gold
16
Goods in warehouses
7
Grains
__
3, 26
Gypaum
34
Hides and skins
4, 28
Highways5,11
Hogs
27
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery
_- 4,35
Hotels
11,12, 21
Hours per week
11
Housefurnishings.
4,6, 7,8
Housing
3,4,5
Immigration and emigration
21
Imports
20
Income payments
1
Income-tax receipts
17
Incorporations, business, new
.
3
Industrial production indexes
1,2
Instalment loans
15
Instalment sales, department stores
8
Insurance, life
16
Interest and money rates
15
Inventories, manufacturers' and trade
3,8
Iron and steel, crude, manufactures
2,
3,4,9,10,11,12,13,17,30
Kerosene
34
Labor force
9
Labor disputes, turn-over
12
Lamb and mutton
.
27
Lard
.
27
Lead
31
Leather
1, 2,4,10,11,12,13, 28
Linseed oil, cake, and meal
.
24
Livestock...
1,3,27
Loans, real-estate, agricultural, bank, brokers*
(see also Consumer credit)
- . 6,14,15,17
Locomotives
._.
36
Looms, woolen, activity
35
Lubricants
34
Lumber
_
1, 2,4,10,11,12,13, 29
Machine activity, cotton, wool
35
Machine tools
9,10,11,12,13, 31
Machinery
1, 2,3, 9,10,11,12,13,17, 31
Magazine advertising
6, 7
Manufacturers' orders, shipments, inventories2, 3
Manufacturing production indexes
1,2
Meats and meat packing-. 1, 2, 3,4,10,12,13,14, 27
Metals
1, 2, 3,4, 9,10,11,12,13,17,30, 31
Methanoi-.
23
Milk
25,26
Minerals_
2, 9,11,12, 14
Money supply
.
.
16
Motor fuel
33,34
Motor vehicles
7,36
Motors, electrical
^Ji
Munitions production^
Newspaper adv
Newsprint
New York Stock Ex
Oats i
J.
Oils and fats
t
Oleomargarine
-J
Operating businesses t
Orders^ new, manufa
Paint and paint mate
Paper fend pulp
if*
Paper products
,hX
Passports issued
. J[ •
Pay rolls, manufai
ing industries--.
Petroleum and producth
I
"I
Pig irojn
,J.i
Plywo<j>d and veneer, u
Postal; business .
Postal; savings
>Uli
Poultrjy and eggs
,L j *
Prices (sec also Indivfcqfl
Retail indexes
+¥i
Wholesale indexes.* 4
Printing
^uL
Profits, corporation.^ 4
Public! assistance
.tiii
Public! utilities
4.1JLJ
Pullman Company ..Li*.
Pumps
J;^
Purchasing power of tj Q
lU
Radio advertising .i^JRailways, operations* «
tistics, employment, S
Railways, street (see£
Rayon
•.
*
Receipts, United Statu
Reconstruction Finam
Rents (housing), indej
Retail I trade:
:'
All retail stores, sal*
Chain stores
"
Department stores,;
Mail order
Rural, general me
Rice.-;
Roofing, asphalt. . „ juji
Rubber products... Ju;
Savings deposits
^
Sheep and lambs
Shipbuilding
Shipments, manufa
Shoes;
Shortenings
.J«
Silverj
^
SHns J
4J-.
Slaughtering and meafii
Soybeans and soyb
Spindle activity, cc
Steel and iron (see ]
Steel, pcrap
.,
Stocks, department c ,
turers' inventories)u^i
Stocks, issues, prices, •
Stonej clay, and glass!
Street; railways and r1"
Sugar!
Sulphur
-^Jfcri-.r
Sulfuric acid
.^(jiiifc"
Superphosphate—.. w J, JL
Telephone, telegraph,f ;|J f
W
oraph carriers *-U - *Toba4co
—W*'
ToolsJ machine
JJil
Trade, retail and
Transit lines, local.
Transportation, a
Transportation
Travdl
Trucks and
United States G
United States Gov
United States Steel
Utilities
Variety stores
Vegetable oils.. —4 4
.J1
Vegetables and fruiti'
Wageg, factory and
War program,
War Savings Bonds
Warehouses, space
Water transportation
Wheat and wheat
Wholesale price
Wholesale trade...
Wood pulp
^ooliand wool
Zmc2 7.-'""_„.
##+#+^
Domestic (bommeree
written for
BUSINESSMEN..
# Here is an authoritative monthly periodical written
in the language of the American businessman.
It is one
of the principal organs of the Department of Commerce
for disseminating information deemed of importance in
maintaining a vigorous and dynamic free enterprise system.
# Domestic Commerce gives the reader an understanding
of the progress and changing conditions of industry and
business of the United States.
Its writers are officials of
this and other Government agencies, and specialists in the
various subjects covered.
# Particular attention is given to developments in the field
of post-war planning.
{
A sample copy will be sent you upon request to the Bureau T
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